c910-20260630x10q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q


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

For the Quarterly Period Ended: June 30, 2026


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

For the Transition Period from ___________ to ___________

Commission File Number: 000-54028

MILLBURN MULTI-MARKETS FUND L.P.

(Exact name of registrant as specified in its charter)

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

c/o MILLBURN RIDGEFIELD LLC

55 West 46^th Street, 31^st Floor

New York, NY 10036

(Address of principal executive offices) (Zip Code)

(212) 332-7300

(Registrant’s telephone number, including area code)

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


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

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

Yes  No 

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

Yes  No 

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


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

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.o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes  No 



PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS

Millburn Multi-Markets Fund L.P.
Financial statements
As of and for the three and six months ended June 30, 2026 and 2025 (unaudited)

Statements of Financial Condition (a)					1
Statements of Operations (c)					2
Statements of Changes in Partners’ Capital (b)					4
Statements of Financial Highlights (c)					6
Notes to Financial Statements					10

(a) At June 30, 2026 (unaudited) and December 31, 2025

(b) For the six months ended June 30, 2026 and 2025 (unaudited)

(c) For the three and six months ended June 30, 2026 and 2025 (unaudited)

Millburn Multi-Markets Fund L.P.

Statements of Financial Condition



ASSETS		June 30, 2026
		(unaudited)		December 31, 2025
Investment in Millburn Multi-Markets
Trading L.P. (the “Master Fund”)	$	106,886,304	$	102,624,923
Due from the Master Fund		1,529,814		546,804

Total assets	$	108,416,118	$	103,171,727


LIABILITIES AND PARTNERS’ CAPITAL

LIABILITIES:
Capital withdrawals payable to Limited Partners	$	1,529,814	$	546,804

Total liabilities		1,529,814		546,804

PARTNERS’ CAPITAL:
General Partner		3,261,633		2,869,030

Limited partners:
Series A (67,200.5785 and 71,137.2609 units outstanding)		91,628,928		87,654,039
Series B (3,227.1273 and 3,783.4618 units outstanding)		5,704,972		6,038,026
Series C (1,552.5143 and 1,526.3319 units outstanding)		2,800,250		2,485,298
Series D (1,819.5162 and 2,162.6442 units outstanding)		2,970,046		3,192,171
Series E (430.1436 and 362.9981 units outstanding)		520,475		386,359

Total limited partners		103,624,671		99,755,893

Total partners’ capital		106,886,304		102,624,923

TOTAL LIABILITIES AND PARTNERS’ CAPITAL	$	108,416,118	$	103,171,727

NET ASSET VALUE PER UNIT OUTSTANDING:
Series A	$	1,363.51	$	1,232.18
Series B	$	1,767.82	$	1,595.90
Series C	$	1,803.69	$	1,628.28
Series D	$	1,632.33	$	1,476.05
Series E	$	1,210.00	$	1,064.35

See notes to financial statements (Unaudited)

‎

Millburn Multi-Markets Fund L.P.

Statements of Operations (unaudited)



		For the three months ended
	June 30, 2026		June 30, 2025
INVESTMENT INCOME:
Interest income, net (allocated from the Master Fund) (1)	$	1,000,372	$	1,189,982

Total interest income		1,000,372		1,189,982

EXPENSES:
Management fees (allocated from the Master Fund) (1)		461,281		482,763
Selling commissions and platform fees (allocated from the Master Fund) (1)		474,104		486,449
Administrative and operating expenses (allocated from the Master Fund) (1)		133,251		136,174
Custody fees and other expenses (allocated from the Master Fund) (1)		8,411		6,371

Total expenses		1,077,047		1,111,757

NET INVESTMENT INCOME (LOSS)		(76,675)		78,225

REALIZED AND UNREALIZED GAINS (LOSSES)
ALLOCATED FROM THE MASTER FUND (1)
Net realized (losses) on closed positions:
Futures and forward currency contracts		(682,232)		(1,582,030)
Brokerage commissions (allocated from the Master Fund) (1)		(121,870)		(103,664)
Foreign exchange transaction		(46,396)		(45,622)
Net change in unrealized:
Futures and forward currency contracts		(712,634)		47,568
Foreign exchange translation		(4,861)		10,496
Net gains (losses) from U.S. Treasury notes:
Realized		1,021		364
Net change in unrealized		(76,660)		(59,028)

Net realized and unrealized (losses)
allocated from the Master Fund		(1,643,632)		(1,731,916)

NET (LOSS) BEFORE PROFIT SHARE		(1,720,307)		(1,653,691)

LESS PROFIT SHARE ALLOCATION		(338,952)		-
TO (FROM) THE MASTER FUND

NET (LOSS) AFTER PROFIT SHARE	$	(1,381,355)	$	(1,653,691)

NET (LOSS) PER UNIT OUTSTANDING:
Series A	$	(17.94)	$	(19.34)
Series B	$	(16.16)	$	(16.55)
Series C	$	(16.48)	$	(16.90)
Series D	$	(17.41)	$	(18.24)
Series E	$	(8.25)	$	(6.19)

⁽¹⁾ The Partnership’s proportionate share of income and expenses allocated from the Master Fund for the period ended.

See notes to financial statements (Unaudited) (Continued)

Millburn Multi-Markets Fund L.P.

Statements of Operations (unaudited)



		For the six months ended
	June 30, 2026		June 30, 2025
INVESTMENT INCOME:
Interest income, net (allocated from the Master Fund) (1)	$	1,968,886	$	2,506,794

Total interest income		1,968,886		2,506,794

EXPENSES:
Management fees (allocated from the Master Fund) (1)		922,961		989,188
Selling commissions and platform fees (allocated from the Master Fund) (1)		946,481		995,323
Administrative and operating expenses (allocated from the Master Fund) (1)		262,679		264,952
Custody fees and other expenses (allocated from the Master Fund) (1)		16,240		12,718

Total expenses		2,148,361		2,262,181

NET INVESTMENT INCOME (LOSS)		(179,475)		244,613

REALIZED AND UNREALIZED GAINS (LOSSES)
ALLOCATED FROM THE MASTER FUND (1)
Net realized gains (losses) on closed positions:
Futures and forward currency contracts		12,509,946		(885,928)
Brokerage commissions (allocated from the Master Fund) (1)		(238,062)		(207,380)
Foreign exchange transaction		(159,540)		(89,835)
Net change in unrealized:
Futures and forward currency contracts		241,511		(1,149,049)
Foreign exchange translation		5,383		29,122
Net gains (losses) from U.S. Treasury notes:
Realized		1,021		364
Net change in unrealized		(207,544)		(108,168)

Net realized and unrealized gains (losses)
allocated from the Master Fund		12,152,715		(2,410,874)

NET INCOME (LOSS)		11,973,240		(2,166,261)

LESS PROFIT SHARE ALLOCATION		1,004,220		1,277
FROM THE MASTER FUND

NET INCOME (LOSS) AFTER PROFIT SHARE	$	10,969,020	$	(2,167,538)

NET INCOME (LOSS) PER UNIT OUTSTANDING:
Series A	$	131.33	$	(26.40)
Series B	$	171.92	$	(17.39)
Series C	$	175.41	$	(17.75)
Series D	$	156.28	$	(21.83)
Series E	$	145.65	$	(1.97)

⁽¹⁾ The Partnership’s proportionate share of income and expenses allocated from the Master Fund for the period ended.

See notes to financial statements (Unaudited) (Concluded)


				Millburn Multi-Markets Fund L.P.
				Statements of Changes in Partners’ Capital (unaudited)
				For the six months ended June 30, 2026

			Limited Partners
	General
	Partner		Series A				Series B				Series C				Series D				Series E				Total
	Amount		Amount		Units		Amount		Units		Amount		Units		Amount		Units		Amount			Units		Amount

PARTNERS’ CAPITAL — January 1, 2026	$	2,869,030	$	87,654,039		71,137.2609	$	6,038,026		3,783.4618	$	2,485,298		1,526.3319	$	3,192,171		2,162.6442	$	386,359		362.9981	$	102,624,923

Capital contributions		-		-		-		-		-		210,000		125.5392		-		-		56,864		52.6686		266,864
Capital withdrawals		-		(3,328,328)		(2,470.2788)		(945,031)		(556.3345)		-		-		(481,440)		(299.5346)		(6,121)		(5.5117)		(4,760,920)
Net income before profit share		414,827		11,639,623		-		783,793		-		369,864		-		422,871		-		62,569		-		13,693,547
Profit share		-		(1,105,072)		-		(119,667)		-		(58,468)		-		(59,965)		-		-		-		(1,343,172)
PARTNERS’ CAPITAL —
March 31, 2026	$	3,283,857	$	94,860,262		68,666.9821	$	5,757,121		3,227.1273	$	3,006,694		1,651.8711	$	3,073,637		1,863.1096	$	499,671		410.1550	$	110,481,242

Capital contributions		-		-		-		-		-		-		-		-		-		24,131		19.9886		24,131
Capital withdrawals		-		(1,991,560)		(1,466.4036)		-		-		(175,000)		(99.3568)		(71,154)		(43.5934)		-		-		(2,237,714)
Net (loss) before profit share		(22,224)		(1,549,718)		-		(65,187)		-		(39,305)		-		(40,546)		-		(3,327)		-		(1,720,307)
Profit share		-		309,944		-		13,038		-		7,861		-		8,109		-		-		-		338,952
PARTNERS’ CAPITAL —
June 30, 2026	$	3,261,633	$	91,628,928		67,200.5785	$	5,704,972		3,227.1273	$	2,800,250		1,552.5143	$	2,970,046		1,819.5162	$	520,475		430.1436	$	106,886,304

Net Asset Value per Unit at
March 31, 2026					$	1,381.45			$	1,783.98			$	1,820.17			$	1,649.74			$	1,218.25

Net Asset Value per Unit at
June 30, 2026					$	1,363.51			$	1,767.82			$	1,803.69			$	1,632.33			$	1,210.00

See notes to financial statements (Unaudited)																								(Continued)

‎


				Millburn Multi-Markets Fund L.P.
				Statements of Changes in Partners’ Capital (unaudited)
				For the six months ended June 30, 2025

				Limited Partners
	General
	Partner		Series A				Series B				Series C				Series D				Series E				Total
	Amount		Amount		Units		Amount		Units		Amount		Units		Amount		Units		Amount			Units		Amount

PARTNERS’ CAPITAL — January 1, 2025	$	2,906,007	$	102,464,490		79,074.9857	$	7,333,525		4,457.8217	$	3,837,204		2,286.1305	$	4,270,156		2,785.5884	$	266,380		247.0895	$	121,077,762

Capital contributions		-		-		-		-		-		200,000		118.0838		-		-		103,492		95.4646		303,492
Capital withdrawals		-		(3,621,285)		(2,775.9505)		(395,668)		(240.2919)		(78,217)		(46.6240)		(650,500)		(421.6912)		-		-		(4,745,670)
Net income before profit share		11,379		(514,670)		-		(2,701)		-		(4,145)		-		(3,306)		-		873		-		(512,570)
Profit share		-		-		-		(467)		-		289		-		(1,099)		-		-		-		(1,277)
PARTNERS’ CAPITAL —
March 31, 2025	$	2,917,386	$	98,328,535		76,299.0352	$	6,934,689		4,217.5298	$	3,955,131		2,357.5903	$	3,615,251		2,363.8972	$	$ 370,745		342.5541	$	116,121,737

Capital contributions		-		-		-		-		-		-		-		-		-		7,499		7.0135		7,499
Capital withdrawals		-		(1,617,168)		(1,276.3819)		(114,737)		(70.6450)		(335,000)		(203.8605)		-		-		-		-		(2,066,905)
Net income before profit share		(16,707)		(1,478,327)		-		(70,087)		-		(43,385)		-		(43,109)		-		(2,076)		-		(1,653,691)
Profit share		-		-		-		-		-		-		-		-		-		-		-		-
PARTNERS’ CAPITAL —
June 30, 2025	$	2,900,679	$	95,233,040		75,022.6533	$	6,749,865		4,146.8848	$	3,576,746		2,153.7298	$	3,572,142		2,363.8972	$	$ 376,168		349.5676	$	112,408,640

Net Asset Value per Unit at
March 31, 2025					$	1,288.73			$	1,644.25			$	1,677.62			$	1,529.36			$	1,082.29

Net Asset Value per Unit at
June 30, 2025					$	1,269.39			$	1,627.70			$	1,660.72			$	1,511.12			$	1,076.10

See notes to financial statements (Unaudited)																								(Concluded)


Millburn Multi-Markets Fund L.P.
Statement of Financial Highlights (UNAUDITED)
For the three months ended June 30, 2026

The following information presents per unit operating performance data for each series for the three months ended June 30, 2026.

Per Unit Performance
(For a Unit Outstanding Throughout the Period)	Series A			Series B			Series C				Series D		Series E

NET ASSET VALUE PER UNIT — Beginning of period	$	1,381.45		$	1,783.98		$	1,820.17		$	1,649.74		$	1,218.25

INCOME (LOSS) ALLOCATED FROM THE MASTER FUND:
Net investment income (loss) ⁽¹⁾		(2.07)			6.18			6.37			2.62			9.42
Total trading and investing (losses) ⁽¹⁾		(20.06)			(24.32)			(27.84)			(22.23)			(17.67)

Net (loss) before profit share allocation from the Master Fund		(22.13)			(18.14)			(21.47)			(19.61)			(8.25)

Less: profit share allocation from the Master Fund ^{(1) (6)}		(4.19)			(1.98)			(4.99)			(2.20)			0.00

Net (loss) from operations after profit share allocation from the Master Fund		(17.94)			(16.16)			(16.48)			(17.41)			(8.25)

NET ASSET VALUE PER UNIT — End of period	$	1,363.51		$	1,767.82		$	1,803.69		$	1,632.33		$	1,210.00

TOTAL RETURN BEFORE PROFIT SHARE ALLOCATION FROM THE MASTER FUND ⁽²⁾		(1.63)	%		(1.14)	%		(1.18)	%		(1.33)	%		(0.68)	%

LESS: PROFIT SHARE ALLOCATION FROM THE MASTER FUND ^{(2) (6)}		(0.33)			(0.23)			(0.27)			(0.27)			0.00

TOTAL RETURN AFTER PROFIT SHARE ALLOCATION FROM THE MASTER FUND ⁽²⁾		(1.30)	%		(0.91)	%		(0.91)	%		(1.06)	%		(0.68)	%

RATIOS TO AVERAGE NET ASSET VALUE:
Expenses ^{(3) (4) (5)}		4.32	%		2.31	%		2.31	%		3.07	%		0.52	%
Profit share allocation from the Master Fund ^{(2) (6)}		(0.33)			(0.23)			(0.27)			(0.27)			0.00

Total expenses		3.99	%		2.08	%		2.04	%		2.80	%		0.52	%

Net investment income (loss) ^{(3) (4) (5)}		(0.61)	%		1.42	%		1.43	%		0.66	%		3.15	%

⁽¹⁾ The net investment income (loss) per unit and profit share allocation from the Master Fund per unit is calculated by dividing
the net investment income (loss) and profit share allocation from the Master Fund by the weighted average number of units
outstanding during the period. Total trading and investing losses is a balancing amount necessary to reconcile the
change in net asset value per unit with the other per unit information.
⁽²⁾Not Annualized.
⁽³⁾ Annualized.
⁽⁴⁾Includes the Partnership’s proportionate share of income (if applicable) and expenses allocated from the Master Fund.
⁽⁵⁾ Excludes profit share allocation from the Master Fund.
⁽⁶⁾ Profit share for Series B and C is calculated based on Series B and C aggregate trading profits and may be impacted
by rebalancing due to monthly capital activity.
See notes to financial statements (Unaudited)														(Continued)

Millburn Multi-Markets Fund L.P.
Statement of Financial Highlights (UNAUDITED)
For the six months ended June 30, 2026

The following information presents per unit operating performance data for each series for the six months ended June 30, 2026.

Per Unit Performance
(For a Unit Outstanding Throughout the Period)	Series A			Series B			Series C				Series D		Series E

NET ASSET VALUE PER UNIT — Beginning of period	$	1,232.18		$	1,595.90		$	1,628.28		$	1,476.05		$	1,064.35

INCOME (LOSS) ALLOCATED FROM THE MASTER FUND:
Net investment income (loss) ⁽¹⁾		(4.38)			11.73			12.01			4.78			18.12
Total trading and investing gains ⁽¹⁾		147.13			191.42			194.76			177.52			127.53

Net income before profit share allocation to (from) the Master Fund		142.75			203.15			206.77			182.30			145.65

Less: profit share allocation to (from) the Master Fund ^{(1) (6)}		11.42			31.23			31.36			26.02			0.00

Net income from operations after profit share allocation to (from) the Master Fund		131.33			171.92			175.41			156.28			145.65

NET ASSET VALUE PER UNIT — End of period	$	1,363.51		$	1,767.82		$	1,803.69		$	1,632.33		$	1,210.00

TOTAL RETURN BEFORE PROFIT SHARE ALLOCATION TO (FROM) THE MASTER FUND ⁽²⁾		11.52	%		12.58	%		12.55	%		12.22	%		13.68	%

LESS: PROFIT SHARE ALLOCATION TO (FROM) THE MASTER FUND ^{(2) (6)}		0.86			1.81			1.78			1.63			0.00

TOTAL RETURN AFTER PROFIT SHARE ALLOCATION TO (FROM) THE MASTER FUND ⁽²⁾		10.66	%		10.77	%		10.77	%		10.59	%		13.68	%

RATIOS TO AVERAGE NET ASSET VALUE:
Expenses ^{(3) (4) (5)}		4.33	%		2.31	%		2.31	%		3.07	%		0.52	%
Profit share allocation from the Master Fund ^{(2) (6)}		0.86			1.81			1.78			1.63			0.00

Total expenses		5.19	%		4.12	%		4.09	%		4.70	%		0.52	%

Net investment income (loss) ^{(3) (4) (5)}		(0.66)	%		1.37	%		1.38	%		0.61	%		3.12	%

⁽¹⁾ The net investment income (loss) per unit and profit share allocation from the Master Fund per unit is calculated by dividing
the net investment income (loss) and profit share allocation from the Master Fund by the weighted average number of units
outstanding during the period. Total trading and investing losses is a balancing amount necessary to reconcile the
change in net asset value per unit with the other per unit information.
⁽²⁾Not Annualized.
⁽³⁾ Annualized.
⁽⁴⁾Includes the Partnership’s proportionate share of income (if applicable) and expense allocated from the Master Fund.
⁽⁵⁾ Excludes profit share allocation from the Master Fund.
⁽⁶⁾ Profit share for Series B and C is calculated based on Series B and C aggregate trading profits and may be impacted
by rebalancing due to monthly capital activity.

See notes to financial statements (Unaudited)														(Concluded)


Millburn Multi-Markets Fund L.P.
Statement of Financial Highlights (UNAUDITED)
For the three months ended June 30, 2025

The following information presents per unit operating performance data for each series for the three months ended June 30, 2025.

Per Unit Performance
(For a Unit Outstanding Throughout the Period)	Series A			Series B				Series C		Series D			Series E

NET ASSET VALUE PER UNIT — Beginning of period	$	1,288.73		$	1,644.25		$	1,677.62		$	1,529.36		$	1,082.29

INCOME ALLOCATED FROM THE MASTER FUND:
Net investment income (loss) ⁽¹⁾		(0.17)			7.87			8.04			4.52			9.81
Total trading and investing (losses) ⁽¹⁾		(19.17)			(24.42)			(24.95)			(22.74)			(16.00)

Net (loss) before profit share allocation from the Master Fund		(19.34)			(16.55)			(16.91)			(18.22)			(6.19)

Less: profit share allocation from the Master Fund^{(1) (6)}		0.00			0.00			(0.01)			0.02			0.00

Net (loss) from operations after profit share allocation from the Master Fund		(19.34)			(16.55)			(16.90)			(18.24)			(6.19)

NET ASSET VALUE PER UNIT — End of period	$	1,269.39		$	1,627.70		$	1,660.72		$	1,511.12		$	1,076.10

TOTAL RETURN BEFORE PROFIT SHARE ALLOCATION FROM THE MASTER FUND ⁽²⁾		(1.50)	%		(1.01)	%		(1.01)	%		(1.19)	%		(0.57)	%

LESS: PROFIT SHARE ALLOCATION TO THE MASTER FUND ^{(2) (6)}		0.00			0.00			0.00			0.00			0.00

TOTAL RETURN AFTER PROFIT SHARE ALLOCATION FROM THE MASTER FUND⁽²⁾		(1.50)	%		(1.01)	%		(1.01)	%		(1.19)	%		(0.57)	%

RATIOS TO AVERAGE NET ASSET VALUE:
Expenses ^{(3) (4) (5)}		4.26	%		2.26	%		2.25	%		3.01	%		0.50	%
Profit share allocation from the Master Fund ^{(2) (6)}		0.00			0.00			0.00			0.00			0.00

Total expenses		4.26	%		2.26	%		2.25	%		3.01	%		0.50	%

Net investment income (loss) ^{(3) (4) (5)}		(0.06)	%		1.94	%		1.94	%		1.19	%		3.69	%

⁽¹⁾ The net investment income per unit and profit share allocation from the Master Fund per unit is calculated by dividing
the net investment income and profit share allocation from the Master Fund by the weighted average number of units
outstanding during the period. Total trading and investing loss is a balancing amount necessary to reconcile the
change in net asset value per unit with the other per unit information.
⁽²⁾Not Annualized.
⁽³⁾ Annualized.
⁽⁴⁾Includes the Partnership’s proportionate share of income (if applicable) and expenses allocated from the Master Fund.
⁽⁵⁾ Excludes profit share allocation from the Master Fund.
⁽⁶⁾ Profit share for Series B and C is calculated based on Series B and C aggregate trading profits and may be impacted
by rebalancing due to monthly capital activity.

See notes to financial statements (Unaudited)														(Concluded)

‎


Millburn Multi-Markets Fund L.P.
Statement of Financial Highlights (UNAUDITED)
For the six months ended June 30, 2025

The following information presents per unit operating performance data for each series for the six months ended June 30, 2025.

Per Unit Performance
(For a Unit Outstanding Throughout the Period)	Series A			Series B				Series C		Series D			Series E

NET ASSET VALUE PER UNIT — Beginning of period	$	1,295.79		$	1,645.09		$	1,678.47		$	1,532.95		$	1,078.07

INCOME (LOSS) ALLOCATED FROM THE MASTER FUND:
Net investment income ⁽¹⁾		0.57			17.04			17.38			10.23			20.55
Total trading and investing (losses) ⁽¹⁾		(26.97)			(34.32)			(35.26)			(31.61)			(22.52)

Net (loss) before profit share allocation from the Master Fund		(26.40)			(17.28)			(17.88)			(21.38)			(1.97)

Less: profit share allocation to (from) the Master Fund^{(1) (6)}		0.00			0.11			(0.13)			0.45			0.00

Net (loss) from operations after profit share allocation from the Master Fund		(26.40)			(17.39)			(17.75)			(21.83)			(1.97)

NET ASSET VALUE PER UNIT — End of period	$	1,269.39		$	1,627.70		$	1,660.72		$	1,511.12		$	1,076.10

TOTAL RETURN BEFORE PROFIT SHARE ALLOCATION FROM THE MASTER FUND ⁽²⁾		(2.04)	%		(1.05)	%		(1.07)	%		(1.39)	%		(0.18)	%

LESS: PROFIT SHARE ALLOCATION TO (FROM) THE MASTER FUND ^{(2) (6)}		0.00			0.01			(0.01)			0.03			0.00

TOTAL RETURN AFTER PROFIT SHARE ALLOCATION FROM THE MASTER FUND⁽²⁾		(2.04)	%		(1.06)	%		(1.06)	%		(1.42)	%		(0.18)	%

RATIOS TO AVERAGE NET ASSET VALUE:
Expenses ^{(3) (4) (5)}		4.23	%		2.23	%		2.23	%		2.98	%		0.48	%
Profit share allocation from the Master Fund ^{(2) (6)}		0.00			0.01			(0.01)			0.03			0.00

Total expenses		4.23	%		2.24	%		2.22	%		3.01	%		0.48	%

Net investment income ^{(3) (4) (5)}		0.09	%		2.09	%		2.09	%		1.35	%		3.82	%

⁽¹⁾The net investment income per unit and profit share allocation from the Master Fund per unit is calculated by dividing
the net investment income (loss) and profit share allocation from the Master Fund by the weighted average number of units
outstanding during the period. Total trading and investing gains is a balancing amount necessary to reconcile the
change in net asset value per unit with the other per unit information.
⁽²⁾ Not Annualized.
⁽³⁾ Annualized.
⁽⁴⁾Includes the Partnership’s proportionate share of income (if applicable) and expense allocated from the Master Fund.
⁽⁵⁾ Excludes profit share allocation from the Master Fund.
⁽⁶⁾ Profit share for Series B and C is calculated based on Series B and C aggregate trading profits and may be impacted
by rebalancing due to monthly capital activity.

See notes to financial statements (Unaudited)														(Concluded)

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

1. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The accompanying unaudited financial statements, in the opinion of management, include all adjustments (consisting only of normal recurring adjustments) necessary for a fair presentation of Millburn Multi-Markets Fund L.P.’s (the “Partnership”) financial condition at June 30, 2026 (unaudited) and December 31, 2025 and the results of its operations for the three and six months ended June 30, 2026 and 2025 (unaudited).

These financial statements present the results of interim periods and do not include all disclosures normally provided in annual financial statements. It is suggested that these financial statements be read in conjunction with the audited financial statements and notes included in the Partnership’s 2025 annual report included in Form 10-K filed with the Securities and Exchange Commission. The December 31, 2025 information has been derived from the audited financial statements as of December 31, 2025.

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

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

The Income Taxes (Topic 740) of the Codification clarifies the accounting for uncertainty in tax positions. This requires that the Partnership recognize in its financial statements the impact of any uncertain tax positions. Based on a review of the Partnership’s open tax years, 2022 to 2025, Millburn Ridgefield LLC (the “General Partner”) has determined that no reserves for uncertain tax positions were required.

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

Certain reclassifications have been made to previously reported amounts to conform to the current period’s presentation.

There have been no material changes with respect to the Partnership’s critical accounting policies, off-balance sheet arrangements or disclosure of contractual obligations as reported in the Partnership’s Annual Report on Form 10-K for fiscal year 2025.

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

The Partnership invests substantially all of its assets in Millburn Multi-Markets Trading L.P. (the “Master Fund”). The Partnership’s ownership percentage of the Master Fund at June 30, 2026 and December 31, 2025 was 34.42% and 35.22%, respectively, of total partners’ capital of the Master Fund. See the attached financial statements of the Master Fund.

3. RELATED PARTY TRANSACTIONS

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

Series A Limited Partners that redeem Units at or prior to the end of the first eleven months after such Units are sold shall be assessed redemption charges calculated based on their redeemed Units’ net asset value as of the date of redemption. All redemption charges will be paid to the General Partner. At June 30, 2026 and December 31, 2025, there were no redemption charges owed to the General Partner.

4. FINANCIAL HIGHLIGHTS

Per Unit operating performance for Series A, Series B, Series C, Series D and Series E Units is calculated based on Limited Partners’ Partnership capital for each series taken as a whole utilizing the beginning and ending net asset value per unit and weighted average number of units during the period.

5. SUBSEQUENT EVENTS

The General Partner has performed its evaluation of subsequent events from July 1, 2026 to August 13, 2026, the date the Form 10-Q was filed. Based on such evaluation, no events were discovered that required disclosure or adjustment to the financial statements.



Millburn Multi-Markets Trading L.P.
Financial statements
As of and for the three and six months ended June 30, 2026 and 2025 (unaudited)

Statements of Financial Condition (a)					12
Condensed Schedules of Investments (a)					13
Statements of Operations (c)					17
Statements of Changes in Partners’ Capital (b)					19
Statements of Financial Highlights (c)					20
Notes to Financial Statements					22

(a) At June 30, 2026 (unaudited) and December 31, 2025

(b) For the six months ended June 30, 2026 and 2025 (unaudited)

(c) For the three and six months ended June 30, 2026 and 2025 (unaudited)

Millburn Multi-Markets Trading L.P.

Statements of Financial Condition


		June 30, 2026
ASSETS		(unaudited)		December 31, 2025

EQUITY IN TRADING ACCOUNTS:
Investments in U.S. Treasury notes — at fair value (amortized cost
$63,716,093 and $51,887,657)	$	63,685,465	$	51,974,100
Net unrealized appreciation on open futures and forward currency contracts		4,705,774		3,615,361
Due from brokers, net		4,733,330		4,362,810
Cash denominated in foreign currencies (cost $885,736 and $913,752)		872,862		887,808

Total equity in trading accounts		73,997,431		60,840,079

INVESTMENTS IN U.S. TREASURY NOTES — at fair value
(amortized cost $226,676,038 and $216,954,904)		226,412,138		217,165,910

CASH AND CASH EQUIVALENTS		16,201,060		15,141,998

ACCRUED INTEREST RECEIVABLE		1,655,882		1,257,939

OTHER ASSETS		65		65

TOTAL ASSETS	$	318,266,576	$	294,405,991

LIABILITIES AND PARTNERS’ CAPITAL

LIABILITIES:
Net unrealized depreciation on open futures and forward currency contracts	$	687,075	$	265,176
Cash overdrafts denominated in foreign currencies (cost $533,405 and $10,889)		528,598		9,364
Subscriptions received in advance		135,000		360,000
Capital withdrawal payable to Limited Partners		1,685,009		1,459,919
Capital withdrawal payable to General Partner		-		4,565
Management fee payable		345,543		319,848
Selling commissions payable		158,849		148,665
Accrued expenses		461,820		473,111
Due to brokers, net		707,659		460
Commissions and other trading fees on open futures contracts		16,564		18,377
Accrued profit share		3,036,379		-

Total liabilities		7,762,496		3,059,485

PARTNERS’ CAPITAL		310,504,080		291,346,506

TOTAL LIABILITIES AND PARTNERS’ CAPITAL	$	318,266,576	$	294,405,991

See notes to financial statements (Unaudited)

‎

Millburn Multi-Markets Trading L.P.

Condensed Schedule of Investments (unaudited)

June 30, 2026


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

FUTURES CONTRACTS
Long futures contracts:
Currencies	(0.02)	%	$	(69,976)
Energies	0.00			7,695
Interest rates:
30 Year U.S. Treasury Note (145 contracts, settlement date September 2026)	0.01			20,625
Other	0.25			789,794

Total interest rates	0.26			810,419

Livestock	0.00			6,130
Metals	(1.13)			(3,513,278)
Softs	0.00			9,064
Stock indices	0.03			85,192

Total long futures contracts	(0.86)			(2,664,754)

Short futures contracts:
Currencies	0.10			307,501
Energies	(0.03)			(85,818)
Grains	0.09			269,415
Interest rates:
2 Year U.S. Treasury Note (960 contracts, settlement date September 2026)	0.04			119,633
30 Year U.S. Treasury Bond (49 contracts, settlement date September 2024)
Other	(0.08)			(255,052)

Total interest rates	(0.04)			(135,419)

Livestock	0.01			29,100
Metals	0.71			2,193,895
Softs	(0.04)			(83,305)
Stock indices	(0.16)			(507,613)

Total short futures contracts	0.64			1,987,756

TOTAL INVESTMENTS IN FUTURES CONTRACTS — Net	(0.22)			(676,998)

FORWARD CURRENCY CONTRACTS
Total long forward currency contracts	(3.19)			(9,897,299)
Total short forward currency contracts	4.70			14,592,996

TOTAL INVESTMENTS IN FORWARD CURRENCY CONTRACTS — Net	1.51			4,695,697

TOTAL INVESTMENTS IN FUTURES AND FORWARD CURRENCY CONTRACTS	1.29	%	$	4,018,699

				(Continued)

Millburn Multi-Markets Trading L.P.

Condensed Schedule of Investments (unaudited)

June 30, 2026


U.S. TREASURY NOTES
			Fair Value
			as a % of
			Partners’
	Face Amount	Description	Capital		Fair Value

$	94,020,000	U.S. Treasury notes, 1.500%, 08/15/2026	30.19	%	$	93,750,061
	101,830,000	U.S. Treasury notes, 2.000%, 11/15/2026	32.56			101,106,052
	96,270,000	U.S. Treasury notes, 2.250%, 02/15/2027	30.68			95,241,490
		Total investments in U.S. Treasury notes
		(amortized cost $290,392,131)	93.43	%	$	290,097,603

	See notes to financial statements (Unaudited)					(Concluded)

‎

Millburn Multi-Markets Trading L.P.

Condensed Schedule of Investments

December 31, 2025


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

FUTURES CONTRACTS
Long futures contracts:
Currencies	0.00	%	$	14,545
Energies	(0.07)			(233,312)
Grains	(0.01)			(27,402)
Interest rates	0.08			234,228
Metals	1.01			2,924,189
Softs	0.00			7,319
Stock indices	0.04			126,143

Total long futures contracts	1.05			3,045,710

Short futures contracts:
Currencies	(0.00)			1,378
Energies	0.08			237,476
Grains	0.23			665,000
Interest rates	(0.03)			(93,036)
Livestock	(0.01)			(32,050)
Metals	(0.62)			(1,786,717)
Softs	0.00			4,106
Stock indices	(0.03)			(80,224)

Total short futures contracts	(0.38)			(1,084,067)

TOTAL INVESTMENTS IN FUTURES CONTRACTS — Net	0.67			1,961,643

FORWARD CURRENCY CONTRACTS
Total long forward currency contracts	1.11			3,241,798
Total short forward currency contracts	(0.63)			(1,853,256)

TOTAL INVESTMENTS IN FORWARD CURRENCY CONTRACTS — Net	0.48			1,388,542

TOTAL INVESTMENTS IN FUTURES AND FORWARD CURRENCY CONTRACTS	1.15	%	$	3,350,185

				(Continued)

‎

Millburn Multi-Markets Trading L.P.

Condensed Schedule of Investments

December 31, 2025


U.S. TREASURY NOTES
			Fair Value
			as a % of
			Partners’
	Face Amount	Description	Capital		Fair Value

$	90,830,000	U.S. Treasury notes, 1.625%, 02/15/2026	31.10	%	$	90,601,150
	90,270,000	U.S. Treasury notes, 1.625%, 05/15/2026	30.77			89,645,868
	90,020,000	U.S. Treasury notes, 1.500%, 08/15/2026	30.51			88,892,992
		Total investments in U.S. Treasury notes
		(amortized cost $268,842,561)	92.38	%	$	269,140,010

	See notes to financial statements (Unaudited)					(Concluded)

‎

Millburn Multi-Markets Trading L.P.

Statements of Operations (unaudited)



	For the three months ended
		June 30		June 30
		2026		2025
INVESTMENT INCOME — Interest income, net	$	2,879,345	$	4,407,192

EXPENSES:
Management fees		1,032,097		1,419,868
Selling commissions and platform fees		474,111		486,455
Administrative and operating expenses		246,862		270,925
Custody fees and other expenses		24,180		23,582
Total expenses		1,777,250		2,200,830

NET INVESTMENT INCOME		1,102,095		2,206,362

REALIZED AND UNREALIZED GAINS (LOSSES):
Net realized (losses) on closed positions:
Futures and forward currency contracts		(2,046,422)		(2,559,348)
Brokerage commissions		(350,755)		(383,930)
Foreign exchange transactions		(134,717)		(166,512)
Net change in unrealized:
Futures and forward currency contracts		(1,960,706)		(386,938)
Foreign exchange translation		(12,662)		37,294
Net gains (losses) from U.S. Treasury notes
Realized		2,935		1,326
Net change in unrealized		(220,548)		(218,251)
Total net realized and unrealized (losses)		(4,722,875)		(3,676,359)


NET (LOSS) BEFORE PROFIT SHARE TO GENERAL PARTNER		(3,620,780)		(1,469,997)
LESS PROFIT SHARE TO GENERAL PARTNER		(1,094,338)		(41,510)
NET (LOSS) AFTER PROFIT SHARE TO GENERAL PARTNER	$	(2,526,442)	$	(1,428,487)

See notes to financial statements (Unaudited)

Millburn Multi-Markets Trading L.P.

Statements of Operations (unaudited)


	For the six months ended
		June 30		June 30
		2026		2025
INVESTMENT INCOME — Interest income, net	$	5,629,072	$	9,173,865

EXPENSES:
Management fees		2,046,247		2,873,863
Selling commissions and platform fees		946,493		995,335
Administrative and operating expenses		486,283		557,473
Custody fees and other expenses		46,440		46,625
Total expenses		3,525,463		4,473,296

NET INVESTMENT INCOME		2,103,609		4,700,569

REALIZED AND UNREALIZED GAINS (LOSSES):
Net realized gains (losses) on closed positions:
Futures and forward currency contracts		35,421,955		(865,119)
Brokerage commissions		(680,597)		(759,555)
Foreign exchange transactions		(455,188)		(328,691)
Net change in unrealized:
Futures and forward currency contracts		668,514		(2,632,223)
Foreign exchange translation		16,352		106,552
Net gains (losses) from U.S. Treasury notes
Realized		2,935		1,326
Net change in unrealized		(591,977)		(397,862)
Total net realized and unrealized gains (losses)		34,381,994		(4,875,572)


NET INCOME (LOSS) BEFORE PROFIT SHARE		36,485,603		(175,003)
LESS PROFIT SHARE TO GENERAL PARTNER		3,171,150		3,248
NET INCOME (LOSS) AFTER PROFIT SHARE TO GENERAL PARTNER	$	33,314,453	$	(178,251)

See notes to financial statements (Unaudited)

‎

Millburn Multi-Markets Trading L.P.

Statements of Changes in Partners’ Capital (unaudited)



For the six months ended June 30, 2026
		Limited Partners		New Profit Memo Account		General Partner		Total
PARTNERS’ CAPITAL - January 1, 2026	$	290,026,384	$	-	$	1,320,122	$	291,346,506
Contributions		686,866		39,797		-		726,663
Withdrawals		(9,874,777)		-		-		(9,874,777)
Net income before profit share
to General Partner		39,910,544		3,882		191,957		40,106,383
General Partner’s allocation - profit share		(4,265,488)		-		-		(4,265,488)
PARTNERS’ CAPITAL- March 31, 2026	$	316,483,529	$	43,679	$	1,512,079	$	318,039,287

Contributions		1,454,129		94,974		-		1,549,103
Withdrawals		(6,557,868)		-		-		(6,557,868)
Net income before profit share
to General Partner		(3,612,136)		473		(9,117)		(3,620,780)
General Partner’s allocation - profit share		1,094,338		-		-		1,094,338
PARTNERS’ CAPITAL- June 30, 2026	$	308,861,992	$	139,126	$	1,502,962	$	310,504,080



For the six months ended June 30, 2025
		Limited Partners		New Profit Memo Account		General Partner		Total
PARTNERS’ CAPITAL - January 1, 2025	$	430,373,310	$	-	$	1,333,044	$	431,706,354
Contributions		588,492		3,035		-		591,527
Withdrawals		(5,439,684)		-		-		(5,439,684)
Net income (loss) before profit share
to General Partner		1,288,885		(24)		6,133		1,294,994
General Partner’s allocation - profit share		(44,758)		-		-		(44,758)
PARTNERS’ CAPITAL- March 31, 2025	$	426,766,245	$	3,011	$	1,339,177	$	428,108,433

Contributions		247,499		-		-		247,499
Withdrawals		(4,950,727)		-		-		(4,950,727)
Net (loss) before profit share								-
to General Partner		(1,463,395)		(15)		(6,587)		(1,469,997)
General Partner’s allocation - profit share		41,510		-		-		41,510
PARTNERS’ CAPITAL- June 30, 2025	$	420,641,132	$	2,996	$	1,332,590	$	421,976,718

See notes to financial statements (Unaudited)

‎

Millburn Multi-Markets Trading L.P.

Statements of Financial Highlights (unaudited)

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


	For the three months ended				For the six months ended
	June 30		June 30		June 30		June 30
	2026		2025		2026		2025

Total return before General Partner profit share allocation ⁽³⁾	(1.07)	%	(0.92)	%	12.71	%	(0.91)	%
Less: General Partner profit share allocation ⁽³⁾	0.22		-		(1.87)		-

Total return after General Partner profit share allocation ⁽³⁾	(0.85)	%	(0.92)	%	10.84	%	(0.91)	%


Ratios to average net asset value:
Expenses ^{(1) (4)}	2.01	%	1.93	%	2.01	%	1.93	%
General Partner profit share allocation ⁽³⁾	0.22		-		1.87		-

Total expenses and General Partner profit share allocation ⁽¹⁾	2.23	%	1.93	%	3.88	%	1.93	%

Net investment income ^{(1) (2) (4)}	1.75	%	2.28	%	1.68	%	2.43	%

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

⁽¹⁾ Includes the Limited Partner’s proportionate share of expenses allocated from the Master Fund’s
operations for the three and six months ended June 30, 2026 and 2025.
⁽²⁾ Excludes General Partner profit share allocation and includes interest income.
⁽³⁾ Not Annualized.
⁽⁴⁾ Annualized.

See notes to financial statements (Unaudited)
‎

Millburn Multi-Markets Trading L.P.

Statements of Financial Highlights (unaudited)

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


	For the three months ended				For the six months ended
	June 30		June 30		June 30		June 30
	2026		2025		2026		2025

Total return before General Partner profit share allocation ⁽³⁾	(1.13)	%	(0.33)	%	12.61	%	(0.02)	%
Less: General Partner profit share allocation ⁽³⁾	0.35		0.01		(1.03)		-

Total return after General Partner profit share allocation ⁽³⁾	(0.78)	%	(0.32)	%	11.58	%	(0.02)	%


Ratios to average net asset value:
Expenses ^{(1) (4)}	2.30	%	2.08	%	2.31	%	2.10	%
General Partner profit share allocation ⁽³⁾	0.35		0.01		1.03		-

Total expenses and General Partner profit share allocation ⁽¹⁾	2.65	%	2.09	%	3.34	%	2.10	%

Net investment income ^{(1) (2) (4)}	1.41	%	2.11	%	1.36	%	2.25	%

Total returns and the ratios to average net asset value are calculated for a Limited Partner. An individual Limited Partner’s total returns and ratios may vary from the above total returns and ratios based on different management fee and General Partner profit share allocation agreements and the timing of contributions and withdrawals.
⁽¹⁾ Includes the Limited Partners’ proportionate share of expenses allocated from the Master Fund’s
operations for the three and six months ended June 30, 2026 and 2025.
⁽²⁾Excludes General Partner profit share allocation and includes interest income.
⁽³⁾ Not Annualized.
⁽⁴⁾ Annualized.

See notes to financial statements (Unaudited)

‎

NOTES TO FINANCIAL STATEMENTS

1. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

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

The accompanying financial statements, in the opinion of management, include all adjustments (consisting only of normal recurring adjustments) necessary for a fair presentation of the Master Fund’s financial condition at June 30, 2026 (unaudited) and December 31, 2025 (audited) and the results of its operations for the three and six months ended June 30, 2026 and 2025 (unaudited).

These financial statements present the results of interim periods and do not include all disclosures normally provided in annual financial statements. It is suggested that these financial statements be read in conjunction with the audited financial statements and notes included in the Master Fund’s annual report for the year ended December 31, 2025 included in the Partnership’s annual report on Form 10-K filed with the Securities and Exchange Commission. The December 31, 2025 information has been derived from the audited financial statements as of December 31, 2025.

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

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

The Income Taxes (Topic 740) of the Codification clarifies the accounting for uncertainty in tax positions. This requires that the Partnership recognize in its financial statements the impact of any uncertain tax positions. Based on a review of the Partnership’s open tax years, 2022 to 2025, the General Partner has determined that no reserves for uncertain tax positions were required.

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

Certain reclassifications have been made to previously reported amounts to conform to the current period’s presentation.

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

The Partnership and the Cayman Feeder invest substantially all of their assets in the Master Fund. At June 30, 2026 and December 31, 2025, the respective ownership percentages of the Master Fund are detailed below. The remaining interests are held by direct investors in the Master Fund.



	June 30,			December 31,
	2026			2025
Partnership		34.42	%		35.22	%
Cayman Feeder		42.98	%		41.29	%

Total		77.40	%		76.51	%

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The capital withdrawals payable at June 30, 2026 and December 31, 2025 were $1,685,009 and $1,464,484, respectively, as detailed below.



	June 30,		December 31,
	2026		2025
Direct investors⁽¹⁾	$	35,650	$	52,870
Partnership		1,529,814		546,804
Cayman Feeder		119,545		864,810

Total	$	1,685,009	$	1,464,484

⁽¹⁾ Includes profit share to the General Partner of $4,565 and a limited partner redemption of $48,305, totaling $52,870 at December 31, 2025.

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

3. FAIR VALUE

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

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

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

indirectly; and

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

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

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

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.

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

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

During the three and six months ended June 30, 2026 and 2025, there were no transfers of assets or liabilities between Level 1 and Level 2. The following tables represent the Master Fund’s investments by hierarchical level as of June 30, 2026 and December 31, 2025 in valuing the Master Fund’s investments at fair value. At June 30, 2026 and December 31, 2025, the Master Fund had no assets or liabilities in Level 3.

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Financial assets and liabilities at fair value as of June 30, 2026
	Level 1		Level 2		Total

U.S. Treasury notes (1)	$	290,097,603	$	-	$	290,097,603

Short-Term Money Market Fund*		15,951,060		-		15,951,060
Exchange-traded futures contracts
Currencies		237,525		-		237,525
Energies		(78,123)		-		(78,123)
Grains		269,415		-		269,415
Interest rates		675,000		-		675,000
Livestock		35,230		-		35,230
Metals		(1,319,383)		-		(1,319,383)
Softs		(74,241)		-		(74,241)
Stock indices		(422,421)		-		(422,421)

Total exchange-traded futures contracts		(676,998)		-		(676,998)

OTC forward currency contracts		-		4,695,697		4,695,697

Total futures and forward currency contracts (2)		(676,998)		4,695,697		4,018,699

Total financial assets and liabilities at fair value	$	305,371,665	$	4,695,697	$	310,067,362

Per line item in Statements of Financial Condition
(1)
Investments in U.S. Treasury notes held in equity trading accounts as collateral					$	63,685,465
Investments in U.S. Treasury notes held in custody						226,412,138
Total investments in U.S. Treasury notes					$	290,097,603

(2)
Net unrealized appreciation on open futures and forward currency contracts					$	4,705,774
Net unrealized depreciation on open futures and forward currency contracts						(687,075)
Total net unrealized appreciation on open futures and forward currency contracts					$	4,018,699

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

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Financial assets and liabilities at fair value as of December 31, 2025
	Level 1		Level 2		Total

U.S. Treasury notes (1)	$	269,140,010	$	-	$	269,140,010

Short-Term Money Market Fund*		14,891,998		-		14,891,998
Exchange-traded futures contracts
Currencies		15,923		-		15,923
Energies		4,164		-		4,164
Grains		637,598		-		637,598
Interest rates		141,192		-		141,192
Livestock		(32,050)		-		(32,050)
Metals		1,137,472		-		1,137,472
Softs		11,425		-		11,425
Stock indices		45,919		-		45,919

Total exchange-traded futures contracts		1,961,643		-		1,961,643

OTC forward currency contracts		-		1,388,542		1,388,542

Total futures and forward currency contracts (2)		1,961,643		1,388,542		3,350,185

Total financial assets and liabilities at fair value	$	285,993,651	$	1,388,542	$	287,382,193

Per line item in Statements of Financial Condition
(1)
Investments in U.S. Treasury notes held in equity trading accounts as collateral					$	51,974,100
Investments in U.S. Treasury notes						217,165,910
Total investments in U.S. Treasury notes					$	269,140,010

(2)
Net unrealized appreciation on open futures and forward currency contracts					$	3,615,361
Net unrealized depreciation on open futures and forward currency contracts						(265,176)
Total net unrealized appreciation on open futures and forward currency contracts					$	3,350,185

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

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4. DERIVATIVE INSTRUMENTS

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

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

The Master Fund engages in the speculative trading of futures and forward contracts on interest rates, grains, softs, currencies, metals, energies, livestock and stock indices. The following were the primary trading risk exposures of the Master Fund at June 30, 2026 by market sector:

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

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

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

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

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

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

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

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

The following tables present the fair value of open futures and forward currency contracts, held long or sold short, at June 30, 2026 and December 31, 2025. Fair value is presented on a gross basis even though the contracts are subject to master netting agreements and qualify for net presentation in the Master Fund’s Statements of Financial Condition.

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Fair value of futures and forward currency contracts at June 30, 2026

	Fair Value - Long Positions				Fair Value - Short Positions				Net Unrealized
	Unrealized		Unrealized		Unrealized		Unrealized		Gain (Loss) on
Sector	Gains		Losses		Gains		Losses		Open Positions
Futures contracts:
Currencies	$	14,421	$	(84,397)	$	314,447	$	(6,946)	$	237,525
Energies		33,145		(25,450)		152,072		(237,890)		(78,123)
Grains		-		-		353,946		(84,531)		269,415
Interest rates		1,215,453		(405,034)		342,554		(477,973)		675,000
Livestock		6,430		(300)		29,160		(60)		35,230
Metals		340,403		(3,853,681)		2,655,334		(461,439)		(1,319,383)
Softs		16,733		(7,669)		5,000		(88,305)		(74,241)
Stock indices		214,088		(128,896)		62,779		(570,392)		(422,421)
Total futures contracts		1,840,673		(4,505,427)		3,915,292		(1,927,536)		(676,998)

Forward currency contracts		439,751		(10,337,050)		14,793,535		(200,539)		4,695,697

Total futures and forward currency contracts	$	2,280,424	$	(14,842,477)	$	18,708,827	$	(2,128,075)	$	4,018,699


Fair value of futures and forward currency contracts at December 31, 2025

	Fair Value - Long Positions				Fair Value - Short Positions				Net Unrealized
	Unrealized		Unrealized		Unrealized		Unrealized		Gain (Loss) on
Sector	Gains		Losses		Gains		Losses		Open Positions
Futures contracts:
Currencies	$	21,519	$	(6,974)	$	16,018	$	(14,640)	$	15,923
Energies		130,648		(363,960)		240,120		(2,644)		4,164
Grains		-		(27,402)		670,788		(5,788)		637,598
Interest rates		291,569		(57,341)		222,273		(315,309)		141,192
Livestock		-		-		1,760		(33,810)		(32,050)
Metals		3,082,565		(158,376)		87,886		(1,874,603)		1,137,472
Softs		20,048		(12,729)		28,952		(24,846)		11,425
Stock indices		721,043		(594,900)		66,810		(147,034)		45,919
Total futures contracts		4,267,392		(1,221,682)		1,334,607		(2,418,674)		1,961,643

Forward currency contracts		4,337,732		(1,095,934)		665,898		(2,519,154)		1,388,542

Total futures and forward currency contracts	$	8,605,124	$	(2,317,616)	$	2,000,505	$	(4,937,828)	$	3,350,185

The effect of trading futures and forward currency contracts is represented on the Master Fund’s Statements of Operations for the three and six months ended June 30, 2026 and 2025 as “Net realized gains (losses) on closed positions: Futures and forward currency contracts” and “Net change in unrealized: Futures and forward currency contracts.” These trading gains and losses are detailed below.

Trading gains (losses) of futures and forward currency contracts for the three and six months ended June 30, 2026 and 2025



	Three months		Three months		Six months		Six months
	ended:		ended:		ended:		ended:
	June 30		June 30		June 30		June 30
Sector	2026		2025		2026		2025
Futures contracts:
Currencies	$	1,071,897	$	(241,125)	$	1,031,106	$	(2,077,421)
Energies		(5,847,347)		(4,784,908)		2,892,254		(1,901,094)
Grains		1,027,764		242,171		(134,993)		(276,993)
Interest rates		(4,191,917)		502,920		12,152,702		1,667,948
Livestock		152,590		137,630		147,970		54,950
Metals		(1,802,123)		306,352		5,043,618		4,697,074
Softs		(537,297)		(455,626)		(855,665)		56,687
Stock indices		(377,455)		877,476		5,383,663		(964,032)
Total futures contracts		(10,503,888)		(3,415,110)		25,660,655		1,257,119

Forward currency contracts		6,496,760		468,824		10,429,814		(4,754,461)

Total futures and forward currency contracts	$	(4,007,128)	$	(2,946,286)	$	36,090,469	$	(3,497,342)

For the three months ended June 30, 2026 and 2025, the monthly average number of futures contracts bought and sold and the monthly average notional value of forward currency contracts traded are detailed below:


		2026		2025

Average bought		42,961		49,941
Average sold		41,069		55,729
Average notional (in billions)	$	4.0	$	3.5

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

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The following tables present gross amounts of assets or liabilities which qualify for offset as presented in the Statements of Financial Condition as of June 30, 2026 and December 31, 2025.



Offsetting of derivative assets and liabilities at June 30, 2026
			Gross amounts		Net amounts of
			offset in the		assets presented in
	Gross amounts of		Statements of		the Statements of
Assets	recognized assets		Financial Condition		Financial Condition

Futures contracts
Counterparty J	$	628,342	$	(618,265)	$	10,077

Forward currency contracts
Counterparty G	$	5,139,786		(2,525,755)		2,614,031
Counterparty K		10,093,500		(8,011,834)		2,081,666
Total forward currency contracts		15,233,286		(10,537,589)		4,695,697

Total assets	$	15,861,628	$	(11,155,854)	$	4,705,774


			Gross amounts		Net amounts of
			offset in the		liabilities presented in
	Gross amounts of		Statements of		the Statements of
Liabilities	recognized liabilities		Financial Condition		Financial Condition

Futures contracts
Counterparty C	$	343,157	$	(203,177)	$	139,980
Counterparty L		5,471,539		(4,924,444)		547,095
Total futures contracts		5,814,696		(5,127,621)		687,075

Total liabilities	$	5,814,696	$	(5,127,621)	$	687,075

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			Amounts Not Offset in the Statements of Financial Condition
	Net amounts of
	Assets
	presented in the
Counterparty	Statements of Financial		Financial		Collateral
	Condition		Instruments		Received⁽¹⁾⁽²⁾		Net Amount⁽³⁾

Counterparty G	$	2,614,031	$	-	$		$	2,614,031
Counterparty J		10,077		-		(10,077)		-
Counterparty K		2,081,666		-		-		2,081,666
Total	$	4,705,774	$	-	$	(10,077)	$	4,695,697

			Amounts Not Offset in the Statements of Financial Condition

	Net amounts of
	Liabilities
	presented in the
Counterparty	Statements of Financial		Financial		Collateral
	Condition		Instruments		Pledged⁽¹⁾⁽²⁾		Net Amount⁽⁴⁾

Counterparty C	$	139,980	$	-	$	(139,980)	$	-
Counterparty L		547,095		-		(547,095)		-
Total	$	687,075	$	-	$	(687,075)	$	-


⁽¹⁾Collateral received includes trades made on exchanges. These trades are subject to central counterparty clearing where
settlement is guaranteed by the exchange. Collateral pledged, if any, includes both cash and U.S. Treasury notes held at each
respective counterparty.
⁽²⁾Collateral disclosed is limited to an amount not to exceed 100% of the net amount of assets and liabilities presented in the
Statements of Financial Condition, for each respective counterparty.
⁽³⁾ Net amount represents the amount that is subject to loss in the event of a counterparty failure as of June 30, 2026.

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Offsetting of derivative assets and liabilities at December 31, 2025
			Gross amounts		Net amounts of
			offset in the		assets presented in
	Gross amounts of		Statements of		the Statements of
Assets	recognized assets		Financial Condition		Financial Condition

Futures contracts
Counterparty J	$	665,355	$	(302,647)	$	362,708
Counterparty L		4,820,067		(2,982,101)		1,837,966
Total futures contracts		5,485,422		(3,284,748)		2,200,674

Forward currency contracts
Counterparty K		3,424,714		(2,010,027)		1,414,687

Total assets	$	8,910,136	$	(5,294,775)	$	3,615,361


			Gross amounts		Net amounts of
			offset in the		liabilities presented in
	Gross amounts of		Statements of		the Statements of
Liabilities	recognized liabilities		Financial Condition		Financial Condition


Futures contracts
Counterparty C	$	355,608	$	(116,577)	$	239,031

Forward currency contracts
Counterparty G		1,605,061		(1,578,916)		26,145

Total liabilities	$	1,960,669	$	(1,695,493)	$	265,176

‎


			Amounts Not Offset in the Statements of Financial Condition
	Net amounts of
	Assets
	presented in the
Counterparty	Statements of Financial		Financial		Collateral
	Condition		Instruments		Received⁽¹⁾⁽²⁾		Net Amount⁽³⁾

Counterparty J	$	362,708	$	-	$	(362,708)	$	-
Counterparty L		1,837,966		-		(1,837,966)		-
Counterparty K		1,414,687		-		-		1,414,687
Total	$	3,615,361	$	-	$	(2,200,674)	$	1,414,687

				Amounts Not Offset in the Statements of Financial Condition

	Net amounts of
	Liabilities
	presented in the
Counterparty	Statements of Financial		Financial		Collateral
	Condition		Instruments		Pledged⁽¹⁾⁽²⁾		Net Amount⁽⁴⁾

Counterparty C	$	239,031	$	-	$	(239,031)	$	-
Counterparty G		26,145		-		(26,145)		-
Total	$	265,176	$	-	$	(265,176)	$	-


⁽¹⁾Collateral received includes trades made on exchanges. These trades are subject to central counterparty clearing where
settlement is guaranteed by the exchange. Collateral pledged includes both cash and U.S. Treasury notes held at each
respective counterparty.
⁽²⁾ Collateral disclosed is limited to an amount not to exceed 100% of the net amount of liabilities presented in the Statements
of Financial Condition, for each respective counterparty.
⁽³⁾ Net amount represents the amount that is subject to loss in the event of a counterparty failure as of December 31, 2025.
⁽⁴⁾ Net amount represents the amounts owed by the Master Fund to each counterparty as of December 31, 2025.

CONCENTRATION OF CREDIT RISK

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

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

The Master Fund’s forward currency trading activities are cleared by DB, and BA. The Master Fund’s concentration of credit risk associated with DB or BA nonperformance includes unrealized gains inherent in such contracts, which are recognized in the Statements of Financial Condition plus the value of margin or collateral held by DB and BA. The amount of such credit risk was $43,609,575 and $32,577,526 at June 30, 2026 and December 31, 2025, respectively.

5. PROFIT SHARE

The following table indicates the total profit share earned and accrued during the three and six months ended June 30, 2026 and 2025. Profit share earned (from Limited Partners’ redemptions) is credited to the New Profit Memo Account as defined in the Master Fund’s Agreement of Limited Partnership.



	Three months ended:		Three months ended:
	June 30, 2026		June 30, 2025
Profit share earned	$	94,974	$	-
Reversal of profit share ⁽¹⁾		(4,225,691)		(41,723)
Profit share accrued		3,036,379		213
Total profit share	$	(1,094,338)	$	(41,510)


	Six months ended:		Six months ended:
	June 30, 2026		June 30, 2025
Profit share earned	$	134,771	$	3,035
Profit share accrued		3,036,379		213
Total profit share	$	3,171,150	$	3,248

⁽¹⁾ Reversal of profit sharing occurs on April 1st

6. FINANCIAL HIGHLIGHTS

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

7. DUE FROM/TO BROKERS, NET

At June 30, 2026 and December 31, 2025, due from and due to brokers, net 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 and due to brokers, net balance also includes cash held as collateral at Bank of America, N.A. for open forward currency contracts.

8. SUBSEQUENT EVENTS

The General Partner has performed its evaluation of subsequent events from July 1, 2026 to August 13, 2026, the date this Form 10-Q was filed. Based on such evaluation, no events were discovered that required disclosure or adjustment to the 10-Q.

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

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

OPERATIONAL OVERVIEW

The Partnership invests substantially all of its assets in the Master Fund. Due to the nature of the Master Fund’s business, its results of operations depend on the General Partner’s ability to recognize and capitalize on trends and other profit opportunities in different sectors of the global capital and commodity markets. The General Partner’s investment and trading methods are confidential so that substantially the only information that can be furnished regarding the Master Fund’s results of operations is contained in the performance record of its trading. Unlike operating businesses, general economic or seasonal conditions do not directly affect the profit potential of the Master Fund, and its past

performance is not necessarily indicative of future results. The General Partner believes, however, that there are certain market conditions, for example, markets with strong price trends, in which the Master Fund has a better likelihood of being profitable than in others.

LIQUIDITY AND CAPITAL RESOURCES

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

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

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

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

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

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

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

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

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

The Master Fund’s assets are generally held as cash or cash equivalents, including U.S. government securities or securities issued by federal agencies, other Commodity Futures Trading Commission-authorized investments or bank held or certain other money market instruments (e.g., bankers acceptances and Eurodollar or other time deposits), which are used to margin the Master Fund’s futures, forward, and spot currency positions and withdrawn, as necessary, to pay redemptions and expenses. Other than potential market-imposed limitations on liquidity, due to limited open interest in certain futures markets or to daily price fluctuation limits, for example, to limited open interest in certain futures markets or to daily price fluctuation limits, which are inherent in the Master Fund’s futures, forward and spot trading, the Master Fund’s assets are highly liquid and are expected to remain so. During its operations for the three and six months ended June 30, 2025, the Partnership, through its investment in the Master Fund, experienced no meaningful periods of illiquidity in any of the numerous markets traded by the General Partner.

CRITICAL ACCOUNTING ESTIMATES

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

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

RESULTS OF OPERATIONS

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

Periods ended June 30, 2026


				Total
				Partners'
				Capital of the
Month Ended:				Partnership
June 30, 2026				$	106,886,304
March 31, 2026					110,481,242
December 31, 2025					102,624,923

	Three Months			Six Months
Change in Partners' Capital	$	(3,594,938)		$	4,261,381
Percent Change		(3.25)	%		4.15	%

THREE MONTHS ENDED JUNE 30, 2026

The decrease in the Partnership’s net assets of $3,594,938 was attributable to net loss after profit share of $1,381,355 and withdrawals of $2,237,714, which were partially offset by contributions of $24,131.

Management fees, through the Partnership’s investment in the Master Fund, are calculated on the net asset value of the Partnership on the last day of each month and are affected by trading performance, contributions and withdrawals. Management fees, through the Partnership’s investment in the Master Fund, for the three months ended June 30, 2026 decreased $21,482 relative to the corresponding period in 2025. The decrease was due to a decrease in the average net asset value of the Partnership during the three months ended June 30, 2026, relative to the corresponding period in 2025.

Selling commissions and platform fees are calculated on the net asset value on the last day of each month and are affected by trading performance, contributions and withdrawals. Selling commissions and platform fees for the three months ended June 30, 2026 decreased $12,345 relative to the corresponding period in 2025. The decrease was due predominantly to a decrease in the average net asset value of commission paying investors of the Partnership during the three months ended June 30, 2026, relative to the corresponding period in 2025.

The Partnership, through its investment in the Master Fund, pays administrative expenses for legal, audit and accounting services. Administrative expenses, net of amounts borne by the General Partner, through the Partnership’s investment in the Master Fund, for the three months ended June 30, 2026 decreased $2,923 relative to the corresponding period in 2025. The decrease was due to a decrease in audit, tax, consulting, and marketing fees charged to the Partnership during the three months ended June 30, 2026, relative to the corresponding period in 2025.

Interest income, through the Partnership’s investment in the Master Fund, is derived from cash and U.S. Treasury instruments held at the Master Fund’s brokers and custodian. Interest income, through the Partnership’s investment in the Master Fund, for the three months ended June 30, 2026 decreased $189,610 relative to the corresponding period in 2025. The decrease was due predominantly to a decrease in short-term U.S. Treasury yields and a decrease in the average net asset value of the Partnership during the three months ended June 30, 2026, relative to the corresponding period in 2025.

For the three months ended June 30, 2026, the Partnership, through its investment in the Master Fund, incurred net realized and unrealized losses of $1,643,632 from trading operations (including foreign exchange transactions and translations). Management fees of $461,281, selling commissions and platform fees of $474,104, administrative and operating expenses of $133,251, and custody fees and other expenses of $8,411. Interest income of $1,000,372 and profit share from the Master Fund of $338,952 offset the Master Fund expenses allocated to the Partnership resulting in net loss after profit share of $1,381,355.

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


	% Gain
Sector	(Loss)
Currencies		2.49	%
Energies		(1.88)	%
Grains		0.33	%
Interest rates		(1.32)	%
Livestock		0.04	%
Metals		(0.61)	%
Softs		(0.18)	%
Stock indices		(0.13)	%
Gross trading loss		(1.26)	%

SIX MONTHS ENDED JUNE 30, 2026

The increase in the Partnership’s net assets of $4,261,381 was attributable to net income after profit share of $10,969,020 and contributions of $290,995, which were partially offset by withdrawals of $6,998,634.

Management fees, through the Partnership’s investment in the Master Fund, are calculated on the net asset value of the Partnership on the last day of each month and are affected by trading performance, contributions and withdrawals. Management fees, through the Partnership’s investment in the Master Fund, for the six months ended June 30, 2026 decreased $66,227 relative to the corresponding period in 2025. The decrease was due to a decrease in the average net asset value of the Partnership during the six months ended June 30, 2026, relative to the corresponding period in 2025.

Selling commissions and platform fees are calculated on the net asset value on the last day of each month and are affected by trading performance, contributions and withdrawals. Selling commissions and platform fees for the six months ended June 30, 2026 decreased $48,842 relative to the corresponding period in 2025. The decrease was due predominantly to a decrease in the average net asset value of commission paying investors of the Partnership during the six months ended June 30, 2026, relative to the corresponding period in 2025.

The Partnership, through its investment in the Master Fund, pays administrative expenses for legal, audit and accounting services. Administrative expenses, net of amounts borne by the General Partner, through the Partnership’s investment in the Master Fund, for the six months ended June 30, 2026 decreased $2,273 relative to the corresponding period in 2025. The decrease was due to a decrease in audit, tax, consulting, and marketing fees charged to the Partnership during the six months ended June 30, 2026, relative to the corresponding period in 2025.

Interest income, through the Partnership’s investment in the Master Fund, is derived from cash and U.S. Treasury instruments held at the Master Fund’s brokers and custodian. Interest income, through the Partnership’s investment in the Master Fund, for the six months ended June 30, 2026 decreased $537,908 relative to the corresponding period in 2025. The decrease was due predominantly to a decrease in short-term U.S. Treasury yields and a decrease in the average net asset value of the Partnership during the six months ended June 30, 2026, relative to the corresponding period in 2025.

For the six months ended June 30, 2026, the Partnership, through its investment in the Master Fund, achieved net realized and unrealized gains of $12,152,715 from trading operations (including foreign exchange transactions and translations). Management fees of $922,961, selling commissions and platform fees of $946,481, administrative and operating expenses of $262,679, custody fees and other expenses of $16,240, and profit share of $1,004,220 were incurred. Interest income of $1,968,886 offset the Master Fund expenses allocated to the Partnership resulting in net income after profit share of $10,969,020.

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


	% Gain
Sector	(Loss)
Currencies		3.81	%
Energies		1.08	%
Grains		(0.03)	%
Interest rates		4.16	%
Livestock		0.08	%
Metals		1.77	%
Softs		(0.25)	%
Stock indices		1.87	%
Gross trading gain		12.49	%

MANAGEMENT DISCUSSION –2026

Three months ended June 30, 2026

The Partnership was unprofitable during the quarter as losses trading interest rate, energy, metal and soft commodity futures outpaced the profits from trading currency forwards and grain futures. Trading of equity futures and livestock futures were each nearly flat.

Global interest rates, which had risen in March after the start of U.S.-Iran hostilities, were volatile throughout the second quarter, amid uncertainty regarding the U.S.-Iran conflict. Higher rates coincided with rising inflation and supply disruptions involving the closure of the Strait of Hormuz; reported worries about government deficits and debt levels globally; expanding private demand for capital to fund capital expenditure trends; and the shift towards tighter central bank monetary policies. However, interest rates later declined alongside reports that Iran and the U.S. were seeking a deal to extend their existing ceasefire to work towards an agreement to end the ongoing conflict. In mid-June, the U.S. and Iran signed a Memorandum of Understanding (“MOU”). Short positions in German, Italian, French, British, Canadian and long-term U.S. interest rate futures were unprofitable. Conversely, short positions in short- and medium-term U.S. interest rate futures posted partially offsetting gains, which seemed to reflect a hawkish shift in U.S. monetary policy, coinciding with new Federal Reserve (“Fed”) Chairman Kevin Warsh’s first post-meeting press conference.

The continued U.S.-Iran hostilities and the Strait of Hormuz closure were accompanied by volatile trading during the first half of the quarter, with energy prices holding near one-year highs. However, energy prices later declined toward pre-conflict levels amid reported improvements in negotiations between the warring parties and the signing of the MOU. Long futures positions in Brent crude, WTI crude, London gas oil and U.S. and European Title Transfer Facility (TTF) natural gas were unprofitable. A short heating oil position was also unprofitable in April, as was a short carbon emissions trade in May. Conversely, a short RBOB gasoline trade was profitable during May and June.

Early in the quarter, metal prices generally remained elevated amid reported optimism regarding long-term capital expenditure trends. By May, however, metal prices declined during a period characterized by high interest rates, a strong and volatile U.S. dollar, Middle East turmoil, weaker demand from China, uncertainty regarding global growth, the signing of the MOU, and a relatively hawkish press conference from new Fed Chairman Kevin Warsh. Long copper and aluminum positions were unprofitable, especially in May and June. Long gold trades were also unprofitable. On the other hand, a short platinum position and trading of nickel registered partially offsetting gains.

During the quarter, cocoa prices increased, alongside supply and quality concerns, amid reports of heavy rains and flooding in key West African cocoa-growing regions, worries regarding El Niño-related climate risks and higher fertilizer and shipping costs. Short cocoa positions produced losses. A short coffee position was also unprofitable as prices increased amid weather concerns.

The U.S. dollar advanced broadly in volatile trading during the quarter. During the same period, U.S. interest rates increased and market participants seemed to anticipate a Fed rate increase. The U.S. dollar continued to strengthen late in June, and Fed Chairman Kevin Warsh delivered remarks reaffirming the Fed’s commitment to addressing inflation. The Fed raised its 2026 Personal Consumption Expenditures Index (PCE) inflation projections, and headline PCE inflation measured 4.1% in May. The signing of the MOU by the U.S. and Iran and continued investment in artificial intelligence (AI) also coincided with a strong U.S. dollar. Long U.S. dollar positions versus the Canadian dollar, New Zealand dollar, Swiss franc, European euro, Swedish krona, Japanese yen and Mexican peso were profitable. Short U.S. dollar trades early in the quarter against the high-yielding Brazilian real and South African rand, and energy-related Norwegian krone were also profitable.

Grain prices were volatile during the quarter amid changing expectations regarding global trade, geopolitical developments and weather concerns. Early in the quarter, grain prices increased. During the same period, market participants seemed to be concerned with drought in the U.S., rising fertilizer and transportation costs associated with supply disruptions in the Strait of Hormuz and potential El Niño-related weather impacts. By June, however, grain futures prices declined alongside lower war-risk premiums and transportation costs, improving global supply prospects, a stronger U.S. dollar, reduced demand for corn as a biofuel feedstock and the signing of the MOU by the U.S. and Iran. A long soybean oil trade was profitable as soybean oil prices rose in April and May amid demand for its use in biofuels. A short corn trade generated a sizable gain during late May and June as prices declined along with biofuel feedstock demand. Conversely, short wheat and soybean positions posted partially offsetting losses early in the quarter.

Trading in equity futures was mixed and marginally negative on balance during the quarter amid a range of macroeconomic and geopolitical developments. On the one hand, market participants seemed to focus on geopolitical developments in the Middle East and related energy, growth, inflation and interest rate concerns, together with substantial investment financing needs and the SpaceX IPO, which coincided with tighter market liquidity. On the other hand, market participants also appeared to focus on the long-term capital expenditure trends encompassing AI, energy expansion and transition, defense and security, and supply chain initiatives, together with solid earnings growth. Short positions in U.S. and Euro STOXX index futures and trading in Korean, Japanese, Singaporean and Chinese A-50 index futures were unprofitable. Meanwhile, long positions in United Kingdom, Spanish, Canadian, and Taiwanese equity index futures, short positions in Chinese, Australian, Brazilian and U.S. S&P 500 index futures, and trading in South African equity index futures posted largely offsetting profits.

Three months ended March 31, 2026

The Partnership was profitable during the quarter as gains from trading interest rate, stock index, currency, energy and metals futures exceeded losses from trading grain futures. Trading of soft commodity and livestock futures was marginally negative.

During February, increased geopolitical tension between the U.S/Israel and Iran was accompanied by safe-haven demand for government bonds and declining interest rates. Expectations that official interest rate cuts would be forthcoming from the European Central Bank, the U.S. Federal Reserve and the Bank of England in 2026 also coincided with lower global interest rates. Long positions in European, Canadian, Japanese and short-term British interest rate futures, were profitable. However, in March, short positions in interest rate futures were profitable as inflation concerns increased amid higher prices of energy and energy-related products, coupled with supply disruptions related to the Middle East conflict. Short positions in U.S., German, Italian, British, Canadian and Australian interest rate futures across the yield curve were profitable. A shift towards tighter monetary policy by monetary authorities around the globe also accompanied these higher rates, especially in shorter term tenors.

Trading of equity index futures was mixed but positive during the quarter. Early on, capital expenditure spending for artificial intelligence (“AI”), energy and electricity, growing inter-regional trade and institutional reforms coincided with gains in Asian equities. A rotation away from large capitalization technology stocks, especially U.S. equities, toward non-U.S. and smaller capitalization equities was also reflected in positive equity results in January and February. Subsequently, however, concerns about rising inflation, higher interest rates, slowing growth and AI and private credit risks occurred alongside declines in equity markets during most of March, although there was an equity rally at month end amid reports of a possible end to Iran hostilities. Overall, trading of U.S., Korean, Indian, Japanese Tokyo Stock Price Index (TOPIX), iShares MSCI Emerging Markets ETF (EEM), German and British equity index futures was profitable. Conversely, trading of Brazilian, Chinese, Singaporean, Japanese Nikkei, and Euro Stoxx stock index futures posted partially offsetting losses.

The U.S. dollar was volatile during the quarter. It declined in January and February as market participants seemed to anticipate improved growth outside the U.S. and rotating away from concentration in U.S. large technology stocks toward non-U.S. regions and small and mid-capitalization equities. Then, amid the Middle East conflict, the U.S. dollar increased. Short U.S. dollar trades versus the high-yielding Brazilian real, South African rand and British pound were profitable, especially early in the quarter. A short U.S. dollar/long Norwegian krone trade was profitable as oil prices increased. Later in the period, long U.S. dollar trades against the Swiss franc, euro, Korean won, Canadian dollar and Swedish krona registered gains. Conversely, early in the quarter, long U.S. dollar trades against Australian, New Zealand and Japanese currencies posted partially offsetting losses. Trading the U.S. dollar versus the Mexican peso was slightly unprofitable as well.

During January and February, crude oil and crude oil product prices increased amid a rising geopolitical risk premium surrounding U.S./Iran tensions following U.S./Venezuela developments. Production outages in Kazakhstan, U.S. production freeze-offs and tightening U.S. restrictions on purchases of Russian oil also coincided with higher prices, despite reported expectations of significant oversupply. Then, as

March opened, energy prices increased following the U.S.-Israeli intervention into Iran, the closure of the Strait of Hormuz and associated supply disruptions for crude oil, crude oil products and energy related goods, such as petrochemicals, fertilizers, sulfur and helium. Long positions in Brent crude, West Texas Crude (WTI), heating oil and London gas oil were profitable. A short U.S. natural gas position and trading carbon emissions were unprofitable.

At the start of 2026, declining interest rates, a weak U.S. dollar, central bank reserve diversification, geopolitical tensions and haven demand, tariff influences, idiosyncratic supply problems, and strong demand related to AI and electricity usage coincided with increases in both precious and industrial metal prices. Long positions in gold, silver and copper were profitable. As prices rose to record highs, Millburn’s risk models, late in January, resulted in position reductions and/or reversals in several markets. These actions preceded a broad profit-taking price retreat across the metals complex at month end and were followed by the preservation of, or additional, profits in certain markets. Then, in March, precious and industrial metals declined as the Middle East conflict coincided with increasing energy prices and supply disruptions that were associated with stagflation concerns, increasing expectations that major central banks could hike interest rates this year rather than lower them as was expected prior to the start of the intervention, rising bond yields and a stronger U.S. dollar. Short gold, silver, platinum and copper futures positions were profitable. A long aluminum trade was also profitable as Iranian attacks on Gulf neighbors seemed to damage production capabilities.

Short wheat futures positions were unprofitable as prices reached the highest level since June 2024 alongside frost threats in the Black Sea region, drought concerns in the U.S. and farmers scaled back plantings globally as the availability and cost of key crop nutrients became problematic amid the prolonged Middle East conflict. A short corn trade was also unprofitable as rising diesel and nitrogen fertilizer costs coincided with pressure on farmer margins, increased prices and reduced planting intentions. Trading in soybean and soybean meal futures was also unprofitable, as tariff concerns, together with the availability of cheaper Brazilian supplies, seemed to affect Chinese demand for U.S. soybeans. On the other hand, a long soybean oil position produced a partially offsetting gain as Middle East turmoil occurred alongside higher prices for this key feedstock for biodiesel and renewable diesel. Favorable new U.S. government biofuel mandates came during a period of higher soybean oil prices.

Periods ended June 30, 2025


				Total
				Partners'
				Capital of the
Month Ended:				Partnership
June 30, 2025				$	112,408,640
March 31, 2025					116,121,737
December 31, 2024					121,077,762

	Three Months			Six Months
Change in Partners' Capital	$	(3,713,097)		$	(8,669,122)
Percent Change		(3.20)	%		(7.16)	%

THREE MONTHS ENDED JUNE 30, 2025

The decrease in the Partnership’s net assets of $3,713,097 was attributable to net loss after profit share of $1,653,691 and withdrawals of $2,066,905 which were partially offset by contributions of $7,499.

Management fees, through the Partnership’s investment in the Master Fund, are calculated on the net asset value of the Partnership on the last day of each month and are affected by trading performance, contributions and withdrawals. Management fees, through the Partnership’s investment in the Master Fund, for the three months ended June 30, 2025 decreased $93,824 relative to the corresponding period in 2024. The decrease was due to a decrease in the average net asset value of the Partnership during the three months ended June 30, 2025, relative to the corresponding period in 2024.

Selling commissions and platform fees are calculated on the net asset value on the last day of each month and are affected by trading performance, contributions and withdrawals. Selling commissions and platform fees for the three months ended June 30, 2025 decreased $91,434 relative to the corresponding period in 2024. The decrease was due predominantly to a decrease in the average net asset value of commission paying investors of the Partnership during the three months ended June 30, 2025, relative to the corresponding period in 2024.

The Partnership, through its investment in the Master Fund, pays administrative expenses for legal, audit and accounting services. Administrative expenses, net of amounts borne by the General Partner, through the Partnership’s investment in the Master Fund, for the three months ended June 30, 2025 increased $20,039 relative to the corresponding period in 2024. The increase was due to an increase in audit, tax, consulting, and marketing fees charged to the Partnership during the three months ended June 30, 2025, relative to the corresponding period in 2024.

Interest income, through the Partnership’s investment in the Master Fund, is derived from cash and U.S. Treasury instruments held at the Master Fund’s brokers and custodian. Interest income, through the Partnership’s investment in the Master Fund, for the three months ended June 30, 2025 decreased $520,557 relative to the corresponding period in 2024. The decrease was due predominantly to a decrease in short-term U.S. Treasury yields and a decrease in the average net asset value of the Partnership during the three months ended June 30, 2025, relative to the corresponding period in 2024.

For the three months ended June 30, 2025, the Partnership, through its investment in the Master Fund, achieved net realized and unrealized losses of $1,731,916 from trading operations (including foreign exchange transactions and translations). Management fees of $482,763, selling commissions and platform fees of $486,449, administrative and operating expenses of $136,174, and custody fees and other expenses of $6,371. Interest income of $1,189,982 offset the Master Fund expenses allocated to the Partnership resulting in net loss after profit share of $1,653,691.

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


	% Gain
Sector	(Loss)
Currencies		0.08	%
Energies		(1.11)	%
Grains		0.07	%
Interest rates		0.06	%
Livestock		0.04	%
Metals		0.06	%
Softs		(0.10)	%
Stock indices		0.23	%
Gross trading loss*		(0.67)	%

* Percentage of the Partnership Capital. Currencies include a 0.65% gain related to currency hedging allocated at the Master Fund level solely to the Cayman Feeder’s Class GBP Shares.

SIX MONTHS ENDED JUNE 30, 2025

The decrease in the Partnership’s net assets of $8,669,122 was attributable to net loss after profit share of $2,167,538 and withdrawals of $6,812,575 which were partially offset by contributions of $310,991.

Management fees, through the Partnership’s investment in the Master Fund, are calculated on the net asset value of the Partnership on the last day of each month and are affected by trading performance, contributions and withdrawals. Management fees, through the Partnership’s investment in the Master Fund, for the six months ended June 30, 2025 decreased $137,026 relative to the corresponding period in 2024. The decrease was due to a decrease in the average net asset value of the Partnership during the six months ended June 30, 2025, relative to the corresponding period in 2024.

Selling commissions and platform fees are calculated on the net asset value on the last day of each month and are affected by trading performance, contributions and withdrawals. Selling commissions and platform fees for the six months ended June 30, 2025 decreased $137,201 relative to the corresponding period in 2024. The decrease was due predominantly to a decrease in the average net asset value of commission paying investors of the Partnership during the six months ended June 30, 2025, relative to the corresponding period in 2024.

The Partnership, through its investment in the Master Fund, pays administrative expenses for legal, audit and accounting services. Administrative expenses, net of amounts borne by the General Partner, through the Partnership’s investment in the Master Fund, for the six months ended June 30, 2025 increased $17,141 relative to the corresponding period in 2024. The increase was due to an increase in audit, tax, consulting, and marketing fees charged to the Partnership during the six months ended June 30, 2025, relative to the corresponding period in 2024.

30, 2025 decreased $822,944 relative to the corresponding period in 2024. The decrease was due predominantly to a decrease in short-term U.S. Treasury yields and a decrease in the average net asset value of the Partnership during the six months ended June 30, 2025, relative to the corresponding period in 2024.

For the six months ended June 30, 2025, the Partnership, through its investment in the Master Fund, achieved net realized and unrealized losses of $2,410,874 from trading operations (including foreign exchange transactions and translations). Management fees of $989,188, selling commissions and platform fees of $995,323, administrative and operating expenses of $264,952, custody fees and other expenses of $12,718, and profit share of $1,277 were incurred. Interest income of $2,506,794 offset the Master Fund expenses allocated to the Partnership resulting in net loss after profit share of $2,167,538.

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


	% Gain
Sector	(Loss)
Currencies		(1.55)	%
Energies		(0.44)	%
Grains		(0.03)	%
Interest rates		0.34	%
Livestock		0.03	%
Metals		1.10	%
Softs		0.02	%
Stock indices		(0.21)	%
Gross trading loss*		(0.74)	%

* Percentage of the Partnership Capital. Currencies include a 0.97% gain related to currency hedging allocated at the Master Fund level solely to the Cayman Feeder’s Class GBP Shares.

MANAGEMENT DISCUSSION –2025

Three months ended June 30, 2025

The Partnership was unprofitable during the quarter as losses from trading energy futures, currency forwards and, to a lesser extent, soft commodity futures outpaced the gains from trading equity, interest rate, metal and agricultural commodity futures.

Financial and commodity markets were volatile during the second quarter amidst a number of events including: the Trump administration’s announcement of tariffs despite a 90-day delay to facilitate bilateral negotiations; concerns about the expected deficit and debt implications of the tax and spending within the “One Big Beautiful Bill”; and the Israeli and U.S. attacks on Iran’s uranium enrichment and weapons programs and subsequent ceasefire.

Energy prices were highly volatile during the quarter. For example, Brent crude oil started the quarter near $75/barrel but fell sharply to $60/barrel at the end of April as the U.S.-China trade dispute led economists and analysts to lower their forecasts for global growth, oil demand and prices. Additionally, Organization of the Petroleum Exporting Countries (“OPEC+”) suggested its program of output hikes could be accelerated in coming months. Then, after a period of stability, prices soared above $77/barrel during the 12-day conflict between Iran and Israel/the U.S. Finally, as the ceasefire in that conflict took hold, the price dropped back near $67/barrel. Long positions in Brent and WTI crude oil were unprofitable. Natural gas prices also proved volatile during the quarter. U.S. and United Kingdom (“U.K.”) natural gas prices experienced multi-month lows in April amidst warm temperatures in the U.S. and Europe, healthy natural gas inventories and strong U.S. production. However, during May, prices rose as Europe looked to replenish its depleted reserves and the U.S.-China trade accord seemingly impacted global energy demand, at least temporarily. In June, prices spiked higher during the Israel-Iran conflict and decreased toward the lowest levels of the quarter as a ceasefire was implemented. Amidst the volatility, losses were sustained trading U.S. and European Title Transfer Facility (TTF). Elsewhere, a long position in RBOB gasoline was profitable.

Uncertainty surrounding the structure, goals and ultimate impact of the Trump tariffs, worries over the Federal Reserve (“Fed”) independence and fears about the U.S. fiscal deficits and debt possibly contributed to a shift away from the U.S. dollar. The economic outlook for Europe seemingly due in part to expanding defense and infrastructure spending, especially from Germany, also possibly weighed on the U.S. dollar. The U.S. dollar dropped in April, stabilized somewhat in May and drifted lower again in June, declining about 7% overall during the quarter as measured by the Bloomberg Dollar Index Spot (DXY) spot rate and Bloomberg Dollar Spot Index (BBDXY). Long U.S. dollar trades versus the Swiss franc, Korean won, Israeli shekel, U.K. pound, New Zealand, Australian and Canadian dollars and a few other currencies posted losses, especially in April. Meanwhile, long positions in the high-yield Brazilian real, Mexican peso and Polish zloty and a few other currencies

against the U.S. dollar produced partially offsetting profits. A long U.S. dollar trade relative to the Japanese yen early in April was also profitable.

Coffee futures prices experienced volatility during the quarter. In April, concerns over Brazil’s 2025/26 coffee crop, low inventories and tariff issues seemed to strengthen prices. Later, prices seemed to weaken amidst strong harvest progress in Brazil for the 2025/26 crop and expectations of abundant global supply, particularly from top producer Vietnam. A long Arabica coffee position was unprofitable and was significantly reduced. Meanwhile, long cocoa futures positions registered partially offsetting profits as prices rose early in the quarter, coinciding with supply concerns in West Africa and unexpectedly strong demand from Europe, the U.S., and Asia.

Equity markets were volatile during the quarter. Early in the period, global equity markets sold off amid U.S. tariff announcements. Subsequently, however, they rebounded while implementation delays were announced and negotiations tentatively ensued. Amid concerns about U.S. fiscal policy initiatives, global monetary policy and geopolitical hotspots, the recovery was not smooth. On balance, long positions in U.S., Japanese, Taiwanese, Singaporean and Korean equity futures, and trading of the emerging markets EEM index futures were profitable. On the other hand, long positions in European and Chinese stock index futures, and trading of Brazilian and Indian index futures posted largely offsetting losses.

Trading of interest rate futures was mixed and slightly profitable from April through June. Long positions in short-term U.S., British, Australian and Italian interest rate futures were profitable, especially early in the period amidst economic, political and geopolitical uncertainties. A short Japanese government bond trade was also profitable as market participants seemed to be wary of a Bank of Japan rate hike. A short U.K. gilt position was also profitable as the Bank of England did not cut official rates. Conversely, trading of German, French, U.S. and Canadian note and bond futures generated largely offsetting losses as the Fed did not cut interest rates, the U.S. and China reached a temporary trade compromise and there were concerns about government deficits and debt globally and geopolitical risks.

Metal prices were volatile during the period. Early in the quarter, worries about the impact of tariffs on trade and economic growth seemed to weigh down prices of copper, aluminum and silver, palladium and platinummetals that have significant industrial uses. Meanwhile, gold prices increased amid economic, political and geopolitical uncertainties. Later in the quarter, however, silver and platinum prices, which had trailed behind gold’s persistent rally, increased to over 10-year highs, possibly impacted by safe-haven demand amid heightened Middle East tensions and a tight supply background. Copper and aluminum prices also pushed higher, possibly reflecting tariff-related squeezes and expectations that manufacturing demand would remain robust this year. Meanwhile, gold prices decreased as the U.S. brokered a ceasefire to the 12-day Iran-Israel/U.S. conflict. On balance, gains from trading gold and silver were slightly larger than the losses from trading copper, aluminum and platinum.

Short corn, soybean and wheat positions were profitable while prices declined alongside ample supply prospects for the U.S., Brazil and Russia. On the other hand, trading soybean oil, during a period of concern about U.S. and Indonesian biofuel blending mandates, resulted in a largely offsetting loss.

Three months ended March 31, 2025

The Partnership was unprofitable during the quarter as losses from trading currency forwards and stock index futures outpaced profits from trading interest rate and commodity futures.

A series of Trump administration policy initiatives announced during the first quarter were primarily focused on tariffs, immigration and fiscal spending while additional initiatives targeted at tax policy and deregulation seemed likely to be implemented later in the year. This sequencing seemingly weighed on consumer and business confidence, depressed growth expectations and raised inflation concerns. Financial and commodity markets were unsettled amid these developments and the Trump administration’s foreign policy efforts to end Russia’s war on Ukraine and the Israeli-Hamas conflict.

Weakening growth expectations for the U.S., juxtaposed against slight improvements in the prospects for Europe and China and combined with a narrowing of interest rate differentials favoring the U.S. seemingly weighed on the U.S. currency. Long U.S. dollar positions against the euro, United Kingdom pound sterling, Japanese yen, Norwegian krone, Swedish krona, Swiss franc, Chinese renminbi and Singapore, Australian, New Zealand and Canadian dollars were unprofitable. On the other hand, long positions in the high-yielding Brazilian real, Indian rupee and Polish zloty and trading the Korean won relative to the U.S. dollar generated partially offsetting profits.

Shifting growth expectation for the U.S., Europe and China amid U.S. trade, immigration, fiscal and foreign policy initiatives seemingly disrupted equity markets globally. Trading of equity futures was mixed and fractionally unprofitable for the quarter. The rollout of certain U.S. policies was followed by a sharp selloff in Asia (excluding China) equities and long positions in Japanese and Australian equity futures, and trading of Taiwanese, Singaporean, Korean and iShares MSCI Emerging Markets ETF emerging market index futures posted losses. The Brazilian Bovespa index, which had fallen 30% last year, gained sharply during the quarter amid investors rotating into Brazilian equities and out of U.S. equities. A short Bovespa stock index futures trade was also unprofitable. On the other hand, amid positive valuations, declining official interest rates and signs of improving economic activity, the Partnership generated partially offsetting gains on long positions in

European and U.K. equity index futures. Long positions in Chinese equity futures also generated gains as President Xi met with corporate leaders, particularly ahead of the March National People’s Congress.

Interest rates faced conflicting forces during the quarter. In America, the deployment of tariffs and use of the Department of Government Efficiency to reduce government spending coincided with consumer and business uncertainty, as well as slower growth and lower interest rates. Conversely, in Germany, newly elected Chancellor Merz’s policy initiatives coincided with a change in government borrowing and spending, higher growth and interest rates. Short positions in German, French and Italian note and bond interest rate futures were profitable. On the other hand, trading of U.K., European and U.S. short-term interest rate futures produced partially offsetting losses. A long position in Japanese government bond futures was also slightly unprofitable, amid concern from market participants that the Bank of Japan might raise official interest rates.

Long gold positions were profitable as prices, as demand for safe-haven assets amid tariff uncertainties, geopolitical tensions and continuing central bank diversification demand, rose to record highs during the quarter. Long platinum and aluminum trades were also slightly profitable. Elsewhere, trading of copper, nickel, zinc and silver produced partially offsetting losses as prices vacillated alongside trade and tariff uncertainties, an unsettled U.S. dollar and changing global growth and inflation outlooks.

Energy prices were volatile during the quarter amid conflicting influences. President Trump threatened to impose tighter sanctions and/or secondary tariffs on buyers of Russian crude oil if President Putin blocked President Trump’s Ukraine peace initiative and to impose additional tariffs and military strikes on Iran if Tehran failed to reach an agreement with the U.S. regarding its nuclear program. Improving growth in China also possibly impacted product price in a positive way. On the other hand, President Trump’s policies seeking lower oil prices and the non-Organization of the Petroleum Exporting Countries’ (“OPEC+”) announcement of impending increased production starting in April seemingly weighed on prices. Concerns about the strength of the U.S. economy and worries that Trump Administration’s trade and tariff policies could dampen global growth possibly constrained prices as well. On balance, long crude oil trades were profitable. A long U.S. natural gas trade was also profitable as prices continued to increase on strong export demand from Europe and Asia. However, a long Dutch Title Transfer Facility (TTF) natural gas position was unprofitable as prices fell from recent one-year highs when the winter heating season reached an end.

A long Arabica coffee position performed well as prices increased to record highs, while adverse weather conditions reportedly damaged crops in Brazil and Vietnam, the world’s two largest producers. Furthermore, the world has consumed more coffee than it produced for the past four years, decreasing inventory levels. On the other hand, cocoa prices, which had risen sharply between November and January, declined throughout the quarter as recent rains improved the outlook for Ivory Coast’s April-to-September mid-crop, making long positions unprofitable. Trading sugar futures was also unprofitable.

Grain prices were volatile during the quarter, coinciding with uncertainties generated by the Trump administration’s trade and tariff policies and its foreign policy initiatives toward Russia, Ukraine and the Black Sea trade corridor. A short soybean oil trade registered a loss as prices rose when an increase in crude palm oil prices pushed up demand for soybean oil as a substitute. Trading of corn was also unprofitable. On the other hand, short wheat and soybean meal positions posted partially offsetting profits.

OFF-BALANCE SHEET ARRANGEMENTS

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

CONTRACTUAL OBLIGATIONS

Neither the Partnership nor the Master Fund enters into any contractual obligations or commercial commitments to make future payments of a type that would be typical for an operating company or that would affect its liquidity or capital resources. The Partnership’s sole business, through its investment in the Master Fund, is trading futures, forward currency, spot and swap contracts, both long (contracts to buy) and short (contracts to sell). All such contracts are settled by offset, not delivery. Substantially all such contracts are for settlement within four months of the trade date and substantially all such contracts are held by the Master Fund for less than four months before being offset or rolled over into new contracts with similar maturities. The financial statements of the Master Fund present a Condensed Schedule of Investments setting forth open futures, forward and other contracts at June 30, 2026 and December 31, 2025.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Not required.

ITEM 4. CONTROLS AND PROCEDURES

The General Partner, with the participation of the principal executive officers and principal financial officer, has evaluated the effectiveness of the design and operation of its disclosure controls and procedures with respect to the Partnership as of the end of the period covered by this quarterly report, and, based on its evaluation, has concluded that these disclosure controls and procedures are effective. There were no changes in the General Partner’s internal controls over financial reporting during the quarter ended June 30, 2026 that have materially affected, or are reasonably likely to materially affect, the General Partner’s internal controls over financial reporting with respect to the Partnership.

PART II. OTHER INFORMATION

ITEM 1. Legal Proceedings

None.

ITEM 1A. Risk Factors

Not required.

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

(a) Pursuant to the Partnership’s Third Amended and Restated Limited Partnership Agreement (the “Partnership Agreement”), the Partnership may sell Units at the beginning of each calendar month. On April 1, 2026, May 1, 2026 and June 1, 2026, the Partnership sold Units to new and existing limited partners of $8,652, $13,540, and $1,938. There were no underwriting discounts or commissions in connection with the sales of the Units described above.

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

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

The following table summarizes the redemptions by Series A, Series C and Series D limited partners during the three months ended June 30, 2026. There were no Series B or Series E redemptions.


	Series A			Series C			Series D
Date of	Units		NAV	Units		NAV	Units		NAV
Withdrawal	Redeemed		per Unit	Redeemed		per Unit	Redeemed		per Unit
April 30, 2026	(122.1960)	$	1,366.06	-	$	1,802.18	-	$	1,632.62
May 31, 2026	(274.4312)		1,333.57	(99.3568)		1,761.33	-		1,594.88
June 30, 2026	(1,069.7764)		1,363.51	-		1,803.69	(43.5934)		1,632.33

Total	(1,466.4036)			(99.3568)			(43.5934)

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

Not Applicable.

ITEM 4. MINE SAFETY DISCLOSURES

Not Applicable.

ITEM 5. OTHER INFORMATION

During the six months ended June 30, 2026, neither the General Partner nor its directors or officers adopted or terminated any Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement (as such terms are defined in Item 408 of Regulation S-K of the Securities Act of 1933, as amended).

ITEM 6. EXHIBITS

The following exhibits are included herewith:

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

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

32.01 Section 1350 Certification of Co-Chief Executive Officer

32.02 Section 1350 Certification of Co-Chief Executive Officer

32.03 Section 1350 Certification of President and Chief Operating Officer

32.04 Section 1350 Certification of Chief Financial Officer


101.INS	XBRL Instance Document
101.SCH	XBRL Taxonomy Extension Schema Document
101.CAL	XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF	XBRL Taxonomy Extension Definition Linkbase Document
101.LAB	XBRL Taxonomy Extension Label Linkbase Document
101.PRE	XBRL Taxonomy Extension Presentation Linkbase Document

‎

SIGNATURES

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