Attached files
| file | filename |
|---|---|
| EXCEL - IDEA: XBRL DOCUMENT - Millburn Multi-Markets Fund L.P. | Financial_Report.xls |
| EX-31.01 - EXHIBIT 31.01 - Millburn Multi-Markets Fund L.P. | v238392_ex31-01.htm |
| EX-31.03 - EXHIBIT 31.03 - Millburn Multi-Markets Fund L.P. | v238392_ex31-03.htm |
| EX-32.01 - EXHIBIT 32.01 - Millburn Multi-Markets Fund L.P. | v238392_ex32-01.htm |
| EX-31.02 - EXHIBIT 31.02 - Millburn Multi-Markets Fund L.P. | v238392_ex31-02.htm |
| EX-32.02 - EXHIBIT 32.02 - Millburn Multi-Markets Fund L.P. | v238392_ex32-02.htm |
| EX-32.03 - EXHIBIT 32.03 - Millburn Multi-Markets Fund L.P. | v238392_ex32-03.htm |
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: September 30, 2011
Or
Commission File Number: 000-54028
MILLBURN MULTI-MARKETS FUND L.P.
(Exact name of registrant as specified in its charter)
|
Delaware
|
26-4038497
|
|
|
(State or other jurisdiction of
|
(I.R.S. Employer
|
|
|
incorporation or organization)
|
Identification No.)
|
c/o MILLBURN RIDGEFIELD CORPORATION
411 West Putnam Avenue
Greenwich, Connecticut 06830
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (203) 625-8211
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes x No ¨
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted 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 and post such files).
Yes x No ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “accelerated filer,” “large accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.
|
Large accelerated filer ¨
|
Accelerated filer ¨
|
|
Non-accelerated filer ¨ (Do not check if a smaller reporting company)
|
Smaller reporting company x
|
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes ¨ No x
ITEM 1. FINANCIAL STATEMENTS
|
Millburn Multi-Markets Fund L.P.
|
||
|
Financial statements
|
||
|
For the three and nine months ended September 30, 2011 and 2010 (unaudited)
|
||
|
3
|
||
|
Statements of Operations (c)
|
4-5
|
|
|
Statements of Changes in Partners' Capital (b)
|
6
|
|
|
Statements of Financial Highlights (c)
|
7-10
|
|
|
Notes to Financial Statements
|
11-12
|
(a) At September 30, 2011 and December 31, 2010
(b) For the nine months ended September 30, 2011 and 2010 (unaudited)
(c) For the three and nine months ended September 30, 2011 and 2010 (unaudited)
2
Statements of Financial Condition (UNAUDITED)
|
September 30,
|
December 31,
|
|||||||
|
2011
|
2010
|
|||||||
|
ASSETS
|
||||||||
|
Investment in Millburn Multi-Markets Trading L.P. (the "Master Fund")
|
$
|
215,820,219
|
$
|
111,327,838
|
||||
|
Due from the Master Fund
|
394,357
|
233,876
|
||||||
|
Cash
|
12,779,798
|
7,916,721
|
||||||
|
TOTAL
|
$
|
228,994,374
|
$
|
119,478,435
|
||||
|
LIABILITIES:
|
||||||||
|
Capital contributions received in advance
|
$
|
12,779,122
|
$
|
7,766,045
|
||||
|
Capital withdrawal payable
|
392,472
|
233,876
|
||||||
|
Due to the General Partner
|
1,885 | - | ||||||
|
Due to the Master Fund
|
676
|
150,676
|
||||||
|
Total liabilities
|
13,174,155
|
8,150,597
|
||||||
|
PARTNERS' CAPITAL:
|
||||||||
|
General Partner
|
1,429,651
|
1,447,561
|
||||||
|
Limited Partners:
|
||||||||
|
Series A (139,784.6408 and 64,756.6985 units outstanding)
|
148,755,538
|
71,988,161
|
||||||
|
Series B (19,337.2293 and 5,662.0645 units outstanding)
|
21,230,195
|
6,405,290
|
||||||
|
Series C (40,223.4545 and 27,731.8983 units outstanding)
|
44,404,835
|
31,486,826
|
||||||
|
Total limited partners
|
214,390,568
|
109,880,277
|
||||||
|
Total partners' capital
|
215,820,219
|
111,327,838
|
||||||
|
TOTAL
|
$
|
228,994,374
|
$
|
119,478,435
|
||||
|
NET ASSET VALUE PER UNIT OUTSTANDING
|
||||||||
|
Series A
|
$
|
1,064.18
|
$
|
1,111.67
|
||||
|
Series B
|
$
|
1,097.89
|
$
|
1,131.26
|
||||
|
Series C
|
$
|
1,103.95
|
$
|
1,135.40
|
||||
See notes to financial statements
3
Statements of Operations (UNAUDITED)
|
For the three months ended
|
||||||||
|
September 30,
|
September 30,
|
|||||||
|
2011
|
2010
|
|||||||
|
NET INVESTMENT LOSS ALLOCATED FROM THE MASTER FUND
|
||||||||
|
INCOME — interest income
|
$
|
91,095
|
$
|
51,019
|
||||
|
Expenses:
|
||||||||
|
Management fees
|
1,030,684
|
260,015
|
||||||
|
Brokerage commissions
|
133,724
|
49,840
|
||||||
|
Selling commissions and platform fees
|
719,855
|
233,505
|
||||||
|
Administrative and operating expenses
|
250,141
|
245,999
|
||||||
|
Custody fee and other expenses
|
8,334
|
2,467
|
||||||
|
Total expenses
|
2,142,738
|
791,826
|
||||||
|
Operating expenses borne by General Partner
|
(1,931
|
) |
(174,449
|
)
|
||||
|
Net expenses
|
2,140,807
|
617,377
|
||||||
|
Net investment loss allocated from the Master Fund
|
(2,049,712
|
) |
(566,358
|
)
|
||||
|
Net realized gains (losses) on closed positions:
|
||||||||
|
Futures and forward currency contracts
|
7,073,675
|
(374,797
|
)
|
|||||
|
Foreign exchange translation
|
(27,223
|
)
|
(11,452
|
)
|
||||
|
Net change in unrealized:
|
||||||||
|
Futures and forward currency contracts
|
(119,903
|
)
|
2,951,037
|
|||||
|
Foreign exchange translation
|
(3,125
|
)
|
19,923
|
|||||
|
Net gains (losses) from U.S. Treasury notes:
|
||||||||
|
Net change in unrealized
|
(66,862
|
)
|
8,799
|
|||||
|
Total net realized and unrealized gains allocated from the Master Fund
|
6,856,562
|
2,593,510
|
||||||
|
NET INCOME
|
4,806,850
|
2,027,152
|
||||||
|
LESS PROFIT SHARE ALLOCATION FROM THE MASTER FUND
|
-
|
116,832
|
|
|||||
|
NET INCOME AFTER PROFIT SHARE ALLOCATION FROM THE MASTER FUND
|
$
|
4,806,850
|
$
|
1,910,320
|
||||
|
(continued)
|
||||||||
See notes to financial statements
4
Millburn Multi-Markets Fund L.P.
Statements of Operations (UNAUDITED)
|
For the nine months ended
|
||||||||
|
September 30,
|
September 30,
|
|||||||
|
2011
|
2010
|
|||||||
|
NET INVESTMENT LOSS ALLOCATED FROM THE MASTER FUND
|
||||||||
|
INCOME — interest income
|
$
|
252,248
|
$
|
88,964
|
||||
|
Expenses:
|
||||||||
|
Management fees
|
2,507,517
|
511,223
|
||||||
|
Brokerage commissions
|
355,843
|
90,773
|
||||||
|
Selling commissions and platform fees
|
1,708,429
|
458,960
|
||||||
|
Administrative and operating expenses
|
716,053
|
360,200
|
||||||
|
Custody fee and other expenses
|
19,731
|
4,174
|
||||||
|
Total expenses
|
5,307,573
|
1,425,330
|
||||||
|
Operating expenses borne by General Partner
|
(57,517
|
) |
(219,510
|
)
|
||||
|
Net expenses
|
5,250,056
|
1,205,820
|
||||||
|
Net investment loss allocated from the Master Fund
|
(4,997,808
|
)
|
(1,116,856
|
)
|
||||
|
NET REALIZED AND UNREALIZED GAINS (LOSSES) ALLOCATED FROM THE MASTER FUND
|
||||||||
|
Net realized gains (losses) on closed positions:
|
||||||||
|
Futures and forward currency contracts
|
5,801,619
|
(506,317
|
)
|
|||||
|
Foreign exchange translation
|
(27,082
|
)
|
(24,032
|
)
|
||||
|
Net change in unrealized:
|
||||||||
|
Futures and forward currency contracts
|
(7,616,618
|
)
|
2,168,953
|
|||||
|
Foreign exchange translation
|
(14,077
|
)
|
4,809
|
|||||
|
Net gains (losses) from U.S. Treasury notes:
|
||||||||
|
Realized
|
3,031
|
-
|
||||||
|
Net change in unrealized
|
(18,167
|
)
|
19,166
|
|||||
|
Total net realized and unrealized gains (losses) allocated from the Master Fund
|
(1,871,294
|
)
|
1,662,579
|
|||||
|
NET INCOME (LOSS)
|
(6,869,102
|
)
|
545,723
|
|||||
|
LESS PROFIT SHARE ALLOCATION FROM THE MASTER FUND
|
2,595
|
117,248
|
|
|||||
|
NET INCOME (LOSS) AFTER PROFIT SHARE ALLOCATION FROM THE MASTER FUND
|
$
|
(6,871,697
|
)
|
$
|
428,475
|
|||
|
(concluded)
|
||||||||
See notes to financial statements
5
Millburn Multi-Markets Fund L.P.
Statements of Changes in Partners' Capital (UNAUDITED)
For the nine months ended September 30, 2011 and 2010
|
|
General
|
Limited Partners
|
||||||||||||||||||||||||||||||
|
Partner
|
Series A
|
Series B
|
Series C
|
Total
|
||||||||||||||||||||||||||||
|
Amount
|
Amount
|
Units
|
Amount
|
Units
|
Amount
|
Units
|
Amount
|
|||||||||||||||||||||||||
|
PARTNERS' CAPITAL — December 31, 2010
|
$
|
1,447,561
|
$
|
71,988,161
|
64,756.6985
|
$
|
6,405,290
|
5,662.0645
|
$
|
31,486,826
|
27,731.8983
|
$
|
111,327,838
|
|||||||||||||||||||
|
Capital contributions
|
-
|
85,728,603
|
78,379.5252
|
15,901,098
|
14,234.2708
|
14,398,382
|
12,872.2000
|
116,028,083
|
||||||||||||||||||||||||
|
Capital withdrawals
|
-
|
(3,622,803
|
)
|
(3,351.5829
|
)
|
(625,685
|
)
|
(559.1060
|
)
|
(415,517
|
)
|
(380.6438
|
)
|
(4,664,005
|
)
|
|||||||||||||||||
|
Net loss after profit share
|
(17,910
|
)
|
(5,338,423
|
)
|
-
|
(450,508
|
)
|
-
|
(1,064,856
|
)
|
-
|
(6,871,697
|
)
|
|||||||||||||||||||
|
PARTNERS' CAPITAL — September 30, 2011
|
$
|
1,429,651
|
$
|
148,755,538
|
139,784.6408
|
$
|
21,230,195
|
19,337.2293
|
$
|
44,404,835
|
40,223.4545
|
$
|
215,820,219
|
|||||||||||||||||||
|
Net Asset Value per Unit at September 30, 2011
|
$
|
1,064.18
|
$
|
1,097.89
|
$
|
1,103.95
|
||||||||||||||||||||||||||
|
|
General
|
Limited Partners
|
|
|||||||||||||||||||||||||||||
|
Partner
|
Series A
|
Series B
|
Series C
|
Total
|
||||||||||||||||||||||||||||
|
Amount
|
Amount
|
Units
|
Amount
|
Units
|
Amount
|
Units
|
Amount
|
|||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
|
PARTNERS' CAPITAL — December 31, 2009
|
$ | 10,159 | $ | 8,589,976 | 8,081.4364 | $ | 381,711 | 357.9807 | $ | 302,706 | 283.6015 | $ | 9,284,552 | |||||||||||||||||||
|
Capital contributions
|
- | 42,920,446 | 40,584.7502 | 3,787,992 | 3,561.6469 | 2,437,483 | 2,245.8081 | 49,145,921 | ||||||||||||||||||||||||
|
Capital withdrawals
|
- | (536,472 | ) | (527.6004 | ) | (166,243 | ) | (156.5341 | ) | (181,093 | ) | (178.2290 | ) | (883,808 | ) | |||||||||||||||||
|
Net income (loss) after profit share
|
418 | 369,311 | - | 67,009 | - | (8,263 | ) | - | 428,475 | |||||||||||||||||||||||
|
PARTNERS' CAPITAL — September 30, 2010
|
$ | 10,577 | $ | 51,343,261 | 48,138.5862 | $ | 4,070,469 | 3,763.0935 | $ | 2,550,833 | 2,351.1806 | $ | 57,975,140 | |||||||||||||||||||
|
Net Asset Value per Unit at September 30, 2010
|
$ | 1,066.57 | $ | 1,081.68 | $ | 1,084.91 | ||||||||||||||||||||||||||
See notes to financial statements
6
Millburn Multi-Markets Fund L.P.
Statement of Financial Highlights (UNAUDITED)
For the three months ended September 30, 2011
The following information presents per unit operating performance data for each series for the three months ended September 30, 2011.
|
Per Unit Performance
|
||||||||||||
|
(For a Unit Outstanding Throughout the Period)
|
Series A
|
Series B
|
Series C
|
|||||||||
|
NET ASSET VALUE PER UNIT — Beginning of period
|
$
|
1,038.95
|
$
|
1,067.19
|
$
|
1,072.41
|
||||||
|
INCOME (LOSS) ALLOCATED FROM THE MASTER FUND:
|
||||||||||||
|
Net investment loss (1)
|
(12.27
|
) | (7.81 | ) |
(7.16
|
) | ||||||
|
Total trading and investing gains (1)
|
37.50
|
|
38.51
|
|
38.70 |
|
||||||
|
Net profit before profit share allocation from the Master Fund
|
25.23
|
30.70
|
31.54
|
|||||||||
|
Profit share allocation from the Master Fund (1) (7)
|
0.00
|
0.00
|
0.00
|
|||||||||
|
Net profit from operations after profit share allocation from the Master Fund
|
25.23
|
30.70
|
31.54
|
|||||||||
|
NET ASSET VALUE PER UNIT — End of period
|
$
|
1,064.18
|
$
|
1,097.89
|
$
|
1,103.95
|
||||||
|
TOTAL RETURN BEFORE PROFIT SHARE ALLOCATION FROM THE MASTER FUND (2)
|
2.43
|
%
|
2.88
|
%
|
2.94
|
%
|
||||||
|
LESS: PROFIT SHARE ALLOCATION FROM THE MASTER FUND (2)(7)
|
0.00
|
0.00
|
0.00
|
|||||||||
|
TOTAL RETURN AFTER PROFIT SHARE ALLOCATION FROM THE MASTER FUND (2)
|
2.43
|
%
|
2.88
|
%
|
2.94
|
%
|
||||||
|
Ratios to average net asset value:
|
||||||||||||
|
Expenses (3) (4) (5) (6)
|
4.76
|
%
|
3.01
|
%
|
2.76
|
%
|
||||||
|
Profit share allocation from the Master Fund (2) (7)
|
0.00
|
0.00
|
0.00
|
|||||||||
|
Total expenses
|
4.76
|
%
|
3.01
|
%
|
2.76
|
%
|
||||||
|
Net investment loss (3) (4) (5) (6)
|
(4.58
|
)%
|
(2.83
|
)%
|
(2.58
|
)%
|
||||||
|
(1)
|
The net investment loss per unit and profit share allocation from the Master Fund per unit is calculated by dividing the net investment loss and profit share allocation from the Master Fund by the average number of units outstanding during the period. Total trading and investing 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)
|
Excludes profit share allocation from the Master Fund.
|
|
(5)
|
Ratios are computed net of voluntary waivers of operating expenses borne by the General Partner of the Partnership and General Partner of the Master Fund. For the three months ended September 30, 2011, the ratios are net of the 0.00% effect of the voluntary waivers of operating expenses (not annualized).
|
|
(6)
|
Includes the Partnership’s proportionate share of income and expense allocated from the Master Fund.
|
|
(7)
|
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
(Continued)
7
Millburn Multi-Markets Fund L.P.
Statement of Financial Highlights (UNAUDITED)
For the three months ended September 30, 2010
The following information presents per unit operating performance data for each series for the three months ended September 30, 2010.
|
Per Unit Performance
|
||||||||||||
|
(For a Unit Outstanding Throughout the Period)
|
Series A
|
Series B
|
Series C
|
|||||||||
|
NET ASSET VALUE PER UNIT — Beginning of period
|
$
|
1,032.74
|
1,043.64
|
1,046.15
|
||||||||
|
INCOME (LOSS) ALLOCATED FROM THE MASTER FUND:
|
||||||||||||
|
Net investment loss (1)
|
(12.01 | ) |
(7.56
|
) |
(6.89
|
) | ||||||
|
Total trading and investing gains (1)
|
48.06
|
|
49.08 |
|
48.90 |
|
||||||
|
Net profit before profit share allocation from the Master Fund
|
36.05
|
41.52
|
42.01
|
|||||||||
|
Profit share allocation from the Master Fund (1) (2)(7)
|
(2.22
|
)
|
(3.48
|
)
|
(3.25
|
)
|
||||||
|
Net profit from operations after profit share allocation from the Master Fund
|
33.83
|
38.04
|
38.76
|
|||||||||
|
NET ASSET VALUE PER UNIT — End of period
|
$
|
1,066.57
|
$
|
1,081.68
|
$
|
1,084.91
|
||||||
|
TOTAL RETURN BEFORE PROFIT SHARE ALLOCATION FROM THE MASTER FUND (2)
|
3.48
|
%
|
3.92
|
%
|
4.00
|
%
|
||||||
|
LESS: PROFIT SHARE ALLOCATION FROM THE MASTER FUND (2)
|
0.20
|
|
0.28
|
|
0.29
|
|
||||||
|
TOTAL RETURN AFTER PROFIT SHARE ALLOCATION FROM THE MASTER FUND (2)
|
3.28
|
%
|
3.64
|
%
|
3.71
|
%
|
||||||
|
Ratios to average net asset value:
|
||||||||||||
|
Expenses (3) (4) (5) (6)
|
4.97
|
%
|
3.21
|
%
|
2.96
|
%
|
||||||
| Profit share allocation from the Master Fund(2)(7) | 0.20 | 0.28 | 0.29 | |||||||||
|
Total expenses
|
5.17 | % | 3.49 | % | 3.25 | % | ||||||
|
Net investment loss (3) (4) (5) (6)
|
(4.62
|
)%
|
(2.86
|
)%
|
(2.61
|
)%
|
||||||
|
(1)
|
The net investment loss per unit and profit share allocation from the Master Fund per unit is calculated by dividing the net investment loss and profit share allocation from the Master Fund by the average number of units outstanding during the period. Total trading and investing 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)
|
Excludes profit share allocation from the Master Fund. Profit sharing allocation applicable to Series A, B and C were 0.20%, 0.28% and 0.29%, respectively.
|
|
(5)
|
Ratios are computed net of voluntary waivers of operating expenses borne by the General Partner of the Partnership and General Partner of the Master Fund. For the three months ended September 30, 2010, the ratios are net of the 0.34% effect of the voluntary waivers of operating expenses (not annualized).
|
|
(6)
|
Includes the Partnership’s proportionate share of income and expense allocated from the Master Fund.
|
|
(7)
|
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
(Continued)
8
Millburn Multi-Markets Fund L.P.
Statement of Financial Highlights (UNAUDITED)
For the nine months ended September 30, 2011
The following information presents per unit operating performance data for each series for the nine months ended September 30, 2011.
|
Per Unit Performance
|
||||||||||||
|
(For a Unit Outstanding Throughout the Period)
|
Series A
|
Series B
|
Series C
|
|||||||||
|
NET ASSET VALUE PER UNIT — Beginning of period
|
$ | 1,111.67 | $ | 1,131.26 | $ | 1,135.40 | ||||||
|
INCOME (LOSS) ALLOCATED FROM THE MASTER FUND:
|
||||||||||||
|
Net investment loss (1)
|
(37.67 | ) | (23.89 | ) | (22.14 | ) | ||||||
|
Total trading and investing losses (1)
|
(9.80 | ) | (10.86 | ) | (8.83 | ) | ||||||
|
Net loss before profit share allocation from the Master Fund
|
(47.47 | ) | (34.75 | ) | (30.97 | ) | ||||||
|
Profit share allocation from the Master Fund (1) (2) (7)
|
(0.02 | ) | 1.38 | (0.48 | ) | |||||||
|
Net loss from operations after profit share allocation from the Master Fund
|
(47.49 | ) | (33.37 | ) | (31.45 | ) | ||||||
|
NET ASSET VALUE PER UNIT — End of period
|
$ | 1,064.18 | $ | 1,097.89 | $ | 1,103.95 | ||||||
|
TOTAL RETURN BEFORE PROFIT SHARE ALLOCATION FROM THE MASTER FUND (2)
|
(4.27 | )% | (3.07 | )% | (2.73 | )% | ||||||
|
LESS: PROFIT SHARE ALLOCATION FROM THE MASTER FUND (2) (7)
|
0.00 | (0.12 | ) | 0.04 | ||||||||
|
TOTAL RETURN AFTER PROFIT SHARE ALLOCATION FROM THE MASTER FUND (2)
|
(4.27 | )% | (2.95 | )% | (2.77 | )% | ||||||
|
Ratios to average net asset value:
|
||||||||||||
|
Expenses (3) (4) (5) (6)
|
4.83 | % | 3.07 | % | 2.83 | % | ||||||
|
Profit share allocation from the Master Fund (2) (7)
|
0.00 | (0.12 | ) | 0.04 | ||||||||
|
Total expenses
|
4.83 | % | 2.95 | % | 2.87 | % | ||||||
|
Net investment loss (3) (4) (5) (6)
|
(4.63 | )% | (2.89 | )% | (2.63 | )% | ||||||
|
(1)
|
The net investment loss per unit and profit share allocation from the Master Fund per unit is calculated by dividing the net investment loss and profit share allocation from the Master Fund by the average number of units outstanding during the period. Total trading and investing loss is a balancing amount necessary to reconcile the change in net asset value per unit with the other per unit information.
|
|
(2)
|
Not annualized.
|
|
(3)
|
Annualized.
|
|
(4)
|
Excludes profit share allocation from the Master Fund.
|
|
(5)
|
Ratios are computed net of voluntary waivers of operating expenses borne by the General Partner of the Partnership and General Partner of the Master Fund. For the nine months ended September 30, 2011, the ratios are net of the 0.04% effect of the voluntary waivers of operating expenses (not annualized).
|
|
(6)
|
Includes the Partnership's proportionate share of income and expense allocated from the Master Fund.
|
|
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
(Continued)
9
Millburn Multi-Markets Fund L.P.
Statement of Financial Highlights (UNAUDITED)
For the nine months ended September 30, 2010
The following information presents per unit operating performance data for each series for the nine months ended September 30, 2010.
|
Per Unit Performance
|
||||||||||||
|
(For a Unit Outstanding Throughout the Period)
|
Series A
|
Series B
|
Series C
|
|||||||||
|
NET ASSET VALUE PER UNIT — Beginning of period
|
$ | 1,062.93 | $ | 1,066.29 | $ | 1,067.37 | ||||||
|
INCOME (LOSS) ALLOCATED FROM THE MASTER FUND:
|
||||||||||||
|
Net investment loss (1)
|
(36.27 | ) | (22.72 | ) | (20.73 | ) | ||||||
|
Total trading and investing gains (1)
|
43.34 | 45.36 | 40.78 | |||||||||
|
Net profit before profit share allocation from the Master Fund
|
7.07 | 22.64 | 20.05 | |||||||||
|
Profit share allocation from the Master Fund (1) (2)
|
(3.43 | ) | (7.25 | ) | (2.51 | ) | ||||||
|
Net profit from operations after profit share allocation from the Master Fund
|
3.64 | 15.39 | 17.54 | |||||||||
|
NET ASSET VALUE PER UNIT — End of period
|
$ | 1,066.57 | $ | 1081.68 | $ | 1,084.91 | ||||||
|
TOTAL RETURN BEFORE PROFIT SHARE ALLOCATION FROM THE MASTER FUND (2)
|
1.03 | % | 2.37 | % | 2.57 | % | ||||||
|
LESS: PROFIT SHARE ALLOCATION FROM THE MASTER FUND (2)(7)
|
0.69 | 0.93 | 0.93 | |||||||||
|
TOTAL RETURN AFTER PROFIT SHARE ALLOCATION FROM THE MASTER FUND (2)
|
0.34 | % | 1.44 | % | 1.64 | % | ||||||
|
Ratios to average net asset value:
|
||||||||||||
|
Expenses (3) (4) (5) (6)
|
4.95 | % | 3.19 | % | 2.93 | % | ||||||
|
Profit share from the Master Fund (2) (7)
|
0.69 | 0.93 | 0.93 | |||||||||
|
Total expenses
|
5.64 | % | 4.12 | % | 3.86 | % | ||||||
|
Net investment loss (3) (4) (5) (6)
|
(4.62 | )% | (2.86 | )% | (2.60 | )% | ||||||
|
(1)
|
The net investment loss per unit and profit share allocation from the Master Fund per unit is calculated by dividing the net investment loss and profit share allocation from the Master Fund by the average number of units outstanding during the period. Total trading and investing 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)
|
Excludes profit share allocation from the Master Fund. Profit share allocation applicable to Series A, B and C were 0.69%, 0.93% and 0.93%, respectively.
|
|
(5)
|
Ratios are computed net of voluntary waivers of operating expenses borne by the General Partner of the Partnership and General Partner of the Master Fund. For the nine months ended September 30, 2010, the ratios are net of the 0.65% effect of the voluntary waivers of operating expenses (not annualized).
|
|
(6)
|
Includes the Partnership's proportionate share of income and expense allocated from the Master Fund.
|
|
(7)
|
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
(Concluded)
10
NOTES TO FINANCIAL STATEMENTS
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-Market Fund L.P.’s (the “Partnership”) financial condition at September 30, 2011 and December 31, 2010 and the results of its operations for the three and nine months ended September 30, 2011 and 2010 (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 2010 annual report included in Form 10-K filed with the Securities and Exchange Commission. The December 31, 2010 information has been derived from the audited financial statements as of December 31, 2010.
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (the “U.S.”) 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 indemnifications. The Partnership’s maximum exposure under these arrangements is unknown. However, the Partnership has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.
The Income Taxes topic of the Financial Accounting Standards Board Codification (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, 2009 and 2010, for the U.S. Federal jurisdiction, the New York and Connecticut state jurisdictions, and the New York City jurisdiction, there are no uncertain tax positions. The Partnership is treated as a limited partnership for federal and state income tax reporting purposes.
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 the fiscal year 2010.
2. INVESTMENT IN MILLBURN MULTI-MARKETS TRADING L.P.
The Partnership invests all of its assets in Millburn Multi-Markets Trading L.P. (the “Master Fund”). The Partnership’s ownership percentage of the Master Fund at September 30, 2011 and December 31, 2010 was 54.60% and 37.43%, 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. Total 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. For the nine months ended September 30, 2011 and 2010, Millburn Ridgefield Corporation (the “General Partner”) chose to directly bear operating expenses in excess of 1/2 of 1% of average net assets of the Partnership’s average month-end partners’ capital.
During any time in which a third-party administrator is providing services to the Master Fund, as is currently the case, the General Partner is paid a monthly Administration Fee for administration services it provides, calculated as a percentage of the month-end net asset value (prior to reduction for withdrawals or redemptions, management fees, amounts payable to selling agents and the administration fee then being calculated) of the Master Fund equal to 0.05% per annum of the Master Fund’s average net assets. The Partnership is allocated its pro rata portion of the administration fee which is charged at the Master Fund level. As of September 30, 2011 and December 31, 2010, $132,667 and $73,244, respectively, was payable by the Master Fund to the General Partner and is included in “accrued expenses” in the Master Fund’s Statements of Financial Condition.
The General Partner has paid expenses incurred in connection with the organization of the Partnership and the initial offering of the units of limited partnership (“Units”). The total amount paid by the General Partner was $191,967. The Master Fund, on behalf of the Partnership, is reimbursing the General Partner for these costs in 60 equal monthly installments of $3,199 which began on August 1, 2009. However, to the extent that for any month the $3,199 exceeds 1/12 of 0.05% (0.05% per annum) of the Partnership’s month-end net asset value, such excess will not be reimbursed by the Partnership but will be absorbed by the General Partner. As of September 30, 2011, pursuant to this calculation, $30,987 has been borne by the General Partner and will not be reimbursed by the Partnership. For the three and nine months ended September 30, 2011, the costs incurred by the Partnership were $9,598 and $28,795, respectively. For the three and nine months ended September 30, 2010, the costs incurred by the Partnership were $6,505 and $12,790, respectively. Organization and initial offering costs are included in “administrative and operating expenses” in the Master Fund’s Statements of Operations.
11
Further, as of September 30, 2011 and December 31, 2010, $28,795 and $25,277, respectively, were payable by the Master Fund to the General Partner as reimbursement for such costs and are included in “accrued expenses” in the Master Fund’s Statement of Financial Condition.
Series A Unitholders 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 September 30, 2011 and December 31, 2010, $1,885 and $0 were owed to the General Partner, respectively.
4. FINANCIAL HIGHLIGHTS
Per Unit operating performance for Series A, Series B and Series C Units is calculated based on Unitholders’ partners’ 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 quarter. Weighted average number of units of each series is detailed below.
|
Three months ending September 30,
|
Nine months ending September 30,
|
|||||||||||||||
|
2011
|
2010
|
2011
|
2010
|
|||||||||||||
|
Series A
|
132,002.964 | 44,307.290 | 103,211.896 | 28,815.576 | ||||||||||||
|
Series B
|
18,151.473 | 3,224.115 | 12,478.476 | 2,027.470 | ||||||||||||
|
Series C
|
39,743.001 | 2,183.414 | 36,085.151 | 1,497.458 | ||||||||||||
12
|
Millburn Multi-Markets Trading L.P.
|
||||
|
Financial statements
|
||||
|
For the three and nine months ended September 30, 2011 and 2010 (unaudited)
|
||||
| 14 | ||||
|
Condensed Schedules of Investments (a)
|
15-18 | |||
|
Statements of Operations (c)
|
19-20 | |||
|
Statements of Changes in Partners' Capital (b)
|
21 | |||
|
Statements of Financial Highlights (c)
|
22-23 | |||
|
Notes to Financial Statements
|
24 | |||
(a) At September 30, 2011 and December 31, 2010
(b) For the nine months ended September 30, 2011 and 2010 (unaudited)
(c) For the three and nine months ended September 30, 2011 and 2010 (unaudited)
13
Millburn Multi-Markets Trading L.P.
Statements of Financial Condition (UNAUDITED)
|
September 30
|
December 31
|
|||||||
|
2011
|
2010
|
|||||||
|
Assets
|
||||||||
|
EQUITY IN TRADING ACCOUNTS:
|
||||||||
|
Investments in U.S. Treasury notes−at fair value (amortized cost $60,315,210 and $51,569,250)
|
$
|
60,339,341
|
$
|
51,585,010
|
||||
|
Net unrealized appreciation on open futures and forward currency contracts
|
7,627,307
|
13,312,178
|
||||||
|
Due from brokers
|
5,801,940
|
3,146,214
|
||||||
|
Cash denominated in foreign currencies (cost $1,875,111 and $2,353,889)
|
1,821,339
|
2,324,160
|
||||||
|
Total equity in trading accounts
|
75,589,927
|
70,367,562
|
||||||
|
INVESTMENTS IN U.S TREASURY NOTES−at fair value (amortized cost $323,249,916 and $218,631,689)
|
323,264,832
|
218,671,298
|
||||||
|
CASH AND CASH EQUIVALENTS
|
8,597,859
|
14,383,754
|
||||||
|
ACCRUED INTEREST RECEIVABLE
|
540,674
|
476,291
|
||||||
|
DUE FROM MILLBURN MULTI-MARKETS LTD.
|
328
|
712
|
||||||
|
DUE FROM MILLBURN MULTI-MARKETS FUND L.P.
|
676
|
150,676
|
||||||
|
TOTAL
|
$
|
407,994,296
|
$
|
304,050,293
|
||||
|
LIABILITIES:
|
||||||||
|
Net unrealized depreciation on open futures and forward currency contracts
|
$
|
10,248,405
|
$
|
-
|
||||
|
Cash denominated in foreign currencies (cost $- and $-251,028)
|
-
|
248,557
|
||||||
|
Capital contributions received in advance
|
14,793
|
884,835
|
||||||
|
Capital withdrawals payable
|
592,472
|
4,726,525
|
||||||
|
Management fee payable
|
575,499
|
418,270
|
||||||
|
Selling commissions payable
|
252,799
|
122,477
|
||||||
|
Accrued expenses
|
597,045
|
122,002
|
||||||
|
Due to broker
|
343,266
|
-
|
||||||
|
Commissions and other trading fees on open futures contracts
|
64,208
|
67,334
|
||||||
|
Due to Millburn Multi-Markets Fund L.P.
|
1,885
|
684
|
||||||
|
Total liabilities
|
12,690,372
|
6,590,684
|
||||||
|
PARTNERS' CAPITAL
|
297,459,609
|
|||||||
|
TOTAL
|
$
|
407,994,296
|
$
|
304,050,293
|
||||
See notes to financial statements
14
Millburn Multi-Markets Trading L.P.
Condensed Schedule of Investments (UNAUDITED)
September 30, 2011
|
FUTURES AND FORWARD CURRENCY CONTRACTS
|
Net Unrealized
Appreciation/
(Depreciation)
as a % of
Partners' Capital
|
Net Unrealized
Appreciation/
(Depreciation)
|
||||||
|
FUTURES CONTRACTS
|
||||||||
|
Long futures contracts:
|
||||||||
|
Energies
|
(0.64
|
)%
|
$
|
(2,522,627
|
)
|
|||
|
Grains
|
(0.99
|
)
|
(3,930,475
|
)
|
||||
|
Interest rates:
|
||||||||
|
2 Year U.S. Treasury Note (1,409 contracts, settlement date 12/31/2011)
|
(0.08
|
)
|
(336,414
|
)
|
||||
|
5 Year U.S. Treasury Note (525 contracts, settlement date 12/31/2011)
|
(0.05
|
)
|
(179,266
|
)
|
||||
|
10 Year U.S. Treasury Note (145 contracts, settlement date 12/31/2011)
|
0.01
|
28,953
|
||||||
|
30 Year U.S. Treasury Bond (76 contracts, settlement date 12/31/2011)
|
0.04
|
139,250
|
||||||
|
Other interest rates
|
(0.09
|
)
|
(346,304
|
)
|
||||
|
Total interest rates
|
(0.17
|
)
|
(693,781
|
)
|
||||
|
Livestock
|
0.07
|
270,690
|
||||||
|
Metals
|
(0.81
|
)
|
(3,186,538
|
)
|
||||
|
Softs
|
(0.34
|
)
|
(1,335,319
|
)
|
||||
|
Stock indices
|
0.02
|
66,750
|
||||||
|
Total long futures contracts
|
(2.86
|
)
|
(11,331,300
|
)
|
||||
|
Short futures contracts:
|
||||||||
|
Energies
|
0.70
|
2,769,266
|
||||||
|
Grains
|
1.62
|
6,399,399
|
||||||
|
Interest rates
|
0.01
|
38,296
|
||||||
|
Livestock
|
(0.22
|
)
|
(869,900
|
)
|
||||
|
Metals
|
1.91
|
7,560,170
|
||||||
|
Softs
|
0.61
|
2,398,959
|
||||||
|
Stock indices
|
0.00
|
18,674
|
||||||
|
Total short futures contracts
|
4.63
|
18,314,864
|
||||||
|
TOTAL INVESTMENTS IN FUTURES CONTRACTS - Net
|
1.77
|
6,983,564
|
||||||
|
FORWARD CURRENCY CONTRACTS:
|
||||||||
|
Total long forward currency contracts
|
(5.36
|
)
|
(21,178,089
|
)
|
||||
|
Total short forward currency contracts
|
2.93
|
11,573,427
|
||||||
|
TOTAL INVESTMENTS IN FORWARD CURRENCY CONTRACTS - Net
|
(2.43
|
)
|
(9,604,662
|
)
|
||||
|
TOTAL
|
(0.66
|
)%
|
$
|
(2,621,098
|
)
|
|||
(Continued)
15
Millburn Multi-Markets Trading L.P.
Condensed Schedule of Investments (UNAUDITED)
September 30, 2011
U.S. Treasury Notes
| Face Amount |
Description
|
Fair Value
as a % of
Partners' Capital
|
Fair Value
|
||||||||
| $ | 171,170,000 |
U.S. Treasury notes, 0.750%, 11/30/2011
|
43.35 | % | $ | 171,367,246 | |||||
|
97,740,000
|
U.S. Treasury notes, 0.875%, 02/29/2012
|
24.81 | 98,058,800 | ||||||||
|
113,960,000
|
U.S. Treasury notes, 0.375%, 08/31/2012
|
28.88 | 114,178,127 | ||||||||
|
Total investments in U.S. Treasury notes
|
|||||||||||
|
(amortized cost $383,565,126)
|
97.04 | % | $ | 383,604,173 | |||||||
|
See notes to financial statements
|
(Concluded)
|
16
Millburn Multi-Markets Trading L.P.
Condensed Schedule of Investments (UNAUDITED)
December 31, 2010
|
FUTURES AND FORWARD CURRENCY CONTRACTS
|
Net Unrealized
Appreciation/
(Depreciation)
as a % of
Partners' Capital
|
Net Unrealized
Appreciation/
(Depreciation)
|
||||||
|
FUTURES CONTRACTS
|
||||||||
|
Long futures contracts:
|
||||||||
|
Energies
|
0.35
|
%
|
$
|
1,050,235
|
||||
|
Grains
|
1.09
|
3,239,089
|
||||||
|
Interest rates:
|
||||||||
|
2 Year U.S. Treasury Note (244 contracts, settlement date 03/31/2011)
|
0.00
|
11,712
|
||||||
|
Other interest rates
|
0.14
|
407,761
|
||||||
|
Total interest rates
|
0.14
|
419,473
|
||||||
|
Livestock
|
0.23
|
684,170
|
||||||
|
Metals
|
1.37
|
4,074,267
|
||||||
|
Softs
|
0.76
|
2,260,705
|
||||||
|
Stock indices
|
0.53
|
1,573,129
|
||||||
|
Total long futures contracts
|
4.47
|
13,301,068
|
||||||
|
Short futures contracts:
|
||||||||
|
Energies
|
(0.21
|
)
|
(616,642
|
)
|
||||
|
Grains
|
(0.40
|
)
|
(1,199,300
|
)
|
||||
|
Interest rates
|
(0.07
|
)
|
(215,100
|
)
|
||||
|
Livestock
|
(0.22
|
)
|
(636,480
|
)
|
||||
|
Metals
|
(0.12
|
)
|
(362,273
|
)
|
||||
|
Softs
|
(0.19
|
)
|
(565,117
|
)
|
||||
|
Stock indices
|
0.05
|
142,434
|
||||||
|
Total short futures contracts
|
(1.16
|
)
|
(3,452,478
|
)
|
||||
|
TOTAL INVESTMENTS IN FUTURES CONTRACTS - Net
|
3.31
|
9,848,590
|
||||||
|
FORWARD CURRENCY CONTRACTS:
|
||||||||
|
Total long forward currency contracts
|
1.53
|
4,559,059
|
||||||
|
Total short forward currency contracts
|
(0.36
|
)
|
(1,095,471
|
)
|
||||
|
TOTAL INVESTMENTS IN FORWARD CURRENCY CONTRACTS - Net
|
1.17
|
3,463,588
|
||||||
|
TOTAL
|
4.48
|
%
|
$
|
13,312,178
|
||||
|
(Continued)
|
||||||||
17
Millburn Multi-Markets Trading L.P.
Condensed Schedule of Investments (UNAUDITED)
December 31, 2010
U.S. Treasury Notes
| Face Amount |
Description
|
Fair Value as a % of
Partners' Capital
|
Fair Value
|
||||||||
| $ | 67,330,000 |
U.S. Treasury notes, 0.875%, 03/31/2011
|
22.67
|
%
|
$
|
67,445,723
|
|||||
| 67,330,000 |
U.S. Treasury notes, 0.875%, 05/31/2011
|
22.70
|
67,529,886
|
||||||||
| 67,330,000 |
U.S. Treasury notes, 1.000%, 08/31/2011
|
22.75
|
67,677,170
|
||||||||
| 67,330,000 |
U.S. Treasury notes, 0.750%, 11/30/2011
|
22.73
|
67,603,529
|
||||||||
|
Total investments in U.S. Treasury notes
|
|||||||||||
|
(amortized cost $270,200,939)
|
90.85
|
%
|
$
|
270,256,308
|
|||||||
| See notes to financial statements |
(Concluded)
|
||||||||||
18
Millburn Multi-Markets Trading L.P.
Statements of Operations (UNAUDITED)
|
For the three months ended
|
||||||||
|
September 30
|
September 30
|
|||||||
|
2011
|
2010
|
|||||||
|
INVESTMENT INCOME:
|
||||||||
|
Interest income
|
$
|
171,776
|
$
|
106,362
|
||||
|
EXPENSES:
|
||||||||
|
Brokerage commissions
|
246,497
|
119,305
|
||||||
|
Management fees
|
1,740,520
|
431,782
|
||||||
|
Selling commissions and platform fees
|
724,620
|
233,505
|
||||||
|
Administrative and operating expenses
|
362,803
|
331,937
|
||||||
|
Custody fees and other expenses
|
16,148
|
6,616
|
||||||
|
Total expenses
|
3,090,588
|
1,123,145
|
||||||
|
Operating expenses borne by General Partner
|
-
|
(213,030
|
)
|
|||||
|
Net expenses
|
3,090,588
|
910,115
|
||||||
|
NET INVESTMENT LOSS
|
(2,918,812
|
)
|
(803,753
|
)
|
||||
|
NET REALIZED AND UNREALIZED GAINS (LOSSES):
|
||||||||
|
Net realized gains (losses) on closed positions:
|
||||||||
|
Futures and forward currency contracts
|
13,600,278
|
(946,420
|
)
|
|||||
|
Foreign exchange translation
|
(74,906
|
)
|
(25,765
|
)
|
||||
|
Net change in unrealized:
|
||||||||
|
Futures and forward currency contracts
|
(57,104
|
)
|
6,619,053
|
|||||
|
Foreign exchange translation
|
(57,353
|
)
|
45,699
|
|||||
|
Net gains (losses) from U.S. Treasury notes
|
||||||||
|
Net change in unrealized
|
(124,667
|
)
|
41,666
|
|||||
|
TOTAL NET REALIZED AND UNREALIZED GAINS
|
13,286,248
|
5,734,233
|
||||||
|
NET INCOME
|
10,367,436
|
4,930,480
|
||||||
|
LESS PROFIT SHARE TO GENERAL PARTNER
|
2,640
|
302,912
|
||||||
|
NET INCOME AFTER PROFIT SHARE TO GENERAL PARTNER
|
$
|
10,364,796
|
$
|
4,627,568
|
||||
|
(Continued)
|
||||||||
See notes to financial statements
19
Millburn Multi-Markets Trading L.P.
Statements of Operations (UNAUDITED)
|
For the nine months ended
|
||||||||
|
September 30
|
September 30
|
|||||||
|
2011
|
2010
|
|||||||
|
INVESTMENT INCOME:
|
||||||||
|
Interest income
|
$
|
539,946
|
$
|
284,166
|
||||
|
EXPENSES:
|
||||||||
|
Brokerage commissions
|
746,108
|
304,481
|
||||||
|
Management fees
|
4,660,140
|
1,129,877
|
||||||
|
Selling commissions and platform fees
|
1,713,194
|
458,960
|
||||||
|
Administrative and operating expenses
|
1,005,514
|
562,261
|
||||||
|
Custody fees and other expenses
|
43,144
|
14,792
|
||||||
|
Total expenses
|
8,168,100
|
2,470,371
|
||||||
|
Operating expenses borne by General Partner
|
-
|
(263,965
|
)
|
|||||
|
Net expenses
|
8,168,100
|
2,206,406
|
||||||
|
NET INVESTMENT LOSS
|
(7,628,154
|
)
|
(1,922,240
|
)
|
||||
|
NET REALIZED AND UNREALIZED GAINS (LOSSES):
|
||||||||
|
Net realized gains (losses) on closed positions:
|
||||||||
|
Futures and forward currency contracts
|
12,841,121
|
(540,853
|
)
|
|||||
|
Foreign exchange translation
|
(51,008
|
)
|
(67,073
|
)
|
||||
|
Net change in unrealized:
|
||||||||
|
Futures and forward currency contracts
|
(15,933,276
|
)
|
6,130,115
|
|||||
|
Foreign exchange translation
|
(26,514
|
)
|
(5,786
|
)
|
||||
|
Net gains (losses) from U.S. Treasury notes
|
||||||||
|
Realized
|
6,906
|
-
|
||||||
|
Net change in unrealized
|
(16,322
|
)
|
71,282
|
|||||
|
TOTAL NET REALIZED AND UNREALIZED GAINS (LOSSES)
|
(3,179,093
|
)
|
5,587,685
|
|||||
|
NET INCOME (LOSS)
|
(10,807,247
|
)
|
3,665,445
|
|||||
|
LESS PROFIT SHARE TO GENERAL PARTNER
|
63,226
|
|||||||