Millburn Multi-Markets Fund L.P. - FORM 10-K - EX-13.1 - EXHIBIT 13.1

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10-K - FORM 10-K - Millburn Multi-Markets Fund L.P.	v404769_10k.htm
EX-31.3 - EXHIBIT 31.3 - Millburn Multi-Markets Fund L.P.	v404769_ex31-3.htm
EX-31.2 - EXHIBIT 31.2 - Millburn Multi-Markets Fund L.P.	v404769_ex31-2.htm
EX-31.1 - EXHIBIT 31.1 - Millburn Multi-Markets Fund L.P.	v404769_ex31-1.htm
EXCEL - IDEA: XBRL DOCUMENT - Millburn Multi-Markets Fund L.P.	Financial_Report.xls
EX-32.3 - EXHIBIT 32.3 - Millburn Multi-Markets Fund L.P.	v404769_ex32-3.htm
EX-32.2 - EXHIBIT 32.2 - Millburn Multi-Markets Fund L.P.	v404769_ex32-2.htm
EX-32.1 - EXHIBIT 32.1 - Millburn Multi-Markets Fund L.P.	v404769_ex32-1.htm

Exhibit 13.1

Millburn Multi-Markets

Fund L.P.

(A Delaware Limited Partnership)

Financial Statements for the Years Ended December 31,

2014 and 2013, and Report of Independent Registered

Public Accounting Firm

MILLBURN MULTI-MARKETS FUND L.P.

TABLE OF CONTENTS

	Page(s)

THIS ANNUAL REPORT IS COMPRISED OF SECTION I CONTAINING THE FINANCIAL STATEMENTS OF MILLBURN MULTI-MARKETS FUND L.P. FOR THE YEARS ENDED DECEMBER 31, 2014 AND 2013 AND SECTION II, CONTAINING THE FINANCIAL STATEMENTS OF MILLBURN MULTI-MARKETS TRADING L.P. FOR THE YEARS ENDED DECEMBER 31, 2014 AND 2013.

SECTION I

AFFIRMATION OF MILLBURN RIDGEFIELD CORPORATION

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2014 AND 2013:

Statements of Financial Condition	2

Statements of Operations	3

Statements of Changes in Partners’ Capital	4

Statements of Financial Highlights	5–6

Notes to Financial Statements	7–10

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

AFFIRMATION OF MILLBURN RIDGEFIELD CORPORATION

In compliance with the Commodity Futures Trading Commission’s regulations, I hereby affirm that to the best of my knowledge and belief, the information contained in the Statements of Financial Condition of Millburn Multi-Markets Fund L.P. as of December 31, 2014 and 2013, including the related Statements of Operations, Changes in Partners’ Capital and Financial Highlights for each of the two years in the period ended December 31, 2014, are complete and accurate.

Harvey Beker, Co-Chief Executive Officer

Millburn Ridgefield Corporation

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

MILLBURN MULTI-MARKETS FUND L.P.

STATEMENTS OF FINANCIAL CONDITION
AS OF DECEMBER 31, 2014 AND 2013

	2014		2013
ASSETS

Investment in Millburn Multi-Markets
Trading L.P. (the “Master Fund”)	$	118,612,452	$	134,225,312

Due from the Master Fund		838,054		7,461,925
Cash		746,100		45,325

Total assets	$	120,196,606	$	141,732,562

LIABILITIES AND PARTNERS’ CAPITAL

LIABILITIES:
Capital contributions received in advance	$	743,209	$	43,000
Capital withdrawal payable		838,054		7,461,925
Due to the Master Fund		2,863		2,325

Total liabilities		1,584,126		7,507,250

PARTNERS’ CAPITAL:
General Partner		3,073,797		2,572,915

Limited partners:
Series A (107,745.6394 and 137,419.5284 units outstanding)		105,099,830		116,781,042
Series B (7,011.0183 and 11,797.5645 units outstanding)		7,468,031		10,758,367
Series C (2,751.2975 and 4,460.4100 units outstanding)		2,970,822		4,112,988

Total limited partners		115,538,683		131,652,397

Total partners’ capital		118,612,480		134,225,312

TOTAL	$	120,196,606	$	141,732,562

NET ASSET VALUE PER UNIT OUTSTANDING:
Series A	$	975.44	$	849.81
Series B	$	1,065.18	$	911.91
Series C	$	1,079.79	$	922.11

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

-2-

MILLBURN MULTI-MARKETS FUND L.P.

STATEMENTS OF OPERATIONS

YEARS ENDED DECEMBER 31, 2014 AND 2013

	2014			2013

NET INVESTMENT LOSS


Income — interest income (allocated from the Master Fund)	$	134,440		$	287,273

Expenses:
Management fees (see note 4)		2,344,823			3,519,872
Brokerage commissions (allocated from the Master Fund)		460,073			949,326
Selling commissions and platform fees (see note 4)		2,124,522			3,063,298
Administrative fee and operating expenses (see note 5)		614,707			880,918
Custody fees (allocated from the Master Fund)		28,159			38,385

Total expenses		5,572,284			8,451,799

Net investment loss		(5,437,844	)		(8,164,526	)

REALIZED AND UNREALIZED GAINS (LOSSES)
ALLOCATED FROM THE MASTER FUND
Net realized gains (losses) on closed positions:
Futures and forward currency contracts		23,211,774			(8,472,132	)
Foreign exchange translation		27,516			(128,019	)
Net change in unrealized:
Futures and forward currency contracts		(1,302,718	)		1,329,068
Foreign exchange translation		(122,549	)		(9,784	)
Net gains (losses) from U.S. Treasury notes:
Realized		7,041			3,784
Net change in unrealized		(18,154	)		(24,108	)

Net realized and unrealized gains (losses) allocated from the Master Fund		21,802,910			(7,301,191	)

NET INCOME (LOSS)		16,365,066			(15,465,717	)

LESS PROFIT SHARE ALLOCATION FROM THE MASTER FUND		-			-

NET INCOME (LOSS) AFTER PROFIT SHARE	$	16,365,066		$	(15,465,717	)

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

-3-

MILLBURN MULTI-MARKETS FUND L.P.

STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL

YEARS ENDED DECEMBER 31, 2014 AND 2013

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

PARTNERS’ CAPITAL — January 1, 2013	$	3,228,323		$	168,880,502			181,345.3268		$	20,299,372			20,671.4907		$	36,535,117			36,885.1442		$	228,943,314

Capital contributions		-			14,027,967			15,258.4550			931,000			966.3400			172,131			173.0280			15,131,098
Capital withdrawals		(500,000	)		(51,804,740	)		(59,184.2534	)		(9,259,180	)		(9,840.2662	)		(32,819,463	)		(32,597.7612	)		(94,383,383	)
Net income (loss)		(155,408	)		(14,322,687	)		-			(1,212,825	)		-			225,203			-			(15,465,717	)

PARTNERS’ CAPITAL — December 31, 2013		2,572,915			116,781,042			137,419.5284			10,758,367			11,797.5645			4,112,988			4,460.4110			134,225,312

Capital contributions		-			4,421,175			4,729.3870			235,000			223.6920			-			-			4,656,175
Capital withdrawals		-			(30,239,318	)		(34,403.2760	)		(4,733,876	)		(5,010.2382	)		(1,660,879	)		(1,709.1135	)		(36,634,073	)
Net income		500,882			14,136,931			-			1,208,540			-			518,713			-			16,365,066

PARTNERS’ CAPITAL — December 31, 2014	$	3,073,797		$	105,099,830			107,745.6394		$	7,468,031			7,011.0183		$	2,970,822			2,751.2975		$	118,612,480

NET ASSET VALUE PER UNIT — December 31, 2013				$	849.81					$	911.91					$	922.11

NET ASSET VALUE PER UNIT — December 31, 2014				$	975.44					$	1,065.18					$	1,079.79

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

-4-

MILLBURN MULTI-MARKETS FUND L.P.

STATEMENT OF FINANCIAL HIGHLIGHTS

YEAR ENDED DECEMBER 31, 2014

The following information presents per unit operating performance data for each series for the year ended December 31, 2014.

Per Unit Performance
(For a Unit Outstanding Throughout the Year)	Series A			Series B			Series C

NET ASSET VALUE PER UNIT — Beginning of year	$	849.81		$	911.91		$	922.11

LOSS ALLOCATED FROM THE MASTER FUND:
Net investment loss ⁽¹⁾		(44.15	)		(30.30	)		(28.18	)
Total trading and investing gains ⁽¹⁾		169.78			183.57			185.86

Net income before profit share allocation from the Master Fund		125.63			153.27			157.68

Profit share allocation from the Master Fund ^{(1) (4)}		-			-			-

Net income after profit share allocation from the Master Fund		125.63			153.27			157.68

NET ASSET VALUE PER UNIT — End of year	$	975.44		$	1,065.18		$	1,079.79

TOTAL RETURN BEFORE PROFIT SHARE ALLOCATION FROM THE MASTER FUND		14.78	%		16.81	%		17.10	%

LESS: PROFIT SHARE ALLOCATION FROM THE MASTER FUND⁽⁴⁾		-			-			-

TOTAL RETURN AFTER PROFIT SHARE ALLOCATION FROM THE MASTER FUND		14.78	%		16.81	%		17.10	%

RATIOS TO AVERAGE NET ASSET VALUE:
Expenses ⁽²⁾		4.93	%		3.18	%		2.93	%
Profit share allocation from Master Fund⁽⁴⁾		-			-			-

Total expenses		4.93	%		3.18	%		2.93	%

Net investment loss ^{(2) (3)}		(4.82	)%		(3.07	)%		(2.82	)%

⁽¹⁾

The net investment loss per unit and profit share allocation from the Master Fund per unit is calculated by dividing the net investment loss and profit share allocation from the Master Fund by the average number of units outstanding during the year. Total trading and investing losses is a balancing amount necessary to reconcile the change in net asset value per unit with the other per unit information.

⁽²⁾

Includes the Partnership’s proportionate share of income and expense allocated from the Master Fund.

⁽³⁾

Excludes profit share allocation from the Master Fund and includes interest income.

⁽⁴⁾

Profit share for Series B and C is calculated based on Series B and C aggregate trading profits and may be impacted by rebalancing due to monthly capital activity.

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

-5-

MILLBURN MULTI-MARKETS FUND L.P.

STATEMENT OF FINANCIAL HIGHLIGHTS

YEAR ENDED DECEMBER 31, 2013

The following information presents per unit operating performance data for each series for the year ended December 31, 2013.

Per Unit Performance
(For a Unit Outstanding Throughout the Year)	Series A			Series B			Series C

NET ASSET VALUE PER UNIT — Beginning of year	$	931.26		$	982.00		$	990.51

LOSS ALLOCATED FROM THE MASTER FUND:
Net investment loss ⁽¹⁾		(43.52	)		(29.78	)		(27.64	)
Total trading and investing losses ⁽¹⁾		(37.93	)		(40.31	)		(40.76	)

Net loss before profit share allocation from the Master Fund		(81.45	)		(70.09	)		(68.40	)

Profit share allocation from the Master Fund ^{(1) (4)}		-			-			-

Net loss after profit share allocation from the Master Fund		(81.45	)		(70.09	)		(68.40	)

NET ASSET VALUE PER UNIT — End of year	$	849.81		$	911.91		$	922.11

TOTAL RETURN BEFORE PROFIT SHARE ALLOCATION FROM THE MASTER FUND		(8.75	)%		(7.14	)%		(6.91	)%

LESS: PROFIT SHARE ALLOCATION FROM THE MASTER FUND⁽⁴⁾		-			-			-

TOTAL RETURN AFTER PROFIT SHARE ALLOCATION FROM THE MASTER FUND		(8.75	)%		(7.14	)%		(6.91	)%

RATIOS TO AVERAGE NET ASSET VALUE:
Expenses ⁽²⁾		5.06	%		3.30	%		3.02	%
Profit share allocation from Master Fund⁽⁴⁾		-			-			-

Total expenses		5.06	%		3.30	%		3.02	%

Net investment loss ^{(2) (3)}		(4.89	)%		(3.14	)%		(2.86	)%

⁽¹⁾

⁽²⁾

Includes the Partnership’s proportionate share of income and expense allocated from the Master Fund.

⁽³⁾

Excludes profit share allocation from the Master Fund and includes interest income.

⁽⁴⁾

Profit share for Series B and C is calculated based on Series B and C aggregate trading profits and may be impacted by rebalancing due to monthly capital activity.

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

-6-

MILLBURN MULTI-MARKETS FUND L.P.

NOTES TO FINANCIAL STATEMENTS

YEARS ENDED DECEMBER 31, 2014 AND 2013

ORGANIZATION

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

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

The Partnership offers multiple series of Units, which differ in terms of fees charged at the Master Fund level. Initially, the Partnership offered Series A, Series B and Series C Units (collectively, the “Series”) but may offer additional series in the future.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

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

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

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

-7-

The Income Taxes topic of the Codification clarifies the accounting for uncertainty in tax positions. This requires that the Partnership recognize in its financial statements the impact of any uncertain tax positions. Based on a review of the Partnership’s open tax years, 2010 to 2014, for the U.S. Federal jurisdiction, the New York and Connecticut State jurisdictions and the New York City jurisdiction, there are no uncertain tax positions through its investment in the Master Fund. The Partnership is treated as a limited partnership for federal and state income tax reporting purposes.

Cash — Cash is held in a non-interest-bearing account at JP Morgan Chase Bank, N.A.

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

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

Effective January 1, 2014, the Partnership adopted ASU 2013-08, “Financial Services – Investment Companies (Topic 946): Amendments to the Scope, Measurement and Disclosure Requirements.” ASU 2013-08 changes the approach to the investment company assessment, requires non-controlling ownership interests in other investment companies to be measured at fair value, and requires additional disclosures about the investment company’s status as an investment company. ASU 2013-08 is effective for interim and annual reporting periods beginning after December 15, 2013. The adoption of this ASU did not have a material impact on the Partnership’s financial statements. Based on management’s assessment, the Partnership has been deemed to be an investment company since inception. It has all of the fundamental characteristics of an investment company. Although the Partnership does not possess all of the typical characteristics of an investment company, its activities are consistent with those of an investment company.

INVESTMENT IN MILLBURN MULTI-MARKETS TRADING L.P.

During the years ended December 31, 2014 and 2013, the Partnership invested substantially all of its assets in Millburn Multi-Markets Trading L.P. At December 31, 2014 and 2013, the Partnership’s investment in the Master Fund represents 73.17% and 59.64%, respectively, of total partners’ capital of the Master Fund.

As the Partnership’s sole investing activity during the years ended December 31, 2014 and 2013 consisted of its investment in the Master Fund, all amounts reflected in the Statements of Operations represent the Partnership’s allocated amount of each item of income and expense from the Master Fund.

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

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

-8-

MANAGEMENT FEE, SELLING COMMISSION, PLATFORM FEES AND PROFIT SHARE

Each Series of Units are allocated management fees at a fixed rate of 0.167% per month of net asset value (2% per annum) of a limited partner’s interest and a 20% profit share. Such management fees and profit share are allocated to the limited partners of the Partnership but charged at the Master Fund level. For the years ended December 31, 2014 and 2013, the Partnership incurred Partnership-level management fees of $2,344,823 and $3,519,872, respectively. These amounts are included in the Statements of Operations under “Management fees.” The management fee and profit share are described in more detail in the Master Fund’s financial statements included in Section II of this annual report.

The terms of the Series issued by the Partnership are: 1) Series A Units which, in addition to the management fees and profit share allocable to the General Partner, are subject to selling commissions payable to Selling Agents equal to 1/12 of 2% (2% per annum) based on the month-end Net Asset Value of such Series investment; 2) Series B Units which, in addition to the management fees and profit share allocable to the General Partner, are subject to a platform fee of 1/12 of 0.25% (0.25% per annum) based on the month end net asset value of such Series investment and are for those investors participating in asset-based or fixed fee registered investment adviser (“RIA”) platforms; and 3) Series C Units which are subject to the management fees and profit share allocable to the General Partner and are for those investors participating in asset-based or fixed fee RIA platforms not subject to the Platform Fee. For the years ended December 31, 2014 and 2013, Selling Commissions and Platform Fees were as follows:

									Selling Commissions
	Selling Commissions				Platform Fees				and Platform Fees
	2014		2013		2014		2013		2014		2013

Series A Units	$	2,103,773	$	3,023,015	$	-	$	-	$	2,103,773	$	3,023,015
Series B Units		-		-		20,749		40,283		20,749		40,283
	$	2,103,773	$	3,023,015	$	20,749	$	40,283	$	2,124,522	$	3,063,298

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

OPERATING EXPENSES AND ADMINISTRATION FEE

Operating expenses of the Partnership include, but are not limited to, legal fees, accounting fees and filing fees. Total operating expenses of the Partnership (including its pro-rata share of Master Fund expenses) are not expected to exceed 1/2 of 1% per annum of the Partnership’s average month-end net asset value. For the years ended December 31, 2014 and 2013, the Partnership incurred Partnership-level administrative and operating expenses of $365,540 and $502,043, respectively. These amounts are included in the Statements of Operations under “Administrative and operating expenses.”

The General Partner of the Master Fund is paid a monthly administration fee as disclosed in the Master Fund’s financial statements included in Section II of this annual report.

The General Partner has paid expenses incurred in connection with the organization of the Partnership and the initial offering of the 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% of the Partnership’s month-end net asset value (a 0.05% annual rate), such excess will not be reimbursed by the Partnership, but will be absorbed by the General Partner. As of December 31, 2014, pursuant to this calculation, $30,987 has been borne by the General Partner and will not be reimbursed by the Partnership. For each of the two years ended December 31, 2014 and 2013, costs incurred were $22,396 and $38,388, respectively and are included in “Administrative fee and operating expenses” in the Master Fund’s Statements of Operations. Further, as of December 31, 2014 and 2013, $0 and $3,199, respectively, were payable to the General Partner as reimbursement for such costs and are included in “Accrued expenses” in the Master Fund’s Statements of Financial Condition. The final accrual period was July 31, 2014.

-9-

DERIVATIVE INSTRUMENTS

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

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

INDEMNIFICATIONS

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

ADMINISTRATOR AGREEMENT

The Partnership and the Master Fund (collectively, the “Funds”) have engaged CACEIS (USA) Inc. to provide certain administrative services for the Funds including, but not limited to, maintaining the books and records of the Funds and valuation of the Funds’ Net Asset Value.

FINANCIAL HIGHLIGHTS

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

10.

SUBSEQUENT EVENTS

During the period from January 1, 2015 to March 20, 2015, contributions of $4,311,570 were made to the Partnership and withdrawals of $1,764,066 were made from the Partnership. The General Partner has performed its evaluation of subsequent events through March 20, 2015, the date the financial statements were issued. Based on such evaluation, no further events were discovered that required disclosure or adjustment to the financial statements.

******

-10-

SECTION II

Millburn Multi-Markets

Trading L.P.

(A Delaware Limited Partnership)

Financial Statements for the Years Ended December 31,
2014 and 2013, and Independent Auditors’ Report

MILLBURN MULTI-MARKETS TRADING L.P.

TABLE OF CONTENTS

	Page(s)

AFFIRMATION OF MILLBURN RIDGEFIELD CORPORATION

INDEPENDENT AUDITORS’ REPORT

FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2014 AND 2013:

Statements of Financial Condition	2

Condensed Schedules of Investments	3–6

Statements of Operations	7

Statements of Changes in Partners’ Capital	8

Statements of Financial Highlights	9–10

Notes to Financial Statements	11–29

AFFIRMATION OF MILLBURN RIDGEFIELD CORPORATION

In compliance with the Commodity Futures Trading Commission’s regulations, I hereby affirm that to the best of my knowledge and belief, the information contained in the Statements of Financial Condition of Millburn Multi-Markets Trading L.P., including the Condensed Schedules of Investments, as of December 31, 2014 and 2013, and the related Statements of Operations, Changes in Partners’ Capital and Financial Highlights for each of the two years in the period ended December 31, 2014, are complete and accurate.

Harvey Beker, Co-Chief Executive Officer
Millburn Ridgefield Corporation
General Partner of Millburn Multi-Markets Trading L.P.

MILLBURN MULTI-MARKETS TRADING L.P.

STATEMENTS OF FINANCIAL CONDITION

AS OF DECEMBER 31, 2014 AND 2013

	2014		2013
ASSETS

EQUITY IN TRADING ACCOUNTS:
Investments in U.S. Treasury notes — at fair value (amortized cost $19,091,112 and $52,439,595)	$	19,093,847	$	52,444,713
Net unrealized appreciation on open futures and forward currency contracts		2,196,537		5,422,647
Due from brokers		4,026,058		1,015,003
Cash denominated in foreign currencies (cost $1,775,062 and $7,036,099)		1,616,642		7,037,511

Total equity in trading accounts		26,933,084		65,919,874

INVESTMENTS IN U.S. TREASURY NOTES — at fair value (amortized cost $119,856,983 and $165,525,889)		119,858,882		165,550,471

CASH AND CASH EQUIVALENTS		18,207,276		6,375,769

ACCRUED INTEREST RECEIVABLE		121,954		517,220

DUE FROM MILLBURN MULTI-MARKETS LTD.		1,846		1,730

DUE FROM MILLBURN MULTI-MARKETS FUND L.P.		2,863		2,325

TOTAL	$	165,125,905	$	238,367,389

LIABILITIES AND PARTNERS’ CAPITAL

LIABILITIES:
Net unrealized depreciation on open futures and forward currency contracts	$	560,581	$	100,584
Cash denominated in foreign currencies (cost $81,699 and $0)		86,428		-
Capital withdrawal payable		1,739,879		8,971,204
Management fee payable		214,360		297,685
Selling commissions payable		179,026		208,312
Accrued expenses		220,060		257,634
Due to brokers		-		3,412,494
Commissions and other trading fees on open futures contracts		14,490		43,361

Total liabilities		3,014,824		13,291,274

PARTNERS’ CAPITAL		162,111,081		225,076,115

TOTAL	$	165,125,905	$	238,367,389

See notes to financial statements

-2-

MILLBURN MULTI-MARKETS TRADING L.P.

CONDENSED SCHEDULE OF INVESTMENTS

AS OF DECEMBER 31, 2014

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

FUTURES CONTRACTS
Long futures contracts:
Grains		(0.10	)%	$	(161,378	)
Interest rates:
5 Year U.S. Treasury Note (504 contracts, settlement date March 2015)		0.01			12,359
30 Year U.S. Treasury Bond (40 contracts, settlement date March 2015)		0.03			51,094
Other interest rates		0.46			742,377

Total interest rates		0.50			805,830

Livestock		(0.01	)		(14,690	)
Metals		(0.70	)		(1,129,554	)
Softs		0.02			32,956
Stock indices		0.41			656,236

Total long futures contracts		0.12			189,400

Short futures contracts:
Energies		0.31			500,398
Grains		0.00			678
Interest rates		(0.10	)		(160,599	)
Livestock		0.10			167,720
Metals		0.49			796,529
Softs		0.29			460,177
Stock indices		0.06			101,126

Total short futures contracts		1.15			1,866,029

TOTAL INVESTMENTS IN FUTURES CONTRACTS — Net		1.27			2,055,429

FORWARD CURRENCY CONTRACTS
Total long forward currency contracts		(0.69	)		(1,117,993	)
Total short forward currency contracts		0.43			698,520

TOTAL INVESTMENTS IN FORWARD CURRENCY CONTRACTS — Net		(0.26	)		(419,473	)

TOTAL		1.01	%	$	1,635,956

(Continued)

-3-

MILLBURN MULTI-MARKETS TRADING L.P.

CONDENSED SCHEDULE OF INVESTMENTS

AS OF DECEMBER 31, 2014

U.S. TREASURY NOTES

			Fair Value
			as a % of
Face			Partners’			Fair
Amount		Description	Capital			Value

$	41,750,000	U.S. Treasury notes, 0.375%, 03/15/2015		25.77	%	$	41,780,171
	27,240,000	U.S. Treasury notes, 0.250%, 05/15/2015		16.81			27,260,217
	43,140,000	U.S. Treasury notes, 0.250%, 07/15/2015		26.63			43,170,333
	26,730,000	U.S. Treasury notes, 0.250%, 09/15/2015		16.50			26,742,008

		TOTAL INVESTMENTS IN U.S. TREASURY NOTES (amortized cost $138,948,095)		85.71	%	$	138,952,729

See notes to financial statements

(Concluded)

-4-

MILLBURN MULTI-MARKETS TRADING L.P.

CONDENSED SCHEDULE OF INVESTMENTS

AS OF DECEMBER 31, 2013

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

FUTURES CONTRACTS
Long futures contracts:
Energies		(0.05	)%	$	(113,824	)
Grains		(0.31	)		(688,487	)
Interest rates		(0.76	)		(1,698,101	)
Livestock		0.03			57,200
Metals		1.20			2,702,747
Softs		(0.02	)		(47,908	)
Stock indices		2.47			5,556,187

Total long futures contracts		2.56			5,767,814

Short futures contracts:
Energies		(0.05	)		(110,994	)
Grains		0.25			562,205
Interest rates:
5 Year U.S. Treasury Note (-460 contracts, settlement date March 2014)		0.00			6,281
10 Year U.S. Treasury Note (-89 contracts, settlement date March 2014)		0.01			12,047
30 Year U.S. Treasury Bond (-9 contracts, settlement date March 2014)		0.00			1,094
Other interest rates		(0.05	)		(117,832	)

Total interest rates		(0.04	)		(98,410	)

Livestock		(0.01	)		(12,350	)
Metals		(0.44	)		(997,297	)
Softs		0.05			112,455
Stock indices		0.06			127,200

Total short futures contracts		(0.18	)		(417,191	)

TOTAL INVESTMENTS IN FUTURES CONTRACTS — Net		2.38			5,350,623

FORWARD CURRENCY CONTRACTS
Total long forward currency contracts		(0.15	)		(335,431	)
Total short forward currency contracts		0.13			306,871

TOTAL INVESTMENTS IN FORWARD CURRENCY CONTRACTS — Net		(0.02	)		(28,560	)

TOTAL		2.36	%	$	5,322,063

(Continued)

-5-

MILLBURN MULTI-MARKETS TRADING L.P.

CONDENSED SCHEDULE OF INVESTMENTS

AS OF DECEMBER 31, 2013

U.S. TREASURY NOTES

Face Amount		Description	Fair Value as a % of Partners' Capital			Fair Value

$	64,750,000	U.S. Treasury notes, 0.375%, 03/15/2014		28.84	%	$	64,904,287
	27,240,000	U.S. Treasury notes, 0.250%, 05/15/2014		12.14			27,332,042
	68,540,000	U.S. Treasury notes, 0.250%, 07/15/2014		30.53			68,735,446
	56,970,000	U.S. Treasury notes, 0.250%, 09/15/2014		25.34			57,023,409
		Total investments in U.S. Treasury notes (amortized cost $217,965,484)		96.85	%	$	217,995,184

See notes to financial statements.

(Concluded)

-6-

MILLBURN MULTI-MARKETS TRADING L.P.

STATEMENTS OF OPERATIONS

YEARS ENDED DECEMBER 31, 2014 AND 2013

	2014			2013

INVESTMENT INCOME — Interest income	$	219,069		$	442,045

EXPENSES:
Brokerage commissions		750,088			1,465,468
Management fees		2,947,702			4,385,318
Selling commissions and platform fees		2,140,468			3,095,844
Administrative fee and operating expenses		962,330			1,215,297
Custody fees		45,322			58,483

Total expenses		6,845,910			10,220,410

Operating expenses borne by General Partner		(123,162	)		(52,085	)

Net expenses		6,722,748			10,168,325

NET INVESTMENT LOSS		(6,503,679	)		(9,726,280	)

REALIZED AND UNREALIZED GAINS (LOSSES):
Net realized gains (losses) on closed positions:
Futures and forward currency contracts		39,486,646			(13,147,152	)
Foreign exchange translation		36,034			(189,970	)
Net change in unrealized:
Futures and forward currency contracts		(3,686,107	)		2,064,775
Foreign exchange translation		(164,561	)		(15,411	)
Net gains (losses) from U.S. Treasury notes:
Realized		12,739			5,463
Net change in unrealized		(25,066	)		(39,322	)

Total net realized and unrealized gains (losses)		35,659,685			(11,321,617	)

NET INCOME (LOSS)		29,156,006			(21,047,897	)

LESS PROFIT SHARE TO GENERAL PARTNER		463,212			9,932

NET INCOME (LOSS) AFTER PROFIT SHARE TO GENERAL PARTNER	$	28,692,794		$	(21,057,829	)

See notes to financial statements

-7-

MILLBURN MULTI-MARKETS TRADING L.P.

STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL

YEARS ENDED DECEMBER 31, 2014 AND 2013

				New Profit
	Limited			Memo			General
	Partners			Account			Partner			Total

PARTNERS’ CAPITAL — January 1, 2013	$	332,882,210		$	-		$	1,682,328		$	334,564,538

Contributions		22,246,533			-			-			22,246,533
Withdrawals		(110,477,780	)		-			(209,279	)		(110,687,059	)
Net loss		(20,969,905	)		(653	)		(77,339	)		(21,047,897	)
General Partner’s allocation — profit share		(9,932	)		9,932			-			-
Transfer of New Profit Memo Account to General Partner		-			(9,279	)		9,279			-
PARTNERS’ CAPITAL — December 31, 2013		223,671,126			-			1,404,989			225,076,115

Contributions		8,701,175			-			-			8,701,175
Withdrawals		(99,521,289	)		-			(1,300,926	)		(100,822,215	)
Net income		28,862,443			37,714			255,849			29,156,006
General Partner’s allocation — profit share		(463,212	)		463,212			-			-
Transfer of New Profit Memo Account to General Partner		-			(500,926	)		500,926			-
PARTNERS’ CAPITAL — December 31, 2014	$	161,250,243		$	-		$	860,838		$	162,111,081

See notes to financial statements

-8-

MILLBURN MULTI-MARKETS TRADING L.P.

STATEMENTS OF FINANCIAL HIGHLIGHTS

YEARS ENDED DECEMBER 31, 2014 AND 2013

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

	2014			2013

Total return before General Partner profit share allocation		17.43	%		(6.64	)%
Less: General Partner profit share allocation		-			-

Total return after General Partner profit share allocation		17.43	%		(6.64	)%

Ratios to average net asset value:
Expenses ^{(1) (2)}		2.63	%		2.74	%
General Partner profit share allocation		-			-

Total expenses ^{(1) (2)}		2.63	%		2.74	%

Net investment loss ^{(1) (2) (3)}		(2.52	)%		(2.58	)%

Total returns and the ratios to average net asset value are calculated for a Limited Partner. An individual Limited Partner’s total returns and ratios may vary from the above total returns and ratios based on different management fee and General Partner profit share allocation agreements and the timing of contributions and withdrawals.

⁽¹⁾ Includes the proportionate share of expenses of the U.S. Feeder, Cayman Feeder and Cayman SPC Feeder (as defined in Footnote 1).

⁽²⁾ Ratios are computed net of voluntary waivers of operating expenses borne by the General Partner of the Partnership. For each of the years ended December 31, 2014 and 2013, the ratios are net of the 0.06% and 0.02% effect of the voluntary waivers of operating expenses, respectively.

⁽³⁾ Excludes General Partner profit share allocation and includes interest income.

See notes to financial statements

-9-

MILLBURN MULTI-MARKETS TRADING L.P.

STATEMENTS OF FINANCIAL HIGHLIGHTS

YEARS ENDED DECEMBER 31, 2014 AND 2013

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

	2014			2013

Total return before General Partner profit share allocation		16.42	%		(7.51	)%
Less: General Partner profit share allocation		0.24			-

Total return after General Partner profit share allocation		16.18	%		(7.51	)%

Ratios to average net asset value:
Expenses ^{(1) (2)}		3.49	%		3.70	%
General Partner profit share allocation		0.24			-

Total expenses ^{(1) (2)}		3.73	%		3.70	%

Net investment loss ^{(1) (2) (3)}		(3.38	)%		(3.54	)%

Total returns and the ratios to average net asset value are calculated for Limited Partners’ capital taken as a whole. An individual Limited Partner’s total returns and ratios may vary from the above total returns and ratios based on different management fee and General Partner profit share allocation agreement and the timing of contributions and withdrawals.

⁽¹⁾ Includes the proportionate share of expenses of the U.S. Feeder, Cayman Feeder and Cayman SPC Feeder (as defined in Footnote 1).

⁽²⁾ Ratios are computed net of voluntary waivers of operating expenses borne by the General Partner of the Partnership. For each of the two years ended December 31, 2014 and 2013, the ratios are net of the 0.06% and 0.02% effect of the voluntary waivers of operating expenses, respectively.

⁽³⁾ Excludes General Partner profit share allocation and includes interest income.

See notes to financial statements

-10-

MILLBURN MULTI-MARKETS TRADING L.P.

NOTES TO FINANCIAL STATEMENTS

YEARS ENDED DECEMBER 31, 2014 AND 2013

ORGANIZATION

Millburn Multi-Markets Trading L.P. (the “Partnership”) is a limited partnership organized in September 2004 under the Delaware Revised Uniform Limited Partnership Act and commenced operations on October 20, 2004. The Partnership engages in the speculative trading of futures and forward currency contracts and also acts as a master fund for Millburn Multi-Markets Ltd., a Cayman Islands exempted company (the “Cayman Feeder”), Millburn Multi-Markets Fund L.P., a Delaware limited partnership (the “U.S. Feeder”) and until its liquidation on September 30, 2014, Millburn Multi-Markets Low Vol SPC, a Cayman Islands Segregated Portfolio Company (the “Cayman SPC Feeder”). The U.S. Feeder and Cayman Feeder invest substantially all of their assets in the Partnership and the Cayman SPC Feeder, prior to its liquidation, invested approximately two-thirds of its assets in the Partnership. The Cayman Feeder, U.S. Feeder and Cayman SPC Feeder commenced operations on July 1, 2008, August 1, 2009 and November 1, 2012, respectively. All feeder fees and expenses will be charged at the master level. The Partnership is subject to the regulations of the Commodity Futures Trading Commission, an agency of the United States (“U.S.”) government which regulates most aspects of the commodity futures industry; rules of the National Futures Association, an industry self-regulatory organization; and the requirements of commodity exchanges and futures commission merchants (brokers) through which the Partnership trades. On September 30, 2014, the Cayman SPC Feeder fully redeemed 100% of its partnership interest in the Master Fund.

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

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

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

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

-11-

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

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

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

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

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

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

Cash — Cash includes cash held at J.P. Morgan Chase Bank, N.A.

Foreign Currency Cash — Includes foreign currency cash held at the Partnership’s trading counterparties.

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

Management Fees — The Agreement provides that the Partnership shall charge the limited partners’ capital accounts and pay the General Partner management fees at a fixed rate of 0.167% per month of net asset value (2% per annum) of limited partnership interests. The General Partner retains the right to charge less than the annual management fee rate except as specified in the Agreement. Management fees for the years ended December 31, 2014 and 2013 were as follows:

-12-

	2014		2013

US Feeder	$	2,344,823	$	3,519,872
Cayman Feeder		177,682		196,024
SPC Cayman Feeder ⁽¹⁾		367,859		574,319
Other ⁽²⁾		57,338		95,103
Total	$	2,947,702	$	4,385,318

⁽¹⁾ For the period from January 1, 2014 through September 30, 2014 and for the year ended December 31, 2013.

⁽²⁾ Direct investors in the Partnership

Selling Commissions — The U.S. Feeder has issued Units to its investors that are subject to selling commissions of 2% per annum or platform fees of 0.25% per annum. These selling commissions and platform fees are charged at the Partnership level but are allocated only to the applicable U.S. Feeder investors. On March 1, 2012, The Cayman Feeder began offering shares that are subject to selling commissions of 2% per annum. The Cayman SPC was not charged selling commissions or platform fees. Selling commissions and platform fees for the years ended December 31, 2014 and 2013 were as follows:

									Total Selling Commissions
	Selling Commissions				Platform Fees				and Platform Fees
	2014		2013		2014		2013		2014		2013

U.S. Feeder	$	2,103,773	$	3,023,015	$	20,749	$	40,283	$	2,124,522	$	3,063,298
Cayman Feeder		15,946		32,546		-		-		15,946		32,546

Total	$	2,119,719	$	3,055,561	$	20,749	$	40,283	$	2,140,468	$	3,095,844

Administrative and Operating Expenses — The General Partner of the Partnership is paid a monthly administration fee for certain accounting, tax, legal and operational services it provides to the Partnership (the “Administration Fee”) calculated at 0.05% of month-end partners’ capital prior to reduction for capital withdrawals, management fees and the Administrative Fee then being calculated.

The Partnership bears expenses including, but not limited to, periodic legal, accounting and filing fees up to an amount equal to 1/4 of 1% per annum of average Partners’ Capital of the Partnership (the “Expense Cap”). Amounts subject to the Expense Cap include expenses incurred at the Partnership level, Cayman Feeder level and Cayman SPC Feeder Level, and the Administration Fee due to the General Partner. The General Partner of the Partnership and the Investment Adviser of the Cayman Feeder and Cayman SPC Feeder bear any excess over such amounts. The Partnership, the U.S. Feeder, the Cayman Feeder and the Cayman SPC Feeder will pay any extraordinary expenses. The Investment Adviser of the Cayman Feeder directly paid operating expenses in excess of 1/4 of 1% of average stockholders’ equity for the year ended December 31, 2014 and 2013 as well as for the Cayman SPC Feeder for the period ended December 31, 2013. The Investment Adviser of the Cayman SPC did not pay expenses in excess of 1/4 of 1% of average stockholders’ equity for the period ended September 30, 2014.

The U.S. Feeder bears its own expenses including, but not limited to, periodic legal, accounting and filing fees. Total operating expenses related to investors in the U.S. Feeder (including their pro-rata share of Partnership expenses) are not expected to exceed 1/2 of 1% per annum of the U.S. Feeder’s average month-end partners’ capital. For the year ended December 31, 2014, such operating expenses did not exceed 1/2 of 1% per annum of the U.S. Feeder’s average month-end partners’ capital.

-13-

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

For the year ended December 31, 2014, operating expenses and the administration fee were as follows:

Fund	Operating			Administration		Total
	Expenses			Fee

Partnership	$	333,749		$	90,704	$	424,453
U.S. Feeder		388,707			-		388,707
Cayman Feeder		58,314			-		58,314
Cayman SPC Feeder ⁽¹⁾		90,856			-		90,856
Total	$	871,626		$	90,704	$	962,330

Borne by General Partner or Investment Adviser *	$	(123,162	)	$	-	$	(123,162	)

For the year ended December 31, 2013, operating expenses and the administration fee were as follows:

Fund	Operating			Administration		Total
	Expenses			Fee

Partnership	$	450,436		$	130,010	$	580,446
U.S. Feeder		502,043			-		502,043
Cayman Feeder		52,085			-		52,085
Cayman SPC Feeder		80,723			-		80,723
Total	$	1,085,287		$	130,010	$	1,215,297

Borne by General Partner or Investment Adviser *	$	(52,085	)	$	-	$	(52,085	)

* by General Partner (in the case of the Partnership and U.S. Feeder) or Investment Adviser (Cayman Feeder and Cayman SPC Feeder)

⁽¹⁾ For the period from January 1, 2014, through September 30, 2014.

The General Partner has paid expenses incurred in connection with the organization of the U.S. Feeder. The total amount paid by the General Partner was $191,967. The Partnership, on behalf of the U.S. Feeder, 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% of the U.S. Feeder’s month-end net asset value (a 0.05% annual rate), such excess will not be reimbursed by the Partnership, but will be absorbed by the General Partner. For the period August 1, 2009 through December 31, 2014, pursuant to this calculation, $30,987 has been borne by the General Partner and will not be reimbursed by the Partnership. For the years ended December 31, 2014 and 2013, costs incurred were $22,396 and $38,388, respectively and are included in “Administrative and operating expenses” in the Partnership’s Statements of Operations. Further, as of December 31, 2014 and 2013, $0 and $3,199, respectively, were payable to the General Partner as reimbursement for such costs and are included in “Accrued expenses” in the Partnership’s Statements of Financial Condition. The final accrual period was July 31, 2014.

-14-

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

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

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

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

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

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

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

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

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

-15-

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

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

During the years ended December 31, 2014 and 2013, there were no transfers of assets or liabilities between Level 1 and Level 2. The following table represents the Partnership’s investments by hierarchical level as of December 31, 2014 and 2013 in valuing the Partnership’s investments at fair value. At December 31, 2014 and 2013, the Partnership held no assets or liabilities classified in Level 3.

-16-

Financial assets at fair value as of December 31, 2014

	Level 1			Level 2			Total

U.S. Treasury notes ⁽¹⁾	$	138,952,729		$	-		$	138,952,729

Exchange-traded futures contracts
Energies		500,398			-			500,398
Grains		(160,700	)		-			(160,700	)
Interest rates		645,231			-			645,231
Livestock		153,030			-			153,030
Metals		(333,025	)		-			(333,025	)
Softs		493,133			-			493,133
Stock indices		757,362			-			757,362

Total exchange-traded futures contracts		2,055,429			-			2,055,429

Over-the-counter forward currency contracts		-			(419,473	)		(419,473	)

Total futures and forward currency contracts⁽²⁾		2,055,429			(419,473	)		1,635,956

Total financial assets at fair value	$	141,008,158		$	(419,473	)	$	140,588,685

Per line item in Statements of Financial Condition
(1)
Investments in U.S. Treasury notes held in equity trading accounts (as collateral)	$	19,093,847
Investments in U.S. Treasury notes		119,858,882
Total investments in U.S. Treasury notes	$	138,952,729

(2)

Net unrealized appreciation on open futures and forward currency contracts	$	2,196,537
Net unrealized depreciation on open futures and forward currency contracts		(560,581	)
Net unrealized appreciation on open futures and forward currency contracts	$	1,635,956

-17-

Financial assets at fair value as of December 31, 2013

	Level 1			Level 2			Total

U.S. Treasury notes ⁽¹⁾	$	217,995,184		$	-		$	217,995,184

Exchange-traded futures contracts
Energies		(224,818	)		-			(224,818	)
Grains		(126,282	)		-			(126,282	)
Interest rates		(1,796,511	)		-			(1,796,511	)
Livestock		44,850			-			44,850
Metals		1,705,450			-			1,705,450
Softs		64,547			-			64,547
Stock indices		5,683,387			-			5,683,387

Total exchange-traded futures contracts		5,350,623			-			5,350,623

Over-the-counter forward currency contracts		-			(28,560	)		(28,560	)

Total futures and forward currency contracts⁽²⁾		5,350,623			(28,560	)		5,322,063

Total financial assets at fair value	$	223,345,807		$	(28,560	)	$	223,317,247

Per line item in Statements of Financial Condition
(1)
Investments in U.S. Treasury notes held in equity trading accounts (as collateral)	$	52,444,713
Investments in U.S. Treasury notes		165,550,471
Total investments in U.S. Treasury notes	$	217,995,184

(2)

Net unrealized appreciation on open futures and forward currency contracts	$	5,422,647
Net unrealized depreciation on open futures and forward currency contracts		(100,584	)
Net unrealized appreciation on open futures and forward currency contracts	$	5,322,063

ADMINISTRATOR AGREEMENT

The Partnership, U.S. Feeder, Cayman Feeder, and Cayman SPC Feeder (collectively, the “Funds”) have engaged CACEIS (USA) Inc. (the “Administrator”) to provide certain administrative services for the Funds, including, but not limited to, maintaining the books and records of the Funds and valuation of the Funds’ net asset value.

PROFIT SHARE ALLOCATION

The Agreement provides that the General Partner’s profit share equal to 20% of Trading Profits at the end of each year is charged to the limited partners’ capital accounts. New Trading Profits include realized and unrealized trading profits (losses), interest income, brokerage fees, trading-related expenses and administrative expenses. For limited partners’ withdrawals during the year, the profit share calculation shall be computed as though the withdrawal date was at year-end. Profit share attributable to interests redeemed during a year is tentatively credited to an account maintained for bookkeeping purposes called the New Profit Memo Account. Because limited partners may purchase their partnership interests at different times, they may recognize different amounts of Trading Profits. Each limited partner pays a profit share only on Trading Profits applicable to its partnership interest. Profit share will be determined based on the Trading Profits of each limited partners’ investment in the Partnership as a whole rather than on the Trading Profits of each capital contribution made by a limited partner.

-18-

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

DUE FROM/TO BROKERS

At December 31, 2014 and 2013, due from and due to brokers balances, if any, in the Statements of Financial Condition include net cash receivable from each broker and net cash payable to each broker, respectively.

TRADING ACTIVITIES

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

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

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

DERIVATIVE INSTRUMENTS

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

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

-19-

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

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

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

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

Credit risk is the possibility that a loss may occur due to the failure of a counterparty to perform according to the terms of a contract. Credit risk is normally reduced to the extent that an exchange or clearing organization acts as counterparty to futures transactions since typically the collective credit of the members of the exchange is pledged to support the financial integrity of the exchange. In the case of OTC transactions, the Partnership must rely solely on the credit of the individual counterparties. The contract amounts of the forward currency and futures contracts do not represent the Partnership’s risk of loss due to counterparty nonperformance. The Partnership’s exposure to credit risk associated with counterparty nonperformance of these forward currency contracts is limited to the unrealized gains inherent in such contracts which are recognized in the Statements of Financial Condition plus the value of margin or collateral held in cash and U.S. Treasury Notes by the counterparty. The amount of such credit risk was $9,145,400 and $16,770,954 at December 31, 2014 and 2013, respectively.

The General Partner has established procedures to actively monitor market risk and minimize credit risk although there can be no assurance that it will, in fact, succeed in doing so. The General Partner’s market risk control procedures include diversification of the Partnership’s portfolio and continuously monitoring the portfolio’s open positions, historical volatility and maximum historical loss. The General Partner seeks to minimize credit risk primarily by depositing and maintaining the Partnership’s assets at financial institutions and brokers which the General Partner believes to be creditworthy. The Partnership’s trading activities are primarily with brokers and other financial institutions located in North America, Europe and Asia. All futures transactions of the Partnership are cleared by major securities firms, pursuant to customer agreements, including Barclays Capital Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc. (a wholly owned subsidiary of Deutsche Bank AG), J.P. Morgan Securities, LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated, collectively the “Futures Clearing Brokers.” The Partnership ceased clearing trades through Barclays Capital Inc., Credit Suisse Securities (USA) LLC, and Merrill Lynch, Pierce, Fenner & Smith Incorporated during April 2014, July 2013, and June 2013, respectively. For all forward currency transactions, the Partnership utilizes three prime brokers: Barclays Bank PLC, Deutsche Bank AG and Morgan Stanley & Co., LLC, collectively the “FX Prime Brokers.” The Partnership ceased clearing trades through Barclays Bank PLC during October 2014.

-20-

The Partnership is subject to sovereign risk such as the risk of restrictions being imposed by foreign governments on the repatriation of cash and the effects of political or economic uncertainties. Net unrealized appreciation (depreciation) on futures and forward currency contracts are denominated in the Partnership’s functional currency (U.S. Dollar). Cash settlement of futures and forward currency contracts is made in the local currency (settlement currency) and then translated to U.S. Dollars. Net unrealized appreciation (depreciation) on futures and forward currency contracts at December 31, 2014 and 2013, by settlement currency type, denominated in U.S. Dollars, is detailed below:

	As of December 31,
	2014						2013
	Total Net						Total Net
	Unrealized						Unrealized
	Appreciation			Percent			Appreciation			Percent
Currency Type	(Depreciation)			of Total			(Depreciation)			of Total

Australian dollar	$	84,864			5.19	%	$	395,265			7.43	%
British pound		591,288			36.14			106,934			2.01
Canadian dollar		95,447			5.83			331,913			6.24
Czech koruna		7,069			0.43			(7,770	)		(0.15	)
Euro		429,014			26.22			1,418,971			26.66
Hong Kong dollar		27,900			1.71			241,577			4.54
Hungarian forint		(164,979	)		(10.08	)		38,431			0.72
Japanese yen		47,203			2.89			836,696			15.72
Korean won		143,204			8.75			189,965			3.57
Malaysian ringgit		(7,508	)		(0.46	)		118,255			2.22
Norwegian krone		6,903			0.42			(26,065	)		(0.49	)
Polish zloty		(216,991	)		(13.26	)		107,076			2.01
Singapore dollar		5,197			0.32			60,757			1.14
South African rand		(9,011	)		(0.55	)		273,202			5.13
Swedish krona		19,463			1.19			(61,438	)		(1.15	)
Turkish lira		(131,074	)		(8.01	)		443,341			8.33
U.S. dollar		707,967			43.27			854,953			16.07

Total	$	1,635,956			100.00	%	$	5,322,063			100.00	%

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

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

The Partnership engages in the speculative trading of futures and forward contracts on agricultural commodities, currencies, energies, interest rates, metals, and stock indices. The following were the primary trading risk exposures of the Partnership at December 31, 2014 and 2013, by market sector:

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

-21-

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

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

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

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

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

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

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

-22-

The following table presents the fair value of open futures and forward currency contracts, held long or sold short, at December 31, 2014 and 2013. 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 Statements of Financial Condition.

Fair Value of Futures and Forward Currency Contracts at December 31, 2014

	Fair Value - Long Positions					Fair Value - Short Positions					Net Unrealized Gain (Loss)on
Sector	Gains		Losses			Gains		Losses			Open Positions
Futures contracts:
Energies	$	-	$	-		$	524,710	$	(24,312	)	$	500,398
Grains		11,552.00		(172,930	)		852		(174	)		(160,700	)
Interest rates		1,373,183		(567,353	)		-		(160,599	)		645,231
Livestock		2,670		(17,360	)		167,720		-			153,030
Metals		11,216		(1,140,770	)		820,318		(23,789	)		(333,025	)
Softs		43,201		(10,245	)		475,037		(14,860	)		493,133
Stock indices		970,972		(314,736	)		143,204		(42,078	)		757,362
Total futures contracts		2,412,794		(2,223,394	)		2,131,841		(265,812	)		2,055,429

Forward currency contracts		424,804		(1,542,797	)		1,670,536		(972,016	)		(419,473	)

Total futures and forward currency contracts	$	2,837,598	$	(3,766,191	)	$	3,802,377	$	(1,237,828	)	$	1,635,956

Fair Value of Futures and Forward Currency Contracts at December 31, 2013

											Net Unrealized
	Fair Value - Long Positions					Fair Value - Short Positions					Gain (Loss) on
Sector	Gains		Losses			Gains		Losses			Open Positions
Futures contracts:
Energies	$	324,204	$	(438,028	)	$	116,564	$	(227,558	)	$	(224,818	)
Grains		13,743		(702,230	)		572,390		(10,185	)		(126,282	)
Interest rates		269,826		(1,967,927	)		75,706		(174,116	)		(1,796,511	)
Livestock		61,020		(3,820	)		8,290		(20,640	)		44,850
Metals		3,040,144		(337,397	)		150,605		(1,147,902	)		1,705,450
Softs		117,351		(165,259	)		138,379		(25,924	)		64,547
Stock indices		5,585,169		(28,982	)		146,700		(19,500	)		5,683,387
Total futures contracts		9,411,457		(3,643,643	)		1,208,634		(1,625,825	)		5,350,623

Forward currency contracts		1,735,216		(2,070,647	)		757,083		(450,212	)		(28,560	)

Total futures and forward currency contracts	$	11,146,673	$	(5,714,290	)	$	1,965,717	$	(2,076,037	)	$	5,322,063

-23-

The effect of trading futures and forward currency contracts is presented on the Statements of Operations for the years ended December 31, 2014 and 2013 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:

Sector	2014			2013

Futures contracts:
Energies	$	2,173,971		$	(5,558,370	)
Grains		2,087,569			2,231,768
Interest rates		26,163,425			(22,799,279	)
Livestock		1,043,952			(1,020,430	)
Metals		(1,798,631	)		(1,863,568	)
Softs		2,249,736			334,750
Stock indices		3,089,451			26,916,795

Total futures contracts		35,009,473			(1,758,334	)

Forward currency contracts		791,066			(9,324,043	)

Total futures and forward currency contracts	$	35,800,539		$	(11,082,377	)

For the year ended December 31, 2014, the monthly average number of futures contracts bought and sold was 18,575 and 19,013, respectively, and the monthly average notional value of forward currency contracts traded was approximately $565,000,000.

For the year ended December 31, 2013, the monthly average number of futures contracts bought and sold was 34,170 and 35,026, respectively, and the monthly average notional value of forward currency contracts traded was approximately $1,315,000,000.

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

On January 1, 2013, the Partnership adopted ASU 2011-11, “Disclosure about Offsetting Assets and Liabilities” and ASU 2013-01, “Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities.” ASU 2011-01 and ASU 2013-01 did not have a significant impact on the Partnership’s financial statements.

-24-

The following tables summarize the valuation of the Partnership’s investments as of December 31, 2014 and 2013.

Offsetting of derivative assets and liabilities at December 31, 2014
			Gross amounts			Net amounts of
			offset in the			assets presented in
	Gross amounts of		Statement of			the Statement of
Assets	recognized assets		Financial Condition			Financial Condition

Futures contracts
Counterparty C	$	1,796,920	$	(684,174	)	$	1,112,746
Counterparty D		2,747,715		(1,805,032	)		942,683
Total futures contracts		4,544,635		(2,489,206	)		2,055,429

Forward currency contracts
Counterparty G		798,097		(656,989	)		141,108
Total assets	$	5,342,732	$	(3,146,195	)	$	2,196,537

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

Forward currency contracts
Counterparty H	$	1,857,824	$	(1,297,243	)	$	560,581
Total liabilities	$	1,857,824	$	(1,297,243	)	$	560,581

(Continued)

-25-

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

Counterparty C	$	1,112,746	$	-	$	(1,112,746	)	$	-
Counterparty D		942,683		-		(942,683	)		-
Counterparty G		141,108		-		(141,108	)		-
Total	$	2,196,537	$	-	$	(2,196,537	)	$	-

			Amounts Not Offset in the Statement of Financial Condition
	Net amounts of
	Liabilities
	presented in the
Counterparty	Statement of Financial		Financial		Collateral
	Condition		Instruments		Pledged⁽¹⁾⁽²⁾			Net Amount⁽⁴⁾

Counterparty H	$	560,581	$	-	$	(560,581	)	$	-
Total	$	560,581	$	-	$	(560,581	)	$	-

⁽¹⁾ Collateral received and pledged includes both cash and U.S. Treasury notes held at each broker.

⁽²⁾ Collateral disclosed is limited to an amount not to exceed 100% of the net amount of assets the Statement of Financial Condition, for each respective counterparty.

⁽³⁾Net amount represents the amounts owed to the Partnership by each counterparty as of December 31, 2014. Net amount represents the amount that is subject to loss in the event of a counterparty December 31, 2014.

⁽⁴⁾ Net amount represents the amounts owed by the Partnership to each counterparty as of December 31, 2014.

(Concluded)

-26-

Offsetting of derivative assets and liabilities at December 31, 2013
			Gross amounts			Net amounts of
			offset in the			assets presented in
	Gross amounts of		Statement of			the Statement of
Assets	recognized assets		Financial Condition			Financial Condition

Futures contracts
Counterparty A	$	2,277,503	$	(400,071	)	$	1,877,432
Counterparty C		6,037,494		(3,092,216	)		2,945,278
Counterparty D		2,305,094		(1,777,181	)		527,913
Total futures contracts		10,620,091		(5,269,468	)		5,350,623

Forward currency contracts
Counterparty F		229,752		(207,282	)		22,470
Counterparty G		53,380		(3,826	)		49,554
Total forward currency contracts		283,132		(211,108	)		72,024
Total assets	$	10,903,223	$	(5,480,576	)	$	5,422,647

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

Forward currency contracts
Counterparty H	$	2,309,751	$	(2,209,167	)	$	100,584
Total liabilities	$	2,309,751	$	(2,209,167	)	$	100,584

(Continued)

-27-

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

Counterparty A	$	1,877,432	$	-	$	(1,877,432	)	$	-
Counterparty C		2,945,278		-		(2,945,278	)
Counterparty D		527,913		-		(527,913	)
Counterparty F		22,470		-		(22,470	)		-
Counterparty G		49,554		-		(49,554	)		-

Total	$	5,422,647	$	-	$	(5,422,647	)	$	-

	Amounts Not Offset in the Statement
	of Financial Condition
	Net amounts of
	Liabilities
	presented in the
Counterparty	Statement of Financial		Financial		Collateral
	Condition		Instruments		Pledged⁽¹⁾⁽²⁾			Net Amount⁽⁴⁾

Counterparty H	$	100,584	$	-	$	(100,584	)	$	-
Total	$	100,584	$	-	$	(100,584	)	$	-

⁽¹⁾ Collateral received and pledged includes both cash and U.S. Treasury notes held at each broker.

⁽²⁾ Collateral disclosed is limited to an amount not to exceed 100% of the net amount of assets the Statement of Financial Condition, for each respective counterparty.

⁽³⁾Net amount represents the amounts owed to the Partnership by each counterparty as of December 31, 2013. Net amount represents the amount that is subject to loss in the event of a counterparty December 31, 2013.

⁽⁴⁾Net amount represents the amounts owed by the Partnership to each counterparty as of December 31, 2013.

(Concluded)

FINANCIAL HIGHLIGHTS

The ratios are calculated based on 1) a limited partner that is charged a monthly management fee of 1/12 of 2.00% (2.00% 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 partner’s 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 2.00% (2.00% 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.

-28-

INVESTORS IN MILLBURN MULTI-MARKETS TRADING L.P.

The U.S. Feeder and Cayman Feeder invest substantially all of their assets in the Partnership, and the Cayman SPC Feeder invests approximately two-thirds of its assets in the Partnership. For the years ended December 31, 2014 and 2013, respective ownership percentages of the Partnership are detailed below:

	2014			2013

U.S. Feeder		73.17	%		59.64	%
Cayman Feeder		5.51			3.60
Cayman SPC Feeder ⁽¹⁾		-			23.54

Total		78.68	%		86.78	%

⁽¹⁾ For the period January 1, 2014 , through September 30, 2014.

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

The capital withdrawals payable at December 31, 2014 and 2013 were $1,739,879 and $8,971,204, respectively, detailed below. There were no redemptions payable to the Cayman SPC Feeder at December 31, 2014 and 2013.

	2014		2013

Direct investors ⁽²⁾	$	800,925	$	1,509,279
U.S. Feeder		838,054		7,461,925
Cayman Feeder		100,900		-

Total	$	1,739,879	$	8,971,204

⁽²⁾ Includes General Partner redemptions, of $300,000 and profit share of $500,925, totaling $800,925, at December 31, 2014, and $9,279, at December 31, 2013.

10.

SUBSEQUENT EVENTS

During the period from January 1, 2015 to March 20, 2015, contributions of $4,311,570 were made to the Partnership and withdrawals of $1,746,066 were made from the Partnership. The General Partner has performed its evaluation of subsequent events through March 20, 2015, the date the financial statements were issued. Based on such evaluation, no further events were discovered that required disclosure or adjustment to the financial statements.

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Millburn Multi-Markets Fund L.P. - FORM 10-K - EX-13.1 - EXHIBIT 13.1 - March 30, 2015

Attached files

Millburn Multi-Markets Fund L.P. Reports