
PART 1. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS



Nestor Partners
Financial statements
For the three months ended March 31, 2022 and 2021 ~~and 2020~~ (unaudited)

Statements of Financial Condition (a)						1
Condensed Schedules of Investments (a)						2
Statements of Operations (b)						6
Statements of Changes in Partners' Capital (b)						7
Statements of Financial Highlights (b)						8
Notes to the Financial Statements						9
						9

(a) At March 31, ~~2021~~2022 (unaudited) and December 31, ~~2020~~2021
(b) For the three months ended March 31, 2022 and 2021 ~~and 2020~~ (unaudited)

‎


Nestor Partners
Statements of Financial Condition

		March 31, 2022 (unaudited)		December 31, 2021
ASSETS

EQUITY IN TRADING ACCOUNTS:
Investments in U.S. Treasury notes − at fair value
(amortized cost $20,231,075 and $19,568,494)	$	20,219,062	$	19,563,280
Net unrealized appreciation on open futures and forward
currency contracts		3,222,286		481,160
Due from brokers, net		4,673,789		3,826,824
Cash denominated in foreign currencies (cost $587,281
and $1,080,882)		579,542		1,072,270

Total equity in trading accounts		28,694,679		24,943,534

INVESTMENTS IN U.S. TREASURY NOTES − at fair value
(amortized cost $88,209,958 and $85,727,554)		88,068,317		85,711,769

CASH AND CASH EQUIVALENTS		9,742,601		8,987,690

ACCRUED INTEREST RECEIVABLE		504,710		676,077

TOTAL	$	127,010,307	$	120,319,070

LIABILITIES AND PARTNERS' CAPITAL

LIABILITIES:
Net unrealized depreciation on open futures and forward
currency contracts	$	650,340	$	766,206
Accrued brokerage fees		179,024		187,123
Due to brokers, net		-		93,087
Cash denominated in foreign currencies (cost $1,094,142
and $177,683)		1,070,298		177,244
Accrued expenses		98,373		25,658
Capital withdrawals payable to Limited Partners		600,435		458,676
Capital withdrawals payable to General Partner		-		250,478
Accrued profit share		109,775		-

Total liabilities		2,708,245		1,958,472

PARTNERS' CAPITAL		124,302,062		118,360,598

TOTAL	$	127,010,307	$	120,319,070


See notes to financial statements (unaudited)

Nestor Partners
Statements of Financial Condition

March 31, 2021 (unaudited)

December 31, 2020
ASSETS

EQUITY IN TRADING ACCOUNTS:

Investments in U.S. Treasury notes − at fair value

(amortized cost $15,421,406 and $16,975,256)
$
15,426,604

$
16,975,076
Net unrealized appreciation on open futures and forward

currency contracts

604,399

3,349,977
Due from brokers, net

4,430,379

3,504,342
Cash denominated in foreign currencies (cost $6,637,569

and $3,606,813)

6,600,910

3,778,714

Total equity in trading accounts

27,062,292

27,608,109

INVESTMENTS IN U.S. TREASURY NOTES − at fair value

(amortized cost $84,988,942 and $84,618,660)

85,002,965

84,609,461

CASH AND CASH EQUIVALENTS

9,608,950

9,230,173

ACCRUED INTEREST RECEIVABLE

707,310

727,283

TOTAL
$
122,381,517

$
122,175,026

LIABILITIES AND PARTNERS' CAPITAL

LIABILITIES:

Net unrealized depreciation on open futures and forward

currency contracts
$
633,761

$
22,579
Accrued brokerage fees

180,090

194,550
Due to brokers, net

888,196

61
Accrued expenses

84,280

10,749
Capital withdrawals payable to Limited Partners

2,123,045

3,397,887
Capital withdrawals payable to General Partner

-

271
Accrued profit share

237

-

Total liabilities

3,909,609

3,626,097

PARTNERS' CAPITAL

118,471,908

118,548,929

TOTAL
$
122,381,517

$
122,175,026

See notes to financial statements (unaudited)

Nestor Partners
Condensed Schedule of Investments
March 31, 2021 (unaudited)

Futures and Forward Currency Contracts
Net Unrealized
Appreciation/
(Depreciation) as a % of
Partners' Capital

Net Unrealized
Appreciation/
(Depreciation)
FUTURES CONTRACTS

Long futures contracts:

Energies
(0.33)
%
$
(386,650)
Grains
0.27

318,273
Interest rates
(0.58)

(683,030)
Metals
0.12

141,848
Softs
(0.01)

(13,990)
Stock indices
0.34

398,833

Total long futures contracts
(0.19)

(224,716)

Short futures contracts:

Grains
0.07

87,562
Interest rates
0.02

22,200
Livestock
(0.01)

(11,540)
Metals
0.07

83,186
Softs
0.13

159,537
Stock indices
0.29

334,755

Total short futures contracts
0.57

675,700

TOTAL INVESTMENTS IN FUTURES CONTRACTS − Net
0.38

450,984
FORWARD CURRENCY CONTRACTS

Total long forward currency contracts
(3.26)

(3,867,129)
Total short forward currency contracts
2.86

3,386,783

TOTAL INVESTMENTS IN FORWARD CURRENCY

CONTRACTS − Net
(0.40)

(480,346)

TOTAL
(0.02)
%
$
(29,362)

(Continued)

Nestor Partners
Condensed Schedule of Investments
March 31, 2021 (unaudited)

U.S. TREASURY NOTES

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

Fair Value

$
27,200,000
   U.S. Treasury notes, 2.625%, 05/15/2021
23.03
%
$
27,286,062

24,470,000
   U.S. Treasury notes, 2.750%, 08/15/2021
20.87

24,721,391

47,840,000
   U.S. Treasury notes, 2.000%, 11/15/2021
40.87

48,422,116

TOTAL INVESTMENTS IN U.S. TREASURY

NOTES (amortized cost $100,410,348)
84.77
%
$
100,429,569

See notes to financial statements (unaudited)

(Concluded)


Nestor Partners	Nestor Partners				Nestor Partners
Condensed Schedule of Investments	Condensed Schedule of Investments				Condensed Schedule of Investments
December 31, 2020
March 31, 2022 (unaudited)					March 31, 2022 (unaudited)

Futures and Forward Currency Contracts	Net Unrealized Appreciation/ (Depreciation) as a % of Partners' Capital			Net Unrealized Appreciation/ (Depreciation)	Net Unrealized ‎Appreciation/ ‎(Depreciation) as a % of ‎Partners' Capital			Net Unrealized ‎Appreciation/ ‎(Depreciation)

FUTURES CONTRACTS
Long futures contracts:
Currencies					0.00	%	$	1,047
Energies	0.13	%	$	148,740	(0.30)			(372,710)
Grains	0.51			600,650	(0.36)			(447,719)
Interest rates:
2 Year U.S. Treasury Note (71 contracts, settlement date March 2021)	0.00			2,281
5 Year U.S. Treasury Note (426 contracts, settlement date March 2021)	0.04			41,976
10 Year U.S. Treasury Note (351 contracts, settlement date March 2021)	0.03			34,219
30 Year U.S. Treasury Bond (99 contracts, settlement date March 2021)	0.02			18,469
Other	0.23			277,026

Total interest rates	0.32			373,971

Interest rates					(0.07)			(92,719)
Livestock					(0.01)			(13,020)
Metals	0.88			1,055,682	1.25			1,554,746
Softs	0.05			63,371	0.12			154,268
Stock indices	0.69			813,187	(0.13)			(168,511)

Total long futures contracts	2.58			3,055,601	0.50			615,382

Short futures contracts:
Currencies					0.04			52,442
Energies	0.08			100,090	0.01			8,774
Grains	(0.05)			(58,775)	0.05			67,388
Interest rates	(0.00)			(4,342)	0.64			791,793
Livestock	(0.00)			(2,970)	0.00			1,640
Metals	(0.16)			(186,813)	(1.15)			(1,424,727)
Softs	(0.02)			(20,954)	(0.01)			(11,800)
Stock indices	0.11			131,299	0.46			570,700

Total short futures contracts	(0.04)			(42,465)	0.04			56,210

TOTAL INVESTMENTS IN FUTURES CONTRACTS − Net	2.54			3,013,136	0.54			671,592
FORWARD CURRENCY CONTRACTS
Total long forward currency contracts	1.45			1,716,305	1.49			1,852,838
Total short forward currency contracts	(1.18)			(1,402,043)	0.04			47,516

TOTAL INVESTMENTS IN FORWARD CURRENCY
CONTRACTS − Net	0.27			314,262	1.53			1,900,354

TOTAL	2.81	%	$	3,327,398	2.07	%	$	2,571,946

				(Continued)				(Continued)


Nestor Partners
Condensed Schedule of Investments
March 31, 2022 (unaudited)

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

$	26,270,000	U.S. Treasury notes, 1.750%, 05/15/2022	21.17	%	$	26,315,152
	28,470,000	U.S. Treasury notes, 1.625%, 08/15/2022	22.97			28,553,964
	31,000,000	U.S. Treasury notes, 1.625%, 11/15/2022	25.00			31,070,840
	22,270,000	U.S. Treasury notes, 2.000%, 02/15/2023	17.98			22,347,423

		TOTAL INVESTMENTS IN U.S. TREASURY
		NOTES (amortized cost $108,441,033)	87.12	%	$	108,287,379

	See notes to financial statements (unaudited)					(Concluded)

Nestor Partners
Condensed Schedule of Investments
December 31, 2020

U.S. TREASURY NOTES

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

Fair Value

$
49,140,000
   U.S. Treasury notes, 2.250%, 02/15/2021
41.55
%
$
49,264,769

27,200,000
   U.S. Treasury notes, 2.625%, 05/15/2021
23.16

27,450,219

24,470,000
   U.S. Treasury notes, 2.750%, 08/15/2021
20.98

24,869,549

TOTAL INVESTMENTS IN U.S. TREASURY

NOTES (amortized cost $101,593,916)
85.69
%
$
101,584,537

See notes to financial statements (unaudited)

(Concluded)

‎


Nestor Partners
Condensed Schedule of Investments
December 31, 2021

Futures and Forward Currency Contracts	Net Unrealized ‎Appreciation/ ‎(Depreciation) as a % of ‎Partners' Capital			Net Unrealized ‎Appreciation/ ‎(Depreciation)

FUTURES CONTRACTS
Long futures contracts:
Currencies	0.00	%	$	3,688
Energies	0.42			492,605
Grains	0.01			12,662
Interest rates	(0.79)			(939,443)
Livestock	(0.01)			(5,370)
Metals	1.01			1,197,013
Softs	(0.01)			(15,847)
Stock indices	0.19			224,522

Total long futures contracts	0.82			969,830

Short futures contracts:
Currencies	0.00			1,398
Energies	0.06			65,449
Grains	0.01			6,149
Interest rates	0.04			49,461
Livestock	0.00			5,170
Metals	(0.89)			(1,047,948)
Softs	0.01			6,910
Stock indices	0.03			38,964

Total short futures contracts	(0.74)			(874,447)

TOTAL INVESTMENTS IN FUTURES CONTRACTS − Net	0.08			95,383
FORWARD CURRENCY CONTRACTS
Total long forward currency contracts	1.43			1,688,217
Total short forward currency contracts	(1.75)			(2,068,646)

TOTAL INVESTMENTS IN FORWARD CURRENCY
CONTRACTS − Net	(0.32)			(380,429)

TOTAL	(0.24)	%	$	(285,046)

				(Continued)

‎

Nestor Partners
Statements of Operations (unaudited)

For the three months ended

March 31, 2021

March 31, 2020
INVESTMENT INCOME:

Interest income, net
$
8,650

$
643,493

EXPENSES:

Brokerage fees

679,262

879,596
Administrative expenses

73,531

96,258
Custody fees and other expenses

5,227

6,995
Total expenses

758,020

982,849

NET INVESTMENT LOSS

(749,370)

(339,356)

NET REALIZED AND UNREALIZED GAINS (LOSSES):

Net realized gains (losses) on closed positions:

Futures and forward currency contracts

7,651,060

(30,037,967)
Foreign exchange transactions

48,140

(156,904)
Net change in unrealized:

Futures and forward currency contracts

(3,356,760)

4,025,634
Foreign exchange translation

(208,560)

(196,479)
Net gains (losses) from U.S. Treasury notes:

Realized

(366)

93,662
Net change in unrealized

28,600

521,202
Total net realized and unrealized gains (losses)

4,162,114

(25,750,852)

NET INCOME (LOSS)

3,412,744

(26,090,208)
LESS PROFIT SHARE TO GENERAL PARTNER

237

60
NET INCOME (LOSS) AFTER PROFIT SHARE TO

GENERAL PARTNER
$
3,412,507

$
(26,090,268)

See notes to financial statements (unaudited)



Nestor Partners
Condensed Schedule of Investments
December 31, 2021

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

$	30,700,000	U.S. Treasury notes, 2.500%, 02/15/2022	26.01	%	$	30,788,742
	47,840,000	U.S. Treasury notes, 2.375%, 03/15/2022	40.61			48,062,381
	26,270,000	U.S. Treasury notes, 1.750%, 05/15/2022	22.32			26,423,926

		TOTAL INVESTMENTS IN U.S. TREASURY
		NOTES (amortized cost $105,296,048)	88.94	%	$	105,275,049

	See notes to financial statements (unaudited)					(Concluded)

Nestor Partners
Statements of Changes in Partners' Capital (unaudited)

For the three months ended March 31, 2021:

Limited Partners

Special Limited Partners

New Profit Memo Account

General Partner

Total

PARTNERS' CAPITAL-

January 1, 2021
$
59,408,722

$
56,659,557

$
-

$
2,480,650

$
118,548,929
Contributions

-

-

-

-

-
Withdrawals

(3,383,770)

(105,758)

-

-

(3,489,528)
Net income

1,475,843

1,853,515

-

83,386

3,412,744
General Partner's allocation:

New Profit-Accrued

(237)

-

-

-

(237)
PARTNERS' CAPITAL-

March 31, 2021
$
57,500,558

$
58,407,314

$
-

$
2,564,036

$
118,471,908

For the three months ended March 31, 2020:

Limited Partners

Special Limited Partners

New Profit Memo Account

General Partner

Total

PARTNERS' CAPITAL-

January 1, 2020
$
87,909,416

$
64,314,240

$
-

$
2,703,294

$
154,926,950
Contributions

3,700,000

-

60

-

3,700,060
Withdrawals

(5,265,356)

(594,292)

-

-

(5,859,648)
Net loss

(15,218,734)

(10,433,154)

(10)

(438,310)

(26,090,208)
General Partner's allocation:

New Profit-Accrued

(60)

-

-

-

(60)
PARTNERS' CAPITAL-

March 31, 2020
$
71,125,266

$
53,286,794

$
50

$
2,264,984

$
126,677,094

See notes to financial statements (unaudited)

‎

Nestor Partners
Statements of Financial Highlights (unaudited)

For the three months ended March 31, 2021 and 2020

Limited
Partners

Special Limited
Partners

2021

2020

2021

2020

Ratios to average capital:

Net investment income (loss) (a)

(3.95)
%

(2.18)
%

(1.08)
%

0.68
%

Total expenses (a)

4.00
%

3.95
%

1.13
%

1.08
%
Profit share allocation (b) (c)

0.00
%

0.00
%

0.00
%

0.00
%
Total expenses and profit share allocation

4.00
%

3.95
%

1.13
%

1.08
%

Total return before profit share allocation (b)

2.51
%

(16.88)
%

3.25
%

(16.28)
%
Less: profit share allocation (b) (c)

0.00
%

0.00
%

0.00
%

0.00
%
Total return after profit share allocation

2.51
%

(16.88)
%

3.25
%

(16.28)
%

(a) annualized

(b) not annualized

(c) in instances of 0.00, value is less than 0.01 when rounded to two decimal places


Nestor Partners
Statements of Operations (unaudited)



		For the three months ended
		March 31, 2022		March 31, 2021
INVESTMENT INCOME:
Interest income, net	$	59,612	$	8,650

EXPENSES:
Brokerage fees		644,565		679,262
Administrative expenses		72,714		73,531
Custody fees and other expenses		5,248		5,227
Total expenses		722,527		758,020

NET INVESTMENT LOSS		(662,915)		(749,370)

NET REALIZED AND UNREALIZED GAINS (LOSSES):
Net realized gains (losses) on closed positions:
Futures and forward currency contracts		5,144,122		7,651,060
Foreign exchange transactions		(50,478)		48,140
Net change in unrealized:
Futures and forward currency contracts		2,856,992		(3,356,760)
Foreign exchange translation		24,278		(208,560)
Net gains (losses) from U.S. Treasury notes:
Realized		(687)		(366)
Net change in unrealized		(132,655)		28,600

Total net realized and unrealized gains		7,841,572		4,162,114


NET INCOME		7,178,657		3,412,744
LESS PROFIT SHARE TO GENERAL PARTNER		109,775		237
NET INCOME AFTER PROFIT SHARE TO
GENERAL PARTNER	$	7,068,882	$	3,412,507

See notes to financial statements (unaudited)


Nestor Partners
Statements of Changes in Partners' Capital (unaudited)



For the three months ended March 31, 2022:

		Limited Partners		Special Limited Partners		New Profit Memo Account		General Partner		Total

PARTNERS' CAPITAL-
January 1, 2022	$	56,461,012	$	59,453,090	$	-	$	2,446,496	$	118,360,598
Contributions		-		-		-		-		-
Withdrawals		(855,355)		(272,063)		-		-		(1,127,418)
Net income		3,198,913		3,819,667		-		160,077		7,178,657
General Partner's allocation:
New Profit-Accrued		(108,651)		(1,124)		-		-		(109,775)
PARTNERS' CAPITAL-
March 31, 2022	$	58,695,919	$	62,999,570	$	-	$	2,606,573	$	124,302,062


For the three months ended March 31, 2021:
		Limited Partners		Special Limited Partners		New Profit Memo Account		General Partner		Total

PARTNERS' CAPITAL-
January 1, 2021	$	59,408,722	$	56,659,557	$	-	$	2,480,650	$	118,548,929
Contributions		-		-		-		-		-
Withdrawals		(3,383,770)		(105,758)		-		-		(3,489,528)
Net income		1,475,843		1,853,515		-		83,386		3,412,744
General Partner's allocation:
New Profit-Accrued		(237)		-		-		-		(237)
PARTNERS' CAPITAL-
March 31, 2021	$	57,500,558	$	58,407,314	$	-	$	2,564,036	$	118,471,908


See notes to financial statements (unaudited)


Nestor Partners
Statements of Financial Highlights (unaudited)



For the three months ended March 31, 2022 and 2021	Limited ‎Partners				Special Limited ‎Partners
	2022		2021		2022		2021

Ratios to average capital:
Net investment income loss (a)	(3.72)	%	(3.95)	%	(0.91)	%	(1.08)	%

Total expenses (a)	3.92	%	4.00	%	1.11	%	1.13	%
Profit share allocation (b) (c)	0.19	%	0.00	%	0.00	%	0.00	%
Total expenses and profit share allocation	4.11	%	4.00	%	1.11	%	1.13	%

Total return before profit share allocation (b)	5.68	%	2.51	%	6.42	%	3.25	%
Less: profit share allocation (b) (c)	0.19	%	0.00	%	0.00	%	0.00	%
Total return after profit share allocation	5.49	%	2.51	%	6.42	%	3.25	%

(a) annualized
(b) not annualized
(c) in instances of 0.00, value is less than 0.01 when rounded to two decimal places

See notes to financial statements (unaudited)
‎

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

1. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The accompanying financial statements, in the opinion of management, include all adjustments (consisting only of normal recurring adjustments) necessary for a fair presentation of Nestor Partners’ (the “Partnership”) financial condition at March 31, ~~2021~~2022 (unaudited) and December 31, ~~2020~~2021 and the results of its operations for the three months ended March 31, ~~2021~~2022 and ~~2020~~2021 (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 annual report on Form 10-K filed with the Securities and Exchange Commission for the year ended December 31, ~~2020.~~2021. The December 31, ~~2020~~2021 information has been derived from the audited financial statements as of December 31, ~~2020.~~2021.

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

The Partnership enters into contracts that contain a variety of indemnification provisions. The Partnership’s maximum exposure under these arrangements is unknown. The Partnership does not anticipate recognizing any loss related to these arrangements.

Income Taxes (Topic 740) of the Codification clarifies the accounting for uncertainty in tax positions. This requires that the Partnership recognize in its financial statements the impact of any uncertain tax positions. Based on a review of the Partnership’s open tax years, ~~2017~~2018 to ~~2020,~~2021, Millburn Ridgefield Corporation (the “General Partner”) has determined that no0 reserves for uncertain tax positions were required.

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

There have been no material changes with respect to the Partnership's critical accounting policies, off-balance sheet arrangements or disclosure of contractual obligations as reported in the Partnership's Annual Report on Form 10-K for fiscal year ~~2020.~~2021.

2. FAIR VALUE

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

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

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

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

In determining fair value, the 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 and an investment in a quoted short-term U.S. government securities money market fund. The General Partner does not adjust the quoted price for such instruments even in situations where the Partnership holds a large position and a sale could reasonably impact the quoted price.

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

Spot currency contracts are valued based on current market prices (“Spot Price”). Forward currency contracts are valued based on pricing models that consider the Spot Price, plus the financing cost or benefit (“Forward Point”). Forward Points from the quotation service providers are generally in periods of one month, two months, three months, six months, nine months and twelve months forward while the contractual forward delivery dates for the forward currency contracts traded by the Partnership may be in between these periods. The General Partner’s policy to determine fair value for forward currency contracts involves first calculating the number of months from the date the forward currency contract is being valued to its maturity date (“Months to Maturity”), then identifying the forward currency contracts for the two forward months that are closest to the Months to Maturity (“Forward Month Contracts”). Linear interpolation is then performed between the dates of these two Forward Month Contracts to calculate the interpolated Forward Point. Model inputs can generally be verified and model

selection does not involve significant management judgment. Such instruments are typically classified within Level 2 of the fair value hierarchy.

During the three months ended March 31, ~~2021~~2022 and ~~2020,~~2021, there were no0 transfers of assets or liabilities between Level 1 and Level 2. The following tables represent the Partnership’s investments by hierarchical level as of March 31, ~~2021~~2022 and December 31, ~~2020~~2021 in valuing the Partnership’s investments at fair value. At March 31, ~~2021~~2022 and December 31, ~~2020,~~2021, the Partnership held no0 assets or liabilities in Level 3.


Financial assets at fair value as of March 31, 2021
Financial assets and liabilities at fair value as of March 31, 2022							Financial assets and liabilities at fair value as of March 31, 2022

		Level 1		Level 2		Total		Level 1		Level 2		Total

U.S. Treasury Notes (1)	$	100,429,569	$	-	$	100,429,569	$	108,287,379	$	-	$	108,287,379
Short-Term Money Market Fund*		9,358,950		-		9,358,950		9,492,601		-		9,492,601
Exchange-Traded Futures Contracts
Currencies								53,489		-		53,489
Energies		(386,650)		-		(386,650)		(363,936)		-		(363,936)
Grains		405,835		-		405,835		(380,331)		-		(380,331)
Interest rates		(660,830)		-		(660,830)		699,074		-		699,074
Livestock		(11,540)		-		(11,540)		(11,380)		-		(11,380)
Metals		225,034		-		225,034		130,019		-		130,019
Softs		145,547		-		145,547		142,468		-		142,468
Stock indices		733,588		-		733,588		402,189		-		402,189

Total exchange-traded futures contracts		450,984		-		450,984		671,592		-		671,592

Over-the-Counter Forward Currency Contracts		-		(480,346)		(480,346)		-		1,900,354		1,900,354

Total futures and forward currency contracts (2)		450,984		(480,346)		(29,362)		671,592		1,900,354		2,571,946

Total financial assets and liabilities at fair value	$	110,239,503	$	(480,346)	$	109,759,157	$	118,451,572	$	1,900,354	$	120,351,926


Per line item in the Statements of Financial Condition
(1)
Investments in U.S. Treasury notes held in equity trading accounts as collateral	Investments in U.S. Treasury notes held in equity trading accounts as collateral				$	15,426,604	Investments in U.S. Treasury notes held in equity trading accounts as collateral				$	20,219,062
Investments in U.S. Treasury notes						85,002,965						88,068,317
Total investments in U.S. Treasury notes					$	100,429,569					$	108,287,379

(2)
Net unrealized appreciation on open futures and forward currency contracts	Net unrealized appreciation on open futures and forward currency contracts				$	604,399	Net unrealized appreciation on open futures and forward currency contracts				$	3,222,286
Net unrealized depreciation on open futures and forward currency contracts	Net unrealized depreciation on open futures and forward currency contracts					(633,761)	Net unrealized depreciation on open futures and forward currency contracts					(650,340)
Total net unrealized depreciation on open futures and forward currency contracts					$	(29,362)
Total net unrealized appreciation on open futures and forward currency contracts							Total net unrealized appreciation on open futures and forward currency contracts				$	2,571,946

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


Financial assets and liabilities at fair value as of December 31, 2020
Financial assets and liabilities at fair value as of December 31, 2021							Financial assets and liabilities at fair value as of December 31, 2021

		Level 1		Level 2		Total		Level 1		Level 2		Total

U.S. Treasury Notes (1)	$	101,584,537	$	-	$	101,584,537	$	105,275,049	$	-	$	105,275,049
Short-Term Money Market Fund*		8,980,173		-		8,980,173		8,737,690		-		8,737,690
Exchange-Traded Futures Contracts
Currencies								5,086		-		5,086
Energies		248,830		-		248,830		558,054		-		558,054
Grains		541,875		-		541,875		18,811		-		18,811
Interest rates		369,629		-		369,629		(889,982)		-		(889,982)
Livestock		(2,970)		-		(2,970)		(200)		-		(200)
Metals		868,869		-		868,869		149,065		-		149,065
Softs		42,417		-		42,417		(8,937)		-		(8,937)
Stock indices		944,486		-		944,486		263,486		-		263,486

Total exchange-traded futures contracts		3,013,136		-		3,013,136		95,383		-		95,383

Over-the-Counter Forward Currency Contracts		-		314,262		314,262		-		(380,429)		(380,429)

Total futures and forward currency contracts (2)		3,013,136		314,262		3,327,398		95,383		(380,429)		(285,046)

Total financial assets and liabilities at fair value	$	113,577,846	$	314,262	$	113,892,108	$	114,108,122	$	(380,429)	$	113,727,693


Per line item in Statements of Financial Condition
(1)
Investments in U.S. Treasury notes held in equity trading accounts as collateral	Investments in U.S. Treasury notes held in equity trading accounts as collateral				$	16,975,076	Investments in U.S. Treasury notes held in equity trading accounts as collateral				$	19,563,280
Investments in U.S. Treasury notes						84,609,461						85,711,769
Total investments in U.S. Treasury notes					$	101,584,537					$	105,275,049

(2)
Net unrealized appreciation on open futures and forward currency contracts	Net unrealized appreciation on open futures and forward currency contracts				$	3,349,977	Net unrealized appreciation on open futures and forward currency contracts				$	481,160
Net unrealized depreciation on open futures and forward currency contracts	Net unrealized depreciation on open futures and forward currency contracts					(22,579)	Net unrealized depreciation on open futures and forward currency contracts					(766,206)
Total net unrealized appreciation on open futures and forward currency contracts					$	3,327,398
Total net unrealized depreciation on open futures and forward currency contracts							Total net unrealized depreciation on open futures and forward currency contracts				$	(285,046)

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

3. DERIVATIVE INSTRUMENTS

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

The 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 currencies, energies, grains, interest rates, livestock, metals, softs and stock indices. The following were the primary trading risk exposures of the Partnership at March 31, ~~2021,~~2022, by market sector:

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

Currencies – Exchange rate risk is a principal market exposure of the Partnership. The Partnership’s currency exposure is to exchange rate fluctuations, primarily fluctuations which disrupt the historical pricing relationships between different currencies and currency pairs.

The fluctuations are influenced by interest rate changes, as well as political and general economic conditions. The 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 oil producing countries and economic conditions worldwide. Energy prices are volatile and substantial profits and losses have been and are expected to continue to be experienced in this 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 nations. The General Partner anticipates that interest rates in these industrialized countries or areas, both long-term and short-term, will remain the primary interest rate market exposure of the Partnership for the foreseeable future.

Metals – The Partnership’s metals market exposure is to fluctuations in the price of aluminum, copper, gold, lead, nickel, 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.

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

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

The following tables present the fair value of open futures and forward currency contracts, held long or sold short, at March 31, ~~2021~~2022 and December 31, ~~2020.~~2021. 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 March 31, 2021
Fair Value of Futures and Forward Currency Contracts at March 31, 2022																		Fair Value of Futures and Forward Currency Contracts at March 31, 2022

														Net Unrealized																	Net Unrealized
		Fair Value - Long Positions					Fair Value - Short Positions							Gain (Loss) on					Fair Value - Long Positions						Fair Value - Short Positions						Gain (Loss) on
Sector		Gains		Losses			Gains				Losses			Open Positions					Gains			Losses			Gains			Losses			Open Positions

Futures contracts:
Currencies																		$	1,260		$	(213)		$	76,766		$	(24,324)		$	53,489
Energies	$	6,590	$	(393,240)		$		-		$		-			$		(386,650)				184,293			(557,003)			8,774			-			(363,936)
Grains		318,393		(120)				156,200				(68,638)					405,835				9,673			(457,392)			67,388			-			(380,331)
Interest rates		55,406		(738,436)				26,912				(4,712)					(660,830)				26,532			(119,251)			1,209,640			(417,847)			699,074
Livestock		-		-				100				(11,640)					(11,540)				-			(13,020)			2,500			(860)			(11,380)
Metals		734,653		(592,805)				379,255				(296,069)					225,034				1,746,204			(191,458)			179,088			(1,603,815)			130,019
Softs		855		(14,845)				163,310				(3,773)					145,547				170,544			(16,276)			210			(12,010)			142,468
Stock indices		496,463		(97,630)				419,677				(84,922)					733,588				251,972			(420,483)			665,257			(94,557)			402,189
Total futures contracts		1,612,360		(1,837,076)				1,145,454				(469,754)					450,984				2,390,478			(1,775,096)			2,209,623			(2,153,413)			671,592

Forward currency contracts		644,812		(4,511,941)				4,255,070				(868,287)					(480,346)				2,592,885			(740,047)			2,043,586			(1,996,070)			1,900,354

Total futures and
forward currency contracts	$	2,257,172	$	(6,349,017)		$		5,400,524		$		(1,338,041)			$		(29,362)			$	4,983,363		$	(2,515,143)		$	4,253,209		$	(4,149,483)		$	2,571,946


Fair Value of Futures and Forward Currency Contracts at December 31, 2020
Fair Value of Futures and Forward Currency Contracts at December 31, 2021																		Fair Value of Futures and Forward Currency Contracts at December 31, 2021

														Net Unrealized																	Net Unrealized
		Fair Value - Long Positions					Fair Value - Short Positions							Gain (Loss) on					Fair Value - Long Positions						Fair Value - Short Positions						Gain (Loss) on
Sector		Gains		Losses			Gains				Losses			Open Positions					Gains			Losses			Gains			Losses			Open Positions

Futures contracts:
Currencies																		$	3,688		$	-		$	4,631		$	(3,233)		$	5,086
Energies	$	171,561	$	(22,821)	$		147,200		$		(47,110)		$			248,830				616,692			(124,087)			102,240			(36,791)			558,054
Grains		600,725		(75)			-				(58,775)					541,875				87,400			(74,738)			63,535			(57,386)			18,811
Interest rates		451,704		(77,733)			-				(4,342)					369,629				198,306			(1,137,749)			55,062			(5,601)			(889,982)
Livestock		-		-			350				(3,320)					(2,970)				-			(5,370)			5,220			(50)			(200)
Metals		1,218,228		(162,546)			121,935				(308,748)					868,869				1,260,221			(63,208)			39,297			(1,087,245)			149,065
Softs		63,528		(157)			260				(21,214)					42,417				5,098			(20,945)			21,123			(14,213)			(8,937)
Stock indices		916,090		(102,903)			135,736				(4,437)					944,486				471,298			(246,776)			181,224			(142,260)			263,486
Total futures contracts		3,421,836		(366,235)			405,481				(447,946)					3,013,136				2,642,703			(1,672,873)			472,332			(1,346,779)			95,383

Forward currency contracts		2,207,125		(490,820)			529,838				(1,931,881)					314,262				2,370,139			(681,922)			698,770			(2,767,416)			(380,429)

Total futures and
forward currency contracts	$	5,628,961	$	(857,055)	$		935,319		$		(2,379,827)		$			3,327,398			$	5,012,842		$	(2,354,795)		$	1,171,102		$	(4,114,195)		$	(285,046)

‎

The effect of trading futures and forward currency contracts is represented on the Statements of Operations for the three months ended March 31, ~~2021~~2022 and ~~2020~~2021 as “Net realized gains (losses) on closed positions: Futures and forward currency contracts” and “Net change in unrealized: Futures and forward currency contracts.” These trading gains and losses are detailed below.

Trading gains (losses) of futures and forward currency contracts for the three months ended March 31, ~~2021~~2022 and ~~2020~~2021


Sector	Three months ended: March 31, 2021		Three months ended: March 31, 2020		Three months ended: March 31, 2022		Three months ended: March 31, 2021

Futures contracts:
Currencies					$	78,099	$	-
Energies	$	1,029,878	$	7,225,539		7,764,357		1,029,878
Grains		1,010,762		538,904		(454,162)		1,010,762
Interest rates		(3,033,571)		(2,494,946)		171,570		(3,033,571)
Livestock		(112,720)		284,010		(12,370)		(112,720)
Metals		(318,751)		(59,977)		(2,302,360)		(318,751)
Softs		50,942		1,534		165,493		50,942
Stock indices		6,709,251		(32,413,088)		1,321,065		6,709,251

Total futures contracts		5,335,791		(26,918,024)		6,731,692		5,335,791

Forward currency contracts		(1,041,491)		905,691		1,269,422		(1,041,491)

Total futures and
forward currency contracts	$	4,294,300	$	(26,012,333)	$	8,001,114	$	4,294,300

The following table presents average notional value by sector of open futures and forward currency contracts for the three months ended March 31, ~~2021~~2022 and ~~2020~~2021 in U.S. dollars. The Partnership’s average net asset value for the three months ended March 31, ~~2021~~2022 and ~~2020~~2021 was approximately $119,000,000 ~~and $145,000,000, respectively.~~.


Average notional value by sector of futures and forward currency contracts for the three months ended March 31, 2021 and 2020
Average notional value by sector of futures and forward currency contracts for the three months ended March 31, 2022 and 2021									Average notional value by sector of futures and forward currency contracts for the three months ended March 31, 2022 and 2021

		2021				2020					2022				2021
Sector		Long positions		Short positions		Long positions		Short positions			Long positions		Short positions		Long positions		Short positions

Futures contracts:
Currencies										$	765,982	$	4,501,330	$	-	$	-
Energies	$	17,069,725	$	1,662,735	$	13,493,572	$	8,451,385			18,187,070		2,063,304		17,069,725		1,662,735
Grains		12,171,369		3,498,195		1,962,864		5,938,694			10,365,052		2,696,518		12,171,369		3,498,195
Interest rates		269,121,382		12,409,952		100,109,094		108,167,176			132,690,559		57,360,599		269,121,382		12,409,952
Livestock		-		544,600		180,225		-			444,460		770,665		-		544,600
Metals		21,123,173		387,686		14,629,243		3,487,808			11,979,478		2,437,005		21,123,173		387,686
Softs		1,271,100		2,315,592		833,210		1,695,831			3,363,858		1,638,682		1,271,100		2,315,592
Stock indices		75,788,377		11,205,613		62,517,081		15,783,316			58,671,391		33,058,158		75,788,377		11,205,613

Total futures contracts		396,545,126		32,024,373		193,725,289		143,524,210			236,467,850		104,526,261		396,545,126		32,024,373

Forward currency contracts		58,529,409		35,908,651		15,884,893		40,802,386			37,766,152		56,709,909		58,529,409		35,908,651

Total futures and
forward currency contracts	$	455,074,535	$	67,933,024	$	209,610,182	$	184,326,596		$	274,234,002	$	161,236,170	$	455,074,535	$	67,933,024

Notional values in the interest rate sector were calculated by converting the notional value in local currency of open interest rate futures positions with maturities less than 10 years to 10-year equivalent fixed income instruments and translated to U.S. dollars at March 31, ~~2021~~2022 and ~~2020.~~

2021. The 10-year note is often used as a benchmark for many types of fixed-income instruments and the General Partner believes it is a more meaningful representation of notional values of the Partnership’s open interest rate positions.

The customer agreements between the Partnership, the futures clearing brokers, including Deutsche Bank Securities Inc. (a wholly-owned subsidiary of Deutsche Bank AG), BofA Securities, Inc. (formerly Merrill Lynch Pierce, Fenner & Smith Inc.) and Goldman Sachs & Co. LLC, as well as the FX prime brokers, Deutsche Bank AG (“DB”) and Bank of America, N.A. (“BA”), give the Partnership the legal right to net unrealized gains and losses on open futures and foreign currency contracts. The Partnership ~~ceased clearing futures trades through SG Americas Securities, LLC. during November 2020. 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 FASB Accounting Standards Codification Topic 210, “Balance Sheet,” were met.

The following tables present gross amounts of assets or liabilities which qualify for offset as presented in the Statements of Financial Condition at March 31, ~~2021~~2022 and December 31, ~~2020.~~ 2021.


Offsetting derivative assets and liabilities at March 31, 2021
Offsetting derivative assets and liabilities at March 31, 2022							Offsetting derivative assets and liabilities at March 31, 2022

Assets		Gross amounts of recognized assets		Gross amounts offset in the Statement of Financial Condition		Net amounts of assets presented in the Statement of Financial Condition		Gross amounts of ‎recognized assets		Gross amounts ‎offset in the ‎Statement of ‎Financial Condition		Net amounts of ‎assets presented in ‎the Statement of ‎Financial Condition
Futures contracts
Counterparty C	$	747,320	$	(495,623)	$	251,697	$	1,832,976	$	(511,044)	$	1,321,932
Counterparty L		1,732,951		(1,504,307)		228,644
Total futures contracts		2,480,271		(1,999,930)		480,341		1,832,976		(511,044)		1,321,932
								`
Forward currency contracts
Counterparty G								1,704,331		(1,072,155)		632,176
Counterparty K		3,410,413		(3,286,355)		124,058		2,932,140		(1,663,962)		1,268,178
Total forward currency contracts								4,636,471		(2,736,117)		1,900,354

Total assets	$	5,890,684	$	(5,286,285)	$	604,399	$	6,469,447	$	(3,247,161)	$	3,222,286

Liabilities		Gross amounts of recognized liabilities		Gross amounts offset in the Statement of Financial Condition		Net amounts of liabilities presented in the Statement of Financial Condition		Gross amounts of ‎recognized liabilities		Gross amounts ‎offset in the ‎Statement of ‎Financial Condition		Net amounts of ‎liabilities presented in ‎the Statement of ‎Financial Condition
Futures contracts
Counterparty J	$	306,900	$	(277,543)	$	29,357	$	658,652	$	(557,649)	$	101,003

Forward currency contracts
Counterparty G		2,093,873		(1,489,469)		604,404
Counterparty L								2,758,813		(2,209,476)		549,337

Total liabilities	$	2,400,773	$	(1,767,012)	$	633,761	$	3,417,465	$	(2,767,125)	$	650,340

‎


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

Counterparty C	$	1,321,932	$	-	$	(1,321,932)	$	-
Counterparty G		632,176		-		-		632,176
Counterparty K		1,268,178		-		-		1,268,178

Total	$	3,222,286	$	-	$	(1,321,932)	$	1,900,354

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

Counterparty J	$	101,003	$	-	$	(101,003)	$	-
Counterparty L		549,337		-		(549,337)	$	-

Total	$	650,340	$	-	$	(650,340)	$	-

⁽¹⁾ Collateral received includes trades made on exchanges. These trades are subject to central counterparty clearing where settlement is guaranteed
by the exchange. Collateral pledged includes both cash and U.S. Treasury notes held at each respective counterparty.
⁽²⁾ Collateral disclosed is limited to an amount not to exceed 100% of the net amount of assets and liabilities presented in the Statement of
Financial Condition for each respective counterparty.
⁽³⁾ Net amount represents the amount that is subject to loss in the event of a counterparty failure as of March 31, 2022.
⁽⁴⁾ Net amount represents the amounts owed by the Partnership to each counterparty as of March 31, 2022.

Amounts Not Offset in the Statement of Financial Condition

Counterparty

Net amounts of assets
presented in the Statement
of Financial Condition

Financial Instruments

Collateral Received(1)(2)

Net Amount(3)

Counterparty C

$
251,697

$
-

$
(251,697)

$
-
Counterparty K

124,058

-

-

124,058
Counterparty L

228,644

-

(228,644)

-

Total

$
604,399

$
-

$
(480,341)

$
124,058

Amounts Not Offset in the Statement of Financial Condition

Counterparty

Net amounts of liabilities
presented in the Statement
of Financial Condition

Financial Instruments

Collateral Pledged(1)(2)

Net Amount(4)

Counterparty G

$
604,404

$
-

$
(604,404)

$
-
Counterparty J

29,357

-

(29,357)

-

Total

$
633,761

$
-

$
(633,761)

$
-

(1) Collateral received includes trades made on exchanges. These trades are subject to central counterparty clearing where settlement is guaranteed
by the exchange. Collateral pledged includes both cash and U.S. Treasury notes held at each respective counterparty.
(2) Collateral disclosed is limited to an amount not to exceed 100% of the net amount of assets and liabilities presented in the Statement of
Financial Condition for each respective counterparty.
(3) Net amount represents the amount that is subject to loss in the event of a counterparty failure as of March 31, 2021.
(4) Net amount represents the amounts owed by the Partnership to each counterparty as of March 31, 2021.


Offsetting derivative assets and liabilities at December 31, 2021

Assets		Gross amounts of ‎recognized assets		Gross amounts ‎offset in the ‎Statement of ‎Financial Condition		Net amounts of ‎assets presented in ‎the Statement of ‎Financial Condition
Futures contracts
Counterparty J	$	767,838	$	(354,289)	$	413,549
Counterparty L		1,859,710		(1,792,099)		67,611

Total assets	$	2,627,548	$	(2,146,388)	$	481,160
						(Continued)

Liabilities		Gross amounts of ‎recognized liabilities		Gross amounts ‎offset in the ‎Statement of ‎Financial Condition		Net amounts of ‎liabilities presented in ‎the Statement of ‎Financial Condition
Futures contracts
Counterparty C	$	873,264	$	(487,487)	$	385,777
Total futures contracts		873,264		(487,487)		385,777

Forward currency contracts
Counterparty G		1,536,772		(1,191,819)		344,953
Counterparty K		1,912,566		(1,877,090)		35,476
Total forward currency contracts		3,449,338		(3,068,909)		380,429

Total liabilities	$	4,322,602	$	(3,556,396)	$	766,206
						(Concluded)

Offsetting derivative assets and liabilities at December 31, 2020

Assets

Gross amounts of
recognized assets

Gross amounts
offset in the
Statement of
Financial Condition

Net amounts of
assets presented in
the Statement of
Financial Condition
Futures contracts

Counterparty C
$
856,082

$
(137,105)

$
718,977
Counterparty J

667,834

(91,621)

576,213
Counterparty L

2,303,401

(585,455)

1,717,946
Total futures contracts

3,827,317

(814,181)

3,013,136

Forward currency contracts

Counterparty G

1,263,361

(926,520)

336,841

Total assets
$
5,090,678

$
(1,740,701)

$
3,349,977

(Continued)

Liabilities

Gross amounts of
recognized liabilities

Gross amounts
offset in the
Statement of
Financial Condition

Net amounts of
liabilities presented in
the Statement of
Financial Condition
Forward currency contracts

Counterparty K

1,496,181

(1,473,602)

22,579

Total liabilities
$
1,496,181

$
(1,473,602)

$
22,579

(Concluded)


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

Counterparty J	$	413,549	$	-	$	(413,549)	$	-
Counterparty L		67,611		-		(67,611)		-

Total	$	481,160	$	-	$	(481,160)	$	-

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

Counterparty C	$	385,777	$	-	$	(385,777)	$	-
Counterparty G		344,953		-		(344,953)		-
Counterparty K		35,476		-		(35,476)		-

Total	$	766,206	$	-	$	(766,206)	$	-

⁽¹⁾ Collateral received includes trades made on exchanges. These trades are subject to central counterparty clearing where settlement is guaranteed
by the exchange. Collateral pledged includes both cash and U.S. Treasury notes held at each respective counterparty.
⁽²⁾ Collateral disclosed is limited to an amount not to exceed 100% of the net amount of assets presented in the Statement of Financial Condition
for each respective counterparty.
⁽³⁾ Net amount represents the amount that is subject to loss in the event of a counterparty failure as of December 31, 2021.
⁽⁴⁾ Net amount represents the amounts owed by the Partnership to each counterparty as of December 31, 2021.

Amounts Not Offset in the Statement of Financial Condition

Counterparty

Net amounts of assets
presented in the Statement
of Financial Condition

Financial Instruments

Collateral Received(1)(2)

Net Amount(3)

Counterparty C

$
718,977

$
-

$
(718,977)

$
-
Counterparty G

336,841

-

-

336,841
Counterparty J

576,213

-

(576,213)

-
Counterparty L

1,717,946

-

(1,717,946)

-

Total

$
3,349,977

$
-

$
(3,013,136)

$
336,841

Amounts Not Offset in the Statement of Financial Condition

Counterparty

Net amounts of liabilities
presented in the Statement
of Financial Condition

Financial Instruments

Collateral Pledged(1)(2)

Net Amount(4)

Counterparty K

$
22,579

$
-

$
(22,579)

$
-

Total

$
22,579

$
-

$
(22,579)

$
-

(1) Collateral received includes trades made on exchanges. These trades are subject to central counterparty clearing where settlement is guaranteed
by the exchange. Collateral pledged includes both cash and U.S. Treasury notes held at each respective counterparty.
(2) Collateral disclosed is limited to an amount not to exceed 100% of the net amount of assets presented in the Statement of Financial Condition
for each respective counterparty.
(3) Net amount represents the amount that is subject to loss in the event of a counterparty failure as of December 31, 2020.
(4) Net amount represents the amounts owed by the Partnership to each counterparty as of December 31, 2020.

CONCENTRATION OF CREDIT RISK

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

The General Partner seeks to minimize credit risk primarily by depositing and maintaining the Partnership’s assets at financial institutions and trading counterparties which the General Partner believes to be creditworthy. In addition, for OTC forward currency contracts, the Partnership

enters into master netting agreements with its counterparties. Collateral posted at the various counterparties for trading of futures and forward currency contracts includes cash and U.S. Treasury notes.

The Partnership’s forward currency trading activities are cleared by DB and BA. The Partnership’s concentration of credit risk associated with DB or BA nonperformance includes unrealized gains inherent in such contracts, which are recognized in the Statements of Financial Condition plus the value of margin or collateral held by DB and BA. The amount of such credit risk was ~~$11,294,189~~$10,949,740 and ~~$7,519,618~~$8,359,643 at March 31, ~~2021~~2022 and December 31, ~~2020,~~2021, respectively.

4. PROFIT SHARE

The following table indicates the total profit share earned and accrued during the three months ended March 31, ~~2021~~2022 and ~~2020.~~2021. Profit share earned (from Limited Partners’ redemptions) is credited to the New Profit Memo Account as defined in the Partnership’s Agreement of Limited Partnership.


	Three months ended:				Three months ended:
	March 31,		March 31,		March 31,		March 31,
	2021		2020		2022		2021
Profit share earned	$	-	$	60	$	-	$	-
Profit share accrued		237		-		109,775		237
Total profit share	$	237	$	60	$	109,775	$	237

5. RELATED PARTY TRANSACTIONS

The Partnership pays the General Partner broker commissions. The General Partner in turn bears all such brokerage commissions and fees.

Limited partnership interests (“Interests”) sold through selling agents engaged by the General Partner are generally subject to a 2.5% redemption charge for redemptions made prior to the end of the twelfth month following their sale. All redemption charges will be paid to the General Partner. At March 31, ~~2021~~2022 and December 31, ~~2020,~~ 2021, $0 was owed to the General Partner.

6. SUBSEQUENT EVENTS

The General Partner has performed its evaluation of subsequent events from April 1, ~~2021~~2022 to May ~~14, 2021,~~16, 2022, the date this Form 10-Q was filed. Based on such evaluation, no events were discovered that required disclosure or adjustment to the financial statements.

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

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

OPERATIONAL OVERVIEW

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

believes, however, that there are certain market conditions, for example, markets with strong price trends, in which the Partnership has a better likelihood of being profitable than in others.

LIQUIDITY AND CAPITAL RESOURCES

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

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

The Partnership raises additional capital only through the sale of interests and capital is increased through trading profits (if any). The Partnership does not engage in borrowing.

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

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

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

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

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

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

The Partnership’s assets are generally held as cash or cash equivalents, including U.S. government securities or securities issued by federal agencies (or, to a limited extent, foreign government securities in connection with trading on non-U.S. exchanges), other Commodity Futures Trading Commission authorized investments or bank held or certain other money market instruments (e.g., bankers acceptances and Eurodollar or other time deposits), which are used to margin the Partnership’s futures, forward and spot currency positions and withdrawn, as necessary, to pay redemptions and expenses. Other than potential market-imposed limitations on liquidity, due to limited open interest in certain futures markets or to daily price fluctuation limits, for example, which are inherent in the Partnership’s futures, forward and spot trading, the Partnership’s assets are highly liquid and are expected to remain so.

During its operations for the three months ended March 31, ~~2021,~~2022, the Partnership experienced no meaningful periods of illiquidity in any of the numerous markets traded by the General Partner.

CRITICAL ACCOUNTING ESTIMATES

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

fair value for forward currency contracts involves first calculating the number of Months to Maturity, then identifying the Forward Month Contracts. Linear interpolation is then performed between the dates of these two Forward Month Contracts to calculate the interpolated Forward Point. The General Partner will also compare the calculated price to the forward currency prices provided by dealers to determine whether the calculated price is fair and reasonable.

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

RESULTS OF OPERATIONS

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



Period ended March 31, 2022

Month Ended:		Total Partners' ‎Capital

March 31, 2022	$	124,302,062
December 31, 2021		118,360,598


		Three Months ended
Change in Partners' Capital	$	5,941,464
Percent Change		5.02%

THREE MONTHS ENDED MARCH 31, 2022

The increase in the Partnership’s net assets of $5,941,464 was attributable to net income after profit share of $7,068,882, which were partially offset by withdrawals of $1,127,418.

Brokerage fees are calculated on the net asset value on the last day of each month and are affected by trading performance, contributions and withdrawals. Brokerage fees for the three months ended March 31, 2022 decreased $34,697 relative to the corresponding period in 2021. The decrease was due to an increased amount of lower fee paying investors in the Partnership during the three months ended March 31, 2022, relative to the corresponding period in 2021.

Interest income is derived from cash and U.S. Treasury instruments held at the Partnership’s brokers and custodian. Interest income for the three months ended March 31, 2022 increased $50,962 relative to the corresponding period in 2021. This increase was due predominantly to an increase in short-term U.S. Treasury yields during the three months ended March 31, 2022 relative to the corresponding period in 2021.

During the three months ended March 31, 2022, the Partnership experienced net realized and unrealized gains of $7,841,572 from its trading operations (including foreign exchange translations and U.S. Treasury notes). Brokerage fees of $644,565, administrative expenses of $72,714, custody fees and other expenses of $5,248 and accrued profit share to the General Partner of $109,775 were incurred. The Partnership’s gains achieved from trading operations, in addition to interest income of $59,612, were partially offset by the Partnership expenses resulting in net income after profit share to the General Partner of $7,068,882. An analysis of the trading gain (loss) by sector is as follows:

Sector		% Gain (Loss) of Partnership Capital
Currencies			1.10	%
~~Period ended March 31, 2021~~Energies			6.80	%
Grains			(0.40)	%
~~Month Ended:~~Interest rates		~~Total Partners'~~ ~~Capital~~	0.15	%
Livestock			(0.03)	%
~~March 31, 2021~~Metals	$	~~118,471,908~~
~~December 31, 2020~~		~~118,548,929~~
	(1.99)	%
Softs			0.13	%
Stock indices		~~Three Months ended~~	0.99	%
~~Change in Partners' Capital~~	$	~~(77,021)~~
~~Percent Change~~		~~(0.06)%~~
Trading Gain			6.75	%

MANAGEMENT DISCUSSION –2022

Three months ended March 31, 2022

The Partnership was profitable in the quarter as gains from trading energy futures, stock index futures and currency forwards outpaced losses from trading metal futures. Elsewhere, trading of interest rate futures and softs futures were marginally positive while trading of agricultural commodity futures was marginally negative.

During the quarter, market prices experienced significant volatility as market participants endeavored to understand the impacts of recent events—including the increasingly hawkish Federal Reserve (the “Fed”) and global central bank monetary policies; the Russia-Ukraine war and accompanying sanctions; and the Chinese growth slowdown, which was exacerbated by recent COVID-19 lockdowns—on individual markets and on growth/inflation outlooks for various regions of the world.

Disciplined supply management from both Organization of the Petroleum Exporting Countries (“OPEC+”) and non-OPEC producers together with oil consumption recovering toward pre-pandemic levels underpinned a rise in Brent crude oil prices from $77/barrel at the end of 2021 to around $90/barrel on January 31 amid concerns that the market may face an oil-market squeeze triggered by too little investment and quickly rebounding demand. Then, as the Russia-Ukraine war erupted, energy prices, represented by Brent crude oil, surge to nearly $130/barrel on March 8 amid fears that Russian energy supplies would be negatively impacted. Russia is among the top three global producers of crude oil and natural gas. Over the last three weeks of the quarter, energy prices were extremely volatile with Brent crude plunging to $98/barrel on March 16 and jumping to $122/barrel on March 24 before closing the month at $108/barrel. The price drop near month-end followed news that the U.S. would release a million barrels per day from the Strategic Petroleum Reserve for up to six months. Overall, long positions in Brent crude, WTI crude, RBOB gasoline, London gas oil, and heating oil were profitable. In addition, periodic short positions in Brent crude, RBOB gasoline and London gas oil posted small gains. On the other hand, a short position in U.S. natural gas was unprofitable and shifted to a long position late in the quarter.

The Fed and other central banks’ embrace of more hawkish policy stances impacted global financial markets, contributing to increased volatility and significant losses for global equities, despite a modest recovery at quarter-end. China’s growth slowdown and property market distress also weighed on equities, as did Europe’s struggles with high energy prices, supply bottlenecks and personnel shortages. The potential stagflationary impacts of the Russia-Ukraine war also contributed to uncertainty in global equity markets. Overall, short positions in Chinese, Hong Kong, Korean, Singaporean, German, Italian, South African, and the EEM and EAFE index futures were profitable. Trading of the S&P Mid-Cap index, and long positions in Australian and British index futures late in the quarter were also profitable. On the other hand, long positions in most U.S. equity index futures and trading of Dutch, French, and the Euro Stoxx index futures posted partially offsetting losses. Short vix and Brazilian index futures positions, a long Canadian equity index future position, and trading of the Taiwanese stock index future were also unprofitable.

The U.S. dollar was volatile for most of the quarter, but it spiked about 3% higher during the first week of the Russian invasion of Ukraine and as market participants anticipated a hawkish tilt for the mid-March Federal Open Market Committee meeting. A long U.S. dollar trade versus the Japanese yen was particularly profitable as the Bank of Japan continued to pursue an expansive monetary policy while the Fed was becoming decidedly more restrictive. A long Brazilian real/short dollar trade benefitted from high level of Brazilian interest rates and from rising commodity prices. Given that the war in Ukraine is likely to have a much greater negative impact on Europe than the U.S., a long U.S. dollar position against the Euro was profitable. A short U.S. dollar trade versus the Russian ruble was closed out at a loss during February when the Partnership halted trading of the Russian currency. Elsewhere, trading the U.S. dollar against the currencies of Switzerland, Sweden, the U.K. and India; long U.S. dollar trades against the Australian and Canadian currencies; and a short U.S. dollar/ long New Zealand dollar position posted partially offsetting losses.

Led by an seemingly increasingly hawkish Fed, global interest rates increased throughout the quarter as Chairman Powell indicated that the March start to official rate increases and end to Quantitative Easing would be followed shortly thereafter by Quantitate Tightening (“QT”) as the Fed seeks to rein in inflation without derailing strong GDP and employment growth. Following this news, the 10-year U.S. government

bond yield, which ended 2021 near 1.50%, soared to nearly 2.50% on March 28 before settling back to about 2.30% at month-end. Concerns that higher rates and QT would slow growth nor safe haven demand deriving from the Russian-Ukraine war kept rates down. On balance, short positions in shorter-term U.S., European, Canadian and Italian interest rate futures were profitable. In addition, short positions in the U.S. ultra-bond future and the 10-year Italian bond future were profitable. On the other hand, trading of Australian, Canadian, French, Japanese and U.S. note futures posted largely offsetting losses.

Geopolitical developments, the Chinese growth slowdown, monetary policy uncertainties and dollar volatility impacted metal markets, which experienced an overall sector loss. Trading of silver, gold, platinum and copper futures produced losses. On the other hand, a long nickel position was profitable as rising demand—especially for EV batteries, and low inventories buoyed prices. Trading of zinc was also slightly profitable.

Finally, turning to soft and agricultural commodities, losses from a short wheat position and from trading soybean oil, sugar and coffee outdistanced the profits from long soybean, soybean meal and cotton positions.


Period ended March 31, 2021

Month Ended:		Total Partners' ‎Capital

March 31, 2021	$	118,471,908
December 31, 2020		118,548,929


		Three Months ended
Change in Partners' Capital	$	(77,021)
Percent Change		(0.06)%

THREE MONTHS ENDED MARCH 31, 2021

The decrease in the Partnership’s net assets of $77,021 was attributable to withdrawals of $3,489,528, which were partially offset by net income after profit share of $3,412,507.

Brokerage fees are calculated on the net asset value on the last day of each month and are affected by trading performance, contributions and withdrawals. Brokerage fees for the three months ended March 31, 2021 decreased $200,334 relative to the corresponding period in 2020. The decrease was due to a decrease in average net assets of the Partnership during the three months ended March 31, 2021, relative to the corresponding period in 2020.

Interest income is derived from cash and U.S. Treasury instruments held at the Partnership’s brokers and custodian. Interest income for the three months ended March 31, 2021 decreased $634,843 relative to the corresponding period in 2020. This decrease was due predominantly to a decrease in short-term U.S. Treasury yields during the three months ended March 31, 2021 relative to the corresponding period in 2020.

During the three months ended March 31, 2021, the Partnership experienced net realized and unrealized gains of $4,162,114 from its trading operations (including foreign exchange translations and U.S. Treasury notes). Brokerage fees of $679,262, administrative expenses of $73,531, custody fees and other expenses of $5,227 and accrued profit share to the General Partner of $237 were incurred. The Partnership’s gains achieved from trading operations, in addition to interest income of $8,650, were partially offset by the Partnership expenses resulting in net income after profit share to the General Partner of $3,412,507. An analysis of the trading gain (loss) by sector is as follows:


Sector	% Gain (Loss) of Partnership Capital
Currencies		(0.95)	%
Energies		0.87	%
Grains		0.79	%
Interest rates		(2.56)	%
Livestock		(0.14)	%
Metals		(0.30)	%
Softs		(0.01)	%
Stock indices		5.77	%

Trading Gain		3.47	%

MANAGEMENT DISCUSSION –2021

Three months ended March 31, 2021

The Partnership was profitable in the quarter as gains from trading equity, energy and grain futures outpaced losses from trading interest rate futures, metal futures and currency forwards. Trading of livestock and soft commodity futures was marginally negative.

The global reflation trade gathered momentum throughout the quarter amid fiscal stimulus expansion from the Biden Administration; Federal Reserve (the “Fed”) Chairman Powell reiterating in testimony before Congress that the Fed will maintain low interest rates and continue asset purchases until “substantial further progress has been made” toward its employment and inflation goals; the global vaccine rollout; and the resurgence of global trade. Periodically, however, the growth outlook and investor enthusiasm were tamped down and markets experienced increased volatility while concerns about the slow pace of vaccine distribution in Europe, Asia and emerging markets relative to the U.S. and U.K. lingered; evidence of moderating monetary and fiscal policy support came out of China; and the geopolitical conflict between China and the U.S. expanded.

Trading of equity futures was highly profitable. Positive impulses from massive fiscal and monetary policy support globally outweighed the negative impact of higher global interest rates and less synchronous global growth. The Reddit-driven short frenzy in January, Archegos events in March, and the week-long Suez Canal closure in March did not seem to have long-term effects on equity markets. Long positions in U.S., Canadian, European, British, Chinese and EAFE equity index futures were profitable. A short VIX position and trading of the EEM emerging market index future were also profitable. On the other hand, trading of South African, Brazilian and Australian futures registered small offsetting losses.

Energy markets were volatile during the quarter. After exceeding 2-year highs early in March amid strong reflation trade and Organization of the Petroleum Exporting Countries’ production restraint, crude prices dropped sharply as reopening demand expectations receded along with the global growth outlook. For example, Brent crude climbed from just over $50/barrel at the start of the year to nearly $71/barrel on March 7, but plunged to nearly $60/barrel on March 23. Even though the closure of the Suez Canal provided some support to crude prices, Brent closed the month at less than $63/barrel. Overall, long positions in Brent crude, RBOB gasoline, London gas oil and heating oil were profitable. On the other hand, a short natural gas trade was unprofitable, especially as prices rose in January in response to unusually cold weather across Europe and China and in February in the wake of weather-induced energy market turmoil in Texas. Trading of WTI crude oil was slightly unprofitable as well.

Chinese demand for U.S. exports, a weaker than expected U.S. harvest of row crops and dry weather in South America contributed to profits on long corn, soybean and soybean oil trades. Then, on March 31 the USDA reported that farmers are likely to plant lower-than-expected corn and soybean acreage in 2021, and corn and soybean prices traded limit-up on the day, reinforcing results from earlier in the quarter. Trading of soybean meal was marginally unprofitable.

Interest rates were volatile during the quarter, trading across a broad range in January, spiking higher in February, and then dropping back sharply in March before entering volatile range-trading to close out the period. Amid growth, inflation and government borrowing concerns, global note and bond yields pushed sharply higher during the January-February period as evidenced by the German 10-year Bund yield which rose from about -0.60% at the start of January to as high as -0.23% on February 25. Then, as growth optimism faded somewhat in March, the Bund yield fell to -0.39% on March 21 before closing the quarter at -0.32%. Long positions in U.S., Canadian and Australian long bond futures were unprofitable, especially in February. Trading of German, French, Italian and Japanese bond futures were also unprofitable, particularly in January and March. Trading of U.S., British, Australian, German and Italian short-term interest rate futures registered small losses as well. On the other hand, short positions in the U.S. 5-year note future and in the German ultra-long bond future posted partially offsetting gains in February.

Currency markets too were impacted by the fluid growth, inflation and interest rate developments, and trading of currency forwards was mixed and unprofitable. The euro, which traded toward five-year highs during January and February, declined sharply in March and a long euro position against the dollar was unprofitable. Long Swiss franc and Swedish krona positions were also unprofitable. Trading the U.S. dollar against the currencies of Brazil and Singapore posted losses, as did a long U.S. dollar/short Canadian dollar position as commodity currencies outperformed. On the other hand, long U.S. dollar positions versus the Japanese yen and Israeli shekel, short dollar trades versus the Norwegian krone and South African rand, and trading the dollar against the British pound sterling produced partially offsetting gains.

The improving economic outlook and COVID-19 prognosis together with higher interest rates and a stronger U.S. dollar weighed on precious metal prices and long gold and silver positions posted losses. Meanwhile, long positions in copper and aluminum produced partially offsetting profits, especially in February as prices rose and reflation optimism was high.


~~Period ended March 30, 2020~~

~~Month Ended:~~		~~Total Partners'~~ ~~Capital~~

~~March 30, 2020~~	$	~~126,677,094~~
~~December 31, 2019~~		~~154,926,950~~


		~~Three Months ended~~
~~Change in Partners' Capital~~	$	~~(28,249,856)~~
~~Percent Change~~		~~(18.23)%~~

~~THREE MONTHS ENDED MARCH 31, 2020~~

The decrease in the Partnership’s net assets of $28,249,856 was attributable to withdrawals of $5,859,648 and net loss after profit share of $26,090,268, which were partially offset by contributions of $3,700,060.

Brokerage fees are calculated on the net asset value on the last day of each month and are affected by trading performance, contributions and withdrawals. Brokerage fees for the three months ended March 31, 2020 decreased $119,356 relative to the corresponding period in 2019. The decrease was due to a decrease in average net assets of the Partnership during the three months ended March 31, 2020, relative to the corresponding period in 2019.

Interest income is derived from cash and U.S. Treasury instruments held at the Partnership’s brokers and custodian. Interest income for the three months ended March 31, 2020 decreased $265,030 relative to the corresponding period in 2019. This decrease was due predominantly to a decrease in short-term U.S. Treasury yields during the three months ended March 31, 2020 relative to the corresponding period in 2019.

During the three months ended March 31, 2020, the Partnership experienced net realized and unrealized losses of $25,750,852 from its trading operations (including foreign exchange translations and U.S. Treasury notes). Brokerage fees of $879,596, administrative expenses of $96,258, custody fees and other expenses of $6,995 and accrued profit share to the General Partner of $60 were incurred. Interest income of $643,493 partially offset the Partnership expenses resulting in net loss after profit share to the General Partner of $26,090,268. An analysis of the trading gain (loss) by sector is as follows:


~~Sector~~	~~% Gain (Loss) of Partnership Capital~~
~~Currencies~~		~~0.57~~	%
~~Energies~~		~~4.82~~	%
~~Grains~~		~~0.31~~	%
~~Interest rates~~		~~(1.75)~~	%
~~Livestock~~		~~0.15~~	%
~~Metals~~		~~(0.08)~~	%
~~Softs~~		~~(0.02)~~	%
~~Stock indices~~		~~(20.60)~~	%

~~Trading Loss~~		~~(16.60)~~	%

~~MANAGEMENT DISCUSSION –2020~~

~~Three months ended March 31, 2020~~

The Partnership posted a sizable loss in the first quarter as the COVID-19 pandemic and its economic impacts spread across the globe, roiling financial and commodity markets. The onset of the oil price war between Saudi Arabia and Russia in early March added significantly to the market turmoil. Losses from long equity futures positions and, to a much lesser extent, from trading interest rate and metal futures far outpaced the profits from trading energy futures, currency forwards and soft and agricultural commodity futures.

Equity futures, which had been underpinned early in January by the U.S.-China trade deal, accommodative global monetary policy and the conservative election victory in Great Britain, collapsed as COVID-19 spread from China to the Middle East to Europe to the U.S.A. and became a global pandemic. As the potential scope and duration of the damage to global demand became evident, the selling of equities and other financial investments cascaded violently. In response, strong, coordinated and unprecedented monetary and fiscal measures were implemented by countries across the globe. For example in the U.S., the Federal Reserve (the “Fed”), at two emergency meetings, cut interest rates by 1.5% to near zero; the Fed also expanded the magnitude and scope of its Quantitative easing (“QE”), swap lines and other lending facilities well beyond that seen during the Global Financial Crisis; and a fiscal stimulus package measured at about 10% of GDP was assembled in about a week and was added to two smaller packages announced early in March. While these policy efforts did give a fillip to financial markets and help to stabilize them, the damage to equity prices and markets remained large. Broad-based losses were sustained on a short vix trade and on long positions in U.S., Canadian, European, British, Japanese, non-Japan Asian and emerging markets equity index futures, especially in the second half of the quarter.

Interest rates on government debt were buffeted by a variety of cross currents during the quarter including: the actual and anticipated negative impact of the pandemic on global growth; a flight to safety that boosted demand for government debt; a rush for liquidity and U.S. dollars that at times led to a forced liquidation of government debt; 27 central banks cutting official rates 68 times during March, according to centralbankrates.com; and central banks creating numerous massive liquidity provision and QE programs in order to stabilize struggling financial markets globally. Overall, short positions in U.S., German and Canadian note and bond futures posted losses and were reversed to long positions. Trading of British Gilts, long positions in French and Australian bond futures and a long position in the short-term euribor future were also unprofitable, particularly in mid-March, when market participants sought liquidity. Long positions in short-term British, Italian and U.S. dollar interest rate futures and in Japanese government bond futures produced partially offsetting profits. A long position in the 5-year U.S. note in January was also profitable.

Metal trading was fractionally unprofitable. Industrial metal prices declined, and the price of silver, which had been supported for a time as a safe haven precious metal, succumbed to profit-taking and to a dramatic weakening in industrial demand and a long position was unprofitable. A long platinum position was also unprofitable. On the other hand, short copper, aluminum, nickel and zinc positions were profitable and a long gold trade also posted a gain.

Oil prices fell to their lowest levels in 17 years as demand collapsed due to shelter-in-place orders, travel bans and other efforts to mitigate the pandemic, and as supply surged due to the unrelenting price war between Saudi Arabia and Russia. The price of WTI crude oil, which had eased down from $61/barrel at the end of 2019 to about $54/barrel on February 20, plunged precipitously thereafter, falling to under $20/barrel on March 30. Short positions in Brent crude, WTI crude, RBOB gasoline, London gas oil, heating oil and natural gas were highly profitable, particularly in March.

Foreign exchange rates were buffeted by a variety of cross currents from interest rate, liquidity, safe haven and energy price influences during the quarter. Performance in these instruments was mixed but slightly profitable. Long U.S. dollar trades against the Brazilian real, Russian ruble, Aussie dollar and a few other emerging market currencies were profitable. A long euro/short Norway trade was also profitable in the wake of the oil price collapse. On the other hand, long U.S. dollar trades versus the euro, yen, Singapore dollar, and Swedish krona were unprofitable, as was trading versus the British, Canadian, Indian, South African, Norwegian, Polish and New Zealand currencies.

~~Trading of soft and agricultural commodity futures was fractionally profitable.~~

OFF-BALANCE SHEET ARRANGEMENTS

The Partnership does not engage in off-balance sheet arrangements with other entities.

CONTRACTUAL OBLIGATIONS

The Partnership does not enter into any contractual obligations or commercial commitments to make future payments of a type that would be typical for an operating company or that would affect its liquidity or capital resources. The Partnership’s sole business is trading futures, forward currency, spot, option and swap contracts, both long (contracts to buy) and short (contacts to sell). All such contracts are settled by offset, not delivery. Substantially all such contracts are for settlement within four months of the trade date and substantially all such contracts are held by the Partnership for less than four months before being offset or rolled over into new contracts with similar maturities. The financial statements present a Condensed Schedules of Investments setting forth the Partnership’s open futures and forward currency contracts, both long and short, at March 31, ~~2021.~~2022.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Not required.

ITEM 4. CONTROLS AND PROCEDURES

The General Partner, with the participation of its principal executive officers and principal financial officer, has evaluated the effectiveness of the design and operation of its disclosure controls and procedures with respect to the Partnership as of the end of the period covered by this quarterly report, and, based on its evaluation, has concluded that these disclosure controls and procedures are effective. There were no changes in the General Partner's internal controls over financial reporting during the quarter ended March 31, ~~2021~~2022 that have materially affected, or are reasonably likely to materially affect, the General Partner's internal controls over financial reporting with respect to the Partnership.

PART II. OTHER INFORMATION

ITEM 1. Legal Proceedings

None.

ITEM 1A. Risk Factors

Not required.

ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds

(a) Pursuant to the Partnership's Agreement of Limited Partnership, the Partnership may sell Interests at the beginning of each calendar month. As of the quarter ending March 31, ~~2021,~~2022, the Partnership sold no Interests to new and existing limited partners.

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

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

The following table summarizes Interests redeemed during the three months ended March 31, 2021:

Date of
Withdrawal

Limited
Partners

Special Limited
Partners

Total

January 31, 2021

$               (614,860)

$              (77,599)

$                      (692,459)
February 28, 2021

(647,865)

(26,159)

(674,024)
March 31, 2021

(2,121,045)

(2,000)

(2,123,045)
Total

$            (3,383,770)

$            (105,758)

$                   (3,489,528)


The following table summarizes Interests redeemed during the three months ended March 31, 2022:

Date of ‎Withdrawal	Limited ‎Partners	Special Limited ‎Partners	Total

January 31, 2022	$ (229,563)	$ (200,000)	$ (429,563)
February 28, 2022	(76,240)	(21,180)	(97,420)
March 31, 2022	(549,552)	(50,883)	(600,435)
Total	$ (855,355)	$ (272,063)	$ (1,127,418)

ITEM 3. Defaults Upon Senior Securities

None.

ITEM 4. Mine Safety Disclosures

Not Applicable.

ITEM 5. Other Information

None.

ITEM 6. Exhibits

The following exhibits are included herewith:


31.01		Rule 13(a)-14(a)/15(d)-14(a) Certification of Co-Chief Executive Officer
31.02		Rule 13(a)-14(a)/15(d)-14(a) Certification of Co-Chief Executive Officer
31.03		Rule 13(a)-14(a)/15(d)-14(a) Certification of President and Chief Operating Officer
31.04		Rule 13(a)-14(a)/15(d)-14(a) Certification of Chief Financial Officer
32.01		Section 1350 Certification of Co-Chief Executive Officer
32.02		Section 1350 Certification of Co-Chief Executive Officer
32.03		Section 1350 Certification of President and Chief Operating Officer
32.04		Section 1350 Certification of Chief Financial Officer

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

SIGNATURES

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


By:	Millburn Ridgefield Corporation,	/s/ Michael W. Carter
	General Partner	Michael W. Carter
		Vice-President
Date: May ~~14, 2021~~16, 2022		(Principal Accounting Officer)


NEW JERSEY		22-2149317
(State or other jurisdiction of		(I.R.S. Employer
incorporation or organization)		Identification No.)


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


Large accelerated filer ☐o	Accelerated filer ☐o
Non-accelerated filer ☐o	Smaller reporting company ☒x
	Emerging growth company ☐o


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


Nestor Partners
Statements of Financial Condition

		March 31, 2021 (unaudited)		December 31, 2020
ASSETS

EQUITY IN TRADING ACCOUNTS:
Investments in U.S. Treasury notes − at fair value
(amortized cost $15,421,406 and $16,975,256)	$	15,426,604	$	16,975,076
Net unrealized appreciation on open futures and forward
currency contracts		604,399		3,349,977
Due from brokers, net		4,430,379		3,504,342
Cash denominated in foreign currencies (cost $6,637,569
and $3,606,813)		6,600,910		3,778,714

Total equity in trading accounts		27,062,292		27,608,109

INVESTMENTS IN U.S. TREASURY NOTES − at fair value
(amortized cost $84,988,942 and $84,618,660)		85,002,965		84,609,461

CASH AND CASH EQUIVALENTS		9,608,950		9,230,173

ACCRUED INTEREST RECEIVABLE		707,310		727,283

TOTAL	$	122,381,517	$	122,175,026

LIABILITIES AND PARTNERS' CAPITAL

LIABILITIES:
Net unrealized depreciation on open futures and forward
currency contracts	$	633,761	$	22,579
Accrued brokerage fees		180,090		194,550
Due to brokers, net		888,196		61
Accrued expenses		84,280		10,749
Capital withdrawals payable to Limited Partners		2,123,045		3,397,887
Capital withdrawals payable to General Partner		-		271
Accrued profit share		237		-

Total liabilities		3,909,609		3,626,097

PARTNERS' CAPITAL		118,471,908		118,548,929

TOTAL	$	122,381,517	$	122,175,026


See notes to financial statements (unaudited)


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

Counterparty C	$	251,697	$	-	$	(251,697)	$	-
Counterparty K		124,058		-		-		124,058
Counterparty L		228,644		-		(228,644)		-

Total	$	604,399	$	-	$	(480,341)	$	124,058

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

Counterparty G	$	604,404	$	-	$	(604,404)	$	-
Counterparty J		29,357		-		(29,357)		-

Total	$	633,761	$	-	$	(633,761)	$	-

(1) Collateral received includes trades made on exchanges. These trades are subject to central counterparty clearing where settlement is guaranteed
by the exchange. Collateral pledged includes both cash and U.S. Treasury notes held at each respective counterparty.
(2) Collateral disclosed is limited to an amount not to exceed 100% of the net amount of assets and liabilities presented in the Statement of
Financial Condition for each respective counterparty.
(3) Net amount represents the amount that is subject to loss in the event of a counterparty failure as of March 31, 2021.
(4) Net amount represents the amounts owed by the Partnership to each counterparty as of March 31, 2021.


The following table summarizes Interests redeemed during the three months ended March 31, 2021:

Date of Withdrawal	Limited Partners	Special Limited Partners	Total

January 31, 2021	$ (614,860)	$ (77,599)	$ (692,459)
February 28, 2021	(647,865)	(26,159)	(674,024)
March 31, 2021	(2,121,045)	(2,000)	(2,123,045)
Total	$ (3,383,770)	$ (105,758)	$ (3,489,528)