Millburn Ridgefield Corporation is a Delaware corporation organized in May 1982. Millburn currently manages discretionary accounts in futures, spot and forward currency markets, and securities. Our primary business involves managing futures, spot and forward portfolios, although certain portfolios include securities as well. We have been registered with the Commodity Futures Trading Commission (“CFTC”) as a “commodity pool operator” since July 1982 and as a “commodity trading advisor” since September 1984. In March 2002, we became registered with the SEC as an investment adviser. In 2019, we acquired a broker-dealer and then merged that broker-dealer into Millburn Ridgefield Corporation. Accordingly, Millburn is now registered with the SEC as a broker-dealer and is a member of the Financial Industry Regulatory Authority, Inc. (“FINRA”) in that capacity. The registration of Millburn with the SEC or CFTC must not be taken as an indication that either such agency has recommended or approved either Millburn or its trading programs. The principal owners of Millburn are: Harvey Beker and a marital trust established under the last will and testament of a former principal owner (George Crapple). This brochure has been prepared by Millburn and provides an overview of the Company and the services it provides involving securities. Millburn currently sponsors and manages many different commodity pools. However, unless specifically stated otherwise, the information presented in this brochure relates only to the investment advisory services involving securities. To receive a disclosure brochure on our investment services involving futures, spot and forward contracts, please contact us at 212-332-7300 or write to Millburn Ridgefield Corporation at 55 West 46th Street, 31st Floor, New York, NY 10036, Attention: Client Services. Millburn serves as:
• an investment manager or adviser to pooled investment vehicles that it sponsors or that have been established by unaffiliated sponsors and which were organized to invest, in whole or in part, in securities (each, a “Client Fund”); and
• a sub-adviser to mutual funds operated by unaffiliated advisers to invest in securities and/or other assets (each, a “Mutual Fund”). As of December 31, 2023, we serviced 8 Client Funds and 3 Mutual Funds and the individual accounts described below. In providing such services to each Client Fund and Mutual Fund (each, a “Client”), we direct and manage the investment and reinvestment of each Client’s assets. We or the unaffiliated sponsor also provide reports to investors in each Client Fund. We manage the assets of each Client in accordance with the terms of the governing documents applicable to that Client, which include any investment restrictions or limitations for the respective Client’s portfolio. The Company invests the assets of certain of its Client Funds primarily in private investment funds or separate accounts (together, the “Investment Funds”) managed by other investment managers (the “Investment Managers”) who employ different absolute and relative return investment strategies across diverse sectors and asset classes in pursuit of attractive returns consistent with the preservation of capital. In addition, we also directly invest certain Client Fund and other Client assets in futures, forward and spot contracts, exchange-traded funds (“ETFs”), mutual funds, equity securities and investments in cash or money market accounts or funds with underlying portfolios consisting exclusively of short-term U.S. Treasury, agency and related securities. We also invest Client Fund assets in futures and/or currency related Investment Funds that we sponsor and manage. Currently, we invest in securities for the following Clients:
• Millburn MCo Partners L.P. – this fund invests primarily in Investment Funds. The assets of the Investment Funds are managed by Investment Managers employing a variety of strategies in securities and other investment instruments. This fund also invests some of its assets in unaffiliated ETFs and mutual funds.
• Millburn Select Strategies L.P. – this fund invests a portion of its assets in Millburn MCo Partners, L.P. and the remaining portion of its assets in a systematic futures and currencies fund sponsored and managed by us.
• Millburn Equity Partners L.L.C. – this fund invests substantially all of its assets in accounts managed by Investment Managers and in mutual funds.
• Millburn Resource Opportunities Trading Ltd. (“ResOP Master Fund”), Millburn Resource Opportunities Fund L.P. (“ResOP US”) and Millburn Resource Opportunities Fund Ltd. (“ResOP Cayman”) – ResOP Master Fund invests in global futures, forward and spot contracts and securities that Millburn considers directly or indirectly related to commodities and natural resources. ResOP US and ResOP Cayman are “feeder funds” that implement their investment programs by investing substantially all of their assets in ResOP Master Fund.
• Galaxy Plus Fund Millburn Resource Oppty Master Fund (557) (“Galaxy Master Fund”) and Galaxy Plus Fund Millburn Resource Oppty Fund (557) SPC (“Galaxy Feeder Fund”) – Galaxy Master

Fund is a Client Fund organized by an unaffiliated sponsor. Galaxy Master Fund invests in global futures, forward and spot contracts and securities that Millburn considers directly or indirectly related to commodities and natural resources. Galaxy Feeder Fund is a “feeder fund” that implements its investment program by investing substantially all of its assets in Galaxy Master Fund.
• Catalyst/Millburn Hedge Strategy Fund – this Mutual Fund is a series of Mutual Fund Series Trust, an open-end management company. This fund invests in a portfolio of ETFs, futures contracts and currency spot and forward contracts, and short-term U.S. Treasury securities. This fund’s assets are managed entirely by us in our capacity as sub-adviser.
• Catalyst/Millburn Dynamic Commodity Strategy Fund – this Mutual Fund is a series of Mutual Fund Series Trust, an open-end management company. This fund invests in a portfolio of industrial resource and commodity-related equity securities, common stocks, futures contracts, and short-term U.S. Treasury securities. This fund’s assets are managed entirely by us in our capacity as sub-adviser. In addition, we invest Client assets in a portfolio of futures contracts and currency spot and forward contracts for the following non-securities Mutual Fund Client. For this Mutual Fund Client, the portion of the fund managed by us in our capacity as a sub-adviser to the fund does not invest in securities. However, this Mutual Fund Client is described in this brochure because this fund is our client.
• LoCorr Macro Strategies Fund - this Mutual Fund is a series of LoCorr Investment Trust, an open-end management company. Interests in the Client Funds that are collective investment vehicles sponsored by us are not registered under the Securities Act of 1933, as amended (the “Securities Act”) or the Securities Exchange Act of 1934, as amended, and those Client Funds are not registered under the Investment Company Act of 1940, as amended (the “Investment Company Act”). Accordingly, interests in the Client Funds are offered and sold exclusively to investors satisfying the applicable eligibility and suitability requirements generally in private transactions within the United States or, with respect to those that are organized outside the United States, eligibility and suitability requirements applicable in those jurisdictions. Typically, these investors are high net worth individuals, institutions and other entities. In addition to the foregoing, Millburn provides certain services to two private foundations and one individual and certain entities and individuals affiliated with or related to the individual that may be deemed to be advisory or financial planning services. These services are limited in nature and are not being offered generally to others. As of December 31, 2023, Millburn was managing approximately $7.11 billion in assets for its advisory clients described above, including approximately $328.27 million in its Client Funds (each of these numbers has been adjusted to make sure that assets invested by one Client in a Client Fund are not double-counted). As of December 31, 2023, Millburn’s assets under management were approximately $9.39 billion in its systematic futures and currencies accounts (this number includes all of the assets of the Clients listed above, including Mutual Funds, that at least in part trade a systematic futures and currencies strategy managed by us). As of December 31, 2023, Millburn’s aggregate assets under management were approximately $9.51 billion. For purposes of the calculation of advisory client assets and systematic futures and currencies assets under management, certain accounts that hold both securities and systematic futures and currencies investments are included in more than one category (approximately $6.98 billion), but no assets were counted twice for the aggregate assets under management total. The assets under management and systematic futures and currencies numbers above include approximately $1.18 billion in assets managed by Shanghai Quadrant Asset Management Co., Ltd. (“Quadrant”) and its affiliate, SIYE Investment Management Co., Ltd. (“Siye”), each of which is a Chinese-registered asset management company that invests in Chinese futures markets on behalf of its Chinese clients. Millburn indirectly owns 40% of Quadrant, which operates as a joint venture between Millburn and the principal of Siye. We believe that it is appropriate and necessary to include these assets in Millburn’s assets under management as the trading conducted by Quadrant utilizes investment strategies developed and serviced in part by Millburn personnel. In late 2023, Millburn and a principal of Quadrant and Siye formed Millburn Asset Management Ltd., a new Cayman Islands asset management firm designed to implement an investment strategy trading Chinese securities (and related derivatives), primarily on a long-only basis. This firm, a majority of which is owned by the owners of Millburn, has not yet commenced operations (and has no assets under management) but registered with the Cayman Islands Monetary Authority under the Securities Investment Business Act (as amended).