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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q


☒	QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2022


☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number 000-52603

MANAGED FUTURES PREMIER WARRINGTON L.P.

(Exact name of registrant as specified in its charter)

New York

20-3845577

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification No)

c/o Warrington GP, LLC, 200 Crescent Court, Suite 520

Dallas, Texas 75201

(Address of principal executive offices) (Zip Code)

(214) 230-2100

(Registrant’s telephone number, including area code)


Securities registered pursuant to Section 12(b) of the Act: None

Title of each class	Trading Symbol(s)		Name of each exchange on which registered
N/A	N/A		N/A

Securities registered pursuant to Section 12(g) of the Act:		Redeemable Units of Limited Partnership Interest
		(Title of Class)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

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

Large accelerated filer

☐

Accelerated filer

☐

Non-accelerated filer

☒

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of July 31, 2022, 11,033.98 Limited Partnership Class A Redeemable Units were outstanding and 290.73 Limited Partnership Class D Redeemable Units were outstanding.

MANAGED FUTURES PREMIER WARRINGTON L.P.

FORM 10-Q

INDEX

		Page Number

PART I — Financial Information:

Item 1.	Financial Statements:	3

	Statements of Financial Condition at June 30, 2022 (unaudited) and December 31, 2021 (unaudited)	3

	Condensed Schedules of Investments at June 30, 2022 (unaudited) and December 31, 2021 (unaudited)	4-5

	Statements of Income and Expenses for the three and six months ended June 30, 2022 and 2021 (unaudited)	6

	Statements of Changes in Partners’ Capital for the three and six months ended June 30, 2022 and 2021 (unaudited)	7

	Notes to Financial Statements (unaudited)	8-17

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	18-19

Item 3.	Quantitative and Qualitative Disclosures about Market Risk	20

Item 4.	Controls and Procedures	21

PART II — Other Information:

Item 1.	Legal Proceedings	22

Item 1A.	Risk Factors	22

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	22

Item 3.	Defaults Upon Senior Securities	22

Item 5.	Other Information	22

Item 6.	Exhibits	23-24

PART I

Item 1. Financial Statements

Managed Futures Premier Warrington L.P.

Statements of Financial Condition

(Unaudited)

	June 30, 2022		December 31, 2021
Assets:
Equity in trading account:
Cash	$	13,997,827	$	15,987,465
Cash margin		1,526,029		—
Options purchased, at fair value (cost $21,000 and $0 at June 30, 2022 and December 31, 2021, respectively)		33,500		—
Total trading equity		15,557,356		15,987,465
Other		505		1,010
Total assets	$	15,557,861	$	15,988,475
Liabilities and Partners’ Capital:
Liabilities:
Written options, at fair value (premium $24,000 and $0 at June 30, 2022 and December 31, 2021, respectively)	$	20,250	$	—
Accrued expenses:
Ongoing selling agent fees		25,079		25,861
Advisory fees		25,348		26,245
Administrative fees		12,674		13,122
Professional fees		83,620		7,250
Other		1,000		—
Redemptions payable		302,613		23,922
Total liabilities		470,584		96,400
Partners’ Capital:
General Partner, Class GP (139.02 and 137.75 unit equivalents outstanding at June 30, 2022 and December 31, 2021, respectively)		220,333		209,210
Limited Partners, Class A (11,055.33 and 11,895.28 Redeemable Units outstanding at June 30, 2022 and December 31, 2021, respectively)		14,441,804		15,265,754
Limited Partners, Class D (290.73 and 290.73 Redeemable Units outstanding at June 30, 2022 and December 31, 2021, respectively)		425,140		417,111
Total partners’ capital		15,087,277		15,892,075
Total liabilities and partners’ capital	$	15,557,861	$	15,988,475
Net asset value per unit:
Class A	$	1,306.32	$	1,283.35
Class D	$	1,462.31	$	1,434.70
Class GP	$	1,584.85	$	1,518.78

See accompanying notes to financial statements.

Managed Futures Premier Warrington L.P.

Condensed Schedule of Investments

June 30, 2022

(Unaudited)

	Number of Contracts		Fair Value			% of Partners’ Capital
Options Purchased
Indices
Puts		200	$	33,500			0.22	%
Total options purchased (cost $21,000)				33,500			0.22
Written Options
Indices
Calls	300			(750	)		(0.00	)
Puts	600			(19,500	)		(0.13	)
Total written options (premium received $ 24,000)				(20,250	)		(0.13	)
Net fair value			$	13,250			0.09	%

See accompanying notes to financial statements.

Managed Futures Premier Warrington L.P.

Condensed Schedule of Investments

December 31, 2021

(Unaudited)

	Number of Contracts	Fair Value		% of Partners’ Capital
Options Purchased
Indices
Calls	-	$	-	-
Puts	-		-	-
Total options purchased (cost $ -)			-	-
Written Options
Indices
Calls	-	-		-
Puts	-	-		-
Total written options (premium received $ -)		-		-
Net fair value		$	-	-

See accompanying notes to financial statements.

Managed Futures Premier Warrington L.P.

Statements of Income and Expenses

(Unaudited)

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2022			2021			2022			2021
Investment Income:
Interest income	$	—		$	—		$	—		$	—
Expenses:
Ongoing selling agent fees		74,252			89,609			150,021			188,812
Clearing fees		41,066			68,031			87,195			134,295
Advisory fees		76,833			91,996			155,326			194,201
Administrative fees		38,416			45,998			77,663			97,100
Professional fees		75,558			72,588			149,072			142,926
Other		252			(1,790	)		505			(1,331	)
Total expenses		306,377			366,432			619,782			756,003
Net investment income (loss)		(306,377	)		(366,432	)		(619,782	)		(756,003	)
Trading Results:
Net gains (losses) on trading of commodity interests:
Net realized gains (losses) on closed contracts		552,243			288,248			889,714			857,590
Change in net unrealized gains (losses) on open contracts		(14,275	)		11,025			16,250			33,213
Total trading results		537,968			299,273			905,964			890,803
Net income (loss) before allocation to Special Limited Partner		231,591			(67,159	)		286,182			134,800
Allocation to Special Limited Partner		(1,489	)		—			(2,007	)		—
Net income (loss) available for pro rata distribution	$	230,102		$	(67,159	)	$	284,175		$	134,800

Net income (loss) allocation by class:
Class A	$	218,313		$	(68,578	)	$	267,030		$	123,673
Class D	$	5,958		$	(304	)	$	8,029		$	5,003
Class GP	$	5,831		$	1,723		$	9,116		$	6,124
Net asset value per unit:
Class A (11,055.33 and 14,151.09 units outstanding at June 30, 2022 and 2021, respectively)	$	1,306.32		$	1,262.54		$	1,306.32		$	1,262.54
Class D (290.73 and 290.73 units outstanding at June 30, 2022 and 2021, respectively)	$	1,462.31		$	1,405.62		$	1,462.31		$	1,405.62
Class GP (139.02 and 137.21 units outstanding at June 30, 2022 and 2021, respectively)	$	1,584.85		$	1,457.45		$	1,584.85		$	1,457.45
Net income (loss) per unit: (Note 3)
Class A*	$	18.91		$	(4.79	)	$	22.97		$	7.86
Class D*	$	20.48		$	(1.04	)	$	27.61		$	17.21
Class GP*	$	42.22		$	12.56		$	66.07		$	44.63
Weighted average units outstanding:
Class A		11,460.73			14,224.84			11,642.20			15,052.06
Class D		290.73			290.73			290.73			290.73
Class GP		138.08			137.22			137.92			137.22

*	Based on the change in net asset value per unit.

See accompanying notes to financial statements.

Managed Futures Premier Warrington L.P.

Statements of Changes in Partners’ Capital

For the Three and Six Months Ended June 30, 2022 and 2021

(Unaudited)

	Class A						Class D					Class GP				Total
	Amount			Units			Amount			Units		Amount		Units		Amount			Units
Partners’ capital at December 31, 2021	$	15,265,754			11,895.28		$	417,111			290.73	$	209,210		137.75	$	15,892,075			12,323.76
Net Income (loss) available for pro rata distribution		48,718			—			2,071			—		3,285		—		54,074			—
Allocation of Redeemable Units to Special Limited Partner		—			—			—			—		518		0.33		518			0.33
Subscriptions - Limited Partners		—			—			—			—		—		—		—			—
Redemptions - Limited Partners		(189,168	)		(146.69	)		—			—		—		—		(189,168	)		(146.69	)
Redemptions - General Partner		—			—			—			—		—		—		—			—
Partners’ capital at March 31, 2022	$	15,125,304			11,748.59		$	419,182			290.73	$	213,013		138.08	$	15,757,499			12,177.40
Net income (loss) available for pro rata distribution		218,313			—			5,958			—		5,831		—		230,102			—
Allocation of Redeemable Units to Special Limited Partner		—			—			—			—		1,489		0.94		1,489			0.94
Subscriptions - Limited Partners		—			—			—			—		—		—		—			—
Redemptions - Limited Partners		(901,813	)		(693.26	)		—			—		—		—		(901,813	)		(693.26	)
Redemptions - General Partner		—			—			—			—		—		—		—			—
Partners’ capital at June 30, 2022	$	14,441,804			11,055.33		$	425,140			290.73	$	220,333		139.02	$	15,087,277			11,485.08
	Class A						Class D					Class GP				Total
	Amount			Units			Amount			Units		Amount		Units		Amount			Units
Partners’ capital at December 31, 2020	$	20,888,654			16,648.54		$	403,654			290.73	$	193,854		137.21	$	21,486,162			17,076.48
Net Income (loss) available for pro rata distribution		192,251			—			5,307			—		4,401		—		201,959			—
Allocation of Redeemable Units to Special Limited Partner		—			—			—			—		—		—		—			—
Subscriptions - Limited Partners		—			—			—			—		—		—		—			—
Redemptions - Limited Partners		(2,979,760	)		(2,365.66	)		—			—		—		—		(2,979,760	)		(2,365.66	)
Redemptions - General Partner		—			—			—			—		—		—		—			—
Partners’ capital at March 31, 2021	$	18,101,145			14,282.88		$	408,961			290.73	$	198,255		137.21	$	18,708,361			14,710.82
Net income (loss) available for pro rata distribution		(68,578	)		—			(304	)		—		1,723		—		(67,159	)		—
Allocation of Redeemable Units to Special Limited Partner		—			—			—			—		—		—		—			—
Subscriptions - Limited Partners		—			—			—			—		—		—		—			—
Redemptions - Limited Partners		(166,322	)		(131.79	)		—			—		—		—		(166,322	)		(131.79	)
Redemptions - General Partner		—			—			—			—		—		—		—			—
Partners’ capital at June 30, 2021	$	17,866,245			14,151.09		$	408,657			290.73	$	199,978		137.21	$	18,474,880			14,579.03

See accompanying notes to financial statements.

Managed Futures Premier Warrington L.P.

Notes to Financial Statements

June 30, 2022

(Unaudited)

1.	Organization:

Managed Futures Premier Warrington L.P. (formerly known as Warrington Fund L.P.) (the “Partnership”) is a limited partnership organized on November 28, 2005, under the partnership laws of the State of New York to engage in the speculative trading of commodity interests including futures and option contracts. The Partnership does not currently intend to, but may in the future, engage in transactions in spot and forward markets. The Partnership primarily trades futures and options in the stock indices sector. The Partnership may also hold U.S. Treasury bills (“T-Bills”). The Partnership commenced trading on February 21, 2006. The commodity interests that are traded by the Partnership are volatile and involve a high degree of market risk. The Partnership privately and continuously offers redeemable units of limited partnership interest (“Redeemable Units”) in the Partnership to qualified investors. There is no maximum number of Redeemable Units that may be sold by the Partnership.

Effective as of the close of business on March 31, 2015, Warrington GP, LLC, a Delaware limited liability company, acts as the general partner (the “General Partner”) and commodity pool operator of the Partnership. The General Partner is beneficially owned by Scott C. Kimple. From inception to the close of business on March 31, 2015, Ceres Managed Futures LLC, a Delaware limited liability company, acted as the general partner (“CMF GP”) and commodity pool operator of the Partnership. On January 9, 2015, Scott C. Kimple proposed in a proxy statement (the “Proxy Statement”) filed with the Securities and Exchange Commission (the “SEC”) and distributed to Limited Partners (defined below), that Warrington GP, LLC become the new general partner of the Partnership. The requisite number of each class of limited partnership interests approved the proposals described in the Proxy Statement, and, as a result, Warrington GP, LLC became the new general partner of the Partnership effective as of the close of business on March 31, 2015. CMF GP withdrew as the general partner of the Partnership immediately following Warrington GP, LLC becoming the Partnership’s new general partner.

Effective as of the close of business on March 31, 2015, Warrington SLP, LP, a Delaware limited partnership and an affiliate of the General Partner, became a special limited partner of the Partnership (the “Special Limited Partner”) and receives a quarterly profit share allocation equal to 20% of new trading profits from the Partnership in the form of Redeemable Units, subject to a high water mark.

All of the trading decisions for the Partnership are made by Warrington Asset Management LLC (the “Advisor”), an affiliate of the General Partner, using the Strategic Trading Program (formerly, the “Core Trading Program”), a proprietary trading program.

The General Partner is not aware of any material changes to the trading program discussed above during the fiscal quarter ended June 30, 2022.

On June 15, 2011, the Partnership began offering “Class A” Redeemable Units and “Class D” Redeemable Units pursuant to the offering memorandum. All outstanding Redeemable Units on June 15, 2011 were designated Class A Redeemable Units. The rights, powers, duties and obligations associated with the investment in Class A Redeemable Units were not changed. On October 1, 2011, the first Class D Redeemable Units were issued to limited partners of the Partnership (each a “Limited Partner”). Class A Redeemable Units and Class D Redeemable Units will each be referred to as a “Class” and together referred to as the “Classes.” The Class of Redeemable Units that a Limited Partner receives will generally depend upon the amount invested in the Partnership, although the General Partner may determine to offer Class A Redeemable Units or Class D Redeemable Units to investors in its sole discretion. On May 1, 2015, a new share class of units of general partner interest “Class GP” was initiated to accept an investment from the General Partner.

During the three and six months periods ended June 30, 2022, the Partnership’s commodity brokers were Wedbush Securities, Inc. (“Wedbush”) and ADM Investor Services, Inc. (“ADM”), both of whom are registered futures commission merchants.

Effective April 21, 2017, the Partnership entered into a commodity futures customer agreement with Wedbush (the “Wedbush Customer Agreement”); however, the Partnership did not engage in any trading activity through Wedbush until June 26, 2017. The Partnership pays Wedbush trading fees for the clearing and, if applicable, execution of transactions. In addition, with respect to excess cash, Wedbush does not pay interest on excess cash held in the Partnership’s account. The excess cash balances will be monitored and are expected to have an immaterial impact on the interest earned.

Effective March 13, 2017, the Partnership entered into a commodity futures customer agreement with ADM (the “ADM Customer Agreement”); however, the Partnership did not engage in any trading activity through ADM until April 6, 2017. The Partnership pays ADM trading fees for the clearing and, if applicable, execution of transactions. In addition, with respect to excess

Managed Futures Premier Warrington L.P.

Notes to Financial Statements

June 30, 2022

(Unaudited)

cash, ADM does not pay interest on excess cash held in the Partnership’s account. The excess cash balances will be monitored and are expected to have an immaterial impact on the interest earned.

The Partnership maintains a continuing services agreement with Morgan Stanley Smith Barney LLC (d/b/a Morgan Stanley Wealth Management). Pursuant to the continuing services agreement, Morgan Stanley Wealth Management will receive a monthly fee in respect of certain partnership interests which have been sold to certain individuals and entities with an ongoing relationship with Morgan Stanley Wealth Management (the “MS Interests”) equal to (i) 1/12 of 2.00% (2.00% per year) of adjusted month-end net assets for Class A Redeemable Units and (ii) 1/12 of 0.75% (0.75% per year) of adjusted month-end net assets for Class D Redeemable Units. The fees paid to Morgan Stanley Wealth Management shall continue only for as long as the MS Interests remain outstanding. For the purposes of calculating the fees paid to Morgan Stanley Wealth Management, adjusted net assets are month-end Net Assets, as defined in the Partnership Agreement, increased by that month’s ongoing selling agent fee, advisory fee, profit share allocation accrual, the general partner’s administrative fee and other expenses and any redemptions or distributions as of the end of such month.

The Partnership maintains a selling agreement with Robert W. Baird & Co. Incorporated (“Baird”). Pursuant to the selling agreement, Baird will receive a monthly ongoing selling agent fee equal to (i) 1/12 of 2.00% (2.00% per year) of adjusted month-end net assets for Class A Redeemable Units and (ii) 1/12 of 0.75% (0.75% per year) of adjusted month-end net assets for Class D Redeemable Units. With respect to current Limited Partners that are customers of Baird, the Partnership shall pay Baird a monthly ongoing maintenance fee equal to (i) 1/12 of 2.00% (2.00% per year) of adjusted month-end net assets for Class A Redeemable Units and (ii) 1/12 of 0.75% (0.75% per year) of adjusted month-end net assets for Class D Redeemable Units for services provided to such current Limited Partners. For the purposes of calculating the fees paid to Baird, adjusted net assets are month-end Net Assets, as defined in the Partnership Agreement, increased by that month’s ongoing selling agent fee, advisory fee, profit share allocation accrual, the general partner’s administrative fee and other expenses and any redemptions or distributions as of the end of such month.

The Partnership maintains a continuing services agreement with Credit Suisse Securities (USA) LLC. Pursuant to the continuing services agreement, Credit Suisse Securities (USA) LLC will receive a monthly fee in respect of certain partnership interests which have been sold to certain individuals and entities with an ongoing relationship with Credit Suisse Securities (USA) LLC (the “CS Interests”) equal to (i) 1/12 of 2.00% (2.00% per year) of adjusted month-end net assets for Class A Redeemable Units and (ii) 1/12 of 0.75% (0.75% per year) of adjusted month-end net assets for Class D Redeemable Units. The fees paid to Credit Suisse Securities (USA) LLC shall continue only for as long as the CS Interests remain outstanding. For the purposes of calculating the fees paid to Credit Suisse Securities (USA) LLC, adjusted net assets are month-end Net Assets, as defined in the Partnership Agreement, increased by that month’s ongoing selling agent fee, advisory fee, profit share allocation accrual, the general partner’s administrative fee and other expenses and any redemptions or distributions as of the end of such month.

2.	Basis of Presentation and Summary of Significant Accounting Policies:

The accompanying financial statements and accompanying notes are unaudited but, in the opinion of the General Partner, include all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the Partnership’s financial condition and condensed schedule of investments at June 30, 2022 and December 31, 2021, the results of its operations for the three and six months ended June 30, 2022 and 2021 and changes in partners’ capital for the three and six months ended June 30, 2022 and 2021. These financial statements present the results of interim periods and do not include all disclosures normally provided in annual financial statements. You should read these financial statements together with the financial statements and notes included in the Partnership’s Annual Report on Form 10-K filed with the SEC as of and for the year ended December 31, 2021. The December 31, 2021 information has been derived from the audited financial statements as of and for the year ended December 31, 2021.

Managed Futures Premier Warrington L.P.

Notes to Financial Statements

June 30, 2022

(Unaudited)

The preparation of financial statements and accompanying notes in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires the General Partner to make estimates and assumptions that affect the reported amounts of assets and liabilities, income and expenses, and related disclosures of contingent assets and liabilities in the financial statements and accompanying notes. As a result, actual results could differ from these estimates.

The General Partner and each Limited Partner share in the profits and losses of the Partnership, after the allocation to the Special Limited Partner, in proportion to the amount of Partnership interest owned by each, except that no Limited Partner shall be liable for obligations of the Partnership in excess of its capital contribution and profits, if any, net of distributions and losses, if any.

The Partnership’s trading of futures and options contracts, as applicable, on commodities is done primarily on U.S. commodity exchanges. At various times during the three and six month periods ended June 30, 2022 and 2021, the Partnership engaged in such trading through commodity brokerage accounts with Wedbush and ADM.

Due to the nature of commodity 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.

Partnership’s Investments: The fair value of exchange-traded futures and options contracts is determined by the various exchanges, and reflects the settlement price for each contract as of the close of business on the last business day of the reporting period.

All commodity interests are held for trading purposes. The commodity interests are recorded on the trade date and open contracts are recorded at fair value (as described below in Note 5 “Fair Value Measurements”) at the measurement date. Investments in commodity interests denominated in foreign currencies are translated into U.S. dollars at the exchange rates prevailing at the measurement date. Gains or losses are realized when contracts are liquidated. Unrealized gains or losses on option contracts are included as a component of equity in trading account on the Statements of Financial Condition. Net realized gains or losses and any change in net unrealized gains or losses from the preceding period are reported in the Statements of Income and Expenses.

Investment Company Status: Based on the General Partner’s assessment, the Partnership has been deemed to be an investment company since inception. Accordingly, the Partnership follows the investment company accounting and reporting guidance of FASB Accounting Standards Codification Topic 946 and reflects its investments at fair value with unrealized gains and losses resulting from changes in fair value reflected in the Statements of Income and Expenses.

Income Taxes: Income taxes have not been provided as each partner is individually liable for the taxes, if any, on its share of the Partnership’s income and expenses. The General Partner concluded that no provision for income tax is required in the Partnership’s financial statements. The Partnership files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The 2019 through 2021 tax years remain subject to examination by U.S. federal and most state tax authorities. The General Partner does not believe that there are any uncertain tax positions that require recognition of a tax liability.

There have been no material changes with respect to the Partnership’s critical accounting policies as reported in the Partnership’s Annual Report on Form 10-K as of and for the year ended December 31, 2021.

Managed Futures Premier Warrington L.P.

Notes to Financial Statements

June 30, 2022

(Unaudited)

3.	Financial Highlights:

Financial highlights for each Limited Partner Class for the three and six months ended June 30, 2022 and 2021 were as follows:

	For the Three Months Ended June 30, 2022						For the Three Months Ended June 30, 2021						For the Six Months Ended June 30, 2022						For the Six Months Ended June 30, 2021
	Class A			Class D			Class A			Class D			Class A			Class D			Class A			Class D
Net realized and unrealized gains (losses)	$	44.86		$	50.28		$	20.38		$	22.64		$	74.71		$	83.66		$	57.08		$	63.31
Interest Income		0.00			0.00			0.00			0.00			0.00			0.00			0.00			0.00
Expenses		(25.95	)		(29.80	)		(25.17	)		(23.68	)		(51.74	)		(56.05	)		(49.22	)		(46.10	)
Increase (decrease) for the period		18.91			20.48			(4.79	)		(1.04	)		22.97			27.61			7.86			17.21
Net asset value per unit, beginning of period		1,287.41			1,441.83			1,267.33			1,406.66			1,283.35			1,434.70			1,254.68			1,388.41
Net asset value per unit, end of period	$	1,306.32		$	1,462.31		$	1,262.54		$	1,405.62		$	1,306.32		$	1,462.31		$	1,262.54		$	1,405.62

	For the Three Months Ended June 30, 2022						For the Three Months Ended June 30, 2021						For the Six Months Ended June 30, 2022						For the Six Months Ended June 30, 2021
	Class A			Class D			Class A			Class D			Class A			Class D			Class A			Class D
Ratios to Average Net Assets:*
Net investment income (loss)**		(8.0	)%		(6.7	)%		(8.0	)%		(6.8	)%		(8.1	)%		(6.8	)%		(7.9	)%		(6.7	)%
Allocation to Special Limited Partner		—	%		(0.4	)%		—	%		—	%		—	%		(0.5	)%		—	%		—	%
Net investment income (loss) after allocation to Special Limited Partner		(8.0	)%		(7.1	)%		(8.0	)%		(6.8	)%		(8.1	)%		(7.3	)%		(7.9	)%		(6.7	)%
Operating expenses		8.0	%		6.7	%		8.0	%		6.8	%		8.1	%		6.8	%		7.9	%		6.7	%
Allocation to Special Limited Partner		—	%		0.4	%		—	%		—	%		—	%		0.5	%		—	%		—	%
Total expenses		8.0	%		7.1	%		8.0	%		6.8	%		8.1	%		7.3	%		7.9	%		6.7	%
Total return:
Total return before allocation to Special Limited Partner		1.5	%		1.8	%		(0.4	)%		(0.1	)%		1.8	%		1.9	%		0.6	%		1.2	%
Allocation to Special Limited Partner		—	%		(0.4	)%		—	%		—	%		—	%		(0.5	)%		—	%		—	%
Total return after allocation to Special Limited Partner		1.5	%		1.4	%		(0.4	)%		(0.1	)%		1.8	%		1.4	%		0.6	%		1.2	%

Managed Futures Premier Warrington L.P.

Notes to Financial Statements

June 30, 2022

(Unaudited)

*	Annualized (except allocation to Special Limited Partner, if applicable).

**	Interest income less total expenses (exclusive of allocation to Special Limited Partner, if applicable).

The above ratios and total return may vary for individual investors based on the timing of capital transactions during the period. Additionally, these ratios and total return are calculated for the Limited Partner Classes using the Limited Partners’ share of income, expenses and average net assets.

4.	Trading Activities:

The Partnership was formed for the purpose of trading contracts in a variety of commodity interests, including derivative financial instruments and derivative commodity instruments. The results of the Partnership’s trading activities are shown in the Statements of Income and Expenses.

The Wedbush Customer Agreement and the ADM Customer Agreement give the Partnership the legal right to net unrealized gains and losses on open futures and option contracts. The Partnership netted as applicable, for financial reporting purposes, the unrealized gains and losses on open futures and option contracts on the Statements of Financial Condition as the criteria under Accounting Standards Codification 210-20, “Balance Sheet,” have been met.

Ongoing selling agent fees paid to Baird, Morgan Stanley Wealth Management and Credit Suisse Securities (USA) LLC were calculated as a percentage of the Partnership’s adjusted net asset value on the last day of each month and were affected by trading performance, subscriptions and redemptions.

Trading and transaction fees are based on the number of trades executed by the Advisor for the Partnership. All trading, exchange, clearing, user, give-up, floor brokerage and National Futures Association (“NFA”) fees (collectively, the “clearing fees”) paid to Wedbush and ADM,and other executing brokers, as applicable are borne by the Partnership.

All of the commodity interests owned by the Partnership are held for trading purposes. The monthly average number of option contracts held during the three months ended June 30, 2022 and 2021 were 1,247 and 435, respectively.

The following tables present the gross and net information about investments eligible for offset in the Statements of Financial Condition at June 30, 2022 and December 31, 2021, respectively:

									Gross Amounts not Offset in the Statements of Financial Condition
June 30, 2022	Gross Amounts Recognized			Gross Amounts Offset in the Statements of Financial Condition		Amounts Presented in the Statements of Financial Condition			Financial Instruments			Cash Collateral Received/ Pledged		Net Amount
Assets
Options purchased	$	33,500		$	—	$	33,500		$	(20,250	)	$	—	$	13,250
Total assets		33,500			—		33,500			(20,250	)		—		13,250
Liabilities
Written options	$	(20,250	)	$	—	$	(20,250	)	$	20,250		$	—	$	—
Total liabilities		(20,250	)		—		(20,250	)		20,250			—		—
Net fair value														$	13,250

Managed Futures Premier Warrington L.P.

Notes to Financial Statements

June 30, 2022

(Unaudited)

Gross Amounts not Offset

in the Statements of

Financial Condition

December 31, 2021

Gross

Amounts

Recognized

Gross

Amounts

Offset in

the

Statements of

Financial

condition

Amounts

Presented

in the

Statements of

Financial

condition

Financial

Instruments

Cash

Collateral

Net

Amount

Assets

Options purchased

—

Total assets

—

Liabilities

Written options

—

Total liabilities

—

Net fair value

—

The following tables indicate the gross fair values of derivative instruments of futures and option contracts as separate assets and liabilities as of June 30, 2022 and December 31, 2021, respectively:

	June 30, 2022
Assets
Options purchased
Indices	$	33,500
Total options purchased	$	33,500		*
Liabilities
Written options
Indices	$	(20,250	)
Total written options	$	(20,250	)	**

*	This amount is in “Options purchased, at fair value” on the Statements of Financial Condition.

**	This amount is in “Written options, at fair value” on the Statements of Financial Condition.

	December 31, 2021
Assets
Options purchased
Indices	$	—
Total options purchased	$	—	*
Liabilities
Written options
Indices	$	—
Total written options	$	—	**

*	This amount is in “Options purchased, at fair value” on the Statements of Financial Condition.

**	This amount is in “Written options, at fair value” on the Statements of Financial Condition.

Managed Futures Premier Warrington L.P.

Notes to Financial Statements

June 30, 2022

(Unaudited)

The following table indicates the trading gains and losses, by market sector, on derivative instruments for the three and six months ended June 30, 2022 and 2021:

	For the Three Months Ended June 30,							For the Six Months Ended June 30,
Sector-Indices	2022				2021			2022			2021
Net realized gains (losses) on closed contracts	$	552,243			$	288,248		$	889,714		$	857,590
Change in net unrealized gains (losses) on open contracts		(14,275	)			11,025			16,250			33,213
Total trading results	$	537,968		***	$	299,273	***	$	905,964	***	$	890,803	***

***	This amount is included in “Total trading results” on the Statements of Income and Expenses.

The following table rolls forward the transactions in Options Written for the six-month period ended June 30, 2022:

	Calls									Puts
				Notional (000)									Notional (000)
	Contracts			USD			Premiums Received			Contracts			USD			Premiums Received
Outstanding options, beginning of year		—		$	—		$	—			—		$	—		$	—
Options written		2,520			2,978,625			33,600			36,805			37,025,988			3,425,575
Options exercised											(60	)		(64,350	)		(18,000	)
Options expired		(2,220	)		(2,648,625	)		(30,600	)		(24,893	)		(24,770,013	)		(2,128,595	)
Options closed											(11,252	)		(11,677,875	)		(1,257,980	)
Outstanding options, end of period		300		$	330,000		$	3,000			600		$	513,750		$	21,000

5.	Fair Value Measurements:

Partnership’s Fair Value Measurements. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. The fair value hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to fair values derived from unobservable inputs (Level 3). The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety.

GAAP requires the use of judgment in determining if a formerly active market has become inactive and in determining fair values when the market has become inactive. The General Partner has concluded that based on available information in the marketplace, the Partnership’s Level 1 assets and liabilities are actively traded.

Managed Futures Premier Warrington L.P.

Notes to Financial Statements

June 30, 2022

(Unaudited)

The Partnership will separately present purchases, sales, issuances and settlements in its reconciliation of Level 3 fair value measurements (i.e., to present such items on a gross basis rather than on a net basis), and make disclosures regarding the level of disaggregation and the inputs and valuation techniques used to measure fair value for measurements that fall within either Level 2 or Level 3 of the fair value hierarchy as required under GAAP.

The Partnership considers prices for exchange-traded commodity futures and option contracts to be based on unadjusted quoted prices in active markets for identical assets and liabilities (Level 1). The values of futures and certain option contracts for which market quotations are not readily available are priced by broker-dealers that derive fair values for those assets and liabilities from observable inputs (Level 2). For the three and six-month period ended June 30, 2022 and the twelve-month period ended December 31, 2021, the Partnership did not hold any derivative instruments that were priced at fair value using unobservable inputs through the application of the General Partner’s assumptions and internal valuation pricing models (Level 3). Any transfers between levels are recognized at the beginning of the period. During the three and six months ended June 30, 2022 and the twelve months ended December 31, 2021, there were no transfers of assets or liabilities between Level 1 and Level 2.

Total

June 30, 2022

Quoted Prices in

Active Markets for

Identical Assets and

Liabilities (Level 1)

Significant Other

Observable Inputs

(Level 2)

Significant

Unobservable Inputs

(Level 3)

Assets

MANAGED FUTURES PREMIER WARRINGTON L.P. 10-Q