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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

(Mark One)

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

For the fiscal year ended December 31, 2024

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

Commission file number: 000-53348

ALTEGRIS WINTON FUTURES FUND, L.P.

(Exact name of registrant as specified in its charter)

colorado

(State or other jurisdiction of incorporation or organization)

84-1496732

(I.R.S. Employer Identification No.)

c/o ALTEGRIS ADVISORS, L.L.C.

31103 Ranch Viejo Rd. Ste. D3 PMB 312

San Juan Capistrano, CA 92675

(Address of principal executive offices) (zip code)

(858) 459-7040

(Registrant’s telephone number, including area code)

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

Securities registered pursuant to Section 12(g) of the Act: Limited Partnership Interests

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

Yes ☐ No ☒

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.

Yes ☐ No ☒

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 if the disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of the registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.

☒

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, 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 has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☐

Indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).

Yes ☐ No ☒

State the aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was last sold, or the average bid and asked price of such common equity, as of the last business day of the registrant’s most recently completed second fiscal quarter. 0

Not Applicable. 0

DOCUMENTS INCORPORATED BY REFERENCE

None.

TABLE OF CONTENTS

		Page
PART I

Item 1	Business	1
Item 1A	Risk Factors	5
Item 1B	Unresolved Staff Comments	11
Item 1C	Cybersecurity	11
Item 2	Properties	12
Item 3	Legal Proceedings	12
Item 4	Mine Safety Disclosures	12

PART II

Item 5	Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	13
Item 6	Selected Financial Data	14
Item 7	Management’s Discussion and Analysis of Financial Condition and Results of Operations	14
Item 7A	Quantitative and Qualitative Disclosures About Market Risk	22
Item 8	Financial Statements and Supplementary Data	26
Item 9	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	26
Item 9A	Controls and Procedures	27
Item 9B	Other Information	27

PART III

Item 10	Directors, Executive Officers and Corporate Governance	28
Item 11	Executive Compensation	29
Item 12	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	30
Item 13	Certain Relationships and Related Transactions, and Director Independence	30
Item 14	Principal Accounting Fees and Services	31

PART IV

Item 15	Exhibits, Financial Statement Schedules	32
	Signatures	33

	Financial Statements	F-1

PART I

ITEM 1: BUSINESS

(a)

General Development of Business

Altegris Winton Futures Fund, L.P. (the “Partnership”) is a limited partnership organized under the Colorado Uniform Limited Partnership Act in March 1999. The Partnership’s business is the speculative trading and investment in international futures, options and forward markets (“Commodity Interests”). The Partnership commenced its trading and investment operations in November 1999.

On December 31, 2014, pursuant to an internal reorganization of Altegris Portfolio Management, Inc., then the general partner of the Partnership, and certain affiliated entities, Altegris Portfolio Management, Inc. (“APM”) merged with and into its affiliate, Altegris Advisors, L.L.C., a Delaware limited liability company (the “Transaction”). By operation of law and pursuant to Paragraph 12 of the Partnership’s Second Amended Agreement of Limited Partnership, effective as of April 14, 2011, as amended, Altegris Advisors, L.L.C. then became, and was admitted as, the general partner of the Partnership (the “General Partner”).

The General Partner has sole responsibility for management and administration of all aspects of the Partnership’s business. Investors purchasing limited partnership interests (the “Interests”) in the Partnership (“Limited Partners” and together with the General Partner, “Partners”) have no rights to participate in the management of the Partnership.

The General Partner is registered with the Commodity Futures Trading Commission (“CFTC”) as a Commodity Pool Operator (“CPO”) and is a member of National Futures Association (“NFA”). Winton Capital Management Limited, a United Kingdom Company, acts as the Partnership’s trading advisor (“Advisor”). The Advisor is registered with the CFTC as a Commodity Trading Advisor and is authorized and regulated by the United Kingdom’s Financial Conduct Authority.

Effective September 27, 2021, as part of an internal reorganization, the General Partner became wholly-owned by its affiliate Altegris Services, L.L.C. (“Services”) which in turn became wholly-owned by Better Outcome, LLC (“Better Outcome”), a newly formed affiliated entity owned and controlled by Continuum Capital Managers LLC (“Continuum”) and AV5 Acquisition, LLC (“AV5”). Continuum is owned by Douglas C. Grip and Stephen E. Vanourny. AV5 is owned solely by Matthew Osborne, the General Partner’s Chief Executive Officer and Chief Investment Officer. There was a subsequent internal reorganization in July 2023. The following internal restructuring resulted in no change in indirect and ultimate ownership and control of the General Partner. The General Partner’s and Altegris Clearing Solutions L.L.C. (“Altegris Clearing Solutions), an affiliate of the General Partner's direct parent company, Altegris Services (“Services”) which was an administrative services affiliate of the General Partner, was dissolved. The General Partner is now wholly-owned by Better Outcome. These internal reorganizations resulted did not result in changes in indirect and ultimate ownership and control of the General Partner, and had no impact on the Partnership’s financial position or results of operations.

AlphaMax Distributors, L.L.C. (“AlphaMax”), filed to withdraw its regulatory registrations in November 2023. Prior to November 2023, AlphaMax was an affiliate of the General Partner (previously known as Altegris Investments, L.L.C and as Altegris Distributors LLC), which served as a selling agent of the Interests and acted as the Partnership’s introducing broker until January 1, 2011, when Altegris Futures L.L.C. (“Altegris Futures”) replaced AlphaMax as the Partnership’s introducing broker. On December 31, 2014, Altegris Futures merged with and into its affiliate, Altegris Clearing Solutions, L.L.C. Altegris Clearing Solutions, L.L.C. is registered with the CFTC as an Introducing Broker (“Clearing Solutions” or the “Introducing Broker”).

The Partnership’s term will end upon the first to occur of the following: December 31, 2035; receipt by the General Partner of an election to dissolve the Partnership at a specified time by Limited Partners owning more than 50% of the Interests then outstanding, notice of which is sent by registered mail to the General Partner not less than ninety (90) days prior to the effective date of such dissolution; withdrawal (including withdrawal after suspension of trading), admitted or court decreed insolvency or dissolution of the General Partner; termination of the Partnership pursuant to the terms of the Limited Partnership Agreement; or any event that makes it unlawful for the existence of the Partnership to be continued or requiring termination of the Partnership.

The Partnership is not required to be, and is not, registered under the Investment Company Act of 1940, as amended

As of January 31, 2025, the aggregate net asset value of the Interests in the Partnership before redemptions was $12,849,046. The Partnership operates on a calendar fiscal year and has no subsidiaries.

The Partnership offers three “classes” of Interests: Class A, Class B and Institutional Interests (each, a “Class of Interest”). The Classes of Interests differ from each other only in the fees that they pay and the applicable investment minimums. The Partnership also issues Special Class Interests, pursuant to the Limited Partnership Agreement, but Special Class Interests are not generally offered.

(b)

Financial Information About Segments

The Partnership’s business constitutes only one segment for financial reporting purposes — i.e., a speculative “commodity pool.” The Partnership does not engage in sales of goods or services. Financial information regarding the Partnership’s business is set forth in the Partnership’s financial statements, included herewith.

(c)

Narrative Description of Business

The Partnership is designed to produce long-term capital appreciation through growth, and not current income. The General Partner has selected the Advisor to trade one of the Advisor’s proprietary trading models, the Winton Futures SMA Program (the “Program”), on behalf of the Partnership. The Advisor currently has the authority to trade the Program on behalf of the Partnership in all the easily accessible and liquid commodity interests (comprising international futures, options and forward markets) that it practically can, which currently consists mainly of commodity interests that are futures, options and forward contracts and certain OTC products, such as swaps in the following areas: stock indices, bonds, short term interest rates, currencies, precious and base metals, grains, livestock, energy and agricultural products.

The Advisor’s investment technique in trading the Program consists of trading a broadly diversified portfolio of highly liquid financial instruments across numerous futures markets, and may also include certain OTC instruments and government securities, employing a computerized, technical, principally trend-following trading system. This system tracks the daily price movements and other data from these markets around the world, and carries out certain computations to determine each day how long or short the portfolio should be to maximize profit within a certain range of risk. If rising prices are anticipated, a long position will be established; a short position will be established if prices are expected to fall.

The trading methods applied by the Advisor to trade the Program on behalf of the Partnership are proprietary, complex and confidential. As a result, the following explanation is of necessity general in nature and not intended to be exhaustive. The Advisor plans to continue the research and development of its trading methodology and, therefore, retains the right to revise any methods or strategy, including the technical trading factors used, the commodity interests traded and/or the money management principles applied.

The Program traded by the Advisor pursues a technical trend-following system. Technical analysis refers to analysis based on data intrinsic to a market, such as price and volume. This is to be contrasted with fundamental analysis which relies on factors external to a market, such as supply and demand. The Program uses no fundamental factors.

A trend-following system is one that attempts to take advantage of the observable tendency of the markets to trend (that is, to move from one price point to another, either higher or lower over a period of time), and to tend to make exaggerated movements in both upward and downward directions as a result of such trends. These exaggerated movements are largely explained as a result of the influence of crowd psychology or the herd instinct, amongst market participants.

The Advisor developed the Program by relating the probability of the size and direction of future price movements with certain indicators derived from past price movements which characterize the degree of trending of each market at any time.

The Program follows a primarily non-discretionary system. This means that trading signals are automatically generated by its models and, except in extreme situations, are followed to the letter. The Advisor has found that the absence of discretion promotes greater consistency in performance and lessens the opportunity for less reliable anecdotal evidence and personal judgment to influence decision-making. In unusual market situations, the Advisor reserves the right to deviate from its automatic system.

The Advisor will select the type of order to be used in executing each trade on behalf of the Partnership and may use any type of order permitted by the exchange on which the order is placed. The Advisor may place individual orders for each account it trades, or a block order for all accounts it trades, in which the same commodity interest is being cleared through the same clearing broker. In the latter instance, the Advisor will allocate trades to individual accounts using a proprietary algorithm. The aim of this algorithm is to achieve an average price for transactions as close as mathematically possible for each account. This takes the form of an optimization process where the objective is to minimize the variation in the average traded price for each account. On occasion, it may direct the clearing broker for the accounts to employ a neutral order allocation system to assign trades. Partial fills will be allocated in proportion to account size.

The trading strategy and account management principles of the Program described above are factors upon which the Advisor will base its trading decisions. Such principles may be revised from time to time by the Advisor as it deems advisable or necessary. Accordingly, no assurance is given that all of these factors will be considered with respect to every trade or recommendation made on behalf of the Partnership or that consideration of any of these factors in a particular situation will lessen the risk of loss or increase the potential for profits.

It is expected that between 5% and 50% of the Partnership’s assets generally will be held as initial margin or option premiums (in cash or United States (“U.S.”) Treasury Department (“Treasury”) securities) in the Partnership’s brokerage accounts at its clearing broker, SG Americas Securities, LLC (“SGAS”), a futures commission merchant (“FCM”), and available for trading by the Advisor in Commodity Interests on behalf of the Partnership, or at Societe General SA (an affiliate of SGAS) which may from time to time execute spot or other over-the-counter foreign exchange transactions as a counterparty to the Partnership. Interest on Partnership assets held at SGAS or an affiliate in cash or Treasury securities will be credited to the Partnership as described under “Charges.” Depending on market factors, the amount of margin or option premiums held at SGAS could change significantly, and all of the Partnership’s assets are available for use as margin. The Partnership may also retain other brokers and/or dealers from time to time to clear or execute a portion of Partnership trades made by the Advisor.

With respect to Partnership assets not held at SGAS as described above, such proceeds were deposited with JPMorgan Chase Bank, N.A. from January through early December 2021. Effective December 13, 2021, such proceeds were deposited with U.S. Bank N.A. which at that time began serving as the Partnership’s custodian (the “Custodian”). Such proceeds are held in cash or U.S. Treasury securities or held in other bank cash accounts (and used to pay Partnership operating expenses). The Partnership’s custody agreement allows the Custodian to use sub-advisers to attempt to increase yield enhancement, and if so utilized, the Custodian and/or sub-adviser(s) will receive fees for cash management services. The General Partner may direct that a portion of Partnership assets be deposited with other custodians and retain other sub-advisers for the purpose of attempting to increase yield enhancement via other cash management arrangements.

The percentage of the Partnership’s assets deposited with these firms is also subject to change in the General Partner’s sole discretion. The Partnership’s assets will not be commingled with the assets of any other person. Depositing the Partnership’s assets with banks or SGAS, or other clearing brokers, as segregated funds is not commingling for these purposes.

The Partnership pays all of its ongoing liabilities, expenses and costs. The General Partner receives a management fee of 0.104% of the month-end net asset value, before deduction for any accrued incentive fees related to the current quarter (the “management fee net asset value”), of all Class A Interests (1.25% per annum), 0.104% of the month-end management fee net asset value of all Class B Interests (1.25% per annum) and 0.0625% of the month-end management fee net asset value of all Institutional Interests (0.75% per annum), 0.0625% (0.75%) of all Original Class A Interests, 0.146% (1.75%) of all Original Class B Interests, and currently 0.0417% to 0.0625% (0.50% to 0.75% annually) of all Special Class Interests of the Partnership’s management fee net asset value. The Advisor receives a management fee of 0.083% of the management fee net asset value of the month-end capital account balances of all Interests (1.0% per annum) and 20% of quarterly trading profits applicable to each Class of Interest.

Each selling agent selling Class A Interests receives 0.166% of the month-end net asset value of the Partnership apportioned to each Class A Interest sold by such selling agent (2% per annum) and may elect to receive 0.0417% of the month-end net asset value apportioned to any Institutional Interest sold by such selling agent (0.50% per annum).

SGAS paid, during 2024, to the Introducing Broker a portion of the brokerage commissions and transaction fees received from the Partnership as well as a portion of the interest income received on the Partnership’s assets. Monthly brokerage charges equal to the greater of (A) actual commissions of $9.75 per round-turn (higher for certain exchanges or commodities) multiplied by number of round-turn trades, which amount includes other transaction costs; or (B) an amount equal to 0.125% of the management fee net asset value of all Interest holders’ month-end capital account balances (1.50% annually). A round-turn is both the purchase, or sale, of a commodity interest contract and the subsequent offsetting sale, or purchase, of the contract. If actual monthly commissions and transaction costs in (A) above are less than the amount in (B) above, the Partnership will pay the difference to the Introducing Broker as payment for brokerage-related services. In any month when the amount in (A) is greater than the amount in (B) above, the Partnership pays only the amount described in (A) above.

The Partnership generally pays its operating expenses as they are incurred. A fixed administrative fee is charged to Class A and Class B Interests and paid to the General Partner equal to 0.0275% of the management fee net asset value of the month-end capital account balance of all such Class A and Class B Interests (0.333% per annum).

(d)

Regulation

The CFTC has delegated to NFA responsibility for the registration of “commodity trading advisors,” “commodity pool operators,” “futures commission merchants,” “introducing brokers,” “swap dealers,” “major swap participants” and, in most cases, their respective associated persons, as well as “floor brokers” and “floor traders.” The Commodity Exchange Act requires commodity pool operators such as the General Partner, commodity trading advisors such as the Advisor and commodity brokers or FCMs such as SGAS and introducing brokers such as the Introducing Broker to be registered and to comply with various reporting and record keeping requirements. CFTC regulations also require FCMs and certain introducing brokers to maintain a minimum level of net capital. In addition, the CFTC and certain commodities exchanges have established limits referred to as “speculative position limits” on the maximum net long or net short speculative positions that any person may hold or control in any particular futures or options contracts traded on U.S. commodities exchanges. Similar position limits may in the future be put in place with respect to swaps that are exchange- traded or are economically equivalent to exchange-traded swaps or futures contracts. All accounts owned or managed by the Advisor will be combined for position limit purposes. The Advisor could be required to liquidate positions held for the Partnership in order to comply with such limits. Any such liquidation could result in substantial costs to the Partnership. In addition, many futures exchanges impose limits beyond which the price of a futures contract may not trade during the course of a trading day, and there is a potential for a futures contract to hit its daily price limit for several days in a row, making it impossible for the Advisor to liquidate a position and thereby experiencing a dramatic loss. Certain deliverable currency forward contracts are subject to limited regulation in the United States, including reporting and recordkeeping requirements.

In addition to the registration requirements described above, the CFTC and certain commodity exchanges have established limits on the maximum net long or net short position which any person may hold or control in particular commodities. Most exchanges also limit the changes in futures contract prices that may occur during a single trading day. The CFTC may in the future also implement position limits for certain exempt commodity contracts, including metals and energy contracts, with respect to futures, options on futures, and economically equivalent swaps. If such position limits are adopted, they could materially affect the Partnership’s trading strategy.

Deliverable currency forward contracts are currently subject to only limited regulation in the United States. The Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Reform Act”) was enacted in July 2010, and gave the CFTC jurisdiction over non-deliverable currency forward contracts. The Reform Act mandates that a substantial portion of over-the-counter derivatives must be executed in regulated markets and submitted for clearing to regulated clearinghouses, and the CFTC may impose such a requirement on non- deliverable currency forward contracts. The mandates imposed by the Reform Act may result in the Partnership bearing higher upfront and mark-to-market margin, less favorable trade pricing, and the possible imposition of new or increased fees with respect to any swaps entered into by the Partnership.

The Partnership has no employees.

Financial Information About Geographic Areas

The Partnership has no operations in foreign countries although it trades on foreign exchanges and other non-U.S. markets. The Partnership does not engage in sales of goods or services.

ITEM 1A: RISK FACTORS

Set forth below are the principal risks associated with an investment in the Partnership.

Disruption and Stress in Global Markets May Affect Partnership Returns

During 2007-2009, the global financial markets experienced a period of unprecedented disruption and stress. Markets previously thought to be uncorrelated were shown to be correlated, credit markets in some cases ceased functioning, many markets experienced record levels of volatility and governments have intervened in extraordinary and unpredictable ways, at times on an emergency basis, to the detriment of certain market participants. There can be no assurance that similar market disruptions will not occur in the future or that the Partnership will be profitable in such market environments or that it will avoid substantial (or total) losses.

Partnership Performance is Dependent on General Economic Conditions, which the Advisor has no Ability to Control

The success of any investment activity is affected by general economic conditions that affect the level and volatility of prices as well as the liquidity of the markets. From time to time, the economic viability of an entire strategy may deteriorate, due to general economic events that disrupt the source of profits that the strategy seeks to exploit. There may be certain general market conditions in which the investment program pursued by the Advisor is unlikely to be profitable, and the Advisor has no ability to control or predict such market conditions.

Cyberattacks and Any Failure to Comply with Related Laws Could Negatively Impact the Partnership

The General Partner relies extensively on computer systems to manage its business, including the operating of the Partnership. The business is at risk from and may be impacted by cybersecurity attacks. These could include attempts to gain unauthorized access to data and computer systems. Attacks can be both individual and/or highly organized attempts organized by very sophisticated hacking organizations. A number of measures are employed to prevent, detect and mitigate these threats, which include password protection, firewall protection systems, frequent backups, and a redundant data system for core applications; however, there is no guarantee such efforts will be successful in preventing a cybersecurity attack. A cybersecurity attack could compromise confidential information. A successful attack could disrupt and affect business operations.

Commodity Interests Trading Is Speculative and May Affect Partnership Performance

Commodity Interest prices are highly volatile. Price movements for futures contracts, for example, which may fluctuate substantially during a short period of time, are influenced by numerous factors that affect the commodities markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events and changes in interest rates.

Commodity Interests Trading Is Highly Leveraged and May Affect Partnership Performance

The low margin deposits normally required in trading Commodity Interests permit an extremely high degree of leverage. Accordingly, a relatively small price movement in a Commodity Interest may result in an immediate and substantial loss to the investor. Like other leveraged investments, any Commodity Interest trade may result in losses in excess of the amount invested. Although the Partnership may lose more than its initial margin on a trade, the Partnership, and not any Limited Partner personally, will be subject to margin calls.

Commodity Interests Trading May Be Illiquid and May Affect Partnership Liquidity

Most U.S. commodity futures exchanges impose daily limits regulating the maximum amount above or below the previous day’s settlement price within which a futures contract price may fluctuate during a single day. During a single trading day no trades may be executed at prices beyond the daily limit. Once the price of a particular futures contract has increased or decreased to the limit point, it may be difficult, costly or impossible to liquidate a position. Futures prices in particular contracts have occasionally moved the daily limit for several consecutive days with little or no trading. If this occurs, the Partnership might be prevented from promptly liquidating unfavorable positions which could result in substantial losses. Those losses could significantly exceed the margin initially committed to the trades involved. In addition, even if prices have not moved the daily limit, or if there are no limits for the contracts traded by the Partnership, the Partnership may not be able to execute trades at favorable prices if little trading in the contracts is taking place. It is also possible that an exchange or the CFTC may suspend trading in a particular contract, order immediate settlement of a contract or order that trading be to the liquidation of open positions only.

Trading Decisions Based on Technical Analysis May Affect Partnership Performance

The Advisor uses trading programs that use “technical” factors in identifying price moves. The success of technical analysis depends upon the occurrence in the future of price movements. Technical systems will not be profitable and may in fact produce losses if there are no market moves of the kind the system seeks to follow. Any factor that would make it more difficult to execute the trades identified, such as a reduction of liquidity, also would reduce profitability. There is no assurance that the Advisor’s trading systems will generate profits under all or any market conditions.

The Similarity of Commodity Trading Systems May Limit Performance of the Partnership

Commodity trading systems which use signals like the Advisor’s are not new. If many traders follow similar systems, these systems may generate similar buy and sell orders at the same time. Depending on the liquidity of a market, this could cause difficulty in executing orders. The General Partner believes that although there has been an increase in the number of trading systems in recent years, there also has been an increase in the overall trading volume and liquidity in the futures markets.

Reliance on Key Personnel Could Adversely Affect the Advisor and the Partnership

The Advisor has exclusive responsibility for trading Commodity Interests for the Partnership. The Advisor depends on the services of one or two key persons. If they cannot or will not provide those services, it could adversely affect the Advisor’s ability to trade for the Partnership. If this occurs, the General Partner may terminate the contract.

There are No Assurances of the Advisor’s Continued Services to the Partnership

Either the Advisor or the Partnership can terminate the advisory contract on written notice.

Any Changes in Trading Strategies May Adversely Affect Partnership Performance

The Advisor can make any changes in its trading strategies if it believes that they will be in the Partnership’s best interests. A change in Commodity Interests traded is not a change in trading strategy.

There are Possible Negative Effects of Speculative Position Limits and Accountability Levels

The CFTC and U.S. exchanges have established speculative position limits and accountability levels. Position limits control the number of net long or net short speculative futures or option (on futures) positions any person may hold or control in futures or option contracts traded on U.S. exchanges. Position accountability levels are position levels established by an exchange that, if reached by a person, cause such person to be subject to instructions by such exchange to reduce or not increase such position. Most trading advisors control the commodity trading of other accounts. All positions and accounts owned or controlled by the Advisor and its principals are combined with the Partnership’s positions established by it for position limit and accountability level purposes. In order to comply with position limits or exchange limitations arising out of having positions subject to accountability levels, it is possible that the Advisor will have to modify its trading instructions, and that positions held by the Partnership will have to be liquidated. That could have a negative effect on the Partnership’s profitability. In addition, all commodity accounts of the General Partner and its affiliates may also be combined with the Partnership for position limit and accountability level purposes.

An Increase in Amount of Funds Managed by the Advisor May Affect Partnership Performance

If the Advisor manages more money in the future, such additional funds could affect its performance or trading strategies. There is no guarantee that the Partnership’s investment results will be similar to the Advisor’s past performance.

Trading in Options May Result in Significant Losses for the Partnership

Part of the Partnership’s trading may be in options and options on futures contracts. Although successful commodity options trading and futures trading require many of the same skills, the risks involved are somewhat different. For example, if the Partnership buys an option (either to sell or purchase a contract), it will pay a “premium” representing the market value of the option. Unless it becomes profitable to exercise or offset the option before it expires, the Partnership will lose the entire amount of the premium. On the other hand, if the Partnership sells an option (either to sell or purchase a futures contract), its broker credits the premium, but the Partnership must deposit margin in case the option is exercised. Traders who sell options are subject to the entire loss that may occur in the underlying futures position (less any premium received). Commodity options trading on exchanges is regulated by both the CFTC and those exchanges. The Partnership did not engage in the trading of options and options on futures contracts during the fiscal years ended December 31, 2024 and December 31, 2023.

Changes in the Number of Available Futures Contracts and Related Options May Reduce Partnership Performance

U.S. and foreign exchanges have established new futures and options contracts in the past few years. This trend could continue. The Advisor’s trading strategy might not be successful trading those new contracts.

Competition for Trades with Other Clients of the Advisor May Limit Partnership Performance

The Advisor manages other accounts. This increases the competition for the same trades which the Partnership makes. The Advisor may manage other accounts that pay fees that are different than those the Partnership pays. Therefore, it has a potential conflict of interest. There is no assurance that the Partnership’s trading will generate the same results as any other accounts the Advisor manages.

Failure of Clearing Brokers, Counterparties, Banks, Custodians and other Financial Firms May Subject the Partnership to Significant Losses

Commodity brokers must maintain the Partnership’s assets (other than assets used to trade foreign futures or options on foreign markets) in a segregated account. If SGAS goes bankrupt, the Partnership could lose money as it may only be able to recover a pro rata share of the property available for distribution to all of SGAS’s customers. In addition, even if SGAS adequately segregates the Partnership’s assets, the Partnership may still be subject to risk of loss of funds on deposit with SGAS should another customer of SGAS fail to satisfy deficiencies in such other customer’s account.

Other institutions will have custody of the assets of the Partnership, including the Custodian and various other banks or financial institutions whose services are utilized by the Partnership. Such institutions may encounter financial difficulties that impair the Partnership’s operating capabilities or capital position. The General Partner will attempt to limit the Partnership’s deposits and transactions to only well-capitalized institutions in an effort to mitigate such risks, but there can be no assurance that even a well-capitalized, major institution will not become bankrupt or otherwise fail.

Past Results of the Partnership Are Not Necessarily Indicative of Future Performance

Although some of the Advisor’s client accounts have been profitable in the past, prospective Limited Partners should take seriously the required CFTC and the NFA warning that past results are not necessarily indicative of future performance, and an investment in the Partnership is speculative and involves a substantial risk of loss.

FOREIGN INSTRUMENTS

Trading on Foreign Exchanges and Currency Exchange Rate Fluctuations May Reduce Partnership Performance

The Partnership trades on foreign exchanges and other non-U.S. markets. Neither existing CFTC regulations nor regulations of any other U.S. governmental agency apply to transactions on foreign markets. The Partnership is at risk for fluctuations in the exchange rate between the currencies in which it trades and U.S. dollars. It also is possible that exchange controls could be imposed in the future. There is no restriction on how much of the Partnership’s trading might be on foreign markets. Although trading on behalf of the Partnership may occur on foreign exchanges or in non-U.S. markets, assets of the Partnership will not be held in custody outside of the U.S.

Forward and Cash Trading May Increase Volatility and Reduce Partnership Performance

The Partnership may trade in spot and forward contracts on currencies. For this purpose, the Partnership will contract with or through SGAS to make or take future delivery of a particular currency. SGAS or its affiliates may extend the Partnership a credit line to enable it to engage in such trading. The Partnership may also trade options on currencies. Although the currency market is not believed to be necessarily more volatile than the market in other commodities, there is less protection against defaults in the forward trading of currencies because such contracts are not effected on or through an exchange or clearinghouse. Trading in forward currencies and over-the-counter derivatives, including swaps and options, among sophisticated market participants is not generally regulated by any regulatory body. Therefore, with respect to this trading, the Partnership is not afforded the protections provided by trading on regulated exchanges, including segregation of funds. In any principal contract, the Partnership must rely on the creditworthiness of its counterparty.

The trading of over-the-counter instruments subjects the Partnership to a variety of risks including: 1) counterparty risk; 2) basis risk; 3) interest rate risk; 4) settlement risk; 5) legal risk; and 6) operational risk. Counterparty risk is the risk that the Partnership’s counterparties might default on their obligation to pay or perform generally on their obligations. The over-the-counter markets and some foreign markets are “principals’ markets.” That means that performance of the contract is the responsibility only of the individual firm or member on the other side of the trade and not any exchange or clearing corporation. Such “counterparty risk” is accentuated for contracts with longer maturities where events may intervene to prevent settlement, or where the Partnership has concentrated its transactions with a single or small group of counterparties. Basis risk is the risk attributable to the movements in the spread between the derivative contract price and the future price of the underlying instrument. Interest rate risk is the general risk associated with movements in interest rates. Settlement risk is the risk that a settlement in a transfer system does not take place as expected. Legal risk is the risk that a transaction proves unenforceable in law or because it has been inadequately documented. Operational risk is the risk of unexpected losses arising from deficiencies in a firm’s management information, support and control systems and procedures. Transactions in over-the-counter derivatives may involve other risks as well, as there is no exchange market on which to close out an open position. It may be impossible to liquidate an existing position, to assess the value of a position or to assess the exposure to risk.

Exchange for Physicals May Increase Counter-Party Credit Risk for the Partnership

The Advisor may exchange a cash, forward or spot market position outside of regular trading hours for a comparable futures position. Such transactions are subject to counterparty creditworthiness risk. The CFTC has permitted the futures exchanges to expand the types of over-the-counter positions that can be part of an exchange for physicals position.

LIMITED PARTNERSHIP ISSUES

Substantial Charges to Partnership May Limit Returns to Limited Partners

The Partnership pays substantial fees and charges. As a result, the Partnership must make substantial profits for the Interests to increase in value.

Potential Cross Liability May Increase Exposure to Risks for the Partnership

The Partnership offers Class A, Class B and Institutional Interests. The only difference between the Interests is the investment minimum and fees. Capital contributions by a single subscriber for a Class of Interest upon acceptance of the subscriber as a Limited Partner will represent a single Interest in the Partnership for that subscriber’s respective Class of Interest. An Interest in any Class reflects a Partner’s percentage of the Partnership’s net assets with respect to the Class of Interest owned by the Partner. Interests are not issued in certificate form. Although separate Classes of Interests are offered, the proceeds from the sale of Interests will be pooled by the Partnership and traded as a single account. Although the Classes of Interests differ with respect to investment minimum and fees, all Partnership Interests are equally subject (in proportion to the size of their respective Interest) to the Partnership’s debts, liabilities and obligations as set out in the Partnership Agreement – regardless of Class designation. Class designation does not offer protection against the general creditors of the Partnership or any other Class of Interest.

There Is No Intrinsic Value to the Partnership’s Investments

The Partnership must make profits for it to provide beneficial diversification to its investors’ portfolio. Trading is a “zero-sum” activity in which for every gain there is an equal and offsetting loss (disregarding transaction costs). This differs from a typical securities investment, in which there is an expectation of consistent yields (in the case of bonds) or participation over time in general economic growth (in the case of stocks). The Partnership could lose money while stock and bond prices rise. Stocks and bonds (except penny stocks) generally have some intrinsic value. You generally can realize some value for your stocks or bonds even if you sell in a down market. In trading Commodity Interests, on the other hand, you risk losing all of your investment if prices move against you. In general, performance statistics do not reflect the different risk profiles or tax treatment of traditional and managed Commodity Interest investments.

Partnership Trading Is Not Transparent

The Advisor makes the Partnership’s trading decisions. While the General Partner receives daily trade confirmations from the commodity broker and foreign exchange dealers, the Partnership’s trading results are reported to Limited Partners monthly. Accordingly, an investment in the Partnership does not offer Limited Partners the same transparency, i.e., an ability to review all investment positions daily, that a personal trading account offers.

A Non-correlated, Not Negatively Correlated, Performance Objective may Result in Losses for the Partnership

Historically, managed futures have been generally non-correlated to the performance of other asset classes such as stocks and bonds. Non-correlation means that there is no statistically valid relationship between the past performance of futures and forward contracts on the one hand and stocks or bonds on the other hand (as opposed to negative correlation, where the performance would be exactly opposite between two asset classes). Because of this non-correlation, the Partnership cannot be expected to be automatically profitable during unfavorable periods for the stock market, or vice versa. The futures and forward markets are fundamentally different from the securities markets in that for every gain in futures and forward trading, there is an equal and offsetting loss. If the Partnership does not perform in a manner non-correlated with the general financial markets or does not perform successfully, Limited Partners will obtain no diversification benefits by investing in an Interest and the Partnership may have no gains to offset Limited Partners’ losses from other investments.

No Participation in Management of the Partnership

Limited Partners do not participate in the management of the Partnership.

Indemnification of the Partnership May Increase Participation Costs

Under the Partnership Agreement, a Limited Partner will be required to indemnify the Partnership for any liability that it incurs as a result of such Limited Partner’s actions.

Partnership Indemnification of Other Parties May Increase Costs for Limited Partners and Adversely Affect Partnership Performance

The Partnership had entered into agreements with various service providers pursuant to which it may be required to indemnify such service providers for losses they incur in providing services to the Partnership.

LIQUIDITY

The Limited Ability to Liquidate Interests May Lead to Unforeseeable Losses for Limited Partners

Limited Partners may not be able immediately to liquidate their Interests. There is no market for the Interests and none is likely to develop. Limited Partners may, however, redeem Interests, without penalty, on the last day of any month, subject to certain limitations. In order to redeem, a Limited Partner is required to give the General Partner at least fifteen (15) days’ written notice. Because of the time delay between the notice to the General Partner and the end of the month when an investment is redeemed, the value of an investment on the date of redemption may be substantially less than at the time a request to redeem was submitted.

Redemptions of Interests May Subject Limited Partners to Possible Adverse Effects and Losses

The Partnership will lose money if it has to sell positions at a loss in order to raise money to pay substantial redemptions. If many redemptions occur simultaneously, the need to liquidate positions could continue even after the redemption date. The Partnership would have fewer assets to trade after a high level of redemptions. This might make it more difficult for the Partnership to recover losses or generate trading profits. Market illiquidity could make it difficult to liquidate positions on favorable terms, and may also result in losses to the Partnership.

No Automatic Trading Suspensions May Lead to Substantial Losses for the Partnership

The Partnership does not have an automatic Trading Suspension Level which requires it to suspend or terminate trading as a result of losses. Therefore, Limited Partners will be required to monitor the value of their investment and determine whether the Partnership’s performance warrants continued investment. Because Limited Partners will receive performance reports monthly, it is possible that the Partnership could incur substantial losses before a Limited Partner could redeem his Interest.

Any Mandatory Redemptions Required by the General Partner May Subject Limited Partners to Substantial Losses

The General Partner may require a Limited Partner to redeem at any time and for any reason. It generally will only require redemptions in order for the Partnership to comply with certain regulations.

ITEM 1B: UNRESOLVED STAFF COMMENTS

Not applicable.

ITEM 1C: CYBERSECURITY

RISK MANAGEMENT AND STRATEGY

The Partnership’s cybersecurity risk management is established and governed by the General Partner. The General Partner establishes and implements cybersecurity risk management policies and procedures for the Partnership, and the Partnership relies on these established policies for cybersecurity risk management. The General Partner has policies for the proper use of information technology resources, as well as detect, prevent, and respond to cybersecurity threats that could jeopardize the privacy of client data and continuity of the General Partner and Partnership’s operations.

The General Partner recognizes the importance of assessing, identifying, and managing material risks associated with cybersecurity threats, as defined in Item 106(a) of Regulation S-K on behalf of the Partnership. The General Partner has identified reasonably foreseeable, internal and external, threats that could result in unauthorized disclosure, misuse, alteration or destruction of personal financial information of clients, customers, investors or associated persons of the General Partner (collectively “customers”), or to the General Partner’s systems and networks.

In response to identified risks, hazards or threats to the security of customers’ information and to the General Partner’s information technology systems and networks, risk management practices have been implemented. The General Partner engages third parties to implement and assess the effectiveness of its information technology program, which encompasses cybersecurity risk management. The General Partner has engaged a third-party firm to provide IT managed services support. The services include the monitoring and support of all user and cloud-based devices and provides 24x7 service. The IT firm also sends regular phishing tests, and the General Partner conducts annual mandatory employee security awareness training. Additionally, the General Partner conducts diligence on third-party service providers at the beginning of any service relationship and on an ongoing, periodic relationship for the duration of the relationship.

Since the Partnership does not have its own board of directors or any board committees, the Partnership relies on the senior management oversight of the General Partner. Specifically, the General Partner’s Head of Operations and Chief Executive Officer coordinate the Information Security Program, in consultation with the Chief Compliance Office. Senior management may designate consultants or third-party firms to carry out activities necessary to implement the program.

In 2024, there were no cybersecurity threats that have materially affected or are reasonably likely to materially affect the Partnership, its business strategy, results of operations or financial condition.

Refer to the risk factor captioned “Cyberattacks and Any Failure to Comply with Related Laws Could Negatively Impact the Partnership.” in Part I, ITEM 1A. “Risk Factors” for additional description of cybersecurity risks and potential related impacts on the Partnership.

ITEM 2: PROPERTIES

The Partnership does not own or use any physical properties in the conduct of its business. Employees of the General Partner perform all administrative services for the Partnership via a remote work environment.

ITEM 3: LEGAL PROCEEDINGS

The Partnership is not aware of any pending legal proceedings to which either the Partnership is a party or to which any of its assets are subject. The Partnership is not aware of any material legal proceedings involving the General Partner or its principals in an adverse position to the Partnership or in which the Partnership has adverse interests. The Partnership has no subsidiaries.

ITEM 4: MINE SAFETY DISCLOSURES

Not applicable.

PART II

ITEM 5: MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

(a)

Market information

There is no trading market for the Interests, and none is likely to develop. Interests may be redeemed or transferred subject to the conditions imposed by the Limited Partnership Agreement.

(b)

Holders

As of January 31, 2025 the Partnership had 253 holders of Interests.

(c)

Dividends

The General Partner has sole discretion in determining what distributions, if any, the Partnership will make to its investors. To date no distributions or dividends have been paid on the Interests, and the General Partner has no present intention to make any.

(d)

Securities Authorized for Issuance under Equity Compensation Plans

None.

(e)

Recent Sales of Unregistered Securities; Use of Proceeds from Registered Securities

The Partnership did not sell any unregistered securities within the past three years which have not previously been included in the Partnership’s Quarterly Reports on Form 10-Q.

(f)

Issuer Purchases of Equity Securities

Pursuant to the Limited Partnership Agreement, Limited Partners may redeem their Interests in the Partnership as of the end of any calendar month upon fifteen (15) days’ written notice to the General Partner. The redemption of capital from capital accounts by Limited Partners has no impact on the value of the capital accounts of other Limited Partners.

The following table summarizes Limited Partner redemptions during the fourth calendar quarter of 2024:

Month Ended	Amount Redeemed
October 31, 2024	$	122,615
November 30, 2024		654,114
December 31, 2024		0
Total	$	776,729

ITEM 6: SELECTED FINANCIAL DATA

Revenue:	For the Year Ended December 31, 2024		For the Year Ended December 31, 2023		For the Year Ended December 31, 2022		For the Year Ended December 31, 2021		For the Year Ended December 31, 2020			For the Year Ended December 31, 2019
Total net realized and unrealized gains (losses)	$	621,959	$	1,213,261	$	3,347,658	$	2,402,092	$	(14,550,091	)	$	2,673,076
Interest Income		724,590		740,136		227,692		126		298,451			2,252,803
Expenses:
Management fee		172,420		189,533		221,398		292,645		673,925			1,112,335
Advisory fee		138,474		152,340		179,765		241,892		645,964			1,025,526
Administrative fee		40,590		44,662		51,465		65,387		130,564			228,982
Service fees		134,526		156,180		186,665		250,299		552,827			1,069,725
Incentive fee		204,948		145,792		102,565		5,069		–			122,089
Professional fees		89,039		85,054		83,479		84,105		217,310			569,540
Brokerage commissions		217,436		243,725		289,841		387,225		1,027,303			1,624,810
Offering expense (1)				–		–		–		–			–
Interest expense		1,470		1,715		7,349		27,789		26,860			10,719
Other expenses		12,709		12,266		23,318		12,271		33,661			133,137
Net income (loss)		334,937		922,130		2,429,505		1,035,465		(17,560,054	)		(970,984	)
Total assets	$	13,053,078	$	15,847,430	$	17,615,950	$	20,510,384	$	38,625,784		$	95,213,072
Total Net Asset Value	$	12,894,438	$	15,622,566	$	17,415,221	$	19,579,503	$	32,495,249		$	91,763,009

ITEM 7: MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Reference is made to “Item 8. Financial Statements and Supplementary Data.” The information contained therein is essential to, and should be read in conjunction with, the following analysis.

(a)

Liquidity

The Partnership’s assets are generally held as cash or cash equivalents, which are used to margin the Partnership’s futures positions and are sold to pay redemptions and expenses as needed. Other than any potential market-imposed limitations on liquidity, the Partnership’s assets are highly liquid and are expected to remain so. Market-imposed limitations, when they occur, can be due to limited open interest in certain futures markets or to daily price fluctuation limits, which are inherent in the Partnership’s futures trading. A portion of the Partnership’s assets not used for margin and held with the Custodian are invested in liquid, high quality securities. Through December 31, 2024 the Partnership experienced no meaningful periods of illiquidity in any of the markets traded by the Advisor on behalf of the Partnership.

(b)

Capital Resources

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

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 capital to pay trading losses, brokerage commissions and expenses. Within broad ranges of capitalization, the Partnership’s trading positions should increase or decrease in approximate proportion to the size of the Partnership.

The Partnership participates in the speculative trading of commodity futures contracts, options on futures contracts and forward contracts, substantially all of which are subject to margin requirements. The minimum amount of margin required for each contract is set from time to time in response to various market factors by the respective exchanges. Further, the Partnership’s FCMs and brokers may require margin in excess of minimum exchange requirements.

Contracts currently traded by the Advisor on behalf of the Partnership include exchange-traded futures contracts and over-the-counter forward currency contracts. The risks associated with exchange-traded contracts are generally perceived to be less than those associated with over-the-counter transactions because, in over-the- counter transactions, the Partnership must rely solely on the credit of its trading counterparties, whereas exchange-traded contracts are generally, but not universally, backed by the collective credit of the members of the exchange. The credit risk from counterparty non-performance associated with the Partnership’s over-the- counter forward currency transactions is the net unrealized gain on such contracts plus related collateral held by the counterparty.

The Partnership bears the risk of financial failure by SGAS and/or other clearing brokers or counterparties with which the Partnership trades.

(c)

Results of Operations

The Partnership’s success depends primarily upon the Advisor’s ability to recognize and capitalize on market trends in the sectors of the global commodity futures markets in which it trades. The Partnership seeks to produce long-term capital appreciation through growth, and not current income. The past performance of the Partnership is not necessarily indicative of future results.

Performance Summary

2024

During 2024, the Partnership reported a net realized and unrealized gain of $404,523 from all trading; gains of $419,191 from trading of derivatives including brokerage commissions of $217,436. The Partnership accrued total expenses of $794,176, including $204,948 in incentive fees, $172,420 in management fees paid to the General Partner, and $416,808 in service fees, professional fees, and other expenses. The Partnership earned $724,590 in interest income during 2024. An analysis of the profits and losses generated from the Partnership’s commodity futures trading activities for each quarter during 2024 is set forth below.

Fourth Quarter 2024. The Partnership ended the year and fourth quarter with positive performance. Global equities rallied for a second consecutive year in 2024, while global government bond yields generally rose. The US dollar strengthened against major currencies, especially the yen, peso, and franc. Commodities had mixed results, with notable trends in agriculture.

The Partnership’s trend-following component ended 2024 down, with losses in fixed income, energy, and base metals offsetting agricultural commodity profits. Diversifying signals, particularly in currencies and fixed income, were crucial for trend following while also boosting agricultural returns.

Agricultural commodities made the largest sector contributions despite a challenging commodities trading environment. A cocoa rally driven by weather-related supply concerns, increasing coffee prices, and weak grains markets benefitted both trend-following and diversifying signals. Elsewhere, FX and stock index trading were positive and fixed income made losses. Trend-following models struggled across FX and fixed income, particularly faster models. Longer-term trends – dollar strength and rising yields – were sustained, but shorter-term movements were strong enough to signal position changes with unfavorable timing, however diversifying signals largely avoided this whipsaw behavior.

Overall, the Partnership heads into the new year net long agricultural commodities and precious metals and net short energies, base metals and industrials in commodities; and net long equity indices, and the US dollar and net short fixed income.

Third Quarter 2024. The Partnership was down during the third quarter of 2024. MSCI World climbed 6.4% led by the rate-sensitive utilities and real estate sectors, the Bloomberg Global Aggregate Bond Index gained 7.0% as bond yields decreased, and credit spreads tightened around the world. A dovish outlook for US rates also led to a weaker dollar, particularly against the Japanese yen. The weaker dollar affected commodities as well, as gold rallied to new highs and silver prices rose to the highest levels since 2012. Coffee and orange juice prices, which have trended upward for most of the year due to bad weather in the growing regions, continued to increase. The performance of the rest of the metals and agricultural commodities was more mixed, with most declining in the first half of the quarter and rallying in the second half. In the energy sector, oil and oil products slid downward.

These conditions made the third quarter challenging for trend-following strategies due to the unwinding of longer-term downtrends in fixed income and non-USD currencies and sharp reversals in equity indices and currencies. Against this backdrop, profitable trends in precious metals and strong performance from non-trend signals in agriculture and energy were insufficient to offset the losses elsewhere.

Negative performance in currencies and fixed income resulted from the reversal of two long-standing trends: dollar strength and rising bond yields. Except for a brief period early in 2024, the Partnership’s fixed income exposure has been net short since 2021 and mostly long the US dollar. These trend reversals led to reductions and a switch to net long exposure around during August. Trend-following CTAs were caught off guard in early August, when the Japanese yen soared versus most major currencies and equity indices, particularly in Japan. The event also explained part of the negative performance in equity indices during the quarter, as the Partnership’s directional trend-following signals were whipsawed. Most of the remaining negative performance in equity indices during the quarter was due to cross-sectional trend-following signals.

The performance of agricultural commodities and precious metals was more favorable during the quarter. The Partnership profited in agriculture due to increased exposure to trends in coffee, soybeans, and cocoa from diversifying signals. Profits in precious metals, meanwhile, were concentrated in gold. Non-trend signals in energies were another bright spot for performance due to mean reversion signals performing well in oil products and US natural gas. Heading into the fourth quarter, the Partnership is net long fixed income, stock indices, and precious metals, and net short the US dollar and energies.

Second Quarter 2024. The Partnership was down during the second quarter of 2024. The interaction between expectations for economic growth and interest rates continued to drive price action during the quarter. With US mega-cap technology stocks leading the way, the MSCI World stock index rose 2.6% during the quarter to new highs. Hong Kong, Singaporean, and Indian indices also delivered strong performance. Other segments of the market, notably US small caps, French equities, and the global materials and real estate sectors were more challenged during the quarter. Yields on US 10-year Treasury notes rose above 4.5% again during the first half of the quarter. This hawkish shift in the United States also put pressure on the Japanese yen, which weakened to its lowest level against the dollar since 1986. Other notable currency moves included declines in the Mexican peso and Brazilian real amid concerns about judicial reform from a new government in Mexico and the risk of unsustainable government spending in Brazil. In commodities, metal prices mostly rose over the quarter, while in energies, European power and gas prices soared after an outage at a gas processing plant in Norway. Oil and oil products, on the other hand, were flat to negative. Coffee and US dairy markets posted the most significant gains in the agricultural sector, rising by 20% or more. In contrast, cocoa rose above $11,000 per ton in April before giving back its gains to end the quarter down double digits.

The Partnership’s core trend-following component drove the negative performance in the second quarter due to reversals across energies, agriculture, and equity indices. At the same time, non-trend signals offered negligible diversification in energies and agriculture; they mitigated losses in equity indices and explained a positive performance in fixed income. Currencies were the top-contributing sector due to trend-following and diversifying signals being on the right side of price action. The positive performance in currencies was driven by short exposure to the Japanese yen versus most significant currencies across trend following and diversifying signals. While there was model diversification within the diversifying component, where signals based on market fundamentals and dynamics were primarily long, these were overshadowed by the strongest short carry signals in decades. Meanwhile, the gains in fixed income were driven by a range of diversifying signals, with seasonality performing exceptionally well. However, the trend following was flat in the sector overall due to losses in South Africa and the Czech Republic canceling out profits in the United States, Latin America, and Australia.

Energies and agriculture were the top-detracting sectors, with trend following and diversifying signals on the wrong side of price action. Many oil products were down slightly over the three months, which weighed on the strategy’s net long positioning, while power and carbon emissions reversals detracted from the alternative markets portfolio. In agriculture, longs in hogs and cotton and a short wheat position led the losses. At the same time, a steady reduction in cocoa positions since February meant that most of the year-to-date profits were effectively locked in by the time the market reversed in April. Specialist commodity strategies introduced in the second quarter were a bright spot across the two sectors, particularly a weather-based strategy trading gas and power markets.

First Quarter 2024. The Partnership was up during the first quarter of 2024. Global equities rose to all-time highs during the quarter amid optimism around corporate earnings growth and lower inflation. Yields on government bonds generally rose over the three months as investors scaled back expectations for rate cuts in 2024, and the US dollar strengthened against most major currencies, particularly the Japanese yen. The interest rate differential between the United States and Japan put continued pressure on the yen as the Bank of Japan hiked rates into positive territory for the first time in eight years. Lastly, commodity market performance was mixed. Gold and oil prices saw healthy increases, and cocoa prices doubled after a weather-induced shortage. On the other hand, grain prices fell after better-than-expected harvests, and commodities sensitive to demand from the Chinese property sector – such as iron ore, glass, and steel – declined.

Partnership profits were split between the core trend-following component and the diversifying signals, which continue to contribute positively to the Partnership’s returns despite a lower risk allocation than the trend-following component. Trend following performed strongly as equity indices continued to trend higher. Diversifying signals in agricultural commodities, energies, and currencies boosted returns. Elsewhere, losses from trend-following in fixed income were mitigated by solid performance from diversifying signals.

2023

During 2023, the Partnership reported a net realized and unrealized gain of $969,536 from all trading; gains of $972,033 from trading of derivatives including brokerage commissions of $243,725. The Partnership accrued total expenses of $787,542, including $145,792 in incentive fees, $189,533 in management fees paid to the General Partner, and $452,217 in service and professional fees. The Partnership earned $740,136 in interest income during 2023. An analysis of the profits and losses generated from the Partnership’s commodity futures trading activities for each quarter during 2023 is set forth below.

Fourth Quarter 2023. The Partnership generated gains for calendar year 2023 despite a decline in the benchmark SG Trend Index. The Partnership’s diversifying signals, effective risk management during the March bond reversal, and a tilt to slower models in most sectors helped drive the outperformance. Against this backdrop, diversifying systematic macro signals provided valuable diversification and drove profits over the year, despite a modest 25% risk allocation. Most styles of non-trend signal contributed positively, with commodities mean reversion, systems based on market dynamics and fundamental models leading the way. Results in trend following, on the other hand, were negative overall as gains in agriculture and energies were cancelled out by losses in fixed income and metals.

From a sector perspective, agricultural commodities were the top-performing sector over the year. Long cocoa and sugar positions – along with short exposure to hogs and wheat drove the gains in the sector. Signs of improving demand and the expectations of poor harvests across growing regions sent the price of several soft commodities soaring in 2023. US natural gas was the top individual contributor in the energy sector and downtrends in power, coal and other regional gas markets drove the profits in trend following. Currencies were another bright spot as short exposure to the Japanese yen versus 16 different pairs − most notably, the euro, US dollar and British pound − explained most of the fund’s profits in currencies. Other positive contributors in currencies included the Chinese yuan, Mexican peso and Brazilian real.

At the other end of the spectrum, fixed income was the most notable detractor, as the downtrend in fixed income since 2022 ended abruptly in March, with fears of a US regional banking crisis. The incorporation of correlation risk measures meant that the Partnership avoided the industry’s historic losses across March 10 and 13. The longer-term downtrend in bonds resumed over the subsequent six months, with the Partnership benefiting as it maintained net short exposure to the sector. However, the Partnership gave back profits in the final quarter amid renewed optimism for interest rate cuts. Elsewhere, mostly range-bound trading in metals and industrials weighed on returns. Trend-following generated profits in stock indices, due to long positions in Japan and short positions in China. Japan’s Nikkei 225 index climbed to a 33-year high in 2023, buoyed by the country’s easy monetary policy and corporate governance reforms.

Third Quarter 2023. The Partnership was up during the third quarter of 2023, providing diversification alongside declines in global bond and equity indices. Higher interest rate signaling from central bankers put upward pressure on government bond yields and led to declines across most regional stock indices. US 10-year Treasury yields rose to 4.5%, a 16 year high. The US dollar strengthened against other major currencies, most notably versus the Japanese yen, British pound, and euro as a response to the ongoing Fed hawkishness.

Saudi Arabia and Russia surprised markets by cutting oil production through to the end of year and oil and oil product prices rallied between 20% and 45%. Industrial commodities were boosted by Chinese government rate cuts and property sector support, and crops in regions where yields are likely to be negatively because of this year’s El Niño weather pattern continued to rally.

Diversifying signals drove the Partnership’s performance in the third quarter. Sectors where positioning across both trend following and systematic macro was on the right side of price action were the biggest contributors to performance, namely fixed income, energies, and agriculture. At the same time, non-trend signals provided valuable diversification across currencies, precious metals, base metals, and stock indices. Carry and signals based on market dynamics were notable contributors in currencies and precious metals.

Second Quarter 2023. The Partnership was up in the second quarter of 2023. In markets, currencies were among the biggest market movers during the quarter in risk-adjusted terms, with the Chinese yuan, Japanese yen, and Turkish lira weakening against the U.S. dollar. As the People’s Bank of China and Bank of Japan maintained a loose monetary policy, the lira fell to new record lows versus the dollar after the president’s re-election. Yields on developed market government bonds resumed their 2022 uptrend as U.S. policymakers signaled the hiking cycle may continue, and commodity prices mostly fell as prospects of a global economic slowdown loomed. Mega-cap technology stocks, boosted by hype around generative A.I., led global equity markets higher during the quarter.

Trend-following systems rebounded in the second quarter as longer-term trends across most sectors resumed, particularly in financials. Systematic macro signals also made a notable contribution, enhancing returns across the financials and agricultural commodities sectors. Carry and mean reversion were the top-performing signals within the systematic macro component.

Currencies, agricultural commodities, and fixed income led the Partnership’s gains due to favorable positioning across our trend-following and systematic macro clusters. Stock indices, base metals, and credit were other sources of profits, due mainly to trend following. Short Japanese yen positions accounted for most of the gains in F.X. The yen is trending towards its October 2022 lows versus the U.S. dollar, as the Bank of Japan’s easy policy stance continues to contrast with the U.S. Federal Reserve. Further profits accrued from short exposure to the Chinese yuan and long British pound and Mexican peso positioning. Softs and livestock drove the strategy’s positive performance in agriculture, where long cocoa, sugar, and cattle positions were among the most significant contributors.

First Quarter 2023. The Partnership experienced losses during the first quarter of 2023. Speculation around the global rate trajectory in 2023 drove financial markets for most of the first quarter, as equity and bond prices moved up and down in tandem. The demise of Silicon Valley Bank, however, interrupted this dynamic and triggered declines in stocks and the largest two-day rally in short-dated US Treasuries since the 1980s. Commodities were mixed during the quarter: gold, copper and softs rallied, while energies, grains and oilseeds declined.

The partnership’s net short exposure to fixed income, combined with positioning on the wrong side of market movements in metals, drove negative performance during the quarter. A long and steady uptrend in yields, which began at the end of 2021 and continued through to February 2023, abruptly reversed across March 10 and 13 notably at the shorter end of the US curve. The Partnership was whipsawed in base metals and precious metals, with net positioning scaling up before reducing and switching direction in both sectors during the quarter. Gold, platinum, and lead were the top detractors. The Partnership made money in agricultural commodities and energies over the quarter, due to a combination of systematic macro and trend following signals. Long sugar and cocoa positions and short hogs and wheat positions led the gains in agricultural commodities, where a wide range of systems were profitable, particularly those based on mean reversion, carry and fundamentals. Trend-following also made money in the sector overall. A small profit in energies, meanwhile, accrued mostly from mean reversion in major energy markets and trend following on natural gas and power markets.

The SG Trend Index fell 9.2% across Friday, March 10, 2023, and Monday, March 13, 2023, the worst two-day performance since its 2000 inception. It was a similar story for the SG CTA Index, which lost a record 7.5% across the two days. The Partnership was not immune to the sharp reversal in bond yields, as previously described. Yet industry returns across those two days and the month suggest that the Partnership has held up well, even when accounting for different “typical” risk levels. We believe this resilience is testament to the risk management framework developed over the past 25 years.

2022

During 2022, the Partnership reported a net realized and unrealized gain of $3,057,817 from all trading; gains of $3,057,949 from trading of derivatives including brokerage commissions of $289,841. The Partnership accrued total expenses of $856,004, including $102,565 in incentive fees, $221,398 in management fees paid to the General Partner, and $532,041 in service and professional fees. The Partnership earned $227,692 in interest income during 2022. An analysis of the profits and losses generated from the Partnership’s commodity futures trading activities for each quarter during 2022 is set forth below.

Fourth Quarter 2022. The Partnership generated gains for the year as it was on the right side of soaring commodity prices in the first half of the year and uptrends in bond yields and the US dollar through the middle of the year. Policymakers began to unwind more than a decade of easy monetary policy and central banks hiked rates in most of the world’s major economies. Global government bond yields trended higher, particularly at the short end, and the yield on the US 10-year Treasury note broke the 4% barrier for the first time since 2008. Currency trends emerged as policymakers responded differently to the twin challenges of resurgent inflation and fading economic growth. The Japanese yen, euro and British pound all weakened significantly versus the dollar.

Trend-following systems fared well in this environment, generating returns across both major and alternative markets. Fixed income markets trended downwards in 2022 after range-bound trading in 2021 and represented the top performing sector. FX generated profits as well with trend following, carry, and other systems profiting from the Japanese yen and euro trading down to multi-decade lows versus the US dollar. The down move in stock indices during 2022 was less pronounced than the moves in other sectors and trend-following systems were whipsawed over the course of the year. Commodities were positive as the Partnership entered the year positioned long commodities in a year which saw strong trends on the back of pandemic and war-related supply shocks.

Third Quarter 2022. The Partnership generated gains during the third quarter of 2022. US dollar strength was the main story in financial markets over the quarter. The US Federal Reserve’s hawkish approach to the pace of interest rate hikes clashed with that of other global central banks, particularly Japan, where policy remains dovish. As a result, the dollar climbed to a 24-year high against the Japanese yen, crossed parity with the euro for the first time in two decades, and rose to a record high versus the British pound. Global equity and bond markets continued to slide as investors grappled with the effects of tighter monetary policy and a potential global economic slowdown. Concerns around slowing economic growth weighed on base metals, oil and oil products, and Chinese industrial commodities, while a strong US dollar put downward pressure on precious metal prices.

From a signal perspective, trend-following shorts in fixed income, non-USD currencies, and metals drove the strategy’s positive performance in the third quarter. Profits from short trend-following positions in fixed income were somewhat offset by the strategy’s diversifying systematic macro strategy, where seasonal and carry systems are net long. Losses were driven by fixed income seasonal and carry systems which were more than offset by profits in currency carry and a range of precious metals systems.

Short fixed income and non-USD currency positions at the asset class level drove the strategy’s performance in the third quarter. Exposures at the short end of the US curve and in the UK were the top fixed income contributors. The UK government surprised markets by announcing an aggressive fiscal easing while the country’s central bank tightened monetary policy to rein in inflation. In addition, longstanding short positions in the euro and Japanese yen drove gains in FX. Short positions in the Chinese yuan led gains in the non-G10 currency portfolio, which was also profitable, as the People’s Bank of China surprised markets with an interest rate cut in August.

While the Partnership made money in metals and alternative commodities during the quarter, these profits were offset by losses in agricultural and energy markets. Gold and silver positions benefited from a strengthening US dollar, while long positions in European power drove the returns in alternative commodities and short positions in base metals generated gains. Major agriculture and energy markets led the losses in commodities, with long oil and oil products, cotton, and sugar positions representing the top detractors in the two sectors, as trend-following and systematic macro strategies were on the wrong side of reversals in these markets.

The portfolio enters the year's final quarter with net short exposure to fixed income, precious, and base metals. The Partnership’s stock index exposure turned net short in August and increased short exposure over September. The strategy remains short in most non-USD currencies. Positioning in agriculture is the strategy’s only notable long exposure heading into the fourth quarter. Energy positioning flattened through the quarter as oil and oil products gave back their gains from the year's first half.

Second Quarter 2022. The Partnership generated gains during the second quarter of 2022. Equities continued their slide from the first quarter as investors feared the inflation-driven rate hike cycle would lead the U.S. into a recession. Energies, meanwhile, continued to trend upwards alongside supply concerns, but industrial metals and most other commodity sectors experienced waning momentum or trend reversals. The Bloomberg Global Aggregate Index was down 8.3%, marking the second consecutive quarter in which bonds and equities were simultaneously down. The U.S. dollar, meanwhile, strengthened against most major currencies, particularly the Japanese yen, which fell to its weakest level against the dollar in 24 years as the Bank of Japan maintained its dovish stance. Trend following continued to account for most of the strategy’s profits in the second quarter, with the largest gains in fixed income, currencies, and energies. Seasonal systems were profitable across various sectors, including carry in currencies and energies. The Japanese yen and euro drove profits in currencies. Both weakened relative to the U.S. dollar over the quarter, and carry systems are short due to low rates in Japan and the eurozone. Fixed income was another notable contributor, as trend-following drove the returns. Stock indices were flat, as losses in trend following canceled out gains from short positions in cross-sector and seasonal systems. Directional trend-following systems made money on the short side in stock indices towards the end of the period, but cross-sectional systems were lossmaking as previous relative performance trends faded. Commodities were mixed after an exceptionally strong first quarter. Uptrends in energies continued - long positions in heating oil, gas oil, and gasoline were among the top contributors in the sector, with all three markets reaching all-time highs. Losses from trend-following in base metals and agricultural commodities resulted from waning upward momentum during the second quarter. The Partnership heads into the third quarter of the year with long positions in energies, long – albeit reduced – agricultural positions, and net short exposure to base metals. In the financial sectors, short, fixed income positions have pared somewhat, while net short positioning in stock indices and credit has gradually increased.

First Quarter 2022. The Partnership delivered positive results during the first quarter of 2022. Energy, crop, and metal prices soared during the period, as Russia’s invasion of Ukraine reverberated across global commodity markets. The buoyant environment for commodities contrasted with falls for global equities, bonds, and most major currencies versus the US dollar. Rising energy and food prices contributed to the highest US inflation print in 40 years and central banks continued to hike interest rates around the world. Commodities were the main source of profits in the portfolio during the quarter, with exposure positioned on the right side of the extreme price moves that followed Russia’s invasion of Ukraine on February 24. On the day of the invasion and over the next two weeks, three of the largest up days in the strategy’s commodity trading universe since 1971 occurred. At the market level, oil-related markets, coal, and European power drove gains in energies; nickel and aluminum were the top contributors in base metals; and soybeans, cotton, and corn led the way in crops. Returns in currencies were split between trend following and carry systems, both of which were on the right side of Japanese yen and euro weakness during the three months. A rallying Brazilian real, meanwhile, was the top contributor to performance in the OTC currency portfolio. Short, fixed income positions increased during the quarter, with exposure having turned short in the sector towards the end of 2021. Short-dated exposures were among the top contributors, including US and European short-term interest rate futures and US 2-year Treasury notes. Performance in credit was a small, albeit negative, contributor as spreads widened. Losses from North American and European indices, where positioning only turned short in February, outpaced profits from a short position in an emerging market index. Stock indices were the only notable detractor from performance during the quarter, as positioning was largely whipsawed. Exposure had turned net short in the sector by the end of January; increased the short position in March; before reducing it heading into quarter end as markets recovered. The Partnership’s only direct exposure to Russia – a small, long position in the ruble – was halved at the end of January amid heightened volatility and removed altogether on February 25.

(d)

Off-Balance Sheet Arrangements

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

(e)

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, related option and forward currency contracts, both long (contracts to buy) and short (contracts 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 Partnership’s financial statements, included in this report, present a Condensed Schedule of Investments setting forth net unrealized appreciation (depreciation) of the Partnership’s open future and forward currency contracts, both long and short, at December 31, 2024.

(f)

Critical Accounting Estimates

The General Partner believes that the Partnership’s most critical accounting estimates relate to the valuation of the Partnership’s assets. Futures and options on futures contracts are valued using the primary exchange’s closing price. Foreign currency exchange contracts and foreign cross currency exchange contracts are valued at the mean between the bid and ask prices, which approximates fair value. Interpolated values are derived when the settlement date of the contract is an interim date for which quotations are not available. U.S. government agency securities are generally valued based on quoted prices in active markets. Corporate notes are generally valued at fair value. Security transactions are recorded on the trade date. Realized gains and losses from security transactions are determined using the specific identification cost method. Assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars at the rates in effect at the date of the statement of financial condition. Income and expense items denominated in currencies other than the U.S. dollar are translated into U.S. dollars at the rates in effect during the period. Gains and losses resulting from the translation to U.S. dollars are reported in income currently.

The Partnership’s financial statements are presented in accordance with U.S. generally accepted accounting principles (U.S. GAAP), which require the use of certain estimates made by the Partnership’s management. Actual results could differ from those estimates. 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.

ITEM 7A: QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Introduction

Past Results Not Necessarily Indicative of Future Performance

The Partnership is a speculative commodity pool. The market sensitive instruments held by it are acquired for speculative trading purposes, and all or a substantial amount of the Partnership’s assets are subject to the risk of trading loss. Unlike an operating company, the risk of market sensitive instruments is integral, not incidental, to the Partnership’s main line of business.

Market movements result in frequent changes in the fair value of the Partnership’s open positions and, consequently, in its earnings and cash flow. The Partnership’s market risk is influenced by a wide variety of factors, including the level and volatility of exchange rates, interest 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 rapidly acquires and liquidates both long and short positions in a wide range of different markets. Consequently, it is not possible to predict how a particular future market scenario will affect performance, and the Partnership’s past performance is not necessarily indicative of its future results.

Standard of Materiality

Materiality as used in this section, “Quantitative and Qualitative Disclosures About Market Risk,” is based on an assessment of reasonably possible market movements and the potential losses caused by such movements, taking into account the leverage and multiplier features of the Partnership’s market sensitive instruments.

Quantifying the Partnership’s Trading Value at Risk

Quantitative Forward-Looking Statements

The following quantitative disclosures regarding the Partnership’s market risk exposures contain “forward-looking statements” within the meaning of the safe harbor from civil liability provided for such statements by the Private Securities Litigation Reform Act of 1995 (set forth in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934). All quantitative disclosures in this section are deemed to be forward-looking statements for purposes of the safe harbor, except for statements of historical fact (such as the dollar amount of maintenance margin required for market risk sensitive instruments held at the end of the reporting period).

The Partnership’s risk exposure is estimated in terms of Value at Risk (VaR). The Partnership estimates VaR using a model based upon historical simulation (with a confidence level of 95%) which involves constructing a distribution of hypothetical daily changes in the value of a trading portfolio. This is a measure of the potential loss in value of a portfolio over a defined period for a given confidence interval. A one-day VAR at the 95% confidence level represents that there is a 5% probability that the mark-to-market loss on the portfolio over a one day horizon will exceed this value (assuming normal markets and no trading in the portfolio).

VaR models, including the Partnership’s, are continually evolving as trading portfolios become more diverse and modeling techniques and systems capabilities improve. Because the business of the Partnership is the speculative trading of futures, forwards and options, the composition of the Partnership’s trading portfolio can change significantly over any given time period, or even within a single trading day, which could positively or negatively materially impact market risk as measured by VaR.

Please note that the VaR model is used to numerically quantify market risk for historic reporting purposes only and is not utilized by the Partnership in its daily risk management activities. Please further note that VaR as described above may not be comparable to similarly titled measures used by other entities.

The Partnership’s Trading Value at Risk

The following table indicates the one-day VaR at the 95% confidence level associated with the Partnership’s futures, forwards and options positions for the prior three years ended December 31.

Fiscal Year	VaR (95%, 1 day)
2024	-0.78%
2023	-0.79%
2022	-0.85%

Material Limitations of Value at Risk as an Assessment of Market Risk

The following limitations of VaR as an assessment of market risk should be noted:

1)	Past changes in market risk factors will not always result in accurate predictions of the distributions and correlations of future market movements;

2)	Changes in portfolio value caused by market movements may differ from those of the VaR model;

3)	VaR results reflect past trading positions while future risk depends on future positions;

4)	VaR using a one-day time horizon does not fully capture the market risk of positions that cannot be liquidated or hedged within the time period; and

5)	The historical market risk factor data for VaR estimation may provide only limited insight into losses that could be incurred under certain unusual market movements.

VaR is not necessarily representative of historic risk nor should it be used to predict the Partnership’s future financial performance or its ability to manage and monitor risk. There can be no assurance that the Partnership’s actual losses on a particular day will not exceed the VaR amounts indicated or that such losses will not occur more than once in 100 one-day trading periods.

Qualitative Disclosures Regarding Primary Trading Risk Exposures

The following qualitative disclosures regarding the Partnership’s market risk exposures — except for (i) those disclosures that are statements of historical fact and (ii) the descriptions of how the Partnership manages its primary market risk exposures — constitute forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act. The Partnership’s primary market risk exposures as well as the strategies used and to be used by the Trading Advisor for managing such exposures are subject to numerous uncertainties, contingencies and risks, any one of which could cause the actual results of the Partnership’s risk controls to differ materially from the objectives of such strategies. Government interventions, defaults and expropriations, illiquid markets, the emergence of dominant fundamental factors, political upheavals, changes in historical price relationships, an influx of new market participants, increased regulation and many other factors could result in material losses as well as in material changes to the risk exposures and the risk management strategies of the Partnership. There can be no assurance that the Partnership’s current market exposure and/or risk management strategies will not change materially or that any such strategies will be effective in either the short- or long-term. Investors must be prepared to lose all or substantially all of their investment in the Partnership.

The following were the primary trading risk exposures of the Partnership as of December 31, 2024, by market sector.

Currencies

Exchange rate risk can be a significant market exposure of the Partnership. The Partnership’s currency exposure is to foreign exchange rate fluctuations, primarily fluctuations which disrupt the historical pricing relationships between different currencies and currency pairs. These fluctuations are influenced by interest rate changes as well as political and general economic conditions.

Interest Rates

Interest rate risk can be a significant market exposure of the Partnership. Interest rate movements directly affect the price of the sovereign bond 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 the United States and the other G-7 countries. Changes in the interest rate environment will have the most impact on longer dated fixed income positions.

Stock Indices

The Partnership has equity exposure to equity price risk in the countries in which it invests. The stock index futures traded by the Partnership are by law limited to futures on broadly based indices. The Partnership is exposed to the risk of adverse price trends or static markets in the major U.S., European and Japanese indices.

Energy

The Partnership is exposed to energy market risk in relation to natural gas, crude oil and derivative product price movements, often resulting from international political developments and ongoing conflicts in the Middle East and the perceived outcome. Oil and gas prices can be volatile and substantial profits and losses have been experienced in this market.

Metals

The Partnership’s metals market exposure is subject to fluctuations in the price of each of the metals futures contracts in which the Partnership invests.

Agricultural

The Partnership’s agricultural exposure is subject to the fluctuations of the price of each of the agricultural commodity futures contracts that it holds.

Qualitative Disclosures Regarding Non-Trading Risk Exposure

The following were the non-trading risk exposures of the Partnership as of December 31, 2024.

Fixed Income Securities

The Partnership has market exposure in instruments (other than treasury positions) held other than for trading in its fixed income portfolio.

Qualitative Disclosures Regarding Means of Managing Risk Exposure

Winton’s focus within risk management is on targeting, measuring and managing risk. Owing to the leverage inherent in futures trading, position sizes are set according to Winton’s expectation of the risk that such positions will provide, rather than the amount of capital required to fund such positions, and Winton’s Futures SMA Program (“the Program”) strives to maintain a diversified portfolio because holding positions in a variety of unrelated markets has been shown, over time, to decrease system volatility.

Each day, Winton’s trading systems sets volatility parameters (known as the “instantaneous forecast standard deviation”) for each position held in the portfolio. The purpose of these parameters is to estimate the likely size of a market shift (whether up or down), in much the same way as the futures exchanges estimate the likely market shift when deciding how to set the initial margin for a future or the daily price limits for a market. The primary determinant of the daily volatility parameters is the amount of leverage or level of gearing used by the Program. The derivatives positions’ leverage or gearing may be measured in terms of the Program’s margin-to-equity ratio in respect of its derivatives positions. This ratio is calculated by dividing the amount of margin posted with the futures commission merchant by the value of the portfolio. The Program’s long-term annualized volatility target is currently approximately 10%. However, it should be noted that the Program’s instantaneous forecast standard deviation (defined as the instantaneous risk Winton expects within the 24 hours following that particular instant) may vary outside these limits. In order to target a given level of long-term risk the instantaneous risk is allowed to fluctuate within a range around the long-term risk target. In order to achieve the long-term risk target the correlation between different markets is estimated by the Program, and is employed in the calculation of the overall level of gearing which is regularly reset, typically on a daily basis. Additionally, from time to time, the long-term standard deviation (defined as the long-term average risk that Winton expects over a number of months) may also be above or below these limits, thereby having an impact upon the level of gearing used by the Program. For example, in the event that exceptional market conditions arise, such as the threat of closure of an exchange or other loss of liquidity, it may be determined to operate the Program at a lower level of gearing.

ITEM 8: FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

Financial statements required by this item are included herewith following the Index to Financial Statements and are incorporated by reference into this Item 8.

The following information presented on a quarterly basis is unaudited.

	Fourth Quarter			Third Quarter			Second Quarter			First Quarter
	2024			2024			2024			2024
Interest Income:	$	145,549			182,490			199,747			196,804
Net realized and unrealized gains (losses):		(25,389	)		(781,163	)		(302,903	)		1,513,978
Expenses:		136,854			145,399			154,898			357,025
Net Income (Loss):		(16,694	)		(744,072	)		(258,054	)		1,353,757

	Fourth Quarter			Third Quarter		Second Quarter		First Quarter
	2023			2023		2023		2023
Interest Income:	$	210,984		$	201,085	$	173,083	$	154,984
Net realized and unrealized gains (losses):		(505,905	)		452,769		1,236,603		(213,931	)
Expenses:		153,940			251,796		215,310		166,496
Net Income (Loss):		(448,862	)		402,059		1,194,376		(225,443	)

ITEM 9: CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

None.

ITEM 9A: CONTROLS AND PROCEDURES

(a)

The General Partner, with the participation of the General Partner’s principal executive officer 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 annual report, and, based on their evaluation, has concluded that these disclosure controls and procedures are effective.

(b)

Management’s Annual Report on Internal Control over Financial Reporting

Altegris Advisors, L.L.C., the general partner of the Partnership, is responsible for the management of the Partnership. Management of the General Partner (“Management”) is responsible for establishing and maintaining adequate internal control over financial reporting. The internal control over financial reporting is designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles.

The Partnership’s internal control over financial reporting includes those policies and procedures that:

·	Pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Partnership;
·	Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that the Partnership’s transactions are being made only in accordance with authorizations of Management; and
·	Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the Partnership’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Management assessed the effectiveness of the Partnership’s internal control over financial reporting as of December 31, 2024. In making this assessment, Management used the criteria set forth in Internal Control — Integrated Framework issued in 2013 by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”). As a result of this assessment and based on the criteria in the COSO framework, management has concluded that, as of December 31, 2024, the Partnership’s internal control over financial reporting was effective.

(c)

Changes in Internal Control over Financial Reporting

There were no changes in the Partnership’s internal control over financial reporting during the quarter and year ended December 31, 2024 that have materially affected, or are reasonably likely to materially affect, its internal control over financial reporting.

ITEM 9B: OTHER INFORMATION

As of the date of this report, there is no established public market for the Interests. Thus, the Partnership has not adopted standalone insider trading polices. The Partnership has no employees, officers or directors and is managed by the General Partner. The General Partner has adopted insider trading policies and procedures governing the purchase, sale, and/or other dispositions of securities by directors, officers and employees, that are considered reasonably designed to promote compliance with insider trading laws, rules and regulations. There were no changes in the General Partner’s insider trading policies and procedures during the quarter and year ended December 31, 2024.

During the year ended December 31, 2024, no director or officer adopted or terminated (i) any contract, instruction or written plan for the purchase or sale of securities of the Company intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or (ii) any “non-Rule 10b5-1 trading arrangement” as defined in paragraph (c) of item 408 of Regulation S-K.

PART III

ITEM 10: DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

(a)

Identification of Directors and Executive Officers

(i) The Partnership has no officers, directors, or employees. The Partnership’s affairs are managed by the General Partner (although it has delegated trading and investment authority to the Advisor and administrative duties to affiliates of the General Partner). During the fiscal year ended December 31, 2024: (a) the General Partner was an indirect subsidiary (through intermediate holding companies) of Continuum Capital Managers LLC (“Continuum”) and AV5 Acquisition, LLC (“AV5”). Continuum is owned by Douglas C. Grip and Stephen E. Vanourny. AV5 is owned solely by Mathew C. Osborne, the General Partner’s sole Manager, Chief Executive Officer and Chief Investment Officer.

Matthew C. Osborne (born 1964) was appointed Chief Executive Officer of the General Partner in February 2021, and Chief Investment Officer of the General Partner in January 2016. Mr. Osborne has served as a manager of the General Partner (or a director of the General Partner’s predecessor entity, APM) since July 2002. He has also served as a Vice President of APM (July 2002 to January 2011), an Executive Vice President of the General Partner (January 2011 to June 2015) and as Co- President of the General Partner (June 2015 to January 2016). Mr. Osborne since February 2021 serves as the Chief Executive Officer of Clearing Solutions. He has also been (1) Executive Vice President (December 2008 to June 2015), Co-President (June 2015 to January 2016), and Chief Investment Officer of Clearing Solutions (January 2016 to present (2) a manager Better Outcome (September 2021 to present).

	None of the individuals listed above currently serves as a director of a public company.

	(ii)	Identification of Certain Significant Employees

		None.

	(iii)	Family Relationships

		None.

	(iv)	Business Experience

		None.

	(v)	Involvement in Certain Legal Proceedings

		None.

	(vi)	Promoters and Control Persons

		Not Applicable.

(b)

Section 16(a) Beneficial Ownership Reporting Compliance

Not applicable.

(c)

Code of Ethics

The Partnership has no employees, officers or directors and is managed by the General Partner. The General Partner has adopted a Code of Ethics that applies to its principal executive officers and certain other persons associated with the General Partner. A copy of this Code of Ethics may be obtained at no charge by written request to Altegris Advisors, L.L.C., 31103 Ranch Viejo Rd. Ste. D3 PMB 312 San Juan Capistrano, CA 92675.

(d)

Corporate Governance

Not applicable.

ITEM 11: EXECUTIVE COMPENSATION

The Partnership has no officers, directors, or employees. None of the principals, officers, or employees of the General Partner receives or received compensation from the Partnership. All persons serving in the capacity of officers or executives of the General Partner, the general partner of the Partnership, are or were compensated by AlphaMax and/or an affiliate in respect of their respective positions with such entities. The General Partner receives a monthly management fee equal to 1/12 of 1.25% of the management fee net asset value of the month-end capital account balances attributable to Class A and Class B Interests and equal to 1/12 of 0.75% of the management fee net asset value of the month-end capital account balances attributable to Institutional Interests; as well as, 0.0625% (0.75% annually) of all Original Class A Interests, 0.146% (1.75% annually) of all Original Class B Interests, and currently 0.0417% to 0.0625% (0.50% to 0.75% annually) of all Special Class Interests of the Partnership’s management net asset value. The General Partner also receives a monthly administrative fee equal to 1/12 of 0.333% of the management fee net asset value of the month-end capital account balances attributable to Class A and Class B Interests.

AlphaMax filed to withdraw its regulatory registrations in November 2023. Prior to November 2023, AlphaMax received continuing monthly compensation from the Partnership equal to 1/12 of 2% of the month-end net asset value of Class A Interests sold by AlphaMax.

Clearing Solutions, in its capacity as Introducing Broker to the Partnership, receives compensation for brokerage-related services. The Partnership will pay monthly brokerage charges equal to the greater of (A) actual commissions of $9.75 per round-turn (higher for certain exchanges or commodities) multiplied by number of round-turn trades, which amount includes other transaction costs; or (B) an amount equal to 0.125% of the management fee net asset value of all Interest holders’ month-end capital account balances (1.50% annually). If actual monthly commissions and transaction costs in (A) above are less than the amount in (B) above, the Partnership will pay the difference to the Introducing Broker as payment for brokerage-related services. In any month when the amount in (A) is greater than the amount in (B) above, the Partnership will pay only the amount described in (A) above.

The Partnership has no other compensation arrangements. There are no compensation plans or arrangements relating to a change in control of the Partnership or the General Partner.

The Partnership does not grant awards of options or similar option-like instruments. As such, there is nothing to report under Item 402(x) of Regulation S-K.

ITEM 12: SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

(a)

Security ownership of certain beneficial owners

Not applicable.

(b)

Security Ownership of Management

The Partnership has no officers or directors. Under the terms of the Limited Partnership Agreement, the Partnership’s affairs are managed by the General Partner, which has delegated discretionary authority over the Partnership’s trading to the Advisor. As of January 31, 2025, the General Partner’s general partner interest in the Partnership was valued at $3,766 which constituted 0% of the Partnership’s total assets. As of January 31, 2025, the following managers and executive officers of the General Partner owned Interests in the Partnership: None. The direct and indirect holding of Interests of each manager and executive officer and their total aggregate ownership of Interests is 0% of the Partnership’s total assets.

(c)

Changes in Control

None.

ITEM 13: CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE

The Partnership does not engage in any transactions with the General Partner or its affiliates other than in respect of the services and payment of fees therefor described above in Item 1.

The Partnership paid to the General Partner monthly management fees totaling $172,420 for the year ended December 31, 2024. The Partnership paid to the General Partner administrative fees totaling $ 40,590 for the year ended December 31, 2024.

Clearing Solutions, in its capacity as the Introducing Broker for the Partnership, received from the Partnership’s clearing broker (i.e., SGAS) the following compensation: a portion of the brokerage commissions paid by the Partnership to SGAS, and of the interest income earned on Partnership’s assets held at SGAS, equal to $28,330 and $6,899 respectively for the year ended December 31, 2024. In addition, Clearing Solutions, in its capacity as Introducing Broker, receives from the Partnership, monthly brokerage charges as described in Item 11. For the year ended December 31, 2024 the Partnership paid monthly brokerage charges of $175,152.

The Partnership has not and does not make any loans to the General Partner, its affiliates, their respective officers, directors or employees or the immediate family members of any of the foregoing, or to any entity, trust or other estate in which any of the foregoing has any interest, or to any other person.

None of the General Partner, its affiliates, their respective officers, directors and employees or the immediate family members of any of the foregoing, or any entity trust or other estate in which any of the foregoing has any interest has, to date, sold any asset, directly or indirectly, to the Partnership.

The Partnership has no directors, officers or employees and is managed by the General Partner. The General Partner is managed by certain of its principals, none of whom is independent of the General Partner.

ITEM 14: PRINCIPAL ACCOUNTING FEES AND SERVICES

The following table sets forth (a) the fees billed to the Partnership for professional audit services provided by Spicer Jefferies LLP, the Partnership’s independent registered public accountant, for the audit of the Partnership’s annual financial statements for the year ended December 31, 2023 and (b) the fees expected to be billed to the Partnership for professional audit services provided by Spicer Jeffries LLP for the audit of the Partnership’s annual financial statements for the year ended December 31, 2024.

FEE CATEGORY	2024		2023
Audit Fees	$	19,500	$	19,500
Audit-Related Fees		7,500		7,500
Tax Fees		22,500		22,500
All Other Fees		–		–
TOTAL FEES	$	49,500	$	49,500

Audit Fees and Audit-Related Fees consist of fees paid for (i) the audit of Altegris Winton Futures Fund, L.P.’s annual financial statements included in the annual report on Form 10-K, and review of financial statements included in the quarterly reports on Form 10-Q and (ii) services that are normally provided by the Independent Registered Public Accountants in connection with statutory and regulatory filings of registration statements. 2023 Audit Fees and Audit-Related Fees were paid to Spicer Jeffries LLP .

Tax Fees for 2024 consist of non-audit fees paid to Fleming Fund Services for professional services rendered in connection with tax compliance and Partnership income tax return filings. Tax Fees for 2023 were paid to Fleming Fund Services.

The managers of the General Partner pre-approve the engagement of the Partnership’s auditor for all services to be provided by the auditor.

PART IV

ITEM 15: EXHIBITS, FINANCIAL STATEMENT SCHEDULES

Financial Statements

The financial statements and balance sheets required by this Item are included herewith, beginning after the signature page hereof, and are incorporated into this Item 15.

Exhibits

The following documents (unless otherwise indicated) are filed herewith and made part of this registration statement.

Exhibit Designation		Description
*3.1		Certificate of Formation of Altegris Winton Futures Fund, L.P.

**4.1		Third Amended and Restated Agreement of Limited Partnership of Altegris Winton Futures Fund, L.P.

*10.1		Advisory Contract between Altegris Winton Futures Fund, L.P., Rockwell Futures Management, Inc.*** and Winton Capital Management Limited and Amendment thereto dated June 1, 2008

*10.2		Introducing Broker Clearing Agreement between Fimat USA, LLC**** and Altegris Investments, Inc.

*10.3		Form of Selling Agency Agreement

31.01		Rule 13a-14(a)/15d-14(a) Certification of Principal Executive Officer

31.02		Rule 13a-14(a)/15d-14(a) Certification of Financial Executive Officer

32.01		Section 1350 Certification of Principal Executive Officer

32.02		Section 1350 Certification of Principal Financial Officer

*****101.INS		Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document)
*****101.SCH		Inline XBRL Taxonomy Extension Schema Document
*****101.CAL		Inline XBRL Taxonomy Extension Calculation Linkbase Document
*****101.DEF		Inline XBRL Taxonomy Extension Definition Linkbase Document
*****101.LAB		Inline XBRL Taxonomy Extension Label Linkbase Document
*****101.PRE		Inline XBRL Taxonomy Extension Presentation Linkbase Document
*****104		Cover Page Interactive Data File (formatted in IXBRL, and included in exhibit 101).

____________________

* These exhibits are incorporated by reference to the exhibits of the same numbers and descriptions filed with the Partnership’s Registration Statement (File No. 000-53348) filed on July 30, 2008 on Form 10-12G under the Securities Exchange Act of 1934.

** This exhibit is incorporated by reference to the exhibit of the same number and description filed with the registrant’s Annual Report on Form 10-K (File No. 000-53348) filed on March 31, 2015.

*** Rockwell Futures Management, Inc. became Altegris Portfolio Management, Inc., which merged with and into Altegris Advisors, L.L.C.

**** Fimat USA, LLC became Newedge USA, LLC, which merged with and into SG Americas Securities, LLC.

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) 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.

Dated: March 26, 2025	Altegris WINTON FUTURES FUND, L.P. By: ALTEGRIS ADVISORS, L.L.C.

	By: /s/ Matthew C. Osborne
	Name: Matthew C. Osborne
	Title: Principal Executive Officer

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the General Partner of the Registrant and in the capacities and on the date indicated.

Signature	Title with General Partner	Date


/s/ Matthew C. Osborne
Matthew C. Osborne	Principal Executive, Financial & Accounting Officer	March 26, 2025

(Being the principal executive officer, the principal financial officer and principal accounting officer, and a majority of the managers of Altegris Advisors, L.L.C.)

ALTEGRIS WINTON FUTURES FUND, L.P.

FINANCIAL STATEMENTS

FOR THE YEARS ENDED DECEMBER 31, 2024, 2023 AND 2022

ALTEGRIS WINTON FUTURES FUND, L.P.

FINANCIAL STATEMENTS

YEARS ENDED DECEMBER 31, 2024, 2023 AND 2022

TABLE OF CONTENTS

	PAGES

Affirmation of the Commodity Pool Operator	F-2

Report of Independent Registered Public Accounting Firm (PCAOB ID No. 349)	F-3

Financial Statements

Statements of Financial Condition	F-4

Condensed Schedules of Investments	F-5 – F-6

Statements of Income (Loss)	F-7

Statements of Changes in Partners’ Capital (Net Asset Value)	F-8 – F-9

Notes to Financial Statements	F-10 – F-28

F-1

ALTEGRIS WINTON FUTURES FUND, L.P.

AFFIRMATION OF THE COMMODITY POOL OPERATOR

To the Partners of

Altegris Winton Futures Fund, L.P.

To the best of the knowledge and belief of the undersigned, the information contained in this Annual Report for the years ended December 31, 2024, 2023 and 2022 is accurate and complete.




	/s/ Matthew C. Osborne
	Altegris Advisors, L.L.C.
	Commodity Pool Operator for
	Altegris Winton Futures Fund, L.P.
	By: Matthew C. Osborne, Chief Executive Officer

F-2

SPICER JEFFRIES LLP

Certified Public Accountants

4601 DTC BOULEVARD • SUITE 700

DENVER, COLORADO 80237

TELEPHONE: (303) 753-1959

FAX: (303) 753-0338

www.spicerjeffries.com

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Partners of

Altegris Winton Futures Fund, L.P.

Opinions on the Financial Statements

We have audited the accompanying statements of financial condition of Altegris Winton Futures Fund, L.P. (the “Partnership”), including the condensed schedules of investments as of December 31, 2024, and 2023, and the related statements of income (loss) and the changes in partners’ capital (net asset value) for the years ended December 31, 2024, 2023, and 2022, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Partnership as of December 31, 2024, and 2023, and the results of its operations and changes in its partners’ capital (net asset value) for the years ended December 31, 2024, 2023, and 2022, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Partnership’s management. Our responsibility is to express an opinion on the Partnership’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Partnership in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Partnership is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Partnership’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

Critical Audit Matters

Critical audit matters are matters arising from the current period audit of the financial statements that were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. We determined that there are no critical audit matters.

/s/ Spice Jeffries LLP

We have served as the Partnership’s auditor since 2022.

Denver, Colorado

March 26, 2025

F-3

ALTEGRIS WINTON FUTURES FUND, L.P.

STATEMENTS OF FINANCIAL CONDITION

DECEMBER 31, 2024 AND DECEMBER 31, 2023


	2024		2023
ASSETS
Equity in commodity broker account:
Cash deposit with broker	$	2,588,640	$	3,882,471
Segregated cash		1,052,978		654,879
Segregated foreign currency (cost - $81,043 and $243,314)		78,283		248,240
Net unrealized gain on open futures contracts		343,719		62,896
Total assets in commodity broker account		4,063,620		4,848,486

Investment securities, at fair value (cost - $8,783,468 and $10,754,640)		8,810,590		10,782,617
Cash		178,868		216,327

Total assets	$	13,053,078	$	15,847,430

LIABILITIES
Equity in commodity broker account:
Net unrealized loss on open forward contracts	$	25,307	$	15,788
Total liabilities in commodity broker account		25,307		15,788

Redemptions payable		21,341		83,090
Commissions payable		15,585		19,133
Management fee payable		12,439		15,532
Service fees payable		22,656		26,559
Advisory fee payable		9,849		12,436
Administrative fee payable		2,975		3,661
Other liabilities		48,488		48,665

Total liabilities		158,640		224,864

PARTNERS’ CAPITAL (NET ASSET VALUE)
General Partner		3,774		3,661
Limited Partners		12,890,664		15,618,905

Total partners’ capital (Net Asset Value)		12,894,438		15,622,566

Total liabilities and partners’ capital	$	13,053,078	$	15,847,430

See accompanying notes.

F-4

ALTEGRIS WINTON FUTURES FUND, L.P.

CONDENSED SCHEDULES OF INVESTMENTS

DECEMBER 31, 2024


	Range of Expiration Dates	Number of Contracts		Fair Value			% of Partners' Capital
LONG FUTURES CONTRACTS:
Agriculture	Feb 25- June 25		70	$	139,387			1.08%
Currencies	Mar 25		39		(53,844	)		(0.42)%
Energies	June 25- Dec 25		2		(2,130	)		(0.02)%
Interest Rates	Mar 25- Dec 27		31		(11,822	)		(0.09)%
Metals	Feb 25 - Mar 25		19		(16,459	)		(0.13)%
Stock Indices	Jan 25- Mar 25		12		(31,101	)		(0.24)%

Total long futures contracts			173		24,031			0.18%

SHORT FUTURES CONTRACTS:
Agriculture	Mar 25- May 25		50		36,819			0.29%
Currencies	Mar 25		110		202,014			1.57%
Energies	Feb 25- Apr 25		17		(49,107	)		(0.38)%
Interest Rates	Mar 25- Dec 27		159		64,675			0.50%
Metals	Feb 25- Apr 25		26		50,164			0.39%
Stock Indices	Jan 25- Mar 25		15		15,123			0.12%

Total short futures contracts			377		319,688			2.49%

Total futures contracts				$	343,719			2.67%

UNREALIZED GAIN ON FORWARD CONTRACTS:
Currencies	Jan 25 - Mar 25			$	13,804			0.11%

UNREALIZED LOSS ON FORWARD CONTRACTS:
Currencies	Jan 25 - Mar 25				(39,111	)		(0.30)%

Total forward currency contracts				$	(25,307	)		(0.19)%

INVESTMENT SECURITIES

Face Value

Maturity Date

Description

Fair Value

% of Partners' Capital

U.S. Government Securities

$8,820,000

Jan-25

Treasury bills

8,810,590

68.33%

See accompanying notes.

F-5

ALTEGRIS WINTON FUTURES FUND, L.P.

CONDENSED SCHEDULES OF INVESTMENTS (continued)

DECEMBER 31, 2023

	Range of Expiration Dates	Number of Contracts		Fair Value			% of Partners' Capital
LONG FUTURES CONTRACTS:
Agriculture	Mar 24- May 24		40	$	108,140			0.69%
Currencies	Mar 24		39		18,198			0.12%
Energies	Apr 24- Dec 24		3		(21,265	)		(0.14)%
Interest Rates	Mar 24- Sep 26		12		8,927			0.06%
Metals	Feb 24 - Apr 24		40		35,878			0.23%
Stock Indices	Jan 24- Mar 24		47		41,883			0.27%

Total long futures contracts			181		191,761			1.23%

SHORT FUTURES CONTRACTS:
Agriculture	Feb 24- June 24		48		19,881			0.13%
Currencies	Mar 24		28		(35,696	)		(0.23)%
Energies	Mar 24- Dec 24		22		1,389			0.01%
Interest Rates	Mar 24- Sep 25		31		(54,374	)		(0.35)%
Metals	Mar-24		17		(22,651	)		(0.14)%
Stock Indices	Jan 24- Mar 24		31		(37,414	)		(0.24)%

Total short futures contracts			177		(128,865	)		(0.82)%

Total futures contracts				$	62,896			0.41%

UNREALIZED GAIN ON FORWARD CONTRACTS:
Currencies	Jan 24 - Mar 24			$	7,872			0.05%

UNREALIZED LOSS ON FORWARD CONTRACTS:
Currencies	Jan 24 - Mar 24				(23,660	)		(0.15)%

Total forward currency contracts				$	(15,788	)		(0.10)%

INVESTMENT SECURITIES

Face Value

Maturity Date

Description

Fair Value

% of Partners' Capital

U.S. Government Securities

$ 10,800,000

Jan-24

Treasury bills

10,782,617

69.02%

See accompanying notes.

F-6

ALTEGRIS WINTON FUTURES FUND, L.P.

STATEMENTS OF INCOME (LOSS)

YEARS ENDED DECEMBER 31, 2024, 2023 AND 2022


	2024			2023			2022
TRADING GAINS (LOSSES)
Gain (loss) on trading of derivatives contracts
Net realized	$	365,323		$	1,472,341		$	3,051,811
Net change in unrealized		271,304			(256,583	)		295,979
Brokerage commissions		(217,436	)		(243,725	)		(289,841	)

Net gain from trading derivatives contracts		419,191			972,033			3,057,949

Gain (loss) on trading of foreign currency
Net realized		(6,982	)		(8,284	)		1,483
Net change in unrealized		(7,686	)		5,787			(1,615	)

Net loss from trading of foreign currency		(14,668	)		(2,497	)		(132	)

Total trading gains		404,523			969,536			3,057,817

NET INVESTMENT LOSS
Income
Interest income		724,590			740,136			227,692

Expenses
Management fee		172,420			189,533			221,398
Service fee		134,526			156,180			186,665
Advisory fee		138,474			152,340			179,765
Professional fees		89,039			85,054			83,479
Administrative fee		40,590			44,662			51,465
Incentive fee		204,948			145,792			102,565
Interest expense		1,470			1,715			7,349
Other expenses		12,709			12,266			23,318

Total expenses		794,176			787,542			856,004

Net investment loss		(69,586	)		(47,406	)		(628,312	)

NET INCOME	$	334,937		$	922,130		$	2,429,505

See accompanying notes.

F-7

ALTEGRIS WINTON FUTURES FUND, L.P.

STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (NET ASSET VALUE)

YEARS ENDED DECEMBER 31, 2024, 2023 AND 2022


	Limited Partners
	Original			Original									Institutional			General
	Class A			Class B			Class A			Class B			Interests			Partner			Total
Balances at December 31, 2021	$	1,203,139		$	885,982		$	9,941,512		$	6,059,223		$	1,486,627		$	3,020		$	19,579,503

Transfers		–			–			(163,609	)		163,609			–			–			–

Capital withdrawals		(389,804	)		(219,255	)		(3,043,064	)		(727,118	)		(214,546	)		–			(4,593,787	)

From operations:
Net investment loss		(29,654	)		(15,221	)		(394,781	)		(162,495	)		(26,073	)		(88	)		(628,312	)
Net realized gain from investments (net of brokerage commissions)		168,197			122,580			1,345,529			918,764			207,926			457			2,763,453
Net change in unrealized gain from investments		21,904			10,832			182,675			56,789			22,141			23			294,364
Net income for the year ended December 31, 2022		160,447			118,191			1,133,423			813,058			203,994			392			2,429,505

Balances at December 31, 2022	$	973,782		$	784,918		$	7,868,262		$	6,308,772		$	1,476,075		$	3,412		$	17,415,221

Balances at December 31, 2022	$	973,782		$	784,918		$	7,868,262		$	6,308,772		$	1,476,075		$	3,412		$	17,415,221

Capital withdrawals		–			(193,086	)		(1,394,236	)		(514,447	)		(613,016	)		–			(2,714,785	)

From operations:
Net investment gain (loss)		2,723			8,837			(101,629	)		29,319			13,304			40			(47,406	)
Net realized gain from investments (net of brokerage commissions)		76,871			51,184			548,269			470,827			72,911			270			1,220,332
Net change in unrealized loss from investments		(17,217	)		(9,300	)		(114,313	)		(100,290	)		(9,615	)		(61	)		(250,796	)
Net income for the year ended December 31, 2023		62,377			50,721			332,327			399,856			76,600			249			922,130

Balances at December 31, 2023	$	1,036,159		$	642,553		$	6,806,353		$	6,194,181		$	939,659		$	3,661		$	15,622,566

See accompanying notes.

F-8

ALTEGRIS WINTON FUTURES FUND, L.P.

STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (NET ASSET VALUE) (continued)

YEARS ENDED DECEMBER 31, 2024, 2023 AND 2022

	Limited Partners
	Original			Original									Institutional			General
	Class A			Class B			Class A			Class B			Interests			Partner		Total
Balances at December 31, 2023	$	1,036,159		$	642,553		$	6,806,353		$	6,194,181		$	939,659		$	3,661	$	15,622,566

Transfers		–			–			(40,818	)		40,818			–			–		–

Capital withdrawals		(180,319	)		(72,470	)		(1,145,593	)		(1,120,784	)		(543,899	)		–		(3,063,065	)

From operations:
Net investment gain (loss)		340			6,399			(100,382	)		14,080			9,932			45		(69,586	)
Net realized gain from investments (net of brokerage commissions)		8,609			7,096			69,493			52,221			3,478			8		140,905
Net change in unrealized gain from investments		20,836			11,910			110,916			108,890			11,006			60		263,618
Net income for the year ended December 31, 2024		29,785			25,405			80,027			175,191			24,416			113		334,937

Balances at December 31, 2024	$	885,625		$	595,488		$	5,699,969		$	5,289,406		$	420,176		$	3,774	$	12,894,438

See accompanying notes.

F-9

ALTEGRIS Winton Futures Fund, L.P.

NOTES TO FINANCIAL STATEMENTS

NOTE 1 - ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

A. General Description of the Partnership

Altegris Winton Futures Fund, L.P. (the “Partnership”) was organized as a Colorado limited partnership in March 1999, and will continue until December 31, 2035, unless sooner terminated as provided for in the Agreement of Limited Partnership (the “Agreement”), as amended and restated from time to time. The Partnership's general partner is Altegris Advisors, L.L.C. (the “General Partner”). The General Partner has the overall responsibility for the management, operation and administration of the Partnership, including the selection of its commodity trading adviser. The Partnership's trading activities are conducted pursuant to an advisor contract with Winton Capital Management Limited (the "Advisor"). The Partnership speculatively trades commodity futures contracts, options on futures contracts, forward contracts and other commodity interests. The objective of the Partnership’s business is appreciation of its assets. The Partnership is subject to the regulations of the Commodity Futures Trading Commission (the “CFTC”), an agency of the United States (“U.S.”) government that regulates most aspects of the commodity futures industry; rules of the National Futures Association, an industry self-regulatory organization; and the requirements of commodity exchanges and futures commission merchants (brokers) through which the Partnership trades.

The General Partner is registered with the U.S. Securities and Exchange Commission under the U.S. Investment Advisers Act of 1940, as amended, as an investment adviser and is registered with the Commodity Futures Trading Commission (“CFTC”) as a commodity pool operator, and is a member of the National Futures Association, an industry self-regulatory organization.

Effective September 27, 2021, as part of an internal reorganization, the General Partner and Altegris Clearing Solutions L.L.C. (“Altegris Clearing Solutions”), an affiliate of the General Partner, became wholly-owned by their affiliate Altegris Services, L.L.C. (“Services”) (replacing their affiliate Altegris Holdings, L.L.C. as their immediate parent company). Services in turn became wholly-owned by Better Outcome, LLC (“Better Outcome”), a newly formed affiliated entity owned and controlled by Continuum Capital Managers LLC (“Continuum”) and by AV5 Acquisition, LLC (“AV5”). Continuum is owned by Douglas C. Grip and Stephen E. Vanourny. AV5 is owned solely by Matthew Osborne, the General Partner’s Chief Executive Officer and Chief Investment Officer.

B. Method of Reporting

The Partnership’s financial statements are presented in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”). Therefore, the Partnership follows the accounting and reporting guidelines for investment companies. The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported fair value of assets and liabilities, disclosures of contingent assets and liabilities as of December 31, 2024, 2023 and 2022 and reported amounts of income and expenses for the years ended December 31, 2024, 2023 and 2022, respectively. Management believes that the estimates utilized in preparing the Partnership’s financial statements are reasonable; however, actual results could differ from these estimates and it is reasonably possible that differences could be material.

The Company has identified its Chief Executive Officer as the chief operating decision maker (“CODM”), who uses net income to evaluate the results of the business, predominantly in the forecasting process, to manage the Company. Additionally, the CODM uses excess net capital (see Note 2), which is not a measure of profit and loss, to make operational decisions while maintaining capital adequacy, such as whether to reinvest profits or pay distributions. The Company’s operations constitute a single operating segment and therefore, a single reportable segment, because the CODM manages to business activities using information of the Company as a whole. The accounting policies used to measure the profit and loss of the segment are the same as those described in the summary of significant accounting policies.

F-10

ALTEGRIS Winton Futures Fund, L.P.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

NOTE 1 - ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

C. Fair Value

In accordance with the authoritative guidance under U.S. GAAP, fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., the “exit price”) in an orderly transaction between market participants at the measurement date.

In determining fair value, the Partnership uses various valuation approaches. The authoritative guidance under U.S. GAAP establishes a fair value hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are those that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Partnership.

Unobservable inputs reflect the Partnership’s assumption about the inputs market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The fair value hierarchy is categorized into three levels based on the inputs as follows:

Level 1 - Unadjusted quoted prices in active markets for identical, unrestricted assets or liabilities that the Partnership has the ability to access at the measurement date;

Level 2 - Quoted prices which are not active, or inputs that are observable (either directly or indirectly) for substantially the full term of the asset or liability; and

Level 3 - Prices, inputs or exotic modeling techniques which are both significant to the fair value measurement and unobservable (supported by little or no market activity).

The availability of valuation techniques and observable inputs can vary from assets and liabilities and is affected by a wide variety of factors, including the type of asset or liability, whether the asset or liability is new and not yet established in the marketplace, and other characteristics particular to the transaction. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Those estimated values do not necessarily represent the amounts that may be ultimately realized due to the occurrence of future circumstances that cannot be reasonably determined. Because of the inherent uncertainty of valuation, those estimated values may be materially higher or lower than the values that would have been used had a ready market for the asset or liability existed. Accordingly, the degree of judgment exercised by the Partnership in determining fair value is greatest for assets and liabilities categorized in Level 3. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined by the lowest level input that is significant to the fair value measurement.

F-11

ALTEGRIS Winton Futures Fund, L.P.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

NOTE 1 - ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

C. Fair Value (continued)

Fair value is a market-based measure considered from the perspective of a market participant rather than an entity-specific measure. Therefore, even when market assumptions are not readily available, the Partnership’s own assumptions are set to reflect those that market participants would use in pricing the asset or liability at the measurement date. The Partnership uses prices and inputs that are current as of the measurement date, including prices and inputs during periods of market dislocation. In periods of market dislocation, the observability of prices and inputs may be reduced for many assets and liabilities. This condition could cause an asset or liability to be reclassified to a lower level within the fair value hierarchy.

The Partnership values futures and options on futures contracts at the closing price of the contract’s primary exchange. The Partnership generally includes futures and options on futures contracts in Level 1 of the fair value hierarchy, as they are exchange traded derivatives.

Forward currency contracts are valued at the mean between the bid and ask prices, which approximates fair value. Interpolated values are derived when the settlement date of the contract is an interim date for which quotations are not available. The Partnership includes forward currency contracts in Level 2 of the fair value hierarchy.

The fair value of U.S. government securities is based on quoted prices in active markets. When quoted prices are not available, fair value is determined based on a valuation model that uses inputs that include interest-rate yield curves, cross-currency-basis index spreads, and country credit spreads similar to the bond in terms of issue, maturity and seniority. U.S. government securities are generally categorized in Levels 1 or 2 of the fair value hierarchy.

The fair value of corporate notes is determined using recently executed transactions, market price quotations (where observable), notes spreads or credit default swap spreads. The spread data used are for the same maturity as that of the notes. If the spread data does not reference the issuer, data that references a comparable issuer is used. When observable price quotations are not available, fair value is determined based on cash flow models with yield curves, bond, or single-name credit default swap spreads and recovery rates based on collateral values as key inputs. These valuation methods represent both a market and income approach to fair value measurement. Corporate notes are categorized in Level 2 of the fair value hierarchy; however, in instances where significant inputs are unobservable, they are categorized in Level 3 of the hierarchy. As of December 31, 2024 and 2023, the Partnership did not hold corporate notes.

The fair value of certificates of deposit is determined based on a constant maturity curve for comparable instruments denominated in USD. This valuation method represents both a market and income approach to fair value measurement. Certificates of deposit are categorized in Level 2 of the fair value hierarchy.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

There were no changes to the Partnership’s valuation methodology during the years ended December 31, 2024 and 2023.

F-12

ALTEGRIS Winton Futures Fund, L.P.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

NOTE 1 - ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

C. Fair Value (continued)

The following table presents information about the Partnership’s assets and liabilities measured at fair value as December 31, 2024 and 2023:


									Balance as of
December 31, 2024	Level 1			Level 2			Level 3		December 31, 2024
Assets:
Futures contracts (1)	$	580,690		$	–		$	–	$	580,690
Forward currency contracts (1)		–			13,804			–		13,804
U.S. Government securities		8,810,590			–			–		8,810,590

	$	9,391,280		$	13,804		$	–	$	9,405,084

Liabilities:
Futures contracts (1)	$	(236,971	)	$	–		$	–	$	(236,971	)
Forward currency contracts (1)		–			(39,111	)		–		(39,111	)

	$	(236,971	)	$	(39,111	)	$	–	$	(276,082	)

									Balance as of
December 31, 2023	Level 1			Level 2			Level 3		December 31, 2023
Assets:
Futures contracts (1)	$	346,095		$	–		$	–	$	346,095
Forward currency contracts (1)		–			7,872			–		7,872
U.S. Government securities		10,782,617			–			–		10,782,617

	$	11,128,712		$	7,872		$	–	$	11,136,584

Liabilities:
Futures contracts (1)	$	(283,199	)	$	–		$	–	$	(283,199	)
Forward currency contracts (1)		–			(23,660	)		–		(23,660	)

	$	(283,199	)	$	(23,660	)	$	–	$	(306,859	)

(1)	See Note 7. “Financial Derivative Instruments” for the fair value in each type of contracts within this category.

For the years ended December 31, 2024 and 2023, there were no Level 3 securities.

F-13

ALTEGRIS Winton Futures Fund, L.P.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

NOTE 1 - ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

D. Investment Transactions and Investment Income

Security transactions are recorded on the trade date for financial reporting purposes. Realized gains and losses from security transactions are determined using the specific identification cost method. Change in net unrealized gain or loss from the preceding period is reported in the Statements of Income (Loss). Brokerage commissions and other trading fees are reflected as an adjustment to cost or proceeds at the time of the transaction. Interest income is recorded on an accrual basis.

Gains or losses on futures contracts, options on futures contracts and forward currency contracts are realized when contracts are closed. Net change in unrealized gains or losses on open contracts (the difference between contract trade price and quoted market price) are reflected in the Statements of Financial Condition. Any change in net unrealized gain or loss from the preceding period is reported in the Statements of Income (Loss). Brokerage commissions on futures and options on futures contracts include other trading fees and are recognized as trading gains and losses.

Net realized gains and losses from foreign currency related transactions represent gains and losses from sales of foreign currencies, currency gains and losses realized between trade and settlement dates on securities transactions, and the difference between the amounts of interest and foreign withholding taxes recorded on the Partnership’s books and the U.S. Dollar equivalent of the amounts actually received or paid. Net unrealized gain (loss) on other assets and other liabilities denominated in foreign currency arise from changes in the value of assets, other than investments in securities, and liabilities at year end, resulting from changes in the exchange rates.

U.S. Bank, N.A. serves as the Partnership’s custodian (the “Custodian”). SG Americas Securities, LLC (the “Clearing Broker”) is the Partnership’s commodity broker. A portion of the Partnership’s assets are held as initial margin or option premiums (in cash or Treasury securities) in the Partnership’s brokerage accounts at the Clearing Broker. The Clearing Broker may convert the Partnership’s cash in U.S. dollar to foreign currency to facilitate the Partnership’s commodity trading activities. At times, the Partnership may carry foreign cash on loan with the Clearing Broker. Any net foreign currency on loan will be recognized in Foreign Currency Due to Broker on the Statements of Financial Condition.

The Partnership’s Clearing Broker holds margin balances in a single currency, in which all margin requirements can be satisfied in U.S. dollars. Foreign currency balances can also be used to satisfy margin requirements. As of December 31, 2024 and 2023, the Partnership’s segregated cash balance on the Statements of Financial Condition of $1,052,978 and $654,879, respectively, represents the collateral pledged by the Partnership to satisfy the Clearing Broker’s margin requirements in US Dollars. As of December 31, 2024 and 2023, the Partnership’s segregated foreign currency balance on the Statements of Financial Condition of $78,283 and $248,240, respectively, represents the collateral pledged by the Partnership to satisfy the Clearing Broker’s margin requirements in foreign currency. The Partnership’s assets not deposited at the Clearing Broker are deposited with either the Custodian or held in bank cash accounts at First Republic Bank (and used to pay Partnership operating expenses). Effective May 1, 2023, J.P. Morgan Chase Bank assumed all of the deposits and substantially all of the assets of First Republic Bank.

F-14

ALTEGRIS Winton Futures Fund, L.P.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

NOTE 1 - ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

E. Option Contracts

Generally, an option is a contract that gives the purchaser of the option, in return for the premium paid, the right to buy a specified security, currency or other instrument (an ‘‘underlying instrument’’) from the writer of the option (in the case of a call option), or to sell a specified security, currency, or other instrument to the writer of the option (in the case of put option) at a designated price. Put and call options that the Partnership may purchase or write may be traded on a national securities exchange or in the over-the-counter (OTC) market. All option positions entered into on a national securities exchange are cleared and guaranteed by the options clearing corporation, thereby reducing the risk of counterparty default. There can be no assurance that a liquid secondary market will exist for any option purchased or sold.

As the buyer of an option, the Partnership has a right to buy (call option) or sell (put option) the underlying instrument at the exercise price. The Partnership may enter into closing sale transactions with respect to options, exercise them, or permit them to expire unexercised. When buying options, the potential loss is limited to the cost (premium plus transaction costs) of the option.

As the writer of an option, the Partnership has the obligation to buy (call option) or sell (put option) the underlying instrument at the exercise price. When the Partnership writes an option, an amount equal to the premium received by the Partnership is recorded as a liability and subsequently marked to market to reflect the current value of the option written. If the written option expires unexercised, the Partnership realizes a gain in the amount of the premium received. If the Partnership enters into a closing transaction, it recognizes a gain or loss, depending on whether the cost of the purchase is less than or greater than the premium received. If the option is exercised, the Partnership will incur a loss to the extent the difference between the current market value of the underlying instrument and the exercise price exceeds the premium received.

As the writer of a call option, the Partnership retains the risk of loss should the underlying instrument increase in value. If the option is exercised, the Partnership will be required to buy or sell the instrument at the exercise price. Accordingly, these transactions result in off-balance sheet risk, as the Partnership’s ultimate obligation may exceed the amount indicated in the Statements of Financial Condition.

As of December 31, 2024 and 2023, the Partnership did not hold any option contracts.

F. Futures Contracts

The Partnership engages in futures contracts as part of its investment strategy. Upon entering into a futures contract, the Partnership is required to deposit with the broker an amount of cash or cash equivalents equal to a certain percentage of the contract amount. This is known as the initial margin. Subsequent payments (“variation margin”) are made or received by the Partnership each day, depending on the daily fluctuations in the value of the contract, and are included in settled variation margin on the Statements of Financial Condition. Due from / Due to broker amounts on the Statements of Financial Condition represent receivables / payables related to the Partnership’s required cash margin. The Partnership recognizes a realized gain or loss when the contract is closed.

F-15

ALTEGRIS Winton Futures Fund, L.P.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

NOTE 1 - ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

F. Futures Contracts (continued)

There are several risks in connection with the use of futures contracts as an investment option. The change in value of futures contracts primarily corresponds with the value of their underlying instruments. In addition, there is the risk that the Partnership may not be able to enter into a closing transaction because of an illiquid secondary market. Open positions in futures contracts at December 31, 2024 and 2023 are reflected within the Condensed Schedules of Investments.

G. Forward Currency Contracts

Forward currency contracts are entered into as an economic hedge against foreign currency exchange rate risk related to portfolio positions. A forward currency contract is an obligation to purchase or sell a currency against another currency at a future date at an agreed upon price and quantity. Forward currency contracts are traded over-the-counter and not on an organized exchange. Forward currency contracts help to manage the overall exposure to the foreign currency backing some of the investments held by the Partnership. Each contract is marked-to-market daily and the change in market value is recorded by the Partnership as an unrealized gain or loss. When the contract is closed, the Partnership records a realized gain or loss equal to the difference between the value at the time it was opened and the value at the time it was closed. The use of forward currency contracts involves the risk that counterparties may not meet the terms of the Agreement or unfavorable movements in the value of a foreign currency relative to the U.S. dollar. Open forward currency contracts at December 31, 2024 and 2023 are reflected within the Condensed Schedules of Investments.

H. Foreign Currency Transactions

The Partnership’s functional currency is the U.S. dollar; however, it may transact business in currencies other than the U.S. dollar. Assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars at the rates in effect at the date of the Statements of Financial Condition. Income and expense items denominated in currencies other than the U.S. dollar are translated into U.S. dollars at the rates in effect during the period. Gains and losses resulting from the translation to U.S. dollars are reported in the Statements of Income (Loss).

I. Cash

The Partnership maintains a custody account with U.S. Bank, N.A. and J.P. Morgan Chase Bank. The J.P. Morgan Chase Bank cash accounts were formerly with First Republic Bank. Effective May 1, 2023, J.P. Morgan Chase Bank assumed all of the deposits and substantially all of the assets of First Republic Bank. At times, the Partnership’s cash balance could exceed the insured amount under the Federal Deposit Insurance Corporation (“FDIC”). The Partnership has not experienced any losses in such accounts and believes it is not subject to any significant counterparty risk related to its cash account.

Both segregated cash and segregated foreign currency are held at the Clearing Broker as margin collateral for futures transactions.

J. Income Taxes

The Partnership is treated as a partnership for U.S. federal income tax purposes. As such, the partners are individually liable for their own distributable share of taxable income or loss. No provision has been made in the accompanying financial statements for U.S., federal, state, or local income taxes.

F-16

ALTEGRIS Winton Futures Fund, L.P.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

NOTE 1 - ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

J. Income Taxes (continued)

The Partnership is required to determine whether its tax positions are more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The tax benefit recognized is measured as the largest amount of benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement with the relevant taxing authority. De-recognition of a tax benefit previously recognized results in the Partnership recording a tax liability that reduces ending partners’ capital. Based on its tax analysis, the Partnership has determined that it has not incurred any liability for unrecognized tax benefits for any of the Partnership's open tax years. However, the Partnership’s conclusions may be subject to review and adjustment at a later date based on factors including, but not limited to, on-going analyses of and changes to tax laws, regulations and interpretations thereof. The Partnership’s tax returns remain open for examination by United States federal tax authorities for a period of three years and by state tax authorities for a period of three years from the date they are filed. Taxes associated with foreign tax jurisdictions remain subject to examination based on varying statutes of limitations, if any. The Partnership is additionally not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. As a result, no other income tax liability or expense has been recorded in the accompanying financial statements.

NOTE 2 - PARTNERS’ CAPITAL

A. Capital Accounts and Allocation of Income and Losses

The Partnership accounts for subscriptions and redemptions on a per partner capital account basis.

The Partnership consists of the General Partner’s Interest, Original Class A Interests, Original Class B Interests, Class A Interests, Class B Interests and Institutional Interests. Original Class A Interests and Original Class B Interests were issued prior to July 1, 2008 and are no longer issued to limited partners in the Partnership (each a “Limited Partner” and collectively the “Limited Partners”). Class A Interests, Class B Interests and Institutional Interests were first issued by the Partnership on July 1, 2008. Income or loss (prior to management fees, administrative fees, service fees and incentive fees) are allocated pro rata among the Limited Partners based on their respective capital accounts as of the end of each month, in which the items accrue pursuant to the terms of the Partnership’s Agreement. Original Class A Interests, Original Class B Interests, Class A Interests, Class B Interests and Institutional Interests are then charged with their applicable management fee, administrative fee, service fee and incentive fee in accordance with the Agreement.

No Limited Partner of the Partnership shall be liable for any debts or liabilities of the Partnership or any losses thereof in excess of such Limited Partner’s capital contributions, except as may be required by law.

B. Subscriptions, Distributions and Redemptions

Investments in the Partnership are made by subscription agreement, subject to acceptance by the General Partner.

The Partnership is not required to make distributions but may do so at the sole discretion of the General Partner. A Limited Partner may request and receive redemption of capital, subject to restrictions set forth in the Agreement. The General Partner may request and receive redemption of capital, subject to the same terms as any Limited Partner. The partners may withdraw their interests on a monthly basis upon at least 15 days’ prior written notice, subject to the discretion of the General Partner. No distributions were made for the years ended December 31, 2024, 2023 and 2022.

F-17

ALTEGRIS Winton Futures Fund, L.P.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

NOTE 3 - RELATED PARTY TRANSACTIONS

A. General Partner Management Fee

The General Partner receives a monthly management fee from the Partnership equal to 0.0625% (0.75% annually) for Original Class A and 0.146% (1.75% annually) for Original Class B of the Partnership's net asset value apportioned to each Partner’s capital account at the beginning of the month, before deduction of any accrued incentive fee related to the current quarter (the “management fee net asset value”). The General Partner receives a monthly management fee from the Partnership equal to 0.104% (1.25% annually) for Class A and Class B, and 0.0625% (0.75% annually) for Institutional Interests of the Partnership's management fee net asset value. The General Partner may declare any Limited Partner a “Special Limited Partner” and the management fees or incentive fees charged to any such partner may be different than those charged to other Limited Partners.

Total management fee earned by the General Partner, for the years ended December 31, 2024, 2023 and 2022 are shown on the Statements of Income (Loss) as a management fee.

B. Administrative Fee

The General Partner receives a monthly administrative fee from the Partnership equal to 0.0275% (0.33% annually) of the Partnership's management fee net asset value attributable to Class A and Class B Interests. For the years ended December 31, 2024, 2023 and 2022 administrative fees for Class A Interests were $21,110, $24,083 and $29,900 respectively and administrative fees for Class B Interests were $19,480, $20,579 and $21,565 respectively. General Partner’s Interest, Original Class A, Original Class B and Institutional Interests did not get charged the administrative fee.

C. AlphaMax Distributors, L.L.C. and Altegris Clearing Solutions, L.L.C.

AlphaMax Distributors, L.L.C. (“AlphaMax”), filed to withdraw its regulatory registrations in November 2023. Prior to November 2023, AlphaMax was an affiliate of the General Partner (previously known as Altegris Investments, L.L.C. and Altegris Distributors, L.L.C.), is a registered broker-dealer with the SEC and a Delaware limited liability company. Altegris Clearing Solutions, L.L.C. (Altegris Clearing Solutions), an affiliate of the General Partner and an introducing broker registered with the CFTC, is the Partnership’s introducing broker. In May 2021, Altegris Investments, L.L.C. changed its name to Altegris Distributors, L.L.C. and in December 2021, changed its name to AlphaMax Distributors, L.L.C.

Prior to November 2023, AlphaMax had entered into a selling agreement with the Partnership whereby it received 2% per annum as continuing compensation for Class A Interests sold by AlphaMax that are outstanding at month end. The Partnership’s introducing broker receives a portion of the commodity brokerage commissions paid by the Partnership to the Clearing Broker and interest income retained by the Clearing Broker. Additionally, the Partnership pays to its clearing brokers and its introducing broker, at a minimum, brokerage charges at a flat rate of 0.125% (1.5% annually) of the Partnership’s management fee net asset value. Brokerage charges may exceed the flat rate described above, depending on commission and trading volume levels, which may vary.

F-18

ALTEGRIS Winton Futures Fund, L.P.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

NOTE 3 - RELATED PARTY TRANSACTIONS (CONTINUED)

C. AlphaMax Distributors, L.L.C. and Altegris Clearing Solutions, L.L.C. (continued)

At December 31, 2024 and 2023, the Partnership had commissions and brokerage fees payable to its introducing broker of $12,285 and $16,985, respectively. These amounts are included in commissions payable on the Statements of Financial Condition, respectively. The amounts shown on the Statements of Financial Condition include fees payable to non-related parties.

The following tables show the fees paid to AlphaMax and Altegris Clearing Solutions for the years ended December 31, 2024, 2023 and 2022:


	Year ended		Year ended		Year ended
	December 31, 2024		December 31, 2023		December 31, 2022

Altegris Clearing Solutions - Brokerage Commission fees	$	175,152	$	202,784	$	251,245
AlphaMax - Service fees		–		71		181
Total	$	175,152	$	202,855	$	251,426

The amounts above are included in Brokerage Commissions and Service Fees on the Statements of Income (Loss), respectively. The amounts shown on the Statements of Income (Loss) include fees paid to non-related parties.

NOTE 4 - ADVISORY CONTRACT

The Partnership's trading activities are conducted pursuant to an advisory contract with Winton Capital Management, Ltd. (“Advisor”). The Partnership pays the Advisor a quarterly incentive fee of 20% of the trading profits (as defined in the Agreement). However, the quarterly incentive fee is payable only on cumulative profits achieved from commodity trading (as defined in the Agreement), calculated separately for each partner’s interest (as defined in the Agreement). The incentive fee is accrued on a monthly basis and paid quarterly. Total incentive fee earned by the Advisor for the years ended December 31, 2024, 2023 and 2022 are shown on the Statements of Income (Loss).

Interest holders will be assessed a monthly advisory fee paid to the Advisor of 0.083% of the management fee net asset value of each holder’s month-end capital account balance (1.00% annually), with the exception of Original Class A Interests. In addition, the General Partner has assigned a portion of its management fee earned to the Advisor. For the years ended December 31, 2024, 2023 and 2022, advisory fee for Class A were $63,970, $72,978 and $90,607, respectively, for Class B Interests were $59,030, $62,362 and $65,349, respectively, for Original Class B Interests were $6,302, $6,827 and $8,731, respectively, for Institutional Interests were $9,140, $10,143 and $15,078, respectively and for General Partner’s Interest were $32, $30 and $0, respectively. Original Class A Interests did not get charged the advisory fee.

F-19

ALTEGRIS Winton Futures Fund, L.P.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

NOTE 5 - SERVICE FEES

Original Class A Interests and Class A Interests pay selling agents an ongoing monthly payment of 0.166% of the month-end net asset value (2% annually) of the value of interests sold by them which are outstanding at month-end as compensation for their continuing services to the Limited Partners. Institutional Interests may pay selling agents, if the selling agent so elects, an ongoing monthly payment of 0.0417% (0.50% annually) of the value of Institutional Interests sold by them which are outstanding at month-end as compensation for their continuing services to the Limited Partners holding Institutional Interests. For the years ended December 31, 2024, 2023 and 2022, service fees for General Partner’s Interest, were $0, $11 and $251, respectively, for Class A Interests were $115,583, $135,741 and $164,320, respectively, for Original Class A Interests were $18,943, $20,428 and $22,094, respectively. Class B, Original Class B and Institutional Interests did not get charged the service fees.

NOTE 6 - BROKERAGE COMMISSIONS

The Partnership is subject to monthly brokerage charges equal to the greater of: (A) actual commissions and expenses paid to the Clearing Broker by the Partnership; or (B) an amount equal to 0.125% of the management fee net asset value of all Limited Partners’ month-end capital account balances (1.50% annually) (the “Minimum Amount”).

If actual commissions and expenses paid to the Clearing Broker in a month (in (A) above) are less than the Minimum Amount, the Partnership will pay to the Introducing Broker the difference as payment for brokerage-related services, including, but not limited to, monitoring trade, execution, clearing, custodial and distribution services provided to the Partnership. If actual commissions and expenses paid to the Clearing Broker in a month (in (A) above) are greater than the Minimum Amount, the Partnership pays only the amounts described in (A) above. The Partnership’s payment of brokerage commissions to the Clearing Broker for clearing trades on its behalf, and payments to the Introducing Broker for brokerage-related services, if any, are reflected on the Statements of Income (Loss) as Brokerage Commissions.

NOTE 7 - FINANCIAL DERIVATIVE INSTRUMENTS

The Partnership engages in the speculative trading of futures contracts and forward currency contracts for the purpose of achieving capital appreciation. None of the Partnership’s derivative instruments are designated as hedging instruments, as defined in the Derivatives and Hedging Topic of the Accounting Standards Codification (“ASC”), nor are they used for other risk management purposes. The Advisor and General Partner actively assess, manage and monitor risk exposure on derivatives on a contract basis, a sector basis (e.g., interest rate derivatives, agricultural derivatives, etc.), and on an overall basis in accordance with established risk parameters. Due to the speculative nature of the Partnership’s derivative trading activity, the Partnership is subject to the risk of substantial losses from derivatives trading.

F-20

ALTEGRIS Winton Futures Fund, L.P.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

NOTE 7 - FINANCIAL DERIVATIVE INSTRUMENTS (CONTINUED)

The following presents the fair value of derivatives contracts at December 31, 2024 and 2023. The fair value of derivatives contracts is presented as an asset if in a gain position and a liability if in a loss position. Fair value is presented on a gross basis in the table below even though the futures and forward contracts qualify for net presentation in the Statements of Financial Condition.


December 31, 2024

	Assets		Liability
Type of	Derivatives		Derivatives			Net
Derivatives Contracts	Fair Value		Fair Value			Fair Value

Futures Contracts
Agriculture	$	218,672	$	(42,466	)	$	176,206
Currencies		202,383		(54,213	)		148,170
Energies		–		(51,237	)		(51,237	)
Interest Rates		76,252		(23,399	)		52,853
Metals		62,902		(29,197	)		33,705
Stock Indices		20,481		(36,459	)		(15,978	)

Total Futures Contracts	$	580,690	$	(236,971	)	$	343,719

Forward Currency Contracts	$	13,804	$	(39,111	)	$	(25,307	)

Total Gross Fair Value of Derivatives Contracts	$	594,494	$	(276,082	)	$	318,412

December 31, 2023

	Assets		Liability
Type of	Derivatives		Derivatives			Net
Derivatives Contracts	Fair Value		Fair Value			Fair Value

Futures Contracts
Agriculture	$	171,417	$	(43,396	)	$	128,021
Currencies		19,038		(36,536	)		(17,498	)
Energies		14,100		(33,976	)		(19,876	)
Interest Rates		9,078		(54,525	)		(45,447	)
Metals		82,003		(68,776	)		13,227
Stock Indices		50,459		(45,990	)		4,469

Total Futures Contracts	$	346,095	$	(283,199	)	$	62,896

Forward Currency Contracts	$	7,872	$	(23,660	)	$	(15,788	)

Total Gross Fair Value of Derivatives Contracts	$	353,967	$	(306,859	)	$	47,108

F-21

ALTEGRIS Winton Futures Fund, L.P.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

NOTE 7 - FINANCIAL DERIVATIVE INSTRUMENTS (CONTINUED)

The following presents the trading results of the Partnership’s derivative trading and information related to the volume of the Partnership’s derivative activity for the years ended December 31, 2024, 2023 and 2022.

The below captions of “Realized” and “Change in Unrealized” correspond to the captions in the Statements of Income (Loss) for gain (loss) on trading of derivatives contracts.


Year Ended December 31, 2024

Type of Derivatives Contracts	Realized			Change in Unrealized			Average Notional Value of Contracts
Futures Contracts
Agriculture	$	878,747		$	48,185
Currencies		112,186			165,668
Energies		(4,363	)		(31,361	)
Interest Rates		(310,012	)		98,300
Metals		(398,045	)		20,478
Stock Indices		164,713			(20,447	)

Total Futures Contracts	$	443,226		$	280,823		$	48,612,698	(1)

Forward Currency Contracts	$	(77,903	)	$	(9,519	)	$	4,074,299	(2)

Total Gain from Derivatives Contracts	$	365,323		$	271,304

Year Ended December 31, 2023

Type of Derivatives Contracts	Realized			Change in Unrealized			Average Notional Value of Contracts
Futures Contracts
Agriculture	$	886,515		$	(17,304	)
Currencies		140,276			62,511
Energies		215,437			(37,050	)
Interest Rates		128,510			(242,531	)
Metals		(160,628	)		(17,725	)
Stock Indices		164,321			25,784

Total Futures Contracts	$	1,374,431		$	(226,315	)	$	45,880,739	(1)

Forward Currency Contracts	$	97,910		$	(30,268	)	$	3,191,100	(2)

Total Gain (loss) from Derivatives Contracts	$	1,472,341		$	(256,583	)

F-22

ALTEGRIS Winton Futures Fund, L.P.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

NOTE 7 - FINANCIAL DERIVATIVE INSTRUMENTS (CONTINUED)

Year Ended December 31, 2022

Type of Derivatives Contracts	Realized			Change in Unrealized			Average Notional Value of Contracts
Futures Contracts
Agriculture	$	35,442		$	161,839
Currencies		1,176,414			(69,083	)
Energies		879,081			10,116
Interest Rates		1,414,280			195,928
Metals		140,257			65,510
Stock Indices		(495,282	)		(74,281	)

Total Futures Contracts	$	3,150,192		$	290,029		$	42,530,145	(1)

Forward Currency Contracts	$	(98,381	)	$	5,950		$	4,398,771	(2)

Total Gain from Derivatives Contracts	$	3,051,811		$	295,979

	1)	The average notional value of futures contracts are representative of the Partnership’s volume of derivative activity for futures contracts during the respective years.
	2)	The average notional value of forward currency contracts are representative of the Partnership’s volume of derivative activity for forward currency contracts during the respective years.

With respect to futures contracts and options on futures contracts, the Partnership has entered into an agreement with the Clearing Broker which grants the Clearing Broker the right to offset recognized derivative assets and derivative liabilities if certain conditions exist, which would require the Clearing Broker to liquidate the Partnership’s positions. These events include the following: (i) the Clearing Broker is directed or required by a regulatory or self-regulatory organization, (ii) the Clearing Broker determines, at its discretion, that the risk in the Partnership’s account must be reduced for protection of the Clearing Broker, (iii) upon the Partnership’s breach or failure to perform on its contractual agreements with the Clearing Broker, (iv) upon the commencement of bankruptcy, insolvency or similar proceeding for the protection of creditors against the Partnership, or (v) upon the dissolution, winding-up, liquidation or merger of the Partnership.

With respect to foreign currency forward contracts, the Partnership has entered into an agreement with the Clearing Broker, whereby the party having the greater obligation (either the Partnership or the Clearing Broker) shall deliver to the other party at the settlement date the net amount of recognized derivative assets and liabilities.

F-23

ALTEGRIS Winton Futures Fund, L.P.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

NOTE 7 - FINANCIAL DERIVATIVE INSTRUMENTS (CONTINUED)

The following table summarizes the disclosure requirements for offsetting assets and liabilities:

Offsetting the Financial Assets and Derivative Assets



As of December 31, 2024								Gross Amounts Not Offset in the Statements of Financial Condition
Description	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statements of Financial Condition			Net Amounts of Assets Presented in the Statements of Financial Condition		Financial Instruments		Cash Collateral Received (1)		Net Amount

Forward Contracts	$	13,804	$	(13,804	)	$	–	$	–	$	–	$	–

Total	$	13,804	$	(13,804	)	$	–	$	–	$	–	$	–

Offsetting the Financial Liabilities and Derivative Liabilities

As of December 31, 2024								Gross Amounts Not Offset in the Statements of Financial Condition
Description	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Statements of Financial Condition			Net Amounts of Liabilities Presented in the Statements of Financial Condition		Financial Instruments		Cash Collateral Pledged (1)			Net Amount
Forward Contracts	$	39,111	$	(13,804	)	$	25,307	$	–	$	(25,307	)	$	–

Total	$	39,111	$	(13,804	)	$	25,307	$	–	$	(25,307	)	$	–

F-24

ALTEGRIS Winton Futures Fund, L.P.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

NOTE 7 - FINANCIAL DERIVATIVE INSTRUMENTS (CONTINUED)

As of December 31, 2023								Gross Amounts Not Offset in the Statements of Financial Condition
Description	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statements of Financial Condition			Net Amounts of Assets Presented in the Statements of Financial Condition		Financial Instruments		Cash Collateral Received (1)		Net Amount

Forward Contracts	$	7,872	$	(7,872	)	$	–	$	–	$	–	$	–

Total	$	7,872	$	(7,872	)	$	–	$	–	$	–	$	–

Offsetting the Financial Liabilities and Derivative Liabilities

As of December 31, 2023								Gross Amounts Not Offset in the Statements of Financial Condition
Description	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Statements of Financial Condition			Net Amounts of Liabilities Presented in the Statements of Financial Condition		Financial Instruments		Cash Collateral Pledged (1)			Net Amount
Forward Contracts	$	23,660	$	(7,872	)	$	15,788	$	–	$	(15,788	)	$	–

Total	$	23,660	$	(7,872	)	$	15,788	$	–	$	(15,788	)	$	–

(1)

The Partnership posted additional collateral of $121,833 as of December 31, 2024 and $62,019 for December 31, 2023 with the Clearing Broker. The Partnership may post collateral due to a variety of factors that may include, without limitation, initial margin or other requirements that are based on notional amounts which may exceed the fair value of the derivative contract.

F-25

ALTEGRIS Winton Futures Fund, L.P.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

NOTE 8 - FINANCIAL INSTRUMENTS, OFF-BALANCE SHEET RISKS AND UNCERTAINTIES

The Partnership participates in the speculative trading of commodity futures contracts and forward currency contracts, substantially all of which are subject to margin requirements. The minimum amount of margin required for each contract is set from time to time in response to various market factors by the respective exchanges and interbank market makers. Further for futures contracts and options on futures contracts, the Clearing Broker has the right to require margin in excess of the minimum exchange requirement. Risk arises from changes in the value of these contracts (market risk) and the potential inability of brokers or interbank market makers to perform under the terms of their contracts (credit risk).

All of the contracts, with the exception of forward currency contracts, currently traded by the Partnership are exchange traded. The risks associated with exchange-traded contracts are generally perceived to be less than those associated with over-the-counter transactions because, in over-the-counter transactions, the Partnership must rely solely on the credit of its respective individual counterparties. For forward currency contracts, the Partnership is subject to the credit risk associated with counterparty non-performance. The credit risk from counterparty non-performance associated with such instruments is the net unrealized gain on forward currency contracts.

The Partnership also has credit risk since the sole counterparty to all domestic futures contracts is the exchange clearing corporation. In addition, the Partnership bears the risk of financial failure by the Clearing Broker. The Partnership's policy is to continuously monitor its exposure to market and counterparty risk through the use of a variety of financial, position and credit exposure reporting and control procedures. In addition, the Partnership has a policy of reviewing the credit standing of each clearing broker or counterparty with which it conducts business.

The Partnership has a substantial portion of its assets on deposit with the Custodian in U.S. government agency bonds and notes and corporate notes. Risks arise from investments in bonds and notes due to possible illiquidity and the potential for default by the issuer or counterparty. Such instruments are also sensitive to changes in interest rates and economic conditions.

NOTE 9 - INDEMNIFICATIONS

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

F-26

ALTEGRIS Winton Futures Fund, L.P.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

NOTE 10 - FINANCIAL HIGHLIGHTS

The following information presents the financial highlights of the Partnership for the years ended December 31, 2024, 2023 and 2022. This information has been derived from information presented in the financial statements.


	Year ended December 31, 2024
	Original		Original						Institutional
	Class A		Class B		Class A		Class B		Interests

Total return for Limited Partners
Return prior to incentive fees		3.40%		4.44%		1.75%		3.58%		4.40%
Incentive fees		(1.35)%		(1.36)%		(1.35)%		(1.35)%		(1.32)%

Total return after incentive fees		2.05%		3.08%		0.40%		2.23%		3.08%

Ratio to average net asset value
Expenses prior to incentive fees		3.46%		2.45%		5.09%		3.28%		2.45%
Incentive fees		1.40%		1.43%		1.39%		1.38%		1.39%

Total expenses		4.86%		3.88%		6.48%		4.66%		3.84%

Net investment income (loss) (1)		1.43%		2.45%		(0.18)%		1.62%		2.47%

	Year ended December 31, 2023
	Original		Original						Institutional
	Class A		Class B		Class A		Class B		Interests

Total return for Limited Partners
Return prior to incentive fees		7.36%		8.47%		5.62%		7.58%		8.47%
Incentive fees		(0.95)%		(0.97)%		(0.94)%		(0.96)%		(0.97)%

Total return after incentive fees		6.41%		7.50%		4.68%		6.62%		7.50%

Ratio to average net asset value
Expenses prior to incentive fees		3.39%		2.36%		5.05%		3.19%		2.36%
Incentive fees		0.92%		0.89%		0.89%		0.91%		0.83%

Total expenses		4.31%		3.25%		5.94%		4.10%		3.19%

Net investment income (loss) (1)		1.19%		2.19%		(0.50)%		1.38%		2.15%

F-27

ALTEGRIS Winton Futures Fund, L.P.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

NOTE 10 - FINANCIAL HIGHLIGHTS (CONTINUED)

	Year ended December 31, 2022
	Original		Original						Institutional
	Class A		Class B		Class A		Class B		Interests

Total return for Limited Partners
Return prior to incentive fees		13.70%		14.69%		11.72%		13.75%		14.69%
Incentive fees		(0.65)%		(0.71)%		(0.58)%		(0.63)%		(0.72)%

Total return after incentive fees		13.05%		13.98%		11.14%		13.12%		13.97%

Ratio to average net asset value
Expenses prior to incentive fees		3.22%		2.34%		5.00%		3.17%		2.34%
Incentive fees		0.55%		0.61%		0.50%		0.55%		0.62%

Total expenses		3.77%		2.95%		5.50%		3.72%		2.96%

Net investment (loss) (1)		(2.05)%		(1.13)%		(3.86)%		(1.93)%		(1.11)%

Total return and the ratios to average net asset value are calculated for each class of Limited Partners’ capital taken as a whole. An individual Limited Partner’s total return and ratios may vary from the above returns and ratios due to the timing of their contributions and withdrawals and differing fee structures.

(1)

Excludes incentive fee.

NOTE 11 - SUBSEQUENT EVENTS

Management of the Partnership evaluated subsequent events through the date these financial statements were issued, and concluded that no events subsequent to December 31, 2024 have occurred that would require recognition or disclosure, except as noted below.

From January 1, 2025 through March 26, 2025, the Partnership had redemptions of $221,270.

F-28

Altegris Winton Futures Fund, L.P. 10-K