10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(X) QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2013

OR ( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from              to             

Commission File Number 000-24111

WESTPORT FUTURES FUND L.P.

(Exact name of registrant as specified in its charter)

New York	13-3939393
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

c/o Ceres Managed Futures LLC

522 Fifth Ave — 14^th Floor

New York, New York 10036

(Address of principal executive offices) (Zip Code)

(855) 672-4468

(Registrant’s telephone number, including area code)

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 X   No _

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted 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 and post such files).

Yes X   No _

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

Large accelerated filer _ Accelerated filer _ Non-accelerated filer X Smaller reporting company _

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

Yes _  No X

As of July 31, 2013, 26,885.2027 Limited Partnership Redeemable Units were outstanding.

WESTPORT FUTURES FUND L.P.

FORM 10-Q

INDEX

			Page
			Number
PART I — Financial Information:
	Item 1.	Financial Statements:
		Statements of Financial Condition at June 30, 2013 (unaudited) and December 31, 2012		3
		Condensed Schedules of Investments at June 30, 2013 (unaudited) and December 31, 2012		4
		Statements of Income and Expenses and Changes in Partners’ Capital for the three and six months ended June 30, 2013 and 2012 (unaudited)		5
		Notes to Financial Statements including the Financial Statements of Rabar Master Fund LP (unaudited)		6 – 26
	Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations		27 – 30
	Item 3.	Quantitative and Qualitative Disclosures about Market Risk		31 – 32
	Item 4.	Controls and Procedures		33
PART II — Other Information
	Item 1.	Legal Proceedings		34 – 42
	Item 1A.	Risk Factors		43
	Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds		44
	Item 5.	Other Information		45 – 46
	Item 6.	Exhibits		47 – 48

2

PART I

Item 1. Financial Statements

Westport Futures Fund L.P.

Statements of Financial Condition

	(Unaudited)
	June 30,		December 31,
	2013		2012
Assets:
Investment in the Master, at fair value	$	28,868,923	$	31,089,645
Equity in trading account:
Cash		18,245		123,654
Net unrealized appreciation on open forward contracts		—		2,156
Total assets	$	28,887,168	$	31,215,455
Liabilities and Partners’ Capital
Liabilities:
Accrued expenses:
Brokerage fees	$	126,381	$	136,558
Management fees		47,865		51,588
Other		41,890		123,654
Redemptions payable		361,801		586,561
Total liabilities		577,937		898,361
Partners’ Capital:
General Partner, 307.0879 and 400.0879 unit equivalents outstanding at June 30, 2013 and December 31, 2012, respectively		316,273		434,271
Limited Partners, 27,179.9267 and 27,530.6747 Redeemable Units outstanding at June 30, 2013 and December 31, 2012, respectively		27,992,958		29,882,823
Total partners’ capital		28,309,231		30,317,094
Total liabilities and partners’ capital	$	28,887,168	$	31,215,455
Net asset value per unit	$	1,029.91	$	1,085.44

See accompanying notes to financial statements.

3

Westport Futures Fund L.P.

Condensed Schedule of Investments

December 31, 2012

	Number of Contracts		Fair Value		% of Partners’ Capital
Unrealized Appreciation on Open Forward Contracts
Metals		2	$	2,156		0.01	%
Net unrealized appreciation on open forward contracts				2,156		0.01	%
Investment in Master				31,089,645		102.55
Net fair value			$	31,091,801		102.56	%

See accompanying notes to financial statements.

4

Westport Futures Fund L.P.

Statements of Income and Expenses and Changes in Partners’ Capital

(Unaudited)

	Three Months Ended June 30,						Six Months Ended June 30,
	2013			2012			2013			2012
Investment Income:
Interest income	$	—		$	729		$	—		$	1,327
Interest income from investment in Master		1,406			4,314			5,022			7,733
Total investment income		1,406			5,043			5,022			9,060
Expenses:
Brokerage fees including clearing fees**		438,817			647,196			879,596			1,324,914
Management fees		147,766			233,650			298,570			479,609
Other***		96,390			87,821			178,144			174,227
Total expenses		682,973			968,667			1,356,310			1,978,750
Net investment income (loss)		(681,567	)		(963,624	)		(1,351,288	)		(1,969,690	)
Trading Results:
Net gains (losses) on trading of commodity interests and investment in Master
Net realized gains (losses) on closed contracts		—			(244,390	)		2,156			118,972
Net realized gains (losses) on investment in Master		(47,003	)		1,972,758			230,841			(3,687,474	)
Change in net unrealized gains (losses) on open contracts		—			(214,877	)		(2,156	)		(385,065	)
Change in net unrealized gains (losses) on investment in Master		(379,614	)		(94,070	)		(418,411	)		(2,348,740	)
Total trading results		(426,617	)		1,419,421			(187,570	)		(6,302,307	)
Net income (loss)		(1,108,184	)		455,797			(1,538,858	)		(8,271,997	)
Subscriptions-Limited Partners		926,909			965,000			1,618,064			2,970,000
Redemptions-Limited Partners		(658,335	)		(4,496,722	)		(1,986,941	)		(6,985,328	)
Redemptions-General Partner		—			—			(100,128	)		—
Net increase (decrease) in Partners’ Capital		(839,610	)		(3,075,925	)		(2,007,863	)		(12,287,325	)
Partners’ Capital, beginning of period		29,148,841			46,369,807			30,317,094			55,581,207
Partners’ Capital, end of period	$	28,309,231		$	43,293,882		$	28,309,231		$	43,293,882
Net asset value per unit (27,487.0146 and 33,363.7287 units outstanding at June 30, 2013 and 2012, respectively)	$	1,029.91		$	1,297.63		$	1,029.91		$	1,297.63
Net income (loss) per unit*	$	(39.62	)	$	13.87		$	(55.53	)	$	(218.59	)
Weighted average units outstanding		27,662.0176			34,963.3288			27,693.6001			36,205.0583

* Based on change in net asset value per unit.

** Three months ended 2013 and 2012 includes $48,408 and $25,778 of clearing fees allocated from the Master. Six months ended 2013 and 2012 includes $91,033 and $49,331 of clearing fees allocated from the Master.

*** Three months ended 2013 and 2012 includes $18,965 and $17,398 of Professional fees allocated from the Master. Six months ended 2013 and 2012 includes $74,884 and $31,109 of Professional fees allocated from the Master.

See accompanying notes to financial statements.

5

Westport Futures Fund L.P.

Notes to Financial Statements

June 30, 2013

(Unaudited)

1.    General:

Westport Futures Fund L.P. (formerly, Westport JWH Futures Fund L.P.) (the “Partnership”) is a limited partnership organized on March 21, 1997 under the partnership laws of the State of New York to engage, directly and indirectly, in the speculative trading of a diversified portfolio of commodity interests, including futures, options on futures, forwards, options on forwards, spot and swap contracts, cash commodities and any other rights or interests pertaining thereto including interest in commodity pools. The Partnership may also engage in exchange for physical transactions. The sectors traded include U.S. and international markets for energy, currencies, interest rates, indices, agricultural products and metals. The Partnership commenced trading on August 1, 1997. The commodity interests that are traded by the Partnership, through its investment in Rabar Master Fund L.P. (“Rabar Master”), are volatile and involve a high degree of market risk. The Partnership privately and continuously offers redeemable units (“Redeemable Units”) to qualified investors. There is no maximum number of Redeemable Units that may be sold by the Partnership.

Ceres Managed Futures LLC, a Delaware limited liability company, acts as the general partner (the “General Partner”) and commodity pool operator of the Partnership. The General Partner is wholly owned by Morgan Stanley Smith Barney Holdings LLC (“MSSB Holdings”). MSSB Holdings is ultimately owned by Morgan Stanley. Morgan Stanley is a publicly held company whose shares are listed on the New York Stock Exchange and Morgan Stanley is engaged in various financial services and other businesses. Prior to June 28, 2013, Morgan Stanley indirectly owned a majority equity interest in MSSB Holdings and Citigroup Inc. indirectly owned a minority equity interest in MSSB Holdings. Prior to July 31, 2009, the date as of which MSSB Holdings became its owner, the General Partner was wholly owned by Citigroup Financial Products Inc., a wholly owned subsidiary of Citigroup Global Markets Holdings Inc., the sole owner of which is Citigroup Inc.

As of June 30, 2013, all trading decisions for the Partnership are made by Rabar Market Research Inc. (“Rabar”). Effective December 1, 2012 Rabar replaced John W. Henry and Co. (“JWH”) as the Partnership’s sole trading advisor. References in this report to the “Advisor” refers to JWH and/or Rabar, as applicable.

The General Partner and each limited partner of the Partnership share in the profits and losses of the Partnership in proportion to the amount of Partnership interest owned by each except, that no limited partner is liable for obligations of the Partnership in excess of its capital contribution and profits, if any, net of distributions and losses, if any.

The accompanying financial statements and accompanying notes are unaudited but, in the opinion of management, include all adjustments, consisting only of normal recurring adjustments, necessary for a fair statement of the Partnership’s financial condition at June 30, 2013, and December 31, 2012, and the results of its operations and changes in partners’ capital for the three and six months ended June 30, 2013, and 2012. These financial statements present the results of interim periods and do not include all disclosures normally provided in annual financial statements. You should read these financial statements together with the financial statements and notes included in the Partnership’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) for the year ended December 31, 2012.

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

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

6

Westport Futures Fund L.P.

Notes to Financial Statements

June 30, 2013

(Unaudited)

2.    Financial Highlights:

Changes in the net asset value per unit for the three and six months ended June 30, 2013 and 2012 were as follows:

	Three Months Ended June 30,						Six Months Ended June 30,
	2013			2012			2013			2012
Net realized and unrealized gains (losses)*	$	(30.84	)	$	22.94		$	(38.49	)	$	(200.76	)
Interest income		0.06			0.14			0.18			0.25
Expenses**		(8.84	)		(9.21	)		(17.22	)		(18.08	)
Increase (decrease) for the period		(39.62	)		13.87			(55.53	)		(218.59	)
Net asset value per unit, beginning of period		1,069.53			1,283.76			1,085.44			1,516.22
Net asset value per unit, end of period	$	1,029.91		$	1,297.63		$	1,029.91		$	1,297.63

*    Includes brokerage fees and clearing fees.

**  Excludes brokerage fees and clearing fees.

	Three Months Ended June 30,						Six Months Ended June 30,
	2013			2012			2013			2012
Ratios to average net assets:***
Net investment income (loss)		(9.3	)%		(8.5	)%		(9.2	)%		(8.3	)%
Incentive fees		0.0	%		0.0	%		0.0	%		0.0	%
Net investment income (loss) before incentive fees****		(9.3	)%		(8.5	)%		(9.2	)%		(8.3	)%
Operating expense		9.4	%		8.6	%		9.3	%		8.3	%
Incentive fees		0.0	%		0.0	%		0.0	%		0.0	%
Total expenses		9.4	%		8.6	%		9.3	%		8.3	%
Total return:
Total return before incentive fees		(3.7	)%		1.1	%		(5.1	)%		(14.4	)%
Incentive fees		0.0	%		0.0	%		0.0	%		0.0	%
Total return after incentive fees		(3.7	)%		1.1	%		(5.1	)%		(14.4	)%

*** Annualized (other than incentive fees).

**** Interest income less total expenses.

The above ratios may vary for individual investors based on the timing of capital transactions during the period. Additionally, these ratios are calculated for the limited partner class using the limited partners’ share of income, expenses and average net assets.

7

Westport Futures Fund L.P.

Notes to Financial Statements

June 30, 2013

(Unaudited)

3.    Trading Activities:

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

During the second quarter of 2013, CMF Winton Master L.P. entered into brokerage account agreements with MS&Co. The Partnership, through its investment in the Master, will pay MS&Co. a service fee equal to $0.70 per round-turn for futures transactions, an equivalent amount for swaps, excluding forward foreign currency transactions, and $0.35 per side for option transactions, excluding foreign exchange options. CMF Winton Master L.P. expects to commence trading during June 2013.

Effective April 12, 2013, CMF Winton Master L.P. entered into a foreign exchange brokerage agreement with MS&Co. and commenced trading on or about May 1, 2013. The Partnership, through its investment in the Funds, will pay MS&Co. a foreign exchange prime brokerage fee equal to $4 per $1 million (notional) spot and forward foreign currency contracts transacted each month.

The customer agreements between the Partnership and Citigroup Global Markets, Inc (“CGM”) and the Master (as defined in Note 5 “Investment in Master”) and CGM/MS&Co give the Partnership and the Master, respectively, the legal right to net unrealized gains and losses on open futures and open forward contracts. The Partnership and the Master net, for financial reporting purposes, the unrealized gains and losses on open futures and on open forward contracts on the Statements of Financial Condition as the criteria under Accounting Standards Codification (“ASC”) 210-20, “Balance Sheet” have been met.

All of the commodity interests owned by the Partnership are held for trading purposes. The monthly average number of futures contracts traded directly by the Partnership during the three months ended June 30, 2012 were 270. The monthly average number of futures contracts traded directly by the Partnership during the six months ended June 30, 2013 and 2012 were 0 and 279, respectively. The monthly average number of metal forward contracts traded directly by the Partnership during the three months ended June 30, 2012 were 35. The monthly average number of metal forward contracts traded directly by the Partnership during the six months ended June 30, 2013 and 2012 were 1 and 32, respectively.

The monthly average number of futures contracts traded by the Master during the three and six months ended June 30, 2013 were 1,564 and 1,634, respectively. The monthly average number of metal forward contracts traded by the Master during the three and six months ended June 30, 2013 were 185 and 169, respectively. The monthly average notional values of currency forward contracts held by the Master during the three and six months ended June 30, 2013 were $36,220,524 and $34,147,444, respectively.

Brokerage fees are calculated as a percentage of the Partnership’s adjusted net asset value on the last day of each month and are affected by trading performance, subscriptions and redemptions.

8

On January 1, 2013, the Partnership adopted Accounting Standards Update (“ASU”) 2011-11, “Disclosure about Offsetting Assets and Liabilities” and ASU 2013-01, “Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities”. ASU 2011-11 created a new disclosure requirement about the nature of an entity’s rights to setoff and the related arrangements associated with its financial instruments and derivative instruments, while ASU 2013-01 clarified the types of instruments and transactions that are subject to the offsetting disclosure requirements established by ASU 2011-11. Entities are required to disclose both gross information and net information about both instruments and transactions eligible for offset in the statement of financial position and instruments and transactions subject to an agreement similar to a master netting arrangement. The objective of these disclosures is to facilitate comparison between those entities that prepare their financial statements on the basis of U.S. GAAP and those entities that prepare their financial statements on the basis of International Financial Reporting Standards (“IFRS”). The new guidance did not have a significant impact on the Partnership’s financial statements.

The following table summarizes the valuation of the Partnership’s direct investments as of December 31, 2012.

December 31, 2012	Gross Amounts Recognized		Gross Amounts Offset in the Statement of Financial Condition		Net Amounts Presented in the Statement of Financial Condition
Assets
Forwards	$	1,325	$	—	$	1,325
Total assets	$	1,325	$	—	$	1,325
Liabilities
Forwards	$	831	$	—	$	831
Total liabilities	$	831	$	—	$	831
Net unrealized appreciation on open forward contracts					$	2,156
Total net unrealized gain (loss) on total contracts					$	2,156

9

Westport Futures Fund L.P.

Notes to Financial Statements

June 30, 2013

(Unaudited)

The following table indicates the Partnership’s gross fair values of derivative instruments of futures and forward contracts traded directly by the Partnership as separate assets and liabilities as of December 31, 2012.

	December 31, 2012
Assets
Forward Contracts
Metals	$	2,156
Net unrealized appreciation on open forward contracts	$	2,156	*

* This amount is in “Net unrealized appreciation on open forward contracts” on the Statements of Financial Condition.

The following table indicates the trading gains and losses, by market sector, on derivative instruments traded directly by the Partnership for the three and six months ended June 30, 2012.

	Three Months Ended June 30,			Six Months Ended June 30,
Sector	2012			2012
Currencies	$	(392,113	)	$	(533,541	)
Energy		(66,180	)		239,889
Grains		(30,596	)		(24,575	)
Indices		(251,515	)		(76,369	)
Interest Rates U.S.		71,340			(8,182	)
Interest Rates Non-U.S.		132,298			135,702
Livestock		(6,510	)		14,660
Metals		51,428			(38,245	)
Softs		32,581			24,568
Total	$	(459,267	)**	$	(266,093	)**

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

10

Westport Futures Fund L.P.

Notes to Financial Statements

June 30, 2013

(Unaudited)

4.    Fair Value Measurements:

Partnership’s and the Master’s Investments. All commodity interests held by the Partnership and the Master (including derivative financial instruments and derivative commodity instruments) are held for trading purposes. The commodity interests are recorded on trade date and open contracts are recorded at fair value (as described below) at the measurement date. Investments in commodity interests denominated in foreign currencies are translated into U.S. dollars at the exchange rates prevailing at the measurement date. Gains or losses are realized when contracts are liquidated. Unrealized gains or losses on open contracts are included as a component of equity in trading account on the Statements of Financial Condition. Net realized gains or losses and any change in net unrealized gain or loss from the preceding period are reported in the Statements of Income and Expenses and Changes in Partners’ Capital.

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

GAAP also requires the use of judgment in determining if a formerly active market has become inactive and in determining fair values when the market has become inactive. Management has concluded that based on available information in the marketplace, there has not been a significant decrease in the volume and level of activity in the Partnership’s Level 2 assets and liabilities.

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

On October 1, 2012, the Financial Accounting Standards Board (“FASB”) issued ASU 2012-04 “Technical Corrections and Improvements,” which makes minor technical corrections and clarifications to Accounting Standards Codification (“ASC”) 820, “Fair Value Measurements and Disclosures.” When the FASB issued Statement 157 (codified in ASC 820), it conformed the use of the term “fair value” in certain pre-Codification standards but not others. ASU 2012-04 conforms the term’s use throughout the ASC “to fully reflect the fair value measurement and disclosure requirements” of ASC 820. ASU 2012-04 also amends the requirements that must be met for an investment company to qualify for the exemption from presenting a statement of cash flows. Specifically, it eliminates the requirements that substantially all of an entity’s investments be carried at “market value” and that the investments be highly liquid. Instead, it requires substantially all of the entity’s investments to be carried at “fair value” and classified as Level 1 or Level 2 measurements under ASC 820. The amendments are effective for fiscal periods beginning after December 15, 2012. The adoption of this ASU did not have a material impact on the Partnership’s financial statements.

11

Westport Futures Fund L.P.

Notes to Financial Statements

June 30, 2013

(Unaudited)

The Partnership and the Master consider prices for exchange-traded commodity futures and forward contracts to be based on unadjusted quoted prices in active markets for identical assets and liabilities (Level 1). The values of non-exchange-traded forwards, swaps and option contracts for which market quotations are not readily available are priced by broker-dealers that derive fair values for those assets and liabilities from observable inputs (Level 2). Investments in the Master (or other commodity pools) with no rights or obligations inherent within the ownership interest held by the Partnership are priced based on the end of the day net asset value of the Master (Level 2). The value of the Partnership’s investment in the Master reflects its proportional interest in the Master. As of and for the periods ended June 30, 2013, and December 31, 2012, the Partnership and the Master did not hold any derivative instruments that were priced at fair value using unobservable inputs through the application of management’s assumptions and internal valuation pricing models (Level 3).

During the six months ended June 30, 2013 and for the year ended December 31, 2012, there were no transfers of assets or liabilities between Level 1 and Level 2.

	June 30, 2013		Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets
Investment in Master	$	28,868,923	$	—	$	28,868,923	$	—
Net fair value	$	28,868,923	$	—	$	28,868,923	$	—
			Quoted Prices in
			Active Markets for
			Identical Assets and Liabilities		Significant Other Observable Inputs		Significant Unobservable Inputs
	December 31, 2012		(Level 1)		(Level 2)		(Level 3)
Assets
Forwards	$	2,156	$	2,156	$	—	$	—
Investment in Master		31,089,645		—		31,089,645		—
Total assets	$	31,091,801	$	2,156	$	31,089,645		—
Net fair value	$	31,091,801	$	2,156	$	31,089,645	$	—

12

Westport Futures Fund L.P.

Notes to Financial Statements

June 30, 2013

(Unaudited)

5.    Investment in Master:

On January 2, 2008, 80% of the assets allocated to the Advisor for trading were invested in JWH Master Fund LLC (“JWH Master”), a limited liability company organized under the laws of the State of New York. The Partnership purchased 29,209.3894 units of JWH Master (each, a “Unit of Member Interest”) with cash equal to $39,540,753. JWH Master was formed in order to permit accounts managed by JWH using the Global Analytics Program, a proprietary, systematic trading system, to invest together in one trading vehicle. The General Partner was the managing member of JWH Master. Individual and pooled accounts managed by JWH, including the Partnership, were permitted to be non-managing members of JWH Master. The General Partner and JWH believed that trading through this structure promoted efficiency and economy in the trading process. The Partnership fully redeemed its investment in JWH Master on November 30, 2012 for cash equal to $28,623,928. JWH also traded a portion of the Partnership’s assets directly, pursuant to JWH Diversified Plus Program, a proprietary, systematic trading system. The Partnership ceased allocating assets to be traded directly by JWH pursuant to the JWH Diversified Plus Program effective November 30, 2012.

Effective December 1, 2012, the Partnership allocated substantially all of its capital to Rabar Master, a limited liability partnership organized under the partnership laws of the State of Delaware. The Partnership purchased an interest in Rabar Master with cash equal to $31,143,887. Rabar Master permits accounts managed now and in the future by the Advisor using the Diversified Program, a propriety, systematic trading program, to invest together in one trading vehicle. The General Partner is also the general partner of Rabar Master. Rabar Master’s commodity broker is CGM. Individual and pooled accounts currently managed by the Advisor, including the Partnership, are permitted to be limited partners of Rabar Master. The General Partner and the Advisor believe that trading through this master-feeder structure promotes efficiency and economy in the trading process. Expenses to investors as a result of the investment in Rabar Master are approximately the same and redemption rights are not affected.

The General Partner is not aware of any material changes to the trading program discussed above during the fiscal quarter ended June 30, 2013.

For the period January 1, 2010 to November 30, 2012 all trading was conducted either directly or through JWH Master. For the period December 1, 2012 to June 30, 2013 all trading was conducted through Rabar Master. As such, references in this report to the “Master” refers to JWH Master and/or Rabar Master, as applicable.

Rabar Master’s trading of futures and forward contracts, if applicable, on commodities is done primarily on U.S. commodity exchanges and foreign commodity exchanges. The Master engages in such trading through commodity brokerage accounts maintained by CGM and/or MS&Co.

A limited partner of the Master may withdraw all or part of its capital contributions and undistributed profits, if any, from the Master as of the end of any day (the “Redemption Date”) after a request for redemption has been made to the General Partner at least 3 days in advance of the Redemption Date. Such withdrawals are classified as a liability when the limited partner elects to redeem and informs the Master.

Management and incentive fees are charged at the Partnership level. All exchange, clearing, service, user, give-up, floor brokerage, and National Futures Association fees (collectively, the “clearing fees”) are borne by the Partnership directly and through its investment in the Master. All other fees including CGM’s direct brokerage fees are charged at the Partnership level.

13

Westport Futures Fund L.P.

Notes to Financial Statements

June 30, 2013

(Unaudited)

As of June 30, 2013, the Partnership owned approximately 77.6% of the Master. As of December 31, 2012, the Partnership owned approximately 100% of the Master. The Partnership intends to continue to invest all of its assets in the Master. The performance of the Partnership is directly affected by the performance of the Master.

The Master’s Statements of Financial Condition and Condensed Schedules of Investments as of June 30, 2013 and December 31, 2012 and Statements of Income and Expenses and Changes in Partners’ Capital for the three and six months ended June 30, 2013, are presented below:

Rabar Master Fund L. P.

Statements of Financial Condition

	(Unaudited) June 30,		December 31,
	2013		2012
Assets:
Equity in trading account:
Cash	$	34,767,676	$	26,947,476
Cash margin		2,404,756		3,587,402
Net unrealized appreciation on open futures contracts		30,609		608,427
Net unrealized appreciation on open forward contracts		32,824		—
Total assets	$	37,235,865	$	31,143,305
Liabilities and Partners’ Capital:
Liabilities:
Net unrealized depreciation on open forward contracts	$	—	$	21,795
Accrued expenses:
Professional fees		52,106		25,500
Due to Westport		—		7,665
Total liabilities		52,106		54,960
Partners’ Capital:
General Partner		—		—
Limited Partners		37,183,759		31,088,345
Total liabilities and partners’ capital	$	37,235,865	$	31,143,305

14

Westport Futures Fund L.P.

Notes to Financial Statements

June 30, 2013

(Unaudited)

Rabar Master Fund L.P.

Condensed Schedule of Investments

June 30, 2013

(Unaudited)

	Notional $/ Number of Contracts		Fair Value			% of Partners’ Capital
Futures Contracts Purchased
Currencies		48	$	(15,100	)		(0.04	)%
Energy		37		14,926			0.04
Grains		104		96,568			0.26
Indices		26		212			0.00	*
Livestock		44		22,450			0.06
Softs		4		(1,260	)		(0.00	)*
Total futures contracts purchased				117,796			0.32
Futures Contracts Sold
Currencies		69		(23,835	)		(0.06	)
Energy		3		1,527			0.00	*
Indices		1		(600	)		(0.00	)*
Interest Rates U.S.		146		(52,758	)		(0.14	)
Interest Rates Non-U.S.		485		(61,161	)		(0.16	)
Livestock		13		4,750			0.01
Metals		16		50,335			0.13
Softs		37		(5,445	)		(0.02	)
Total futures contracts sold				(87,187	)		(0.24	)
Unrealized Appreciation on Open Forward Contracts
Currencies	$	4,470,679		92,651			0.25
Metals		105		167,854			0.45
Total unrealized appreciation on open forward contracts				260,505			0.70
Unrealized Depreciation on Open Forward Contracts
Currencies	$	3,189,401		(99,576	)		(0.27	)
Metals		106		(128,105	)		(0.34	)
Total unrealized depreciation on open forward contracts				(227,681	)		(0.61	)
Net fair value			$	63,433			0.17	%

* Due to rounding

15

Westport Futures Fund L.P.

Notes to Financial Statements

June 30, 2013

(Unaudited)

Rabar Master Fund L.P.

Condensed Schedule of Investments

December 31, 2012

	Notional ($)/ Number of Contracts		Fair Value			% of Partners’ Capital
Futures Contracts Purchased
Currencies		185	$	188,465			0.61	%
Energy		65		34,420			0.11
Grains		25		(23,350	)		(0.08	)
Indices		228		11,172			0.04
Interest Rates U.S.		104		15,484			0.05
Interest Rates Non - U.S.		663		70,971			0.23
Livestock		46		(13,488	)		(0.04	)
Metals		49		12,849			0.04
Softs		32		(2,337	)		(0.01	)
Total futures contracts purchased				294,186			0.95
Futures Contracts Sold
Currencies		51		268,984			0.87
Grains		43		32,588			0.10
Interest Rates Non - U.S.		22		(696	)		(0.00	)*
Livestock		5		1,000			0.00	*
Metals		1		1,065			0.00	*
Softs		5		11,300			0.04
Total futures contracts sold				314,241			1.01
Unrealized Appreciation on Open Forward Contracts
Currencies	$	9,080,279		42,366			0.14
Metals		29		19,876			0.06
Total unrealized appreciation on open forward contracts				62,242			0.20
Unrealized Depreciation on Open Forward Contracts
Currencies	$	8,659,321		(45,677	)		(0.15	)
Metals		18		(38,360	)		(0.12	)
Total unrealized depreciation on open forward contracts				(84,037	)		(0.27	)
Net fair value			$	586,632			1.89	%

* Due to rounding

16

Westport Futures Fund L.P.

Notes to Financial Statements

June 30, 2013

(Unaudited)

Rabar Master Fund L. P.

Statement of Income and Expenses and Changes in Partners’ Capital

(Unaudited)

	Three Months Ended			Six Months Ended
	June 30, 2013			June 30, 2013
Investment Income:
Interest income	$	1,821		$	6,604
Total investment income		1,821			6,604
Expenses:
Clearing fees		62,621			119,058
Professional fees		24,678			98,710
Total expenses		87,299			217,768
Net investment income (loss)		(85,478	)		(211,164	)
Trading Results:
Net gains (losses) on trading of commodity interests:
Net realized gains (losses) on closed contracts		(56,673	)		310,383
Change in net unrealized gains (losses) on open contracts		(480,855	)		(523,199	)
Total trading results		(537,528	)		(212,816	)
Net income (loss)		(623,006	)		(423,980	)
Subscriptions		976,909			11,813,481
Redemptions		(2,215,313	)		(5,287,483	)
Distribution of interest income to feeder funds		(1,821	)		(6,604	)
Net increase (decrease) in Partners’ Capital		(1,863,231	)		6,095,414
Partners’ Capital, beginning of period		39,046,990			31,088,345
Partners’ Capital, end of period	$	37,183,759		$	37,183,759

17

Westport Futures Fund L.P.

Notes to Financial Statements

June 30, 2013

(Unaudited)

The following tables summarize the valuation of the Master’s investments as of June 30, 2013 and December 31, 2012, respectively.

June 30, 2013	Gross Amounts Recognized		Gross Amounts Offset in the Statement of Financial Condition			Net Amounts Presented in the Statement of Financial Condition
Assets
Futures	$	183,537	$	(65,741	)	$	117,796
Forwards		16,216		(179,713	)		(163,497	)
Total assets	$	199,753	$	(245,454	)	$	(45,701	)
Liabilities
Futures	$	99,392	$	(186,579	)	$	(87,187	)
Forwards		244,288		(47,967	)		196,321
Total liabilities	$	343,680	$	(234,546	)	$	109,134
Net unrealized appreciation on open futures contracts						$	30,609
Net unrealized appreciation on open forward contracts							32,824
Total net unrealized gain (loss) on total contracts						$	63,433
December 31, 2012	Gross Amounts Recognized		Gross Amounts Offset in the Statement of Financial Condition			Net Amounts Presented in the Statement of Financial Condition
Assets
Futures	$	531,939	$	(237,753	)	$	294,186
Forwards		52,692		(47,171	)		5,521
Total assets	$	584,631	$	(284,924	)	$	299,707
Liabilities
Futures	$	320,283	$	(6,042	)	$	314,241
Forwards		9,549		(36,865	)		(27,316	)
Total liabilities	$	329,832	$	(42,907	)	$	286,925
Net unrealized appreciation on open futures contracts						$	608,427
Net unrealized depreciation on open forward contracts							(21,795	)
Total net unrealized gain (loss) on total contracts						$	586,632

18

Westport Futures Fund L.P.

Notes to Financial Statements

June 30, 2013

(Unaudited)

The Master considers prices for exchange-traded commodity futures and forward contracts to be based on unadjusted quoted prices in active markets for identical assets and liabilities (Level 1). The values of non-exchange-traded forward contracts for which market quotations are not readily available are priced by broker-dealers that derive fair values for those assets and liabilities from observable inputs (Level 2). As of and for the periods ended June 30, 2013, and December 31, 2012, the Master did not hold any derivative instruments that were priced at fair value using unobservable inputs through the application of management’s assumptions and internal valuation pricing models (Level 3).

For the six months ended June 30, 2013 and for the year ended December 31, 2012, there were no transfers of assets or liabilities between Level 1 and Level 2.

	June 30, 2013		Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Assets
Futures	$	282,930	$	282,930	$	—		$	—
Forwards		260,505		167,854		92,651			—
Total assets	$	543,435	$	450,784	$	92,651		$	—
Liabilities
Futures	$	252,321	$	252,321	$	—		$	—
Forwards		227,681		128,105		99,576			—
Total liabilities		480,002		380,426		99,576			—
Net fair value	$	63,433	$	70,358	$	(6,925	)	$	—
	December 31, 2012		Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Assets
Futures	$	852,223	$	852,223	$	—		$	—
Forwards		62,242		19,876		42,366			—
Total assets	$	914,465	$	872,099	$	42,366		$	—
Liabilities
Futures	$	243,796	$	243,796	$	—		$	—
Forwards		84,037		38,360		45,677			—
Total liabilities		327,833		282,156		45,677			—
Net fair value	$	586,632	$	589,943	$	(3,311	)	$	—

Financial Highlights of the Master:

Ratios to average net assets for the three and six months ended June 30, 2013, were as follows:

	Three Months Ended			Six Months Ended
	June 30,			June 30,
	2013			2013
Ratios to average net assets:*
Net investment income (loss)**		(0.9	)%		(1.1	)%
Operating expenses		0.9	%		1.2	%
Total return		(1.7	)%		(0.4	)%

* Annualized.

** Interest income less total expenses.

The above ratios may vary for individual investors based on the timing of capital transactions during the period.

Additionally, these ratios are calculated for the limited partner class using the limited partners’ share of income, expenses and average net assets.

19

Westport Futures Fund L.P.

Notes to Financial Statements

June 30, 2013

(Unaudited)

The following tables indicate the Master’s gross fair values of derivative instruments of futures and forward contracts as separate assets and liabilities as of June 30, 2013, and December 31, 2012.

	June 30, 2013
Assets
Futures Contracts
Currencies	$	39,297
Energy		36,737
Grains		109,576
Indices		4,065
Interest rates U.S.		62
Interest rates non-U.S.		14,108
Livestock		28,100
Metals		50,335
Softs		650
Total unrealized appreciation on open futures contracts	$	282,930
Liabilities
Futures Contracts
Currencies	$	(78,232	)
Energy		(20,284	)
Grains		(13,008	)
Indices		(4,453	)
Interest rates U.S.		(52,820	)
Interest rates non-U.S.		(75,269	)
Livestock		(900	)
Softs		(7,355	)
Total unrealized depreciation on open futures contracts	$	(252,321	)
Net unrealized appreciation on open futures contracts	$	30,609	*
	June 30, 2013
Assets
Forward Contracts
Currencies	$	92,651
Metals		167,854
Total unrealized appreciation on open forward contracts	$	260,505
Liabilities
Forward Contracts
Currencies	$	(99,576	)
Metals		(128,105	)
Total unrealized depreciation on open forward contracts	$	(227,681	)
Net unrealized appreciation on open forward contracts	$	32,824	**

* This amount is in “Net unrealized appreciation on open futures contracts” on the Master’s Statements of Financial Condition.

** This amount is in “Net unrealized appreciation on open forward contracts” on the Master’s Statements of Financial Condition.

20

Westport Futures Fund L.P.

Notes to Financial Statements

June 30, 2013

(Unaudited)

	December 31, 2012
Assets
Futures Contracts
Currencies	$	531,967
Energy		50,339
Grains		36,788
Indices		82,744
Interest Rates Non-U.S.		100,828
Interest Rates U.S.		17,070
Livestock		1,000
Metals		20,187
Softs		11,300
Total unrealized appreciation on open futures contracts	$	852,223
Liabilities
Futures Contracts
Currencies	$	(74,519	)
Energy		(15,918	)
Grains		(27,550	)
Indices		(71,572	)
Interest Rates Non-U.S.		(30,553	)
Interest Rates U.S.		(1,586	)
Livestock		(13,488	)
Metals		(6,273	)
Softs		(2,337	)
Total unrealized depreciation on open futures contracts	$	(243,796	)
Net unrealized appreciation on open futures contracts	$	608,427	*
	December 31, 2012
Assets
Forward Contracts
Currencies	$	42,366
Metals		19,876
Total unrealized appreciation on open forward contracts	$	62,242
Liabilities
Forward Contracts
Currencies	$	(45,677	)
Metals		(38,360	)
Total unrealized depreciation on open forward contracts	$	(84,037	)
Net unrealized depreciation on open forward contracts	$	(21,795	)**

* This amount is in “Net unrealized appreciation on open futures contracts” on the Master’s Statement of Financial Condition.

** This amount is in “Net unrealized depreciation on open forward contracts” on the Master’s Statement of Financial Condition.

21

Westport Futures Fund L.P.

Notes to Financial Statements

June 30, 2013

(Unaudited)

The following table indicates the Master’s total trading gains and losses, by market sector, on derivative instruments for the three and six months ended June 30, 2013.

	Three Months Ended			Six Months Ended
Sector	June 30, 2013			June 30, 2013
Currencies	$	(282,484	)	$	(192,421	)
Energy		(544,381	)		(757,321	)
Grains		467,276			110,004
Indices		(383,804	)		266,342
Interest Rates U.S.		(3,861	)		(96,659	)
Interest Rates non-U.S.		(540,003	)		(421,345	)
Livestock		242,135			407,461
Metals		840,636			549,926
Softs		(333,042	)		(78,803	)
Total	$	(537,528	)***	$	(212,816	)***

*** This amount is in “Total trading results” on the Master’s Statement of Income and Expenses and Changes in Partner’s Capital.

6.    Financial Instrument Risks:

In the normal course of business, the Partnership and the Master are parties to financial instruments with off-balance-sheet risk, including derivative financial instruments and derivative commodity instruments. These financial instruments may include forwards, futures, options and swaps, whose values are based upon an underlying asset, index, or reference rate, and generally represent future commitments to exchange currencies or cash balances, to purchase or sell other financial instruments on specific terms on specified future dates, or, in the case of derivative commodity instruments, to have a reasonable possibility to be settled in cash, through physical delivery or with another financial instrument. These instruments may be traded on an exchange or over-the-counter (“OTC”). Exchange-traded instruments are standardized and include futures and certain forward and option contracts. OTC contracts are negotiated between contracting parties and include certain forward, swaps and option contracts. Each of these instruments is subject to various risks similar to those relating to the underlying financial instruments, including market and credit risk. In general, the risks associated with OTC contracts are greater than those associated with exchange-traded instruments because of the greater risk of default by the counterparty to an OTC contract. The General Partner estimates at any given time approximately 0.0% to 16.0% of the Partnership’s/Master’s contracts are traded OTC.

The risk to the limited partners that have purchased Redeemable Units is limited to their share of the Partnership’s net assets and undistributed profits. This limited liability is a result of the organization of the Partnership as a limited partnership under New York law.

Market risk is the potential for changes in the value of the financial instruments traded by the Partnership and the Master due to market changes, including interest and foreign exchange rate movements and fluctuations in commodity or security prices. Market risk is directly impacted by the volatility and liquidity in the markets in which the related underlying assets are traded. The Partnership and the Master is exposed to market risk equal to the value of futures and forward contracts purchased and unlimited liability on such contracts sold short.

22

Westport Futures Fund L.P.

Notes to Financial Statements

June 30, 2013

(Unaudited)

Credit risk is the possibility that a loss may occur due to the failure of a counterparty to perform according to the terms of a contract. The Partnership’s and the Master’s risk of loss in the event of a counterparty default is typically limited to the amounts recognized in the Statements of Financial Condition and is not represented by the contract or notional amounts of the instruments. The Partnership’s and the Master’s risk of loss is reduced through the use of legally enforceable master netting agreements with counterparties that permit the Partnership and the Master to offset unrealized gains and losses and other assets and liabilities with such counterparties upon the occurrence of certain events. The Partnership and the Master have credit risk and concentration risk, as CGM and/or MS&Co. or their affiliates are the counterparties or brokers with respect to the Partnership and the Master assets. Credit risk with respect to exchange-traded instruments is reduced to the extent that, through CGM and/or MS&Co, the Partnership’s and the Master’s counterparty is an exchange or clearing organization.

    The General Partner monitors and attempts to control the Partnership’s and the Master’s risk exposure on a daily basis through financial, credit and risk management monitoring systems, and accordingly, believes that it has effective procedures for evaluating and limiting the credit and market risks to which the Partnership and the Master may be subject. These monitoring systems generally allow the General Partner to statistically analyze actual trading results with risk-adjusted performance indicators and correlation statistics. In addition, online monitoring systems provide account analysis of futures, forwards and option contracts by sector, margin requirements, gain and loss transactions and collateral positions.

The majority of these financial instruments mature within one year of the inception date. However, due to the nature of the Partnership’s and the Master’s business, these instruments may not be held to maturity.

23

Westport Futures Fund L.P.

Notes to Financial Statements

June 30, 2013

(Unaudited)

7.    Critical Accounting Policies:

Use of Estimates. The preparation of financial statements and accompanying notes in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, income and expenses, and related disclosures of contingent assets and liabilities in the financial statements and accompanying notes. As a result, actual results could differ from these estimates.

Partnership’s and the Master’s Investments. All commodity interests held by the Partnership and the Master including derivative financial instruments and derivative commodity instruments are held for trading purposes. The commodity interests are recorded on the trade date and open contracts are recorded at fair value (as described below) at the measurement date. Investments in commodity interests denominated in foreign currencies are translated into U.S. dollars at the exchange rates prevailing at the measurement date. Gains or losses are realized when contracts are liquidated. Unrealized gains or losses on open contracts are included as a component of equity in commodity futures trading account on the Statements of Financial Condition. Net realized gains or losses and any change in net unrealized gains or losses from the preceding period are reported in the Statements of Income and Expenses and Changes in Partners’ Capital.

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

GAAP also requires the use of judgment in determining if a formerly active market has become inactive and in determining fair values when the market has become inactive. Management has concluded that based on available information in the marketplace, there has not been a significant decrease in the volume and level of activity in the Partnership’s Level 2 assets and liabilities.

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

The Partnership and the Master consider prices for exchange-traded commodity futures, forward and option contracts to be based on unadjusted quoted prices in active markets for identical assets and liabilities (Level 1). The values of non-exchange-traded forward and option contracts for which market quotations are not readily available are priced by broker-dealers that derive fair values for those assets and liabilities from observable inputs (Level 2). Investments in the Master or (other commodity pools) where there are no other rights or obligations inherent within the ownership interest held by the Partnership are priced based on the end of the day net asset value (Level 2). The value of the Partnership’s investment in the Master reflects its proportional interest in the Master. As of and for the periods ended June 30, 2013 and December 31, 2012, the Partnership and the Master did not hold any derivative instruments that were priced at fair value using unobservable inputs through the application of management’s assumptions and internal valuation pricing models (Level 3). During the six months ended June 30, 2013 and for the year ended December 31, 2012, there were no transfers of assets or liabilities between Level 1 and Level 2.

24

Westport Futures Fund L.P.

Notes to Financial Statements

June 30, 2013

(Unaudited)

Futures Contracts. The Partnership and the Master trade futures contracts. A futures contract is a firm commitment to buy or sell a specified quantity of investments, currency or a standardized amount of a deliverable grade commodity, at a specified price on a specified future date, unless the contract is closed before the delivery date or if the delivery quantity is something where physical delivery cannot occur (such as the S&P 500 Index), whereby such contract is settled in cash. Payments (“variation margin”) may be made or received by the Partnership and the Master each business day, depending on the daily fluctuations in the value of the underlying contracts, and are recorded as unrealized gains or losses by the Partnership and the Master. When the contract is closed, the Partnership and the Master record a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Transactions in futures contracts require participants to make both initial margin deposits of cash or other assets and variation margin deposits, through the futures broker, directly with the exchange on which the contracts are traded. Net realized gains (losses) and changes in net unrealized gains (losses) on futures contracts are included in the Statements of Income and Expenses and Changes in Partners’ Capital.

Forward Foreign Currency Contracts. Forward foreign currency contracts are those contracts where the Master agrees to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed future date. Forward foreign currency contracts are valued daily, and the Master’s net equity therein, representing unrealized gain or loss on the contracts as measured by the difference between the forward foreign exchange rates at the dates of entry into the contracts and the forward rates at the reporting date, is included in the Statements of Financial Condition. Net realized gains (losses) and changes in net unrealized gains (losses) on foreign currency contracts are recognized in the period in which the contract is closed or the changes occur, respectively, and are included in the Statements of Income and Expenses and Changes in Partners’ Capital.

The Partnership and the Master do not isolate the portion of the results of operations arising from the effect of changes in foreign exchange rates on investments due to fluctuations from changes in market prices of investments held. Such fluctuations are included in net income (loss) on investments in the Statements of Income and Expenses and Changes in Partners’ Capital.

London Metals Exchange Forward Contracts. Metal contracts traded on the London Metals Exchange (“LME”) represent a firm commitment to buy or sell a specified quantity of aluminum, copper, lead, nickel, tin or zinc. LME contracts traded by the Partnership and the Master are cash settled based on prompt dates published by the LME. Payments (“variation margin”) may be made or received by the Partnership and the Master each business day, depending on the daily fluctuations in the value of the underlying contracts, and are recorded as unrealized gains or losses by the Partnership and the Master. A contract is considered offset when all long positions have been matched with a like number of short positions settling on the same prompt date. When the contract is closed at the prompt date, the Partnership and the Master record a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Transactions in LME contracts require participants to make both initial margin deposits of cash or other assets and variation margin deposits, through the broker, directly with the LME. Net realized gains (losses) and changes in net unrealized gains (losses) on metal contracts are included in the Statements of Income and Expenses and Changes in Partners’ Capital.

25

Westport Futures Fund L.P.

Notes to Financial Statements

June 30, 2013

(Unaudited)

Income Taxes. Income taxes have not been provided as each partner is individually liable for the taxes, if any, on its share of the Partnership’s income and expenses.

GAAP provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements and requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Partnership’s financial statements to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions with respect to tax at the Partnership level not deemed to meet the “more-likely-than-not” threshold would be recorded as a tax benefit or expense in the current year. The General Partner concluded that no provision for income tax is required in the Partnership’s financial statements.

The Partnership files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The 2009 through 2012 tax years remain subject to examination by U.S. federal and most state tax authorities. The General Partner does not believe that there are any uncertain tax positions that require recognition of a tax liability.

Subsequent Events. The General Partner evaluates events that occur after the balance sheet date but before financial statements are issued. The General Partner has assessed the subsequent events through the date of issuance and determined that there were no subsequent events requiring adjustment of or disclosure in the financial statements.

Recent Accounting Pronouncements. In June 2013, the FASB issued ASU 2013-08, “Financial Services — Investments Companies (Topic 946): Amendments to the Scope, Measurement and Disclosure Requirements”. ASU 2013-08 changes the approach to the investment company assessment, requires non-controlling ownership interests in other investment companies to be measured at fair value, and requires additional disclosures about the investment company’s status as an investment company. The amendments are effective for interim and annual reporting periods beginning after December 15, 2013. The Partnership is currently evaluating the impact this pronouncement would have on the financial statements.

Net Income (Loss) per unit. Net income (loss) per unit is calculated in accordance with investment company guidance. See Note 2, “Financial Highlights.”

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

Liquidity and Capital Resources

The Partnership does not engage in sales of goods or services. Its assets are (i) investment in the Master, and (ii) equity in trading account, consisting of cash. The Master does not engage in sales of goods or services. The Master’s only assets are its equity in its trading account, consisting of cash and cash margin, net unrealized appreciation on open futures contracts and net unrealized appreciation on open forward contracts. Because of the low margin deposits normally required in commodity futures trading, relatively small price movements may result in substantial losses to the Partnership. While substantial losses could lead to a material decrease in liquidity, no such illiquidity occurred in the second quarter of 2013.

The Partnership’s capital consists of the capital contributions of its partners, as increased or decreased by realized and/or unrealized gains or losses on trading and by expenses, interest income, subscriptions and redemptions of Redeemable Units and distributions of profits, if any.

For the six months ended June 30, 2013, Partnership capital decreased 6.6% from $30,317,094 to $28,309,231. This decrease was attributable to a net loss from operations of $1,538,858, coupled with the redemptions of 1,845.2660 Redeemable Units totaling $1,986,941 and 93.0000 General Partner unit equivalents totaling $100,128, which was partially offset by the subscriptions of 1,494.5180 Redeemable Units totaling $1,618,064. Future redemptions can impact the amount of funds available for investment in commodity contract positions in subsequent periods.

The Master’s capital consists of the capital contributions of its partners increased or decreased by realized and/or unrealized gains or losses on trading and by expenses, interest income, subscriptions and redemptions and distributions of profits if any.

For the six months ended June 30, 2013, the Master’s capital increased 19.6% from $31,088,345 to $37,183,759. This increase was attributable to the subscriptions of $11,813,481, which was partially offset by the net loss from operations of $423,980, coupled with the redemptions of $5,287,483 and distribution of interest income to feeder funds totaling $6,604. Future redemptions can impact the amount of funds available for investment in commodity contract positions in subsequent periods.

Critical Accounting Policies

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. Management believes that the estimates utilized in preparing the financial statements are reasonable. Actual results could differ from those estimates. The Partnership’s significant accounting policies are described in detail in Note 7 of the Financial Statements.

The Partnership and the Master record all investments at fair value in their financial statements, with changes in fair value reported as a component of net realized gains (losses) and change in net unrealized gains (losses) in the Statements of Income and Expenses and Changes in Partners’ Capital as applicable.

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Results of Operations

During the Partnership’s second quarter of 2013, the net asset value per unit decreased 3.7% from $1,069.53 to $1,029.91 as compared to an increase of 1.1% in the second quarter of 2012. The Partnership experienced a net trading loss before brokerage fees and related fees in the second quarter of 2013 of $426,617. Losses were primarily attributable to the Partnership’s and the Master’s trading of commodity futures in currencies, energy, indices, non-U.S. interest rates and softs and were partially offset by gains in grains, livestock and metals. The Partnership experienced a net trading gain before brokerage fees and related fees in the second quarter of 2012 of $1,419,421. Gains were primarily attributable to the Partnership’s and JWH Master’s trading of commodity futures in U.S. and non-U.S. interest rates, metals and softs and were partially offset by losses in currencies, grains, energy, livestock and indices.

The most significant losses were incurred within the global interest rate sector, primarily during May, from long positions in European fixed income futures as prices reversed lower following a positive U.S. employment report and a rise in German sentiment. Within the energy sector, losses were incurred primarily during May from long positions in natural gas futures as prices declined towards the end of the month on forecasts of mild weather and bigger-than-expected inventories in the U.S. Within the global stock index sector, losses were incurred primarily during June from long positions in Pacific Rim and European equity index futures as prices declined on concern central banks may scale back economic stimulus measures. Within the currency sector, losses were incurred primarily during May from long positions in the New Zealand dollar as the values of the New Zealand dollar declined relative to the U.S. dollar after the Reserve Bank of New Zealand took steps to curb the currency’s strength. Additional losses were recorded from positions in the British pound. The Partnership’s losses for the quarter were offset by gains achieved within the metals sector primarily during April and June from short positions in gold futures as prices declined after U.S. economic data topped estimates, eroding the appeal of gold as a store of value. Within the agricultural complex, gains were experienced during May from long positions in soybean futures as prices advanced amid planting delays in the U.S. and sustained demand from China.

During the Partnership’s six months ended June 30, 2013, the net asset value per unit decreased 5.1% from $1,085.44 to $1,029.91 as compared to a decrease of 14.4% during the six months ended June 30, 2012. The Partnership experienced a net trading loss before brokerage fees and related fees for the six months ended June 30, 2013 of $187,570. Losses were primarily attributable to the Partnership’s and the Master’s trading of commodity futures in currencies, energy, U.S. and non-U.S. interest rates and softs and were partially offset by gains in grains, livestock, indices and metals. The Partnership experienced a net trading loss before brokerage fees and related fees for the six months ended June 30, 2012 of $6,302,307. Losses were primarily attributable to the Partnership’s and JWH Master’s trading of commodity futures in currencies, grains indices, U.S. interest rates, metals and softs and were partially offset by gains in energy, non-U.S. interest rates and livestock.

The most significant losses were incurred within the energy sector primarily during February and May. During February, losses were incurred from long positions in crude oil and its related products as prices declined on concerns renewed European debt woes would erode fuel demand. Reports of higher than expected crude oil stockpiles in the U.S. also negatively impacted prices for February. During May, losses were incurred from long positions in natural gas futures as prices declined towards the end of the month on forecasts of mild weather and bigger-than-expected inventories in the U.S. Within the global interest rate sector, losses were incurred primarily during May from long positions in U.S. and European fixed income futures as prices reversed lower following a positive U.S. employment report and a rise in German sentiment. The Partnership’s losses for the first six months of the year were offset by trading gains achieved within the metals sector, primarily during April, from short positions in gold and silver futures as precious metals prices fell sharply at mid-month on fears Cyprus and other crisis-hit countries may be forced to sell their gold reserves. Within the agricultural complex, gains were experienced during May from long positions in soybean futures as prices advanced amid planting delays in the U.S. and sustained demand from China. Within the currency sector, gains were experienced from short positions in the Japanese yen versus the U.S. dollar in January and April as the value of the yen declined on speculation the Bank of Japan would ease monetary policy further. Additional gains in the currency sector were achieved in May from short positions in the Australian dollar versus the U.S. dollar as the value of the Australian dollar declined after the Reserve Bank of Australia cut interest rates. Within the global stock index sector, gains were achieved in January, April, and May from long positions in U.S. and Pacific Rim equity index futures as prices rose amid optimism central banks will maintain loose monetary policies to boost economic growth.

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Commodity markets are highly volatile. Broad price fluctuations and rapid inflation increase the risks involved in commodity trading, but also increase the possibility of profit. The profitability of the Partnership and the Master depend on the existence of major price trends and the ability of the Advisor to correctly identify those price trends. Price trends are influenced by, among other things, changing supply and demand relationships, weather, governmental, agricultural, commercial and trade programs and policies, national and international political and economic events, and changes in interest rates. To the extent that market trends exist and the Advisor is able to identify them, the Partnership/Master expects to increase capital through operations.

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Interest income on 80% of the average daily equity maintained in cash in the Partnership’s (or the Partnership’s allocable portion of the Master’s) account was earned at a 30-day U.S. Treasury bill rate determined weekly by CGM and/or MS&Co., as applicable based on the average non-competitive yield on 3-month U.S. Treasury bills maturing in 30 days. Interest income for the three and six months ended June 30, 2013 decreased by $3,637 and $4,038, respectively, as compared to the corresponding periods in 2012. The decrease in interest income is primarily due to lower average net assets and lower U.S. Treasury bill rates during the three and six months ended June 30, 2013, as compared to the corresponding periods in 2012. Interest earned by the Partnership will increase the net asset value of the Partnership. The amount of interest income earned by the Partnership depends on the average daily equity in the Masters’ accounts and upon interest rates over which neither the Partnership, the Master nor CGM or MS&Co. has control.

Brokerage fees are calculated as a percentage of the Partnership’s adjusted net asset value as of the end of each month and are affected by trading performance, subscriptions and redemptions. Accordingly, they must be analyzed in relation to the fluctuations in the monthly net asset values. Brokerage fees and clearing fees for the three and six months ended June 30, 2013 decreased by $208,379 and $445,318, respectively, as compared to the corresponding periods in 2012. The decrease in brokerage fees and clearing fees is due to lower average net assets during the three and six months ended June 30, 2013, as compared to the corresponding periods in 2012.

Management fees are calculated as a percentage of the Partnership’s adjusted net asset value as of the end of each month and are affected by trading performance, subscriptions and redemptions. Accordingly, they must be analyzed in relation to the fluctuations in the monthly net asset values. Management fees for the three and six months ended June 30, 2013 decreased by $85,884 and $181,039, respectively, as compared to the corresponding periods in 2012. The decrease in management fees is due to lower average net assets during the three and six months ended June 30, 2013, as compared to the corresponding periods in 2012.

Incentive fees are based on the new trading profits generated by the Advisor at the end of the quarter as defined in the Management Agreement. There were no incentive fees earned for the three and six months ended June 30, 2013 and 2012. The Advisor will not be paid an incentive fee until the Advisor recovers the net loss incurred and earns additional new trading profits for the Partnership.

In allocating the assets of the Partnership to the Master, the General Partner considers the Advisor’s past performance, trading style, volatility of markets traded and fee requirements. The General Partner may modify or terminate the allocation of assets to the Advisor at any time.

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Item  3.    Quantitative and Qualitative Disclosures about Market Risk

The Partnership and the Master are speculative commodity pools. The market sensitive instruments held by them are acquired for speculative trading purposes, and all or substantially all of the Partnership’s and the Master’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 and the Master’s main line of business.

The limited partners will not be liable for losses exceeding the current net asset value of their investment.

Market movements result in frequent changes in the fair value of the Partnership’s and the Master’s open contracts and, consequently, in their earnings and cash balances. The Partnership’s and the Master’s market risk is influenced by a wide variety of factors, including the level and volatility of interest rates, exchange rates, equity price levels, the market value of financial instruments and contracts, the diversification effects among the Partnership’s and the Master’s open contracts and the liquidity of the markets in which they trade.

The Partnership and the Master rapidly acquire and liquidate both long and short contracts 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 and the Master’s past performance is not necessarily indicative of their future results.

“Value at Risk” is a measure of the maximum amount which the Partnership and/or the Master could reasonably be expected to lose in a given market sector. However, the inherent uncertainty of the Partnership’s and/or the Master’s speculative trading and the recurrence in the markets traded by the Partnership and/or the Master of market movements far exceeding expectations could result in actual trading or non-trading losses far beyond the indicated Value at Risk or the Partnership’s and/or the Master’s experience to date (i.e., “risk of ruin”). In light of the foregoing, as well as the risks and uncertainties intrinsic to all future projections, the inclusion of the quantification in this section should not be considered to constitute any assurance or representation that the Partnership’s and/or the Master’s losses in any market sector will be limited to Value at Risk or by the Partnership’s and/or the Master’s attempts to manage their market risk.

Exchange maintenance margin requirements have been used by the Partnership and the Master as the measure of their Value at Risk. Maintenance margin requirements are set by exchanges to equal or exceed the maximum losses reasonably expected to be incurred in the fair value of any given contract in 95%-99% of any one-day interval. The margin levels are established by dealers and exchanges using historical price studies as well as an assessment of current market volatility (including the implied volatility of the options on a given futures contract) and economic fundamentals to provide a probabilistic estimate of the maximum expected near- term one-day price fluctuation. The margin has been used rather than the more generally available initial margin, because initial margin includes a credit risk component, which is not relevant to Value at Risk.

Value at Risk tables represent a probabilistic assessment of the risk of loss in market sensitive instruments. The first two tables indicate the trading Value at Risk associated with the Master’s open positions by market category as of June 30, 2013 and December 31, 2012. There has been no material change in the trading Value at Risk information previously disclosed in the Partnership’s Annual Report on Form 10-K for the year ended December 31, 2012.

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As of June 30, 2013, the Master’s total capitalization was $37,183,759. The Partnership owned approximately 77.6% of Master. The Master’s Value at Risk as of June 30, 2013 was as follows:

June 30, 2013

						Three months ended June 30, 2013
			% of Total			High		Low		Average
Market Sector	Value at Risk		Capitalization			Value at Risk		Value at Risk		Value at Risk*
Commodities	$	1,114,163		3.00	%	$	1,655,133	$	825,037	$	1,236,738
Currencies		647,411		1.74	%		1,287,681		447,712		901,629
Interest Rates		579,347		1.56	%		1,187,943		159,482		665,886
Equities		63,836		0.17	%		1,740,502		12,401		873,700
Total	$	2,404,757		6.47	%

* Average of month-end Values at Risk.

As of December 31, 2012, the Master’s total capitalization was $31,088,345. The Partnership owned approximately 100% of Master. The Master’s Value at Risk as of December 31, 2012 was as follows:

December 31, 2012

						Period ended December 31, 2012
Market Sector	Value at Risk		% of Total Capitalization			High Value at Risk		Low Value at Risk		Average Value at Risk*
Currencies	$	1,123,351		3.61	%	$	1,849,938	$	972,464	$	1,123,351
Energy		302,850		0.98	%		330,100		81,000		302,850
Grains		83,437		0.27	%		368,150		83,437		83,437
Indices		693,437		2.23	%		1,092,905		649,997		693,437
Interest Rates U.S.		62,200		0.20	%		202,250		8,100		62,200
Interest Rates Non-U.S.		523,009		1.68	%		714,625		378,765		523,009
Livestock		48,865		0.16	%		71,010		45,750		48,865
Metals		326,016		1.05	%		328,391		182,840		326,016
Softs		25,200		0.08	%		87,600		25,200		25,200
Total	$	3,188,365		10.26	%

* For the period December 1, 2012 (commencement of trading operations) to December 31, 2012 average month-end Value at Risk.

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Item 4.   Controls and Procedures

The Partnership’s disclosure controls and procedures are designed to ensure that information required to be disclosed by the Partnership on the reports that it files or submits under the Securities Exchange Act of 1934 (the “Exchange Act”), is recorded, processed, summarized and reported within the time periods expected in the SEC’s rules and forms. Disclosure controls and procedures include controls and procedures designed to ensure that information required to be disclosed by the Partnership in the reports it files is accumulated and communicated to management, including the President and Chief Financial Officer (the “CFO”) of the General Partner, to allow for timely decisions regarding required disclosure and appropriate SEC filings.

The General Partner is responsible for ensuring that there is an adequate and effective process for establishing, maintaining and evaluating disclosure controls and procedures for the Partnership’s external disclosures.

The General Partner’s President and CFO have evaluated the effectiveness of the Partnership’s disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of June 30, 2013, and, based on that evaluation, the General Partner’s President and CFO have concluded that, at that date, the Partnership’s disclosure controls and procedures were effective.

The Partnership’s internal control over financial reporting is a process under the supervision of the General Partner’s President and CFO to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements in accordance with GAAP. These controls include 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 (i) transactions are recorded as necessary to permit preparation of financial statements in accordance with GAAP and (ii) the Partnership’s receipts are handled and expenditures are made only pursuant to authorizations of the General Partner; and

• provide reasonable assurance regarding prevention or timely detection and correction of unauthorized acquisition, use or disposition of the Partnership’s assets that could have a material effect on the financial statements.

There were no changes in the Partnership’s internal control over financial reporting process during the fiscal quarter ended June 30, 2013, that materially affected, or are reasonably likely to materially affect, the Partnership’s internal control over financial reporting.

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PART II. OTHER INFORMATION

Item 1.   Legal Proceedings

There are no material legal proceedings pending against the Partnership nor the General Partner.

The following information supplements and amends the discussion set forth under Part I, Item 3 “Legal Proceedings” in the Partnership’s Annual Report on Form 10-K for the fiscal year ended December 31, 2012, as updated by the Partnership’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2013.

Citigroup Global Markets Inc.

Subprime Mortgage–Related Litigation and Other Matters

Securities Actions:

On May 31, 2013, the United States District Court for the Southern District of New York entered an order dismissing with prejudice the consolidated action INTERNATIONAL FUND MANAGEMENT S.A., ET AL. v. CITIGROUP INC., ET AL. and the individual action SWISSCANTO ASSET MANAGEMENT AG, ET AL. v. CITIGROUP INC., ET AL. pursuant to settlement agreements reached by the parties.

RMBS Litigation and Other Matters

Beginning in July 2010, Citigroup and Related Parties have been named as defendants in complaints filed by purchasers of mortgage-backed securities (“MBS”) and collateralized debt obligations (“CDOs”) sold or underwritten by Citigroup and certain of its subsidiaries. The MBS-related complaints generally assert that the defendants made material misrepresentations and omissions about the credit quality of the mortgage loans underlying the securities, such as the underwriting standards to which the loans conformed, the loan-to-value ratio of the loans, and the extent to which the mortgaged properties were owner-occupied, and typically assert claims under Section 11 of the Securities Act of 1933, state blue sky laws, and/or common-law misrepresentation-based causes of action. The CDO-related complaints further allege that the defendants adversely selected or permitted the adverse selection of CDO collateral without full disclosure to investors. The plaintiffs in these actions generally seek rescission of their investments, recovery of their investment losses, or other damages. Other purchasers of MBS and CDOs sold or underwritten by Citigroup have threatened to file additional suits, for some of which Citigroup has agreed to toll (extend) the statute of limitations.

The filed actions generally are in the early stages of proceedings, and certain of the actions or threatened actions have been resolved through settlement or otherwise. The aggregate original purchase amount of the purchases at issue in the pending RMBS and CDO investor suits, including claims that have been dismissed but are still subject to appeal or otherwise not fully resolved, is approximately $8 billion, and the aggregate original purchase amount of the purchases covered by tolling agreements with RMBS and CDO investors threatening litigation is approximately $6 billion.

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On May 29, 2013, the United States District Court for the Southern District of New York so-ordered the parties’ stipulation of voluntary dismissal with prejudice in FEDERAL HOUSING FINANCE AGENCY v. CITIGROUP INC., ET AL. On June 24, 2013, the court entered orders of voluntary dismissal with prejudice and bar orders in FEDERAL HOUSING FINANCE AGENCY v. JPMORGAN CHASE & CO., ET AL. and FEDERAL HOUSING FINANCE AGENCY v. ALLY FINANCIAL INC., ET AL., dismissing with prejudice all claims against Citigroup in those actions.

On April 30, 2013, the United States District Court for the Southern District of New York issued an order reinstating certain RMBS claims on behalf of a putative class of purchasers of mortgage-backed securities issued by Residential Accredit Loans, Inc. in NEW JERSEY CARPENTERS HEALTH FUND v. RESIDENTIAL CAPITAL LLC, ET AL. Citigroup Global Markets Inc. is named as an underwriter defendant, along with several other underwriter defendants, in plaintiffs’ consolidated third amended complaint, served on May 10, 2013.

Terra Firma Litigation

On September 15, 2010, the district court issued an order granting in part and denying in part Citigroup’s motion for summary judgment. Plaintiffs’ claims for negligent misrepresentation and tortious interference were dismissed. On October 18, 2010, a jury trial commenced on Plaintiffs’ remaining claims for fraudulent misrepresentation and fraudulent concealment. The court dismissed the fraudulent concealment claim before sending the case to the jury. On November 4, 2010, the jury returned a verdict on the fraudulent misrepresentation claim in favor of Citi. Judgment dismissing the complaint was entered on December 9, 2010. Plaintiffs have appealed the judgment as to the negligent misrepresentation claim, the fraudulent concealment claim and the fraudulent misrepresentation claim to the United States Court of Appeals for the Second Circuit. Argument was held on October 4, 2012. On May 31, 2013, the United States Court of Appeals for the Second Circuit vacated the November 2010 jury verdict in favor of Citigroup and ordered that the case be retried. The action was remanded to the United States District Court for the Southern District of New York, and retrial is scheduled to begin on October 7, 2013.

Other Matters

On May 6, 2013, Citibank, N.A. filed a complaint in the United States District Court for the Southern District of New York against Barclays Bank, PLC, seeking payment under a contractual indemnity for losses suffered as a result of foreign exchange trading by Lehman Brothers Inc. in September 2008.

Credit Default Swaps Information Market Matters

In April 2011, the European Commission (DG Competition) (the “EC”) opened an investigation (Case No COMP/39.745) concerning the market for pricing information concerning credit default swaps (“CDS”). On July 2, 2013, the EC served on Citigroup and Related Parties, as well as a dozen other CDS dealers, a Statement of Objections alleging that Citigroup and the other dealers colluded to prevent exchanges from entering the credit derivatives business. The Statement of Objections sets forth the EC case team’s preliminary conclusions prior to hearing the dealers’ defenses.

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In July 2009 and September 2011, the Antitrust Division of the U.S. Department of Justice served Civil Investigative Demands (“CIDs”) on Citigroup concerning its role in Markit, a financial information services firm that collects and disseminates valuation and other data relating to credit default swaps. Citigroup has responded to the CIDs and is cooperating with the investigation.

Interbank Offered Rates-Related litigation and Other Matters

On June 14, 2013, the Monetary Authority of Singapore (“MAS”) announced the results of its review of the submissions processes from 2007 to 2011 of twenty banks, including Citibank, N.A. Singapore Branch, for benchmarks set in Singapore, including the Singapore Interbank Offered Rates (“SIBOR”), Swap Offered Rates, and foreign exchange benchmarks used to settle non-deliverable forward FX contracts. All of the banks, including Citibank, N.A. Singapore Branch, were found to have deficiencies in governance, risk management, internal controls, and surveillance systems relating to benchmark submissions, and all were required, among other things, to adopt certain corrective measures, to make quarterly reports to the MAS, and (with one exception) to deposit additional statutory reserves with the MAS for a period of one year.

On June 11, 2013, the plaintiff in 7 W. 57TH ST. REALTY V. CITIGROUP, INC., ET AL., filed a First Amended Complaint. The plaintiff alleges that defendants, including Citigroup and Citibank, N.A., manipulated USD LIBOR in violation of federal and state antitrust law and the Racketeer Influenced and Corrupt Organizations Act, and seeks compensatory damages and, where authorized by statute, treble damages.

On May 20, 2013, an individual action was brought against Citigroup and Citibank, N.A., as well as other USD LIBOR panel banks on behalf of certain hedge funds that were parties to interest rate swap transactions. Based on allegations that the panel bank defendants manipulated USD LIBOR, plaintiffs assert claims for breach of contract, breach of the implied covenant of good faith and fair dealing, fraud, tortious interference with contract, civil conspiracy, and unjust enrichment, and seek compensatory damages.

On June 25 and 28, 2013, three additional individual actions were brought against Citigroup and Citibank, N.A., as well as other USD LIBOR panel banks by various California counties and related public entities. Plaintiffs in each of these actions allege that the panel bank defendants manipulated USD LIBOR in violation of federal and state antitrust law. Plaintiffs also assert claims for fraud, negligent misrepresentation, interference with economic advantage, breach of the implied covenant of good faith and fair dealing, and unjust enrichment, and seek compensatory damages and, where authorized by statute, treble damages and injunctive relief.

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Morgan Stanley & Co. LLC

On June 1, 2011, Morgan Stanley & Co. Incorporated converted from a Delaware corporation to a Delaware limited liability company. As a result of that conversion, Morgan Stanley & Co. Incorporated is now named Morgan Stanley & Co. LLC (“MS&Co.” or the “Company”).

MS&Co. is a wholly-owned, indirect subsidiary of Morgan Stanley (“MS”), a Delaware holding company. MS files periodic reports with the Securities and Exchange Commission as required by the Securities Exchange Act of 1934, which include current descriptions of material litigation and material proceedings and investigations, if any, by governmental and/or regulatory agencies or self-regulatory organizations concerning MS and its subsidiaries, including MS&Co. As a consolidated subsidiary of MS, MS&Co. does not file its own periodic reports with the SEC that contain descriptions of material litigation, proceedings and investigations. As a result, we refer you to the “Legal Proceedings” section of MS’s SEC 10-K filings for 2012, 2011, 2010, 2009, and 2008.

In addition to the matters described in those filings, in the normal course of business, each of MS and MS&Co. has been named, from time to time, as a defendant in various legal actions, including arbitrations, class actions, and other litigation, arising in connection with its activities as a global diversified financial services institution. Certain of the legal actions include claims for substantial compensatory and/or punitive damages or claims for indeterminate amounts of damages. Each of MS and MS&Co. is also involved, from time to time, in investigations and proceedings by governmental and/or regulatory agencies or self-regulatory organizations, certain of which may result in adverse judgments, fines or penalties. The number of these investigations and proceedings has increased in recent years with regard to many financial services institutions, including MS and MS&Co.

MS&Co. is a Delaware limited liability company with its main business office located at 1585 Broadway, New York, New York 10036. Among other registrations and memberships, MS&Co. is registered as a futures commission merchant and is a member of the National Futures Association.

During the preceding five years, the following administrative, civil, or criminal actions pending, on appeal or concluded against MS&Co. or any of its principals are material within the meaning of CFTC Rule 4.24(l)(2) or 4.34(k)(2):

On June 2, 2009, MS executed a final settlement with the Office of the New York State Attorney General (“NYAG”) in connection with its investigation relating to the sale of auction-rate securities (“ARS”). MS agreed, among other things to: (1) repurchase at par illiquid ARS that were purchased by certain retail clients prior to February 13, 2008; (2) pay certain retail clients that sold ARS below par the difference between par and the price at which the clients sold the securities; (3) arbitrate, under special procedures, claims for consequential damages by certain retail clients; (4) refund refinancing fees to certain municipal issuers of ARS; and (5) pay a total penalty of $35 million. On August 13, 2008, MS reached an agreement in principle on substantially the same terms with the Office of the Illinois Secretary of State, Securities Department (on behalf of a task force of other states under the auspices of the North American Securities Administrators Association) that would settle their investigations into the same matters.

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On June 5, 2012, the Company consented to and became the subject of an Order Instituting Proceedings Pursuant to Sections 6(c) and 6(d) of the Commodity Exchange Act, as amended, Making Findings and Imposing Remedial Sanctions by The Commodity Futures Trading Commission (“CFTC”) to resolve allegations related to the failure of a salesperson to comply with exchange rules that prohibit off-exchange futures transactions unless there is an Exchange for Related Position (“EFRP”). Specifically, the CFTC found that from April 2008 through October 2009, the Company violated Section 4c(a) of the Commodity Exchange Act and Commission Regulation 1.38 by executing, processing and reporting numerous off-exchange futures trades to the Chicago Mercantile Exchange (“CME”) and Chicago Board of Trade (“CBOT”) as EFRPs in violation of CME and CBOT rules because those trades lacked the corresponding and related cash, OTC swap, OTC option, or other OTC derivative position. In addition, the CFTC found that the Company violated CFTC Regulation 166.3 by failing to supervise the handling of the trades at issue and failing to have adequate policies and procedures designed to detect and deter the violations of the Act and Regulations. Without admitting or denying the underlying allegations and without adjudication of any issue of law or fact, the Company accepted and consented to entry of findings and the imposition of a cease and desist order, a fine of $5,000,000, and undertakings related to public statements, cooperation and payment of the fine. The Company entered into corresponding and related settlements with the CME and CBOT in which the CME found that the Company violated CME Rules 432.Q and 538 and fined the Company $750,000 and CBOT found that the Company violated CBOT Rules 432.Q and 538 and fined the Company $1,000,000.

On March 15, 2010, the Federal Home Loan Bank of San Francisco filed two complaints against the Company and other defendants in the Superior Court of the State of California. These actions are styled Federal Home Loan Bank of San Francisco v. Credit Suisse Securities (USA) LLC, et al., and Federal Home Loan Bank of San Francisco v. Deutsche Bank Securities Inc. et al., respectively. Amended complaints filed on June 10, 2010 allege that defendants made untrue statements and material omissions in connection with the sale to plaintiff of a number of mortgage pass-through certificates backed by securitization trusts containing residential mortgage loans. The amount of certificates allegedly sold to plaintiff by the Company in these cases was approximately $704 million and $276 million, respectively. The complaints raise claims under both the federal securities laws and California law and seek, among other things, to rescind the plaintiff’s purchase of such certificates. On July 29, 2011 and September 8, 2011, the court presiding over both actions sustained defendants’ demurrers with respect to claims brought under the Securities Act of 1933, as amended, and overruled defendants’ demurrers with respect to all other claims. At June 25, 2013, the current unpaid balance of the mortgage pass-through certificates at issue in these cases was approximately $345 million, and the certificates had incurred actual losses of approximately $2.8 million. Based on currently available information, the Company believes it could incur a loss for this action up to the difference between the $345 million unpaid balance of these certificates (plus any losses incurred) and their fair market value at the time of a judgment against the Company, plus pre- and post-judgment interest, fees and costs. The Company may be entitled to be indemnified for some of these losses and to an offset for interest received by the plaintiff prior to a judgment.

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On July 9, 2010 and February 11, 2011, Cambridge Place Investment Management Inc. filed two separate complaints against the Company and other defendants in the Superior Court of the Commonwealth of Massachusetts, both styled Cambridge Place Investment Management Inc. v. Morgan Stanley & Co., Inc., et al. The complaints assert claims on behalf of certain clients of plaintiff’s affiliates and allege that defendants made untrue statements and material omissions in the sale of a number of mortgage pass-through certificates backed by securitization trusts containing residential mortgage loans. The total amount of certificates allegedly issued by the Company or sold to plaintiff’s affiliates’ clients by the Company in the two matters was approximately $263 million. Plaintiff filed amended complaints on October 14, 2011, which raise claims under the Massachusetts Uniform Securities Act and seek, among other things, to rescind the plaintiff’s purchase of such certificates. On November 22, 2011, defendants filed a motion to dismiss the amended complaints. On March 12, 2012, the court denied defendants’ motion to dismiss with respect to plaintiff’s standing to bring suit. Defendants sought interlocutory appeal from that decision on April 11, 2012. On April 26, 2012, defendants filed a second motion to dismiss for failure to state a claim upon which relief can be granted, which the court denied, in substantial part, on October 2, 2012. At June 25, 2013, the current unpaid balance of the mortgage pass-through certificates at issue in these cases was approximately $216 million, and the certificates had incurred actual losses of approximately $109 million. Based on currently available information, the Company believes it could incur a loss for these actions of up to the difference between the $216 million unpaid balance of these certificates (plus any losses incurred) and their fair market value at the time of a judgment against the Company, plus pre- and post-judgment interest, fees and costs. The Company may be entitled to be indemnified for some of these losses and to an offset for interest received by the plaintiff prior to a judgment.

On July 15, 2010, China Development Industrial Bank (“CDIB”) filed a complaint against the Company, which is styled China Development Industrial Bank v. Morgan Stanley & Co. Incorporated et al. and is pending in the Supreme Court of the State of New York, New York County (“Supreme Court of NY, NY County”). The complaint relates to a $275 million credit default swap referencing the super senior portion of the STACK 2006-1 CDO. The complaint asserts claims for common law fraud, fraudulent inducement and fraudulent concealment and alleges that the Company misrepresented the risks of the STACK 2006-1 CDO to CDIB, and that the Company knew that the assets backing the CDO were of poor quality when it entered into the credit default swap with CDIB. The complaint seeks compensatory damages related to the approximately $228 million that CDIB alleges it has already lost under the credit default swap, rescission of CDIB’s obligation to pay an additional $12 million, punitive damages, equitable relief, fees and costs. On February 28, 2011, the court presiding over this action denied the Company’s motion to dismiss the complaint and on March 21, 2011, the Company appealed that order. On July 7, 2011, the appellate court affirmed the lower court’s decision denying the motion to dismiss. Based on currently available information, the Company believes it could incur a loss of up to approximately $240 million plus pre- and post-judgment interest, fees and costs.

On October 15, 2010, the Federal Home Loan Bank of Chicago filed a complaint against the Company and other defendants in the Circuit Court of the State of Illinois styled Federal Home Loan Bank of Chicago v. Bank of America Funding Corporation et al. The complaint alleges that defendants made untrue statements and material omissions in the sale to plaintiff of a number of mortgage pass-through certificates backed by securitization trusts containing residential mortgage loans. The total amount of certificates allegedly sold to plaintiff by the Company in

39

this action was approximately $203 million. The complaint raises claims under Illinois law and seeks, among other things, to rescind the plaintiff’s purchase of such certificates. On March 24, 2011, the court granted plaintiff leave to file an amended complaint. The defendants’ motion to dismiss the amended complaint was denied on September 19, 2012. The Company filed its answer on December 21, 2012. At June 25, 2013, the current unpaid balance of the mortgage pass-through certificates at issue in this action was approximately $100 million and certain certificates had incurred actual losses of approximately $1 million. Based on currently available information, the Company believes it could incur a loss in this action up to the difference between the $100 million unpaid balance of these certificates (plus any losses incurred) and their fair market value at the time of a judgment against the Company, plus pre- and post-judgment interest, fees and costs. The Company may be entitled to be indemnified for some of these losses and to an offset for interest received by the plaintiff prior to a judgment.

On July 18, 2011, the Western and Southern Life Insurance Company and certain affiliated companies filed a complaint against the Company and other defendants in the Court of Common Pleas in Ohio, styled Western and Southern Life Insurance Company, et al. v. Morgan Stanley Mortgage Capital Inc., et al. An amended complaint was filed on April 2, 2012 and alleges that defendants made untrue statements and material omissions in the sale to plaintiffs of certain mortgage pass-through certificates backed by securitization trusts containing residential mortgage loans. The amount of the certificates allegedly sold to plaintiffs by the Company was approximately $153 million. The amended complaint raises claims under the Ohio Securities Act, federal securities laws, and common law and seeks, among other things, to rescind the plaintiffs’ purchases of such certificates. On May 21, 2012, the Company filed a motion to dismiss the amended complaint, which motion was denied on August 3, 2012. The court has set a trial date in May 2015. At June 25, 2013, the current unpaid balance of the mortgage pass-through certificates at issue in this action was approximately $121 million, and the certificates had incurred actual losses of approximately $1 million. Based on currently available information, the Company believes it could incur a loss in this action up to the difference between the $121 million unpaid balance of these certificates (plus any losses incurred) and their fair market value at the time of a judgment against the Company, plus post-judgment interest, fees and costs. The Company may be entitled to an offset for interest received by the plaintiff prior to a judgment.

On September 2, 2011, the Federal Housing Finance Agency (“FHFA”), as conservator for Fannie Mae and Freddie Mac, filed 17 complaints against numerous financial services companies, including the Company. A complaint against the Company and other defendants was filed in the Supreme Court of NY, styled Federal Housing Finance Agency, as Conservator v. Morgan Stanley et al. The complaint alleges that defendants made untrue statements and material omissions in connection with the sale to Fannie Mae and Freddie Mac of residential mortgage pass-through certificates with an original unpaid balance of approximately $11 billion. The complaint raises claims under federal and state securities laws and common law and seeks, among other things, rescission and compensatory and punitive damages. On September 26, 2011, defendants removed the action to the United States District Court for the Southern District of New York. On July 13, 2012, the Company filed a motion to dismiss the complaint, which motion was denied in large part on November 19, 2012. Trial is currently scheduled to begin in January 2015. At June 25, 2013, the current unpaid balance of the mortgage pass-through certificates at issue in this action was approximately $2.86 billion, and the certificates had incurred actual losses of approximately $59 million. Based on currently available information,

40

the Company believes it could incur a loss in this action up to the difference between the $2.86 billion unpaid balance of these certificates (plus any losses incurred) and their fair market value at the time of a judgment against the Company, plus pre- and post-judgment interest, fees and costs. The Company may be entitled to be indemnified for some of these losses and to an offset for interest received by the plaintiff prior to a judgment.

On April 25, 2012, Metropolitan Life Insurance Company and certain affiliates filed a complaint against the Company and certain affiliates in the Supreme Court of NY styled Metropolitan Life Insurance Company, et al. v. Morgan Stanley, et al. An amended complaint was filed on June 29, 2012 and alleges that defendants made untrue statements and material omissions in the sale to plaintiffs of certain mortgage pass-through certificates backed by securitization trusts containing residential mortgage loans. The total amount of certificates allegedly sponsored, underwritten and/or sold by the Company was approximately $758 million. The amended complaint raises common law claims of fraud, fraudulent inducement, and aiding and abetting fraud and seeks, among other things, rescission, compensatory and/or rescissionary damages, as well as punitive damages, associated with plaintiffs’ purchases of such certificates. On September 21, 2012, the Company filed a motion to dismiss the amended complaint, which was granted in part and denied in part on July 16, 2013. Following that decision, the total amount of certificates allegedly sponsored, underwritten and/or sold by the Company was approximately $656 million. At June 25, 2013, the current unpaid balance of the mortgage pass-through certificates remaining at issue in this case was approximately $369 million, and the certificates incurred actual losses of approximately $28.3 million. Based on currently available information, the Company believes it could incur a loss up to the difference between the $369 million unpaid balance of these certificates (plus any losses incurred) and their fair market value at the time of a judgment against the Company, plus pre- and post-judgment interest, fees and costs. The Company may be entitled to be indemnified for some of these losses and to an offset for interest received by the plaintiff prior to a judgment.

On April 25, 2012, The Prudential Insurance Company of America and certain affiliates filed a complaint against the Company and certain affiliates in the Superior Court of the State of New Jersey styled The Prudential Insurance Company of America, et al. v. Morgan Stanley, et al. The complaint alleges that defendants made untrue statements and material omissions in connection with the sale to plaintiffs of certain mortgage pass-through certificates backed by securitization trusts containing residential mortgage loans. The total amount of certificates allegedly sponsored, underwritten and/or sold by the Company is approximately $1 billion. The complaint raises claims under the New Jersey Uniform Securities Law, as well as common law claims of negligent misrepresentation, fraud and tortious interference with contract and seeks, among other things, compensatory damages, punitive damages, rescission and rescissionary damages associated with plaintiffs’ purchases of such certificates. On October 16, 2012, plaintiffs filed an amended complaint which, among other things, increases the total amount of the certificates at issue by approximately $80 million, adds causes of action for fraudulent inducement, equitable fraud, aiding and abetting fraud, and violations of the New Jersey RICO statute, and includes a claim for treble damages. On March 15, 2013, defendants’ motion to dismiss was denied. At June 25, 2013, the current unpaid balance of the mortgage pass-through certificates at issue in this action was approximately $674 million, and the certificates had not yet incurred actual losses. Based on currently available information, the Company believes it could incur a loss in this action up to the difference between the $674 million unpaid balance of these certificates

41

(plus any losses incurred) and their fair market value at the time of a judgment against the Company, plus pre- and post-judgment interest, fees and costs. The Company may be entitled to be indemnified for some of these losses and to an offset for interest received by the plaintiff prior to a judgment.

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Item 1A.   Risk Factors

There have been no material changes to the risk factors set forth under Part I, Item 1A. “Risk Factors” in the Partnership’s Annual Report on Form 10-K for the fiscal year ended December 31, 2012, and under Part II, Item 1A. “Risk Factors” in the Partnership’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2013.

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

For the three months ended June 30, 2013, there were subscriptions of 858.3660 Redeemable Units totaling $926,909. The Redeemable Units were issued in reliance upon applicable exemptions from registration under Section 4(a)(2) of the Securities Act of 1933, as amended, and Section 506 of Regulation D promulgated thereunder. These Redeemable Units were purchased by accredited investors as described in Regulation D. In determining the applicability of the exemption, the General Partner relied on the fact that the Redeemable Units were purchased by accredited investors in a private offering.

Proceeds from the sale of additional Redeemable Units are used in the trading of commodity interests including futures contracts, forwards and commodity option contracts, and any other rights or interests pertaining thereto including interest in commodity pools.

The following chart sets forth the purchases of Redeemable Units by the Partnership.

Period	(a) Total Number of Shares (or Units) Purchased*		(b) Average Price Paid per Share (or Unit)**		(c) Total Number of Shares (or Units) Purchased as Part of Publicly Announced Plans or Programs		(d) Maximum Number (or Approximate Dollar Value) of Shares (or Units) that May Yet Be Purchased Under the Plans or Programs
April 1, 2013-April 30, 2013		107.4740	$	1,099.43		N/A		N/A
May 1, 2013-May 31, 2013		166.5720	$	1,070.85		N/A		N/A
June 1, 2013-June 30, 2013		351.2940	$	1,029.91		N/A		N/A
		625.3400	$	1,052.76

* Generally, limited partners are permitted to redeem their Redeemable Units as of the end of each month on three business days’ notice to the General Partner. Under certain circumstances, the General Partner can compel redemption, although to date, the General Partner has not exercised this right. Purchases of Redeemable Units by the Partnership reflected in the chart above were made in the ordinary course of the Partnership’s business in connection with effecting redemptions for limited partners.

** Redemptions of Redeemable Units are effected as of the last day of each month at the net asset value per Redeemable Unit as of that day. No fee will be charged for redemptions.

Item 3.   Defaults Upon Senior Securities – None

Item 4.   Mine Safety Disclosures – Not Applicable

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Item 5.   Other Information

The General Partner is in the process of transferring the brokerage accounts of the Partnership and the Master from CGM to MS & Co., a registered futures commission merchant. It is anticipated that eventually all of the assets of the Partnership and the Master will be deposited in accounts at MS & Co. MS & Co. is owned by Morgan Stanley, which is also the ultimate parent company of Morgan Stanley Smith Barney LLC, currently doing business as Morgan Stanley Wealth Management (“MSWM”), and the General Partner. Morgan Stanley is a worldwide financial services firm with offices throughout the United States and foreign countries.

In connection with this transition, (i) the Partnership will cease paying a brokerage fee to CGM, (ii) CGM will no longer act as a selling agent for the Partnership, (iii) the Partnership will begin paying an ongoing selling agent fee to MSWM and (iv) the Partnership will begin indirectly paying service and transaction fees to MS & Co. through its investment in the Master.

The Partnership does not have officers or a board of directors. The General Partner is managed by officers and a board of directors.

Effective August 8, 2013, Walter Davis resigned his position as President and Chairman of the Board of Directors of the General Partner. Effective August 8, 2013, Alper Daglioglu was appointed President of the General Partner and Jeremy Beal was appointed Chairman of the Board of Directors of the General Partner. Also effective August 8, 2013, Douglas Ketterer resigned his position as Director of the General Partner.

Effective September 13, 2013, Damian George will be resigning his position as Chief Financial Officer and Director of the General Partner. Effective September 13, 2013, Alice Ng will be appointed Chief Financial Officer of the General Partner.

Business background descriptions for the newly appointed officers and director are included below.

Alper Daglioglu, age 36, has been a Director, and listed as a principal, of the General Partner since December 2010. He was appointed President of the General Partner in August 2013. Mr. Daglioglu was also appointed Deputy Chief Investment Officer for the Alternative Investments Group at Morgan Stanley Smith Barney LLC, a financial services firm, in August 2013. Since December 2010, Mr. Daglioglu has been employed by Morgan Stanley Smith Barney LLC where his responsibilities include serving as Executive Director and Chief Investment Officer for Morgan Stanley Smith Barney Managed Futures and serving on the Alternative Investments Product Review Committee of Morgan Stanley Smith Barney LLC’s Alternative Investments Group. From June 2009 through December 2010, Mr. Daglioglu was employed by Morgan Stanley Smith Barney LLC, where his responsibilities included serving as a Senior Analyst in the Product Origination Group. From December 2003 through June 2009, Mr. Daglioglu was employed by Morgan Stanley, a financial services firm, where his responsibilities included serving as a Senior Analyst in the Product Origination Group, and serving as the lead investment analyst for Global Macro and Managed Futures strategies within Morgan Stanley Graystone Research Group from February 2007 through June 2009. Mr. Daglioglu earned his Bachelor of Science degree in Industrial Engineering in June 2000 from Galatasaray University and his Master of Business Administration degree in Finance in May 2003 from the University of Massachusetts-Amherst’s Isenberg School of Management. Mr. Daglioglu was awarded a full merit scholarship and research assistantship at the Center for International Securities and Derivatives Markets during his graduate studies. In this capacity, he worked with various major financial institutions in performance monitoring, asset allocation and statistical analysis projects and specialized on alternative approaches to risk assessment for hedge funds and managed futures. Mr. Daglioglu wrote and published numerous research papers on alternative investments. Mr. Daglioglu is a Chartered Alternative Investment Analyst charter holder.

Jeremy Beal, age 38, has been Chairman of the Board of Directors of the General Partner since August 2013. Since May 2013, Mr. Beal has been employed by Morgan Stanley, a financial services firm, where his responsibilities include serving as the Head of Product Strategy and Development, Global Alternative Investments. Mr. Beal has been a Vice President and Director since June 2013, and listed as a principal since July 2013, of Morgan Stanley GWM Feeder Strategies LLC, which acts as a general partner to multiple alternative investment entities. Mr. Beal has also been a Vice President and Director since June 2013, and listed as a principal (pending) since July 2013, of Morgan Stanley HedgePremier GP LLC, which acts as a general partner and administrative agent

45

to numerous hedge fund feeder funds. Since January 2013, each of Morgan Stanley GWM Feeder Strategies LLC and Morgan Stanley HedgePremier GP LLC has been registered as a commodity pool operator with the CFTC. Mr. Beal is responsible for general management and oversight with respect to such entities. Mr. Beal has also been employed by Morgan Stanley Smith Barney Private Management LLC, Morgan Stanley Smith Barney Private Management II LLC, and Morgan Stanley Smith Barney Venture Services LLC, each an investment management company, since June 2013, where his responsibilities include acting as Vice President and Director. From October 2012 through May 2013, he was employed by JE Moody & Company LLC (“JE Moody”), a hedge fund and commodity trading advisor, where his responsibilities included acting as the Chief Operating Officer. Prior to joining JE Moody, Mr. Beal was employed by Morgan Stanley Smith Barney LLC, where his responsibilities included serving as Chief Operating Officer, Global Alternative Investments from July 2009 through September 2012, and acting as Head of Product Development and Management, Alternative Investments for Morgan Stanley from May 2007 through July 2009. From March 2002 through May 2007, Mr. Beal was employed by Morgan Stanley, where his responsibilities included acting as Head of Product Development, Managed Futures for Morgan Stanley from May 2005 through May 2007, and acting as Senior Associate, Managed Futures from March 2002 through May 2005. Mr. Beal earned his Bachelor of Science degree in Business Administration in May 1997 from Pacific University and his Juris Doctor and Master of Business Administration degree in May 2001 from Willamette University.

Alice Ng, age 30, has been employed by Morgan Stanley Smith Barney LLC, a financial services firm, since July 2009, where her responsibilities have included serving as Vice President and managing the accounting, financial reporting and regulatory reporting of managed futures funds. Before joining Morgan Stanley Smith Barney LLC, Ms. Ng was employed by Citigroup Alternative Investments, a financial services firm, from September 2005 through July 2009, where her responsibilities included serving as Vice President responsible for the accounting, financial reporting and regulatory reporting of Citigroup Alternative Investments’ managed futures funds. From August 2004 through September 2005, Ms. Ng was employed by The Bank of New York, a financial services firm, where her responsibilities included performing mutual fund administration for financial services firms. Ms. Ng earned her Bachelor of Science in Finance in 2004 from the State University of New York at Binghamton.

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Item 6. Exhibits

3.1 Limited Partnership Agreement, dated March 21, 1997 (filed as Exhibit A to the Registration Statement on Form S-1 filed on April 10, 1997 and incorporated herein by reference).

3.2 Certificate of Limited Partnership of the Partnership as filed in the office of the Secretary of State of the State of New York, dated March 21, 1997 (filed as Exhibit 3.2 to the Registration Statement on Form S-1 filed on April 10, 1997 and incorporated herein by reference).

(a) Certificate of Amendment of the Certificate of Limited Partnership as filed in the office of the Secretary of State of the State of New York, dated October 1, 1999 (filed as Exhibit 3.2(a) to the Form 10-Q filed on November 16, 2009 and incorporated herein by reference).

(b) Certificate of Change of the Certificate of Limited Partnership as filed in the office of the Secretary of State of the State of New York, effective January 31, 2000 (filed as Exhibit 3.2(b) to the Form 10-Q filed on November 16, 2009 and incorporated herein by reference).

(c) Certificate of Amendment of the Certificate of Limited Partnership as filed in the office of the Secretary of State of the State of New York, dated May 21, 2003 (filed as Exhibit 3.2(c) to the Form 10-Q filed on November 16, 2009 and incorporated herein by reference).

(d) Certificate of Amendment of the Certificate of Limited Partnership as filed in the office of the Secretary of State of the State of New York, dated September 21, 2005 (filed as Exhibit 3.2(d) to the Form 10-Q filed on November 16, 2009 and incorporated herein by reference).

(e) Certificate of Amendment of the Certificate of Limited Partnership as filed in the office of the Secretary of State of the State of New York, dated September 19, 2008 (filed as Exhibit 3.2(e) to the Form 10-Q filed on November 16, 2009 and incorporated herein by reference).

(f) Certificate of Amendment of the Certificate of Limited Partnership as filed in the office of the Secretary of State of the State of New York, dated September 28, 2009 (filed as Exhibit 99.1 to the Form 8-K filed on September 29, 2009 and incorporated herein by reference).

(g) Certificate of Amendment of the Certificate of Limited Partnership as filed in the office of the Secretary of State of the State of New York, dated June 29, 2010 (filed as Exhibit 3.2(g) to the Form 8-K filed on July 2, 2010 and incorporated herein by reference).

(h) Certificate of Amendment of the Certificate of Limited Partnership as filed in the office of the Secretary of State of the State of New York, dated September 2, 2011 (filed as Exhibit 3.2(h) to the Form 8-K filed on September 7, 2011 and incorporated herein by reference).

(i) Certificate of Amendment to the Certificate of Limited Partnership dated August 7th 2013, (filed herewith).

10.1 Form of Customer Agreement between the Partnership and Smith Barney Inc. (filed as Exhibit 10.1 to the Registration Statement on Form S-1 filed on April 10, 1997 and incorporated herein by reference).

(a) Amendment No. 1 to the Customer Agreement, dated March 1, 2000 (filed as Exhibit 10.1(a) to the Form 10-Q filed on November 16, 2009 and incorporated herein by reference).

10.2 Form of Escrow Agreement and Instructions relating to escrow of subscription funds (filed as Exhibit 10.3 to the Registration Statement on Form S-1 filed on April 10, 1997 and incorporated herein by reference).

(a) Amendment to the Escrow Agreement and Instructions relating to escrow of subscription funds, dated April 8, 1997 (filed as Exhibit 10.2(a) to the Form 10-Q filed on November 16, 2009 and incorporated herein by reference).

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10.3  (a) Amended and Restated Management Agreement among the Partnership, the General Partner and John W. Henry & Company Inc., dated March 1, 2000 (filed as Exhibit 10.3 to the Form 10-Q filed on November 16, 2009 and incorporated herein by reference).

(b) Amendment No. 1 to the Amended and Restated Management Agreement, dated September 10, 2000 (filed as Exhibit 10.3(a) to the Form 10-Q filed on November 16, 2009 and incorporated herein by reference).

(c) Letter extending the Amended and Restated Management Agreement among the Partnership, the General Partner and John W. Henry & Company, Inc. for 2012, dated June 1, 2012 (filed as Exhibit 10.3(b) to the Form 10-K filed on March 27, 2013 and incorporated herein by reference).

10.4 Form of Subscription Agreement (filed as Exhibit 10.4 to the Form 10-Q filed on November 16, 2009 and incorporated herein by reference).

10.5 Agency Agreement among the Partnership, the General Partner, Morgan Stanley Smith Barney LLC and Citigroup Global Markets Inc., dated November 11, 2009 (filed as Exhibit 10.5 to the Form 10-Q filed on November 16, 2009 and incorporated herein by reference).

10.6 Joinder Agreement among the General Partner, Citigroup Global Markets Inc., and Morgan Stanley Smith Barney LLC dated as of June 1, 2009 (filed as Exhibit 10 to the Form 10-Q filed on August 14, 2009 and incorporated herein by reference).

10.7  (a) Escrow Agreement among Ceres Managed Futures LLC, Morgan Stanley Smith Barney LLC and The Bank of New York (filed as Exhibit 10.7(a) to the annual report on Form 10-K, filed on March 27, 2013 and incorporated herein by reference).

(b) Amendment No. 5 to the Escrow Agreement among Ceres Managed Futures LLC, Morgan Stanley Smith Barney LLC and The Bank of New York (filed as Exhibit 10.7(b) to the annual report on Form 10-K, filed on March 27, 2013 and incorporated herein by reference).

10.8 Management Agreement among the General Partner, the Partnership and Rabar Market Research Inc. dated as of December 1, 2012 (filed as Exhibit 10.1 to the Form 8-K filed on December 6, 2012, and incorporated herein by reference).

The exhibits required to be filed by Item 601 of regulation S-K are incorporated herein by reference

31.1         – Rule 13a-14(a)/15d-14(a) Certification (Certification of President and Director) (filed herewith).

31.2         – Rule 13a-14(a)/15d-14(a) Certification (Certification of Chief Financial Officer and Director) (filed  herewith).

32.1         – Section 1350 Certification (Certification of President and Director) (filed herewith).

32.2         – Section 1350 Certification (Certification of Chief Financial Officer and Director) (filed herewith).

101.INS   XBRL Instance Document

101.SCH   XBRL Taxonomy Extension Schema Document

101.CAL   XBRL Taxonomy Extension Calculation Linkbase Document

101.LAB   XBRL Taxonomy Extension Label Linkbase Document

101.PRE  XBRL Taxonomy Extension Presentation Linkbase Document

101.DEF  XBRL Taxonomy Extension Definition Linkbase Document

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SIGNATURES

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

WESTPORT FUTURES FUND L.P.

By:	Ceres Managed Futures LLC
	(General Partner)

By:	/s/ Alper Daglioglu
	Alper Daglioglu
	President and Director

Date: August 14, 2013

By:	/s/ Damian George
	Damian George
	Chief Financial Officer and Director (Principal Accounting Officer)

Date: August 14, 2013

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EX-3.2 (I)

EXHIBIT 3.2(i)

CERTIFICATE OF AMENDMENT

OF THE

CERTIFICATE OF LIMITED PARTNERSHIP

OF

WESTPORT FUTURES FUND L.P.

Under Section 121-202 of the Revised Limited Partnership Act

The undersigned, desiring to amend the Certificate of Limited Partnership of Westport Futures Fund L.P. (the “Partnership”) pursuant to the provisions of Section 121-202 of the Revised Limited Partnership Act of the State of New York, does hereby certify as follows:

FIRST: The name of the Partnership is Westport Futures Fund L.P.

The name under which the Partnership was formed is Smith Barney Westport Futures Fund L.P.

SECOND: The date of filing of the Certificate of Limited Partnership is March 21, 1997.

THIRD: By this Certificate of Amendment, the Certificate of Limited Partnership of the Partnership is hereby amended to change the person to whose attention the Secretary of State shall mail a copy of any process against the Partnership.

The Certificate of Limited Partnership of the Partnership is hereby amended in the following respects:

Paragraph THIRD of the Certificate of Limited Partnership, relating to the designation of the secretary of state as the organization’s agent upon whom process may be served and the address where the secretary of state shall mail a copy of any process so served, is hereby amended in its entirety and, in lieu thereof, is inserted the following:

“3. The Partnership hereby designates the Secretary of State as its agent upon whom all process in any action or proceedings against it may be served within the State of New York. The post office address to which the Secretary of State shall mail a copy of any process against the Partnership is:

Ceres Managed Futures LLC

522 Fifth Avenue, 14^th Floor

New York, New York 10036

Attention: President.”

[THE REMAINDER OF THIS PAGE HAS BEEN INTENTIONALLY LEFT BLANK.]

IN WITNESS WHEREOF, the undersigned has executed this Amendment to the Certificate of Limited Partnership on this 7th day of August, 2013.

By:	Ceres Managed Futures LLC,
	General Partner
By:	/s/ Alper Daglioglu
	Alper Daglioglu
	Authorized Person

-2-

EX-31.1

Exhibit 31.1

CERTIFICATION

I, Alper Daglioglu, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Westport Futures Fund L.P.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, 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;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 14, 2013

/s/ Alper Daglioglu                            

Alper Daglioglu

Ceres Managed Futures LLC

President and Director

EX-31.2

Exhibit 31.2

CERTIFICATION

I, Damian George, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Westport Futures Fund L.P.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, 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;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 14, 2013

/s/ Damian George                        

Damian George

Ceres Managed Futures LLC

Chief Financial Officer and Director

EX-32.1

Exhibit 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Westport Futures Fund L.P. (the “Partnership”) on Form 10-Q for the period ended June 30, 2013 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Alper Daglioglu, President and Director of Ceres Managed Futures LLC, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Partnership.

/s/ Alper Daglioglu

Alper Daglioglu

Ceres Managed Futures LLC

President and Director

Date: August 14, 2013

EX-32.2

Exhibit 32.2

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Westport Futures Fund L.P. (the “Partnership”) on Form 10-Q for the period ended June 30, 2013 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Damian George, Chief Financial Officer and Director of Ceres Managed Futures LLC, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Partnership.

/s/ Damian George

Damian George

Ceres Managed Futures LLC

Chief Financial Officer and Director

Date: August 14, 2013

XML

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2013

Derivative Instruments Priced at Fair Value Using Unobservable Inputs

During the six months ended June 30, 2013 and for the year ended December 31, 2012, there were no transfers of assets or liabilities between Level 1 and Level 2.

	June 30, 2013		Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets
Investment in Master	$	28,868,923	$	—	$	28,868,923	$	—
Net fair value	$	28,868,923	$	—	$	28,868,923	$	—
			Quoted Prices in
			Active Markets for
			Identical Assets and Liabilities		Significant Other Observable Inputs		Significant Unobservable Inputs
	December 31, 2012		(Level 1)		(Level 2)		(Level 3)
Assets
Forwards	$	2,156	$	2,156	$	—	$	—
Investment in Master		31,089,645		—		31,089,645		—
Total assets	$	31,091,801	$	2,156	$	31,089,645		—
Net fair value	$	31,091,801	$	2,156	$	31,089,645	$	—

Rabar Master Fund L.P. [Member]

Derivative Instruments Priced at Fair Value Using Unobservable Inputs

For the six months ended June 30, 2013 and for the year ended December 31, 2012, there were no transfers of assets or liabilities between Level 1 and Level 2.

	June 30, 2013		Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Assets
Futures	$	282,930	$	282,930	$	—		$	—
Forwards		260,505		167,854		92,651			—
Total assets	$	543,435	$	450,784	$	92,651		$	—
Liabilities
Futures	$	252,321	$	252,321	$	—		$	—
Forwards		227,681		128,105		99,576			—
Total liabilities		480,002		380,426		99,576			—
Net fair value	$	63,433	$	70,358	$	(6,925	)	$	—
	December 31, 2012		Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Assets
Futures	$	852,223	$	852,223	$	—		$	—
Forwards		62,242		19,876		42,366			—
Total assets	$	914,465	$	872,099	$	42,366		$	—
Liabilities
Futures	$	243,796	$	243,796	$	—		$	—
Forwards		84,037		38,360		45,677			—
Total liabilities		327,833		282,156		45,677			—
Net fair value	$	586,632	$	589,943	$	(3,311	)	$	—

XML

Condensed Schedule of Investments (USD $)	Dec. 31, 2012
Schedule of Investments [Line Items]
Net unrealized appreciation on open forward contracts	$ 2,156
Futures contracts purchased and sold, fair value	31,089,645
Net fair value	31,091,801
Net unrealized appreciation on open forward contracts, Partners' capital percentage	0.01%
Investment in Master, Partners' capital percentage	102.55%
Net fair value, Partners' Capital Percentage	102.56%
Metals [Member]
Schedule of Investments [Line Items]
Unrealized appreciation on open forward contracts, Number of contracts	2
Net unrealized appreciation on open forward contracts	$ 2,156
Net unrealized appreciation on open forward contracts, Partners' capital percentage	0.01%

XML

Fair Value Measurements

6 Months Ended

Jun. 30, 2013

Fair Value Measurements

4.    Fair Value Measurements:

Partnership’s and the Master’s Investments. All commodity interests held by the Partnership and the Master (including derivative financial instruments and derivative commodity instruments) are held for trading purposes. The commodity interests are recorded on trade date and open contracts are recorded at fair value (as described below) at the measurement date. Investments in commodity interests denominated in foreign currencies are translated into U.S. dollars at the exchange rates prevailing at the measurement date. Gains or losses are realized when contracts are liquidated. Unrealized gains or losses on open contracts are included as a component of equity in trading account on the Statements of Financial Condition. Net realized gains or losses and any change in net unrealized gain or loss from the preceding period are reported in the Statements of Income and Expenses and Changes in Partners’ Capital.

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

GAAP also requires the use of judgment in determining if a formerly active market has become inactive and in determining fair values when the market has become inactive. Management has concluded that based on available information in the marketplace, there has not been a significant decrease in the volume and level of activity in the Partnership’s Level 2 assets and liabilities.

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

On October 1, 2012, the Financial Accounting Standards Board (“FASB”) issued ASU 2012-04 “Technical Corrections and Improvements,” which makes minor technical corrections and clarifications to Accounting Standards Codification (“ASC”) 820, “Fair Value Measurements and Disclosures.” When the FASB issued Statement 157 (codified in ASC 820), it conformed the use of the term “fair value” in certain pre-Codification standards but not others. ASU 2012-04 conforms the term’s use throughout the ASC “to fully reflect the fair value measurement and disclosure requirements” of ASC 820. ASU 2012-04 also amends the requirements that must be met for an investment company to qualify for the exemption from presenting a statement of cash flows. Specifically, it eliminates the requirements that substantially all of an entity’s investments be carried at “market value” and that the investments be highly liquid. Instead, it requires substantially all of the entity’s investments to be carried at “fair value” and classified as Level 1 or Level 2 measurements under ASC 820. The amendments are effective for fiscal periods beginning after December 15, 2012. The adoption of this ASU did not have a material impact on the Partnership’s financial statements.

The Partnership and the Master consider prices for exchange-traded commodity futures and forward contracts to be based on unadjusted quoted prices in active markets for identical assets and liabilities (Level 1). The values of non-exchange-traded forwards, swaps and option contracts for which market quotations are not readily available are priced by broker-dealers that derive fair values for those assets and liabilities from observable inputs (Level 2). Investments in the Master (or other commodity pools) with no rights or obligations inherent within the ownership interest held by the Partnership are priced based on the end of the day net asset value of the Master (Level 2). The value of the Partnership’s investment in the Master reflects its proportional interest in the Master. As of and for the periods ended June 30, 2013, and December 31, 2012, the Partnership and the Master did not hold any derivative instruments that were priced at fair value using unobservable inputs through the application of management’s assumptions and internal valuation pricing models (Level 3).

During the six months ended June 30, 2013 and for the year ended December 31, 2012, there were no transfers of assets or liabilities between Level 1 and Level 2.

	June 30, 2013		Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets
Investment in Master	$	28,868,923	$	—	$	28,868,923	$	—
Net fair value	$	28,868,923	$	—	$	28,868,923	$	—
			Quoted Prices in
			Active Markets for
			Identical Assets and Liabilities		Significant Other Observable Inputs		Significant Unobservable Inputs
	December 31, 2012		(Level 1)		(Level 2)		(Level 3)
Assets
Forwards	$	2,156	$	2,156	$	—	$	—
Investment in Master		31,089,645		—		31,089,645		—
Total assets	$	31,091,801	$	2,156	$	31,089,645		—
Net fair value	$	31,091,801	$	2,156	$	31,089,645	$	—

XML

Trading Activities - Trading Gains and Losses, by Market Sector, on Derivative Instruments (Detail) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
Trading Activity, Gains and Losses, Net [Line Items]
Gain (loss) from trading	$ (426,617)	$ 1,419,421	$ (187,570)	$ (6,302,307)
Currencies [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Gain (loss) from trading		(392,113)		(533,541)
Energy [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Gain (loss) from trading		(66,180)		239,889
Grains [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Gain (loss) from trading		(30,596)		(24,575)
Indices [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Gain (loss) from trading		(251,515)		(76,369)
Interest Rates U.S. [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Gain (loss) from trading		71,340		(8,182)
Interest Rates Non - U.S. [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Gain (loss) from trading		132,298		135,702
Livestock [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Gain (loss) from trading		(6,510)		14,660
Metals [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Gain (loss) from trading		51,428		(38,245)
Softs [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Gain (loss) from trading		$ 32,581		$ 24,568

XML

Investment in Master (Tables)

6 Months Ended

Jun. 30, 2013

Statements of Financial Condition

Rabar Master Fund L. P.

Statements of Financial Condition

	(Unaudited) June 30,		December 31,
	2013		2012
Assets:
Equity in trading account:
Cash	$	34,767,676	$	26,947,476
Cash margin		2,404,756		3,587,402
Net unrealized appreciation on open futures contracts		30,609		608,427
Net unrealized appreciation on open forward contracts		32,824		—
Total assets	$	37,235,865	$	31,143,305
Liabilities and Partners’ Capital:
Liabilities:
Net unrealized depreciation on open forward contracts	$	—	$	21,795
Accrued expenses:
Professional fees		52,106		25,500
Due to Westport		—		7,665
Total liabilities		52,106		54,960
Partners’ Capital:
General Partner		—		—
Limited Partners		37,183,759		31,088,345
Total liabilities and partners’ capital	$	37,235,865	$	31,143,305

Statements of Condensed Schedules of Investments

Rabar Master Fund L.P.

Condensed Schedule of Investments

June 30, 2013

(Unaudited)

	Notional $/ Number of Contracts		Fair Value			% of Partners’ Capital
Futures Contracts Purchased
Currencies		48	$	(15,100	)		(0.04	)%
Energy		37		14,926			0.04
Grains		104		96,568			0.26
Indices		26		212			0.00	*
Livestock		44		22,450			0.06
Softs		4		(1,260	)		(0.00	)*
Total futures contracts purchased				117,796			0.32
Futures Contracts Sold
Currencies		69		(23,835	)		(0.06	)
Energy		3		1,527			0.00	*
Indices		1		(600	)		(0.00	)*
Interest Rates U.S.		146		(52,758	)		(0.14	)
Interest Rates Non-U.S.		485		(61,161	)		(0.16	)
Livestock		13		4,750			0.01
Metals		16		50,335			0.13
Softs		37		(5,445	)		(0.02	)
Total futures contracts sold				(87,187	)		(0.24	)
Unrealized Appreciation on Open Forward Contracts
Currencies	$	4,470,679		92,651			0.25
Metals		105		167,854			0.45
Total unrealized appreciation on open forward contracts				260,505			0.70
Unrealized Depreciation on Open Forward Contracts
Currencies	$	3,189,401		(99,576	)		(0.27	)
Metals		106		(128,105	)		(0.34	)
Total unrealized depreciation on open forward contracts				(227,681	)		(0.61	)
Net fair value			$	63,433			0.17	%

* Due to rounding

Rabar Master Fund L.P.

Condensed Schedule of Investments

December 31, 2012

	Notional ($)/ Number of Contracts		Fair Value			% of Partners’ Capital
Futures Contracts Purchased
Currencies		185	$	188,465			0.61	%
Energy		65		34,420			0.11
Grains		25		(23,350	)		(0.08	)
Indices		228		11,172			0.04
Interest Rates U.S.		104		15,484			0.05
Interest Rates Non - U.S.		663		70,971			0.23
Livestock		46		(13,488	)		(0.04	)
Metals		49		12,849			0.04
Softs		32		(2,337	)		(0.01	)
Total futures contracts purchased				294,186			0.95
Futures Contracts Sold
Currencies		51		268,984			0.87
Grains		43		32,588			0.10
Interest Rates Non - U.S.		22		(696	)		(0.00	)*
Livestock		5		1,000			0.00	*
Metals		1		1,065			0.00	*
Softs		5		11,300			0.04
Total futures contracts sold				314,241			1.01
Unrealized Appreciation on Open Forward Contracts
Currencies	$	9,080,279		42,366			0.14
Metals		29		19,876			0.06
Total unrealized appreciation on open forward contracts				62,242			0.20
Unrealized Depreciation on Open Forward Contracts
Currencies	$	8,659,321		(45,677	)		(0.15	)
Metals		18		(38,360	)		(0.12	)
Total unrealized depreciation on open forward contracts				(84,037	)		(0.27	)
Net fair value			$	586,632			1.89	%

* Due to rounding

Statements of Income and Expenses

Rabar Master Fund L. P.

Statement of Income and Expenses and Changes in Partners’ Capital

(Unaudited)

	Three Months Ended			Six Months Ended
	June 30, 2013			June 30, 2013
Investment Income:
Interest income	$	1,821		$	6,604
Total investment income		1,821			6,604
Expenses:
Clearing fees		62,621			119,058
Professional fees		24,678			98,710
Total expenses		87,299			217,768
Net investment income (loss)		(85,478	)		(211,164	)
Trading Results:
Net gains (losses) on trading of commodity interests:
Net realized gains (losses) on closed contracts		(56,673	)		310,383
Change in net unrealized gains (losses) on open contracts		(480,855	)		(523,199	)
Total trading results		(537,528	)		(212,816	)
Net income (loss)		(623,006	)		(423,980	)
Subscriptions		976,909			11,813,481
Redemptions		(2,215,313	)		(5,287,483	)
Distribution of interest income to feeder funds		(1,821	)		(6,604	)
Net increase (decrease) in Partners’ Capital		(1,863,231	)		6,095,414
Partners’ Capital, beginning of period		39,046,990			31,088,345
Partners’ Capital, end of period	$	37,183,759		$	37,183,759

Rabar Master Fund L.P. [Member]

Summary of Valuation of Master's Investments

The following tables summarize the valuation of the Master’s investments as of June 30, 2013 and December 31, 2012, respectively.

June 30, 2013	Gross Amounts Recognized		Gross Amounts Offset in the Statement of Financial Condition			Net Amounts Presented in the Statement of Financial Condition
Assets
Futures	$	183,537	$	(65,741	)	$	117,796
Forwards		16,216		(179,713	)		(163,497	)
Total assets	$	199,753	$	(245,454	)	$	(45,701	)
Liabilities
Futures	$	99,392	$	(186,579	)	$	(87,187	)
Forwards		244,288		(47,967	)		196,321
Total liabilities	$	343,680	$	(234,546	)	$	109,134
Net unrealized appreciation on open futures contracts						$	30,609
Net unrealized appreciation on open forward contracts							32,824
Total net unrealized gain (loss) on total contracts						$	63,433
December 31, 2012	Gross Amounts Recognized		Gross Amounts Offset in the Statement of Financial Condition			Net Amounts Presented in the Statement of Financial Condition
Assets
Futures	$	531,939	$	(237,753	)	$	294,186
Forwards		52,692		(47,171	)		5,521
Total assets	$	584,631	$	(284,924	)	$	299,707
Liabilities
Futures	$	320,283	$	(6,042	)	$	314,241
Forwards		9,549		(36,865	)		(27,316	)
Total liabilities	$	329,832	$	(42,907	)	$	286,925
Net unrealized appreciation on open futures contracts						$	608,427
Net unrealized depreciation on open forward contracts							(21,795	)
Total net unrealized gain (loss) on total contracts						$	586,632

XML

Investment in Master - Statements of Financial Condition (Detail) (USD $)	Jun. 30, 2013	Dec. 31, 2012
Equity in trading account:
Cash	$ 18,245	$ 123,654
Net unrealized appreciation on open forward contracts		2,156
Total assets	28,887,168	31,215,455
Accrued expenses:
Total liabilities	577,937	898,361
Partners' Capital:
General Partner	316,273	434,271
Limited Partners	27,179.9267	27,530.6747
Total liabilities and partners' capital	28,887,168	31,215,455
Rabar Master Fund L.P. [Member]
Equity in trading account:
Cash	34,767,676	26,947,476
Cash margin	2,404,756	3,587,402
Total assets	37,235,865	31,143,305
Liabilities:
Net unrealized depreciation on open forward contracts		21,795
Accrued expenses:
Professional fees	52,106	25,500
Due to Westport		7,665
Total liabilities	52,106	54,960
Partners' Capital:
General Partner
Limited Partners	37,183,759	31,088,345
Total liabilities and partners' capital	37,235,865	31,143,305
Rabar Master Fund L.P. [Member] | Futures Contracts [Member]
Equity in trading account:
Net unrealized appreciation on open forward contracts	30,609	608,427
Rabar Master Fund L.P. [Member] | Forward Contracts [Member]
Equity in trading account:
Net unrealized appreciation on open forward contracts	$ 32,824	$ (21,795)

XML

Investment in Master - Additional Information (Detail) (USD $)	3 Months Ended		6 Months Ended			12 Months Ended	3 Months Ended	6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013 Master [Member]	Nov. 30, 2012 Master [Member]	Jun. 30, 2013 Rabar Master Fund L.P. [Member]	Jun. 30, 2013 Rabar Master Fund L.P. [Member]	Dec. 31, 2012 Rabar Master Fund L.P. [Member]
Schedule of Investments [Line Items]
Assets invested in JWH Master					80.00%
Partnership purchased			29,209.3894
Cash paid			$ 39,540,753					$ 31,143,887
Investment redeemed	$ 658,335	$ 4,496,722	$ 1,986,941	$ 6,985,328		$ 28,623,928	$ 2,215,313	$ 5,287,483
Percent of partnership							77.60%	77.60%	100.00%

XML

Investment in Master - Trading Gains and Losses, by Market Sector, on Derivative Instruments (Detail) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
Trading Activity, Gains and Losses, Net [Line Items]
Gain (loss) from trading	$ (426,617)	$ 1,419,421	$ (187,570)	$ (6,302,307)
Currencies [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Gain (loss) from trading		(392,113)		(533,541)
Energy [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Gain (loss) from trading		(66,180)		239,889
Grains [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Gain (loss) from trading		(30,596)		(24,575)
Indices [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Gain (loss) from trading		(251,515)		(76,369)
Interest Rates U.S. [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Gain (loss) from trading		71,340		(8,182)
Interest Rates Non - U.S. [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Gain (loss) from trading		132,298		135,702
Livestock [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Gain (loss) from trading		(6,510)		14,660
Metals [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Gain (loss) from trading		51,428		(38,245)
Softs [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Gain (loss) from trading		32,581		24,568
Rabar Master Fund L.P. [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Gain (loss) from trading	(537,528)		(212,816)
Rabar Master Fund L.P. [Member] | Currencies [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Gain (loss) from trading	(282,484)		(192,421)
Rabar Master Fund L.P. [Member] | Energy [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Gain (loss) from trading	(544,381)		(757,321)
Rabar Master Fund L.P. [Member] | Grains [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Gain (loss) from trading	467,276		110,004
Rabar Master Fund L.P. [Member] | Indices [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Gain (loss) from trading	(383,804)		266,342
Rabar Master Fund L.P. [Member] | Interest Rates U.S. [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Gain (loss) from trading	(3,861)		(96,659)
Rabar Master Fund L.P. [Member] | Interest Rates Non - U.S. [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Gain (loss) from trading	(540,003)		(421,345)
Rabar Master Fund L.P. [Member] | Livestock [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Gain (loss) from trading	242,135		407,461
Rabar Master Fund L.P. [Member] | Metals [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Gain (loss) from trading	840,636		549,926
Rabar Master Fund L.P. [Member] | Softs [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Gain (loss) from trading	$ (333,042)		$ (78,803)

XML

Investment in Master - Derivative Instruments Priced at Fair Value Using Unobservable Inputs (Detail) (USD $)	Jun. 30, 2013	Dec. 31, 2012
Assets
Total assets		$ 31,091,801
Liabilities
Net fair value	28,868,923	31,091,801
Rabar Master Fund L.P. [Member]
Assets
Total assets	543,435	914,465
Liabilities
Total liabilities	480,002	327,833
Net fair value	63,433	586,632
Rabar Master Fund L.P. [Member] | Futures Contracts [Member]
Assets
Derivative Assets	282,930	852,223
Liabilities
Derivatives liabilities	252,321	243,796
Rabar Master Fund L.P. [Member] | Forward Contracts [Member]
Assets
Derivative Assets	260,505	62,242
Liabilities
Derivatives liabilities	227,681	84,037
Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) [Member]
Assets
Total assets		2,156
Liabilities
Net fair value		2,156
Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) [Member] | Rabar Master Fund L.P. [Member]
Assets
Total assets	450,784	872,099
Liabilities
Total liabilities	380,426	282,156
Net fair value	70,358	589,943
Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) [Member] | Rabar Master Fund L.P. [Member] | Futures Contracts [Member]
Assets
Derivative Assets	282,930	852,223
Liabilities
Derivatives liabilities	252,321	243,796
Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) [Member] | Rabar Master Fund L.P. [Member] | Forward Contracts [Member]
Assets
Derivative Assets	167,854	19,876
Liabilities
Derivatives liabilities	128,105	38,360
Significant Other Observable Inputs (Level 2) [Member]
Assets
Total assets		31,089,645
Liabilities
Net fair value	28,868,923	31,089,645
Significant Other Observable Inputs (Level 2) [Member] | Rabar Master Fund L.P. [Member]
Assets
Total assets	92,651	42,366
Liabilities
Total liabilities	99,576	45,677
Net fair value	(6,925)	(3,311)
Significant Other Observable Inputs (Level 2) [Member] | Rabar Master Fund L.P. [Member] | Forward Contracts [Member]
Assets
Derivative Assets	92,651	42,366
Liabilities
Derivatives liabilities	$ 99,576	$ 45,677

XML

Fair Value Measurements - Derivative Instruments Priced at Fair Value Using Unobservable Inputs (Detail) (USD $)	Jun. 30, 2013	Dec. 31, 2012
Assets
Investment in Master	$ 28,868,923	$ 31,089,645
Total assets		31,091,801
Net fair value	28,868,923	31,091,801
Net fair value	28,868,923	31,091,801
Forward Contracts [Member]
Assets
Forwards		2,156
Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) [Member]
Assets
Total assets		2,156
Net fair value		2,156
Net fair value		2,156
Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) [Member] | Forward Contracts [Member]
Assets
Forwards		2,156
Significant Other Observable Inputs (Level 2) [Member]
Assets
Investment in Master	28,868,923	31,089,645
Total assets		31,089,645
Net fair value	28,868,923	31,089,645
Net fair value	$ 28,868,923	$ 31,089,645

XML

Statements of Income and Expenses and Changes in Partners' Capital (Parenthetical) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
Partner's capital, units outstanding	27,487.0146	33,363.7278	27,487.0146	33,363.7278
JWH Master and/or Rabar Master [Member]
Clearing fees	$ 48,408	$ 25,778	$ 91,033	$ 49,331
Professional fees	$ 18,965	$ 17,398	$ 74,884	$ 31,109

XML

Financial Highlights

6 Months Ended

Jun. 30, 2013

Financial Highlights

2.    Financial Highlights:

Changes in the net asset value per unit for the three and six months ended June 30, 2013 and 2012 were as follows:

	Three Months Ended June 30,						Six Months Ended June 30,
	2013			2012			2013			2012
Net realized and unrealized gains (losses)*	$	(30.84	)	$	22.94		$	(38.49	)	$	(200.76	)
Interest income		0.06			0.14			0.18			0.25
Expenses**		(8.84	)		(9.21	)		(17.22	)		(18.08	)
Increase (decrease) for the period		(39.62	)		13.87			(55.53	)		(218.59	)
Net asset value per unit, beginning of period		1,069.53			1,283.76			1,085.44			1,516.22
Net asset value per unit, end of period	$	1,029.91		$	1,297.63		$	1,029.91		$	1,297.63

*    Includes brokerage fees and clearing fees.

**  Excludes brokerage fees and clearing fees.

	Three Months Ended June 30,						Six Months Ended June 30,
	2013			2012			2013			2012
Ratios to average net assets:***
Net investment income (loss)		(9.3	)%		(8.5	)%		(9.2	)%		(8.3	)%
Incentive fees		0.0	%		0.0	%		0.0	%		0.0	%
Net investment income (loss) before incentive fees****		(9.3	)%		(8.5	)%		(9.2	)%		(8.3	)%
Operating expense		9.4	%		8.6	%		9.3	%		8.3	%
Incentive fees		0.0	%		0.0	%		0.0	%		0.0	%
Total expenses		9.4	%		8.6	%		9.3	%		8.3	%
Total return:
Total return before incentive fees		(3.7	)%		1.1	%		(5.1	)%		(14.4	)%
Incentive fees		0.0	%		0.0	%		0.0	%		0.0	%
Total return after incentive fees		(3.7	)%		1.1	%		(5.1	)%		(14.4	)%

*** Annualized (other than incentive fees).

**** Interest income less total expenses.

The above ratios may vary for individual investors based on the timing of capital transactions during the period. Additionally, these ratios are calculated for the limited partner class using the limited partners’ share of income, expenses and average net assets.

XML

Investment in Master

6 Months Ended

Jun. 30, 2013

Investment in Master

5.    Investment in Master:

On January 2, 2008, 80% of the assets allocated to the Advisor for trading were invested in JWH Master Fund LLC (“JWH Master”), a limited liability company organized under the laws of the State of New York. The Partnership purchased 29,209.3894 units of JWH Master (each, a “Unit of Member Interest”) with cash equal to $39,540,753. JWH Master was formed in order to permit accounts managed by JWH using the Global Analytics Program, a proprietary, systematic trading system, to invest together in one trading vehicle. The General Partner was the managing member of JWH Master. Individual and pooled accounts managed by JWH, including the Partnership, were permitted to be non-managing members of JWH Master. The General Partner and JWH believed that trading through this structure promoted efficiency and economy in the trading process. The Partnership fully redeemed its investment in JWH Master on November 30, 2012 for cash equal to $28,623,928. JWH also traded a portion of the Partnership’s assets directly, pursuant to JWH Diversified Plus Program, a proprietary, systematic trading system. The Partnership ceased allocating assets to be traded directly by JWH pursuant to the JWH Diversified Plus Program effective November 30, 2012.

Effective December 1, 2012, the Partnership allocated substantially all of its capital to Rabar Master, a limited liability partnership organized under the partnership laws of the State of Delaware. The Partnership purchased an interest in Rabar Master with cash equal to $31,143,887. Rabar Master permits accounts managed now and in the future by the Advisor using the Diversified Program, a propriety, systematic trading program, to invest together in one trading vehicle. The General Partner is also the general partner of Rabar Master. Rabar Master’s commodity broker is CGM. Individual and pooled accounts currently managed by the Advisor, including the Partnership, are permitted to be limited partners of Rabar Master. The General Partner and the Advisor believe that trading through this master-feeder structure promotes efficiency and economy in the trading process. Expenses to investors as a result of the investment in Rabar Master are approximately the same and redemption rights are not affected.

The General Partner is not aware of any material changes to the trading program discussed above during the fiscal quarter ended June 30, 2013.

For the period January 1, 2010 to November 30, 2012 all trading was conducted either directly or through JWH Master. For the period December 1, 2012 to June 30, 2013 all trading was conducted through Rabar Master. As such, references in this report to the “Master” refers to JWH Master and/or Rabar Master, as applicable.

Rabar Master’s trading of futures and forward contracts, if applicable, on commodities is done primarily on U.S. commodity exchanges and foreign commodity exchanges. The Master engages in such trading through commodity brokerage accounts maintained by CGM and/or MS&Co.

A limited partner of the Master may withdraw all or part of its capital contributions and undistributed profits, if any, from the Master as of the end of any day (the “Redemption Date”) after a request for redemption has been made to the General Partner at least 3 days in advance of the Redemption Date. Such withdrawals are classified as a liability when the limited partner elects to redeem and informs the Master.

Management and incentive fees are charged at the Partnership level. All exchange, clearing, service, user, give-up, floor brokerage, and National Futures Association fees (collectively, the “clearing fees”) are borne by the Partnership directly and through its investment in the Master. All other fees including CGM’s direct brokerage fees are charged at the Partnership level.

As of June 30, 2013, the Partnership owned approximately 77.6% of the Master. As of December 31, 2012, the Partnership owned approximately 100% of the Master. The Partnership intends to continue to invest all of its assets in the Master. The performance of the Partnership is directly affected by the performance of the Master.

The Master’s Statements of Financial Condition and Condensed Schedules of Investments as of June 30, 2013 and December 31, 2012 and Statements of Income and Expenses and Changes in Partners’ Capital for the three and six months ended June 30, 2013, are presented below:

Rabar Master Fund L. P.

Statements of Financial Condition

	(Unaudited) June 30,		December 31,
	2013		2012
Assets:
Equity in trading account:
Cash	$	34,767,676	$	26,947,476
Cash margin		2,404,756		3,587,402
Net unrealized appreciation on open futures contracts		30,609		608,427
Net unrealized appreciation on open forward contracts		32,824		—
Total assets	$	37,235,865	$	31,143,305
Liabilities and Partners’ Capital:
Liabilities:
Net unrealized depreciation on open forward contracts	$	—	$	21,795
Accrued expenses:
Professional fees		52,106		25,500
Due to Westport		—		7,665
Total liabilities		52,106		54,960
Partners’ Capital:
General Partner		—		—
Limited Partners		37,183,759		31,088,345
Total liabilities and partners’ capital	$	37,235,865	$	31,143,305

Rabar Master Fund L.P.

Condensed Schedule of Investments

June 30, 2013

(Unaudited)

	Notional $/ Number of Contracts		Fair Value			% of Partners’ Capital
Futures Contracts Purchased
Currencies		48	$	(15,100	)		(0.04	)%
Energy		37		14,926			0.04
Grains		104		96,568			0.26
Indices		26		212			0.00	*
Livestock		44		22,450			0.06
Softs		4		(1,260	)		(0.00	)*
Total futures contracts purchased				117,796			0.32
Futures Contracts Sold
Currencies		69		(23,835	)		(0.06	)
Energy		3		1,527			0.00	*
Indices		1		(600	)		(0.00	)*
Interest Rates U.S.		146		(52,758	)		(0.14	)
Interest Rates Non-U.S.		485		(61,161	)		(0.16	)
Livestock		13		4,750			0.01
Metals		16		50,335			0.13
Softs		37		(5,445	)		(0.02	)
Total futures contracts sold				(87,187	)		(0.24	)
Unrealized Appreciation on Open Forward Contracts
Currencies	$	4,470,679		92,651			0.25
Metals		105		167,854			0.45
Total unrealized appreciation on open forward contracts				260,505			0.70
Unrealized Depreciation on Open Forward Contracts
Currencies	$	3,189,401		(99,576	)		(0.27	)
Metals		106		(128,105	)		(0.34	)
Total unrealized depreciation on open forward contracts				(227,681	)		(0.61	)
Net fair value			$	63,433			0.17	%

* Due to rounding

Rabar Master Fund L.P.

Condensed Schedule of Investments

December 31, 2012

	Notional ($)/ Number of Contracts		Fair Value			% of Partners’ Capital
Futures Contracts Purchased
Currencies		185	$	188,465			0.61	%
Energy		65		34,420			0.11
Grains		25		(23,350	)		(0.08	)
Indices		228		11,172			0.04
Interest Rates U.S.		104		15,484			0.05
Interest Rates Non - U.S.		663		70,971			0.23
Livestock		46		(13,488	)		(0.04	)
Metals		49		12,849			0.04
Softs		32		(2,337	)		(0.01	)
Total futures contracts purchased				294,186			0.95
Futures Contracts Sold
Currencies		51		268,984			0.87
Grains		43		32,588			0.10
Interest Rates Non - U.S.		22		(696	)		(0.00	)*
Livestock		5		1,000			0.00	*
Metals		1		1,065			0.00	*
Softs		5		11,300			0.04
Total futures contracts sold				314,241			1.01
Unrealized Appreciation on Open Forward Contracts
Currencies	$	9,080,279		42,366			0.14
Metals		29		19,876			0.06
Total unrealized appreciation on open forward contracts				62,242			0.20
Unrealized Depreciation on Open Forward Contracts
Currencies	$	8,659,321		(45,677	)		(0.15	)
Metals		18		(38,360	)		(0.12	)
Total unrealized depreciation on open forward contracts				(84,037	)		(0.27	)
Net fair value			$	586,632			1.89	%

* Due to rounding

Rabar Master Fund L. P.

Statement of Income and Expenses and Changes in Partners’ Capital

(Unaudited)

	Three Months Ended			Six Months Ended
	June 30, 2013			June 30, 2013
Investment Income:
Interest income	$	1,821		$	6,604
Total investment income		1,821			6,604
Expenses:
Clearing fees		62,621			119,058
Professional fees		24,678			98,710
Total expenses		87,299			217,768
Net investment income (loss)		(85,478	)		(211,164	)
Trading Results:
Net gains (losses) on trading of commodity interests:
Net realized gains (losses) on closed contracts		(56,673	)		310,383
Change in net unrealized gains (losses) on open contracts		(480,855	)		(523,199	)
Total trading results		(537,528	)		(212,816	)
Net income (loss)		(623,006	)		(423,980	)
Subscriptions		976,909			11,813,481
Redemptions		(2,215,313	)		(5,287,483	)
Distribution of interest income to feeder funds		(1,821	)		(6,604	)
Net increase (decrease) in Partners’ Capital		(1,863,231	)		6,095,414
Partners’ Capital, beginning of period		39,046,990			31,088,345
Partners’ Capital, end of period	$	37,183,759		$	37,183,759

The following tables summarize the valuation of the Master’s investments as of June 30, 2013 and December 31, 2012, respectively.

June 30, 2013	Gross Amounts Recognized		Gross Amounts Offset in the Statement of Financial Condition			Net Amounts Presented in the Statement of Financial Condition
Assets
Futures	$	183,537	$	(65,741	)	$	117,796
Forwards		16,216		(179,713	)		(163,497	)
Total assets	$	199,753	$	(245,454	)	$	(45,701	)
Liabilities
Futures	$	99,392	$	(186,579	)	$	(87,187	)
Forwards		244,288		(47,967	)		196,321
Total liabilities	$	343,680	$	(234,546	)	$	109,134
Net unrealized appreciation on open futures contracts						$	30,609
Net unrealized appreciation on open forward contracts							32,824
Total net unrealized gain (loss) on total contracts						$	63,433
December 31, 2012	Gross Amounts Recognized		Gross Amounts Offset in the Statement of Financial Condition			Net Amounts Presented in the Statement of Financial Condition
Assets
Futures	$	531,939	$	(237,753	)	$	294,186
Forwards		52,692		(47,171	)		5,521
Total assets	$	584,631	$	(284,924	)	$	299,707
Liabilities
Futures	$	320,283	$	(6,042	)	$	314,241
Forwards		9,549		(36,865	)		(27,316	)
Total liabilities	$	329,832	$	(42,907	)	$	286,925
Net unrealized appreciation on open futures contracts						$	608,427
Net unrealized depreciation on open forward contracts							(21,795	)
Total net unrealized gain (loss) on total contracts						$	586,632

The Master considers prices for exchange-traded commodity futures and forward contracts to be based on unadjusted quoted prices in active markets for identical assets and liabilities (Level 1). The values of non-exchange-traded forward contracts for which market quotations are not readily available are priced by broker-dealers that derive fair values for those assets and liabilities from observable inputs (Level 2). As of and for the periods ended June 30, 2013, and December 31, 2012, the Master did not hold any derivative instruments that were priced at fair value using unobservable inputs through the application of management’s assumptions and internal valuation pricing models (Level 3).

For the six months ended June 30, 2013 and for the year ended December 31, 2012, there were no transfers of assets or liabilities between Level 1 and Level 2.

	June 30, 2013		Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Assets
Futures	$	282,930	$	282,930	$	—		$	—
Forwards		260,505		167,854		92,651			—
Total assets	$	543,435	$	450,784	$	92,651		$	—
Liabilities
Futures	$	252,321	$	252,321	$	—		$	—
Forwards		227,681		128,105		99,576			—
Total liabilities		480,002		380,426		99,576			—
Net fair value	$	63,433	$	70,358	$	(6,925	)	$	—
	December 31, 2012		Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Assets
Futures	$	852,223	$	852,223	$	—		$	—
Forwards		62,242		19,876		42,366			—
Total assets	$	914,465	$	872,099	$	42,366		$	—
Liabilities
Futures	$	243,796	$	243,796	$	—		$	—
Forwards		84,037		38,360		45,677			—
Total liabilities		327,833		282,156		45,677			—
Net fair value	$	586,632	$	589,943	$	(3,311	)	$	—

Financial Highlights of the Master:

Ratios to average net assets for the three and six months ended June 30, 2013, were as follows:

	Three Months Ended			Six Months Ended
	June 30,			June 30,
	2013			2013
Ratios to average net assets:*
Net investment income (loss)**		(0.9	)%		(1.1	)%
Operating expenses		0.9	%		1.2	%
Total return		(1.7	)%		(0.4	)%

* Annualized.

** Interest income less total expenses.

The above ratios may vary for individual investors based on the timing of capital transactions during the period.

Additionally, these ratios are calculated for the limited partner class using the limited partners’ share of income, expenses and average net assets.

The following tables indicate the Master’s gross fair values of derivative instruments of futures and forward contracts as separate assets and liabilities as of June 30, 2013, and December 31, 2012.

	June 30, 2013
Assets
Futures Contracts
Currencies	$	39,297
Energy		36,737
Grains		109,576
Indices		4,065
Interest rates U.S.		62
Interest rates non-U.S.		14,108
Livestock		28,100
Metals		50,335
Softs		650
Total unrealized appreciation on open futures contracts	$	282,930
Liabilities
Futures Contracts
Currencies	$	(78,232	)
Energy		(20,284	)
Grains		(13,008	)
Indices		(4,453	)
Interest rates U.S.		(52,820	)
Interest rates non-U.S.		(75,269	)
Livestock		(900	)
Softs		(7,355	)
Total unrealized depreciation on open futures contracts	$	(252,321	)
Net unrealized appreciation on open futures contracts	$	30,609	*
	June 30, 2013
Assets
Forward Contracts
Currencies	$	92,651
Metals		167,854
Total unrealized appreciation on open forward contracts	$	260,505
Liabilities
Forward Contracts
Currencies	$	(99,576	)
Metals		(128,105	)
Total unrealized depreciation on open forward contracts	$	(227,681	)
Net unrealized appreciation on open forward contracts	$	32,824	**

* This amount is in “Net unrealized appreciation on open futures contracts” on the Master’s Statements of Financial Condition.

** This amount is in “Net unrealized appreciation on open forward contracts” on the Master’s Statements of Financial Condition.

	December 31, 2012
Assets
Futures Contracts
Currencies	$	531,967
Energy		50,339
Grains		36,788
Indices		82,744
Interest Rates Non-U.S.		100,828
Interest Rates U.S.		17,070
Livestock		1,000
Metals		20,187
Softs		11,300
Total unrealized appreciation on open futures contracts	$	852,223
Liabilities
Futures Contracts
Currencies	$	(74,519	)
Energy		(15,918	)
Grains		(27,550	)
Indices		(71,572	)
Interest Rates Non-U.S.		(30,553	)
Interest Rates U.S.		(1,586	)
Livestock		(13,488	)
Metals		(6,273	)
Softs		(2,337	)
Total unrealized depreciation on open futures contracts	$	(243,796	)
Net unrealized appreciation on open futures contracts	$	608,427	*
	December 31, 2012
Assets
Forward Contracts
Currencies	$	42,366
Metals		19,876
Total unrealized appreciation on open forward contracts	$	62,242
Liabilities
Forward Contracts
Currencies	$	(45,677	)
Metals		(38,360	)
Total unrealized depreciation on open forward contracts	$	(84,037	)
Net unrealized depreciation on open forward contracts	$	(21,795	)**

* This amount is in “Net unrealized appreciation on open futures contracts” on the Master’s Statement of Financial Condition.

** This amount is in “Net unrealized depreciation on open forward contracts” on the Master’s Statement of Financial Condition.

The following table indicates the Master’s total trading gains and losses, by market sector, on derivative instruments for the three and six months ended June 30, 2013.

	Three Months Ended			Six Months Ended
Sector	June 30, 2013			June 30, 2013
Currencies	$	(282,484	)	$	(192,421	)
Energy		(544,381	)		(757,321	)
Grains		467,276			110,004
Indices		(383,804	)		266,342
Interest Rates U.S.		(3,861	)		(96,659	)
Interest Rates non-U.S.		(540,003	)		(421,345	)
Livestock		242,135			407,461
Metals		840,636			549,926
Softs		(333,042	)		(78,803	)
Total	$	(537,528	)***	$	(212,816	)***

*** This amount is in “Total trading results” on the Master’s Statement of Income and Expenses and Changes in Partner’s Capital.

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Trading Activities

6 Months Ended

Jun. 30, 2013

Trading Activities

3.    Trading Activities:

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

During the second quarter of 2013, CMF Winton Master L.P. entered into brokerage account agreements with MS&Co. The Partnership, through its investment in the Master, will pay MS&Co. a service fee equal to $0.70 per round-turn for futures transactions, an equivalent amount for swaps, excluding forward foreign currency transactions, and $0.35 per side for option transactions, excluding foreign exchange options. CMF Winton Master L.P. expects to commence trading during June 2013.

Effective April 12, 2013, CMF Winton Master L.P. entered into a foreign exchange brokerage agreement with MS&Co. and commenced trading on or about May 1, 2013. The Partnership, through its investment in the Funds, will pay MS&Co. a foreign exchange prime brokerage fee equal to $4 per $1 million (notional) spot and forward foreign currency contracts transacted each month.

The customer agreements between the Partnership and Citigroup Global Markets, Inc (“CGM”) and the Master (as defined in Note 5 “Investment in Master”) and CGM/MS&Co give the Partnership and the Master, respectively, the legal right to net unrealized gains and losses on open futures and open forward contracts. The Partnership and the Master net, for financial reporting purposes, the unrealized gains and losses on open futures and on open forward contracts on the Statements of Financial Condition as the criteria under Accounting Standards Codification (“ASC”) 210-20, “Balance Sheet” have been met.

All of the commodity interests owned by the Partnership are held for trading purposes. The monthly average number of futures contracts traded directly by the Partnership during the three months ended June 30, 2012 were 270. The monthly average number of futures contracts traded directly by the Partnership during the six months ended June 30, 2013 and 2012 were 0 and 279, respectively. The monthly average number of metal forward contracts traded directly by the Partnership during the three months ended June 30, 2012 were 35. The monthly average number of metal forward contracts traded directly by the Partnership during the six months ended June 30, 2013 and 2012 were 1 and 32, respectively.

The monthly average number of futures contracts traded by the Master during the three and six months ended June 30, 2013 were 1,564 and 1,634, respectively. The monthly average number of metal forward contracts traded by the Master during the three and six months ended June 30, 2013 were 185 and 169, respectively. The monthly average notional values of currency forward contracts held by the Master during the three and six months ended June 30, 2013 were $36,220,524 and $34,147,444, respectively.

Brokerage fees are calculated as a percentage of the Partnership’s adjusted net asset value on the last day of each month and are affected by trading performance, subscriptions and redemptions.

On January 1, 2013, the Partnership adopted Accounting Standards Update (“ASU”) 2011-11, “Disclosure about Offsetting Assets and Liabilities” and ASU 2013-01, “Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities”. ASU 2011-11 created a new disclosure requirement about the nature of an entity’s rights to setoff and the related arrangements associated with its financial instruments and derivative instruments, while ASU 2013-01 clarified the types of instruments and transactions that are subject to the offsetting disclosure requirements established by ASU 2011-11. Entities are required to disclose both gross information and net information about both instruments and transactions eligible for offset in the statement of financial position and instruments and transactions subject to an agreement similar to a master netting arrangement. The objective of these disclosures is to facilitate comparison between those entities that prepare their financial statements on the basis of U.S. GAAP and those entities that prepare their financial statements on the basis of International Financial Reporting Standards (“IFRS”). The new guidance did not have a significant impact on the Partnership’s financial statements.

The following table summarizes the valuation of the Partnership’s direct investments as of December 31, 2012.

December 31, 2012	Gross Amounts Recognized		Gross Amounts Offset in the Statement of Financial Condition		Net Amounts Presented in the Statement of Financial Condition
Assets
Forwards	$	1,325	$	—	$	1,325
Total assets	$	1,325	$	—	$	1,325
Liabilities
Forwards	$	831	$	—	$	831
Total liabilities	$	831	$	—	$	831
Net unrealized appreciation on open forward contracts					$	2,156
Total net unrealized gain (loss) on total contracts					$	2,156

The following table indicates the Partnership’s gross fair values of derivative instruments of futures and forward contracts traded directly by the Partnership as separate assets and liabilities as of December 31, 2012.

	December 31, 2012
Assets
Forward Contracts
Metals	$	2,156
Net unrealized appreciation on open forward contracts	$	2,156	*

* This amount is in “Net unrealized appreciation on open forward contracts” on the Statements of Financial Condition.

The following table indicates the trading gains and losses, by market sector, on derivative instruments traded directly by the Partnership for the three and six months ended June 30, 2012.

	Three Months Ended June 30,			Six Months Ended June 30,
Sector	2012			2012
Currencies	$	(392,113	)	$	(533,541	)
Energy		(66,180	)		239,889
Grains		(30,596	)		(24,575	)
Indices		(251,515	)		(76,369	)
Interest Rates U.S.		71,340			(8,182	)
Interest Rates Non-U.S.		132,298			135,702
Livestock		(6,510	)		14,660
Metals		51,428			(38,245	)
Softs		32,581			24,568
Total	$	(459,267	)**	$	(266,093	)**

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

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Investment in Master - Statement of Condensed Schedules of Investments (Detail) (USD $)	Jun. 30, 2013	Dec. 31, 2012
Investment Holdings [Line Items]
Futures contracts purchased and sold, fair value	$ 28,868,923	$ 31,089,645
Unrealized appreciation on open forward contracts, fair value		2,156
Net fair value	28,868,923	31,091,801
Unrealized appreciation on open forward contracts, percentage of partners' capital		0.01%
Net fair value, percentage of partners' capital		102.56%
Metals [Member]
Investment Holdings [Line Items]
Unrealized appreciation on open forward contracts, Number of contracts		2
Unrealized appreciation on open forward contracts, fair value		2,156
Unrealized appreciation on open forward contracts, percentage of partners' capital		0.01%
Rabar Master Fund L.P. [Member]
Investment Holdings [Line Items]
Unrealized appreciation on open forward contracts, fair value	260,505	62,242
Net unrealized depreciation on open forward contracts	(227,681)	(84,037)
Net fair value	63,433	586,632
Unrealized appreciation on open forward contracts, percentage of partners' capital	0.70%	0.20%
Unrealized depreciation on open forward contracts, percentage of partners' capital	(0.61%)	(0.27%)
Net fair value, percentage of partners' capital	0.17%	1.89%
Rabar Master Fund L.P. [Member] | Currencies [Member]
Investment Holdings [Line Items]
Unrealized Appreciation on Open Forward Contracts, Notional value	4,470,679	9,080,279
Unrealized Depreciation on Open forward contracts, Notional value	3,189,401	8,659,321
Unrealized appreciation on open forward contracts, fair value	92,651	42,366
Net unrealized depreciation on open forward contracts	(99,576)	(45,677)
Unrealized appreciation on open forward contracts, percentage of partners' capital	0.25%	0.14%
Unrealized depreciation on open forward contracts, percentage of partners' capital	(0.27%)	(0.15%)
Rabar Master Fund L.P. [Member] | Metals [Member]
Investment Holdings [Line Items]
Unrealized appreciation on open forward contracts, Number of contracts	105	29
Unrealized Depreciation on Open Forward Contracts, Number of contracts	106	18
Unrealized appreciation on open forward contracts, fair value	167,854	19,876
Net unrealized depreciation on open forward contracts	(128,105)	(38,360)
Unrealized appreciation on open forward contracts, percentage of partners' capital	0.45%	0.06%
Unrealized depreciation on open forward contracts, percentage of partners' capital	(0.34%)	(0.12%)
Rabar Master Fund L.P. [Member] | Futures Contracts Purchased [Member]
Investment Holdings [Line Items]
Futures contracts purchased and sold, fair value	117,796	294,186
Futures contracts purchased and sold, percentage of partners' capital	0.32%	0.95%
Rabar Master Fund L.P. [Member] | Futures Contracts Purchased [Member] | Currencies [Member]
Investment Holdings [Line Items]
Futures contracts purchased and sold, number of contracts	48	185
Futures contracts purchased and sold, fair value	(15,100)	188,465
Futures contracts purchased and sold, percentage of partners' capital	(0.04%)	0.61%
Rabar Master Fund L.P. [Member] | Futures Contracts Purchased [Member] | Energy [Member]
Investment Holdings [Line Items]
Futures contracts purchased and sold, number of contracts	37	65
Futures contracts purchased and sold, fair value	14,926	34,420
Futures contracts purchased and sold, percentage of partners' capital	0.04%	0.11%
Rabar Master Fund L.P. [Member] | Futures Contracts Purchased [Member] | Grains [Member]
Investment Holdings [Line Items]
Futures contracts purchased and sold, number of contracts	104	25
Futures contracts purchased and sold, fair value	96,568	(23,350)
Futures contracts purchased and sold, percentage of partners' capital	0.26%	(0.08%)
Rabar Master Fund L.P. [Member] | Futures Contracts Purchased [Member] | Indices [Member]
Investment Holdings [Line Items]
Futures contracts purchased and sold, number of contracts	26	228
Futures contracts purchased and sold, fair value	212	11,172
Futures contracts purchased and sold, percentage of partners' capital	0.00%	0.04%
Rabar Master Fund L.P. [Member] | Futures Contracts Purchased [Member] | Interest Rates U.S. [Member]
Investment Holdings [Line Items]
Futures contracts purchased and sold, number of contracts		104
Futures contracts purchased and sold, fair value		15,484
Futures contracts purchased and sold, percentage of partners' capital		0.05%
Rabar Master Fund L.P. [Member] | Futures Contracts Purchased [Member] | Interest Rates Non - U.S. [Member]
Investment Holdings [Line Items]
Futures contracts purchased and sold, number of contracts		663
Futures contracts purchased and sold, fair value		70,971
Futures contracts purchased and sold, percentage of partners' capital		0.23%
Rabar Master Fund L.P. [Member] | Futures Contracts Purchased [Member] | Livestock [Member]
Investment Holdings [Line Items]
Futures contracts purchased and sold, number of contracts	44	46
Futures contracts purchased and sold, fair value	22,450	(13,488)
Futures contracts purchased and sold, percentage of partners' capital	0.06%	(0.04%)
Rabar Master Fund L.P. [Member] | Futures Contracts Purchased [Member] | Metals [Member]
Investment Holdings [Line Items]
Futures contracts purchased and sold, number of contracts		49
Futures contracts purchased and sold, fair value		12,849
Futures contracts purchased and sold, percentage of partners' capital		0.04%
Rabar Master Fund L.P. [Member] | Futures Contracts Purchased [Member] | Softs [Member]
Investment Holdings [Line Items]
Futures contracts purchased and sold, number of contracts	4	32
Futures contracts purchased and sold, fair value	(1,260)	(2,337)
Futures contracts purchased and sold, percentage of partners' capital	0.00%	(0.01%)
Rabar Master Fund L.P. [Member] | Futures Contracts Sold [Member]
Investment Holdings [Line Items]
Futures contracts purchased and sold, fair value	(87,187)	314,241
Futures contracts purchased and sold, percentage of partners' capital	(0.24%)	1.01%
Rabar Master Fund L.P. [Member] | Futures Contracts Sold [Member] | Currencies [Member]
Investment Holdings [Line Items]
Futures contracts purchased and sold, number of contracts	69	51
Futures contracts purchased and sold, fair value	(23,835)	268,984
Futures contracts purchased and sold, percentage of partners' capital	(0.06%)	0.87%
Rabar Master Fund L.P. [Member] | Futures Contracts Sold [Member] | Energy [Member]
Investment Holdings [Line Items]
Futures contracts purchased and sold, number of contracts	3
Futures contracts purchased and sold, fair value	1,527
Futures contracts purchased and sold, percentage of partners' capital	0.00%
Rabar Master Fund L.P. [Member] | Futures Contracts Sold [Member] | Grains [Member]
Investment Holdings [Line Items]
Futures contracts purchased and sold, number of contracts		43
Futures contracts purchased and sold, fair value		32,588
Futures contracts purchased and sold, percentage of partners' capital		0.10%
Rabar Master Fund L.P. [Member] | Futures Contracts Sold [Member] | Indices [Member]
Investment Holdings [Line Items]
Futures contracts purchased and sold, number of contracts	1
Futures contracts purchased and sold, fair value	(600)
Futures contracts purchased and sold, percentage of partners' capital	0.00%
Rabar Master Fund L.P. [Member] | Futures Contracts Sold [Member] | Interest Rates U.S. [Member]
Investment Holdings [Line Items]
Futures contracts purchased and sold, number of contracts	146
Futures contracts purchased and sold, fair value	(52,758)
Futures contracts purchased and sold, percentage of partners' capital	(0.14%)
Rabar Master Fund L.P. [Member] | Futures Contracts Sold [Member] | Interest Rates Non - U.S. [Member]
Investment Holdings [Line Items]
Futures contracts purchased and sold, number of contracts	485	22
Futures contracts purchased and sold, fair value	(61,161)	(696)
Futures contracts purchased and sold, percentage of partners' capital	(0.16%)	0.00%
Rabar Master Fund L.P. [Member] | Futures Contracts Sold [Member] | Livestock [Member]
Investment Holdings [Line Items]
Futures contracts purchased and sold, number of contracts	13	5
Futures contracts purchased and sold, fair value	4,750	1,000
Futures contracts purchased and sold, percentage of partners' capital	0.01%	0.00%
Rabar Master Fund L.P. [Member] | Futures Contracts Sold [Member] | Metals [Member]
Investment Holdings [Line Items]
Futures contracts purchased and sold, number of contracts	16	1
Futures contracts purchased and sold, fair value	50,335	1,065
Futures contracts purchased and sold, percentage of partners' capital	0.13%	0.00%
Rabar Master Fund L.P. [Member] | Futures Contracts Sold [Member] | Softs [Member]
Investment Holdings [Line Items]
Futures contracts purchased and sold, number of contracts	37	5
Futures contracts purchased and sold, fair value	$ (5,445)	$ 11,300
Futures contracts purchased and sold, percentage of partners' capital	(0.02%)	0.04%

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Investment in Master - Ratios to Average Net Assets (Detail)	3 Months Ended		6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
Ratios to average net assets:
Net investment income (loss)	(9.30%)	(8.50%)	(9.20%)	(8.30%)
Operating expenses	9.40%	8.60%	9.30%	8.30%
Rabar Master Fund L.P. [Member]
Ratios to average net assets:
Net investment income (loss)	(0.90%)		(1.10%)
Operating expenses	0.90%		1.20%
Total return	(1.70%)		(0.40%)

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Statements of Financial Condition (Parenthetical)	Jun. 30, 2013	Dec. 31, 2012
General partner's capital, units outstanding	307.0879	400.0879
Limited partner's capital, units outstanding	27,179.9267	27,530.6747

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Critical Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2013

Use of Estimates

Use of Estimates. The preparation of financial statements and accompanying notes in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, income and expenses, and related disclosures of contingent assets and liabilities in the financial statements and accompanying notes. As a result, actual results could differ from these estimates.

Partnership's and the Master's Investments

Partnership’s and the Master’s Investments. All commodity interests held by the Partnership and the Master including derivative financial instruments and derivative commodity instruments are held for trading purposes. The commodity interests are recorded on the trade date and open contracts are recorded at fair value (as described below) at the measurement date. Investments in commodity interests denominated in foreign currencies are translated into U.S. dollars at the exchange rates prevailing at the measurement date. Gains or losses are realized when contracts are liquidated. Unrealized gains or losses on open contracts are included as a component of equity in commodity futures trading account on the Statements of Financial Condition. Net realized gains or losses and any change in net unrealized gains or losses from the preceding period are reported in the Statements of Income and Expenses and Changes in Partners’ Capital.

Partnership's and the Master's Fair Value Measurements

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

GAAP also requires the use of judgment in determining if a formerly active market has become inactive and in determining fair values when the market has become inactive. Management has concluded that based on available information in the marketplace, there has not been a significant decrease in the volume and level of activity in the Partnership’s Level 2 assets and liabilities.

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

The Partnership and the Master consider prices for exchange-traded commodity futures, forward and option contracts to be based on unadjusted quoted prices in active markets for identical assets and liabilities (Level 1). The values of non-exchange-traded forward and option contracts for which market quotations are not readily available are priced by broker-dealers that derive fair values for those assets and liabilities from observable inputs (Level 2). Investments in the Master or (other commodity pools) where there are no other rights or obligations inherent within the ownership interest held by the Partnership are priced based on the end of the day net asset value (Level 2). The value of the Partnership’s investment in the Master reflects its proportional interest in the Master. As of and for the periods ended June 30, 2013 and December 31, 2012, the Partnership and the Master did not hold any derivative instruments that were priced at fair value using unobservable inputs through the application of management’s assumptions and internal valuation pricing models (Level 3). During the six months ended June 30, 2013 and for the year ended December 31, 2012, there were no transfers of assets or liabilities between Level 1 and Level 2.

Futures Contracts

Futures Contracts. The Partnership and the Master trade futures contracts. A futures contract is a firm commitment to buy or sell a specified quantity of investments, currency or a standardized amount of a deliverable grade commodity, at a specified price on a specified future date, unless the contract is closed before the delivery date or if the delivery quantity is something where physical delivery cannot occur (such as the S&P 500 Index), whereby such contract is settled in cash. Payments (“variation margin”) may be made or received by the Partnership and the Master each business day, depending on the daily fluctuations in the value of the underlying contracts, and are recorded as unrealized gains or losses by the Partnership and the Master. When the contract is closed, the Partnership and the Master record a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Transactions in futures contracts require participants to make both initial margin deposits of cash or other assets and variation margin deposits, through the futures broker, directly with the exchange on which the contracts are traded. Net realized gains (losses) and changes in net unrealized gains (losses) on futures contracts are included in the Statements of Income and Expenses and Changes in Partners’ Capital.

Forward Foreign Currency Contracts

Forward Foreign Currency Contracts. Forward foreign currency contracts are those contracts where the Master agrees to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed future date. Forward foreign currency contracts are valued daily, and the Master’s net equity therein, representing unrealized gain or loss on the contracts as measured by the difference between the forward foreign exchange rates at the dates of entry into the contracts and the forward rates at the reporting date, is included in the Statements of Financial Condition. Net realized gains (losses) and changes in net unrealized gains (losses) on foreign currency contracts are recognized in the period in which the contract is closed or the changes occur, respectively, and are included in the Statements of Income and Expenses and Changes in Partners’ Capital.

The Partnership and the Master do not isolate the portion of the results of operations arising from the effect of changes in foreign exchange rates on investments due to fluctuations from changes in market prices of investments held. Such fluctuations are included in net income (loss) on investments in the Statements of Income and Expenses and Changes in Partners’ Capital.

London Metals Exchange Forward Contracts

London Metals Exchange Forward Contracts. Metal contracts traded on the London Metals Exchange (“LME”) represent a firm commitment to buy or sell a specified quantity of aluminum, copper, lead, nickel, tin or zinc. LME contracts traded by the Partnership and the Master are cash settled based on prompt dates published by the LME. Payments (“variation margin”) may be made or received by the Partnership and the Master each business day, depending on the daily fluctuations in the value of the underlying contracts, and are recorded as unrealized gains or losses by the Partnership and the Master. A contract is considered offset when all long positions have been matched with a like number of short positions settling on the same prompt date. When the contract is closed at the prompt date, the Partnership and the Master record a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Transactions in LME contracts require participants to make both initial margin deposits of cash or other assets and variation margin deposits, through the broker, directly with the LME. Net realized gains (losses) and changes in net unrealized gains (losses) on metal contracts are included in the Statements of Income and Expenses and Changes in Partners’ Capital.

Income Taxes

Income Taxes. Income taxes have not been provided as each partner is individually liable for the taxes, if any, on its share of the Partnership’s income and expenses.

GAAP provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements and requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Partnership’s financial statements to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions with respect to tax at the Partnership level not deemed to meet the “more-likely-than-not” threshold would be recorded as a tax benefit or expense in the current year. The General Partner concluded that no provision for income tax is required in the Partnership’s financial statements.

The Partnership files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The 2009 through 2012 tax years remain subject to examination by U.S. federal and most state tax authorities. The General Partner does not believe that there are any uncertain tax positions that require recognition of a tax liability.

Subsequent Events

Subsequent Events. The General Partner evaluates events that occur after the balance sheet date but before financial statements are issued. The General Partner has assessed the subsequent events through the date of issuance and determined that there were no subsequent events requiring adjustment of or disclosure in the financial statements.

Recent Accounting Pronouncements

Recent Accounting Pronouncements. In June 2013, the FASB issued ASU 2013-08, “Financial Services — Investments Companies (Topic 946): Amendments to the Scope, Measurement and Disclosure Requirements”. ASU 2013-08 changes the approach to the investment company assessment, requires non-controlling ownership interests in other investment companies to be measured at fair value, and requires additional disclosures about the investment company’s status as an investment company. The amendments are effective for interim and annual reporting periods beginning after December 15, 2013. The Partnership is currently evaluating the impact this pronouncement would have on the financial statements.

Net Income (Loss) per unit

Net Income (Loss) per unit. Net income (loss) per unit is calculated in accordance with investment company guidance. See Note 2, “Financial Highlights.”

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Statements of Income and Expenses and Changes in Partners' Capital (USD $)	3 Months Ended				6 Months Ended
	Jun. 30, 2013		Jun. 30, 2012		Jun. 30, 2013		Jun. 30, 2012
Investment Income:
Interest income			$ 729				$ 1,327
Interest income from investment in Master	1,406		4,314		5,022		7,733
Total investment income	1,406		5,043		5,022		9,060
Expenses:
Brokerage fees including clearing fees	438,817	[1]	647,196	[1]	879,596	[1]	1,324,914	[1]
Management fees	147,766		233,650		298,570		479,609
Other	96,390	[2]	87,821	[2]	178,144	[2]	174,227	[2]
Total expenses	682,973		968,667		1,356,310		1,978,750
Net investment income (loss)	(681,567)		(963,624)		(1,351,288)		(1,969,690)
Net gains (losses) on trading of commodity interests and investment in Master
Net realized gains (losses) on closed contracts			(244,390)		2,156		118,972
Net realized gains (losses) on investment in Master	(47,003)		1,972,758		230,841		(3,687,474)
Change in net unrealized gains (losses) on open contracts			(214,877)		(2,156)		(385,065)
Change in net unrealized gains (losses) on investment in Master	(379,614)		(94,070)		(418,411)		(2,348,740)
Total trading results	(426,617)		1,419,421		(187,570)		(6,302,307)
Net income (loss)	(1,108,184)		455,797		(1,538,858)		(8,271,997)
Subscriptions-Limited Partners	926,909		965,000		1,618,064		2,970,000
Redemptions-Limited Partners	(658,335)		(4,496,722)		(1,986,941)		(6,985,328)
Redemptions-General Partner					(100,128)
Net increase (decrease) in Partners' Capital	(839,610)		(3,075,925)		(2,007,863)		(12,287,325)
Partners' Capital, beginning of period	29,148,841		46,369,807		30,317,094		55,581,207
Partners' Capital, end of period	$ 28,309,231		$ 43,293,882		$ 28,309,231		$ 43,293,882
Net asset value per unit (27,487.0146 and 33,363.7287 units outstanding at June 30, 2013 and 2012, respectively)	1,029.91		1,297.63		1,029.91		1,297.63
Net income (loss) per unit	$ (39.62)	[3]	$ 13.87	[3]	$ (55.53)	[3]	$ (218.59)	[3]
Weighted average units outstanding	27,662.0176		34,963.3288		27,693.6001		36,205.0583

[1] Three months ended 2013 and 2012 includes $48,408 and $25,778 of clearing fees allocated from the Master. Six months ended 2013 and 2012 includes $91,033 and $49,331 of clearing fees allocated from the Master.

[2] Three months ended 2013 and 2012 includes $18,965 and $17,398 of Professional fees allocated from the Master. Six months ended 2013 and 2012 includes $74,884 and $31,109 of Professional fees allocated from the Master.

[3] Based on change in net asset value per unit.

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Statements of Financial Condition (USD $)	Jun. 30, 2013	Dec. 31, 2012
Assets:
Investment in the Master, at fair value	$ 28,868,923	$ 31,089,645
Equity in trading account:
Cash	18,245	123,654
Total assets	28,887,168	31,215,455
Accrued expenses:
Brokerage fees	126,381	136,558
Management fees	47,865	51,588
Other	41,890	123,654
Redemptions payable	361,801	586,561
Total liabilities	577,937	898,361
Partners' Capital:
General Partner, 307.0879 and 400.0879 unit equivalents outstanding at June 30, 2013 and December 31, 2012, respectively	316,273	434,271
Limited Partners, 27,179.9267 and 27,530.6747 Redeemable Units outstanding at June 30, 2013 and December 31, 2012, respectively	27,992,958	29,882,823
Total partners' capital	28,309,231	30,317,094
Total liabilities and partners' capital	28,887,168	31,215,455
Net asset value per unit	1,029.91	1,085.44
Forward Contracts [Member]
Equity in trading account:
Net unrealized appreciation on open forward contracts		$ 2,156

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Investment in Master - Statements of Income and Expenses (Detail) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
Investment Holdings [Line Items]
Interest income		$ 729		$ 1,327
Total investment income	1,406	5,043	5,022	9,060
Total expenses	682,973	968,667	1,356,310	1,978,750
Net investment income (loss)	(681,567)	(963,624)	(1,351,288)	(1,969,690)
Net realized gains (losses) on closed contracts		(244,390)	2,156	118,972
Change in net unrealized gains (losses) on open contracts		(214,877)	(2,156)	(385,065)
Total trading results	(426,617)	1,419,421	(187,570)	(6,302,307)
Net income (loss)	(1,108,184)	455,797	(1,538,858)	(8,271,997)
Redemptions	(658,335)	(4,496,722)	(1,986,941)	(6,985,328)
Net increase (decrease) in Partners' Capital	(839,610)	(3,075,925)	(2,007,863)	(12,287,325)
Partners' Capital, beginning of period	29,148,841	46,369,807	30,317,094	55,581,207
Partners' Capital, end of period	28,309,231	43,293,882	28,309,231	43,293,882
Rabar Master Fund L.P. [Member]
Investment Holdings [Line Items]
Interest income	1,821		6,604
Total investment income	1,821		6,604
Clearing fees	62,621		119,058
Professional fees	24,678		98,710
Total expenses	87,299		217,768
Net investment income (loss)	(85,478)		(211,164)
Net realized gains (losses) on closed contracts	(56,673)		310,383
Change in net unrealized gains (losses) on open contracts	(480,855)		(523,199)
Total trading results	(537,528)		(212,816)
Net income (loss)	(623,006)		(423,980)
Subscriptions	976,909		11,813,481
Redemptions	(2,215,313)		(5,287,483)
Distribution of interest income to feeder funds	(1,821)		(6,604)
Net increase (decrease) in Partners' Capital	(1,863,231)		6,095,414
Partners' Capital, beginning of period	39,046,990		31,088,345
Partners' Capital, end of period	$ 37,183,759		$ 37,183,759

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Trading Activities - Gross Fair Values of Derivative Instruments of Futures and Forward Contracts Traded (Detail) (USD $)	Dec. 31, 2012
Trading Activity, Gains and Losses, Net [Line Items]
Derivative instruments of futures and forward contracts, Assets	$ 2,156
Net unrealized appreciation/depreciation on open futures and forward contracts	2,156
Forward Contracts [Member] | Derivative Assets [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Net unrealized appreciation/depreciation on open futures and forward contracts	2,156
Forward Contracts [Member] | Derivative Assets [Member] | Metals [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Derivative instruments of futures and forward contracts, Assets	$ 2,156

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Financial Instrument Risks - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2013 Y
Derivative [Line Items]
General partner OTC minimum	0.00%
General partner OTC maximum	16.00%
Financial instruments maturity year	1

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Critical Accounting Policies

6 Months Ended

Jun. 30, 2013

Critical Accounting Policies

7.    Critical Accounting Policies:

Use of Estimates. The preparation of financial statements and accompanying notes in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, income and expenses, and related disclosures of contingent assets and liabilities in the financial statements and accompanying notes. As a result, actual results could differ from these estimates.

Partnership’s and the Master’s Investments. All commodity interests held by the Partnership and the Master including derivative financial instruments and derivative commodity instruments are held for trading purposes. The commodity interests are recorded on the trade date and open contracts are recorded at fair value (as described below) at the measurement date. Investments in commodity interests denominated in foreign currencies are translated into U.S. dollars at the exchange rates prevailing at the measurement date. Gains or losses are realized when contracts are liquidated. Unrealized gains or losses on open contracts are included as a component of equity in commodity futures trading account on the Statements of Financial Condition. Net realized gains or losses and any change in net unrealized gains or losses from the preceding period are reported in the Statements of Income and Expenses and Changes in Partners’ Capital.

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

GAAP also requires the use of judgment in determining if a formerly active market has become inactive and in determining fair values when the market has become inactive. Management has concluded that based on available information in the marketplace, there has not been a significant decrease in the volume and level of activity in the Partnership’s Level 2 assets and liabilities.

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

The Partnership and the Master consider prices for exchange-traded commodity futures, forward and option contracts to be based on unadjusted quoted prices in active markets for identical assets and liabilities (Level 1). The values of non-exchange-traded forward and option contracts for which market quotations are not readily available are priced by broker-dealers that derive fair values for those assets and liabilities from observable inputs (Level 2). Investments in the Master or (other commodity pools) where there are no other rights or obligations inherent within the ownership interest held by the Partnership are priced based on the end of the day net asset value (Level 2). The value of the Partnership’s investment in the Master reflects its proportional interest in the Master. As of and for the periods ended June 30, 2013 and December 31, 2012, the Partnership and the Master did not hold any derivative instruments that were priced at fair value using unobservable inputs through the application of management’s assumptions and internal valuation pricing models (Level 3). During the six months ended June 30, 2013 and for the year ended December 31, 2012, there were no transfers of assets or liabilities between Level 1 and Level 2.

Futures Contracts. The Partnership and the Master trade futures contracts. A futures contract is a firm commitment to buy or sell a specified quantity of investments, currency or a standardized amount of a deliverable grade commodity, at a specified price on a specified future date, unless the contract is closed before the delivery date or if the delivery quantity is something where physical delivery cannot occur (such as the S&P 500 Index), whereby such contract is settled in cash. Payments (“variation margin”) may be made or received by the Partnership and the Master each business day, depending on the daily fluctuations in the value of the underlying contracts, and are recorded as unrealized gains or losses by the Partnership and the Master. When the contract is closed, the Partnership and the Master record a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Transactions in futures contracts require participants to make both initial margin deposits of cash or other assets and variation margin deposits, through the futures broker, directly with the exchange on which the contracts are traded. Net realized gains (losses) and changes in net unrealized gains (losses) on futures contracts are included in the Statements of Income and Expenses and Changes in Partners’ Capital.

Forward Foreign Currency Contracts. Forward foreign currency contracts are those contracts where the Master agrees to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed future date. Forward foreign currency contracts are valued daily, and the Master’s net equity therein, representing unrealized gain or loss on the contracts as measured by the difference between the forward foreign exchange rates at the dates of entry into the contracts and the forward rates at the reporting date, is included in the Statements of Financial Condition. Net realized gains (losses) and changes in net unrealized gains (losses) on foreign currency contracts are recognized in the period in which the contract is closed or the changes occur, respectively, and are included in the Statements of Income and Expenses and Changes in Partners’ Capital.

The Partnership and the Master do not isolate the portion of the results of operations arising from the effect of changes in foreign exchange rates on investments due to fluctuations from changes in market prices of investments held. Such fluctuations are included in net income (loss) on investments in the Statements of Income and Expenses and Changes in Partners’ Capital.

London Metals Exchange Forward Contracts. Metal contracts traded on the London Metals Exchange (“LME”) represent a firm commitment to buy or sell a specified quantity of aluminum, copper, lead, nickel, tin or zinc. LME contracts traded by the Partnership and the Master are cash settled based on prompt dates published by the LME. Payments (“variation margin”) may be made or received by the Partnership and the Master each business day, depending on the daily fluctuations in the value of the underlying contracts, and are recorded as unrealized gains or losses by the Partnership and the Master. A contract is considered offset when all long positions have been matched with a like number of short positions settling on the same prompt date. When the contract is closed at the prompt date, the Partnership and the Master record a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Transactions in LME contracts require participants to make both initial margin deposits of cash or other assets and variation margin deposits, through the broker, directly with the LME. Net realized gains (losses) and changes in net unrealized gains (losses) on metal contracts are included in the Statements of Income and Expenses and Changes in Partners’ Capital.

Income Taxes. Income taxes have not been provided as each partner is individually liable for the taxes, if any, on its share of the Partnership’s income and expenses.

GAAP provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements and requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Partnership’s financial statements to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions with respect to tax at the Partnership level not deemed to meet the “more-likely-than-not” threshold would be recorded as a tax benefit or expense in the current year. The General Partner concluded that no provision for income tax is required in the Partnership’s financial statements.

The Partnership files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The 2009 through 2012 tax years remain subject to examination by U.S. federal and most state tax authorities. The General Partner does not believe that there are any uncertain tax positions that require recognition of a tax liability.

Subsequent Events. The General Partner evaluates events that occur after the balance sheet date but before financial statements are issued. The General Partner has assessed the subsequent events through the date of issuance and determined that there were no subsequent events requiring adjustment of or disclosure in the financial statements.

Recent Accounting Pronouncements. In June 2013, the FASB issued ASU 2013-08, “Financial Services — Investments Companies (Topic 946): Amendments to the Scope, Measurement and Disclosure Requirements”. ASU 2013-08 changes the approach to the investment company assessment, requires non-controlling ownership interests in other investment companies to be measured at fair value, and requires additional disclosures about the investment company’s status as an investment company. The amendments are effective for interim and annual reporting periods beginning after December 15, 2013. The Partnership is currently evaluating the impact this pronouncement would have on the financial statements.

Net Income (Loss) per unit. Net income (loss) per unit is calculated in accordance with investment company guidance. See Note 2, “Financial Highlights.”

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Investment in Master - Summary of Valuation of Master's Investments (Detail) (USD $)	Jun. 30, 2013	Dec. 31, 2012
Investment Holdings [Line Items]
Gross Amounts Recognized		$ 1,325
Gross Amounts Offset in the Statement of Financial Condition
Net Amounts Presented in the Statement of Financial Condition		1,325
Gross Amounts Recognized		831
Gross Amounts Offset in the Statement of Financial Condition
Net Amounts Presented in the Statement of Financial Condition		831
Net unrealized appreciation on open futures contracts		2,156
Net unrealized appreciation on open forward contracts		2,156
Total net unrealized gain (loss) on total contracts	28,868,923	31,091,801
Rabar Master Fund L.P. [Member]
Investment Holdings [Line Items]
Gross Amounts Recognized	199,753	584,631
Gross Amounts Offset in the Statement of Financial Condition	(245,454)	(284,924)
Net Amounts Presented in the Statement of Financial Condition	(45,701)	299,707
Gross Amounts Recognized	343,680	329,832
Gross Amounts Offset in the Statement of Financial Condition	(234,546)	(42,907)
Net Amounts Presented in the Statement of Financial Condition	109,134	286,925
Net unrealized appreciation on open forward contracts	260,505	62,242
Total net unrealized gain (loss) on total contracts	63,433	586,632
Net unrealized depreciation on open forward contracts		(21,795)
Rabar Master Fund L.P. [Member] | Futures Contracts [Member]
Investment Holdings [Line Items]
Gross Amounts Recognized	183,537	531,939
Gross Amounts Offset in the Statement of Financial Condition	(65,741)	(237,753)
Net Amounts Presented in the Statement of Financial Condition	117,796	294,186
Gross Amounts Recognized	99,392	320,283
Gross Amounts Offset in the Statement of Financial Condition	(186,579)	(6,042)
Net Amounts Presented in the Statement of Financial Condition	(87,187)	314,241
Net unrealized appreciation on open futures contracts	30,609	608,427
Rabar Master Fund L.P. [Member] | Forward Contracts [Member]
Investment Holdings [Line Items]
Gross Amounts Recognized	16,216	52,692
Gross Amounts Offset in the Statement of Financial Condition	(179,713)	(47,171)
Net Amounts Presented in the Statement of Financial Condition	(163,497)	5,521
Gross Amounts Recognized	244,288	9,549
Gross Amounts Offset in the Statement of Financial Condition	(47,967)	(36,865)
Net Amounts Presented in the Statement of Financial Condition	196,321	(27,316)
Net unrealized appreciation on open forward contracts	32,824
Net unrealized depreciation on open forward contracts		$ (21,795)

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Trading Activities (Tables)

6 Months Ended

Jun. 30, 2013

Summary of Valuation Partnership's Direct Investments

The following table summarizes the valuation of the Partnership’s direct investments as of December 31, 2012.

December 31, 2012	Gross Amounts Recognized		Gross Amounts Offset in the Statement of Financial Condition		Net Amounts Presented in the Statement of Financial Condition
Assets
Forwards	$	1,325	$	—	$	1,325
Total assets	$	1,325	$	—	$	1,325
Liabilities
Forwards	$	831	$	—	$	831
Total liabilities	$	831	$	—	$	831
Net unrealized appreciation on open forward contracts					$	2,156
Total net unrealized gain (loss) on total contracts					$	2,156

Gross Fair Values of Derivative Instruments of Futures and Forward Contracts Traded

The following table indicates the Partnership’s gross fair values of derivative instruments of futures and forward contracts traded directly by the Partnership as separate assets and liabilities as of December 31, 2012.

	December 31, 2012
Assets
Forward Contracts
Metals	$	2,156
Net unrealized appreciation on open forward contracts	$	2,156	*

* This amount is in “Net unrealized appreciation on open forward contracts” on the Statements of Financial Condition.

Trading Gains and Losses, by Market Sector, on Derivative Instruments

The following table indicates the trading gains and losses, by market sector, on derivative instruments traded directly by the Partnership for the three and six months ended June 30, 2012.

	Three Months Ended June 30,			Six Months Ended June 30,
Sector	2012			2012
Currencies	$	(392,113	)	$	(533,541	)
Energy		(66,180	)		239,889
Grains		(30,596	)		(24,575	)
Indices		(251,515	)		(76,369	)
Interest Rates U.S.		71,340			(8,182	)
Interest Rates Non-U.S.		132,298			135,702
Livestock		(6,510	)		14,660
Metals		51,428			(38,245	)
Softs		32,581			24,568
Total	$	(459,267	)**	$	(266,093	)**

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

Rabar Master Fund L.P. [Member]

Gross Fair Values of Derivative Instruments of Futures and Forward Contracts Traded

The following tables indicate the Master’s gross fair values of derivative instruments of futures and forward contracts as separate assets and liabilities as of June 30, 2013, and December 31, 2012.

	June 30, 2013
Assets
Futures Contracts
Currencies	$	39,297
Energy		36,737
Grains		109,576
Indices		4,065
Interest rates U.S.		62
Interest rates non-U.S.		14,108
Livestock		28,100
Metals		50,335
Softs		650
Total unrealized appreciation on open futures contracts	$	282,930
Liabilities
Futures Contracts
Currencies	$	(78,232	)
Energy		(20,284	)
Grains		(13,008	)
Indices		(4,453	)
Interest rates U.S.		(52,820	)
Interest rates non-U.S.		(75,269	)
Livestock		(900	)
Softs		(7,355	)
Total unrealized depreciation on open futures contracts	$	(252,321	)
Net unrealized appreciation on open futures contracts	$	30,609	*
	June 30, 2013
Assets
Forward Contracts
Currencies	$	92,651
Metals		167,854
Total unrealized appreciation on open forward contracts	$	260,505
Liabilities
Forward Contracts
Currencies	$	(99,576	)
Metals		(128,105	)
Total unrealized depreciation on open forward contracts	$	(227,681	)
Net unrealized appreciation on open forward contracts	$	32,824	**

* This amount is in “Net unrealized appreciation on open futures contracts” on the Master’s Statements of Financial Condition.

** This amount is in “Net unrealized appreciation on open forward contracts” on the Master’s Statements of Financial Condition.

	December 31, 2012
Assets
Futures Contracts
Currencies	$	531,967
Energy		50,339
Grains		36,788
Indices		82,744
Interest Rates Non-U.S.		100,828
Interest Rates U.S.		17,070
Livestock		1,000
Metals		20,187
Softs		11,300
Total unrealized appreciation on open futures contracts	$	852,223
Liabilities
Futures Contracts
Currencies	$	(74,519	)
Energy		(15,918	)
Grains		(27,550	)
Indices		(71,572	)
Interest Rates Non-U.S.		(30,553	)
Interest Rates U.S.		(1,586	)
Livestock		(13,488	)
Metals		(6,273	)
Softs		(2,337	)
Total unrealized depreciation on open futures contracts	$	(243,796	)
Net unrealized appreciation on open futures contracts	$	608,427	*
	December 31, 2012
Assets
Forward Contracts
Currencies	$	42,366
Metals		19,876
Total unrealized appreciation on open forward contracts	$	62,242
Liabilities
Forward Contracts
Currencies	$	(45,677	)
Metals		(38,360	)
Total unrealized depreciation on open forward contracts	$	(84,037	)
Net unrealized depreciation on open forward contracts	$	(21,795	)**

* This amount is in “Net unrealized appreciation on open futures contracts” on the Master’s Statement of Financial Condition.

** This amount is in “Net unrealized depreciation on open forward contracts” on the Master’s Statement of Financial Condition.

Trading Gains and Losses, by Market Sector, on Derivative Instruments

The following table indicates the Master’s total trading gains and losses, by market sector, on derivative instruments for the three and six months ended June 30, 2013.

	Three Months Ended			Six Months Ended
Sector	June 30, 2013			June 30, 2013
Currencies	$	(282,484	)	$	(192,421	)
Energy		(544,381	)		(757,321	)
Grains		467,276			110,004
Indices		(383,804	)		266,342
Interest Rates U.S.		(3,861	)		(96,659	)
Interest Rates non-U.S.		(540,003	)		(421,345	)
Livestock		242,135			407,461
Metals		840,636			549,926
Softs		(333,042	)		(78,803	)
Total	$	(537,528	)***	$	(212,816	)***

*** This amount is in “Total trading results” on the Master’s Statement of Income and Expenses and Changes in Partner’s Capital.

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Financial Instrument Risks

6 Months Ended

Jun. 30, 2013

Financial Instrument Risks

6.    Financial Instrument Risks:

In the normal course of business, the Partnership and the Master are parties to financial instruments with off-balance-sheet risk, including derivative financial instruments and derivative commodity instruments. These financial instruments may include forwards, futures, options and swaps, whose values are based upon an underlying asset, index, or reference rate, and generally represent future commitments to exchange currencies or cash balances, to purchase or sell other financial instruments on specific terms on specified future dates, or, in the case of derivative commodity instruments, to have a reasonable possibility to be settled in cash, through physical delivery or with another financial instrument. These instruments may be traded on an exchange or over-the-counter (“OTC”). Exchange-traded instruments are standardized and include futures and certain forward and option contracts. OTC contracts are negotiated between contracting parties and include certain forward, swaps and option contracts. Each of these instruments is subject to various risks similar to those relating to the underlying financial instruments, including market and credit risk. In general, the risks associated with OTC contracts are greater than those associated with exchange-traded instruments because of the greater risk of default by the counterparty to an OTC contract. The General Partner estimates at any given time approximately 0.0% to 16.0% of the Partnership’s/Master’s contracts are traded OTC.

The risk to the limited partners that have purchased Redeemable Units is limited to their share of the Partnership’s net assets and undistributed profits. This limited liability is a result of the organization of the Partnership as a limited partnership under New York law.

Market risk is the potential for changes in the value of the financial instruments traded by the Partnership and the Master due to market changes, including interest and foreign exchange rate movements and fluctuations in commodity or security prices. Market risk is directly impacted by the volatility and liquidity in the markets in which the related underlying assets are traded. The Partnership and the Master is exposed to market risk equal to the value of futures and forward contracts purchased and unlimited liability on such contracts sold short.

Credit risk is the possibility that a loss may occur due to the failure of a counterparty to perform according to the terms of a contract. The Partnership’s and the Master’s risk of loss in the event of a counterparty default is typically limited to the amounts recognized in the Statements of Financial Condition and is not represented by the contract or notional amounts of the instruments. The Partnership’s and the Master’s risk of loss is reduced through the use of legally enforceable master netting agreements with counterparties that permit the Partnership and the Master to offset unrealized gains and losses and other assets and liabilities with such counterparties upon the occurrence of certain events. The Partnership and the Master have credit risk and concentration risk, as CGM and/or MS&Co. or their affiliates are the counterparties or brokers with respect to the Partnership and the Master assets. Credit risk with respect to exchange-traded instruments is reduced to the extent that, through CGM and/or MS&Co, the Partnership’s and the Master’s counterparty is an exchange or clearing organization.

    The General Partner monitors and attempts to control the Partnership’s and the Master’s risk exposure on a daily basis through financial, credit and risk management monitoring systems, and accordingly, believes that it has effective procedures for evaluating and limiting the credit and market risks to which the Partnership and the Master may be subject. These monitoring systems generally allow the General Partner to statistically analyze actual trading results with risk-adjusted performance indicators and correlation statistics. In addition, online monitoring systems provide account analysis of futures, forwards and option contracts by sector, margin requirements, gain and loss transactions and collateral positions.

The majority of these financial instruments mature within one year of the inception date. However, due to the nature of the Partnership’s and the Master’s business, these instruments may not be held to maturity.

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General

6 Months Ended

Jun. 30, 2013

General

1.    General:

Westport Futures Fund L.P. (formerly, Westport JWH Futures Fund L.P.) (the “Partnership”) is a limited partnership organized on March 21, 1997 under the partnership laws of the State of New York to engage, directly and indirectly, in the speculative trading of a diversified portfolio of commodity interests, including futures, options on futures, forwards, options on forwards, spot and swap contracts, cash commodities and any other rights or interests pertaining thereto including interest in commodity pools. The Partnership may also engage in exchange for physical transactions. The sectors traded include U.S. and international markets for energy, currencies, interest rates, indices, agricultural products and metals. The Partnership commenced trading on August 1, 1997. The commodity interests that are traded by the Partnership, through its investment in Rabar Master Fund L.P. (“Rabar Master”), are volatile and involve a high degree of market risk. The Partnership privately and continuously offers redeemable units (“Redeemable Units”) to qualified investors. There is no maximum number of Redeemable Units that may be sold by the Partnership.

Ceres Managed Futures LLC, a Delaware limited liability company, acts as the general partner (the “General Partner”) and commodity pool operator of the Partnership. The General Partner is wholly owned by Morgan Stanley Smith Barney Holdings LLC (“MSSB Holdings”). MSSB Holdings is ultimately owned by Morgan Stanley. Morgan Stanley is a publicly held company whose shares are listed on the New York Stock Exchange and Morgan Stanley is engaged in various financial services and other businesses. Prior to June 28, 2013, Morgan Stanley indirectly owned a majority equity interest in MSSB Holdings and Citigroup Inc. indirectly owned a minority equity interest in MSSB Holdings. Prior to July 31, 2009, the date as of which MSSB Holdings became its owner, the General Partner was wholly owned by Citigroup Financial Products Inc., a wholly owned subsidiary of Citigroup Global Markets Holdings Inc., the sole owner of which is Citigroup Inc.

As of June 30, 2013, all trading decisions for the Partnership are made by Rabar Market Research Inc. (“Rabar”). Effective December 1, 2012 Rabar replaced John W. Henry and Co. (“JWH”) as the Partnership’s sole trading advisor. References in this report to the “Advisor” refers to JWH and/or Rabar, as applicable.

The General Partner and each limited partner of the Partnership share in the profits and losses of the Partnership in proportion to the amount of Partnership interest owned by each except, that no limited partner is liable for obligations of the Partnership in excess of its capital contribution and profits, if any, net of distributions and losses, if any.

The accompanying financial statements and accompanying notes are unaudited but, in the opinion of management, include all adjustments, consisting only of normal recurring adjustments, necessary for a fair statement of the Partnership’s financial condition at June 30, 2013, and December 31, 2012, and the results of its operations and changes in partners’ capital for the three and six months ended June 30, 2013, and 2012. These financial statements present the results of interim periods and do not include all disclosures normally provided in annual financial statements. You should read these financial statements together with the financial statements and notes included in the Partnership’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) for the year ended December 31, 2012.

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

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

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Investment in Master - Master's Gross Fair Values of Derivative Instruments of Futures Contracts as Separate Assets and Liabilities (Detail) (USD $)	Jun. 30, 2013	Dec. 31, 2012
Assets
Derivative instruments of futures and forward contracts Assets		$ 2,156
Liabilities
Net unrealized appreciation/depreciation on open futures and forward contracts		2,156
Forward Contracts [Member] | Derivative Assets [Member]
Liabilities
Net unrealized appreciation/depreciation on open futures and forward contracts		2,156
Forward Contracts [Member] | Derivative Assets [Member] | Metals [Member]
Assets
Derivative instruments of futures and forward contracts Assets		2,156
Rabar Master Fund L.P. [Member]
Assets
Derivative instruments of futures and forward contracts Assets	260,505	62,242
Liabilities
Derivative instruments of futures and forward contracts liabilities	(227,681)	(84,037)
Rabar Master Fund L.P. [Member] | Futures Contracts [Member]
Liabilities
Net unrealized appreciation/depreciation on open futures and forward contracts	30,609	608,427
Rabar Master Fund L.P. [Member] | Futures Contracts [Member] | Derivative Assets [Member]
Assets
Derivative instruments of futures and forward contracts Assets	282,930	852,223
Rabar Master Fund L.P. [Member] | Futures Contracts [Member] | Derivative Assets [Member] | Currencies [Member]
Assets
Derivative instruments of futures and forward contracts Assets	39,297	531,967
Rabar Master Fund L.P. [Member] | Futures Contracts [Member] | Derivative Assets [Member] | Energy [Member]
Assets
Derivative instruments of futures and forward contracts Assets	36,737	50,339
Rabar Master Fund L.P. [Member] | Futures Contracts [Member] | Derivative Assets [Member] | Grains [Member]
Assets
Derivative instruments of futures and forward contracts Assets	109,576	36,788
Rabar Master Fund L.P. [Member] | Futures Contracts [Member] | Derivative Assets [Member] | Indices [Member]
Assets
Derivative instruments of futures and forward contracts Assets	4,065	82,744
Rabar Master Fund L.P. [Member] | Futures Contracts [Member] | Derivative Assets [Member] | Interest Rates Non - U.S. [Member]
Assets
Derivative instruments of futures and forward contracts Assets	14,108	100,828
Rabar Master Fund L.P. [Member] | Futures Contracts [Member] | Derivative Assets [Member] | Interest Rates U.S. [Member]
Assets
Derivative instruments of futures and forward contracts Assets	62	17,070
Rabar Master Fund L.P. [Member] | Futures Contracts [Member] | Derivative Assets [Member] | Livestock [Member]
Assets
Derivative instruments of futures and forward contracts Assets	28,100	1,000
Rabar Master Fund L.P. [Member] | Futures Contracts [Member] | Derivative Assets [Member] | Metals [Member]
Assets
Derivative instruments of futures and forward contracts Assets	50,335	20,187
Rabar Master Fund L.P. [Member] | Futures Contracts [Member] | Derivative Assets [Member] | Softs [Member]
Assets
Derivative instruments of futures and forward contracts Assets	650	11,300
Rabar Master Fund L.P. [Member] | Futures Contracts [Member] | Derivative Liabilities [Member]
Liabilities
Derivative instruments of futures and forward contracts liabilities	(252,321)	(243,796)
Rabar Master Fund L.P. [Member] | Futures Contracts [Member] | Derivative Liabilities [Member] | Currencies [Member]
Liabilities
Derivative instruments of futures and forward contracts liabilities	(78,232)	(74,519)
Rabar Master Fund L.P. [Member] | Futures Contracts [Member] | Derivative Liabilities [Member] | Energy [Member]
Liabilities
Derivative instruments of futures and forward contracts liabilities	(20,284)	(15,918)
Rabar Master Fund L.P. [Member] | Futures Contracts [Member] | Derivative Liabilities [Member] | Grains [Member]
Liabilities
Derivative instruments of futures and forward contracts liabilities	(13,008)	(27,550)
Rabar Master Fund L.P. [Member] | Futures Contracts [Member] | Derivative Liabilities [Member] | Indices [Member]
Liabilities
Derivative instruments of futures and forward contracts liabilities	(4,453)	(71,572)
Rabar Master Fund L.P. [Member] | Futures Contracts [Member] | Derivative Liabilities [Member] | Interest Rates Non - U.S. [Member]
Liabilities
Derivative instruments of futures and forward contracts liabilities	(75,269)	(30,553)
Rabar Master Fund L.P. [Member] | Futures Contracts [Member] | Derivative Liabilities [Member] | Interest Rates U.S. [Member]
Liabilities
Derivative instruments of futures and forward contracts liabilities	(52,820)	(1,586)
Rabar Master Fund L.P. [Member] | Futures Contracts [Member] | Derivative Liabilities [Member] | Livestock [Member]
Liabilities
Derivative instruments of futures and forward contracts liabilities	(900)	(13,488)
Rabar Master Fund L.P. [Member] | Futures Contracts [Member] | Derivative Liabilities [Member] | Metals [Member]
Liabilities
Derivative instruments of futures and forward contracts liabilities		(6,273)
Rabar Master Fund L.P. [Member] | Futures Contracts [Member] | Derivative Liabilities [Member] | Softs [Member]
Liabilities
Derivative instruments of futures and forward contracts liabilities	(7,355)	(2,337)
Rabar Master Fund L.P. [Member] | Forward Contracts [Member]
Assets
Derivative instruments of futures and forward contracts Assets	260,505	62,242
Liabilities
Net unrealized appreciation/depreciation on open futures and forward contracts	32,824	(21,795)
Rabar Master Fund L.P. [Member] | Forward Contracts [Member] | Derivative Assets [Member] | Currencies [Member]
Assets
Derivative instruments of futures and forward contracts Assets	92,651	42,366
Rabar Master Fund L.P. [Member] | Forward Contracts [Member] | Derivative Assets [Member] | Metals [Member]
Assets
Derivative instruments of futures and forward contracts Assets	167,854	19,876
Rabar Master Fund L.P. [Member] | Forward Contracts [Member] | Derivative Liabilities [Member]
Liabilities
Derivative instruments of futures and forward contracts liabilities	(227,681)	(84,037)
Rabar Master Fund L.P. [Member] | Forward Contracts [Member] | Derivative Liabilities [Member] | Currencies [Member]
Liabilities
Derivative instruments of futures and forward contracts liabilities	(99,576)	(45,677)
Rabar Master Fund L.P. [Member] | Forward Contracts [Member] | Derivative Liabilities [Member] | Metals [Member]
Liabilities
Derivative instruments of futures and forward contracts liabilities	$ (128,105)	$ (38,360)

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Financial Highlights - Changes in Net Asset Value Per Unit (Detail)	3 Months Ended		6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Net realized and unrealized gains (losses)	(30.84)	22.94	(38.49)	(200.76)
Interest income	0.06	0.14	0.18	0.25
Expenses	(8.84)	(9.21)	(17.22)	(18.08)
Increase (decrease) for the period	(39.62)	13.87	(55.53)	(218.59)
Net asset value per unit, beginning of period	1,069.53	1,283.76	1,085.44	1,516.22
Net asset value per unit, end of period	1,029.91	1,297.63	1,029.91	1,297.63

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Financial Highlights (Tables)

6 Months Ended

Jun. 30, 2013

Changes in Net Asset Value Per Unit

Changes in the net asset value per unit for the three and six months ended June 30, 2013 and 2012 were as follows:

	Three Months Ended June 30,						Six Months Ended June 30,
	2013			2012			2013			2012
Net realized and unrealized gains (losses)*	$	(30.84	)	$	22.94		$	(38.49	)	$	(200.76	)
Interest income		0.06			0.14			0.18			0.25
Expenses**		(8.84	)		(9.21	)		(17.22	)		(18.08	)
Increase (decrease) for the period		(39.62	)		13.87			(55.53	)		(218.59	)
Net asset value per unit, beginning of period		1,069.53			1,283.76			1,085.44			1,516.22
Net asset value per unit, end of period	$	1,029.91		$	1,297.63		$	1,029.91		$	1,297.63

*    Includes brokerage fees and clearing fees.

**  Excludes brokerage fees and clearing fees.

Ratios to Average Net Assets

	Three Months Ended June 30,						Six Months Ended June 30,
	2013			2012			2013			2012
Ratios to average net assets:***
Net investment income (loss)		(9.3	)%		(8.5	)%		(9.2	)%		(8.3	)%
Incentive fees		0.0	%		0.0	%		0.0	%		0.0	%
Net investment income (loss) before incentive fees****		(9.3	)%		(8.5	)%		(9.2	)%		(8.3	)%
Operating expense		9.4	%		8.6	%		9.3	%		8.3	%
Incentive fees		0.0	%		0.0	%		0.0	%		0.0	%
Total expenses		9.4	%		8.6	%		9.3	%		8.3	%
Total return:
Total return before incentive fees		(3.7	)%		1.1	%		(5.1	)%		(14.4	)%
Incentive fees		0.0	%		0.0	%		0.0	%		0.0	%
Total return after incentive fees		(3.7	)%		1.1	%		(5.1	)%		(14.4	)%

*** Annualized (other than incentive fees).

**** Interest income less total expenses.

Rabar Master Fund L.P. [Member]

Ratios to Average Net Assets

Ratios to average net assets for the three and six months ended June 30, 2013, were as follows:

	Three Months Ended			Six Months Ended
	June 30,			June 30,
	2013			2013
Ratios to average net assets:*
Net investment income (loss)**		(0.9	)%		(1.1	)%
Operating expenses		0.9	%		1.2	%
Total return		(1.7	)%		(0.4	)%

* Annualized.

** Interest income less total expenses.

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Trading Activities - Summary of Valuation Partnership's Direct Investments (Detail) (USD $)	Dec. 31, 2012
Derivative [Line Items]
Gross Amounts Recognized, Assets	$ 1,325
Gross Amounts Offset in the Statement of Financial Condition, Assets
Net Amounts Presented in the Statement of Financial Condition, Assets	1,325
Gross Amounts Recognized, Liabilities	831
Gross Amounts Offset in the Statement of Financial Condition, Liabilities
Net Amounts Presented in the Statement of Financial Condition, Liabilities	831
Net unrealized appreciation on open forward contracts	2,156
Total net unrealized gain (loss) on total contracts	2,156
Forward Contracts [Member]
Derivative [Line Items]
Gross Amounts Recognized, Assets	1,325
Gross Amounts Offset in the Statement of Financial Condition, Assets
Net Amounts Presented in the Statement of Financial Condition, Assets	1,325
Gross Amounts Recognized, Liabilities	831
Gross Amounts Offset in the Statement of Financial Condition, Liabilities
Net Amounts Presented in the Statement of Financial Condition, Liabilities	$ 831

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Financial Highlights - Ratios to Average Net Assets (Detail)	3 Months Ended		6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
Ratios to average net assets:
Net investment income (loss)	(9.30%)	(8.50%)	(9.20%)	(8.30%)
Incentive fees	0.00%	0.00%	0.00%	0.00%
Net investment income (loss) before incentive fees	(9.30%)	(8.50%)	(9.20%)	(8.30%)
Operating expense	9.40%	8.60%	9.30%	8.30%
Incentive fees	0.00%	0.00%	0.00%	0.00%
Total expenses	9.40%	8.60%	9.30%	8.30%
Total return:
Total return before incentive fees	(3.70%)	1.10%	(5.10%)	(14.40%)
Incentive fees	0.00%	0.00%	0.00%	0.00%
Total return after incentive fees	(3.70%)	1.10%	(5.10%)	(14.40%)

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Document and Entity Information	6 Months Ended
	Jun. 30, 2013	Jul. 31, 2013
Entity Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2013
Document Fiscal Year Focus	2013
Document Fiscal Period Focus	Q2
Entity Registrant Name	WESTPORT FUTURES FUND L.P.
Entity Central Index Key	0001037189
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		26,885.2027

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Trading Activities - Additional Information (Detail) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012 Contract	Jun. 30, 2013 Contract	Jun. 30, 2012 Contract
Trading Activity, Gains and Losses, Net [Line Items]
Foreign exchange prime brokerage fee			$4 per $1 million
Futures Contracts [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Derivative instrument, service fee per transaction	$ 0.70
Average number of derivative contracts traded		270	0	279
Swaps [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Derivative instrument, service fee per transaction	0.70
Option [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Derivative instrument, service fee per transaction	0.35
Master [Member] | Futures Contracts [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Average number of derivative contracts traded	1,564		1,634
Master [Member] | Forward Contracts [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Average notional values of currency forward contracts held by the Master	$ 36,220,524		$ 36,220,524
Metals [Member] | Forward Contracts [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Average number of derivative contracts traded		35	1	32
Metals [Member] | Master [Member] | Forward Contracts [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Average number of derivative contracts traded	185		169