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, 2014

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, 2014, 23,433.2277 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, 2014 (unaudited) and December 31, 2013	3
		Statements of Income and Expenses and Changes in Partners’ Capital for the three and six months ended June 30, 2014 and 2013 (unaudited)	4
		Notes to Financial Statements including the Financial Statements of Rabar Master Fund LP (unaudited)	5 – 24
	Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	25 – 27
	Item 3.	Quantitative and Qualitative Disclosures about Market Risk	28 – 29
	Item 4.	Controls and Procedures	30
PART II — Other Information
	Item 1.	Legal Proceedings	31 – 37
	Item 1A.	Risk Factors	38
	Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	38
	Item 5.	Other Information	38
	Item 6.	Exhibits	39 – 40

PART I

Item 1. Financial Statements

Westport Futures Fund L.P.

Statements of Financial Condition

	(Unaudited)
	June 30,		December 31,
	2014		2013
Assets:
Investment in the Master, at fair value	$	27,042,533	$	26,099,527
Equity in trading account:
Cash		6,850		7,627
Total assets	$	27,049,383	$	26,107,154
Liabilities and Partners’ Capital
Liabilities:
Accrued expenses:
Ongoing selling agent fees	$	67,623	$	114,219
Management fees		44,921		43,276
Other		29,205		27,165
Redemptions payable		1,317,711		401,685
Total liabilities		1,459,460		586,345
Partners’ Capital:
General Partner, 307.0879 unit equivalents outstanding at June 30, 2014 and December 31, 2013		328,919		309,551
Limited Partners, 23,584.4557 and 25,010.6507 Redeemable Units outstanding at June 30, 2014 and December 31, 2013, respectively		25,261,004		25,211,258
Total partners’ capital		25,589,923		25,520,809
Total liabilities and partners’ capital	$	27,049,383	$	26,107,154
Net asset value per unit	$	1,071.09	$	1,008.02

See accompanying notes to financial statements.

3

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,
	2014			2013			2014			2013
Investment Income:
Interest income from investment in Master	$	869		$	1,406		$	2,510		$	5,022
Total investment income		869			1,406			2,510			5,022
Expenses:
Ongoing selling agent fees		199,910			390,408			544,457			788,564
Clearing fees		63,801			48,409			120,790			91,032
Management fees		132,770			147,766			263,127			298,570
Other**		78,042			96,390			146,700			178,144
Total expenses		474,523			682,973			1,075,074			1,356,310
Net investment income (loss)		(473,654	)		(681,567	)		(1,072,564	)		(1,351,288	)
Trading Results:
Net gains (losses) on trading of commodity interests and investment in Master
Net realized gains (losses) on closed contracts		—			—			—			2,156
Net realized gains (losses) on investment in Master		775,614			(47,003	)		1,609,324			230,841
Change in net unrealized gains (losses) on open contracts		—			—			—			(2,156	)
Change in net unrealized gains (losses) on investment in Master		630,497			(379,614	)		1,059,603			(418,411	)
Total trading results		1,406,111			(426,617	)		2,668,927			(187,570	)
Net income (loss)		932,457			(1,108,184	)		1,596,363			(1,538,858	)
Subscriptions-Limited Partners		140,624			926,909			754,624			1,618,064
Redemptions-Limited Partners		(1,631,679	)		(658,335	)		(2,281,873	)		(1,986,941	)
Redemptions-General Partner		—			—			—			(100,128	)
Net increase (decrease) in Partners’ Capital		(558,598	)		(839,610	)		69,114			(2,007,863	)
Partners’ Capital, beginning of period		26,148,521			29,148,841			25,520,809			30,317,094
Partners’ Capital, end of period	$	25,589,923		$	28,309,231		$	25,589,923		$	28,309,231
Net asset value per unit (23,891.5436 and 27,487.0146 units outstanding at June 30, 2014 and 2013, respectively)	$	1,071.09		$	1,029.91		$	1,071.09		$	1,029.91
Net income (loss) per unit*	$	37.06		$	(39.62	)	$	63.07		$	(55.53	)
Weighted average units outstanding		25,179.6446			27,662.0176			25,339.2481			27,693.6001

* Based on change in net asset value per unit.

** The three months ended 2014 and 2013 include $18,053 and $18,965, respectively, of other fees allocated from the Master. The six months ended 2014 and 2013 include $31,973 and $74,884, respectively, of other fees allocated from the Master.

See accompanying notes to financial statements.

4

Westport Futures Fund L.P.

Notes to Financial Statements

June 30, 2014

(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. (the “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. 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, 2014, all trading decisions for the Partnership are made by Rabar Market Research Inc. (“Rabar”).

During the six months ended June 30, 2014, the Partnership’s/Master’s commodity broker was Morgan Stanley & Co. LLC (“MS&Co.”), a registered futures commission merchant. During prior periods included in this report, Citigroup Global Markets Inc. (“CGM”) also served as a commodity broker.

During the second quarter of 2013, the Master entered into a futures brokerage account agreement and a foreign exchange brokerage account agreement with MS&Co. The Master commenced foreign exchange trading through an account at MS&Co on or about April 12, 2013, and futures trading through an account at MS&Co on or about June 24, 2013. Effective August 2, 2013, the Partnership entered into a futures brokerage account agreement with MS&Co. and began transferring the brokerage account of the Partnership from CGM to MS&Co. The Partnership, through its investment in the Master, pays MS&Co. trading fees for the clearing and, where applicable, execution of transactions.

Effective October 1, 2013, the Partnership ceased paying a brokerage fee to CGM and CGM ceased acting as a selling agent for the Partnership. Also effective October 1, 2013, the Partnership entered into a selling agreement with Morgan Stanley Smith Barney LLC (d/b/a Morgan Stanley Wealth Management). Pursuant to the selling agreement, Morgan Stanley Wealth Management received a selling agent fee equal to 5.25% per year of month-end net assets. The selling agent fee received by Morgan Stanley Wealth Management will be shared with the properly registered/licensed financial advisers of Morgan Stanley Wealth Management who sold redeemable units in the Partnership.

Effective April 1, 2014, the monthly ongoing selling agent fee was reduced from an annual rate of 5.25% to an annual rate of 3.00%.

5

Westport Futures Fund L.P.

Notes to Financial Statements

June 30, 2014

(Unaudited)

Certain prior period amounts have been reclassified to conform to current period presentation. Amounts reported separately on the Statements of Income and Expenses and Changes in Partners’ Capital as ongoing selling agent fees and clearing fees were previously combined and presented as brokerage fees, including clearing fees.

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, 2014 and December 31, 2013, and the results of its operations and changes in partners’ capital for the three and six months ended June 30, 2014, and 2013. 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, 2013.

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.

2. Financial Highlights:

Changes in the net asset value per unit for the three and six months ended June 30, 2014 and 2013 were as follows:

	Three Months Ended  June 30,						Six Months Ended June 30,
	2014			2013			2014			2013
Net realized and unrealized gains (losses)*	$	45.41		$	(30.84	)	$	79.16		$	(38.49	)
Interest income		0.03			0.06			0.09			0.18
Expenses**		(8.38	)		(8.84	)		(16.18	)		(17.22	)
Increase (decrease) for the period		37.06			(39.62	)		63.07			(55.53	)
Net asset value per unit, beginning of period		1,034.03			1,069.53			1,008.02			1,085.44
Net asset value per unit, end of period	$	1,071.09		$	1,029.91		$	1,071.09		$	1,029.91

* Includes ongoing selling agent fees and clearing fees. Net realized and unrealized gains (losses) excluding ongoing selling agent fees and clearing fees for the three months ended June 30, 2014 and 2013 and for the six months ended June 30, 2014 and 2013 were $55.88, $(14.99), $105.38 and $(6.73), respectively.

** Excludes ongoing selling agent fees and clearing fees. Total expenses including ongoing selling agent fees and clearing fees for the three months ended June 30, 2014 and 2013 and for the six months ended June 30, 2014 and 2013 were $(18.85), $(24.69), $(42.40) and $(48.98), respectively.

6

Westport Futures Fund L.P.

Notes to Financial Statements

June 30, 2014

(Unaudited)

	Three Months Ended June 30,						Six Months Ended June 30,
	2014			2013			2014			2013
Ratios to average net assets:***
Net investment income (loss)		(7.3	)%		(9.3	)%		(8.4	)%		(9.2	)%
Incentive fees		0.0	%		0.0	%		0.0	%		0.0	%
Net investment income (loss) before incentive fees****		(7.3	)%		(9.3	)%		(8.4	)%		(9.2	)%
Operating expense		7.3	%		9.4	%		8.4	%		9.3	%
Incentive fees		0.0			0.0	%		0.0	%		0.0	%
Total expenses		7.3	%		9.4	%		8.4	%		9.3	%
Total return:
Total return before incentive fees		3.6	%		(3.7	)%		6.3	%		(5.1	)%
Incentive fees		0.0	%		0.0	%		0.0	%		0.0	%
Total return after incentive fees		3.6	%		(3.7	)%		6.3	%		(5.1	)%

*** 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.

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.

The customer agreements between the Partnership, CGM and the Master gave, and the customer agreement with the Partnership, MS&Co. and the Master gives, the Partnership and the Master, 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.

The monthly average number of futures contracts traded by the Master during the three months ended June 30, 2014 and 2013 were 2,672 and 1,564, respectively. The monthly average number of futures contracts traded by the Master during the six months ended June 30, 2014 and 2013, were 2,438 and 1,634, respectively. The monthly average number of metal forward contracts traded by the Master during the three months ended June 30, 2014 and 2013 were 156 and 185, respectively. The monthly average number of metal forward contracts traded by the Master during the six months ended June 30, 2014 and 2013, were 163 and 169, respectively. The monthly average notional values of currency forward contracts held by the Master during the three months ended June 30, 2014 and 2013 were $7,977,818 and $36,220,524, respectively. The monthly average notional values of currency forward contracts held by the Master during the six months ended June 30, 2014 and 2013, were $9,134,983 and $34,147,444, respectively.

All of the commodity interest owned by the Partnership are held for trading purposes.

7

Westport Futures Fund L.P.

Notes to Financial Statements

June 30, 2014

(Unaudited)

Brokerage fees previously paid to CGM were calculated as a percentage of the Partnership’s adjusted net asset value on the last day of each month and were affected by trading performance, subscriptions and redemptions. Trading and transaction fees are based on the number of trades executed by the Advisor for the Master and the Partnership’s ownership of the Master.

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”).

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 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 as well as 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.

8

Westport Futures Fund L.P.

Notes to Financial Statements

June 30, 2014

(Unaudited)

On October 1, 2012, the Financial Accounting Standards Board (the “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 Partnership and the Master consider prices for exchange-traded commodity futures, forward, swaps 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 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, 2014, and December 31, 2013, 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, 2014 and for the twelve months ended December 31, 2013, there were no transfers of assets or liabilities between Level 1 and Level 2.

	June 30, 2014		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 the Master	$	27,042,533	$	—	$	27,042,533	$	—
Net fair value	$	27,042,533	$	—	$	27,042,533	$	—
	December 31, 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 the Master	$	26,099,527	$	—	$	26,099,527	$	—
Net fair value	$	26,099,527	$	—	$	26,099,527	$	—

9

Westport Futures Fund L.P.

Notes to Financial Statements

June 30, 2014

(Unaudited)

5. Investment in Master:

Effective December 1, 2012, the Partnership allocated substantially all of its capital to the Master, a limited partnership organized under the partnership laws of the State of Delaware. The Partnership purchased an interest in the Master with cash equal to $31,143,887. The 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 the Master. During the six months ended June 30, 2014, the Master’s commodity broker was MS&Co. During prior periods included in this report, CGM also served as a commodity broker to the Master. Individual and pooled accounts currently managed by the Advisor, including the Partnership, are permitted to be limited partners of the 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 the 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, 2014.

The Master’s trading of futures, forward, swaps and option contracts, if applicable, on commodities is done primarily on U.S. commodity exchanges and foreign commodity exchanges. During the reporting period the Master engaged in such trading through commodity brokerage accounts maintained by MS&Co. During the prior reporting periods included in this report, the Master also engaged in such trading through commodity brokerage accounts maintained by CGM.

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 trading, exchange, clearing, user, give-up, floor brokerage and National Futures Association fees (collectively, “clearing fees”) are borne by the Partnership and through its investment in the Master and allocated to its limited partners including, the Partnership. All other fees are charged at the Partnership level.

As of June 30, 2014, the Partnership owned approximately 79.5% of the Master. As of December 31, 2013, the Partnership owned approximately 77.7% 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.

10

Westport Futures Fund L.P.

Notes to Financial Statements

June 30, 2014

(Unaudited)

The Master’s Statements of Financial Condition and Condensed Schedules of Investments as of June 30, 2014 and December 31, 2013 and Statements of Income and Expenses and Changes in Partners’ Capital for the three and six months ended June 30, 2014, are presented below:

Rabar Master Fund L. P.

Statements of Financial Condition

	(Unaudited) June 30, 2014		December 31, 2013
Assets:
Equity in trading account:
Cash	$	25,342,762	$	27,494,698
Cash margin		6,326,502		5,064,674
Net unrealized appreciation on open futures contracts		2,225,326		1,049,589
Net unrealized appreciation on open forward contracts		156,597		—
Total assets	$	34,051,187	$	33,608,961
Liabilities and Partners’ Capital:
Liabilities:
Net unrealized depreciation on open forward contracts	$	—	$	9,463
Accrued expenses:
Professional fees		13,267		26,163
Clearing fees due to MS&Co.		4,454		3,999
Total liabilities		17,721		39,625
Partners’ Capital:
General Partner		—		—
Limited Partners		34,033,466		33,569,336
Total liabilities and partners’ capital	$	34,051,187	$	33,608,961

11

Westport Futures Fund L.P.

Notes to Financial Statements

June 30, 2014

(Unaudited)

Rabar Master Fund L.P.

Condensed Schedule of Investments

June 30, 2014

(Unaudited)

	Notional ($)/ Number of Contracts		Fair Value			% of Partners’ Capital
Futures Contracts Purchased
Currencies		510	$	603,017			1.77	%
Energy		184		(113,478	)		(0.33	)
Grains		42		(65,520	)		(0.19	)
Indices		344		51,131			0.15
Interest Rates U.S.		206		138,203			0.41
Interest Rates Non - U.S.		663		437,099			1.28
Livestock		109		741,010			2.18
Metals		224		219,840			0.64
Softs		64		32,818			0.10
Total futures contracts purchased				2,044,120			6.01
Futures Contracts Sold
Currencies		16		24,567			0.07
Interest Rates Non - U.S.		36		(1,121	)		(0.00	)*
Softs		368		157,760			0.46
Total futures contracts sold				181,206			0.53
Net unrealized appreciation on open futures contracts				2,225,326			6.54
Unrealized Appreciation on Open Forward Contracts
Currencies	$	5,836,846		31,439			0.09
Metals		87		189,138			0.56
Total unrealized appreciation on open forward contracts				220,577			0.65
Unrealized Depreciation on Open Forward Contracts
Currencies	$	2,772,427		(32,050	)		(0.10	)
Metals		29		(31,930	)		(0.09	)
Total unrealized depreciation on open forward contracts				(63,980	)		(0.19	)
Net unrealized appreciation on open forward contracts				156,597			0.46
Net fair value			$	2,381,923			7.00	%

* Due to rounding

12

Westport Futures Fund L.P.

Notes to Financial Statements

June 30, 2014

(Unaudited)

Rabar Master Fund L.P.

Condensed Schedule of Investments

December 31, 2013

	Notional ($)/ Number of Contracts		Fair Value			% of Partners’ Capital
Futures Contracts Purchased
Currencies		409	$	276,832			0.82	%
Energy		129		(95,975	)		(0.29	)
Grains		119		(153,890	)		(0.46	)
Indices		435		823,591			2.45
Interest Rates U.S.		12		(938	)		(0.00	)*
Interest Rates Non - U.S.		254		(669	)		(0.00	)*
Livestock		52		(11,838	)		(0.03	)
Metals		120		68,218			0.20
Softs		31		(14,485	)		(0.04	)
Total futures contracts purchased				890,846			2.65
Futures Contracts Sold
Currencies		67		90,562			0.27
Interest Rates U.S.		65		63,238			0.19
Interest Rates Non - U.S.		92		5,365			0.02
Livestock		18		5,560			0.02
Metals		23		21,080			0.06
Softs		195		(27,062	)		(0.08	)
Total futures contracts sold				158,743			0.48
Net unrealized appreciation on open futures contracts				1,049,589			3.13
Unrealized Appreciation on Open Forward Contracts
Currencies	$	2,849,827		19,021			0.06
Metals		82		58,352			0.17
Total unrealized appreciation on open forward contracts				77,373			0.23
Unrealized Depreciation on Open Forward Contracts
Currencies	$	1,707,985		(6,506	)		(0.02	)
Metals		47		(80,330	)		(0.24	)
Total unrealized depreciation on open forward contracts				(86,836	)		(0.26	)
Net unrealized depreciation on open forward contracts				(9,463	)		(0.03	)
Net fair value			$	1,040,126			3.10	%

* Due to rounding

13

Westport Futures Fund L.P.

Notes to Financial Statements

June 30, 2014

(Unaudited)

Rabar Master Fund L. P.

Statement of Income and Expenses and Changes in Partners’ Capital

(Unaudited)

	Three Months Ended June 30,						Six Months Ended June 30
	2014			2013			2014			2013
Investment Income:
Interest income	$	1,095		$	1,821		$	3,180		$	6,604
Total investment income		1,095			1,821			3,180			6,604
Expenses:
Clearing fees		80,378			62,621			152,789			119,058
Professional fees		22,747			24,678			40,426			98,710
Total expenses		103,125			87,299			193,215			217,768
Net investment income (loss)		(102,030	)		(85,478	)		(190,035	)		(211,164	)
Trading Results:
Net gains (losses) on trading of commodity interests:
Net realized gains (losses) on closed contracts		977,468			(56,673	)		2,038,496			310,383
Change in net unrealized gains (losses) on open contracts		793,605			(480,855	)		1,341,797			(523,199	)
Total trading results		1,771,073			(537,528	)		3,380,293			(212,816	)
Net income (loss)		1,669,043			(623,006	)		3,190,258			(423,980	)
Subscriptions		140,624			976,909			754,624			11,813,481
Redemptions		(1,403,612	)		(2,215,313	)		(3,477,572	)		(5,287,483	)
Distribution of interest income to feeder funds		(1,095	)		(1,821	)		(3,180	)		(6,604	)
Net increase (decrease) in Partners’ Capital		404,960			(1,863,231	)		464,130			6,095,414
Partners’ Capital, beginning of period		33,628,506			39,046,990			33,569,336			31,088,345
Partners’ Capital, end of period	$	34,033,466		$	37,183,759		$	34,033,466		$	37,183,759

14

Westport Futures Fund L.P.

Notes to Financial Statements

June 30, 2014

(Unaudited)

The following tables summarize the valuation of the Master’s investments as of June 30, 2014 and December 31, 2013, respectively.

June 30, 2014	Gross Amounts Recognized			Gross Amounts Offset in the Statement of Financial Condition			Net Amounts Presented in the Statement of Financial Condition
Assets
Futures	$	2,635,092		$	(409,766	)	$	2,225,326
Forwards		220,577			(63,980	)		156,597
Total assets	$	2,855,669		$	(473,746	)	$	2,381,923
Liabilities
Futures	$	(409,766	)	$	409,766		$	—
Forwards		(63,980	)		63,980			—
Total liabilities	$	(473,746	)	$	473,746		$	—
Net fair value							$	2,381,923
December 31, 2013	Gross Amounts Recognized			Gross Amounts Offset in the Statement of Financial Condition			Net Amounts Presented in the Statement of Financial Condition
Assets
Futures	$	1,460,913		$	(411,324	)	$	1,049,589
Forwards		77,373			(77,373	)		—
Total assets	$	1,538,286		$	(488,697	)	$	1,049,589
Liabilities
Futures	$	(411,324	)	$	411,324		$	—
Forwards		(86,836	)		77,373			(9,463	)
Total liabilities	$	(498,160	)	$	488,697		$	(9,463	)
Net fair value							$	1,040,126

15

Westport Futures Fund L.P.

Notes to Financial Statements

June 30, 2014

(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, 2014, and December 31, 2013, 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, 2014 and for the year ended December 31, 2013, there were no transfers of assets or liabilities between Level 1 and Level 2.

	June 30, 2014		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	$	2,635,092	$	2,635,092	$	—		$	—
Forwards		220,577		189,138		31,439			—
Total assets	$	2,855,669	$	2,824,230	$	31,439		$	—
Liabilities
Futures	$	409,766	$	409,766	$	—		$	—
Forwards		63,980		31,930		32,050			—
Total liabilities		473,746		441,696		32,050			—
Net fair value	$	2,381,923	$	2,382,534	$	(611	)	$	—
	December 31, 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	$	1,460,913	$	1,460,913	$	—		$	—
Forwards		77,373		58,352		19,021			—
Total assets	$	1,538,286	$	1,519,265	$	19,021		$	—
Liabilities
Futures	$	411,324	$	411,324	$	—		$	—
Forwards		86,836		80,330		6,506			—
Total liabilities		498,160		491,654		6,506			—
Net fair value	$	1,040,126	$	1,027,611	$	12,515		$	—

16

Westport Futures Fund L.P.

Notes to Financial Statements

June 30, 2014

(Unaudited)

Financial Highlights of the Master:

Ratios to average net assets for the three and six months ended June 30, 2014 and 2013, were as follows:

	Three Months Ended June 30,						Six Months Ended June 30,
	2014			2013			2014			2013
Ratios to average net assets:*
Net investment income (loss)**		(1.2	)%		(0.9	)%		(1.1	)%		(1.1	)%
Operating expenses		1.2	%		0.9	%		1.2	%		1.2	%
Total return		5.1	%		(1.7	)%		10.0	%		(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.

17

Westport Futures Fund L.P.

Notes to Financial Statements

June 30, 2014

(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, 2014, and December 31, 2013.

	June 30, 2014
Assets
Futures Contracts
Currencies	$	628,544
Energy		112,965
Indices		156,741
Interest Rates Non-U.S.		438,023
Interest Rates U.S.		138,234
Livestock		742,480
Metals		227,265
Softs		190,840
Total unrealized appreciation on open futures contracts	$	2,635,092
Liabilities
Futures Contracts
Currencies	$	(960	)
Energy		(226,443	)
Grains		(65,520	)
Indices		(105,610	)
Interest Rates Non-U.S.		(2,045	)
Interest Rates U.S.		(31	)
Livestock		(1,470	)
Metals		(7,425	)
Softs		(262	)
Total unrealized depreciation on open futures contracts	$	(409,766	)
Net unrealized appreciation on open futures contracts	$	2,225,326	*
	June 30, 2014
Assets
Forward Contracts
Currencies	$	31,439
Metals		189,138
Total unrealized appreciation on open forward contracts	$	220,577
Liabilities
Forward Contracts
Currencies	$	(32,050	)
Metals		(31,930	)
Total unrealized depreciation on open forward contracts	$	(63,980	)
Net unrealized appreciation on open forward contracts	$	156,597	**

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

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

18

Westport Futures Fund L.P.

Notes to Financial Statements

June 30, 2014

(Unaudited)

	December 31, 2013
Assets
Futures Contracts
Currencies	$	416,834
Energy		29,631
Indices		823,963
Interest Rates Non-U.S.		20,570
Interest Rates U.S.		63,550
Livestock		7,157
Metals		98,158
Softs		1,050
Total unrealized appreciation on open futures contracts	$	1,460,913
Liabilities
Futures Contracts
Currencies	$	(49,440	)
Energy		(125,606	)
Grains		(153,890	)
Indices		(372	)
Interest Rates Non-U.S.		(15,874	)
Interest Rates U.S.		(1,250	)
Livestock		(13,435	)
Metals		(8,860	)
Softs		(42,597	)
Total unrealized depreciation on open futures contracts	$	(411,324	)
Net unrealized appreciation on open futures contracts	$	1,049,589	*
	December 31, 2013
Assets
Forward Contracts
Currencies	$	19,021
Metals		58,352
Total unrealized appreciation on open forward contracts	$	77,373
Liabilities
Forward Contracts
Currencies	$	(6,506	)
Metals		(80,330	)
Total unrealized depreciation on open forward contracts	$	(86,836	)
Net unrealized depreciation on open forward contracts	$	(9,463	)**

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

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

19

Westport Futures Fund L.P.

Notes to Financial Statements

June 30, 2014

(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, 2014 and 2013.

	Three Months Ended June 30,						Six Months Ended June 30,
Sector	2014			2013			2014			2013
Currencies		(524,280	)		(282,484	)		(1,196,442	)		(192,421	)
Energy		194,751			(544,381	)		(131,578	)		(757,321	)
Grains		(656,275	)		467,276			914,189			110,004
Indices		618,175			(383,804	)		319,970			266,342
Interest Rates US		217,271			(3,861	)		55,505			(96,659	)
Interest Rates non-US		738,648			(540,003	)		1,165,482			(421,345	)
Livestock		779,735			242,135			1,805,018			407,461
Metals		371,895			840,636			(258,106	)		549,926
Softs		31,153			(333,042	)		706,255			(78,803	)
Total	$	1,771,073	***	$	(537,528	)***		3,380,293	***		(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, through its investment in the Master is party 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 a swap-execution facility or over-the-counter (“OTC”). Exchange-traded instruments include futures and certain standardized forwards, swaps and option contracts. Certain swap contracts may also be traded on a swap execution facility of OTC. OTC contracts are negotiated between contracting parties and also include certain forward and option contracts. Specific market movements of commodities or futures contracts underlying an option cannot be accurately predicted. The purchaser of an option may lose the entire premium paid for the option. The writer or seller of an option has unlimited risk. 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 2.3% to 5.3% 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

20

Westport Futures Fund L.P.

Notes to Financial Statements

June 30, 2014

(Unaudited)

which the related underlying assets are traded. The Partnership and the Master are 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 had credit risk and concentration risk during the three and six months ended June 30, 2014 and in prior periods included in this report, as CGM and/or MS&Co. or their affiliates were the sole counterparties or brokers with respect to the Partnership’s and the Master’s 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 Partnership and the Master continue to be subject to such risks with respect to MS&Co.

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.

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

21

Westport Futures Fund L.P.

Notes to Financial Statements

June 30, 2014

(Unaudited)

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 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 as well as 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, 2014 and December 31, 2013, 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, 2014 and for the twelve months ended December 31, 2013, there were no transfers of assets or liabilities between Level 1 and Level 2.

Futures Contracts. The Master trades 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 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 Master. When the contract is closed, 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

22

Westport Futures Fund L.P.

Notes to Financial Statements

June 30, 2014

(Unaudited)

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 Master does 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 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 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 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.

Investment Company Status. Effective January 1, 2014, the Partnership adopted, ASU 2013-08, “Financial Services — Investment 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. ASU 2013-08 is effective for interim and annual reporting periods beginning after December 15, 2013. The adoption of this ASU did not have a material impact on the Partnership’s financial statements. Based on management’s assessment, the Partnership has been deemed to be an investment company since inception. It has all of the fundamental characteristics of an investment company. Although, the Partnership does not possess all of the typical characteristics of an investment company, its activities are consistent with those of an investment company.

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.

23

Westport Futures Fund L.P.

Notes to Financial Statements

June 30, 2014

(Unaudited)

The Partnership files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The 2010 through 2013 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.

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

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.

24

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, 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 2014.

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, 2014, Partnership capital increased 0.3% from $25,520,809 to $25,589,923. This increase was attributable to a net income of $1,596,363, coupled with the subscriptions of 744.8990 Redeemable Units totaling $754,624, which was partially offset by the redemptions of 2,171.0940 Redeemable Units totaling $2,281,873. 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, 2014, the Master’s capital increased 1.4% from $33,569,336 to $34,033,466. This increase was attributable to a net income of $3,190,258, coupled with the subscriptions of $754,624, which was partially offset by the redemptions of $3,477,572 and distribution of interest income to feeder funds totaling $3,180. Future redemptions can impact the amount of funds available for investment in the Master 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.

Results of Operations

During the Partnership’s second quarter of 2014, the net asset value per unit increased 3.6% from $1,034.03 to $1,071.09 as compared to a decrease of 3.7% in the second quarter of 2013. The Partnership experienced a net trading gain before fees and expenses in the second quarter of 2014 of $1,406,111. Gains were primarily attributable to the Master’s trading of commodity futures in energy, U.S. and non-U.S. interest rates, indices, livestock, metals and softs and were partially offset by losses in currencies and grains. The Partnership experienced a net trading loss before fees and expenses in the second quarter of 2013 of $426,617. Losses were primarily attributable to 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.

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The most significant gains were achieved within the global interest rate sector, primarily during May, from long positions in European and U.S. fixed income futures as prices advanced as German unemployment unexpectedly increased and euro-area lending contracted, boosting demand for the relative “safety” of government debt. Within the global stock index sector, gains were recorded primarily during May and June from long positions in U.S. and European equity index futures as prices rallied after positive economic data from employment to housing figures fueled speculation the U.S. economy was rebounding from its first quarter contraction. Within the metals sector, gains were experienced during June from long positions in copper futures as prices advanced on signs of an improving outlook for the U.S. economy amid reduced global stockpiles. Within the energy sector, gains were recorded during June from long positions in crude oil futures as prices increased during the first half of June on speculation tensions in Iraq and Libya would curtail oil exports from the Middle East. Additional gains were recorded from long positions in gasoline futures as prices rallied after reports indicated U.S. gasoline demand was higher during June than previously predicted. Within the agricultural sector, gains were recorded during June from long positions in cattle futures as prices moved higher as droughts in Texas and California continued to limit U.S. herd levels. A portion of the Partnership’s gains for the quarter was offset by losses experienced within the currency sector, primarily during May, from long positions in the euro as its value declined as a gauge of German business confidence fell, adding to signs that may prompt the European Central Bank to boost stimulus. Additional losses in this sector were recorded from positions in the Swiss franc and Japanese yen.

During the Partnership’s six months ended of 2014, the net asset value per unit increased 6.3% from $1,008.02 to $1,071.09 as compared to a decrease of 5.1% during the six months ended June 30, 2013. The Partnership experienced a net trading gain before fees and expenses for the six months ended June 30, 2014 of $2,668,927. Gains were primarily attributable to the Master’s trading of commodity futures in grains, U.S. and non-U.S. interest rates, indices, livestock and softs and were partially offset by losses in currencies, energy and metals. The Partnership experienced a net trading loss before fees and expenses during the six months ended June 30, 2013 of $187,570. Losses were primarily attributable to 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 most significant gains were recorded within the agricultural sector during February primarily from long positions in soybean and soybean meal futures as prices advanced after adverse weather conditions in the U.S. and Brazil lowered crop estimates. Additional gains were recorded from long positions in livestock futures as prices trended higher throughout the first six months of the year. Smaller gains in the agricultural sector were recorded from trading in sugar and cocoa futures. Within the global interest rate sector, gains were experienced during May from long positions in European fixed income futures as prices advanced as German unemployment unexpectedly increased and euro-area lending contracted, boosting demand for the relative “safety” of government debt. Within the global stock index sector, gains were recorded primarily during May and June from long positions in European and U.S. equity index futures as prices rallied after positive economic data from employment to housing figures fueled speculation the U.S. economy was rebounding from its first quarter contraction. A portion of the Partnership’s gains during the first six months of the year was offset by trading losses within the currency sector during January from long positions in the euro versus the U.S. dollar as the value of the euro declined after reports showed German industrial confidence during December was lower than previously forecast. Additional losses in this sector were recorded from positions in the Swiss franc and Japanese yen. Within the metals markets, losses were incurred primarily in January from short positions in gold futures as prices moved higher after geo-political turmoil and concern over the strength of the U.S. economy increased demand for the precious metal. Within the energy sector, losses were incurred primarily in March from long positions in crude oil and its related products as prices declined amid a larger-than-expected increase in U.S. crude oil stockpiles.

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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.

During the reporting period, 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 brokerage) account during each month was earned at a 30-day U.S. Treasury bill rate determined weekly by CGM based on the average noncompetitive yield on 3-month U.S. Treasury bill maturing in 30 days or at the monthly average of the 4-week U.S. Treasury bill rate, as applicable. Interest income for the three and six months ended June 30, 2014 decreased by $537 and $2,512, respectively, as compared to the corresponding periods in 2013. The decrease in interest income is primarily due to lower U.S. Treasury bill rates during the three and six months ended June 30, 2014, as compared to the corresponding periods in 2013. 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/Master nor CGM/MS&Co. has control.

Ongoing selling agent 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. Ongoing selling agent fees for the three and six months ended June 30, 2014 decreased by $190,498 and $244,107, respectively, as compared to the corresponding periods in 2013. The decrease in ongoing selling agent fees is primarily due to lower average net assets during the three and six months ended June 30, 2014, as compared to the corresponding periods in 2013, and also due to the reduction of the monthly ongoing selling agent fees rate.

Certain clearing fees are based on the number of trades executed by the Advisor for the Partnership/Master. Accordingly they must be compared in relation to the number of trades executed during the period. Clearing fees for the three and six months ended June 30, 2014 increased by $15,392 and $29,758, respectively, as compared to the corresponding periods in 2013. The increase in clearing fees is primarily due to an increase in the number of trades during the three and six months ended June 30, 2014 as compared to the corresponding periods in 2013.

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, 2014 decreased by $14,996 and $35,443, respectively, as compared to the corresponding periods in 2013. The decrease in management fees is due to lower average net assets during the three and six months ended June 30, 2014, as compared to the corresponding periods in 2013.

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, 2014 and 2013. 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 requirements have been used by the Partnership and the Master as the measure of their Value at Risk. 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.

Value at Risk tables represent a probabilistic assessment of the risk of loss in market sensitive instruments. The following tables indicate the trading Value at Risk associated with the Master’s open positions by market category as of June 30, 2014 and December 31, 2013. 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, 2013.

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As of June 30, 2014, the Master’s total capitalization was $34,033,466. The Partnership owned approximately 79.5% of Master. The Master’s Value at Risk as of June 30, 2014 was as follows:

June 30, 2014

						Three months ended June 30, 2014
Market Sector	Value at Risk		% of Total Capitalization			High Value at Risk		Low Value at Risk		Average Value at Risk*
Currencies	$	1,302,272		3.83	%	$	1,491,660	$	517,843	$	1,175,976
Energy		576,785		1.69	%		889,405		147,565		520,685
Grains		92,970		0.27	%		868,923		92,970		508,503
Indices		1,335,196		3.92	%		1,858,692		741,102		1,347,575
Interest Rates U.S.		277,420		0.82	%		296,670		55,770		261,873
Interest Rates Non-U.S.		776,057		2.28	%		870,364		499,626		778,104
Livestock		154,770		0.46	%		207,293		131,220		153,215
Metals		1,682,241		4.94	%		1,682,241		521,669		995,338
Softs		404,291		1.19	%		404,291		41,483		236,764
Total	$	6,602,002		19.40	%

* Average of month-end Values at Risk.

As of December 31, 2013, the Master’s total capitalization was $33,569,336. The Partnership owned approximately 77.7% of Master. The Master’s Value at Risk as of December 31, 2013 was as follows:

December 31, 2013

						Period ended December 31, 2013
Market Sector	Value at Risk		% of Total Capitalization			High Value at Risk		Low Value at Risk		Average Value at Risk*
Currencies	$	1,135,243		3.38	%	$	1,568,383	$	437,632	$	963,555
Energy		426,250		1.27	%		841,665		76,990		298,300
Grains		413,910		1.23	%		964,988		25,000		300,051
Indices		1,741,893		5.19	%		1,896,384		60,703		1,153,491
Interest Rates U.S.		121,937		0.36	%		271,068		4,300		109,738
Interest Rates Non-U.S.		238,516		0.71	%		745,635		109,052		441,701
Livestock		83,431		0.25	%		225,450		9,172		96,195
Metals		902,212		2.69	%		1,230,768		4,528		455,107
Softs		141,213		0.42	%		497,837		16,280		206,397
Total	$	5,204,605		15.50	%

* Annual average of 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, 2014, 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, 2014, 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, 2013, as updated by the Partnership’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2014.

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. is a wholly-owned, indirect subsidiary of Morgan Stanley, a Delaware holding company. Morgan Stanley files periodic reports with the Securities and Exchange Commission as required by the Exchange Act, 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 Morgan Stanley and its subsidiaries, including MS&Co. As a consolidated subsidiary of Morgan Stanley, MS&Co. does not file its own periodic reports with the SEC that contain descriptions of material litigation, proceedings and investigations. As a result, please refer to the “Legal Proceedings” section of Morgan Stanley’s SEC 10-K filings for 2013, 2012, 2011, 2010 and 2009.

In addition to the matters described in those filings, in the normal course of business, each of Morgan Stanley 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 Morgan Stanley 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 Morgan Stanley 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 NFA.

On May 7, 2009, MS&Co. was named as a defendant in a purported class action lawsuit brought under Sections 11, 12 and 15 of the Securities Act of 1933, as amended, which is now styled In re Morgan Stanley Mortgage Pass-Through Certificates Litigation and is pending in the United States District Court for the Southern District of New York (“SDNY”). The third amended complaint, filed on September 30, 2011, alleges, among other things, that the registration statements and offering documents related to the offerings of certain mortgage pass-through certificates in 2006 contained false and misleading information concerning the pools of residential loans that backed these securitizations. The plaintiffs seek, among other relief, class

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certification, unspecified compensatory and rescissionary damages, costs, interest and fees. On July 22, 2014, the parties reached an agreement in principle to settle the litigation. The settlement is subject to court approval.

On December 23, 2009, the Federal Home Loan Bank of Seattle filed a complaint against MS&Co. and another defendant in the Superior Court of the State of Washington, styled Federal Home Loan Bank of Seattle v. Morgan Stanley & Co. Inc., et al. The amended complaint, filed on September 28, 2010, alleges that defendants made untrue statements and material omissions in the sale to plaintiff of certain mortgage pass-through certificates backed by securitization trusts containing residential mortgage loans. The total amount of certificates allegedly sold to plaintiff by MS&Co. was approximately $233 million. The complaint raises claims under the Washington State Securities Act and seeks, among other things, to rescind the plaintiff’s purchase of such certificates. On October 18, 2010, defendants filed a motion to dismiss the action. By orders dated June 23, 2011 and July 18, 2011, the court denied defendants’ omnibus motion to dismiss plaintiff’s amended complaint and on August 15, 2011, the court denied MS&Co.’s individual motion to dismiss the amended complaint. At June 25, 2014, the current unpaid balance of the mortgage pass-through certificates at issue in these cases was approximately $55 million, and the certificates had not yet incurred actual losses. Based on currently available information, MS&Co. believes it could incur a loss for this action up to the difference between the $55 million unpaid balance of these certificates (plus any losses incurred) and their fair market value at the time of a judgment against MS&Co., or upon sale, plus pre- and post-judgment interest, fees and costs. MS&Co. 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 March 15, 2010, the Federal Home Loan Bank of San Francisco filed two complaints against MS&Co. 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 MS&Co. 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 August 11, 2011, plaintiff’s claims brought under the Securities Act of 1933, as amended, were dismissed with prejudice. The defendants filed answers to the amended complaints on October 7, 2011. On February 9, 2012, defendants’ demurrers with respect to all other claims were overruled. On December 20, 2013, plaintiff’s negligent misrepresentation claims were dismissed with prejudice. A bellwether trial is currently scheduled to begin in January 2015. MS&Co. is not a defendant in connection with the securitizations at issue in that trial. On May 23, 2014, plaintiff and the defendants in the bellwether trial filed motions for summary adjudication. At June 25, 2014, the current unpaid balance of the mortgage pass-through certificates at issue in these cases was approximately $301 million, and the certificates had incurred actual losses of approximately $6 million. Based on currently available information, MS&Co. believes it could incur a loss for this action up to the difference between the $301 million unpaid balance of these certificates (plus any losses

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incurred) and their fair market value at the time of a judgment against MS&Co., or upon sale, plus pre- and post-judgment interest, fees and costs. MS&Co. 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 October 15, 2010, the Federal Home Loan Bank of Chicago filed a complaint against MS&Co. 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 MS&Co. in 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. MS&Co. filed its answer on December 21, 2012. On December 13, 2013, the court entered an order dismissing all claims related to one of the securitizations at issue. At June 25, 2014, the current unpaid balance of the mortgage pass-through certificates at issue in this action was approximately $56 million, and the certificates had not yet incurred actual losses. Based on currently available information, MS&Co. believes it could incur a loss in this action up to the difference between the $56 million unpaid balance of these certificates (plus any losses incurred) and their fair market value at the time of a judgment against MS&Co., or upon sale, plus pre- and post-judgment interest, fees and costs. MS&Co. 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 October 25, 2010, MS&Co., certain affiliates and Pinnacle Performance Limited, a special purpose vehicle, were named as defendants in a purported class action related to securities issued by the special purpose vehicle in Singapore, commonly referred to as Pinnacle Notes. The case is styled Ge Dandong, et al. v. Pinnacle Performance Ltd., et al. and is pending in the SDNY. An amended complaint was filed on October 22, 2012. The court denied defendants’ motion to dismiss the amended complaint on August 22, 2013 and granted class certification on October 17, 2013. On October 30, 2013, defendants filed a petition for permission to appeal the court’s decision granting class certification. On January 31, 2014, plaintiffs filed a second amended complaint. The second amended complaint alleges that the defendants engaged in a fraudulent scheme to defraud investors by structuring the Pinnacle Notes to fail and benefited subsequently from the securities’ failure. In addition, the second amended complaint alleges that the securities’ offering materials contained material misstatements or omissions regarding the securities’ underlying assets and the alleged conflicts of interest between the defendants and the investors. The second amended complaint asserts common law claims of fraud, aiding and abetting fraud, fraudulent inducement, aiding and abetting fraudulent inducement, and breach of the implied covenant of good faith and fair dealing. On July 17, 2014, the parties reached an agreement in principle to settle the litigation. The settlement is subject to court approval.

On April 20, 2011, the Federal Home Loan Bank of Boston filed a complaint against MS&Co. and other defendants in the Superior Court of the Commonwealth of Massachusetts styled Federal Home Loan Bank of Boston v. Ally Financial, Inc. F/K/A GMAC LLC et al. An amended complaint was filed on June 19, 2012 and alleges that defendants made untrue statements and material omissions in the sale to plaintiff of certain mortgage pass-through certificates backed by securitization trusts containing residential mortgage loans. The total amount of certificates

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allegedly issued by MS&Co. or sold to plaintiff by MS&Co. was approximately $385 million. The amended complaint raises claims under the Massachusetts Uniform Securities Act, the Massachusetts Consumer Protection Act and common law and seeks, among other things, to rescind the plaintiff’s purchase of such certificates. On May 26, 2011, defendants removed the case to the United States District Court for the District of Massachusetts. On October 11, 2012, defendants filed motions to dismiss the amended complaint, which was granted in part and denied in part on September 30, 2013. The defendants filed an answer to the amended complaint on December 16, 2013. On July 16, 2014, plaintiff voluntarily dismissed its claims against MS&Co. with respect to one of the securitizations at issue. At June 25, 2014, the current unpaid balance of the mortgage pass-through certificates at issue in this action was approximately $67 million, and the certificates had not yet incurred actual losses. Based on currently available information, MS&Co. believes it could incur a loss in this action up to the difference between the $67 million unpaid balance of these certificates (plus any losses incurred) and their fair market value at the time of a judgment against MS&Co., or upon sale, plus pre- and post-judgment interest, fees and costs. MS&Co. 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 5, 2011, Allstate Insurance Company and certain of its affiliated entities filed a complaint against MS&Co. in the Supreme Court of the State of New York, New York County (“Supreme Court of NY, NY County”), styled Allstate Insurance Company, et al. v. Morgan Stanley, et al. An amended complaint was filed on September 9, 2011 and alleges that defendants made untrue statements and material omissions in the sale to plaintiff of certain mortgage pass-through certificates backed by securitization trusts containing residential mortgage loans. The total amount of certificates allegedly issued and/or sold to plaintiffs by MS&Co. was approximately $104 million. The complaint raises common law claims of fraud, fraudulent inducement, aiding and abetting fraud and negligent misrepresentation and seeks, among other things, compensatory and/or recessionary damages associated with plaintiffs’ purchases of such certificates. On March 15, 2013, the court denied in substantial part the defendants’ motion to dismiss the amended complaint, which order MS&Co. appealed on April 11, 2013. On May 3, 2013, MS&Co. filed its answer to the amended complaint. At June 25, 2014, the current unpaid balance of the mortgage pass-through certificates at issue in this action was approximately $99 million, and the certificates had not yet incurred actual losses. Based on currently available information, MS&Co. believes it could incur a loss in this action up to the difference between the $99 million unpaid balance of these certificates (plus any losses incurred) and their fair market value at the time of a judgment against MS&Co., or upon sale, plus pre- and post-judgment interest, fees and costs. MS&Co. may be entitled 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 MS&Co. 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 MS&Co. 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

34

plaintiffs’ purchases of such certificates. MS&Co. filed its answer on August 17, 2012. Trial is currently scheduled to begin in July 2015. At June 25, 2014, the current unpaid balance of the mortgage pass-through certificates at issue in this action was approximately $113 million, and the certificates had incurred actual losses of approximately $2 million. Based on currently available information, MS&Co. believes it could incur a loss in this action up to the difference between the $113 million unpaid balance of these certificates (plus any losses incurred) and their fair market value at the time of a judgment against MS&Co., or upon sale, plus post-judgment interest, fees and costs. MS&Co. may be entitled to an offset for interest received by the plaintiff prior to a judgment.

On November 4, 2011, the Federal Deposit Insurance Corporation (“FDIC”), as receiver for Franklin Bank S.S.B., filed two complaints against MS&Co. in the District Court of the State of Texas. Each was styled Federal Deposit Insurance Corporation, as Receiver for Franklin Bank S.S.B. v. Morgan Stanley & Company LLC F/K/A Morgan Stanley & Co. Inc. and alleged that MS&Co. made untrue statements and material omissions in connection with the sale to plaintiff of mortgage pass-through certificates backed by securitization trusts containing residential mortgage loans. The amount of certificates allegedly underwritten and sold to the plaintiff by MS&Co. in these cases was approximately $67 million and $35 million, respectively. The complaints each raised claims under both federal securities law and the Texas Securities Act and each seeks, among other things, compensatory damages associated with plaintiff’s purchase of such certificates. On March 20, 2012, MS&Co. filed answers to the complaints in both cases. On June 7, 2012, the two cases were consolidated. On January 10, 2013, MS&Co. filed a motion for summary judgment and special exceptions with respect to plaintiff’s claims. On February 6, 2013, the FDIC filed an amended consolidated complaint. On February 25, 2013, MS&Co. filed a motion for summary judgment and special exceptions, which motion was denied in substantial part on April 26, 2013. On May 3, 2013, the FDIC filed a second amended consolidated complaint. Trial is currently scheduled to begin in November 2014. At June 25, 2014, the current unpaid balance of the mortgage pass-through certificates at issue in this action was approximately $46 million, and the certificates had incurred actual losses of approximately $5 million. Based on currently available information, MS&Co. believes it could incur a loss in this action up to the difference between the $46 million unpaid balance of these certificates (plus any losses incurred) and their fair market value at the time of a judgment against MS&Co., plus pre- and post-judgment interest, fees and costs. MS&Co. 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 MS&Co. 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 MS&Co. 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

35

approximately $80 million, adds causes of action for fraudulent inducement, equitable fraud, aiding and abetting fraud, and violations of the New Jersey Racketeer Influenced and Corrupt Organizations Act, and includes a claim for treble damages. On March 15, 2013, the court denied the defendants’ motion to dismiss the amended complaint. On April 26, 2013, the defendants filed an answer to the amended complaint. On June 5, 2014, the defendants filed a renewed motion to dismiss the amended complaint. At June 25, 2014, the current unpaid balance of the mortgage pass-through certificates at issue in this action was approximately $623 million, and the certificates had not yet incurred actual losses. Based on currently available information, MS&Co. believes it could incur a loss in this action up to the difference between the $623 million unpaid balance of these certificates (plus any losses incurred) and their fair market value at the time of a judgment against MS&Co., or upon sale, plus pre- and post-judgment interest, fees and costs. MS&Co. 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 February 14, 2013, Bank Hapoalim B.M. filed a complaint against MS&Co. and certain affiliates in the Supreme Court of NY, styled Bank Hapoalim B.M. v. Morgan Stanley et al. The complaint alleges that defendants made material misrepresentations and omissions in the sale to plaintiff 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 MS&Co. to plaintiff was approximately $141 million. The complaint alleges causes of action against MS&Co. for common law fraud, fraudulent concealment, aiding and abetting fraud, and negligent misrepresentation, and seeks, among other things, compensatory and punitive damages. On April 22, 2014, the defendants’ motion to dismiss was denied in substantial part. At June 25, 2014, the current unpaid balance of the mortgage pass-through certificates at issue in this action was approximately $75 million, and the certificates had not yet incurred actual losses. Based on currently available information, MS&Co. believes it could incur a loss in this action up to the difference between the $75 million unpaid balance of these certificates (plus any losses incurred) and their fair market value at the time of a judgment against MS&Co., or upon sale, plus pre- and post-judgment interest, fees and costs.

On May 3, 2013, plaintiffs in Deutsche Zentral-Genossenschaftsbank AG et al. v. Morgan Stanley et al. filed a complaint against MS&Co., certain affiliates, and other defendants in the Supreme Court of NY. The complaint alleges that defendants made material misrepresentations and 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 MS&Co. to plaintiff was approximately $694 million. The complaint alleges causes of action against MS&Co. for common law fraud, fraudulent concealment, aiding and abetting fraud, negligent misrepresentation, and rescission and seeks, among other things, compensatory and punitive damages. On June 10, 2014, the court denied defendants’ motion to dismiss. On July 10, 2014, MS&Co. filed a renewed motion to dismiss with respect to two certificates at issue in the case. At June 25, 2014, the current unpaid balance of the mortgage pass-through certificates at issue in this action was approximately $284 million, and the certificates had incurred actual losses of approximately $52 million. Based on currently available information, MS&Co. believes it could incur a loss in this action up to the difference between the $284 million unpaid balance of these certificates (plus any losses incurred) and their fair market value at the time of a judgment against MS&Co., or upon sale, plus pre- and post-judgment interest, fees and costs. MS&Co. may be entitled to be indemnified for some of these losses.

36

On September 23, 2013, plaintiffs in National Credit Union Administration Board v. Morgan Stanley & Co. Inc., et al. filed a complaint against MS&Co. and certain affiliates in the SDNY. The complaint alleges that defendants made untrue statements of material fact or omitted to state material facts in the sale to plaintiffs of certain mortgage pass-through certificates issued by securitization trusts containing residential mortgage loans. The total amount of certificates allegedly sponsored, underwritten and/or sold by MS&Co. to plaintiffs was approximately $417 million. The complaint alleges causes of action against MS&Co. for violations of Section 11 and Section 12(a)(2) of the Securities Act of 1933, as amended, violations of the Texas Securities Act, and violations of the Illinois Securities Law of 1953 and seeks, among other things, rescissory and compensatory damages. The defendants filed a motion to dismiss the complaint on November 13, 2013. On January 22, 2014, the court granted defendants’ motion to dismiss with respect to claims arising under the Securities Act of 1933, as amended, and denied defendants’ motion to dismiss with respect to claims arising under Texas Securities Act and the Illinois Securities Law of 1953. On April 28, 2014, the court granted in part and denied in part plaintiff’s motion to strike certain of the defendants’ affirmative defenses. On July 11, 2014, the defendants filed a motion for reconsideration of the court’s order on the motion to dismiss the complaint or, in the alternative, for certification of interlocutory appeal and a stay of all proceedings. At June 25, 2014, the current unpaid balance of the mortgage pass-through certificates at issue in this action was approximately $215 million, and the certificates had incurred actual losses of approximately $26 million. Based on currently available information, MS&Co. believes it could incur a loss in this action up to the difference between the $215 million unpaid balance of these certificates (plus any losses incurred) and their fair market value at the time of a judgment against MS&Co., or upon sale, plus pre- and post-judgment interest, fees and costs. MS&Co. 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 23, 2014, the SEC approved a settlement by MS&Co. and certain affiliates to resolve an investigation related to certain subprime residential mortgage-backed security transactions sponsored and underwritten by those entities in 2007. Pursuant to the settlement, MS&Co. and certain affiliates were charged with violating Sections 17(a)(2) and 17(a)(3) of the Securities Act of 1933, as amended, agreed to pay disgorgement and penalties in an amount of $275 million and neither admitted nor denied the SEC’s findings.

Additional lawsuits containing claims similar to those described above may be filed in the future. In the course of its business, MS&Co., as a major futures commission merchant, is party to various civil actions, claims and routine regulatory investigations and proceedings that the General Partner believes do not have a material effect on the business of MS&Co. MS&Co. may establish reserves from time to time in connections with such actions.

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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, 2013, and under Part II, Item 1A. “Risk Factors” in the Partnership’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2014.

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

For the three months ended June 30, 2014, there were subscriptions of 134.8100 Redeemable Units totaling $140,624. 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, 2014-April 31, 2014		208.3390	$	1,042.29		N/A		N/A
May 1, 2014-May 31, 2014		92.6330	$	1,045.18		N/A		N/A
June 1, 2014-June 30, 2014		1,230.2520	$	1,071.09		N/A		N/A
		1,531.2240	$	1,065.60

* 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 end 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

Item 5. Other Information — Effective October 1, 2014, the monthly ongoing selling agent fee will be reduced from an annual rate of 3.0% to an annual rate of 2.0%. As of the same date, the Partnership will begin paying an administrative fee to the General Partner at an annual rate of 1.0%. The October 1, 2014 fee changes will offset each other and, accordingly, there will be no change to the aggregate fees incurred by the Partnership.

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Item 6. Exhibits

3.1	(a)	Second Amended and Restated Limited Partnership Agreement, dated December 1, 2012 (filed as Exhibit 3.2 to the Current Report on Form 8-K filed on December 6, 2012 and incorporated herein by reference).
	(b)	Amendment No. 1 to the Second Amended and Restated Limited Partnership Agreement, dated August 8, 2014 (filed herewith).
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 Quarterly Report on 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 Quarterly Report on 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 Quarterly Report on 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 Quarterly Report on 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 Current Report on 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 Current Report on 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 Current Report on Form 8-K filed on September 7, 2011 and incorporated herein by reference).
(i)		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 November 30, 2012, (filed as Exhibit 3.1 to the Current Report on Form 8-K filed on December 6, 2012 and incorporated herein by reference).
(j)		Certificate of Amendment to the Certificate of Limited Partnership dated as filed in the office of the Secretary of the State of New York August 7, 2013, (filed as Exhibit 3.2(i) to the Quarterly Report on Form 10-Q filed on August 14, 2013 and incorporated herein by reference).
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 Quarterly Report on Form 10-Q filed on November 16, 2009 and incorporated herein by reference).
10.2		Form of Commodity Futures Customer Agreement between the Partnership and Morgan Stanley & Co. LLC, effective August 2, 2013 (filed as Exhibit 10.10 to the Quarterly Report on Form 10-Q filed on November 11, 2013 and incorporated herein by reference).

39

10.3		Form of Subscription Agreement (filed as Exhibit 10.4 to the Quarterly Report on Form 10-Q filed on November 16, 2009 and incorporated herein by reference).
10.4	(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).
10.5	(a)	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 Current Report on Form 8-K filed on December 6, 2012, and incorporated herein by reference).
	(b)	Letter from the General Partner extending Management Agreement with Rabar Market Research Inc. for 2013, dated June 1, 2013 (filed as Exhibit 10.8(a) to the annual report on Form 10-K filed on March 28, 2014, and incorporated herein by reference).
10.6	(a)	Alternative Investment Selling Agent Agreement between the Partnership, the General Partner and Morgan Stanley Wealth Management, effective October 1, 2013 (filed as Exhibit 10.9 to the Quarterly Report on Form 10-Q filed on November 14, 2013 and incorporated herein by reference).
	(b)	Letter amending the Alternative Investment Selling Agreement between the Partnership, the General Partner and Morgan Stanley Wealth Management, effective April 1, 2014 (filed as Exhibit 10.6(b) to the Quarterly Report on Form 10-Q filed on May 14, 2014 and incorporated herein by reference).
	(c)	Letter amending the Alternative Investment Selling Agreement between the Partnership, the General Partner and Morgan Stanley Wealth Management, effective October 1, 2014 (filed herewith).
10.7		Commodity Futures Customer Agreement between the Partnership and MS&Co., effective August 2, 2013 (filed as Exhibit 10.10 to the Quarterly Report on Form 10-Q filed on November 14, 2013 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) (filed herewith).
32.1	– Section 1350 Certification (Certification of President and Director) (filed herewith).
32.2	– Section 1350 Certification (Certification of Chief Financial Officer) (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

40

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 13, 2014

By:	/s/ Steven Ross
	Steven Ross
	Chief Financial Officer (Principal Accounting Officer)

Date: August 13, 2014

41

EX-3.1(B)

EXHIBIT 3.1(b)

Amendment No. 1

to

the Second Amended and Restated Limited Partnership Agreement

of

Westport Futures Fund L.P.

dated as of

December 1, 2012

(the “Agreement”)

WHEREAS, consistent with the General Partner’s authority to amend the Agreement without the consent of the Limited Partners under Paragraph 17(a), the Agreement shall be amended as follows:

1. The second paragraph of Paragraph 8 is hereby deleted and replaced in its entirety with the following: “The General Partner may delegate its responsibility, in whole or in part, for the investment of the Partnership’s assets to one or more qualified trading advisors and may delegate trading discretion to such persons. If the General Partner decides to direct trading for the Partnership itself, the General Partner may nonetheless render advisory services to other clients or accounts and may use the same trading strategies which are utilized in managing the Partnership’s investments. However, the General Partner agrees and represents that any such other services will not affect its capacity to continue to render services to the Partnership of the quality and nature contemplated by this Agreement. If the General Partner determines to delegate its responsibility for trading decisions to one or more trading advisors, it may negotiate and enter into one or more management agreements with the advisor(s) on behalf of the Partnership, including a management agreement under which the General Partner is one of the advisors. Any such agreement could obligate the Partnership to pay management and incentive fees to the advisors in amounts determined by the General Partner acting in the best interests of the Partnership; provided, however, that such fees will in no event exceed those permitted under NASAA Guidelines for the Registration of Commodity Pool Programs (the “Guidelines”) and that, except as otherwise provided herein, neither the General Partner nor any affiliate of the General Partner shall receive an incentive fee in excess of 15% of New Trading Profits or a management fee if it or any of its affiliates receives any portion of the brokerage commissions paid by the Partnership. Specifically, except to the extent permitted by future changes to the Guidelines, incentive fees paid by the Partnership to an advisor shall never exceed 15%, increased by an additional 2% for each 1% by which the Partnership’s aggregate annual expenses (subject to the exclusions below) are reduced below 6% annually, of New Trading Profits, calculated not more often than quarterly on the Valuation Date, over the highest previous Valuation Date.”

2. The seventh paragraph of Paragraph 8 is hereby deleted and replaced in its entirety with the following: “Subject to Paragraph 5 hereof, the General Partner may engage in other business activities and shall not be required to refrain from any other activity nor disgorge any profits from any such activity, whether as general partner of additional partnerships for investment in commodity futures contracts or otherwise. Consistent with the Guidelines, except as provided herein with respect to the administrative fee, the General Partner may engage and compensate on behalf of the Partnership from funds of the Partnership, such persons, firms or corporations, including itself or any affiliated person or entity, as the General Partner in its sole

judgment shall deem advisable for the conduct and operation of the business of the Partnership; provided, however, that the aggregate fees and expenses of the Partnership (excluding incentive fees, the actual costs of legal and audit services, extraordinary expenses and brokerage commissions (a component of which has historically included and continues to include trading and, without limitation, other transaction-related fees as well as compensation paid to financial advisors who sell Units of Limited Partnership Interest and provide continuing services to Limited Partners)) shall not exceed 6% of the Partnership’s Net Assets on an annual basis.”

3. The following paragraph is hereby added after the eighth paragraph of Paragraph 8: “The Partnership shall pay the General Partner a monthly administrative fee in return for its services to the Partnership. The administrative fee initially shall equal 1/12 of 1% (1% per year) of month-end adjusted Net Assets and may be changed upon notice to the Limited Partners subject to the 6% fee and expense cap described in the immediately preceding paragraph. For purposes of calculating the General Partner’s administrative fee, adjusted Net Assets are “Net Assets” increased by the current month’s incentive fee accrual, the monthly management fee, the General Partner’s administrative fee and any allocable redemptions or distributions as of the end of such month.”

4. The foregoing amendments shall be effective as of October 1, 2014 and conforming changes shall apply to such other provisions, if any, of the Agreement in order to give such other provisions the effect of the amendments articulated above.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

- 2 -

IN WITNESS WHEREOF, this Amendment to the Agreement has been executed for and on behalf of the undersigned on August 8, 2014.

General Partner:

Ceres Managed Futures LLC
By:	/s/ Alper Daglioglu
	Alper Daglioglu
	President and Director

- 3 -

EX-10.6(C)

EXHIBIT 10.6(c)

August 8, 2014

Morgan Stanley Smith Barney LLC

522 Fifth Avenue, 13th Floor

New York, New York 10036

Re: Ceres Managed Futures LLC: Amended Schedules 1 and 2 to the Alternative Investment Selling Agent Agreement

Ladies and Gentlemen:

Pursuant to paragraph 13(c) of the Alternative Investment Selling Agent Agreement dated November 12, 2013, as amended on March 1, 2014; April 7, 2014 and as further amended from time to time (the “Agreement”), between, among others, Ceres Managed Futures LLC (“CMF”), the general partner of each of the limited partnerships listed on Schedule 1 thereto (each, a “Partnership,” and together, the “Partnerships”), and Morgan Stanley Smith Barney LLC (“MSSB”), CMF is hereby confirming that Schedules 1 and 2 to the Agreement are hereby deleted in their entirety and replaced with Schedules 1 and 2 attached hereto effective as of October 1, 2014.

Notwithstanding anything to the contrary in the Agreement, by signing below MSSB hereby agrees to, acknowledges and accepts the amendment of the Agreement, effective as of October 1, 2014.

If the foregoing is in accordance with your understanding of our discussions, kindly sign and return to us a counterpart hereof (by mail, facsimile or email) as soon as possible.

Sincerely,
	CERES MANAGED FUTURES LLC
	By:	/s/ Alper Daglioglu
		Alper Daglioglu
		President and Director
	EACH PARTNERSHIP LISTED ON SCHEDULE 1 HERETO
	By: Ceres Managed Futures LLC, the general partner of each Partnership
	By:	/s/ Alper Daglioglu
		Alper Daglioglu
		President and Director

Confirmed, accepted and agreed to:

MORGAN STANLEY SMITH BARNEY LLC
By:	/s/ Jeremy Beal
Name:	Jeremy Beal
Title:	Executive Director

Page 2

SCHEDULE 1

PARTNERSHIP	STATE AND DATE OF ORGANIZATION	EFFECTIVE DATE
Westport Futures Fund L.P.	New York; March 21, 1997	October 1, 2013

Page 3

SCHEDULE 2

PARTNERSHIP	ONGOING SELLING AGENT FEE
Westport Futures Fund L.P.	2.00% per year of the adjusted net assets of the Partnership (computed monthly by multiplying the adjusted net assets of the Partnership by 2.00% and dividing the result thereof by 12)1

¹  Adjusted net assets are month-end Net Assets increased by the current month’s management fee, ongoing selling agent fee, incentive fee accrual and other expenses and any redemptions or distributions as of the end of such month.

Page 4

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 13, 2014

/s/ Alper Daglioglu

Alper Daglioglu

Ceres Managed Futures LLC

President and Director

EX-31.2

Exhibit 31.2

CERTIFICATION

I, Steven Ross, 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 13, 2014

/s/ Steven Ross

Steven Ross

Ceres Managed Futures LLC

Chief Financial Officer

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, 2014 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 13, 2014

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, 2014 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Steven Ross, Chief Financial Officer 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/ Steven Ross

Steven Ross

Ceres Managed Futures LLC

Chief Financial Officer

Date: August 13, 2014

XML

Financial Instrument Risks - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2014
Derivative [Line Items]
General partner OTC minimum	2.30%
General partner OTC maximum	5.30%
Financial instruments maturity year	1 year

XML

Investment in Master - Statements of Financial Condition (Detail) (USD $)	Jun. 30, 2014	Dec. 31, 2013
Equity in trading account:
Cash	$ 6,850	$ 7,627
Total assets	27,049,383	26,107,154
Accrued expenses:
Total liabilities	1,459,460	586,345
Partners' Capital:
General Partner	328,919	309,551
Limited Partners	23,584.4557	25,010.6507
Total liabilities and partners' capital	27,049,383	26,107,154
Rabar Master Fund L.P. [Member]
Equity in trading account:
Cash	25,342,762	27,494,698
Cash margin	6,326,502	5,064,674
Total assets	34,051,187	33,608,961
Liabilities:
Net unrealized depreciation on open forward contracts		9,463
Accrued expenses:
Professional fees	13,267	26,163
Total liabilities	17,721	39,625
Partners' Capital:
General Partner
Limited Partners	34,033,466	33,569,336
Total liabilities and partners' capital	34,051,187	33,608,961
Rabar Master Fund L.P. [Member] | Futures Contracts [Member]
Equity in trading account:
Net unrealized appreciation on contracts	2,225,326	1,049,589
Rabar Master Fund L.P. [Member] | Forward Contracts [Member]
Equity in trading account:
Net unrealized appreciation on contracts	156,597	(9,463)
Rabar Master Fund L.P. [Member] | Morgan Stanley and Company LLC [Member]
Accrued expenses:
Clearing fees due to MS&Co.	$ 4,454	$ 3,999

XML

Fair Value Measurements

6 Months Ended

Jun. 30, 2014

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 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 as well as 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 (the “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 Partnership and the Master consider prices for exchange-traded commodity futures, forward, swaps 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 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, 2014, and December 31, 2013, 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, 2014 and for the twelve months ended December 31, 2013, there were no transfers of assets or liabilities between Level 1 and Level 2.

	June 30, 2014		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 the Master	$	27,042,533	$	—	$	27,042,533	$	—
Net fair value	$	27,042,533	$	—	$	27,042,533	$	—
	December 31, 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 the Master	$	26,099,527	$	—	$	26,099,527	$	—
Net fair value	$	26,099,527	$	—	$	26,099,527	$	—

XML

Investment in Master - Derivative Instruments Priced at Fair Value Using Unobservable Inputs (Detail) (USD $)	Jun. 30, 2014	Dec. 31, 2013
Liabilities
Net fair value	$ 27,042,533	$ 26,099,527
Rabar Master Fund L.P. [Member]
Assets
Total assets	2,855,669	1,538,286
Liabilities
Total liabilities	473,746	498,160
Net fair value	2,381,923	1,040,126
Rabar Master Fund L.P. [Member] | Futures Contracts [Member]
Assets
Derivative Assets	2,635,092	1,460,913
Liabilities
Derivatives liabilities	409,766	411,324
Rabar Master Fund L.P. [Member] | Forward Contracts [Member]
Assets
Derivative Assets	220,577	77,373
Liabilities
Derivatives liabilities	63,980	86,836
Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) [Member]
Liabilities
Net fair value
Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) [Member] | Rabar Master Fund L.P. [Member]
Assets
Total assets	2,824,230	1,519,265
Liabilities
Total liabilities	441,696	491,654
Net fair value	2,382,534	1,027,611
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	2,635,092	1,460,913
Liabilities
Derivatives liabilities	409,766	411,324
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	189,138	58,352
Liabilities
Derivatives liabilities	31,930	80,330
Significant Other Observable Inputs (Level 2) [Member]
Liabilities
Net fair value	27,042,533	26,099,527
Significant Other Observable Inputs (Level 2) [Member] | Rabar Master Fund L.P. [Member]
Assets
Total assets	31,439	19,021
Liabilities
Total liabilities	32,050	6,506
Net fair value	(611)	12,515
Significant Other Observable Inputs (Level 2) [Member] | Rabar Master Fund L.P. [Member] | Forward Contracts [Member]
Assets
Derivative Assets	31,439	19,021
Liabilities
Derivatives liabilities	32,050	6,506
Significant Unobservable Inputs (Level 3) [Member]
Liabilities
Net fair value
Significant Unobservable Inputs (Level 3) [Member] | Rabar Master Fund L.P. [Member]
Assets
Total assets
Liabilities
Total liabilities
Net fair value
Significant Unobservable Inputs (Level 3) [Member] | Rabar Master Fund L.P. [Member] | Futures Contracts [Member]
Assets
Derivative Assets
Liabilities
Derivatives liabilities
Significant Unobservable Inputs (Level 3) [Member] | Rabar Master Fund L.P. [Member] | Forward Contracts [Member]
Assets
Derivative Assets
Liabilities
Derivatives liabilities

XML

Investment in Master - Summary of Valuation of Master's Investments (Detail) (USD $)	Jun. 30, 2014	Dec. 31, 2013
Investment Holdings [Line Items]
Net fair value	$ 2,381,923	$ 1,040,126
Rabar Master Fund L.P. [Member]
Investment Holdings [Line Items]
Gross Amounts Recognized	2,855,669	1,538,286
Gross Amounts Offset in the Statement of Financial Condition	(473,746)	(488,697)
Net Amounts Presented in the Statement of Financial Condition	2,381,923	1,049,589
Gross Amounts Recognized	(473,746)	(498,160)
Gross Amounts Offset in the Statement of Financial Condition	473,746	488,697
Net Amounts Presented in the Statement of Financial Condition		(9,463)
Rabar Master Fund L.P. [Member] | Futures Contracts [Member]
Investment Holdings [Line Items]
Gross Amounts Recognized	2,635,092	1,460,913
Gross Amounts Offset in the Statement of Financial Condition	(409,766)	(411,324)
Net Amounts Presented in the Statement of Financial Condition	2,225,326	1,049,589
Gross Amounts Recognized	(409,766)	(411,324)
Gross Amounts Offset in the Statement of Financial Condition	409,766	411,324
Rabar Master Fund L.P. [Member] | Forward Contracts [Member]
Investment Holdings [Line Items]
Gross Amounts Recognized	220,577	77,373
Gross Amounts Offset in the Statement of Financial Condition	(63,980)	(77,373)
Net Amounts Presented in the Statement of Financial Condition	156,597
Gross Amounts Recognized	(63,980)	(86,836)
Gross Amounts Offset in the Statement of Financial Condition	63,980	77,373
Net Amounts Presented in the Statement of Financial Condition		$ (9,463)

XML

Investment in Master - Ratios to Average Net Assets (Detail)	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Ratios to average net assets:
Net investment income (loss)	(7.30%)	(9.30%)	(8.40%)	(9.20%)
Operating expenses	7.30%	9.40%	8.40%	9.30%
Rabar Master Fund L.P. [Member]
Ratios to average net assets:
Net investment income (loss)	(1.20%)	(0.90%)	(1.10%)	(1.10%)
Operating expenses	1.20%	0.90%	1.20%	1.20%
Total return	5.10%	(1.70%)	10.00%	(0.40%)

XML

Investment in Master - Gross Fair Values of Derivative Instruments of Futures and Forward Contracts as Separate Assets and Liabilities (Detail) (Rabar Master Fund L.P. [Member], USD $)	Jun. 30, 2014	Dec. 31, 2013
Assets
Derivative instruments of futures and forward contracts Assets	$ 220,577	$ 77,373
Liabilities
Derivative instruments of futures and forward contracts liabilities	(63,980)	(86,836)
Forward Contracts [Member]
Assets
Derivative instruments of futures and forward contracts Assets	220,577	77,373
Liabilities
Net unrealized appreciation/depreciation on open futures and forward contracts	156,597	(9,463)
Forward Contracts [Member] | Derivative Assets [Member] | Currencies [Member]
Assets
Derivative instruments of futures and forward contracts Assets	31,439	19,021
Forward Contracts [Member] | Derivative Assets [Member] | Metals [Member]
Assets
Derivative instruments of futures and forward contracts Assets	189,138	58,352
Forward Contracts [Member] | Derivative Liabilities [Member]
Liabilities
Derivative instruments of futures and forward contracts liabilities	(63,980)	(86,836)
Forward Contracts [Member] | Derivative Liabilities [Member] | Currencies [Member]
Liabilities
Derivative instruments of futures and forward contracts liabilities	(32,050)	(6,506)
Forward Contracts [Member] | Derivative Liabilities [Member] | Metals [Member]
Liabilities
Derivative instruments of futures and forward contracts liabilities	(31,930)	(80,330)
Futures Contracts [Member]
Liabilities
Net unrealized appreciation/depreciation on open futures and forward contracts	2,225,326	1,049,589
Futures Contracts [Member] | Derivative Assets [Member]
Assets
Derivative instruments of futures and forward contracts Assets	2,635,092	1,460,913
Futures Contracts [Member] | Derivative Assets [Member] | Currencies [Member]
Assets
Derivative instruments of futures and forward contracts Assets	628,544	416,834
Futures Contracts [Member] | Derivative Assets [Member] | Metals [Member]
Assets
Derivative instruments of futures and forward contracts Assets	227,265	98,158
Futures Contracts [Member] | Derivative Assets [Member] | Energy [Member]
Assets
Derivative instruments of futures and forward contracts Assets	112,965	29,631
Futures Contracts [Member] | Derivative Assets [Member] | Indices [Member]
Assets
Derivative instruments of futures and forward contracts Assets	156,741	823,963
Futures Contracts [Member] | Derivative Assets [Member] | Interest Rates Non - U.S. [Member]
Assets
Derivative instruments of futures and forward contracts Assets	438,023	20,570
Futures Contracts [Member] | Derivative Assets [Member] | Interest Rates U.S. [Member]
Assets
Derivative instruments of futures and forward contracts Assets	138,234	63,550
Futures Contracts [Member] | Derivative Assets [Member] | Livestock [Member]
Assets
Derivative instruments of futures and forward contracts Assets	742,480	7,157
Futures Contracts [Member] | Derivative Assets [Member] | Softs [Member]
Assets
Derivative instruments of futures and forward contracts Assets	190,840	1,050
Futures Contracts [Member] | Derivative Liabilities [Member]
Liabilities
Derivative instruments of futures and forward contracts liabilities	(409,766)	(411,324)
Futures Contracts [Member] | Derivative Liabilities [Member] | Currencies [Member]
Liabilities
Derivative instruments of futures and forward contracts liabilities	(960)	(49,440)
Futures Contracts [Member] | Derivative Liabilities [Member] | Metals [Member]
Liabilities
Derivative instruments of futures and forward contracts liabilities	(7,425)	(8,860)
Futures Contracts [Member] | Derivative Liabilities [Member] | Energy [Member]
Liabilities
Derivative instruments of futures and forward contracts liabilities	(226,443)	(125,606)
Futures Contracts [Member] | Derivative Liabilities [Member] | Indices [Member]
Liabilities
Derivative instruments of futures and forward contracts liabilities	(105,610)	(372)
Futures Contracts [Member] | Derivative Liabilities [Member] | Interest Rates Non - U.S. [Member]
Liabilities
Derivative instruments of futures and forward contracts liabilities	(2,045)	(15,874)
Futures Contracts [Member] | Derivative Liabilities [Member] | Interest Rates U.S. [Member]
Liabilities
Derivative instruments of futures and forward contracts liabilities	(31)	(1,250)
Futures Contracts [Member] | Derivative Liabilities [Member] | Livestock [Member]
Liabilities
Derivative instruments of futures and forward contracts liabilities	(1,470)	(13,435)
Futures Contracts [Member] | Derivative Liabilities [Member] | Softs [Member]
Liabilities
Derivative instruments of futures and forward contracts liabilities	(262)	(42,597)
Futures Contracts [Member] | Derivative Liabilities [Member] | Grains [Member]
Liabilities
Derivative instruments of futures and forward contracts liabilities	$ (65,520)	$ (153,890)

XML

Trading Activities

6 Months Ended

Jun. 30, 2014

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.

The customer agreements between the Partnership, CGM and the Master gave, and the customer agreement with the Partnership, MS&Co. and the Master gives, the Partnership and the Master, 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.

The monthly average number of futures contracts traded by the Master during the three months ended June 30, 2014 and 2013 were 2,672 and 1,564, respectively. The monthly average number of futures contracts traded by the Master during the six months ended June 30, 2014 and 2013, were 2,438 and 1,634, respectively. The monthly average number of metal forward contracts traded by the Master during the three months ended June 30, 2014 and 2013 were 156 and 185, respectively. The monthly average number of metal forward contracts traded by the Master during the six months ended June 30, 2014 and 2013, were 163 and 169, respectively. The monthly average notional values of currency forward contracts held by the Master during the three months ended June 30, 2014 and 2013 were $7,977,818 and $36,220,524, respectively. The monthly average notional values of currency forward contracts held by the Master during the six months ended June 30, 2014 and 2013, were $9,134,983 and $34,147,444, respectively.

All of the commodity interest owned by the Partnership are held for trading purposes.

Brokerage fees previously paid to CGM were calculated as a percentage of the Partnership’s adjusted net asset value on the last day of each month and were affected by trading performance, subscriptions and redemptions. Trading and transaction fees are based on the number of trades executed by the Advisor for the Master and the Partnership’s ownership of the Master.

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”).

XML

Investment in Master - Trading Gains and Losses, by Market Sector, on Derivative Instruments (Detail) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Trading Activity, Gains and Losses, Net [Line Items]
Gain (loss) from trading	$ 1,406,111	$ (426,617)	$ 2,668,927	$ (187,570)
Rabar Master Fund L.P. [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Gain (loss) from trading	1,771,073	(537,528)	3,380,293	(212,816)
Rabar Master Fund L.P. [Member] | Currencies [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Gain (loss) from trading	(524,280)	(282,484)	(1,196,442)	(192,421)
Rabar Master Fund L.P. [Member] | Energy [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Gain (loss) from trading	194,751	(544,381)	(131,578)	(757,321)
Rabar Master Fund L.P. [Member] | Grains [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Gain (loss) from trading	(656,275)	467,276	914,189	110,004
Rabar Master Fund L.P. [Member] | Indices [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Gain (loss) from trading	618,175	(383,804)	319,970	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	217,271	(3,861)	55,505	(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	738,648	(540,003)	1,165,482	(421,345)
Rabar Master Fund L.P. [Member] | Livestock [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Gain (loss) from trading	779,735	242,135	1,805,018	407,461
Rabar Master Fund L.P. [Member] | Metals [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Gain (loss) from trading	371,895	840,636	(258,106)	549,926
Rabar Master Fund L.P. [Member] | Softs [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Gain (loss) from trading	$ 31,153	$ (333,042)	$ 706,255	$ (78,803)

XML

Statements of Financial Condition (USD $)	Jun. 30, 2014	Dec. 31, 2013
Assets:
Investment in the Master, at fair value	$ 27,042,533	$ 26,099,527
Equity in trading account:
Cash	6,850	7,627
Total assets	27,049,383	26,107,154
Accrued expenses:
Ongoing selling agent fees	67,623	114,219
Management fees	44,921	43,276
Other	29,205	27,165
Redemptions payable	1,317,711	401,685
Total liabilities	1,459,460	586,345
Partners' Capital:
General Partner, 307.0879 unit equivalents outstanding at June 30, 2014 and December 31, 2013	328,919	309,551
Limited Partners, 23,584.4557 and 25,010.6507 Redeemable Units outstanding at June 30, 2014 and December 31, 2013, respectively	25,261,004	25,211,258
Total partners' capital	25,589,923	25,520,809
Total liabilities and partners' capital	$ 27,049,383	$ 26,107,154
Net asset value per unit	1,071.09	1,008.02

XML

General

6 Months Ended

Jun. 30, 2014

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. (the “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. 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, 2014, all trading decisions for the Partnership are made by Rabar Market Research Inc. (“Rabar”).

During the six months ended June 30, 2014, the Partnership’s/Master’s commodity broker was Morgan Stanley & Co. LLC (“MS&Co.”), a registered futures commission merchant. During prior periods included in this report, Citigroup Global Markets Inc. (“CGM”) also served as a commodity broker.

During the second quarter of 2013, the Master entered into a futures brokerage account agreement and a foreign exchange brokerage account agreement with MS&Co. The Master commenced foreign exchange trading through an account at MS&Co on or about April 12, 2013, and futures trading through an account at MS&Co on or about June 24, 2013. Effective August 2, 2013, the Partnership entered into a futures brokerage account agreement with MS&Co. and began transferring the brokerage account of the Partnership from CGM to MS&Co. The Partnership, through its investment in the Master, pays MS&Co. trading fees for the clearing and, where applicable, execution of transactions.

Effective October 1, 2013, the Partnership ceased paying a brokerage fee to CGM and CGM ceased acting as a selling agent for the Partnership. Also effective October 1, 2013, the Partnership entered into a selling agreement with Morgan Stanley Smith Barney LLC (d/b/a Morgan Stanley Wealth Management). Pursuant to the selling agreement, Morgan Stanley Wealth Management received a selling agent fee equal to 5.25% per year of month-end net assets. The selling agent fee received by Morgan Stanley Wealth Management will be shared with the properly registered/licensed financial advisers of Morgan Stanley Wealth Management who sold redeemable units in the Partnership.

Effective April 1, 2014, the monthly ongoing selling agent fee was reduced from an annual rate of 5.25% to an annual rate of 3.00%.

Certain prior period amounts have been reclassified to conform to current period presentation. Amounts reported separately on the Statements of Income and Expenses and Changes in Partners’ Capital as ongoing selling agent fees and clearing fees were previously combined and presented as brokerage fees, including clearing fees.

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, 2014 and December 31, 2013, and the results of its operations and changes in partners’ capital for the three and six months ended June 30, 2014, and 2013. 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, 2013.

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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Fair Value Measurements - Additional Information (Detail) (USD $)	3 Months Ended	6 Months Ended	12 Months Ended
	Jun. 30, 2014	Jun. 30, 2014	Dec. 31, 2013
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Transfers of assets or liabilities between Level 1 and Level 2

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Investment in Master - Additional Information (Detail) (USD $)	3 Months Ended	6 Months Ended	12 Months Ended
	Jun. 30, 2014	Jun. 30, 2014	Dec. 31, 2013
Schedule of Investments [Line Items]
Transfers of assets or liabilities between Level 1 and Level 2
Rabar Master Fund L.P. [Member]
Schedule of Investments [Line Items]
Partnership purchased in cash		$ 31,143,887
Percent of partnership	79.50%	79.50%	77.70%

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Financial Highlights

6 Months Ended

Jun. 30, 2014

Financial Highlights

2. Financial Highlights:

Changes in the net asset value per unit for the three and six months ended June 30, 2014 and 2013 were as follows:

	Three Months Ended  June 30,						Six Months Ended June 30,
	2014			2013			2014			2013
Net realized and unrealized gains (losses)*	$	45.41		$	(30.84	)	$	79.16		$	(38.49	)
Interest income		0.03			0.06			0.09			0.18
Expenses**		(8.38	)		(8.84	)		(16.18	)		(17.22	)
Increase (decrease) for the period		37.06			(39.62	)		63.07			(55.53	)
Net asset value per unit, beginning of period		1,034.03			1,069.53			1,008.02			1,085.44
Net asset value per unit, end of period	$	1,071.09		$	1,029.91		$	1,071.09		$	1,029.91

* Includes ongoing selling agent fees and clearing fees. Net realized and unrealized gains (losses) excluding ongoing selling agent fees and clearing fees for the three months ended June 30, 2014 and 2013 and for the six months ended June 30, 2014 and 2013 were $55.88, $(14.99), $105.38 and $(6.73), respectively.

** Excludes ongoing selling agent fees and clearing fees. Total expenses including ongoing selling agent fees and clearing fees for the three months ended June 30, 2014 and 2013 and for the six months ended June 30, 2014 and 2013 were $(18.85), $(24.69), $(42.40) and $(48.98), respectively.

	Three Months Ended June 30,						Six Months Ended June 30,
	2014			2013			2014			2013
Ratios to average net assets:***
Net investment income (loss)		(7.3	)%		(9.3	)%		(8.4	)%		(9.2	)%
Incentive fees		0.0	%		0.0	%		0.0	%		0.0	%
Net investment income (loss) before incentive fees****		(7.3	)%		(9.3	)%		(8.4	)%		(9.2	)%
Operating expense		7.3	%		9.4	%		8.4	%		9.3	%
Incentive fees		0.0			0.0	%		0.0	%		0.0	%
Total expenses		7.3	%		9.4	%		8.4	%		9.3	%
Total return:
Total return before incentive fees		3.6	%		(3.7	)%		6.3	%		(5.1	)%
Incentive fees		0.0	%		0.0	%		0.0	%		0.0	%
Total return after incentive fees		3.6	%		(3.7	)%		6.3	%		(5.1	)%

*** 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.

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Statements of Financial Condition (Parenthetical)	Jun. 30, 2014	Dec. 31, 2013
General partner capital, unit outstanding	307.0879	307.0879
Limited partner's capital, units outstanding	23,584.4557	25,010.6507

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General - Additional Information (Detail)	0 Months Ended	6 Months Ended	0 Months Ended
	Apr. 01, 2014	Jun. 30, 2014	Oct. 01, 2013 Morgan Stanley Wealth Management [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Maximum number of units sold by Limited Partnership
Annual rate of agent fee	3.00%	5.25%	5.25%

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Document and Entity Information	6 Months Ended
	Jun. 30, 2014	Jul. 31, 2014
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2014
Document Fiscal Year Focus	2014
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		23,433.2277

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Financial Highlights - Changes in Net Asset Value Per Unit (Detail)	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Net realized and unrealized gains (losses)	45.41	(30.84)	79.16	(38.49)
Interest income	0.03	0.06	0.09	0.18
Expenses	(8.38)	(8.84)	(16.18)	(17.22)
Increase (decrease) for the period	37.06	(39.62)	63.07	(55.53)
Net asset value per unit, beginning of period	1,034.03	1,069.53	1,008.02	1,085.44
Net asset value per unit, end of period	1,071.09	1,029.91	1,071.09	1,029.91

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Statements of Income and Expenses and Changes in Partners' Capital (USD $)	3 Months Ended				6 Months Ended
	Jun. 30, 2014		Jun. 30, 2013		Jun. 30, 2014		Jun. 30, 2013
Investment Income:
Interest income from investment in Master	$ 869		$ 1,406		$ 2,510		$ 5,022
Total investment income	869		1,406		2,510		5,022
Expenses:
Ongoing selling agent fees	199,910		390,408		544,457		788,564
Clearing fees	63,801		48,409		120,790		91,032
Management fees	132,770		147,766		263,127		298,570
Other	78,042	[1]	96,390	[1]	146,700	[1]	178,144	[1]
Total expenses	474,523		682,973		1,075,074		1,356,310
Net investment income (loss)	(473,654)		(681,567)		(1,072,564)		(1,351,288)
Net gains (losses) on trading of commodity interests and investment in Master
Net realized gains (losses) on closed contracts							2,156
Net realized gains (losses) on investment in Master	775,614		(47,003)		1,609,324		230,841
Change in net unrealized gains (losses) on open contracts							(2,156)
Change in net unrealized gains (losses) on investment in Master	630,497		(379,614)		1,059,603		(418,411)
Total trading results	1,406,111		(426,617)		2,668,927		(187,570)
Net income (loss)	932,457		(1,108,184)		1,596,363		(1,538,858)
Subscriptions-Limited Partners	140,624		926,909		754,624		1,618,064
Redemptions-Limited Partners	(1,631,679)		(658,335)		(2,281,873)		(1,986,941)
Redemptions-General Partner							(100,128)
Net increase (decrease) in Partners' Capital	(558,598)		(839,610)		69,114		(2,007,863)
Partners' Capital, beginning of period	26,148,521		29,148,841		25,520,809		30,317,094
Partners' Capital, end of period	$ 25,589,923		$ 28,309,231		$ 25,589,923		$ 28,309,231
Net asset value per unit (23,891.5436 and 27,487.0146 units outstanding at June 30, 2014 and 2013, respectively)	1,071.09		1,029.91		1,071.09		1,029.91
Net income (loss) per unit	$ 37.06	[2]	$ (39.62)	[2]	$ 63.07	[2]	$ (55.53)	[2]
Weighted average units outstanding	25,179.6446		27,662.0176		25,339.2481		27,693.6001

[1] The three months ended 2014 and 2013 include $18,053 and $18,965, respectively, of other fees allocated from the Master. The six months ended 2014 and 2013 include $31,973 and $74,884, respectively, of other fees allocated from the Master.

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

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Critical Accounting Policies

6 Months Ended

Jun. 30, 2014

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 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 as well as 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, 2014 and December 31, 2013, 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, 2014 and for the twelve months ended December 31, 2013, there were no transfers of assets or liabilities between Level 1 and Level 2.

Futures Contracts. The Master trades 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 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 Master. When the contract is closed, 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 Master does 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 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 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 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.

Investment Company Status. Effective January 1, 2014, the Partnership adopted, ASU 2013-08, “Financial Services — Investment 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. ASU 2013-08 is effective for interim and annual reporting periods beginning after December 15, 2013. The adoption of this ASU did not have a material impact on the Partnership’s financial statements. Based on management’s assessment, the Partnership has been deemed to be an investment company since inception. It has all of the fundamental characteristics of an investment company. Although, the Partnership does not possess all of the typical characteristics of an investment company, its activities are consistent with those of an investment company.

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 2010 through 2013 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.

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

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.

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Financial Instrument Risks

6 Months Ended

Jun. 30, 2014

Financial Instrument Risks

6. Financial Instrument Risks:

In the normal course of business, the Partnership, through its investment in the Master is party 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 a swap-execution facility or over-the-counter (“OTC”). Exchange-traded instruments include futures and certain standardized forwards, swaps and option contracts. Certain swap contracts may also be traded on a swap execution facility of OTC. OTC contracts are negotiated between contracting parties and also include certain forward and option contracts. Specific market movements of commodities or futures contracts underlying an option cannot be accurately predicted. The purchaser of an option may lose the entire premium paid for the option. The writer or seller of an option has unlimited risk. 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 2.3% to 5.3% 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 are 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 had credit risk and concentration risk during the three and six months ended June 30, 2014 and in prior periods included in this report, as CGM and/or MS&Co. or their affiliates were the sole counterparties or brokers with respect to the Partnership’s and the Master’s 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 Partnership and the Master continue to be subject to such risks with respect to MS&Co.

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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Fair Value Measurements - Derivative Instruments Priced at Fair Value Using Unobservable Inputs (Detail) (USD $)	Jun. 30, 2014	Dec. 31, 2013
Assets
Investment in the Master	$ 27,042,533	$ 26,099,527
Net fair value	27,042,533	26,099,527
Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) [Member]
Assets
Investment in the Master
Net fair value
Significant Other Observable Inputs (Level 2) [Member]
Assets
Investment in the Master	27,042,533	26,099,527
Net fair value	27,042,533	26,099,527
Significant Unobservable Inputs (Level 3) [Member]
Assets
Investment in the Master
Net fair value

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Financial Highlights - Changes in Net Asset Value Per Unit (Parenthetical) (Detail)	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Net realized and unrealized gains (losses) excluding ongoing selling agent fees and clearing fees	55.88	(14.99)	105.38	(6.73)
Total expenses including ongoing selling agent fees and clearing fees	(18.85)	(24.69)	(42.40)	(48.98)

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Investment in Master (Tables)

6 Months Ended

Jun. 30, 2014

Ratios to Average Net Assets

	Three Months Ended June 30,						Six Months Ended June 30,
	2014			2013			2014			2013
Ratios to average net assets:***
Net investment income (loss)		(7.3	)%		(9.3	)%		(8.4	)%		(9.2	)%
Incentive fees		0.0	%		0.0	%		0.0	%		0.0	%
Net investment income (loss) before incentive fees****		(7.3	)%		(9.3	)%		(8.4	)%		(9.2	)%
Operating expense		7.3	%		9.4	%		8.4	%		9.3	%
Incentive fees		0.0			0.0	%		0.0	%		0.0	%
Total expenses		7.3	%		9.4	%		8.4	%		9.3	%
Total return:
Total return before incentive fees		3.6	%		(3.7	)%		6.3	%		(5.1	)%
Incentive fees		0.0	%		0.0	%		0.0	%		0.0	%
Total return after incentive fees		3.6	%		(3.7	)%		6.3	%		(5.1	)%

*** Annualized (other than incentive fees).

**** Interest income less total expenses.

Statements of Financial Condition

Rabar Master Fund L. P.

Statements of Financial Condition

	(Unaudited) June 30, 2014		December 31, 2013
Assets:
Equity in trading account:
Cash	$	25,342,762	$	27,494,698
Cash margin		6,326,502		5,064,674
Net unrealized appreciation on open futures contracts		2,225,326		1,049,589
Net unrealized appreciation on open forward contracts		156,597		—
Total assets	$	34,051,187	$	33,608,961
Liabilities and Partners’ Capital:
Liabilities:
Net unrealized depreciation on open forward contracts	$	—	$	9,463
Accrued expenses:
Professional fees		13,267		26,163
Clearing fees due to MS&Co.		4,454		3,999
Total liabilities		17,721		39,625
Partners’ Capital:
General Partner		—		—
Limited Partners		34,033,466		33,569,336
Total liabilities and partners’ capital	$	34,051,187	$	33,608,961

Statements of Condensed Schedules of Investments

Rabar Master Fund L.P.

Condensed Schedule of Investments

June 30, 2014

(Unaudited)

	Notional ($)/ Number of Contracts		Fair Value			% of Partners’ Capital
Futures Contracts Purchased
Currencies		510	$	603,017			1.77	%
Energy		184		(113,478	)		(0.33	)
Grains		42		(65,520	)		(0.19	)
Indices		344		51,131			0.15
Interest Rates U.S.		206		138,203			0.41
Interest Rates Non - U.S.		663		437,099			1.28
Livestock		109		741,010			2.18
Metals		224		219,840			0.64
Softs		64		32,818			0.10
Total futures contracts purchased				2,044,120			6.01
Futures Contracts Sold
Currencies		16		24,567			0.07
Interest Rates Non - U.S.		36		(1,121	)		(0.00	)*
Softs		368		157,760			0.46
Total futures contracts sold				181,206			0.53
Net unrealized appreciation on open futures contracts				2,225,326			6.54
Unrealized Appreciation on Open Forward Contracts
Currencies	$	5,836,846		31,439			0.09
Metals		87		189,138			0.56
Total unrealized appreciation on open forward contracts				220,577			0.65
Unrealized Depreciation on Open Forward Contracts
Currencies	$	2,772,427		(32,050	)		(0.10	)
Metals		29		(31,930	)		(0.09	)
Total unrealized depreciation on open forward contracts				(63,980	)		(0.19	)
Net unrealized appreciation on open forward contracts				156,597			0.46
Net fair value			$	2,381,923			7.00	%

* Due to rounding

Rabar Master Fund L.P.

Condensed Schedule of Investments

December 31, 2013

	Notional ($)/ Number of Contracts		Fair Value			% of Partners’ Capital
Futures Contracts Purchased
Currencies		409	$	276,832			0.82	%
Energy		129		(95,975	)		(0.29	)
Grains		119		(153,890	)		(0.46	)
Indices		435		823,591			2.45
Interest Rates U.S.		12		(938	)		(0.00	)*
Interest Rates Non - U.S.		254		(669	)		(0.00	)*
Livestock		52		(11,838	)		(0.03	)
Metals		120		68,218			0.20
Softs		31		(14,485	)		(0.04	)
Total futures contracts purchased				890,846			2.65
Futures Contracts Sold
Currencies		67		90,562			0.27
Interest Rates U.S.		65		63,238			0.19
Interest Rates Non - U.S.		92		5,365			0.02
Livestock		18		5,560			0.02
Metals		23		21,080			0.06
Softs		195		(27,062	)		(0.08	)
Total futures contracts sold				158,743			0.48
Net unrealized appreciation on open futures contracts				1,049,589			3.13
Unrealized Appreciation on Open Forward Contracts
Currencies	$	2,849,827		19,021			0.06
Metals		82		58,352			0.17
Total unrealized appreciation on open forward contracts				77,373			0.23
Unrealized Depreciation on Open Forward Contracts
Currencies	$	1,707,985		(6,506	)		(0.02	)
Metals		47		(80,330	)		(0.24	)
Total unrealized depreciation on open forward contracts				(86,836	)		(0.26	)
Net unrealized depreciation on open forward contracts				(9,463	)		(0.03	)
Net fair value			$	1,040,126			3.10	%

* 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 June 30,						Six Months Ended June 30
	2014			2013			2014			2013
Investment Income:
Interest income	$	1,095		$	1,821		$	3,180		$	6,604
Total investment income		1,095			1,821			3,180			6,604
Expenses:
Clearing fees		80,378			62,621			152,789			119,058
Professional fees		22,747			24,678			40,426			98,710
Total expenses		103,125			87,299			193,215			217,768
Net investment income (loss)		(102,030	)		(85,478	)		(190,035	)		(211,164	)
Trading Results:
Net gains (losses) on trading of commodity interests:
Net realized gains (losses) on closed contracts		977,468			(56,673	)		2,038,496			310,383
Change in net unrealized gains (losses) on open contracts		793,605			(480,855	)		1,341,797			(523,199	)
Total trading results		1,771,073			(537,528	)		3,380,293			(212,816	)
Net income (loss)		1,669,043			(623,006	)		3,190,258			(423,980	)
Subscriptions		140,624			976,909			754,624			11,813,481
Redemptions		(1,403,612	)		(2,215,313	)		(3,477,572	)		(5,287,483	)
Distribution of interest income to feeder funds		(1,095	)		(1,821	)		(3,180	)		(6,604	)
Net increase (decrease) in Partners’ Capital		404,960			(1,863,231	)		464,130			6,095,414
Partners’ Capital, beginning of period		33,628,506			39,046,990			33,569,336			31,088,345
Partners’ Capital, end of period	$	34,033,466		$	37,183,759		$	34,033,466		$	37,183,759

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, 2014 and 2013, were as follows:

	Three Months Ended June 30,						Six Months Ended June 30,
	2014			2013			2014			2013
Ratios to average net assets:*
Net investment income (loss)**		(1.2	)%		(0.9	)%		(1.1	)%		(1.1	)%
Operating expenses		1.2	%		0.9	%		1.2	%		1.2	%
Total return		5.1	%		(1.7	)%		10.0	%		(0.4	)%

* Annualized.

** Interest income less total expenses.

Summary of Valuation of Master's Investments

The following tables summarize the valuation of the Master’s investments as of June 30, 2014 and December 31, 2013, respectively.

June 30, 2014	Gross Amounts Recognized			Gross Amounts Offset in the Statement of Financial Condition			Net Amounts Presented in the Statement of Financial Condition
Assets
Futures	$	2,635,092		$	(409,766	)	$	2,225,326
Forwards		220,577			(63,980	)		156,597
Total assets	$	2,855,669		$	(473,746	)	$	2,381,923
Liabilities
Futures	$	(409,766	)	$	409,766		$	—
Forwards		(63,980	)		63,980			—
Total liabilities	$	(473,746	)	$	473,746		$	—
Net fair value							$	2,381,923
December 31, 2013	Gross Amounts Recognized			Gross Amounts Offset in the Statement of Financial Condition			Net Amounts Presented in the Statement of Financial Condition
Assets
Futures	$	1,460,913		$	(411,324	)	$	1,049,589
Forwards		77,373			(77,373	)		—
Total assets	$	1,538,286		$	(488,697	)	$	1,049,589
Liabilities
Futures	$	(411,324	)	$	411,324		$	—
Forwards		(86,836	)		77,373			(9,463	)
Total liabilities	$	(498,160	)	$	488,697		$	(9,463	)
Net fair value							$	1,040,126

Gross Fair Values of Derivative Instruments of Futures and Forward Contracts as Separate Assets and Liabilities

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, 2014, and December 31, 2013.

	June 30, 2014
Assets
Futures Contracts
Currencies	$	628,544
Energy		112,965
Indices		156,741
Interest Rates Non-U.S.		438,023
Interest Rates U.S.		138,234
Livestock		742,480
Metals		227,265
Softs		190,840
Total unrealized appreciation on open futures contracts	$	2,635,092
Liabilities
Futures Contracts
Currencies	$	(960	)
Energy		(226,443	)
Grains		(65,520	)
Indices		(105,610	)
Interest Rates Non-U.S.		(2,045	)
Interest Rates U.S.		(31	)
Livestock		(1,470	)
Metals		(7,425	)
Softs		(262	)
Total unrealized depreciation on open futures contracts	$	(409,766	)
Net unrealized appreciation on open futures contracts	$	2,225,326	*
	June 30, 2014
Assets
Forward Contracts
Currencies	$	31,439
Metals		189,138
Total unrealized appreciation on open forward contracts	$	220,577
Liabilities
Forward Contracts
Currencies	$	(32,050	)
Metals		(31,930	)
Total unrealized depreciation on open forward contracts	$	(63,980	)
Net unrealized appreciation on open forward contracts	$	156,597	**

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

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

	December 31, 2013
Assets
Futures Contracts
Currencies	$	416,834
Energy		29,631
Indices		823,963
Interest Rates Non-U.S.		20,570
Interest Rates U.S.		63,550
Livestock		7,157
Metals		98,158
Softs		1,050
Total unrealized appreciation on open futures contracts	$	1,460,913
Liabilities
Futures Contracts
Currencies	$	(49,440	)
Energy		(125,606	)
Grains		(153,890	)
Indices		(372	)
Interest Rates Non-U.S.		(15,874	)
Interest Rates U.S.		(1,250	)
Livestock		(13,435	)
Metals		(8,860	)
Softs		(42,597	)
Total unrealized depreciation on open futures contracts	$	(411,324	)
Net unrealized appreciation on open futures contracts	$	1,049,589	*
	December 31, 2013
Assets
Forward Contracts
Currencies	$	19,021
Metals		58,352
Total unrealized appreciation on open forward contracts	$	77,373
Liabilities
Forward Contracts
Currencies	$	(6,506	)
Metals		(80,330	)
Total unrealized depreciation on open forward contracts	$	(86,836	)
Net unrealized depreciation on open forward contracts	$	(9,463	)**

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

** This amount is included 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, 2014 and 2013.

	Three Months Ended June 30,						Six Months Ended June 30,
Sector	2014			2013			2014			2013
Currencies		(524,280	)		(282,484	)		(1,196,442	)		(192,421	)
Energy		194,751			(544,381	)		(131,578	)		(757,321	)
Grains		(656,275	)		467,276			914,189			110,004
Indices		618,175			(383,804	)		319,970			266,342
Interest Rates US		217,271			(3,861	)		55,505			(96,659	)
Interest Rates non-US		738,648			(540,003	)		1,165,482			(421,345	)
Livestock		779,735			242,135			1,805,018			407,461
Metals		371,895			840,636			(258,106	)		549,926
Softs		31,153			(333,042	)		706,255			(78,803	)
Total	$	1,771,073	***	$	(537,528	)***		3,380,293	***		(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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Critical Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2014

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 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 as well as 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, 2014 and December 31, 2013, 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, 2014 and for the twelve months ended December 31, 2013, there were no transfers of assets or liabilities between Level 1 and Level 2.

Futures Contracts

Futures Contracts. The Master trades 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 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 Master. When the contract is closed, 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 Master does 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 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 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 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.

Investment Company Status

Investment Company Status. Effective January 1, 2014, the Partnership adopted, ASU 2013-08, “Financial Services — Investment 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. ASU 2013-08 is effective for interim and annual reporting periods beginning after December 15, 2013. The adoption of this ASU did not have a material impact on the Partnership’s financial statements. Based on management’s assessment, the Partnership has been deemed to be an investment company since inception. It has all of the fundamental characteristics of an investment company. Although, the Partnership does not possess all of the typical characteristics of an investment company, its activities are consistent with those of an investment company.

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 2010 through 2013 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.

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.”

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.

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Financial Highlights (Tables)

6 Months Ended

Jun. 30, 2014

Changes in Net Asset Value Per Unit

Changes in the net asset value per unit for the three and six months ended June 30, 2014 and 2013 were as follows:

	Three Months Ended  June 30,						Six Months Ended June 30,
	2014			2013			2014			2013
Net realized and unrealized gains (losses)*	$	45.41		$	(30.84	)	$	79.16		$	(38.49	)
Interest income		0.03			0.06			0.09			0.18
Expenses**		(8.38	)		(8.84	)		(16.18	)		(17.22	)
Increase (decrease) for the period		37.06			(39.62	)		63.07			(55.53	)
Net asset value per unit, beginning of period		1,034.03			1,069.53			1,008.02			1,085.44
Net asset value per unit, end of period	$	1,071.09		$	1,029.91		$	1,071.09		$	1,029.91

* Includes ongoing selling agent fees and clearing fees. Net realized and unrealized gains (losses) excluding ongoing selling agent fees and clearing fees for the three months ended June 30, 2014 and 2013 and for the six months ended June 30, 2014 and 2013 were $55.88, $(14.99), $105.38 and $(6.73), respectively.

** Excludes ongoing selling agent fees and clearing fees. Total expenses including ongoing selling agent fees and clearing fees for the three months ended June 30, 2014 and 2013 and for the six months ended June 30, 2014 and 2013 were $(18.85), $(24.69), $(42.40) and $(48.98), respectively

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Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2014

Derivative Instruments Priced at Fair Value Using Unobservable Inputs

During the six months ended June 30, 2014 and for the twelve months ended December 31, 2013, there were no transfers of assets or liabilities between Level 1 and Level 2.

	June 30, 2014		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 the Master	$	27,042,533	$	—	$	27,042,533	$	—
Net fair value	$	27,042,533	$	—	$	27,042,533	$	—
	December 31, 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 the Master	$	26,099,527	$	—	$	26,099,527	$	—
Net fair value	$	26,099,527	$	—	$	26,099,527	$	—

Rabar Master Fund L.P. [Member]

Derivative Instruments Priced at Fair Value Using Unobservable Inputs

For the six months ended June 30, 2014 and for the year ended December 31, 2013, there were no transfers of assets or liabilities between Level 1 and Level 2.

	June 30, 2014		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	$	2,635,092	$	2,635,092	$	—		$	—
Forwards		220,577		189,138		31,439			—
Total assets	$	2,855,669	$	2,824,230	$	31,439		$	—
Liabilities
Futures	$	409,766	$	409,766	$	—		$	—
Forwards		63,980		31,930		32,050			—
Total liabilities		473,746		441,696		32,050			—
Net fair value	$	2,381,923	$	2,382,534	$	(611	)	$	—
	December 31, 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	$	1,460,913	$	1,460,913	$	—		$	—
Forwards		77,373		58,352		19,021			—
Total assets	$	1,538,286	$	1,519,265	$	19,021		$	—
Liabilities
Futures	$	411,324	$	411,324	$	—		$	—
Forwards		86,836		80,330		6,506			—
Total liabilities		498,160		491,654		6,506			—
Net fair value	$	1,040,126	$	1,027,611	$	12,515		$	—

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Critical Accounting Policies - Additional Information (Detail) (USD $)	3 Months Ended	6 Months Ended	12 Months Ended
	Jun. 30, 2014	Jun. 30, 2014	Dec. 31, 2013
Debt Instrument [Line Items]
Transfers of assets or liabilities between Level 1 and Level 2
Provision for income tax

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Trading Activities - Additional Information (Detail) (Master [Member], USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2014 Contract	Jun. 30, 2013 Contract	Jun. 30, 2014 Contract	Jun. 30, 2013 Contract
Futures Contracts [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Average number of derivative contracts traded	2,672	1,564	2,438	1,634
Forward Contracts [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Average notional values of currency forward contracts held by the Master	$ 7,977,818	$ 36,220,524	$ 9,134,983	$ 34,147,444
Forward Contracts [Member] | Metals [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Average number of derivative contracts traded	156	185	163	169

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Investment in Master - Statements of Condensed Schedules of Investments (Detail) (USD $)	Jun. 30, 2014	Dec. 31, 2013
Investment Holdings [Line Items]
Futures contracts purchased and sold, fair value	$ 27,042,533	$ 26,099,527
Net fair value	27,042,533	26,099,527
Rabar Master Fund L.P. [Member]
Investment Holdings [Line Items]
Unrealized appreciation on open forward contracts, fair value	220,577	77,373
Net unrealized appreciation on open forward contracts	156,597	1,049,589
Net unrealized appreciation on open contracts, percentage of partners' capital		3.13%
Unrealized depreciation on open forward contracts, fair value	(63,980)	(86,836)
Net unrealized depreciation on open forward contracts, fair value		(9,463)
Unrealized appreciation on open forward contracts, percentage of partners' capital	0.65%	0.23%
Net fair value	2,381,923	1,040,126
Unrealized depreciation on open forward contracts, percentage of partners' capital	(0.19%)	(0.26%)
Net unrealized depreciation on open forward contracts, percentage of partners' capital		(0.03%)
Net fair value	7.00%	3.10%
Rabar Master Fund L.P. [Member] | Futures Contracts [Member]
Investment Holdings [Line Items]
Net unrealized appreciation on open contracts, percentage of partners' capital	6.54%
Rabar Master Fund L.P. [Member] | Forward Contracts [Member]
Investment Holdings [Line Items]
Unrealized appreciation on open forward contracts, fair value	220,577	77,373
Net unrealized appreciation on open contracts, percentage of partners' capital	0.46%
Rabar Master Fund L.P. [Member] | Currencies [Member]
Investment Holdings [Line Items]
Unrealized appreciation on open forward contracts, fair value	31,439	19,021
Unrealized Appreciation on Open Forward Contracts, Notional value	5,836,846	2,849,827
Unrealized Appreciation on Open Forward Contracts, Notional value	2,772,427	1,707,985
Unrealized depreciation on open forward contracts, fair value	(32,050)	(6,506)
Unrealized appreciation on open forward contracts, percentage of partners' capital	0.09%	0.06%
Unrealized depreciation on open forward contracts, percentage of partners' capital	(0.10%)	(0.02%)
Rabar Master Fund L.P. [Member] | Metals [Member]
Investment Holdings [Line Items]
Unrealized appreciation on open forward contracts, fair value	189,138	58,352
Unrealized Appreciation on open forward contracts, Number of contracts	87	82
Unrealized appreciation on open forward contracts, Number of contracts	29	47
Unrealized depreciation on open forward contracts, fair value	(31,930)	(80,330)
Unrealized appreciation on open forward contracts, percentage of partners' capital	0.56%	0.17%
Unrealized depreciation on open forward contracts, percentage of partners' capital	(0.09%)	(0.24%)
Rabar Master Fund L.P. [Member] | Futures Contracts Purchased [Member]
Investment Holdings [Line Items]
Futures contracts purchased and sold, fair value	2,044,120	890,846
Futures contracts purchased and sold, percentage of partners' capital	6.01%	2.65%
Rabar Master Fund L.P. [Member] | Futures Contracts Purchased [Member] | Currencies [Member]
Investment Holdings [Line Items]
Futures contracts purchased and sold, number of contracts	510	409
Futures contracts purchased and sold, fair value	603,017	276,832
Futures contracts purchased and sold, percentage of partners' capital	1.77%	0.82%
Rabar Master Fund L.P. [Member] | Futures Contracts Purchased [Member] | Energy [Member]
Investment Holdings [Line Items]
Futures contracts purchased and sold, number of contracts	184	129
Futures contracts purchased and sold, fair value	(113,478)	(95,975)
Futures contracts purchased and sold, percentage of partners' capital	(0.33%)	(0.29%)
Rabar Master Fund L.P. [Member] | Futures Contracts Purchased [Member] | Grains [Member]
Investment Holdings [Line Items]
Futures contracts purchased and sold, number of contracts	42	119
Futures contracts purchased and sold, fair value	(65,520)	(153,890)
Futures contracts purchased and sold, percentage of partners' capital	(0.19%)	(0.46%)
Rabar Master Fund L.P. [Member] | Futures Contracts Purchased [Member] | Indices [Member]
Investment Holdings [Line Items]
Futures contracts purchased and sold, number of contracts	344	435
Futures contracts purchased and sold, fair value	51,131	823,591
Futures contracts purchased and sold, percentage of partners' capital	0.15%	2.45%
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	206	12
Futures contracts purchased and sold, fair value	138,203	(938)
Futures contracts purchased and sold, percentage of partners' capital	0.41%	0.00%
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	254
Futures contracts purchased and sold, fair value	437,099	(669)
Futures contracts purchased and sold, percentage of partners' capital	1.28%	0.00%
Rabar Master Fund L.P. [Member] | Futures Contracts Purchased [Member] | Livestock [Member]
Investment Holdings [Line Items]
Futures contracts purchased and sold, number of contracts	109	52
Futures contracts purchased and sold, fair value	741,010	(11,838)
Futures contracts purchased and sold, percentage of partners' capital	2.18%	(0.03%)
Rabar Master Fund L.P. [Member] | Futures Contracts Purchased [Member] | Metals [Member]
Investment Holdings [Line Items]
Futures contracts purchased and sold, number of contracts	224	120
Futures contracts purchased and sold, fair value	219,840	68,218
Futures contracts purchased and sold, percentage of partners' capital	0.64%	0.20%
Rabar Master Fund L.P. [Member] | Futures Contracts Purchased [Member] | Softs [Member]
Investment Holdings [Line Items]
Futures contracts purchased and sold, number of contracts	64	31
Futures contracts purchased and sold, fair value	32,818	(14,485)
Futures contracts purchased and sold, percentage of partners' capital	0.10%	(0.04%)
Rabar Master Fund L.P. [Member] | Futures Contracts Sold [Member]
Investment Holdings [Line Items]
Futures contracts purchased and sold, fair value	181,206	158,743
Net unrealized appreciation on open forward contracts	2,225,326
Futures contracts purchased and sold, percentage of partners' capital	0.53%	0.48%
Rabar Master Fund L.P. [Member] | Futures Contracts Sold [Member] | Currencies [Member]
Investment Holdings [Line Items]
Futures contracts purchased and sold, number of contracts	16	67
Futures contracts purchased and sold, fair value	24,567	90,562
Futures contracts purchased and sold, percentage of partners' capital	0.07%	0.27%
Rabar Master Fund L.P. [Member] | Futures Contracts Sold [Member] | Grains [Member]
Investment Holdings [Line Items]
Futures contracts purchased and sold, number of contracts		65
Rabar Master Fund L.P. [Member] | Futures Contracts Sold [Member] | Interest Rates U.S. [Member]
Investment Holdings [Line Items]
Futures contracts purchased and sold, fair value		63,238
Futures contracts purchased and sold, percentage of partners' capital		0.19%
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	36	92
Futures contracts purchased and sold, fair value	(1,121)	5,365
Futures contracts purchased and sold, percentage of partners' capital	0.00%	0.02%
Rabar Master Fund L.P. [Member] | Futures Contracts Sold [Member] | Livestock [Member]
Investment Holdings [Line Items]
Futures contracts purchased and sold, number of contracts		18
Futures contracts purchased and sold, fair value		5,560
Futures contracts purchased and sold, percentage of partners' capital		0.02%
Rabar Master Fund L.P. [Member] | Futures Contracts Sold [Member] | Metals [Member]
Investment Holdings [Line Items]
Futures contracts purchased and sold, number of contracts		23
Futures contracts purchased and sold, fair value		21,080
Futures contracts purchased and sold, percentage of partners' capital		0.06%
Rabar Master Fund L.P. [Member] | Futures Contracts Sold [Member] | Softs [Member]
Investment Holdings [Line Items]
Futures contracts purchased and sold, number of contracts	368	195
Futures contracts purchased and sold, fair value	$ 157,760	$ (27,062)
Futures contracts purchased and sold, percentage of partners' capital	0.46%	(0.08%)

XML

Statements of Income and Expenses and Changes in Partners' Capital (Parenthetical) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Partner's capital, units outstanding	23,891.5436	27,487.0146	23,891.5436	27,487.0146
JWH Master and/or Rabar Master [Member]
Other fees	$ 18,053	$ 18,965	$ 31,973	$ 74,884

XML

Investment in Master

6 Months Ended

Jun. 30, 2014

Investment in Master

5. Investment in Master:

Effective December 1, 2012, the Partnership allocated substantially all of its capital to the Master, a limited partnership organized under the partnership laws of the State of Delaware. The Partnership purchased an interest in the Master with cash equal to $31,143,887. The 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 the Master. During the six months ended June 30, 2014, the Master’s commodity broker was MS&Co. During prior periods included in this report, CGM also served as a commodity broker to the Master. Individual and pooled accounts currently managed by the Advisor, including the Partnership, are permitted to be limited partners of the 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 the 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, 2014.

The Master’s trading of futures, forward, swaps and option contracts, if applicable, on commodities is done primarily on U.S. commodity exchanges and foreign commodity exchanges. During the reporting period the Master engaged in such trading through commodity brokerage accounts maintained by MS&Co. During the prior reporting periods included in this report, the Master also engaged in such trading through commodity brokerage accounts maintained by CGM.

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 trading, exchange, clearing, user, give-up, floor brokerage and National Futures Association fees (collectively, “clearing fees”) are borne by the Partnership and through its investment in the Master and allocated to its limited partners including, the Partnership. All other fees are charged at the Partnership level.

As of June 30, 2014, the Partnership owned approximately 79.5% of the Master. As of December 31, 2013, the Partnership owned approximately 77.7% 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, 2014 and December 31, 2013 and Statements of Income and Expenses and Changes in Partners’ Capital for the three and six months ended June 30, 2014, are presented below:

Rabar Master Fund L. P.

Statements of Financial Condition

	(Unaudited) June 30, 2014		December 31, 2013
Assets:
Equity in trading account:
Cash	$	25,342,762	$	27,494,698
Cash margin		6,326,502		5,064,674
Net unrealized appreciation on open futures contracts		2,225,326		1,049,589
Net unrealized appreciation on open forward contracts		156,597		—
Total assets	$	34,051,187	$	33,608,961
Liabilities and Partners’ Capital:
Liabilities:
Net unrealized depreciation on open forward contracts	$	—	$	9,463
Accrued expenses:
Professional fees		13,267		26,163
Clearing fees due to MS&Co.		4,454		3,999
Total liabilities		17,721		39,625
Partners’ Capital:
General Partner		—		—
Limited Partners		34,033,466		33,569,336
Total liabilities and partners’ capital	$	34,051,187	$	33,608,961

Rabar Master Fund L.P.

Condensed Schedule of Investments

June 30, 2014

(Unaudited)

	Notional ($)/ Number of Contracts		Fair Value			% of Partners’ Capital
Futures Contracts Purchased
Currencies		510	$	603,017			1.77	%
Energy		184		(113,478	)		(0.33	)
Grains		42		(65,520	)		(0.19	)
Indices		344		51,131			0.15
Interest Rates U.S.		206		138,203			0.41
Interest Rates Non - U.S.		663		437,099			1.28
Livestock		109		741,010			2.18
Metals		224		219,840			0.64
Softs		64		32,818			0.10
Total futures contracts purchased				2,044,120			6.01
Futures Contracts Sold
Currencies		16		24,567			0.07
Interest Rates Non - U.S.		36		(1,121	)		(0.00	)*
Softs		368		157,760			0.46
Total futures contracts sold				181,206			0.53
Net unrealized appreciation on open futures contracts				2,225,326			6.54
Unrealized Appreciation on Open Forward Contracts
Currencies	$	5,836,846		31,439			0.09
Metals		87		189,138			0.56
Total unrealized appreciation on open forward contracts				220,577			0.65
Unrealized Depreciation on Open Forward Contracts
Currencies	$	2,772,427		(32,050	)		(0.10	)
Metals		29		(31,930	)		(0.09	)
Total unrealized depreciation on open forward contracts				(63,980	)		(0.19	)
Net unrealized appreciation on open forward contracts				156,597			0.46
Net fair value			$	2,381,923			7.00	%

* Due to rounding

Rabar Master Fund L.P.

Condensed Schedule of Investments

December 31, 2013

	Notional ($)/ Number of Contracts		Fair Value			% of Partners’ Capital
Futures Contracts Purchased
Currencies		409	$	276,832			0.82	%
Energy		129		(95,975	)		(0.29	)
Grains		119		(153,890	)		(0.46	)
Indices		435		823,591			2.45
Interest Rates U.S.		12		(938	)		(0.00	)*
Interest Rates Non - U.S.		254		(669	)		(0.00	)*
Livestock		52		(11,838	)		(0.03	)
Metals		120		68,218			0.20
Softs		31		(14,485	)		(0.04	)
Total futures contracts purchased				890,846			2.65
Futures Contracts Sold
Currencies		67		90,562			0.27
Interest Rates U.S.		65		63,238			0.19
Interest Rates Non - U.S.		92		5,365			0.02
Livestock		18		5,560			0.02
Metals		23		21,080			0.06
Softs		195		(27,062	)		(0.08	)
Total futures contracts sold				158,743			0.48
Net unrealized appreciation on open futures contracts				1,049,589			3.13
Unrealized Appreciation on Open Forward Contracts
Currencies	$	2,849,827		19,021			0.06
Metals		82		58,352			0.17
Total unrealized appreciation on open forward contracts				77,373			0.23
Unrealized Depreciation on Open Forward Contracts
Currencies	$	1,707,985		(6,506	)		(0.02	)
Metals		47		(80,330	)		(0.24	)
Total unrealized depreciation on open forward contracts				(86,836	)		(0.26	)
Net unrealized depreciation on open forward contracts				(9,463	)		(0.03	)
Net fair value			$	1,040,126			3.10	%

* Due to rounding

Rabar Master Fund L. P.

Statement of Income and Expenses and Changes in Partners’ Capital

(Unaudited)

	Three Months Ended June 30,						Six Months Ended June 30
	2014			2013			2014			2013
Investment Income:
Interest income	$	1,095		$	1,821		$	3,180		$	6,604
Total investment income		1,095			1,821			3,180			6,604
Expenses:
Clearing fees		80,378			62,621			152,789			119,058
Professional fees		22,747			24,678			40,426			98,710
Total expenses		103,125			87,299			193,215			217,768
Net investment income (loss)		(102,030	)		(85,478	)		(190,035	)		(211,164	)
Trading Results:
Net gains (losses) on trading of commodity interests:
Net realized gains (losses) on closed contracts		977,468			(56,673	)		2,038,496			310,383
Change in net unrealized gains (losses) on open contracts		793,605			(480,855	)		1,341,797			(523,199	)
Total trading results		1,771,073			(537,528	)		3,380,293			(212,816	)
Net income (loss)		1,669,043			(623,006	)		3,190,258			(423,980	)
Subscriptions		140,624			976,909			754,624			11,813,481
Redemptions		(1,403,612	)		(2,215,313	)		(3,477,572	)		(5,287,483	)
Distribution of interest income to feeder funds		(1,095	)		(1,821	)		(3,180	)		(6,604	)
Net increase (decrease) in Partners’ Capital		404,960			(1,863,231	)		464,130			6,095,414
Partners’ Capital, beginning of period		33,628,506			39,046,990			33,569,336			31,088,345
Partners’ Capital, end of period	$	34,033,466		$	37,183,759		$	34,033,466		$	37,183,759

The following tables summarize the valuation of the Master’s investments as of June 30, 2014 and December 31, 2013, respectively.

June 30, 2014	Gross Amounts Recognized			Gross Amounts Offset in the Statement of Financial Condition			Net Amounts Presented in the Statement of Financial Condition
Assets
Futures	$	2,635,092		$	(409,766	)	$	2,225,326
Forwards		220,577			(63,980	)		156,597
Total assets	$	2,855,669		$	(473,746	)	$	2,381,923
Liabilities
Futures	$	(409,766	)	$	409,766		$	—
Forwards		(63,980	)		63,980			—
Total liabilities	$	(473,746	)	$	473,746		$	—
Net fair value							$	2,381,923
December 31, 2013	Gross Amounts Recognized			Gross Amounts Offset in the Statement of Financial Condition			Net Amounts Presented in the Statement of Financial Condition
Assets
Futures	$	1,460,913		$	(411,324	)	$	1,049,589
Forwards		77,373			(77,373	)		—
Total assets	$	1,538,286		$	(488,697	)	$	1,049,589
Liabilities
Futures	$	(411,324	)	$	411,324		$	—
Forwards		(86,836	)		77,373			(9,463	)
Total liabilities	$	(498,160	)	$	488,697		$	(9,463	)
Net fair value							$	1,040,126

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, 2014, and December 31, 2013, 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, 2014 and for the year ended December 31, 2013, there were no transfers of assets or liabilities between Level 1 and Level 2.

	June 30, 2014		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	$	2,635,092	$	2,635,092	$	—		$	—
Forwards		220,577		189,138		31,439			—
Total assets	$	2,855,669	$	2,824,230	$	31,439		$	—
Liabilities
Futures	$	409,766	$	409,766	$	—		$	—
Forwards		63,980		31,930		32,050			—
Total liabilities		473,746		441,696		32,050			—
Net fair value	$	2,381,923	$	2,382,534	$	(611	)	$	—
	December 31, 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	$	1,460,913	$	1,460,913	$	—		$	—
Forwards		77,373		58,352		19,021			—
Total assets	$	1,538,286	$	1,519,265	$	19,021		$	—
Liabilities
Futures	$	411,324	$	411,324	$	—		$	—
Forwards		86,836		80,330		6,506			—
Total liabilities		498,160		491,654		6,506			—
Net fair value	$	1,040,126	$	1,027,611	$	12,515		$	—

Financial Highlights of the Master:

Ratios to average net assets for the three and six months ended June 30, 2014 and 2013, were as follows:

	Three Months Ended June 30,						Six Months Ended June 30,
	2014			2013			2014			2013
Ratios to average net assets:*
Net investment income (loss)**		(1.2	)%		(0.9	)%		(1.1	)%		(1.1	)%
Operating expenses		1.2	%		0.9	%		1.2	%		1.2	%
Total return		5.1	%		(1.7	)%		10.0	%		(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, 2014, and December 31, 2013.

	June 30, 2014
Assets
Futures Contracts
Currencies	$	628,544
Energy		112,965
Indices		156,741
Interest Rates Non-U.S.		438,023
Interest Rates U.S.		138,234
Livestock		742,480
Metals		227,265
Softs		190,840
Total unrealized appreciation on open futures contracts	$	2,635,092
Liabilities
Futures Contracts
Currencies	$	(960	)
Energy		(226,443	)
Grains		(65,520	)
Indices		(105,610	)
Interest Rates Non-U.S.		(2,045	)
Interest Rates U.S.		(31	)
Livestock		(1,470	)
Metals		(7,425	)
Softs		(262	)
Total unrealized depreciation on open futures contracts	$	(409,766	)
Net unrealized appreciation on open futures contracts	$	2,225,326	*
	June 30, 2014
Assets
Forward Contracts
Currencies	$	31,439
Metals		189,138
Total unrealized appreciation on open forward contracts	$	220,577
Liabilities
Forward Contracts
Currencies	$	(32,050	)
Metals		(31,930	)
Total unrealized depreciation on open forward contracts	$	(63,980	)
Net unrealized appreciation on open forward contracts	$	156,597	**

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

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

	December 31, 2013
Assets
Futures Contracts
Currencies	$	416,834
Energy		29,631
Indices		823,963
Interest Rates Non-U.S.		20,570
Interest Rates U.S.		63,550
Livestock		7,157
Metals		98,158
Softs		1,050
Total unrealized appreciation on open futures contracts	$	1,460,913
Liabilities
Futures Contracts
Currencies	$	(49,440	)
Energy		(125,606	)
Grains		(153,890	)
Indices		(372	)
Interest Rates Non-U.S.		(15,874	)
Interest Rates U.S.		(1,250	)
Livestock		(13,435	)
Metals		(8,860	)
Softs		(42,597	)
Total unrealized depreciation on open futures contracts	$	(411,324	)
Net unrealized appreciation on open futures contracts	$	1,049,589	*
	December 31, 2013
Assets
Forward Contracts
Currencies	$	19,021
Metals		58,352
Total unrealized appreciation on open forward contracts	$	77,373
Liabilities
Forward Contracts
Currencies	$	(6,506	)
Metals		(80,330	)
Total unrealized depreciation on open forward contracts	$	(86,836	)
Net unrealized depreciation on open forward contracts	$	(9,463	)**

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

** This amount is included 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, 2014 and 2013.

	Three Months Ended June 30,						Six Months Ended June 30,
Sector	2014			2013			2014			2013
Currencies		(524,280	)		(282,484	)		(1,196,442	)		(192,421	)
Energy		194,751			(544,381	)		(131,578	)		(757,321	)
Grains		(656,275	)		467,276			914,189			110,004
Indices		618,175			(383,804	)		319,970			266,342
Interest Rates US		217,271			(3,861	)		55,505			(96,659	)
Interest Rates non-US		738,648			(540,003	)		1,165,482			(421,345	)
Livestock		779,735			242,135			1,805,018			407,461
Metals		371,895			840,636			(258,106	)		549,926
Softs		31,153			(333,042	)		706,255			(78,803	)
Total	$	1,771,073	***	$	(537,528	)***		3,380,293	***		(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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Investment in Master - Statements of Income and Expenses (Detail) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Investment Holdings [Line Items]
Total investment income	$ 869	$ 1,406	$ 2,510	$ 5,022
Professional fees	132,770	147,766	263,127	298,570
Total expenses	474,523	682,973	1,075,074	1,356,310
Net investment income (loss)	(473,654)	(681,567)	(1,072,564)	(1,351,288)
Net realized gains (losses) on closed contracts				2,156
Change in net unrealized gains (losses) on open contracts				(2,156)
Total trading results	1,406,111	(426,617)	2,668,927	(187,570)
Net income (loss)	932,457	(1,108,184)	1,596,363	(1,538,858)
Redemptions	(1,631,679)	(658,335)	(2,281,873)	(1,986,941)
Net increase (decrease) in Partners' Capital	(558,598)	(839,610)	69,114	(2,007,863)
Partners' Capital, beginning of period	26,148,521	29,148,841	25,520,809	30,317,094
Partners' Capital, end of period	25,589,923	28,309,231	25,589,923	28,309,231
Rabar Master Fund L.P. [Member]
Investment Holdings [Line Items]
Interest income	1,095	1,821	3,180	6,604
Total investment income	1,095	1,821	3,180	6,604
Clearing fees	80,378	62,621	152,789	119,058
Professional fees	22,747	24,678	40,426	98,710
Total expenses	103,125	87,299	193,215	217,768
Net investment income (loss)	(102,030)	(85,478)	(190,035)	(211,164)
Net realized gains (losses) on closed contracts	977,468	(56,673)	2,038,496	310,383
Change in net unrealized gains (losses) on open contracts	793,605	(480,855)	1,341,797	(523,199)
Total trading results	1,771,073	(537,528)	3,380,293	(212,816)
Net income (loss)	1,669,043	(623,006)	3,190,258	(423,980)
Subscriptions	140,624	976,909	754,624	11,813,481
Redemptions	(1,403,612)	(2,215,313)	(3,477,572)	(5,287,483)
Distribution of interest income to feeder funds	(1,095)	(1,821)	(3,180)	(6,604)
Net increase (decrease) in Partners' Capital	404,960	(1,863,231)	464,130	6,095,414
Partners' Capital, beginning of period	33,628,506	39,046,990	33,569,336	31,088,345
Partners' Capital, end of period	$ 34,033,466	$ 37,183,759	$ 34,033,466	$ 37,183,759

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Financial Highlights - Ratios to Average Net Assets (Detail)	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Ratios to average net assets:
Net investment income (loss)	(7.30%)	(9.30%)	(8.40%)	(9.20%)
Incentive fees	0.00%	0.00%	0.00%	0.00%
Net investment income (loss) before incentive fees	(7.30%)	(9.30%)	(8.40%)	(9.20%)
Operating expense	7.30%	9.40%	8.40%	9.30%
Incentive fees	0.00%	0.00%	0.00%	0.00%
Total expenses	7.30%	9.40%	8.40%	9.30%
Total return:
Total return before incentive fees	3.60%	(3.70%)	6.30%	(5.10%)
Incentive fees	0.00%	0.00%	0.00%	0.00%
Total return after incentive fees	3.60%	(3.70%)	6.30%	(5.10%)