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 September 30, 2017

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

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, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	Accelerated filer	Non-accelerated filer X
Smaller reporting company	Emerging growth company

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

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

Yes         No X

As of October 31, 2017, 11,044.2197 Limited Partnership Redeemable Units were outstanding.

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements.

Westport Futures Fund L.P.

Statements of Financial Condition

	September 30,		December 31,
	2017		2016
	(Unaudited)
Assets:
Investment in the Master (1), at fair value	$	9,800,346	$	12,822,628
Cash at MS&Co.		77,849		103,670
Cash at bank		631		217
Total assets	$	9,878,826	$	12,926,515
Liabilities and Partners’ Capital:
Liabilities:
Accrued expenses:
Ongoing selling agent fees	$	16,465	$	21,544
Management fees		16,299		21,310
General Partner fees		8,149		10,655
Professional fees		82,983		118,929
Redemptions payable to General Partner		-		14,999
Redemptions payable to Limited Partners		44,163		119,829
Total liabilities		168,059		307,266
Partners’ Capital:
General Partner, 129.0669 and 151.7109 Redeemable Units outstanding at September 30, 2017 and December 31, 2016, respectively		111,081		139,555
Limited Partners, 11,154.0527 and 13,566.7717 Redeemable Units outstanding at September 30, 2017 and December 31, 2016, respectively		9,599,686		12,479,694
Total partners’ capital (net asset value)		9,710,767		12,619,249
Total liabilities and partners’ capital	$	9,878,826	$	12,926,515
Net asset value per Redeemable Unit	$	860.65	$	919.87

⁽¹⁾ Defined in Note 1.

See accompanying notes to financial statements.

1

Westport Futures Fund L.P.

Statements of Income and Expenses and Changes in Partners’ Capital

(Unaudited)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2017			2016			2017			2016
Investment Income:
Interest income allocated from the Master	$	19,187		$	7,032		$	47,696		$	20,413
Expenses:
Expenses allocated from the Master		22,713			42,971			125,909			121,453
Ongoing selling agent fees		52,552			80,599			170,241			257,880
Management fees		51,953			79,937			168,140			255,902
General Partner fees		25,977			39,968			84,070			127,950
Professional fees		15,103			50,960			74,792			153,803
Total expenses		168,298			294,435			623,152			916,988
Net investment loss		(149,111	)		(287,403	)		(575,456	)		(896,575	)
Trading Results:
Net gains (losses) on investment in the Master:
Net realized gains (losses) on closed contracts allocated from the Master		(42,210	)		(170,140	)		(44,365	)		51,816
Net change in unrealized gains (losses) on open contracts allocated from the Master		(60,304	)		(264,603	)		(124,099	)		430,229
Total trading results		(102,514	)		(434,743	)		(168,464	)		482,045
Net income (loss)		(251,625	)		(722,146	)		(743,920	)		(414,530	)
Redemptions - General Partner		-			(75,000	)		(20,000	)		(75,000	)
Redemptions - Limited Partners		(821,537	)		(1,631,106	)		(2,144,562	)		(3,392,075	)
Net increase (decrease) in Partners’ Capital		(1,073,162	)		(2,428,252	)		(2,908,482	)		(3,881,605	)
Partners’ Capital, beginning of period		10,783,929			16,700,247			12,619,249			18,153,600
Partners’ Capital, end of period	$	9,710,767		$	14,271,995		$	9,710,767		$	14,271,995
Net asset value per Redeemable Unit (11,283.1196 and 15,265.4236 Redeemable Units outstanding at September 30, 2017 and 2016, respectively)	$	860.65		$	934.92		$	860.65		$	934.92
Net income (loss) per Redeemable Unit *	$	(22.59	)	$	(43.60	)	$	(59.22	)	$	(26.79	)
Weighted average Redeemable Units outstanding		11,802.2349			16,556.3369			12,608.7889			17,544.6955

* Represents the change in net asset value per Redeemable Unit during the period.

See accompanying notes to financial statements.

2

Westport Futures Fund L.P.

Notes to Financial Statements

(Unaudited)

1. Organization:

Westport Futures Fund L.P. (the “Partnership”) is a limited partnership organized under the partnership laws of the State of New York on March 21, 1997, 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 interests in commodity pools. The sectors traded include currencies, energy, grains, indices, U.S. and non-U.S. interest rates, livestock, metals and softs. The Partnership commenced trading on August 1, 1997. The commodity interests that are indirectly 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 General Partner (as defined below) may also determine to invest up to all of the Partnership’s assets (directly or indirectly through its investment in the Master) in United States (“U.S.”) Treasury bills and/or money market mutual funds, including money market mutual funds managed by Morgan Stanley or its affiliates. The Partnership privately and continuously offers redeemable units of limited partnership interest (“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. As of January 1, 2017, the General Partner became a wholly-owned subsidiary of Morgan Stanley Domestic Holdings, Inc. (“MSD Holdings”). MSD 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 January 1, 2017, the General Partner was a wholly-owned subsidiary of Morgan Stanley Smith Barney Holdings LLC. All trading decisions for the Partnership are made by Rabar Market Research Inc. (“Rabar” or the “Advisor”).

During the reporting periods ended September 30, 2017 and 2016, the Partnership’s and the Master’s commodity broker was Morgan Stanley & Co. LLC (“MS&Co.”), a registered futures commission merchant. The Partnership and the Master also deposit a portion of their cash in non-trading accounts at JPMorgan Chase Bank, N.A.

On 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 Master permits accounts managed now and in the future by Rabar using the Diversified Program, a proprietary and systematic trading program, to invest together in one trading vehicle. The General Partner is also the general partner of 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 as if the Partnership traded directly and redemption rights are not affected.

Generally, a limited partner in the Master withdraws all or part of its capital contribution and undistributed profits, if any, from the Master as of the end of any month (the “Redemption Date”) after a request has been made to the General Partner at least three days in advance of the Redemption Date. Such withdrawals are classified as a liability when the limited partner in the Master elects to redeem and informs the Master. However, a limited partner in the Master may request a withdrawal as of the end of any day if such request is received by the General Partner at least three days in advance of the proposed withdrawal day.

The General Partner is not aware of any material changes to the trading program discussed above during the fiscal quarter ended September 30, 2017.

As of September 30, 2017 and December 31, 2016, the Partnership owned approximately 100% of the Master. The Partnership intends to continue to invest substantially all of its assets in the Master. The performance of the Partnership is directly affected by the performance of the Master. The Master’s trading of futures, forward, swap and option contracts, if applicable, on commodities is done primarily on U.S. and foreign commodity exchanges. The Master engages in such trading through commodity brokerage accounts maintained with MS&Co. The Master’s Statements of Financial Condition, including Condensed Schedules of Investments and Statements of Income and Expenses and Changes in Partners’ Capital, are included herein.

3

Westport Futures Fund L.P.

Notes to Financial Statements

(Unaudited)

The Master has entered into a futures brokerage account agreement and a foreign exchange brokerage account agreement with MS&Co. The Partnership has also entered into a futures brokerage account agreement with MS&Co. The Partnership, through its investment in the Master, pays MS&Co. (or will reimburse MS&Co., if previously paid) its allocable share of all trading fees for the clearing and, where applicable, the execution of transactions as well as exchange, clearing, user, give-up, floor brokerage and National Futures Association fees (collectively, the “clearing fees”).

The Partnership has entered into a selling agreement with Morgan Stanley Smith Barney LLC (doing business as Morgan Stanley Wealth Management) (“Morgan Stanley Wealth Management”) (as amended, the “Selling Agreement”). Pursuant to the Selling Agreement, Morgan Stanley Wealth Management receives a monthly ongoing selling agent fee equal to 2.0% per year of the Partnership’s adjusted month-end net assets. The ongoing selling agent fee received by Morgan Stanley Wealth Management is shared with the properly registered/exempted financial advisors of Morgan Stanley Wealth Management who sell Redeemable Units in the Partnership.

In July 2015, the General Partner delegated certain administrative functions to SS&C Technologies, Inc., a Delaware corporation, currently doing business as SS&C GlobeOp (the “Administrator”). Pursuant to a master services agreement, the Administrator furnishes certain administrative, accounting, regulatory reporting, tax and other services as agreed from time to time. In addition, the Administrator maintains certain books and records of the Partnership. The cost of retaining the Administrator is allocated among the pools operated by the General Partner, including the Partnership.

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

The accompanying financial statements and accompanying notes are unaudited but, in the opinion of the General Partner, include all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the Partnership’s financial condition at September 30, 2017 and the results of its operations and changes in partners’ capital for the three and nine months ended September 30, 2017 and 2016. These financial statements present the results for interim periods and do not include all disclosures normally provided in annual financial statements. These financial statements should be read together with the financial statements and notes included in the Partnership’s Annual Report on Form 10-K (the “Form 10-K”) filed with the Securities and Exchange Commission (the “SEC”) for the year ended December 31, 2016. The December 31, 2016 information has been derived from the audited financial statements as of and for the year ended December 31, 2016.

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.

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

Profit Allocation. 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 contributions and profits, if any, net of distributions or redemptions and losses, if any.

Statement of Cash Flows. The Partnership has not provided a Statement of Cash Flows, as permitted by Accounting Standards Codification (“ASC”) 230, “Statement of Cash Flows.” The Statements of Income and Expenses and Changes in Partners’ Capital is included herein, and as of and for the periods ended September 30, 2017 and 2016, the Partnership carried no debt and substantially all the Partnership’s and Master’s investments were carried at fair value and classified as Level 1 and Level 2 measurements.

4

Westport Futures Fund L.P.

Notes to Financial Statements

(Unaudited)

Partnership’s Investment. The Partnership carries its investment in the Master based on the Partnership’s (1) net contribution to the Master and (2) its allocated share of the undistributed profits and losses, including realized gains or losses and net change in unrealized gains or losses, of the Master. The valuation of the Master’s investments including the classification within the fair value hierarchy of the investments held by the Master are described in Note 5, “Fair Value Measurements.”

Master’s Investments. All commodity interests of 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 in Note 5, “Fair Value Measurements”) at the measurement date. Investments in commodity interests denominated in foreign currencies are translated into U.S. dollars at the exchange rates prevailing at the measurement date. Gains or losses are realized when contracts are liquidated and are determined using the first-in, first-out method. Unrealized gains or losses on open contracts are included as a component of equity in trading account in the Master’s Statements of Financial Condition. Net realized gains or losses and net change in unrealized gains or losses are included in the Master’s 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 total trading results in the Master’s Statements of Income and Expenses and Changes in Partners’ Capital.

Master’s Cash. The Master’s cash includes cash denominated in foreign currencies of ($123,418) (proceeds of $123,669) and $59,053 (cost of $59,262) as of September 30, 2017 and December 31, 2016, respectively.

Income Taxes. Income taxes have not been recorded as each partner is individually liable for the taxes, if any, on its share of the Partnership’s income and expenses. The Partnership follows the guidance of ASC 740, “Income Taxes,” which prescribes a recognition threshold and measurement attribute for financial statement recognition and measurement of tax positions taken or expected to be taken in the course of preparing the Partnership’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained “when challenged” or “when examined” by the applicable tax authority. Tax positions determined not to meet the more-likely-than-not threshold would be recorded as a tax benefit or liability in the Partnership’s Statements of Financial Condition for the current year. If a tax position does not meet the minimum statutory threshold to avoid the incurring of penalties, an expense for the amount of the statutory penalty and interest, if applicable, shall be recognized in the Statements of Income and Expenses and Changes in Partners’ Capital in the period in which the position is claimed or expected to be claimed. The General Partner has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. The Partnership files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The 2013 through 2016 tax years remain subject to examination by U.S. federal and most state tax authorities.

Investment Company Status. Effective January 1, 2014, the Partnership adopted Accounting Standards Update 2013-08, “Financial Services—Investment Companies (Topic 946): Amendments to the Scope, Measurement and Disclosure Requirements” and based on the General Partner’s assessment, the Partnership has been deemed to be an investment company since inception. Accordingly, the Partnership follows the investment company accounting and reporting guidance of Topic 946 and reflects its investments at fair value with unrealized gains and losses resulting from changes in fair value reflected in the Statements of Income and Expenses and Changes in Partners’ Capital.

Net Income (Loss) per Redeemable Unit. Net income (loss) per Redeemable Unit is calculated in accordance with ASC 946, “Financial Services – Investment Companies.” See Note 3, “Financial Highlights.”

There have been no material changes with respect to the Partnership’s critical accounting policies as reported in the Partnership’s Annual Report on Form 10-K for the year ended December 31, 2016.

5

Westport Futures Fund L.P.

Notes to Financial Statements

(Unaudited)

The Master’s Statements of Financial Condition and Condensed Schedules of Investments as of September 30, 2017 and December 31, 2016 and Statements of Income and Expenses and Changes in Partners’ Capital for the three and nine months ended September 30, 2017 and 2016, are presented below:

Rabar Master Fund L.P.

Statements of Financial Condition

	September 30,		December 31,
	2017		2016
	(Unaudited)
Assets:
Equity in trading account:
Unrestricted cash	$	8,154,018	$	10,578,857
Restricted cash		1,643,628		2,097,376
Net unrealized appreciation on open futures contracts		96,808		283,716
Total equity in trading account		9,894,454		12,959,949
Cash at bank		631		217
Total assets	$	9,895,085	$	12,960,166
Liabilities and Partners’ Capital:
Liabilities:
Net unrealized depreciation on open forward contracts	$	54,425	$	116,774
Accrued expenses:
Professional fees		46,188		23,890
Total liabilities		100,613		140,664
Partners’ Capital:
General Partner		-		-
Limited Partners		9,794,472		12,819,502
Total partners’ capital (net asset value)		9,794,472		12,819,502
Total liabilities and partners’ capital	$	9,895,085	$	12,960,166

6

Westport Futures Fund L.P.

Notes to Financial Statements

(Unaudited)

Rabar Master Fund L.P.

Condensed Schedule of Investments

September 30, 2017

(Unaudited)

	Notional ($)/     Number of Contracts		Fair Value			% of Partners’     Capital
Futures Contracts Purchased
Currencies		59	$	(31,741	)		(0.32	)	%
Energy		68		(427	)		(0.00	)	*
Grains		15		(8,065	)		(0.08	)
Indices		135		149,327			1.52
Interest Rates Non-U.S.		76		(4,363	)		(0.04	)
Livestock		31		(9,595	)		(0.10	)
Metals		48		(31,903	)		(0.33	)
Total futures contracts purchased				63,233			0.65
Futures Contracts Sold
Currencies		6		(7,542	)		(0.08	)
Energy		19		2,399			0.02
Interest Rates U.S.		9		(484	)		(0.00	)	*
Interest Rates Non-U.S.		150		21,591			0.22
Metals		1		705			0.01
Softs		68		16,906			0.17
Total futures contracts sold				33,575			0.34
Net unrealized appreciation on open futures contracts			$	96,808			0.99		%
Unrealized Appreciation on Open Forward Contracts
Metals		14	$	36,134			0.37		%
Total unrealized appreciation on open forward contracts				36,134			0.37
Unrealized Depreciation on Open Forward Contracts
Metals		29		(90,559	)		(0.93	)
Total unrealized depreciation on open forward contracts				(90,559	)		(0.93	)
Net unrealized depreciation on open forward contracts			$	(54,425)			(0.56	)	%

* Due to rounding

7

Westport Futures Fund L.P.

Notes to Financial Statements

(Unaudited)

Rabar Master Fund L.P.

Condensed Schedule of Investments

December 31, 2016

	Notional ($)/     Number of Contracts		Fair Value			% of Partners’     Capital
Futures Contracts Purchased
Currencies		12	$	15,468			0.12		%
Energy		77		98,103			0.77
Grains		136		(14,053	)		(0.11	)
Indices		146		101,018			0.78
Interest Rates Non-U.S.		187		20,765			0.16
Livestock		22		11,100			0.09
Metals		16		(15,575	)		(0.12	)
Softs		73		(337	)		(0.00	)	*
Total futures contracts purchased				216,489			1.69
Futures Contracts Sold
Currencies		34		27,304			0.21
Interest Rates U.S.		18		6,617			0.05
Interest Rates Non-U.S.		184		(4,831	)		(0.04	)
Livestock		1		(250	)		(0.00	)	*
Metals		12		(724	)		(0.01	)
Softs		19		39,111			0.31
Total futures contracts sold				67,227			0.52
Net unrealized appreciation on open futures contracts			$	283,716			2.21		%
Unrealized Appreciation on Open Forward Contracts
Currencies	$	1,191,326	$	10,297			0.08		%
Metals		4		10,102			0.08
Total unrealized appreciation on open forward contracts				20,399			0.16
Unrealized Depreciation on Open Forward Contracts
Currencies	$	2,218,684		(26,628	)		(0.21	)
Metals		42		(110,545	)		(0.86	)
Total unrealized depreciation on open forward contracts				(137,173	)		(1.07	)
Net unrealized depreciation on open forward contracts			$	(116,774	)		(0.91	)	%

* Due to rounding

8

Westport Futures Fund L.P.

Notes to Financial Statements

(Unaudited)

Rabar Master Fund L.P.

Statements of Income and Expenses and Changes in Partners’ Capital

(Unaudited)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2017			2016			2017			2016
Investment Income:
Interest income	$	19,187		$	7,032		$	47,696		$	20,413
Expenses:
Clearing fees		21,268			22,867			63,571			60,305
Professional fees		1,445			20,104			62,338			61,148
Total expenses		22,713			42,971			125,909			121,453
Net investment loss		(3,526	)		(35,939	)		(78,213	)		(101,040	)
Trading Results:
Net gains (losses) on trading of commodity interests:
Net realized gains (losses) on closed contracts		(42,210	)		(170,140	)		(44,365	)		51,816
Net change in unrealized gains (losses) on open contracts		(60,304	)		(264,603	)		(124,099	)		430,229
Total trading results		(102,514	)		(434,743	)		(168,464	)		482,045
Net income (loss)		(106,040	)		(470,682	)		(246,677	)		381,005
Redemptions		(1,109,297	)		(1,609,975	)		(2,730,657	)		(4,761,026	)
Distribution of interest income to feeder fund		(19,187	)		(7,032	)		(47,696	)		(16,997	)
Net increase (decrease) in Partners’ Capital		(1,234,524	)		(2,087,689	)		(3,025,030	)		(4,397,018	)
Partners’ Capital, beginning of period		11,028,996			16,871,215			12,819,502			19,180,544
Partners’ Capital, end of period	$	9,794,472		$	14,783,526		$	9,794,472		$	14,783,526

9

Westport Futures Fund L.P.

Notes to Financial Statements

(Unaudited)

3. Financial Highlights:

Financial highlights for the limited partner class as a whole for the three and nine months ended September 30, 2017 and 2016 were as follows:

	Three Months Ended September 30,								Nine Months Ended September 30,
	2017				2016				2017				2016
Per Redeemable Unit Performance (for a unit outstanding throughout the period): *
Net realized and unrealized gains (losses)	$	(9.96	)		$	(26.24	)		$	(13.58	)		$	24.31
Net investment loss		(12.63	)			(17.36	)			(45.64	)			(51.10	)
Increase (decrease) for the period		(22.59	)			(43.60	)			(59.22	)			(26.79	)
Net asset value per Redeemable Unit, beginning of period		883.24				978.52				919.87				961.71
Net asset value per Redeemable Unit, end of period	$	860.65			$	934.92			$	860.65			$	934.92
	Three Months Ended September 30,								Nine Months Ended September 30,
	2017				2016				2017				2016
Ratios to Average Limited Partners’ Capital: **
Net investment loss ***		(5.8	)	%		(7.3	)	%		(6.9	)	%		(7.1	)	%
Operating expense		6.5		%		7.5		%		7.5		%		7.3		%
Incentive fees		-		%		-		%		-		%		-		%
Total expenses		6.5		%		7.5		%		7.5		%		7.3		%
Total return:
Total return before incentive fees		(2.6	)	%		(4.5	)	%		(6.4	)	%		(2.8	)	%
Incentive fees		-		%		-		%		-		%		-		%
Total return after incentive fees		(2.6	)	%		(4.5	)	%		(6.4	)	%		(2.8	)	%

* Net investment loss per Redeemable Unit is calculated by dividing the interest income less total expenses by the average number of Redeemable Units outstanding during the period. The net realized and unrealized gains (losses) per Redeemable Unit is a balancing amount necessary to reconcile the change in net asset value per Redeemable Unit with the other per unit information.

** Annualized (other than incentive fees).

*** Interest income allocated from the Master less total expenses.

The above ratios and total return 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 partners’ capital of the Partnership and include the income and expenses allocated from the Master.

10

Westport Futures Fund L.P.

Notes to Financial Statements

(Unaudited)

Financial Highlights of the Master:

Financial highlights for the limited partner class as a whole for the three and nine months ended September 30, 2017 and 2016 were as follows:

	Three Months Ended September 30,								Nine Months Ended September 30,
	2017				2016				2017				2016
Ratios to Average Limited Partners’ Capital: *
Net investment loss **		(0.1	)	%		(0.9	)	%		(0.9	)	%		(0.8	)	%
Operating expenses		0.9		%		1.1		%		1.5		%		0.9		%
Total return		(1.2	)	%		(2.9	)	%		(2.2	)	%		1.9		%

* Annualized.

** Interest income less total expenses.

The above ratios and total return 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 partners’ capital.

4. Trading Activities:

The Partnership was formed for the purpose of trading contracts in a variety of commodity interests, including derivative financial instruments and derivative commodity interests. The Partnership invests substantially all of its assets through a “master/feeder” structure. The Partnership’s pro-rata share of the results of the Master’s trading activities is shown on the Statements of Income and Expenses and Changes in Partners’ Capital.

The futures brokerage account agreements with MS&Co. give the Partnership and the Master the legal right to net unrealized gains and losses on open futures and forward contracts. The Master nets, for financial reporting purposes, the unrealized gains and losses on open futures and forward contracts in the Statements of Financial Condition as the criteria under ASC 210-20, “Balance Sheet,” have been met.

Trading and transaction fees are based on the number of trades executed by the Advisor for the Master and the Partnership’s percentage ownership of the Master. All clearing fees paid to MS&Co. are borne by the Master and allocated to the Master’s limited partners, including the Partnership.

All of the commodity interests owned by the Master are held for trading purposes. The monthly average number of futures contracts traded by the Master during the three months ended September 30, 2017 and 2016 were 716 and 976, respectively. The monthly average number of futures contracts traded by the Master during the nine months ended September 30, 2017 and 2016 were 777 and 897, respectively. The monthly average number of metals forward contracts traded by the Master during the three months ended September 30, 2017 and 2016 were 57 and 86, respectively. The monthly average number of metals forward contracts traded by the Master during the nine months ended September 30, 2017 and 2016 were 54 and 72, respectively. The monthly average notional value of currency forward contracts traded by the Master during the three months ended September 30, 2017 and 2016 were $7,363,500 and $6,178,632, respectively. The monthly average notional value of currency forward contracts traded by the Master during the nine months ended September 30, 2017 and 2016 were $7,929,234 and $7,555,517, respectively.

11

Westport Futures Fund L.P.

Notes to Financial Statements

(Unaudited)

The following tables summarize the gross and net amounts recognized relating to assets and liabilities of the Master’s derivatives and their offsetting subject to master netting arrangements or similar agreements as of September 30, 2017 and December 31, 2016, respectively.

	Gross Amounts Recognized			Gross Amounts Offset in the Statements of Financial Condition			Amounts Presented in the Statements of Financial Condition			Gross Amounts Not Offset in the Statements of Financial Condition				Net Amount
September 30, 2017										Financial Instruments		Cash Collateral Received/ Pledged*
Assets
Futures	$	308,610		$	(211,802	)	$	96,808		$	-	$	-	$	96,808
Forwards		36,134			(36,134	)		-			-		-		-
Total assets	$	344,744		$	(247,936	)	$	96,808		$	-	$	-	$	96,808
Liabilities
Futures	$	(211,802)		$	211,802		$	-		$	-	$	-	$	-
Forwards		(90,559	)		36,134			(54,425	)		-		-		(54,425)
Total liabilities	$	(302,361	)	$	247,936		$	(54,425	)	$	-	$	-	$	(54,425)
Net fair value														$	42,383	*
				Gross Amounts Offset in the			Amounts Presented in the			Gross Amounts Not Offset in the Statements of Financial Condition
December 31, 2016	Gross Amounts Recognized			Statements of Financial Condition			Statements of Financial Condition			Financial Instruments		Cash Collateral Received/ Pledged*		Net Amount
Assets
Futures	$	387,769		$	(104,053	)	$	283,716		$	-	$	-	$	283,716
Forwards		20,399			(20,399	)		-			-		-		-
Total assets	$	408,168		$	(124,452	)	$	283,716		$	-	$	-	$	283,716
Liabilities
Futures	$	(104,053)		$	104,053		$	-		$	-	$	-	$	-
Forwards		(137,173	)		20,399			(116,774	)		-		-		(116,774)
Total liabilities	$	(241,226	)	$	124,452		$	(116,774	)	$	-	$	-	$	(116,774)
Net fair value														$	166,942	*

* In the event of default by the Master, MS&Co., the Master’s commodity futures broker and the sole counterparty to the Master’s non-exchange-traded contracts, as applicable, has the right to offset the Master’s obligation with the Master’s cash and/or U.S. Treasury bills held by MS&Co., thereby minimizing MS&Co.’s risk of loss. In certain instances, MS&Co. may not post collateral and as such, in the event of default by MS&Co., the Master is exposed to the amount shown in the Master’s Statements of Financial Condition. In the case of exchange-traded contracts, the Master’s exposure to counterparty risk may be reduced since the exchange’s clearinghouse interposes its credit between buyer and seller and the clearinghouse’s guarantee funds may be available in the event of a default.

12

Westport Futures Fund L.P.

Notes to Financial Statements

(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 September 30, 2017, and December 31, 2016, respectively.

	September 30, 2017
Assets
Futures Contracts
Currencies	$	11,838
Energy		54,954
Grains		160
Indices		151,988
Interest Rates U.S.		109
Interest Rates Non-U.S.		25,749
Livestock		34,100
Metals		4,993
Softs		24,719
Total unrealized appreciation on open futures contracts		308,610
Liabilities
Futures Contracts
Currencies		(51,121	)
Energy		(52,982	)
Grains		(8,225	)
Indices		(2,661	)
Interest Rates U.S.		(593	)
Interest Rates Non-U.S.		(8,521	)
Livestock		(43,695	)
Metals		(36,191	)
Softs		(7,813	)
Total unrealized depreciation on open futures contracts		(211,802	)
Net unrealized appreciation on open futures contracts	$	96,808		*
Assets
Forward Contracts
Metals	$	36,134
Total unrealized appreciation on open forward contracts		36,134
Liabilities
Forward Contracts
Metals		(90,559	)
Total unrealized depreciation on open forward contracts		(90,559	)
Net unrealized depreciation on open forward contracts	$	(54,425	)	**

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

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

13

Westport Futures Fund L.P.

Notes to Financial Statements

(Unaudited)

	December 31, 2016
Assets
Futures Contracts
Currencies	$	49,993
Energy		100,333
Grains		9,358
Indices		121,663
Interest Rates U.S.		10,016
Interest Rates Non-U.S.		30,238
Livestock		13,220
Metals		5,283
Softs		47,665
Total unrealized appreciation on open futures contracts		387,769
Liabilities
Futures Contracts
Currencies		(7,221	)
Energy		(2,230	)
Grains		(23,411	)
Indices		(20,645	)
Interest Rates U.S.		(3,399	)
Interest Rates Non-U.S.		(14,304	)
Livestock		(2,370	)
Metals		(21,582	)
Softs		(8,891	)
Total unrealized depreciation on open futures contracts		(104,053	)
Net unrealized appreciation on open futures contracts	$	283,716		*
Assets
Forward Contracts
Currencies	$	10,297
Metals		10,102
Total unrealized appreciation on open forward contracts		20,399
Liabilities
Forward Contracts
Currencies		(26,628	)
Metals		(110,545	)
Total unrealized depreciation on open forward contracts		(137,173	)
Net unrealized depreciation on open forward contracts	$	(116,774	)	**

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

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

14

Westport Futures Fund L.P.

Notes to Financial Statements

(Unaudited)

The following table indicates the Master’s trading gains and losses, by market sector, on derivative instruments for the three and nine months ended September 30, 2017 and 2016.

	Three Months Ended										Nine Months Ended
	September 30,										September 30,
Sector	2017					2016					2017					2016
Currencies	$	21,451				$	(183,278	)			$	(354,603	)			$	(108,715	)
Energy		15,808					(49,244	)				(531,131	)				(148,589	)
Grains		(113,722	)				(201,932	)				(79,347	)				181,746
Indices		164,928					37,169					997,950					(374,516	)
Interest Rates U.S.		(67,320	)				(133,797	)				(133,117	)				624,493
Interest Rates Non-U.S.		(37,398	)				(4,120	)				(194,299	)				634,477
Livestock		(142,448	)				244,505					113,882					252,660
Metals		196,896					(185,559	)				(103,016	)				(555,920	)
Softs		(140,709	)				41,513					115,217					(23,591	)
Total	$	(102,514	)	*	**	$	(434,743	)	*	**	$	(168,464	)	*	**	$	482,045		*	**

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

5. Fair Value Measurements:

Master’s Fair Value Measurements. Fair value is defined as the value 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.

The fair value of exchange-traded futures, option and forward contracts is determined by the various exchanges, and reflects the settlement price for each contract as of the close of business on the last business day of the reporting period. The fair value of foreign currency forward contracts is extrapolated on a forward basis from the spot prices quoted as of approximately 3:00 P.M. (E.T.) on the last business day of the reporting period from various exchanges. The fair value of non-exchange-traded foreign currency option contracts is calculated by applying an industry standard model application for options valuation of foreign currency options, using as input the spot prices, interest rates, and option implied volatilities quoted as of approximately 3:00 P.M. (E.T.) on the last business day of the reporting period. U.S. Treasury bills are valued at the last available bid price received from independent pricing services as of the close of the last business day of the reporting period.

The Master considers prices for exchange-traded commodity futures, forward, swap and option contracts to be based on unadjusted quoted prices in active markets for identical assets and liabilities (Level 1). The values of U.S. Treasury bills, non-exchange-traded forward, swap and certain option contracts for which market quotations are not readily available are priced by pricing services that derive fair values for those assets and liabilities from observable inputs (Level 2). As of September 30, 2017 and December 31, 2016 and for the periods ended September 30, 2017 and 2016, the Master did not hold any derivative instruments that were priced at fair value using unobservable inputs through the application of the General Partner’s assumptions and internal valuation pricing models (Level 3). Transfers between levels are recognized at the end of the reporting period. During the reporting periods, there were no transfers of assets or liabilities between Level 1 and Level 2.

15

Westport Futures Fund L.P.

Notes to Financial Statements

(Unaudited)

September 30, 2017	Total		Level 1		Level 2		Level 3
Assets
Futures	$	308,610	$	308,610	$	-	$	-
Forwards		36,134		36,134		-		-
Total assets	$	344,744	$	344,744	$	-	$	-
Liabilities
Futures	$	211,802	$	211,802	$	-	$	-
Forwards		90,559		90,559		-		-
Total liabilities	$	302,361	$	302,361	$	-	$	-
December 31, 2016	Total		Level 1		Level 2		Level 3
Assets
Futures	$	387,769	$	387,769	$	-	$	-
Forwards		20,399		10,102		10,297		-
Total assets	$	408,168	$	397,871	$	10,297	$	-
Liabilities
Futures	$	104,053	$	104,053	$	-	$	-
Forwards		137,173		110,545		26,628		-
Total liabilities	$	241,226	$	214,598	$	26,628	$	-

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 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 at specific terms at 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 forward, swap and option contracts. Certain swap contracts may also be traded on a swap execution facility or OTC. OTC contracts are negotiated between contracting parties and also include certain forward and option contracts. Each of these instruments is subject to various risks similar to those related 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 that at any given time approximately 0.0% to 13.9% of the Master’s contracts are traded OTC.

16

Westport Futures Fund L.P.

Notes to Financial Statements

(Unaudited)

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 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 records 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, through the futures broker, directly with the exchange on which the contracts are traded. Net realized gains (losses) and net change in unrealized gains (losses) on futures contracts are included in the Master’s 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-upon 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 Master’s Statements of Financial Condition. Net realized gains (losses) and net change in 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 Master’s 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. 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. 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 records 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 net change in unrealized gains (losses) on metal contracts are included in the Master’s Statements of Income and Expenses and Changes in Partners’ Capital.

Market risk is the potential for changes in the value of the financial instruments traded by 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 Master is exposed to market risk equal to the value of the futures and forward contracts held 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/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/Master’s risk of loss is reduced through the use of legally enforceable master netting agreements with counterparties that permit the Partnership/Master to offset unrealized gains and losses and other assets and liabilities with such counterparties upon the occurrence of certain events. The Partnership/Master have credit risk and concentration risk as MS&Co. or an MS&Co. affiliate is the sole counterparty or broker with respect to the Partnership’s/Master’s assets. Credit risk with respect to exchange-traded instruments is reduced to the extent that, through MS&Co. or an MS&Co. affiliate, the Partnership’s/Master’s counterparty is an exchange or clearing organization.

17

Westport Futures Fund L.P.

Notes to Financial Statements

(Unaudited)

The General Partner monitors and attempts to mitigate the Partnership’s/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/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, forward and option contracts by sector, margin requirements, gain and loss transactions and collateral positions.

The risk to the limited partners that have purchased Redeemable Units is limited to the amount of 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.

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

In the ordinary course of business, the Master enters into contracts and agreements that contain various representations and warranties and which provide general indemnifications. The Master’s maximum exposure under these arrangements cannot be determined, as this could include future claims that have not yet been made against the Master. The Master considers the risk of any future obligation relating to these indemnifications to be remote.

7. Subsequent Events:

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

18

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

Liquidity and Capital Resources

The Partnership does not have, nor does it expect to have, any capital assets. The Partnership does not engage in sales of goods or services. The Partnership’s only assets are its investment in the Master and cash. The Master does not engage in sales of goods or services. The Master’s only assets are its equity in trading account, consisting of unrestricted cash, restricted cash, net unrealized appreciation on open futures contracts, net unrealized appreciation on open forward contracts, U.S. Treasury bills at fair value, if applicable, and cash at bank. Because of the low margin deposits normally required in commodity futures trading, relatively small price movements may result in substantial losses to the Partnership through its investment in the Master. While substantial losses could lead to a material decrease in liquidity, no such illiquidity occurred in the third quarter of 2017.

The Master’s investment in futures, forwards and options may, from time to time, be illiquid. Most U.S. futures exchanges limit fluctuations in prices during a single day by regulations referred to as “daily price fluctuation limits” or “daily limits.” Trades may not be executed at prices beyond the daily limit. If the price for a particular futures or option contract has increased or decreased by an amount equal to the daily limit, positions in that futures or option contract can neither be taken nor liquidated unless traders are willing to effect trades at or within the limit. Futures prices have occasionally moved the daily limit for several consecutive days with little or no trading. These market conditions could prevent the Master from promptly liquidating its futures or option contracts and result in restrictions on redemptions.

There is no limitation on daily price movements in trading forward contracts on foreign currencies. The markets for some world currencies have low trading volume and are illiquid, which may prevent the Master from trading in potentially profitable markets or prevent the Master from promptly liquidating unfavorable positions in such markets, subjecting it to substantial losses. Either of these market conditions could result in restrictions on redemptions. For the periods covered by this report, illiquidity has not materially affected the Partnership’s or the Master’s assets.

Other than the risks inherent in commodity futures, forward, options, swaps and other derivatives trading and U.S. Treasury bills and money market mutual fund securities, the Partnership and the Master know of no trends, demands, commitments, events or uncertainties at the present time that are reasonably likely to result in the Partnership’s or the Master’s liquidity increasing or decreasing in any material way.

The Partnership’s capital consists of the capital contributions, as increased or decreased by gains or (losses) from its investment in the Master, expenses, interest income, subscriptions, redemptions of Redeemable Units and distributions of profits, if any.

For the nine months ended September 30, 2017, the Partnership’s capital decreased 23.0% from $12,619,249 to $9,710,767. This decrease was attributable to redemptions of 2,412.7190 limited partners Redeemable Units totaling $2,144,562 and redemptions of 22.6440 General Partner Redeemable Units totaling $20,000, coupled with a net loss of $743,920. Future redemptions can impact the amount of funds available for investment in the Master in subsequent periods.

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

For the nine months ended September 30, 2017, the Master’s capital decreased 23.6% from $12,819,502 to $9,794,472. This decrease was attributable to redemptions of $2,730,657 and distribution of interest income to the Partnership totaling $47,696, coupled with a net loss of $246,677. Future redemptions can impact the amount of funds available for investment in subsequent periods.

Other than as discussed above, there are no known material trends, favorable or unfavorable, that would affect, nor any expected material changes to, the Partnership’s capital resource arrangements at the present time.

Off-Balance Sheet Arrangements and Contractual Obligations

The Partnership does not have any off-balance sheet arrangements, nor does it have contractual obligations or commercial commitments to make future payments, that would affect its liquidity or capital resources.

19

Critical Accounting Policies

The preparation of financial statements in conformity with GAAP requires the General Partner 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 expenses during the reporting periods. The General Partner believes that the estimates and assumptions 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 2, “Basis of Presentation and Summary of Significant Accounting Policies,” of the Financial Statements.

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

Results of Operations

During the Partnership’s third quarter of 2017, the net asset value per Redeemable Unit decreased 2.6% from $883.24 to $860.65 as compared to a decrease of 4.5% in the third quarter of 2016. The Partnership, through its investment in the Master, experienced a net trading loss before fees and expenses in the third quarter of 2017 of $102,514. Losses were primarily attributable to the Master’s trading of commodity futures in grains, U.S. and non-U.S. interest rates, livestock and softs and were partially offset by gains in currencies, energy, indices and metals. The Partnership experienced a net trading loss before fees and expenses in the third quarter of 2016 of $434,743. Losses were primarily attributable to the Master’s trading of commodity futures in currencies, energy, grains, U.S. and non-U.S. interest rates and metals and were partially offset by gains in indices, livestock and softs.

The most significant losses were incurred within the agricultural sector during July from short positions in wheat, corn, and soybean futures as drought conditions in portions of the Midwest threatened crops, pushing prices higher. Further losses were experienced from positions in hog, cattle, and sugar futures. Within the global interest rate sector, losses were incurred during September from long positions in U.S. and European fixed income futures as the global bond market experienced a sell-off following hawkish comments from the European Central Bank and Bank of England, as well as confirmation from the U.S. Federal Reserve that it remains committed to unwinding its quantitative easing program. A portion of the Partnership’s losses was offset by gains achieved within the metals sector, primarily during August, from long positions in copper futures as prices climbed higher following increased investor optimism regarding Chinese demand. Within the global stock index sector, gains were experienced throughout the third quarter from long positions in U.S. and Pacific Rim equity index futures as surging confidence in the global economy buoyed equity prices to record highs. Within the energy sector, gains were experienced during August from short positions in heating oil futures as prices declined during the first half of the month as mild weather covered much of the country. Within the currency sector, gains were experienced during July from long positions in the euro versus the U.S. dollar as the value of the U.S. dollar declined after the U.S. Federal Reserve seemed less confident about raising interest rates due to sluggish U.S. inflation.

During the Partnership’s nine months ended September 30, 2017, the net asset value per Redeemable Unit decreased 6.4% from $919.87 to $860.65 as compared to a decrease of 2.8% during the nine months ended September 30, 2016. The Partnership, through its investment in the Master, experienced a net trading loss before fees and expenses for the nine months ended September 30, 2017 of $168,464. Losses were primarily attributable to the Master’s trading of commodity futures in currencies, energy, grains, U.S. and non-U.S. interest rates and metals and were partially offset by gains in indices, livestock and softs. The Partnership experienced a net trading gain before fees and expenses for the nine months ended September 30, 2016 of $482,045. Gains were primarily attributable to the Master’s trading of commodity futures in grains, U.S. and non-U.S. interest rates and livestock and were partially offset by losses in currencies, energy, indices, metals and softs.

20

The most significant losses were incurred within the energy markets during January from positions in gasoline futures as prices moved without consistent direction throughout the month amid speculation regarding the surplus of U.S. gasoline supplies. Within the currency sector, losses were incurred during January and April from short positions in the Swiss franc, euro, and British pound versus the U.S. dollar as the value of the U.S. currency depreciated following comments from the U.S. Federal Reserve which caused investors to revise expectations for further interest rate hikes in 2017. Within the metals sector, losses were incurred during April from long positions in copper, silver, and zinc futures which fell amidst uncertainty over stalled policy stimulus in the U.S. Additional losses were incurred within the metals sector during May from short positions in gold and silver futures as prices rallied during the latter half of the month. Within the global interest rate sector, losses were incurred primarily during the last week of June from long European fixed income futures positions as prices reversed lower following comments by Mario Draghi, President of the European Central Bank, expressing optimism on Eurozone inflation, which triggered a rebound in government bond yields. Losses were also incurred in Australian fixed income futures trading. The Partnership’s losses for the first nine months of the year were partially offset by gains experienced within the global stock index sector, primarily during February, March, May, and September from long positions in U.S., Pacific Rim, and European equity index futures as prices rallied amid renewed bullishness about President Donald Trump’s policies, in particular those relating to tax reform and the impact they may have on economic growth. Within the agricultural sector, gains were experienced during June from long positions in wheat futures as prices rose sharply after the U.S. Department of Agriculture added to supply concerns by reporting soybean and spring wheat acres were below what analysts had expected. Additional gains were experienced within the agricultural sector throughout the second quarter from short positions in sugar futures as prices declined amid stronger than expected production data from Brazil.

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 depends 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 and the Master expect to increase capital through operations.

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 is earned at a rate equal to the monthly average of the 4-week U.S. Treasury bill discount rate. Any interest earned on the Partnership’s and/or the Master’s account in excess of the amounts described above, if any, will be retained by MS&Co. and/or shared with the General Partner. All other interest income will be retained by the Partnership and/or the Master, as applicable. Interest income for the three and nine months ended September 30, 2017 increased by $12,155 and $27,283, respectively, as compared to the corresponding periods in 2016. The increase in interest income is primarily due to higher U.S. Treasury bill discount rates during the three and nine months ended September 30, 2017 as compared to the corresponding periods in 2016. 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 (1) the average daily equity maintained in cash in the Partnership’s and/or the Master’s accounts, (2) the amount of U.S. Treasury bills and/or money market mutual fund securities held by the Partnership and/or the Master and (3) interest rates over which none of the Partnership, the Master or 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 nine months ended September 30, 2017 decreased by $28,047 and $87,639, respectively, as compared to the corresponding periods in 2016. The decrease in ongoing selling agent fees is primarily due to lower average net assets during the three and nine months ended September 30, 2017 as compared to the corresponding periods in 2016.

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 nine months ended September 30, 2017 decreased by $27,984 and $87,762, respectively, as compared to the corresponding periods in 2016. The decrease in management fees is due to lower average net assets during the three and nine months ended September 30, 2017 as compared to the corresponding periods in 2016.

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General Partner fees are paid to the General Partner for administering the business and affairs of the Partnership including, among other things, (i) selecting, appointing and terminating the Partnership’s commodity trading advisor and (ii) monitoring the activities of the commodity trading advisor. These 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. General Partner fees for the three and nine months ended September 30, 2017 decreased by $13,991 and $43,880, respectively, as compared to the corresponding periods in 2016. The decrease in General Partner fees is due to lower average net assets during the three and nine months ended September 30, 2017 as compared to the corresponding periods in 2016.

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 nine months ended September 30, 2017 and 2016. 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 substantially all of the assets of the Partnership to the Master, the General Partner considers, among other factors, 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 and allocate assets to additional advisors at any time.

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Item 3. Quantitative and Qualitative Disclosures about Market Risk.

All or substantially all of the Partnership’s assets are subject to the risk of trading loss through its investment in the Master. The Partnership and the Master are speculative commodity pools. The market sensitive instruments held by the Partnership and the Master are acquired for speculative trading purposes, and all or substantially all of 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 Master’s open contracts and, consequently, in their earnings and cash balances. 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 Master’s open contracts and the liquidity of the markets in which they trade.

The Master rapidly acquires and liquidates both long and short positions in a wide range of different markets. Consequently, it is not possible to predict how a particular future market scenario will affect performance and the Master’s past performance is not necessarily indicative of their future results.

Quantifying the Master’s Trading Value at Risk

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

The Master accounts for open positions on the basis of fair value accounting principles. Any loss in the market value of the Master’s open positions are directly reflected in the Master’s earnings and cash flow.

The Master’s risk exposure in the market sectors traded by the Advisor is estimated below in terms of Value at Risk. Please note that the Value at Risk model is used to numerically quantify market risk for historic reporting purposes only and is not utilized by either the General Partner or the Advisor in their daily risk management activities.

“Value at Risk” is a measure of the maximum amount which the Master could reasonably be expected to lose in a given market sector. However, the inherent uncertainty of the Master’s speculative trading and the recurrence in the markets traded by 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 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 Master’s losses in any market sector will be limited to Value at Risk or by the Master’s attempts to manage their market risk.

Exchange margin requirements have been used by 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 September 30, 2017 and December 31, 2016, and the highest, lowest and average value during the three months ended September 30, 2017 and the twelve months ended December 31, 2016. All open position trading risk exposures of the Master have been included in calculating the figures set forth below. 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, 2016.

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As of September 30, 2017, the Master’s total capitalization was $9,794,472. The Partnership owned approximately 100% of the Master. The Partnership invests substantially all of its assets in the Master. The Master’s Value at Risk as of September 30, 2017 was as follows:

September 30, 2017
						Three Months Ended September 30, 2017
			% of Total			High		Low		Average
Market Sector	Value at Risk		Capitalization			Value at Risk		Value at Risk		Value at Risk *
Currencies	$	125,125		1.28	%	$	417,370	$	86,020	$            154,367
Energy		256,685		2.62			274,010		46,627	155,802
Grains		32,213		0.33			88,915		14,038	28,099
Indices		598,771		6.11			598,771		235,235	468,579
Interest Rates U.S.		6,948		0.07			71,403		1,851	22,395
Interest Rates Non-U.S.		102,820		1.05			216,618		44,835	132,899
Livestock		65,010		0.66			116,298		36,245	68,979
Metals		307,807		3.14			503,982		224,650	377,031
Softs		93,970		0.96			174,830		77,000	107,585
Total	$	1,589,349		16.22	%
* Average of month-end Values at Risk. As of December 31, 2016, the Master’s total capitalization was $12,819,502. The Partnership owned approximately 100% of the Master. The Partnership invests substantially all of its assets in the Master. The Master’s Value at Risk as of December 31, 2016 was as follows:
December 31, 2016
						Twelve Months Ended December 31, 2016
			% of Total			High		Low		Average
Market Sector	Value at Risk		Capitalization			Value at Risk		Value at Risk		Value at Risk *
Currencies	$	289,641		2.26	%	$	503,024	$	77,168	$        293,902
Energy		324,940		2.53			324,940		-	85,221
Grains		204,803		1.60			214,358		4,400	96,134
Indices		586,443		4.57			754,807		72,009	335,172
Interest Rates U.S.		41,580		0.32			220,215		14,635	105,503
Interest Rates Non-U.S.		161,424		1.26			425,144		48,036	255,657
Livestock		31,828		0.25			79,035		6,426	44,061
Metals		223,993		1.75			650,094		85,667	277,921
Softs		119,240		0.93			208,890		39,930	94,168
Total	$	1,983,892		15.47	%

* Annual average of month-end Values 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 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 the General Partner, including the President and Chief Financial Officer (“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 September 30, 2017 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 September 30, 2017, 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.

This section describes the major pending legal proceedings, other than ordinary routine litigation incidental to the business, to which MS&Co. or its subsidiaries is a party or to which any of their property is subject. There are no material legal proceedings pending against the Partnership or the General Partner.

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.”).

MS&Co. is a wholly-owned, indirect subsidiary of Morgan Stanley, a Delaware holding company. Morgan Stanley files periodic reports with the SEC 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 2016, 2015, 2014, 2013, and 2012. In addition, MS&Co. annually prepares an Audited, Consolidated Statement of Financial Condition (“Audited Financial Statement”) that is publicly available on Morgan Stanley’s website at www.morganstanley.com. Please refer to the Commitments, Guarantees and Contingencies—Legal section of MS&Co.’s 2016 Audited Financial Statement and MS&Co’s Mid-Year Financials as of June 30, 2017.

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 the National Futures Association.

Regulatory and Governmental Matters

MS&Co. has received subpoenas and requests for information from certain federal and state regulatory and governmental entities, including among others various members of the RMBS Working Group of the Financial Fraud Enforcement Task Force, such as the United States Department of Justice, Civil Division and several state Attorney General’s Offices, concerning the origination, financing, purchase, securitization and servicing of subprime and non-subprime residential mortgages and related matters such as residential mortgage backed securities (“RMBS”), collateralized debt obligations (“CDOs”), structured investment vehicles (“SIVs”) and credit default swaps backed by or referencing mortgage pass-through certificates. These matters, some of which are in advanced stages, include, but are not limited to, investigations related to MS&Co.’s due diligence on the loans that it purchased for securitization, MS&Co.’s communications with ratings agencies, MS&Co.’s disclosures to investors, and MS&Co.’s handling of servicing and foreclosure related issues.

On February 25, 2015, MS&Co. reached an agreement in principle with the United States Department of Justice, Civil Division and the United States Attorney’s Office for the Northern District of California, Civil Division (collectively, the “Civil Division”) to pay $2.6 billion to resolve certain claims that the Civil Division indicated it intended to bring against MS&Co. That settlement was finalized on February 10, 2016.

In October 2014, the Illinois Attorney General’s Office (“ILAG”) sent a letter to MS&Co. alleging that MS&Co. knowingly made misrepresentations related to RMBS purchased by certain pension funds affiliated with the State of Illinois and demanding that MS&Co. pay ILAG approximately $88 million. MS&Co. and ILAG reached an agreement to resolve the matter on February 10, 2016.

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On January 13, 2015, the New York Attorney General’s Office (“NYAG”), which is also a member of the RMBS Working Group, indicated that it intended to file a lawsuit related to approximately 30 subprime securitizations sponsored by MS&Co. NYAG indicated that the lawsuit would allege that MS&Co. misrepresented or omitted material information related to the due diligence, underwriting and valuation of the loans in the securitizations and the properties securing them and indicated that its lawsuit would be brought under the Martin Act. MS&Co. and NYAG reached an agreement to resolve the matter on February 10, 2016.

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

On July 23, 2014, the SEC approved a settlement by MS&Co. and certain affiliates to resolve an investigation related to certain subprime RMBS 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.

On April 21, 2015, the Chicago Board Options Exchange, Incorporated (“CBOE”) and the CBOE Futures Exchange, LLC (“CFE”) filed statements of charges against MS&Co. in connection with trading by one of MS&Co.’s former traders of EEM options contracts that allegedly disrupted the final settlement price of the November 2012 VXEM futures. CBOE alleged that MS&Co. violated CBOE Rules 4.1, 4.2 and 4.7, Sections 9(a) and 10(b) of the Exchange Act, and Rule 10b-5 thereunder. CFE alleged that MS&Co. violated CFE Rules 608, 609 and 620. The matters were resolved on June 28, 2016 without any findings of fraud.

On June 18, 2015, MS&Co. entered into a settlement with the SEC and paid a fine of $500,000 as part of the Municipalities Continuing Disclosure Cooperation Initiative to resolve allegations that MS&Co. failed to form a reasonable basis through adequate due diligence for believing the truthfulness of the assertions by issuers and/or obligors regarding their compliance with previous continuing disclosure undertakings pursuant to Rule 15c2-12 under the Exchange Act in connection with offerings in which MS&Co. acted as senior or sole underwriter.

On August 6, 2015, MS&Co. consented to and became the subject of an order by the CFTC to resolve allegations that MS&Co. violated CFTC Regulation 22.9(a) by failing to hold sufficient U.S. dollars in cleared swap segregated accounts in the United States to meet all U.S. dollar obligations to cleared swaps customers. Specifically, the CFTC found that while MS&Co. at all times held sufficient funds in segregation to cover its obligations to its customers, on certain days during 2013 and 2014, it held currencies, such as euros, instead of U.S. dollars, to meet its U.S. dollar obligations. In addition, the CFTC found that MS&Co. violated CFTC Regulation 166.3 by failing to have in place adequate procedures to ensure that it complied with CFTC Regulation 22.9(a). Without admitting or denying the findings or conclusions and without adjudication of any issue of law or fact, MS&Co. accepted and consented to the entry of findings, the imposition of a cease and desist order, a civil monetary penalty of $300,000, and undertakings related to public statements, cooperation, and payment of the monetary penalty.

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On December 20, 2016, MS&Co. consented to and became the subject of an order by the SEC in connection with allegations that MS&Co. willfully violated Sections 15(c)(3) and 17(a)(1) of the Exchange Act and Rules 15c3-3(e), 17a-5(a), and 17a-5(d) thereunder, by inaccurately calculating its Reserve Account requirement under Rule 15c3-3 by including margin loans to an affiliate in its calculations, which resulted in making inaccurate records and submitting inaccurate reports to the SEC. Without admitting or denying the underlying allegations and without adjudication of any issue of law or fact, MS&Co. consented to a cease and desist order, a censure, and a civil monetary penalty of $7,500,000.

On September 28, 2017, the CFTC issued an order filing and simultaneously settling charges against MS&Co. regarding violations of CFTC Rule 166.3 by failing to diligently supervise the reconciliation of exchange and clearing fees with the amounts it ultimately charged customers for certain transactions on multiple exchanges. The order and settlement required MS&Co. to pay a $500,000 penalty and cease and desist from violating Rule 166.3.

On November 2, 2017, the CFTC issued an order filing and simultaneously settling charges against MS&Co. for non-compliance with applicable rules governing Part 17 Large Trader reports to the CFTC. The order requires MS&Co. to pay a $350,000 penalty and cease and desist from further violations of the Commodity Exchange Act.

Civil Litigation

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

On October 15, 2010, the Federal Home Loan Bank of Chicago filed a complaint against 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. A corrected amended complaint was filed on April 8, 2011, which 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 and asserts claims under Illinois law. The total amount of certificates allegedly sold to plaintiff by MS&Co. at issue in the action was approximately $203 million. The complaint seeks, among other things, to rescind the plaintiff’s purchase of such certificates. The defendants filed a motion to dismiss the corrected amended complaint on May 27, 2011, which was denied on September 19, 2012. On December 13, 2013, the court entered an order dismissing all claims related to one of the securitizations at issue. After that dismissal, the remaining amount of certificates allegedly issued by MS&Co. or sold to plaintiff by MS&Co. was approximately $78 million. At September 25, 2017, the current unpaid balance of the mortgage pass-through certificates at issue in this action was approximately $45 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 $45 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.

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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 29, 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 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. The defendants’ motions to dismiss the amended complaint were granted in part and denied in part on September 30, 2013. On November 25, 2013, July 16, 2014, and May 19, 2015, respectively, the plaintiff voluntarily dismissed its claims against MS&Co. with respect to three of the securitizations at issue. After these voluntary dismissals, the remaining amount of certificates allegedly issued by MS&Co. or sold to plaintiff by MS&Co. was approximately $332 million. On February 6, 2017, the action was remanded to the Superior Court of the Commonwealth of Massachusetts. At September 25, 2017, the current unpaid balance of the mortgage pass-through certificates at issue in this action was approximately $47 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 $47 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 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 $644 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 granted in part and denied in part MS&Co.’s motion to dismiss the complaint. On June 20, 2017 the Appellate Division, First Department, affirmed the lower court’s June 10, 2014 order. On July 28, 2017, MS&Co. filed a motion for leave to appeal that decision to the New York Court of Appeals. On October 3, 2017, the Appellate Division, First Department denied MS&Co.’s motion for leave to appeal. At September 25, 2017, the current unpaid balance of the mortgage pass-through certificates at issue in this action was approximately $232 million, and the certificates had incurred actual losses of approximately $87 million. Based on currently available information, MS&Co. believes it could incur a loss in this action up to the difference between the $232 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.

On May 17, 2013, plaintiff in IKB International S.A. in Liquidation, et al. v. Morgan Stanley, et al. filed a complaint against MS&Co. and certain affiliates in the Supreme Court of NY. 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 $132 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 October 29, 2014, the court granted in part and denied in part MS&Co.’s motion to dismiss. All claims regarding four certificates were dismissed. After these dismissals, the remaining amount of certificates allegedly issued by MS&Co. or sold to plaintiff by MS&Co. was approximately $116 million. On August 26, 2015, MS&Co. perfected its appeal from the court’s October 29, 2014 decision. On August 11, 2016, the Appellate Division, First Department affirmed the trial court’s decision denying in part MS&Co.’s motion to dismiss the complaint. At September 25, 2017, the current unpaid balance of the mortgage pass-through certificates at issue in this action was approximately $25 million, and the certificates had incurred actual losses of $58 million. Based on currently available information, MS&Co. believes it could incur a loss in this action up to the difference between the $25 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.

29

On April 1, 2016, the California Attorney General’s Office filed an action against MS&Co. in California state court styled California v. Morgan Stanley, et al., on behalf of California investors, including the California Public Employees’ Retirement System and the California Teachers’ Retirement System. The complaint alleges that MS&Co. made misrepresentations and omissions regarding residential mortgage-backed securities and notes issued by the Cheyne SIV (defined below), and asserts violations of the California False Claims Act and other state laws and seeks treble damages, civil penalties, disgorgement, and injunctive relief. On September 30, 2016, the court granted MS&Co.’s demurrer, with leave to replead. On October 21, 2016, the California Attorney General filed an amended complaint. On January 25, 2017, the court denied MS&Co.’s demurrer with respect to the amended complaint.

Settled Civil Litigation

On August 25, 2008, MS&Co. and two ratings agencies were named as defendants in a purported class action related to securities issued by a structured investment vehicle called Cheyne Finance PLC and Cheyne Finance LLC (together, the “Cheyne SIV”). The case was styled Abu Dhabi Commercial Bank, et al. v. Morgan Stanley & Co. Inc., et al. The complaint alleged, among other things, that the ratings assigned to the securities issued by the Cheyne SIV were false and misleading, including because the ratings did not accurately reflect the risks associated with the subprime residential mortgage backed securities held by the Cheyne SIV. The plaintiffs asserted allegations of aiding and abetting fraud and negligent misrepresentation relating to approximately $852 million of securities issued by the Cheyne SIV. On April 24, 2013, the parties reached an agreement to settle the case, and on April 26, 2013, the court dismissed the action with prejudice.

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 January 23, 2017, the parties reached an agreement to settle the litigation.

On March 15, 2010, the Federal Home Loan Bank of San Francisco filed a complaint against MS&Co. and other defendants in the Superior Court of the State of California styled Federal Home Loan Bank of San Francisco v. Credit Suisse Securities (USA) LLC, et al. An amended complaint filed on June 10, 2010 alleged 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. was approximately $704 million. The complaint raised claims under both the federal securities laws and California law and sought, among other things, to rescind the plaintiff’s purchase of such certificates. On January 26, 2015, as a result of a settlement with certain other defendants, the plaintiff requested and the court subsequently entered a dismissal with prejudice of certain of the plaintiff’s claims, including all remaining claims against MS&Co.

On March 15, 2010, the Federal Home Loan Bank of San Francisco filed a complaint against MS&Co. and other defendants in the Superior Court of the State of California styled Federal Home Loan Bank of San Francisco v. Deutsche Bank Securities Inc. et al. An amended complaint, filed on June 10, 2010, alleges that defendants made untrue statements and material omissions in connection with the sale to plaintiff of certain mortgage pass-through certificates backed by securitization trusts containing residential mortgage loans. The amount of certificates allegedly sold to plaintiff by MS&Co. was approximately $276 million. The complaint raises claims under both the federal securities laws and California law and seeks, among other things, to rescind the plaintiff’s purchase of such certificates. On December 21, 2016, the parties reached an agreement to settle the litigation.

30

On July 9, 2010 and February 11, 2011, Cambridge Place Investment Management Inc. filed two separate complaints against MS&Co. and/or its affiliates and other defendants in the Superior Court of the Commonwealth of Massachusetts, both styled Cambridge Place Investment Management Inc. v. Morgan Stanley & Co., Inc., et al. The complaints asserted claims on behalf of certain clients of plaintiff’s affiliates and alleged that defendants made untrue statements and material omissions in the sale of a number of mortgage pass-through certificates backed by securitization trusts containing residential mortgage loans. The total amount of certificates allegedly issued by MS&Co. and/or its affiliates or sold to plaintiff’s affiliates’ clients by MS&Co. and/or its affiliates in the two matters was approximately $263 million. On February 11, 2014, the parties entered into an agreement to settle the litigation. On February 20, 2014, the court dismissed the action.

On October 25, 2010, MS&Co., certain affiliates and Pinnacle Performance Limited, a special purpose vehicle (“SPV”), were named as defendants in a purported class action in the United States District Court for the Southern District of New York (“SDNY”), styled Ge Dandong, et al. v. Pinnacle Performance Ltd., et al. On January 31, 2014, the plaintiffs in the action, which related to securities issued by the SPV in Singapore, filed a second amended complaint, which asserted 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 to settle the litigation, which received final court approval on July 2, 2015.

On July 5, 2011, Allstate Insurance Company and certain of its affiliated entities filed a complaint against MS&Co. in the Supreme Court of NY, styled Allstate Insurance Company, et al. v. Morgan Stanley, et al. An amended complaint was filed on September 9, 2011, and alleged that the defendants made untrue statements and material omissions in the sale to the plaintiffs 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 the plaintiffs by MS&Co. was approximately $104 million. The complaint raised 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 the plaintiffs’ purchases of such certificates. On January 16, 2015, the parties reached an agreement to settle the litigation.

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 alleged 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. On June 8, 2015, the parties reached an agreement to settle the litigation.

On September 2, 2011, the Federal Housing Finance Agency, as conservator for Fannie Mae and Freddie Mac, filed 17 complaints against numerous financial services companies, including MS&Co. and certain affiliates. A complaint against MS&Co. and certain affiliates and other defendants was filed in the Supreme Court of NY, styled Federal Housing Finance Agency, as Conservator v. Morgan Stanley et al. The complaint alleged that defendants made untrue statements and material omissions in connection with the sale to Fannie Mae and Freddie Mac of residential mortgage pass-through certificates with an original unpaid balance of approximately $11 billion. The complaint raised claims under federal and state securities laws and common law and sought, among other things, rescission and compensatory and punitive damages. On February 7, 2014, the parties entered into an agreement to settle the litigation. On February 20, 2014, the court dismissed the action.

On April 25, 2012, Metropolitan Life Insurance Company and certain affiliates filed a complaint against MS&Co. and certain affiliates in the Supreme Court of NY, styled Metropolitan Life Insurance Company, et al. v. Morgan Stanley, et al. An amended complaint was filed on June 29, 2012, and alleged that the defendants made untrue statements and material omissions in the sale to the 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. was approximately $758 million. The amended complaint raised common law claims of fraud, fraudulent inducement, and aiding and abetting fraud and sought, among other things, rescission, compensatory, and/or rescissionary damages, as well as punitive damages, associated with the plaintiffs’ purchases of such certificates. On April 11, 2014, the parties entered into a settlement agreement.

31

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. On October 16, 2012, plaintiffs filed an amended complaint. The amended complaint alleged 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. was approximately $1.073 billion. The amended complaint raised claims under the New Jersey Uniform Securities Law, as well as common law claims of negligent misrepresentation, fraud, fraudulent inducement, equitable fraud, aiding and abetting fraud, and violations of the New Jersey Racketeer Influenced and Corrupt Organizations Act, and included a claim for treble damages. On January 8, 2016, the parties reached an agreement to settle the litigation.

In re Morgan Stanley Mortgage Pass-Through Certificates Litigation, which had been pending in the SDNY, was a putative class action involving allegations that, among other things, the registration statements and offering documents related to the offerings of certain mortgage pass-through certificates in 2006 and 2007 contained false and misleading information concerning the pools of residential loans that backed these securitizations. On December 18, 2014, the parties’ agreement to settle the litigation received final court approval, and on December 19, 2014, the court entered an order dismissing the action.

On November 4, 2011, the Federal Deposit Insurance Corporation, 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 plaintiff by MS&Co. in these cases was approximately $67 million and $35 million, respectively. On July 2, 2015, the parties reached an agreement to settle the litigation.

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 alleged 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. On July 28, 2015, the parties reached an agreement to settle the litigation, and on August 12, 2015, the plaintiff filed a stipulation of discontinuance with prejudice.

On September 23, 2013, the plaintiff 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 alleged that defendants made untrue statements of material fact or omitted to state material facts in the sale to the plaintiff 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 in the matter was approximately $417 million. The complaint alleged violations of federal and various state securities laws and sought, among other things, rescissionary and compensatory damages. On November 23, 2015, the parties reached an agreement to settle the matter.

On September 16, 2014, the Virginia Attorney General’s Office filed a civil lawsuit, styled Commonwealth of Virginia ex rel. Integra REC LLC v. Barclays Capital Inc., et al., against MS&Co. and several other defendants in the Circuit Court of the City of Richmond related to RMBS. The lawsuit alleged that MS&Co. and the other defendants knowingly made misrepresentations and omissions related to the loans backing RMBS purchased by the Virginia Retirement System. The complaint asserted claims under the Virginia Fraud Against Taxpayers Act, as well as common law claims of actual and constructive fraud, and sought, among other things, treble damages and civil penalties. On January 6, 2016, the parties reached an agreement to settle the litigation. An order dismissing the action with prejudice was entered on January 28, 2016.

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.

32

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, 2016 and under Part II, Item 1A. “Risk Factors.” in the Partnership’s Quarterly Reports on Form 10-Q for the quarters ended March 31, 2017 and June 30, 2017.

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

For the three months ended September 30, 2017, there were no subscriptions of Redeemable Units. Redeemable Units are issued in reliance upon applicable exemptions from registration under Section 4(a)(2) of the Securities Act and section 506 of Regulation D promulgated thereunder. Redeemable Units are purchased by accredited investors as defined in Regulation D. In determining the applicability of the exemption, the General Partner relies on the fact that Redeemable Units are purchased by accredited investors in a private offering.

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

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

Period	(a) Total Number of Redeemable Units Purchased *		(b) Average Price Paid per   Redeemable Unit**		(c) Total Number of Redeemable Units Purchased as Part of Publicly Announced   Plans or Programs		(d) Maximum Number (or Approximate Dollar Value) of Redeemable Units that May Yet Be Purchased Under the Plans or Programs
July 1, 2017 - July 31, 2017		346.7280	$	878.03		N/A		N/A
August 1, 2017 - August 31, 2017		528.3380	$	895.14		N/A		N/A
September 1, 2017 - September 30, 2017		51.3140	$	860.65		N/A		N/A
		926.3800	$	886.83

* 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. — None.

33

Item 6. Exhibits.

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

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

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

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

101.INS     XBRL Instance Document.

101.SCH    XBRL Taxonomy Extension Schema Document.

101.CAL    XBRL Taxonomy Extension Calculation Linkbase Document.

101.LAB    XBRL Taxonomy Extension Label Linkbase Document.

101.PRE    XBRL Taxonomy Extension Presentation Linkbase Document.

101.DEF    XBRL Taxonomy Extension Definition Linkbase Document.

34

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/ Patrick T. Egan
	Patrick T. Egan President and Director
Date:	November 13, 2017
By:	/s/ Steven Ross
	Steven Ross
	Chief Financial Officer and Director (Principal Accounting Officer)
Date:	November 13, 2017

The General Partner which signed the above is the only party authorized to act for the registrant. The registrant has no principal executive officer, principal financial officer, controller, or principal accounting officer and has no Board of Directors.

35

EX-31.1

Exhibit 31.1

CERTIFICATION

I, Patrick T. Egan, 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: November 13, 2017

/s/ Patrick T. Egan

Patrick T. Egan

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: November 13, 2017

/s/ Steven Ross

Steven Ross

Ceres Managed Futures LLC

Chief Financial Officer and Director

EX-32.1

Exhibit 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Westport Futures Fund L.P. (the “Partnership”) on Form 10-Q for the period ended September 30, 2017 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Patrick T. Egan, 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/ Patrick T. Egan

Patrick T. Egan

Ceres Managed Futures LLC

President and Director

Date: November 13, 2017

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 September 30, 2017 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Steven Ross, Chief Financial Officer and Director of Ceres Managed Futures LLC, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

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

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

/s/ Steven Ross

Steven Ross

Ceres Managed Futures LLC

Chief Financial Officer and Director

Date: November 13, 2017

XML

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2017	Oct. 31, 2017
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2017
Document Fiscal Year Focus	2017
Document Fiscal Period Focus	Q3
Trading Symbol	CK0001037189
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		11,044.2197

XML

Statements of Financial Condition - USD ($)		Sep. 30, 2017	Dec. 31, 2016
Assets:
Investment in the Master, at fair value	[1]	$ 9,800,346	$ 12,822,628
Cash at MS&Co.		77,849	103,670
Cash at bank		631	217
Total assets		9,878,826	12,926,515
Accrued expenses:
Ongoing selling agent fees		16,465	21,544
Management fees		16,299	21,310
General Partner fees		8,149	10,655
Professional fees		82,983	118,929
Redemptions payable to General Partner			14,999
Redemptions payable to Limited Partners		44,163	119,829
Total liabilities		168,059	307,266
Partners' Capital:
General Partner, 129.0669 and 151.7109 Redeemable Units outstanding at September 30, 2017 and December 31, 2016, respectively		111,081	139,555
Limited Partners, 11,154.0527 and 13,566.7717 Redeemable Units outstanding at September 30, 2017 and December 31, 2016, respectively		9,599,686	12,479,694
Total partners' capital (net asset value)		9,710,767	12,619,249
Total liabilities and partners' capital		$ 9,878,826	$ 12,926,515
Net asset value per Redeemable Unit		$ 860.65	$ 919.87

[1] Defined in Note 1.

XML

Statements of Financial Condition (Parenthetical) - shares	Sep. 30, 2017	Dec. 31, 2016
Statement of Financial Position [Abstract]
General Partner Redeemable Units outstanding	129.0669	151.7109
Limited Partners Redeemable Units outstanding	11,154.0527	13,566.7717

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Statements of Income and Expenses and Changes in Partners' Capital - USD ($)		Total	General Partner [Member]	Limited Partners [Member]
Net gains (losses) on investment in the Master:
Net asset value per Redeemable Unit (11,283.1196 and 15,265.4236 Redeemable Units outstanding at September 30, 2017 and 2016, respectively)				$ 961.71
Interest income allocated from the Master		$ 20,413
Expenses allocated from the Master		121,453
Ongoing selling agent fees		257,880
Management fees		255,902
General Partner fees		127,950
Professional fees		153,803
Total expenses		916,988
Net investment loss		(896,575)
Net realized gains (losses) on closed contracts allocated from the Master		51,816
Net change in unrealized gains (losses) on open contracts allocated from the Master		430,229
Total trading results		482,045
Net income (loss)		(414,530)
Redemptions			$ (75,000)	$ (3,392,075)
Net increase (decrease) in Partners' Capital		(3,881,605)
Partners' Capital, beginning of period at Dec. 31, 2015		18,153,600
Partners' Capital, end of period at Sep. 30, 2016		$ 14,271,995
Net gains (losses) on investment in the Master:
Net income (loss) per Redeemable Unit	[1]	$ (26.79)
Weighted average Redeemable Units outstanding		17,544.6955
Net asset value per Redeemable Unit (11,283.1196 and 15,265.4236 Redeemable Units outstanding at September 30, 2017 and 2016, respectively)				$ 978.52
Interest income allocated from the Master		$ 7,032
Expenses allocated from the Master		42,971
Ongoing selling agent fees		80,599
Management fees		79,937
General Partner fees		39,968
Professional fees		50,960
Total expenses		294,435
Net investment loss		(287,403)
Net realized gains (losses) on closed contracts allocated from the Master		(170,140)
Net change in unrealized gains (losses) on open contracts allocated from the Master		(264,603)
Total trading results		(434,743)
Net income (loss)		(722,146)
Redemptions			(75,000)	$ (1,631,106)
Net increase (decrease) in Partners' Capital		(2,428,252)
Partners' Capital, beginning of period at Jun. 30, 2016		16,700,247
Partners' Capital, end of period at Sep. 30, 2016		$ 14,271,995
Net gains (losses) on investment in the Master:
Net income (loss) per Redeemable Unit	[1]	$ (43.60)
Weighted average Redeemable Units outstanding		16,556.3369
Net asset value per Redeemable Unit (11,283.1196 and 15,265.4236 Redeemable Units outstanding at September 30, 2017 and 2016, respectively)		$ 934.92		$ 934.92
Net asset value per Redeemable Unit (11,283.1196 and 15,265.4236 Redeemable Units outstanding at September 30, 2017 and 2016, respectively)		$ 919.87		$ 919.87
Interest income allocated from the Master		$ 47,696
Expenses allocated from the Master		125,909
Ongoing selling agent fees		170,241
Management fees		168,140
General Partner fees		84,070
Professional fees		74,792
Total expenses		623,152
Net investment loss		(575,456)
Net realized gains (losses) on closed contracts allocated from the Master		(44,365)
Net change in unrealized gains (losses) on open contracts allocated from the Master		(124,099)
Total trading results		(168,464)
Net income (loss)		(743,920)
Redemptions			$ (20,000)	$ (2,144,562)
Net increase (decrease) in Partners' Capital		(2,908,482)
Partners' Capital, beginning of period at Dec. 31, 2016		12,619,249
Partners' Capital, end of period at Sep. 30, 2017		$ 9,710,767
Net gains (losses) on investment in the Master:
Net income (loss) per Redeemable Unit	[1]	$ (59.22)
Weighted average Redeemable Units outstanding		12,608.7889
Net asset value per Redeemable Unit (11,283.1196 and 15,265.4236 Redeemable Units outstanding at September 30, 2017 and 2016, respectively)				$ 883.24
Interest income allocated from the Master		$ 19,187
Expenses allocated from the Master		22,713
Ongoing selling agent fees		52,552
Management fees		51,953
General Partner fees		25,977
Professional fees		15,103
Total expenses		168,298
Net investment loss		(149,111)
Net realized gains (losses) on closed contracts allocated from the Master		(42,210)
Net change in unrealized gains (losses) on open contracts allocated from the Master		(60,304)
Total trading results		(102,514)
Net income (loss)		(251,625)
Redemptions				$ (821,537)
Net increase (decrease) in Partners' Capital		(1,073,162)
Partners' Capital, beginning of period at Jun. 30, 2017		10,783,929
Partners' Capital, end of period at Sep. 30, 2017		$ 9,710,767
Net gains (losses) on investment in the Master:
Net income (loss) per Redeemable Unit	[1]	$ (22.59)
Weighted average Redeemable Units outstanding		11,802.2349
Net asset value per Redeemable Unit (11,283.1196 and 15,265.4236 Redeemable Units outstanding at September 30, 2017 and 2016, respectively)		$ 860.65		$ 860.65

[1] Represents the change in net asset value per Redeemable Unit during the period.

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Statements of Income and Expenses and Changes in Partners' Capital (Parenthetical) - shares	Sep. 30, 2017	Sep. 30, 2016
Income Statement [Abstract]
Net asset value per Redeemable Unit outstanding	11,283.1196	15,265.4236

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Organization

9 Months Ended

Sep. 30, 2017

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization

1. Organization:

Westport Futures Fund L.P. (the “Partnership”) is a limited partnership organized under the partnership laws of the State of New York on March 21, 1997, 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 interests in commodity pools. The sectors traded include currencies, energy, grains, indices, U.S. and non-U.S. interest rates, livestock, metals and softs. The Partnership commenced trading on August 1, 1997. The commodity interests that are indirectly 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 General Partner (as defined below) may also determine to invest up to all of the Partnership’s assets (directly or indirectly through its investment in the Master) in United States (“U.S.”) Treasury bills and/or money market mutual funds, including money market mutual funds managed by Morgan Stanley or its affiliates. The Partnership privately and continuously offers redeemable units of limited partnership interest (“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. As of January 1, 2017, the General Partner became a wholly-owned subsidiary of Morgan Stanley Domestic Holdings, Inc. (“MSD Holdings”). MSD 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 January 1, 2017, the General Partner was a wholly-owned subsidiary of Morgan Stanley Smith Barney Holdings LLC. All trading decisions for the Partnership are made by Rabar Market Research Inc. (“Rabar” or the “Advisor”).

During the reporting periods ended September 30, 2017 and 2016, the Partnership’s and the Master’s commodity broker was Morgan Stanley & Co. LLC (“MS&Co.”), a registered futures commission merchant. The Partnership and the Master also deposit a portion of their cash in non-trading accounts at JPMorgan Chase Bank, N.A.

On 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 Master permits accounts managed now and in the future by Rabar using the Diversified Program, a proprietary and systematic trading program, to invest together in one trading vehicle. The General Partner is also the general partner of 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 as if the Partnership traded directly and redemption rights are not affected.

Generally, a limited partner in the Master withdraws all or part of its capital contribution and undistributed profits, if any, from the Master as of the end of any month (the “Redemption Date”) after a request has been made to the General Partner at least three days in advance of the Redemption Date. Such withdrawals are classified as a liability when the limited partner in the Master elects to redeem and informs the Master. However, a limited partner in the Master may request a withdrawal as of the end of any day if such request is received by the General Partner at least three days in advance of the proposed withdrawal day.

The General Partner is not aware of any material changes to the trading program discussed above during the fiscal quarter ended September 30, 2017.

As of September 30, 2017 and December 31, 2016, the Partnership owned approximately 100% of the Master. The Partnership intends to continue to invest substantially all of its assets in the Master. The performance of the Partnership is directly affected by the performance of the Master. The Master’s trading of futures, forward, swap and option contracts, if applicable, on commodities is done primarily on U.S. and foreign commodity exchanges. The Master engages in such trading through commodity brokerage accounts maintained with MS&Co. The Master’s Statements of Financial Condition, including Condensed Schedules of Investments and Statements of Income and Expenses and Changes in Partners’ Capital, are included herein.

The Master has entered into a futures brokerage account agreement and a foreign exchange brokerage account agreement with MS&Co. The Partnership has also entered into a futures brokerage account agreement with MS&Co. The Partnership, through its investment in the Master, pays MS&Co. (or will reimburse MS&Co., if previously paid) its allocable share of all trading fees for the clearing and, where applicable, the execution of transactions as well as exchange, clearing, user, give-up, floor brokerage and National Futures Association fees (collectively, the “clearing fees”).

The Partnership has entered into a selling agreement with Morgan Stanley Smith Barney LLC (doing business as Morgan Stanley Wealth Management) (“Morgan Stanley Wealth Management”) (as amended, the “Selling Agreement”). Pursuant to the Selling Agreement, Morgan Stanley Wealth Management receives a monthly ongoing selling agent fee equal to 2.0% per year of the Partnership’s adjusted month-end net assets. The ongoing selling agent fee received by Morgan Stanley Wealth Management is shared with the properly registered/exempted financial advisors of Morgan Stanley Wealth Management who sell Redeemable Units in the Partnership.

In July 2015, the General Partner delegated certain administrative functions to SS&C Technologies, Inc., a Delaware corporation, currently doing business as SS&C GlobeOp (the “Administrator”). Pursuant to a master services agreement, the Administrator furnishes certain administrative, accounting, regulatory reporting, tax and other services as agreed from time to time. In addition, the Administrator maintains certain books and records of the Partnership. The cost of retaining the Administrator is allocated among the pools operated by the General Partner, including the Partnership.

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Basis of Presentation and Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2017

Accounting Policies [Abstract]

Basis of Presentation and Summary of Significant Accounting Policies

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

The accompanying financial statements and accompanying notes are unaudited but, in the opinion of the General Partner, include all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the Partnership’s financial condition at September 30, 2017 and the results of its operations and changes in partners’ capital for the three and nine months ended September 30, 2017 and 2016. These financial statements present the results for interim periods and do not include all disclosures normally provided in annual financial statements. These financial statements should be read together with the financial statements and notes included in the Partnership’s Annual Report on Form 10-K (the “Form 10-K”) filed with the Securities and Exchange Commission (the “SEC”) for the year ended December 31, 2016. The December 31, 2016 information has been derived from the audited financial statements as of and for the year ended December 31, 2016.

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.

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

Profit Allocation. 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 contributions and profits, if any, net of distributions or redemptions and losses, if any.

Statement of Cash Flows. The Partnership has not provided a Statement of Cash Flows, as permitted by Accounting Standards Codification (“ASC”) 230, “Statement of Cash Flows.” The Statements of Income and Expenses and Changes in Partners’ Capital is included herein, and as of and for the periods ended September 30, 2017 and 2016, the Partnership carried no debt and substantially all the Partnership’s and Master’s investments were carried at fair value and classified as Level 1 and Level 2 measurements.

Partnership’s Investment. The Partnership carries its investment in the Master based on the Partnership’s (1) net contribution to the Master and (2) its allocated share of the undistributed profits and losses, including realized gains or losses and net change in unrealized gains or losses, of the Master. The valuation of the Master’s investments including the classification within the fair value hierarchy of the investments held by the Master are described in Note 5, “Fair Value Measurements.”

Master’s Investments. All commodity interests of 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 in Note 5, “Fair Value Measurements”) at the measurement date. Investments in commodity interests denominated in foreign currencies are translated into U.S. dollars at the exchange rates prevailing at the measurement date. Gains or losses are realized when contracts are liquidated and are determined using the first-in, first-out method. Unrealized gains or losses on open contracts are included as a component of equity in trading account in the Master’s Statements of Financial Condition. Net realized gains or losses and net change in unrealized gains or losses are included in the Master’s 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 total trading results in the Master’s Statements of Income and Expenses and Changes in Partners’ Capital.

Master’s Cash. The Master’s cash includes cash denominated in foreign currencies of ($123,418) (proceeds of $123,669) and $59,053 (cost of $59,262) as of September 30, 2017 and December 31, 2016, respectively.

Income Taxes. Income taxes have not been recorded as each partner is individually liable for the taxes, if any, on its share of the Partnership’s income and expenses. The Partnership follows the guidance of ASC 740, “Income Taxes,” which prescribes a recognition threshold and measurement attribute for financial statement recognition and measurement of tax positions taken or expected to be taken in the course of preparing the Partnership’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained “when challenged” or “when examined” by the applicable tax authority. Tax positions determined not to meet the more-likely-than-not threshold would be recorded as a tax benefit or liability in the Partnership’s Statements of Financial Condition for the current year. If a tax position does not meet the minimum statutory threshold to avoid the incurring of penalties, an expense for the amount of the statutory penalty and interest, if applicable, shall be recognized in the Statements of Income and Expenses and Changes in Partners’ Capital in the period in which the position is claimed or expected to be claimed. The General Partner has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. The Partnership files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The 2013 through 2016 tax years remain subject to examination by U.S. federal and most state tax authorities.

Investment Company Status. Effective January 1, 2014, the Partnership adopted Accounting Standards Update 2013-08, “Financial Services—Investment Companies (Topic 946): Amendments to the Scope, Measurement and Disclosure Requirements” and based on the General Partner’s assessment, the Partnership has been deemed to be an investment company since inception. Accordingly, the Partnership follows the investment company accounting and reporting guidance of Topic 946 and reflects its investments at fair value with unrealized gains and losses resulting from changes in fair value reflected in the Statements of Income and Expenses and Changes in Partners’ Capital.

Net Income (Loss) per Redeemable Unit. Net income (loss) per Redeemable Unit is calculated in accordance with ASC 946, “Financial Services – Investment Companies.” See Note 3, “Financial Highlights.”

There have been no material changes with respect to the Partnership’s critical accounting policies as reported in the Partnership’s Annual Report on Form 10-K for the year ended December 31, 2016.

The Master’s Statements of Financial Condition and Condensed Schedules of Investments as of September 30, 2017 and December 31, 2016 and Statements of Income and Expenses and Changes in Partners’ Capital for the three and nine months ended September 30, 2017 and 2016, are presented below:

Rabar Master Fund L.P.

Statements of Financial Condition

	September 30,		December 31,
	2017		2016
	(Unaudited)
Assets:
Equity in trading account:
Unrestricted cash	$	8,154,018	$	10,578,857
Restricted cash		1,643,628		2,097,376
Net unrealized appreciation on open futures contracts		96,808		283,716
Total equity in trading account		9,894,454		12,959,949
Cash at bank		631		217
Total assets	$	9,895,085	$	12,960,166
Liabilities and Partners’ Capital:
Liabilities:
Net unrealized depreciation on open forward contracts	$	54,425	$	116,774
Accrued expenses:
Professional fees		46,188		23,890
Total liabilities		100,613		140,664
Partners’ Capital:
General Partner		-		-
Limited Partners		9,794,472		12,819,502
Total partners’ capital (net asset value)		9,794,472		12,819,502
Total liabilities and partners’ capital	$	9,895,085	$	12,960,166

Rabar Master Fund L.P.

Condensed Schedule of Investments

September 30, 2017

(Unaudited)

	Notional ($)/     Number of Contracts		Fair Value			% of Partners’     Capital
Futures Contracts Purchased
Currencies		59	$	(31,741	)		(0.32	)	%
Energy		68		(427	)		(0.00	)	*
Grains		15		(8,065	)		(0.08	)
Indices		135		149,327			1.52
Interest Rates Non-U.S.		76		(4,363	)		(0.04	)
Livestock		31		(9,595	)		(0.10	)
Metals		48		(31,903	)		(0.33	)
Total futures contracts purchased				63,233			0.65
Futures Contracts Sold
Currencies		6		(7,542	)		(0.08	)
Energy		19		2,399			0.02
Interest Rates U.S.		9		(484	)		(0.00	)	*
Interest Rates Non-U.S.		150		21,591			0.22
Metals		1		705			0.01
Softs		68		16,906			0.17
Total futures contracts sold				33,575			0.34
Net unrealized appreciation on open futures contracts			$	96,808			0.99		%
Unrealized Appreciation on Open Forward Contracts
Metals		14	$	36,134			0.37		%
Total unrealized appreciation on open forward contracts				36,134			0.37
Unrealized Depreciation on Open Forward Contracts
Metals		29		(90,559	)		(0.93	)
Total unrealized depreciation on open forward contracts				(90,559	)		(0.93	)
Net unrealized depreciation on open forward contracts			$	(54,425)			(0.56	)	%

* Due to rounding

Rabar Master Fund L.P.

Condensed Schedule of Investments

December 31, 2016

	Notional ($)/     Number of Contracts		Fair Value			% of Partners’     Capital
Futures Contracts Purchased
Currencies		12	$	15,468			0.12		%
Energy		77		98,103			0.77
Grains		136		(14,053	)		(0.11	)
Indices		146		101,018			0.78
Interest Rates Non-U.S.		187		20,765			0.16
Livestock		22		11,100			0.09
Metals		16		(15,575	)		(0.12	)
Softs		73		(337	)		(0.00	)	*
Total futures contracts purchased				216,489			1.69
Futures Contracts Sold
Currencies		34		27,304			0.21
Interest Rates U.S.		18		6,617			0.05
Interest Rates Non-U.S.		184		(4,831	)		(0.04	)
Livestock		1		(250	)		(0.00	)	*
Metals		12		(724	)		(0.01	)
Softs		19		39,111			0.31
Total futures contracts sold				67,227			0.52
Net unrealized appreciation on open futures contracts			$	283,716			2.21		%
Unrealized Appreciation on Open Forward Contracts
Currencies	$	1,191,326	$	10,297			0.08		%
Metals		4		10,102			0.08
Total unrealized appreciation on open forward contracts				20,399			0.16
Unrealized Depreciation on Open Forward Contracts
Currencies	$	2,218,684		(26,628	)		(0.21	)
Metals		42		(110,545	)		(0.86	)
Total unrealized depreciation on open forward contracts				(137,173	)		(1.07	)
Net unrealized depreciation on open forward contracts			$	(116,774	)		(0.91	)	%

* Due to rounding

Rabar Master Fund L.P.

Statements of Income and Expenses and Changes in Partners’ Capital

(Unaudited)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2017			2016			2017			2016
Investment Income:
Interest income	$	19,187		$	7,032		$	47,696		$	20,413
Expenses:
Clearing fees		21,268			22,867			63,571			60,305
Professional fees		1,445			20,104			62,338			61,148
Total expenses		22,713			42,971			125,909			121,453
Net investment loss		(3,526	)		(35,939	)		(78,213	)		(101,040	)
Trading Results:
Net gains (losses) on trading of commodity interests:
Net realized gains (losses) on closed contracts		(42,210	)		(170,140	)		(44,365	)		51,816
Net change in unrealized gains (losses) on open contracts		(60,304	)		(264,603	)		(124,099	)		430,229
Total trading results		(102,514	)		(434,743	)		(168,464	)		482,045
Net income (loss)		(106,040	)		(470,682	)		(246,677	)		381,005
Redemptions		(1,109,297	)		(1,609,975	)		(2,730,657	)		(4,761,026	)
Distribution of interest income to feeder fund		(19,187	)		(7,032	)		(47,696	)		(16,997	)
Net increase (decrease) in Partners’ Capital		(1,234,524	)		(2,087,689	)		(3,025,030	)		(4,397,018	)
Partners’ Capital, beginning of period		11,028,996			16,871,215			12,819,502			19,180,544
Partners’ Capital, end of period	$	9,794,472		$	14,783,526		$	9,794,472		$	14,783,526

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Financial Highlights

9 Months Ended

Sep. 30, 2017

Text Block [Abstract]

Financial Highlights

3. Financial Highlights:

Financial highlights for the limited partner class as a whole for the three and nine months ended September 30, 2017 and 2016 were as follows:

	Three Months Ended September 30,								Nine Months Ended September 30,
	2017				2016				2017				2016
Per Redeemable Unit Performance (for a unit outstanding throughout the period): *
Net realized and unrealized gains (losses)	$	(9.96	)		$	(26.24	)		$	(13.58	)		$	24.31
Net investment loss		(12.63	)			(17.36	)			(45.64	)			(51.10	)
Increase (decrease) for the period		(22.59	)			(43.60	)			(59.22	)			(26.79	)
Net asset value per Redeemable Unit, beginning of period		883.24				978.52				919.87				961.71
Net asset value per Redeemable Unit, end of period	$	860.65			$	934.92			$	860.65			$	934.92
	Three Months Ended September 30,								Nine Months Ended September 30,
	2017				2016				2017				2016
Ratios to Average Limited Partners’ Capital: **
Net investment loss ***		(5.8	)	%		(7.3	)	%		(6.9	)	%		(7.1	)	%
Operating expense		6.5		%		7.5		%		7.5		%		7.3		%
Incentive fees		-		%		-		%		-		%		-		%
Total expenses		6.5		%		7.5		%		7.5		%		7.3		%
Total return:
Total return before incentive fees		(2.6	)	%		(4.5	)	%		(6.4	)	%		(2.8	)	%
Incentive fees		-		%		-		%		-		%		-		%
Total return after incentive fees		(2.6	)	%		(4.5	)	%		(6.4	)	%		(2.8	)	%

* Net investment loss per Redeemable Unit is calculated by dividing the interest income less total expenses by the average number of Redeemable Units outstanding during the period. The net realized and unrealized gains (losses) per Redeemable Unit is a balancing amount necessary to reconcile the change in net asset value per Redeemable Unit with the other per unit information.

** Annualized (other than incentive fees).

*** Interest income allocated from the Master less total expenses.

The above ratios and total return 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 partners’ capital of the Partnership and include the income and expenses allocated from the Master.

Financial Highlights of the Master:

Financial highlights for the limited partner class as a whole for the three and nine months ended September 30, 2017 and 2016 were as follows:

	Three Months Ended September 30,								Nine Months Ended September 30,
	2017				2016				2017				2016
Ratios to Average Limited Partners’ Capital: *
Net investment loss **		(0.1	)	%		(0.9	)	%		(0.9	)	%		(0.8	)	%
Operating expenses		0.9		%		1.1		%		1.5		%		0.9		%
Total return		(1.2	)	%		(2.9	)	%		(2.2	)	%		1.9		%

* Annualized.

** Interest income less total expenses.

The above ratios and total return 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 partners’ capital.

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Trading Activities

9 Months Ended

Sep. 30, 2017

Brokers and Dealers [Abstract]

Trading Activities

4. Trading Activities:

The Partnership was formed for the purpose of trading contracts in a variety of commodity interests, including derivative financial instruments and derivative commodity interests. The Partnership invests substantially all of its assets through a “master/feeder” structure. The Partnership’s pro-rata share of the results of the Master’s trading activities is shown on the Statements of Income and Expenses and Changes in Partners’ Capital.

The futures brokerage account agreements with MS&Co. give the Partnership and the Master the legal right to net unrealized gains and losses on open futures and forward contracts. The Master nets, for financial reporting purposes, the unrealized gains and losses on open futures and forward contracts in the Statements of Financial Condition as the criteria under ASC 210-20, “Balance Sheet,” have been met.

Trading and transaction fees are based on the number of trades executed by the Advisor for the Master and the Partnership’s percentage ownership of the Master. All clearing fees paid to MS&Co. are borne by the Master and allocated to the Master’s limited partners, including the Partnership.

All of the commodity interests owned by the Master are held for trading purposes. The monthly average number of futures contracts traded by the Master during the three months ended September 30, 2017 and 2016 were 716 and 976, respectively. The monthly average number of futures contracts traded by the Master during the nine months ended September 30, 2017 and 2016 were 777 and 897, respectively. The monthly average number of metals forward contracts traded by the Master during the three months ended September 30, 2017 and 2016 were 57 and 86, respectively. The monthly average number of metals forward contracts traded by the Master during the nine months ended September 30, 2017 and 2016 were 54 and 72, respectively. The monthly average notional value of currency forward contracts traded by the Master during the three months ended September 30, 2017 and 2016 were $7,363,500 and $6,178,632, respectively. The monthly average notional value of currency forward contracts traded by the Master during the nine months ended September 30, 2017 and 2016 were $7,929,234 and $7,555,517, respectively.

The following tables summarize the gross and net amounts recognized relating to assets and liabilities of the Master’s derivatives and their offsetting subject to master netting arrangements or similar agreements as of September 30, 2017 and December 31, 2016, respectively.

	Gross Amounts Recognized			Gross Amounts Offset in the Statements of Financial Condition			Amounts Presented in the Statements of Financial Condition			Gross Amounts Not Offset in the Statements of Financial Condition				Net Amount
September 30, 2017										Financial Instruments		Cash Collateral Received/ Pledged*
Assets
Futures	$	308,610		$	(211,802	)	$	96,808		$	-	$	-	$	96,808
Forwards		36,134			(36,134	)		-			-		-		-
Total assets	$	344,744		$	(247,936	)	$	96,808		$	-	$	-	$	96,808
Liabilities
Futures	$	(211,802)		$	211,802		$	-		$	-	$	-	$	-
Forwards		(90,559	)		36,134			(54,425	)		-		-		(54,425)
Total liabilities	$	(302,361	)	$	247,936		$	(54,425	)	$	-	$	-	$	(54,425)
Net fair value														$	42,383	*
				Gross Amounts Offset in the			Amounts Presented in the			Gross Amounts Not Offset in the Statements of Financial Condition
December 31, 2016	Gross Amounts Recognized			Statements of Financial Condition			Statements of Financial Condition			Financial Instruments		Cash Collateral Received/ Pledged*		Net Amount
Assets
Futures	$	387,769		$	(104,053	)	$	283,716		$	-	$	-	$	283,716
Forwards		20,399			(20,399	)		-			-		-		-
Total assets	$	408,168		$	(124,452	)	$	283,716		$	-	$	-	$	283,716
Liabilities
Futures	$	(104,053)		$	104,053		$	-		$	-	$	-	$	-
Forwards		(137,173	)		20,399			(116,774	)		-		-		(116,774)
Total liabilities	$	(241,226	)	$	124,452		$	(116,774	)	$	-	$	-	$	(116,774)
Net fair value														$	166,942	*

* In the event of default by the Master, MS&Co., the Master’s commodity futures broker and the sole counterparty to the Master’s non-exchange-traded contracts, as applicable, has the right to offset the Master’s obligation with the Master’s cash and/or U.S. Treasury bills held by MS&Co., thereby minimizing MS&Co.’s risk of loss. In certain instances, MS&Co. may not post collateral and as such, in the event of default by MS&Co., the Master is exposed to the amount shown in the Master’s Statements of Financial Condition. In the case of exchange-traded contracts, the Master’s exposure to counterparty risk may be reduced since the exchange’s clearinghouse interposes its credit between buyer and seller and the clearinghouse’s guarantee funds may be available in the event of a default.

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 September 30, 2017, and December 31, 2016, respectively.

	September 30, 2017
Assets
Futures Contracts
Currencies	$	11,838
Energy		54,954
Grains		160
Indices		151,988
Interest Rates U.S.		109
Interest Rates Non-U.S.		25,749
Livestock		34,100
Metals		4,993
Softs		24,719
Total unrealized appreciation on open futures contracts		308,610
Liabilities
Futures Contracts
Currencies		(51,121	)
Energy		(52,982	)
Grains		(8,225	)
Indices		(2,661	)
Interest Rates U.S.		(593	)
Interest Rates Non-U.S.		(8,521	)
Livestock		(43,695	)
Metals		(36,191	)
Softs		(7,813	)
Total unrealized depreciation on open futures contracts		(211,802	)
Net unrealized appreciation on open futures contracts	$	96,808		*
Assets
Forward Contracts
Metals	$	36,134
Total unrealized appreciation on open forward contracts		36,134
Liabilities
Forward Contracts
Metals		(90,559	)
Total unrealized depreciation on open forward contracts		(90,559	)
Net unrealized depreciation on open forward contracts	$	(54,425	)	**

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

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

	December 31, 2016
Assets
Futures Contracts
Currencies	$	49,993
Energy		100,333
Grains		9,358
Indices		121,663
Interest Rates U.S.		10,016
Interest Rates Non-U.S.		30,238
Livestock		13,220
Metals		5,283
Softs		47,665
Total unrealized appreciation on open futures contracts		387,769
Liabilities
Futures Contracts
Currencies		(7,221	)
Energy		(2,230	)
Grains		(23,411	)
Indices		(20,645	)
Interest Rates U.S.		(3,399	)
Interest Rates Non-U.S.		(14,304	)
Livestock		(2,370	)
Metals		(21,582	)
Softs		(8,891	)
Total unrealized depreciation on open futures contracts		(104,053	)
Net unrealized appreciation on open futures contracts	$	283,716		*
Assets
Forward Contracts
Currencies	$	10,297
Metals		10,102
Total unrealized appreciation on open forward contracts		20,399
Liabilities
Forward Contracts
Currencies		(26,628	)
Metals		(110,545	)
Total unrealized depreciation on open forward contracts		(137,173	)
Net unrealized depreciation on open forward contracts	$	(116,774	)	**

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

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

The following table indicates the Master’s trading gains and losses, by market sector, on derivative instruments for the three and nine months ended September 30, 2017 and 2016.

	Three Months Ended										Nine Months Ended
	September 30,										September 30,
Sector	2017					2016					2017					2016
Currencies	$	21,451				$	(183,278	)			$	(354,603	)			$	(108,715	)
Energy		15,808					(49,244	)				(531,131	)				(148,589	)
Grains		(113,722	)				(201,932	)				(79,347	)				181,746
Indices		164,928					37,169					997,950					(374,516	)
Interest Rates U.S.		(67,320	)				(133,797	)				(133,117	)				624,493
Interest Rates Non-U.S.		(37,398	)				(4,120	)				(194,299	)				634,477
Livestock		(142,448	)				244,505					113,882					252,660
Metals		196,896					(185,559	)				(103,016	)				(555,920	)
Softs		(140,709	)				41,513					115,217					(23,591	)
Total	$	(102,514	)	*	**	$	(434,743	)	*	**	$	(168,464	)	*	**	$	482,045		*	**

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

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Fair Value Measurements

9 Months Ended

Sep. 30, 2017

Fair Value Disclosures [Abstract]

Fair Value Measurements

5. Fair Value Measurements:

Master’s Fair Value Measurements. Fair value is defined as the value 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.

The fair value of exchange-traded futures, option and forward contracts is determined by the various exchanges, and reflects the settlement price for each contract as of the close of business on the last business day of the reporting period. The fair value of foreign currency forward contracts is extrapolated on a forward basis from the spot prices quoted as of approximately 3:00 P.M. (E.T.) on the last business day of the reporting period from various exchanges. The fair value of non-exchange-traded foreign currency option contracts is calculated by applying an industry standard model application for options valuation of foreign currency options, using as input the spot prices, interest rates, and option implied volatilities quoted as of approximately 3:00 P.M. (E.T.) on the last business day of the reporting period. U.S. Treasury bills are valued at the last available bid price received from independent pricing services as of the close of the last business day of the reporting period.

The Master considers prices for exchange-traded commodity futures, forward, swap and option contracts to be based on unadjusted quoted prices in active markets for identical assets and liabilities (Level 1). The values of U.S. Treasury bills, non-exchange-traded forward, swap and certain option contracts for which market quotations are not readily available are priced by pricing services that derive fair values for those assets and liabilities from observable inputs (Level 2). As of September 30, 2017 and December 31, 2016 and for the periods ended September 30, 2017 and 2016, the Master did not hold any derivative instruments that were priced at fair value using unobservable inputs through the application of the General Partner’s assumptions and internal valuation pricing models (Level 3). Transfers between levels are recognized at the end of the reporting period. During the reporting periods, there were no transfers of assets or liabilities between Level 1 and Level 2.

September 30, 2017	Total		Level 1		Level 2		Level 3
Assets
Futures	$	308,610	$	308,610	$	-	$	-
Forwards		36,134		36,134		-		-
Total assets	$	344,744	$	344,744	$	-	$	-
Liabilities
Futures	$	211,802	$	211,802	$	-	$	-
Forwards		90,559		90,559		-		-
Total liabilities	$	302,361	$	302,361	$	-	$	-
December 31, 2016	Total		Level 1		Level 2		Level 3
Assets
Futures	$	387,769	$	387,769	$	-	$	-
Forwards		20,399		10,102		10,297		-
Total assets	$	408,168	$	397,871	$	10,297	$	-
Liabilities
Futures	$	104,053	$	104,053	$	-	$	-
Forwards		137,173		110,545		26,628		-
Total liabilities	$	241,226	$	214,598	$	26,628	$	-

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Financial Instrument Risks

9 Months Ended

Sep. 30, 2017

Investments, All Other Investments [Abstract]

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 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 at specific terms at 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 forward, swap and option contracts. Certain swap contracts may also be traded on a swap execution facility or OTC. OTC contracts are negotiated between contracting parties and also include certain forward and option contracts. Each of these instruments is subject to various risks similar to those related 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 that at any given time approximately 0.0% to 13.9% of the Master’s contracts are traded OTC.

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 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 records 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, through the futures broker, directly with the exchange on which the contracts are traded. Net realized gains (losses) and net change in unrealized gains (losses) on futures contracts are included in the Master’s 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-upon 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 Master’s Statements of Financial Condition. Net realized gains (losses) and net change in 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 Master’s 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. 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. 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 records 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 net change in unrealized gains (losses) on metal contracts are included in the Master’s Statements of Income and Expenses and Changes in Partners’ Capital.

Market risk is the potential for changes in the value of the financial instruments traded by 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 Master is exposed to market risk equal to the value of the futures and forward contracts held 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/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/Master’s risk of loss is reduced through the use of legally enforceable master netting agreements with counterparties that permit the Partnership/Master to offset unrealized gains and losses and other assets and liabilities with such counterparties upon the occurrence of certain events. The Partnership/Master have credit risk and concentration risk as MS&Co. or an MS&Co. affiliate is the sole counterparty or broker with respect to the Partnership’s/Master’s assets. Credit risk with respect to exchange-traded instruments is reduced to the extent that, through MS&Co. or an MS&Co. affiliate, the Partnership’s/Master’s counterparty is an exchange or clearing organization.

The General Partner monitors and attempts to mitigate the Partnership’s/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/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, forward and option contracts by sector, margin requirements, gain and loss transactions and collateral positions.

The risk to the limited partners that have purchased Redeemable Units is limited to the amount of 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.

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

In the ordinary course of business, the Master enters into contracts and agreements that contain various representations and warranties and which provide general indemnifications. The Master’s maximum exposure under these arrangements cannot be determined, as this could include future claims that have not yet been made against the Master. The Master considers the risk of any future obligation relating to these indemnifications to be remote.

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Subsequent Events

9 Months Ended

Sep. 30, 2017

Subsequent Events [Abstract]

Subsequent Events

7. Subsequent Events:

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

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Basis of Presentation and Summary of Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2017

Accounting Policies [Abstract]

Use of Estimates

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

Profit Allocation

Profit Allocation. 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 contributions and profits, if any, net of distributions or redemptions and losses, if any.

Statement of Cash Flows

Statement of Cash Flows. The Partnership has not provided a Statement of Cash Flows, as permitted by Accounting Standards Codification (“ASC”) 230, “Statement of Cash Flows.” The Statements of Income and Expenses and Changes in Partners’ Capital is included herein, and as of and for the periods ended September 30, 2017 and 2016, the Partnership carried no debt and substantially all the Partnership’s and Master’s investments were carried at fair value and classified as Level 1 and Level 2 measurements.

Partnership's Investment

Partnership’s Investment. The Partnership carries its investment in the Master based on the Partnership’s (1) net contribution to the Master and (2) its allocated share of the undistributed profits and losses, including realized gains or losses and net change in unrealized gains or losses, of the Master. The valuation of the Master’s investments including the classification within the fair value hierarchy of the investments held by the Master are described in Note 5, “Fair Value Measurements.”

Master's Investments

Master’s Investments. All commodity interests of 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 in Note 5, “Fair Value Measurements”) at the measurement date. Investments in commodity interests denominated in foreign currencies are translated into U.S. dollars at the exchange rates prevailing at the measurement date. Gains or losses are realized when contracts are liquidated and are determined using the first-in, first-out method. Unrealized gains or losses on open contracts are included as a component of equity in trading account in the Master’s Statements of Financial Condition. Net realized gains or losses and net change in unrealized gains or losses are included in the Master’s 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 total trading results in the Master’s Statements of Income and Expenses and Changes in Partners’ Capital.

Master's Cash

Master’s Cash. The Master’s cash includes cash denominated in foreign currencies of ($123,418) (proceeds of $123,669) and $59,053 (cost of $59,262) as of September 30, 2017 and December 31, 2016, respectively.

Income Taxes

Income Taxes. Income taxes have not been recorded as each partner is individually liable for the taxes, if any, on its share of the Partnership’s income and expenses. The Partnership follows the guidance of ASC 740, “Income Taxes,” which prescribes a recognition threshold and measurement attribute for financial statement recognition and measurement of tax positions taken or expected to be taken in the course of preparing the Partnership’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained “when challenged” or “when examined” by the applicable tax authority. Tax positions determined not to meet the more-likely-than-not threshold would be recorded as a tax benefit or liability in the Partnership’s Statements of Financial Condition for the current year. If a tax position does not meet the minimum statutory threshold to avoid the incurring of penalties, an expense for the amount of the statutory penalty and interest, if applicable, shall be recognized in the Statements of Income and Expenses and Changes in Partners’ Capital in the period in which the position is claimed or expected to be claimed. The General Partner has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. The Partnership files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The 2013 through 2016 tax years remain subject to examination by U.S. federal and most state tax authorities.

Investment Company Status

Investment Company Status. Effective January 1, 2014, the Partnership adopted Accounting Standards Update 2013-08, “Financial Services—Investment Companies (Topic 946): Amendments to the Scope, Measurement and Disclosure Requirements” and based on the General Partner’s assessment, the Partnership has been deemed to be an investment company since inception. Accordingly, the Partnership follows the investment company accounting and reporting guidance of Topic 946 and reflects its investments at fair value with unrealized gains and losses resulting from changes in fair value reflected in the Statements of Income and Expenses and Changes in Partners’ Capital.

Net Income (Loss) per Redeemable Unit

Net Income (Loss) per Redeemable Unit. Net income (loss) per Redeemable Unit is calculated in accordance with ASC 946, “Financial Services – Investment Companies.” See Note 3, “Financial Highlights.”

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Basis of Presentation and Summary of Significant Accounting Policies (Tables) - Rabar Master Fund L.P. [Member]

9 Months Ended

Sep. 30, 2017

Statements of Financial Condition

Rabar Master Fund L.P.

Statements of Financial Condition

	September 30,		December 31,
	2017		2016
	(Unaudited)
Assets:
Equity in trading account:
Unrestricted cash	$	8,154,018	$	10,578,857
Restricted cash		1,643,628		2,097,376
Net unrealized appreciation on open futures contracts		96,808		283,716
Total equity in trading account		9,894,454		12,959,949
Cash at bank		631		217
Total assets	$	9,895,085	$	12,960,166
Liabilities and Partners’ Capital:
Liabilities:
Net unrealized depreciation on open forward contracts	$	54,425	$	116,774
Accrued expenses:
Professional fees		46,188		23,890
Total liabilities		100,613		140,664
Partners’ Capital:
General Partner		-		-
Limited Partners		9,794,472		12,819,502
Total partners’ capital (net asset value)		9,794,472		12,819,502
Total liabilities and partners’ capital	$	9,895,085	$	12,960,166

Condensed Schedule of Investments

Rabar Master Fund L.P.

Condensed Schedule of Investments

September 30, 2017

(Unaudited)

	Notional ($)/     Number of Contracts		Fair Value			% of Partners’     Capital
Futures Contracts Purchased
Currencies		59	$	(31,741	)		(0.32	)	%
Energy		68		(427	)		(0.00	)	*
Grains		15		(8,065	)		(0.08	)
Indices		135		149,327			1.52
Interest Rates Non-U.S.		76		(4,363	)		(0.04	)
Livestock		31		(9,595	)		(0.10	)
Metals		48		(31,903	)		(0.33	)
Total futures contracts purchased				63,233			0.65
Futures Contracts Sold
Currencies		6		(7,542	)		(0.08	)
Energy		19		2,399			0.02
Interest Rates U.S.		9		(484	)		(0.00	)	*
Interest Rates Non-U.S.		150		21,591			0.22
Metals		1		705			0.01
Softs		68		16,906			0.17
Total futures contracts sold				33,575			0.34
Net unrealized appreciation on open futures contracts			$	96,808			0.99		%
Unrealized Appreciation on Open Forward Contracts
Metals		14	$	36,134			0.37		%
Total unrealized appreciation on open forward contracts				36,134			0.37
Unrealized Depreciation on Open Forward Contracts
Metals		29		(90,559	)		(0.93	)
Total unrealized depreciation on open forward contracts				(90,559	)		(0.93	)
Net unrealized depreciation on open forward contracts			$	(54,425)			(0.56	)	%

* Due to rounding

Rabar Master Fund L.P.

Condensed Schedule of Investments

December 31, 2016

	Notional ($)/     Number of Contracts		Fair Value			% of Partners’     Capital
Futures Contracts Purchased
Currencies		12	$	15,468			0.12		%
Energy		77		98,103			0.77
Grains		136		(14,053	)		(0.11	)
Indices		146		101,018			0.78
Interest Rates Non-U.S.		187		20,765			0.16
Livestock		22		11,100			0.09
Metals		16		(15,575	)		(0.12	)
Softs		73		(337	)		(0.00	)	*
Total futures contracts purchased				216,489			1.69
Futures Contracts Sold
Currencies		34		27,304			0.21
Interest Rates U.S.		18		6,617			0.05
Interest Rates Non-U.S.		184		(4,831	)		(0.04	)
Livestock		1		(250	)		(0.00	)	*
Metals		12		(724	)		(0.01	)
Softs		19		39,111			0.31
Total futures contracts sold				67,227			0.52
Net unrealized appreciation on open futures contracts			$	283,716			2.21		%
Unrealized Appreciation on Open Forward Contracts
Currencies	$	1,191,326	$	10,297			0.08		%
Metals		4		10,102			0.08
Total unrealized appreciation on open forward contracts				20,399			0.16
Unrealized Depreciation on Open Forward Contracts
Currencies	$	2,218,684		(26,628	)		(0.21	)
Metals		42		(110,545	)		(0.86	)
Total unrealized depreciation on open forward contracts				(137,173	)		(1.07	)
Net unrealized depreciation on open forward contracts			$	(116,774	)		(0.91	)	%

* Due to rounding

Statements of Income and Expenses and Changes in Partners' Capital

Rabar Master Fund L.P.

Statements of Income and Expenses and Changes in Partners’ Capital

(Unaudited)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2017			2016			2017			2016
Investment Income:
Interest income	$	19,187		$	7,032		$	47,696		$	20,413
Expenses:
Clearing fees		21,268			22,867			63,571			60,305
Professional fees		1,445			20,104			62,338			61,148
Total expenses		22,713			42,971			125,909			121,453
Net investment loss		(3,526	)		(35,939	)		(78,213	)		(101,040	)
Trading Results:
Net gains (losses) on trading of commodity interests:
Net realized gains (losses) on closed contracts		(42,210	)		(170,140	)		(44,365	)		51,816
Net change in unrealized gains (losses) on open contracts		(60,304	)		(264,603	)		(124,099	)		430,229
Total trading results		(102,514	)		(434,743	)		(168,464	)		482,045
Net income (loss)		(106,040	)		(470,682	)		(246,677	)		381,005
Redemptions		(1,109,297	)		(1,609,975	)		(2,730,657	)		(4,761,026	)
Distribution of interest income to feeder fund		(19,187	)		(7,032	)		(47,696	)		(16,997	)
Net increase (decrease) in Partners’ Capital		(1,234,524	)		(2,087,689	)		(3,025,030	)		(4,397,018	)
Partners’ Capital, beginning of period		11,028,996			16,871,215			12,819,502			19,180,544
Partners’ Capital, end of period	$	9,794,472		$	14,783,526		$	9,794,472		$	14,783,526

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Financial Highlights (Tables)

9 Months Ended

Sep. 30, 2017

Financial Highlights

Financial highlights for the limited partner class as a whole for the three and nine months ended September 30, 2017 and 2016 were as follows:

	Three Months Ended September 30,								Nine Months Ended September 30,
	2017				2016				2017				2016
Per Redeemable Unit Performance (for a unit outstanding throughout the period): *
Net realized and unrealized gains (losses)	$	(9.96	)		$	(26.24	)		$	(13.58	)		$	24.31
Net investment loss		(12.63	)			(17.36	)			(45.64	)			(51.10	)
Increase (decrease) for the period		(22.59	)			(43.60	)			(59.22	)			(26.79	)
Net asset value per Redeemable Unit, beginning of period		883.24				978.52				919.87				961.71
Net asset value per Redeemable Unit, end of period	$	860.65			$	934.92			$	860.65			$	934.92
	Three Months Ended September 30,								Nine Months Ended September 30,
	2017				2016				2017				2016
Ratios to Average Limited Partners’ Capital: **
Net investment loss ***		(5.8	)	%		(7.3	)	%		(6.9	)	%		(7.1	)	%
Operating expense		6.5		%		7.5		%		7.5		%		7.3		%
Incentive fees		-		%		-		%		-		%		-		%
Total expenses		6.5		%		7.5		%		7.5		%		7.3		%
Total return:
Total return before incentive fees		(2.6	)	%		(4.5	)	%		(6.4	)	%		(2.8	)	%
Incentive fees		-		%		-		%		-		%		-		%
Total return after incentive fees		(2.6	)	%		(4.5	)	%		(6.4	)	%		(2.8	)	%

* Net investment loss per Redeemable Unit is calculated by dividing the interest income less total expenses by the average number of Redeemable Units outstanding during the period. The net realized and unrealized gains (losses) per Redeemable Unit is a balancing amount necessary to reconcile the change in net asset value per Redeemable Unit with the other per unit information.

** Annualized (other than incentive fees).

*** Interest income allocated from the Master less total expenses.

Rabar Master Fund L.P. [Member]

Financial Highlights

Financial Highlights of the Master:

Financial highlights for the limited partner class as a whole for the three and nine months ended September 30, 2017 and 2016 were as follows:

	Three Months Ended September 30,								Nine Months Ended September 30,
	2017				2016				2017				2016
Ratios to Average Limited Partners’ Capital: *
Net investment loss **		(0.1	)	%		(0.9	)	%		(0.9	)	%		(0.8	)	%
Operating expenses		0.9		%		1.1		%		1.5		%		0.9		%
Total return		(1.2	)	%		(2.9	)	%		(2.2	)	%		1.9		%

* Annualized.

** Interest income less total expenses.

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Trading Activities (Tables) - Rabar Master Fund L.P. [Member]

9 Months Ended

Sep. 30, 2017

Summary of Valuation of Master's Investments

The following tables summarize the gross and net amounts recognized relating to assets and liabilities of the Master’s derivatives and their offsetting subject to master netting arrangements or similar agreements as of September 30, 2017 and December 31, 2016, respectively.

	Gross Amounts Recognized			Gross Amounts Offset in the Statements of Financial Condition			Amounts Presented in the Statements of Financial Condition			Gross Amounts Not Offset in the Statements of Financial Condition				Net Amount
September 30, 2017										Financial Instruments		Cash Collateral Received/ Pledged*
Assets
Futures	$	308,610		$	(211,802	)	$	96,808		$	-	$	-	$	96,808
Forwards		36,134			(36,134	)		-			-		-		-
Total assets	$	344,744		$	(247,936	)	$	96,808		$	-	$	-	$	96,808
Liabilities
Futures	$	(211,802)		$	211,802		$	-		$	-	$	-	$	-
Forwards		(90,559	)		36,134			(54,425	)		-		-		(54,425)
Total liabilities	$	(302,361	)	$	247,936		$	(54,425	)	$	-	$	-	$	(54,425)
Net fair value														$	42,383	*
				Gross Amounts Offset in the			Amounts Presented in the			Gross Amounts Not Offset in the Statements of Financial Condition
December 31, 2016	Gross Amounts Recognized			Statements of Financial Condition			Statements of Financial Condition			Financial Instruments		Cash Collateral Received/ Pledged*		Net Amount
Assets
Futures	$	387,769		$	(104,053	)	$	283,716		$	-	$	-	$	283,716
Forwards		20,399			(20,399	)		-			-		-		-
Total assets	$	408,168		$	(124,452	)	$	283,716		$	-	$	-	$	283,716
Liabilities
Futures	$	(104,053)		$	104,053		$	-		$	-	$	-	$	-
Forwards		(137,173	)		20,399			(116,774	)		-		-		(116,774)
Total liabilities	$	(241,226	)	$	124,452		$	(116,774	)	$	-	$	-	$	(116,774)
Net fair value														$	166,942	*

* In the event of default by the Master, MS&Co., the Master’s commodity futures broker and the sole counterparty to the Master’s non-exchange-traded contracts, as applicable, has the right to offset the Master’s obligation with the Master’s cash and/or U.S. Treasury bills held by MS&Co., thereby minimizing MS&Co.’s risk of loss. In certain instances, MS&Co. may not post collateral and as such, in the event of default by MS&Co., the Master is exposed to the amount shown in the Master’s Statements of Financial Condition. In the case of exchange-traded contracts, the Master’s exposure to counterparty risk may be reduced since the exchange’s clearinghouse interposes its credit between buyer and seller and the clearinghouse’s guarantee funds may be available in the event of a default.

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 September 30, 2017, and December 31, 2016, respectively.

	September 30, 2017
Assets
Futures Contracts
Currencies	$	11,838
Energy		54,954
Grains		160
Indices		151,988
Interest Rates U.S.		109
Interest Rates Non-U.S.		25,749
Livestock		34,100
Metals		4,993
Softs		24,719
Total unrealized appreciation on open futures contracts		308,610
Liabilities
Futures Contracts
Currencies		(51,121	)
Energy		(52,982	)
Grains		(8,225	)
Indices		(2,661	)
Interest Rates U.S.		(593	)
Interest Rates Non-U.S.		(8,521	)
Livestock		(43,695	)
Metals		(36,191	)
Softs		(7,813	)
Total unrealized depreciation on open futures contracts		(211,802	)
Net unrealized appreciation on open futures contracts	$	96,808		*
Assets
Forward Contracts
Metals	$	36,134
Total unrealized appreciation on open forward contracts		36,134
Liabilities
Forward Contracts
Metals		(90,559	)
Total unrealized depreciation on open forward contracts		(90,559	)
Net unrealized depreciation on open forward contracts	$	(54,425	)	**

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

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

	December 31, 2016
Assets
Futures Contracts
Currencies	$	49,993
Energy		100,333
Grains		9,358
Indices		121,663
Interest Rates U.S.		10,016
Interest Rates Non-U.S.		30,238
Livestock		13,220
Metals		5,283
Softs		47,665
Total unrealized appreciation on open futures contracts		387,769
Liabilities
Futures Contracts
Currencies		(7,221	)
Energy		(2,230	)
Grains		(23,411	)
Indices		(20,645	)
Interest Rates U.S.		(3,399	)
Interest Rates Non-U.S.		(14,304	)
Livestock		(2,370	)
Metals		(21,582	)
Softs		(8,891	)
Total unrealized depreciation on open futures contracts		(104,053	)
Net unrealized appreciation on open futures contracts	$	283,716		*
Assets
Forward Contracts
Currencies	$	10,297
Metals		10,102
Total unrealized appreciation on open forward contracts		20,399
Liabilities
Forward Contracts
Currencies		(26,628	)
Metals		(110,545	)
Total unrealized depreciation on open forward contracts		(137,173	)
Net unrealized depreciation on open forward contracts	$	(116,774	)	**

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

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

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

The following table indicates the Master’s trading gains and losses, by market sector, on derivative instruments for the three and nine months ended September 30, 2017 and 2016.

	Three Months Ended										Nine Months Ended
	September 30,										September 30,
Sector	2017					2016					2017					2016
Currencies	$	21,451				$	(183,278	)			$	(354,603	)			$	(108,715	)
Energy		15,808					(49,244	)				(531,131	)				(148,589	)
Grains		(113,722	)				(201,932	)				(79,347	)				181,746
Indices		164,928					37,169					997,950					(374,516	)
Interest Rates U.S.		(67,320	)				(133,797	)				(133,117	)				624,493
Interest Rates Non-U.S.		(37,398	)				(4,120	)				(194,299	)				634,477
Livestock		(142,448	)				244,505					113,882					252,660
Metals		196,896					(185,559	)				(103,016	)				(555,920	)
Softs		(140,709	)				41,513					115,217					(23,591	)
Total	$	(102,514	)	*	**	$	(434,743	)	*	**	$	(168,464	)	*	**	$	482,045		*	**

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

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Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2017

Rabar Master Fund L.P. [Member]

Derivative Instrument Fair Value Based on Hierarchy

September 30, 2017	Total		Level 1		Level 2		Level 3
Assets
Futures	$	308,610	$	308,610	$	-	$	-
Forwards		36,134		36,134		-		-
Total assets	$	344,744	$	344,744	$	-	$	-
Liabilities
Futures	$	211,802	$	211,802	$	-	$	-
Forwards		90,559		90,559		-		-
Total liabilities	$	302,361	$	302,361	$	-	$	-
December 31, 2016	Total		Level 1		Level 2		Level 3
Assets
Futures	$	387,769	$	387,769	$	-	$	-
Forwards		20,399		10,102		10,297		-
Total assets	$	408,168	$	397,871	$	10,297	$	-
Liabilities
Futures	$	104,053	$	104,053	$	-	$	-
Forwards		137,173		110,545		26,628		-
Total liabilities	$	241,226	$	214,598	$	26,628	$	-

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Organization - Additional Information (Detail)			9 Months Ended
	Sep. 30, 2017	Dec. 31, 2016	Sep. 30, 2017
Morgan Stanley Wealth Management [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Ongoing selling agent fee			2.00%
Rabar Master Fund L.P. [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Percentage of Partnership owned	100.00%	100.00%

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Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($)	9 Months Ended
	Sep. 30, 2017	Dec. 31, 2016
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Cash denominated in foreign currencies	$ 123,418	$ 59,053
Cash denominated in foreign currencies, proceeds	123,669
Cost of foreign currencies		$ 59,262
Uncertain tax position	$ 0
Earliest Tax Year [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Open tax year	2013
Latest Tax Year [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Open tax year	2016

XML

Basis of Presentation and Summary of Significant Accounting Policies - Statements of Financial Condition (Detail) - USD ($)	Sep. 30, 2017	Jun. 30, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Dec. 31, 2015
Equity in trading account:
Cash at bank	$ 631		$ 217
Total assets	9,878,826		12,926,515
Accrued expenses:
Professional fees	82,983		118,929
Total liabilities	168,059		307,266
Partners' Capital:
General Partner	111,081		139,555
Limited Partners	9,599,686		12,479,694
Total partners' capital (net asset value)	9,710,767	$ 10,783,929	12,619,249	$ 14,271,995	$ 16,700,247	$ 18,153,600
Total liabilities and partners' capital	9,878,826		12,926,515
Rabar Master Fund L.P. [Member]
Equity in trading account:
Unrestricted cash	8,154,018		10,578,857
Restricted cash	1,643,628		2,097,376
Net unrealized appreciation on open contracts	96,808		283,716
Total equity in trading account	9,894,454		12,959,949
Cash at bank	631		217
Total assets	9,895,085		12,960,166
Liabilities:
Net unrealized depreciation on open forward contracts	54,425		116,774
Accrued expenses:
Professional fees	46,188		23,890
Total liabilities	100,613		140,664
Partners' Capital:
General Partner	0		0
Limited Partners	9,794,472		12,819,502
Total partners' capital (net asset value)	9,794,472	$ 11,028,996	12,819,502	$ 14,783,526	$ 16,871,215	$ 19,180,544
Total liabilities and partners' capital	9,895,085		12,960,166
Rabar Master Fund L.P. [Member] | Futures [Member]
Equity in trading account:
Net unrealized appreciation on open contracts	96,808		283,716
Rabar Master Fund L.P. [Member] | Forward Contracts [Member]
Liabilities:
Net unrealized depreciation on open forward contracts	$ 54,425		$ 116,774

XML

Basis of Presentation and Summary of Significant Accounting Policies - Condensed Schedule of Investments (Detail)		Sep. 30, 2017 USD ($) Derivative	Dec. 31, 2016 USD ($) Derivative
Schedule of Investments [Line Items]
Investment in Master, at fair value	[1]	$ 9,800,346	$ 12,822,628
Rabar Master Fund L.P. [Member] | Forward Contracts [Member]
Schedule of Investments [Line Items]
Net unrealized appreciation (depreciation) on open contracts		$ (54,425)	$ (116,774)
Percentage of Partners' Capital		(0.56%)	(0.91%)
Total unrealized appreciation on open contracts		$ 36,134	$ 20,399
Total unrealized depreciation on open contracts		(90,559)	(137,173)
Rabar Master Fund L.P. [Member] | Forward Contracts [Member] | Currencies [Member]
Schedule of Investments [Line Items]
Notional			1,191,326
Total unrealized appreciation on open contracts			10,297
Notional			2,218,684
Total unrealized depreciation on open contracts			(26,628)
Rabar Master Fund L.P. [Member] | Forward Contracts [Member] | Metals [Member]
Schedule of Investments [Line Items]
Total unrealized appreciation on open contracts		36,134	10,102
Total unrealized depreciation on open contracts		(90,559)	(110,545)
Rabar Master Fund L.P. [Member] | Futures [Member]
Schedule of Investments [Line Items]
Net unrealized appreciation (depreciation) on open contracts		$ 96,808	$ 283,716
Percentage of Partners' Capital		0.99%	2.21%
Total unrealized appreciation on open contracts		$ 308,610	$ 387,769
Total unrealized depreciation on open contracts		(211,802)	(104,053)
Rabar Master Fund L.P. [Member] | Futures [Member] | Contracts Purchased [Member]
Schedule of Investments [Line Items]
Investment in Master, at fair value		$ 63,233	$ 216,489
Percentage of Partners' Capital		0.65%	1.69%
Rabar Master Fund L.P. [Member] | Futures [Member] | Contracts Sold [Member]
Schedule of Investments [Line Items]
Investment in Master, at fair value		$ 33,575	$ 67,227
Percentage of Partners' Capital		0.34%	0.52%
Rabar Master Fund L.P. [Member] | Futures [Member] | Currencies [Member]
Schedule of Investments [Line Items]
Total unrealized appreciation on open contracts		$ 11,838	$ 49,993
Total unrealized depreciation on open contracts		$ (51,121)	$ (7,221)
Rabar Master Fund L.P. [Member] | Futures [Member] | Currencies [Member] | Contracts Purchased [Member]
Schedule of Investments [Line Items]
Number of Contracts | Derivative		59	12
Investment in Master, at fair value		$ (31,741)	$ 15,468
Percentage of Partners' Capital		(0.32%)	0.12%
Rabar Master Fund L.P. [Member] | Futures [Member] | Currencies [Member] | Contracts Sold [Member]
Schedule of Investments [Line Items]
Number of Contracts | Derivative		6	34
Investment in Master, at fair value		$ (7,542)	$ 27,304
Percentage of Partners' Capital		(0.08%)	0.21%
Rabar Master Fund L.P. [Member] | Futures [Member] | Grains [Member]
Schedule of Investments [Line Items]
Total unrealized appreciation on open contracts		$ 160	$ 9,358
Total unrealized depreciation on open contracts		$ (8,225)	$ (23,411)
Rabar Master Fund L.P. [Member] | Futures [Member] | Grains [Member] | Contracts Purchased [Member]
Schedule of Investments [Line Items]
Number of Contracts | Derivative		15	136
Investment in Master, at fair value		$ (8,065)	$ (14,053)
Percentage of Partners' Capital		(0.08%)	(0.11%)
Rabar Master Fund L.P. [Member] | Futures [Member] | Indices [Member]
Schedule of Investments [Line Items]
Total unrealized appreciation on open contracts		$ 151,988	$ 121,663
Total unrealized depreciation on open contracts		$ (2,661)	$ (20,645)
Rabar Master Fund L.P. [Member] | Futures [Member] | Indices [Member] | Contracts Purchased [Member]
Schedule of Investments [Line Items]
Number of Contracts | Derivative		135	146
Investment in Master, at fair value		$ 149,327	$ 101,018
Percentage of Partners' Capital		1.52%	0.78%
Rabar Master Fund L.P. [Member] | Futures [Member] | Interest Rates Non - U.S. [Member]
Schedule of Investments [Line Items]
Total unrealized appreciation on open contracts		$ 25,749	$ 30,238
Total unrealized depreciation on open contracts		$ (8,521)	$ (14,304)
Rabar Master Fund L.P. [Member] | Futures [Member] | Interest Rates Non - U.S. [Member] | Contracts Purchased [Member]
Schedule of Investments [Line Items]
Number of Contracts | Derivative		76	187
Investment in Master, at fair value		$ (4,363)	$ 20,765
Percentage of Partners' Capital		(0.04%)	0.16%
Rabar Master Fund L.P. [Member] | Futures [Member] | Interest Rates Non - U.S. [Member] | Contracts Sold [Member]
Schedule of Investments [Line Items]
Number of Contracts | Derivative		150	184
Investment in Master, at fair value		$ 21,591	$ (4,831)
Percentage of Partners' Capital		0.22%	(0.04%)
Rabar Master Fund L.P. [Member] | Futures [Member] | Livestock [Member]
Schedule of Investments [Line Items]
Total unrealized appreciation on open contracts		$ 34,100	$ 13,220
Total unrealized depreciation on open contracts		$ (43,695)	$ (2,370)
Rabar Master Fund L.P. [Member] | Futures [Member] | Livestock [Member] | Contracts Purchased [Member]
Schedule of Investments [Line Items]
Number of Contracts | Derivative		31	22
Investment in Master, at fair value		$ (9,595)	$ 11,100
Percentage of Partners' Capital		(0.10%)	0.09%
Rabar Master Fund L.P. [Member] | Futures [Member] | Livestock [Member] | Contracts Sold [Member]
Schedule of Investments [Line Items]
Number of Contracts | Derivative			1
Investment in Master, at fair value			$ (250)
Percentage of Partners' Capital			0.00%
Rabar Master Fund L.P. [Member] | Futures [Member] | Metals [Member]
Schedule of Investments [Line Items]
Total unrealized appreciation on open contracts		$ 4,993	$ 5,283
Total unrealized depreciation on open contracts		$ (36,191)	$ (21,582)
Rabar Master Fund L.P. [Member] | Futures [Member] | Metals [Member] | Contracts Purchased [Member]
Schedule of Investments [Line Items]
Number of Contracts | Derivative		48	16
Investment in Master, at fair value		$ (31,903)	$ (15,575)
Percentage of Partners' Capital		(0.33%)	(0.12%)
Rabar Master Fund L.P. [Member] | Futures [Member] | Metals [Member] | Contracts Sold [Member]
Schedule of Investments [Line Items]
Number of Contracts | Derivative		1	12
Investment in Master, at fair value		$ 705	$ (724)
Percentage of Partners' Capital		0.01%	(0.01%)
Rabar Master Fund L.P. [Member] | Futures [Member] | Energy [Member]
Schedule of Investments [Line Items]
Total unrealized appreciation on open contracts		$ 54,954	$ 100,333
Total unrealized depreciation on open contracts		$ (52,982)	$ (2,230)
Rabar Master Fund L.P. [Member] | Futures [Member] | Energy [Member] | Contracts Purchased [Member]
Schedule of Investments [Line Items]
Number of Contracts | Derivative		68	77
Investment in Master, at fair value		$ (427)	$ 98,103
Percentage of Partners' Capital		0.00%	0.77%
Rabar Master Fund L.P. [Member] | Futures [Member] | Energy [Member] | Contracts Sold [Member]
Schedule of Investments [Line Items]
Number of Contracts | Derivative		19
Investment in Master, at fair value		$ 2,399
Percentage of Partners' Capital		0.02%
Rabar Master Fund L.P. [Member] | Futures [Member] | Interest Rates U.S. [Member]
Schedule of Investments [Line Items]
Total unrealized appreciation on open contracts		$ 109	$ 10,016
Total unrealized depreciation on open contracts		$ (593)	$ (3,399)
Rabar Master Fund L.P. [Member] | Futures [Member] | Interest Rates U.S. [Member] | Contracts Sold [Member]
Schedule of Investments [Line Items]
Number of Contracts | Derivative		9	18
Investment in Master, at fair value		$ (484)	$ 6,617
Percentage of Partners' Capital		0.00%	0.05%
Rabar Master Fund L.P. [Member] | Futures [Member] | Softs [Member]
Schedule of Investments [Line Items]
Total unrealized appreciation on open contracts		$ 24,719	$ 47,665
Total unrealized depreciation on open contracts		$ (7,813)	$ (8,891)
Rabar Master Fund L.P. [Member] | Futures [Member] | Softs [Member] | Contracts Purchased [Member]
Schedule of Investments [Line Items]
Number of Contracts | Derivative			73
Investment in Master, at fair value			$ (337)
Percentage of Partners' Capital			0.00%
Rabar Master Fund L.P. [Member] | Futures [Member] | Softs [Member] | Contracts Sold [Member]
Schedule of Investments [Line Items]
Number of Contracts | Derivative		68	19
Investment in Master, at fair value		$ 16,906	$ 39,111
Percentage of Partners' Capital		0.17%	0.31%
Rabar Master Fund L.P. [Member] | Unrealized Appreciation [Member] | Forward Contracts [Member]
Schedule of Investments [Line Items]
Percentage of Partners' Capital		0.37%	0.16%
Rabar Master Fund L.P. [Member] | Unrealized Appreciation [Member] | Forward Contracts [Member] | Currencies [Member]
Schedule of Investments [Line Items]
Percentage of Partners' Capital			0.08%
Rabar Master Fund L.P. [Member] | Unrealized Appreciation [Member] | Forward Contracts [Member] | Metals [Member]
Schedule of Investments [Line Items]
Number of Contracts | Derivative		14	4
Percentage of Partners' Capital		0.37%	0.08%
Rabar Master Fund L.P. [Member] | Unrealized Depreciation [Member] | Forward Contracts [Member]
Schedule of Investments [Line Items]
Percentage of Partners' Capital		(0.93%)	(1.07%)
Rabar Master Fund L.P. [Member] | Unrealized Depreciation [Member] | Forward Contracts [Member] | Currencies [Member]
Schedule of Investments [Line Items]
Percentage of Partners' Capital			(0.21%)
Rabar Master Fund L.P. [Member] | Unrealized Depreciation [Member] | Forward Contracts [Member] | Metals [Member]
Schedule of Investments [Line Items]
Number of Contracts | Derivative		29	42
Percentage of Partners' Capital		(0.93%)	(0.86%)

[1] Defined in Note 1.

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Basis of Presentation and Summary of Significant Accounting Policies - Statements of Income and Expenses and Changes in Partners' Capital (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Investment Income:
Interest income	$ 19,187	$ 7,032	$ 47,696	$ 20,413
Expenses:
Professional fees	15,103	50,960	74,792	153,803
Total expenses	168,298	294,435	623,152	916,988
Net investment loss	(149,111)	(287,403)	(575,456)	(896,575)
Net gains (losses) on trading of commodity interests:
Net realized gains (losses) on closed contracts	(42,210)	(170,140)	(44,365)	51,816
Net change in unrealized gains (losses) on open contracts	(60,304)	(264,603)	(124,099)	430,229
Total trading results	(102,514)	(434,743)	(168,464)	482,045
Net income (loss)	(251,625)	(722,146)	(743,920)	(414,530)
Net increase (decrease) in Partners' Capital	(1,073,162)	(2,428,252)	(2,908,482)	(3,881,605)
Partners' Capital, beginning of period	10,783,929	16,700,247	12,619,249	18,153,600
Partners' Capital, end of period	9,710,767	14,271,995	9,710,767	14,271,995
Rabar Master Fund L.P. [Member]
Investment Income:
Interest income	19,187	7,032	47,696	20,413
Expenses:
Clearing fees	21,268	22,867	63,571	60,305
Professional fees	1,445	20,104	62,338	61,148
Total expenses	22,713	42,971	125,909	121,453
Net investment loss	(3,526)	(35,939)	(78,213)	(101,040)
Net gains (losses) on trading of commodity interests:
Net realized gains (losses) on closed contracts	(42,210)	(170,140)	(44,365)	51,816
Net change in unrealized gains (losses) on open contracts	(60,304)	(264,603)	(124,099)	430,229
Total trading results	(102,514)	(434,743)	(168,464)	482,045
Net income (loss)	(106,040)	(470,682)	(246,677)	381,005
Redemptions	(1,109,297)	(1,609,975)	(2,730,657)	(4,761,026)
Distribution of interest income to feeder fund	(19,187)	(7,032)	(47,696)	(16,997)
Net increase (decrease) in Partners' Capital	(1,234,524)	(2,087,689)	(3,025,030)	(4,397,018)
Partners' Capital, beginning of period	11,028,996	16,871,215	12,819,502	19,180,544
Partners' Capital, end of period	$ 9,794,472	$ 14,783,526	$ 9,794,472	$ 14,783,526

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Financial Highlights - Financial Highlights for Limited Partner Class (Detail) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Per Redeemable Unit Performance (for a unit outstanding throughout the period):
Net asset value per Redeemable Unit, beginning of period			$ 919.87
Net asset value per Redeemable Unit, end of period	$ 860.65	$ 934.92	$ 860.65	$ 934.92
Rabar Master Fund L.P. [Member]
Ratios to Average Limited Partners' Capital:
Net investment loss	(0.10%)	(0.90%)	(0.90%)	(0.80%)
Operating expenses	0.90%	1.10%	1.50%	0.90%
Total return	(1.20%)	(2.90%)	(2.20%)	1.90%
Limited Partners [Member]
Per Redeemable Unit Performance (for a unit outstanding throughout the period):
Net realized and unrealized gains (losses)	$ (9.96)	$ (26.24)	$ (13.58)	$ 24.31
Net investment loss	(12.63)	(17.36)	(45.64)	(51.10)
Increase (decrease) for the period	(22.59)	(43.60)	(59.22)	(26.79)
Net asset value per Redeemable Unit, beginning of period	883.24	978.52	919.87	961.71
Net asset value per Redeemable Unit, end of period	$ 860.65	$ 934.92	$ 860.65	$ 934.92
Ratios to Average Limited Partners' Capital:
Net investment loss	(5.80%)	(7.30%)	(6.90%)	(7.10%)
Operating expenses	6.50%	7.50%	7.50%	7.30%
Incentive fees	0.00%	0.00%	0.00%	0.00%
Total expenses	6.50%	7.50%	7.50%	7.30%
Total return:
Total return before incentive fees	(2.60%)	(4.50%)	(6.40%)	(2.80%)
Incentive fees	(0.00%)	(0.00%)	(0.00%)	(0.00%)
Total return after incentive fees	(2.60%)	(4.50%)	(6.40%)	(2.80%)

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Trading Activities - Additional Information (Detail) - Rabar Master Fund L.P. [Member]	3 Months Ended		9 Months Ended
	Sep. 30, 2017 USD ($) Contract	Sep. 30, 2016 USD ($) Contract	Sep. 30, 2017 USD ($) Contract	Sep. 30, 2016 USD ($) Contract
Trading Activity, Gains and Losses, Net [Line Items]
Monthly average number of futures contracts traded	716	976	777	897
Monthly average number of metals forward contracts traded	57	86	54	72
Forward Contracts [Member] | Currencies [Member] | Weighted Average [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Average notional values of currency forward contracts | $	$ 7,363,500	$ 6,178,632	$ 7,929,234	$ 7,555,517

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Trading Activities - Summary of Valuation of Master's Investments (Detail) - Rabar Master Fund L.P. [Member] - USD ($)	Sep. 30, 2017	Dec. 31, 2016
Derivative [Line Items]
Gross Amounts Recognized, Assets	$ 344,744	$ 408,168
Gross Amounts Offset in the Statements of Financial Condition, Assets	(247,936)	(124,452)
Amounts Presented in the Statements of Financial Condition, Assets	96,808	283,716
Financial Instruments, Assets	0	0
Cash Collateral Received/Pledged, Assets	0	0
Net Amount, Assets	96,808	283,716
Gross Amounts Recognized, Liabilities	(302,361)	(241,226)
Gross Amounts Offset in the Statements of Financial Condition, Liabilities	247,936	124,452
Amounts Presented in the Statements of Financial Condition, Liabilities	(54,425)	(116,774)
Financial Instruments, Liabilities	0	0
Cash Collateral Received/Pledged, Liabilities	0	0
Net Amount, Liabilities	(54,425)	(116,774)
Net fair value	42,383	166,942
Futures [Member]
Derivative [Line Items]
Gross Amounts Recognized, Assets	308,610	387,769
Gross Amounts Offset in the Statements of Financial Condition, Assets	(211,802)	(104,053)
Amounts Presented in the Statements of Financial Condition, Assets	96,808	283,716
Financial Instruments, Assets	0	0
Cash Collateral Received/Pledged, Assets	0	0
Net Amount, Assets	96,808	283,716
Gross Amounts Recognized, Liabilities	(211,802)	(104,053)
Gross Amounts Offset in the Statements of Financial Condition, Liabilities	211,802	104,053
Financial Instruments, Liabilities	0	0
Cash Collateral Received/Pledged, Liabilities	0	0
Forward Contracts [Member]
Derivative [Line Items]
Gross Amounts Recognized, Assets	36,134	20,399
Gross Amounts Offset in the Statements of Financial Condition, Assets	(36,134)	(20,399)
Financial Instruments, Assets	0	0
Cash Collateral Received/Pledged, Assets	0	0
Gross Amounts Recognized, Liabilities	(90,559)	(137,173)
Gross Amounts Offset in the Statements of Financial Condition, Liabilities	36,134	20,399
Amounts Presented in the Statements of Financial Condition, Liabilities	(54,425)	(116,774)
Financial Instruments, Liabilities	0	0
Cash Collateral Received/Pledged, Liabilities	0	0
Net Amount, Liabilities	$ (54,425)	$ (116,774)

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Trading Activities - Gross Fair Values of Derivative Instruments of Futures and Forward Contracts as Separate Assets and Liabilities (Detail) - Rabar Master Fund L.P. [Member] - USD ($)	Sep. 30, 2017	Dec. 31, 2016
Futures [Member]
Derivative [Line Items]
Total unrealized appreciation on open contracts	$ 308,610	$ 387,769
Total unrealized depreciation on open contracts	(211,802)	(104,053)
Net unrealized appreciation (depreciation) on open contracts	96,808	283,716
Futures [Member] | Currencies [Member]
Derivative [Line Items]
Total unrealized appreciation on open contracts	11,838	49,993
Total unrealized depreciation on open contracts	(51,121)	(7,221)
Futures [Member] | Energy [Member]
Derivative [Line Items]
Total unrealized appreciation on open contracts	54,954	100,333
Total unrealized depreciation on open contracts	(52,982)	(2,230)
Futures [Member] | Grains [Member]
Derivative [Line Items]
Total unrealized appreciation on open contracts	160	9,358
Total unrealized depreciation on open contracts	(8,225)	(23,411)
Futures [Member] | Indices [Member]
Derivative [Line Items]
Total unrealized appreciation on open contracts	151,988	121,663
Total unrealized depreciation on open contracts	(2,661)	(20,645)
Futures [Member] | Interest Rates U.S. [Member]
Derivative [Line Items]
Total unrealized appreciation on open contracts	109	10,016
Total unrealized depreciation on open contracts	(593)	(3,399)
Futures [Member] | Interest Rates Non - U.S. [Member]
Derivative [Line Items]
Total unrealized appreciation on open contracts	25,749	30,238
Total unrealized depreciation on open contracts	(8,521)	(14,304)
Futures [Member] | Livestock [Member]
Derivative [Line Items]
Total unrealized appreciation on open contracts	34,100	13,220
Total unrealized depreciation on open contracts	(43,695)	(2,370)
Futures [Member] | Metals [Member]
Derivative [Line Items]
Total unrealized appreciation on open contracts	4,993	5,283
Total unrealized depreciation on open contracts	(36,191)	(21,582)
Futures [Member] | Softs [Member]
Derivative [Line Items]
Total unrealized appreciation on open contracts	24,719	47,665
Total unrealized depreciation on open contracts	(7,813)	(8,891)
Forward Contracts [Member]
Derivative [Line Items]
Total unrealized appreciation on open contracts	36,134	20,399
Total unrealized depreciation on open contracts	(90,559)	(137,173)
Net unrealized appreciation (depreciation) on open contracts	(54,425)	(116,774)
Forward Contracts [Member] | Currencies [Member]
Derivative [Line Items]
Total unrealized appreciation on open contracts		10,297
Total unrealized depreciation on open contracts		(26,628)
Forward Contracts [Member] | Metals [Member]
Derivative [Line Items]
Total unrealized appreciation on open contracts	36,134	10,102
Total unrealized depreciation on open contracts	$ (90,559)	$ (110,545)

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Trading Activities - Trading Gains and Losses, by Market Sector, on Derivative Instruments (Detail) - Rabar Master Fund L.P. [Member] - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Derivative [Line Items]
Trading gains and losses	$ (102,514)	$ (434,743)	$ (168,464)	$ 482,045
Currencies [Member]
Derivative [Line Items]
Trading gains and losses	21,451	(183,278)	(354,603)	(108,715)
Energy [Member]
Derivative [Line Items]
Trading gains and losses	15,808	(49,244)	(531,131)	(148,589)
Grains [Member]
Derivative [Line Items]
Trading gains and losses	(113,722)	(201,932)	(79,347)	181,746
Indices [Member]
Derivative [Line Items]
Trading gains and losses	164,928	37,169	997,950	(374,516)
Interest Rates U.S. [Member]
Derivative [Line Items]
Trading gains and losses	(67,320)	(133,797)	(133,117)	624,493
Interest Rates Non - U.S. [Member]
Derivative [Line Items]
Trading gains and losses	(37,398)	(4,120)	(194,299)	634,477
Livestock [Member]
Derivative [Line Items]
Trading gains and losses	(142,448)	244,505	113,882	252,660
Metals [Member]
Derivative [Line Items]
Trading gains and losses	196,896	(185,559)	(103,016)	(555,920)
Softs [Member]
Derivative [Line Items]
Trading gains and losses	$ (140,709)	$ 41,513	$ 115,217	$ (23,591)

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Fair Value Measurements - Additional Information (Detail) - USD ($)	Sep. 30, 2017	Dec. 31, 2016
Fair Value Disclosures [Abstract]
Transfers of assets between Level 1 and Level 2	$ 0	$ 0
Transfers of liabilities between Level 1 and Level 2	$ 0	$ 0

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Fair Value Measurements - Derivative Instrument Fair Value Based on Hierarchy (Detail) - Rabar Master Fund L.P. [Member] - USD ($)	Sep. 30, 2017	Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	$ 344,744	$ 408,168
Derivative liabilities	302,361	241,226
Futures [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	308,610	387,769
Derivative liabilities	211,802	104,053
Forward Contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	36,134	20,399
Derivative liabilities	90,559	137,173
Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	344,744	397,871
Derivative liabilities	302,361	214,598
Level 1 [Member] | Futures [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	308,610	387,769
Derivative liabilities	211,802	104,053
Level 1 [Member] | Forward Contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	36,134	10,102
Derivative liabilities	$ 90,559	110,545
Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets		10,297
Derivative liabilities		26,628
Level 2 [Member] | Forward Contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets		10,297
Derivative liabilities		$ 26,628

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Financial Instrument Risks - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2017
Concentration Risk [Line Items]
Financial instruments maturity period	1 year
Credit Concentration Risk [Member] | Master's Contracts [Member] | Over the Counter [Member] | Minimum [Member]
Concentration Risk [Line Items]
Concentration risk percentage	0.00%
Credit Concentration Risk [Member] | Master's Contracts [Member] | Over the Counter [Member] | Maximum [Member]
Concentration Risk [Line Items]
Concentration risk percentage	13.90%