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 March 31, 2015

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: 000-53348

ALTEGRIS WINTON FUTURES FUND, L.P.

(Exact name of registrant as specified in its charter)

COLORADO (State or other jurisdiction of incorporation or organization) 84-1496732 (I.R.S. Employer Identification No.)

c/o ALTEGRIS ADVISORS L.L.C.

1200 Prospect Street, Suite 400

La Jolla, California 92037

(Address of principal executive offices) (zip code)

(858) 459-7040

(Registrant’s telephone number, including area code)

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

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

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes [X]No [   ]

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

Yes [X]No [   ]

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

Large accelerated filer [   ] Accelerated filer [   ] Non-accelerated filer [X] Smaller reporting company [   ]

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

TABLE OF CONTENTS
		Page
PART I – FINANCIAL INFORMATION		1
Item 1.	Financial Statements	1
	Statements of Financial Condition	2
	Condensed Schedules of Investments	3
	Statements of Income (Loss)	8
	Statements of Changes in Partners’ Capital (Net Asset Value)	9
	Notes to Financial Statements	10
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	28
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	30
Item 4.	Controls and Procedures	30
PART II – OTHER INFORMATION		30
Item 1.	Legal Proceedings	30
Item 1A.	Risk Factors	30
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	31
Item 3.	Defaults Upon Senior Securities	31
Item 4.	Mine Safety Disclosure	31
Item 5.	Other Information	31
Item 6.	Exhibits	31
Signatures		33
Rule 13a–14(a)/15d–14(a) Certifications		34
Section 1350 Certifications		35

PART I – FINANCIAL INFORMATION

ALTEGRIS WINTON FUTURES FUND, L.P.

STATEMENTS OF FINANCIAL CONDITION

MARCH 31, 2015 (Unaudited) and DECEMBER 31, 2014 (Audited)

_______________

	2015		2014
ASSETS
Equity in commodity broker account
Cash	$	6,597,042	$	—
Restricted cash		28,926,515		22,022,440
Restricted foreign currency (cost - $12,505,736 and $8,261,611)		12,507,519		8,179,695
Unrealized gain on open commodity futures contracts		8,457,957		12,671,271
		56,489,033		42,873,406
Cash		11,354,424		53,617,173
Investment securities at value
(cost - $335,496,402 and $312,979,365)		335,483,393		312,933,103
Interest receivable		97,563		124,547
Total assets	$	403,424,413	$	409,548,229
LIABILITIES
Equity in commodity broker account
Due to broker	$	—	$	3,401,180
Foreign currency due to broker
(proceeds - $5,286,300 and $5,106,399)		5,287,053		5,055,768
Unrealized loss on open forward contracts		252,830		1,988,730
		5,539,883		10,445,678
Redemptions payable		4,766,967		12,395,726
Incentive fee payable		4,338,981		8,443,751
Subscriptions received in advance		2,638,047		1,322,331
Commissions payable		484,938		511,828
Management fee payable		349,177		357,488
Service fees payable		345,941		339,876
Advisory fee payable		301,986		308,787
Administrative fee payable		73,664		75,607
Other liabilities		484,547		552,257
Total liabilities		19,324,131		34,753,329
PARTNERS' CAPITAL (NET ASSET VALUE)
General Partner		4,069		3,919
Limited Partners		384,096,213		374,790,981
Total partners' capital (Net Asset Value)		384,100,282		374,794,900
Total liabilities and partners' capital	$	403,424,413	$	409,548,229

See accompanying notes.

-1-

ALTEGRIS WINTON FUTURES FUND, L.P.

CONDENSED SCHEDULE OF INVESTMENTS

MARCH 31, 2015 (Unaudited)

_______________

INVESTMENT SECURITIES

Face Value		Maturity Date	Decription	Value		% of Partners' Capital
Fixed Income Investments
U.S. Government Agency Bonds and Notes
$	10,681,000	4/1/2015	Federal Farm Credit Bank Disc Note, 0.00%*	$	10,681,000		2.78	%
	16,600,000	4/8/2015	Federal Home Loan Bank Disc Note, 0.03%*		16,599,867		4.32	%
	16,600,000	4/10/2015	Federal Home Loan Bank Disc Note, 0.03%*		16,599,834		4.32	%
	12,000,000	8/19/2015	Federal Home Loan Bank, 0.20%		12,000,420		3.12	%
	13,300,000	9/14/2015	Federal Home Loan Bank, 0.20%		13,299,827		3.46	%
	10,000,000	9/18/2015	Federal Home Loan Bank, 0.20%		9,999,520		2.60	%
	13,300,000	9/25/2015	Federal Home Loan Bank, 0.20%		13,295,212		3.46	%
	15,000,000	12/1/2015	Federal Home Loan Bank, 0.20%		14,989,965		3.90	%
	9,400,000	12/8/2015	Federal Home Loan Bank, 0.13%		9,388,034		2.44	%
	33,071,000	4/1/2015	Federal Home Loan Mortgage Corporation Disc Note, 0.00%*		33,071,000		8.61	%
	9,400,000	4/17/2015	Federal Home Loan Mortgage Corporation, 0.50%		9,401,758		2.45	%
	10,000,000	8/28/2015	Federal Home Loan Mortgage Corporation, 0.50%		10,012,980		2.61	%
	18,100,000	4/15/2015	Federal National Mortgage Association Disc Note, 0.03%*		18,099,824		4.71	%
	9,000,000	6/1/2015	Federal National Mortgage Association Disc Note, 0.06%*		8,999,073		2.34	%
	15,000,000	7/2/2015	Federal National Mortgage Association, 0.50%		15,013,050		3.91	%
	6,372,000	7/28/2015	Federal National Mortgage Association, 2.375%		6,417,955		1.67	%
	13,900,000	9/28/2015	Federal National Mortgage Association, 0.50%		13,920,002		3.62	%
Total U.S. Government Agency Bonds and Notes (cost - $231,802,330)					231,789,321		60.32	%

* The rate reported is the effective yield at time of purchase.

See accompanying notes.

-2-

ALTEGRIS WINTON FUTURES FUND, L.P.

CONDENSED SCHEDULE OF INVESTMENTS (continued)

MARCH 31, 2015 (Unaudited)

_______________

INVESTMENT SECURITIES (continued)

Face Value		Maturity Date	Decription	Value		% of Partners' Capital
Fixed Income Investments (continued)
Corporate Notes
$	6,700,000	4/8/2015	DCAT, LLC, 0.23%*	$	6,698,604		1.74	%
	9,000,000	4/23/2015	Gotham Funding Corporation, 0.16%*		8,998,852		2.34	%
	6,000,000	4/25/2015	Liberty Street Funding LLC, 0.16%*		5,999,497		1.56	%
	10,100,000	4/24/2015	PACCAR Financial Corp., 0.13%*		10,099,242		2.63	%
	10,000,000	4/24/2015	Sumitomo Mitsui Banking Corporation, 0.17%*		10,000,000		2.60	%
	10,000,000	4/24/2015	Sumitomo Mitsui Trust Bank, Limited, 0.17%*		10,000,000		2.60	%
	10,000,000	4/29/2015	The Chiba Bank, Ltd., 0.19%*		10,000,000		2.60	%
	5,500,000	4/2/2015	The Shizuoka Bank, Ltd., 0.16%*		5,500,000		1.43	%
	13,000,000	4/13/2015	The Toronto-Dominion Bank, 0.13%*		13,000,325		3.39	%
	13,400,000	4/8/2015	Toyota Motor Credit Corporation, 0.06%*		13,398,921		3.49	%
	10,000,000	4/10/2015	Working Capital Management Co. L.P., 0.14%*		9,998,631		2.61	%
Total Corporate Notes (cost - $103,694,072)					103,694,072		26.99	%
Total investment securities (cost - $335,496,402)				$	335,483,393		87.31	%

* The rate reported is the effective yield at time of purchase.

See accompanying notes.

-3-

ALTEGRIS WINTON FUTURES FUND, L.P.

CONDENSED SCHEDULE OF INVESTMENTS (continued)

MARCH 31, 2015 (Unaudited)

_______________

	Range of Expiration Dates	Number of Contracts			Value			% of Partners' Capital
LONG FUTURES CONTRACTS:
Agriculture	Apr 15 - Jul 15		281		$	(219,800	)		(0.06	)%
Currencies	Jun-15		145			55,934			0.01	%
Energy	Apr 15 - May 15		177			(273,900	)		(0.07	)%
Interest Rates	Jun 15 - Jun 18		12,044			5,167,567			1.35	%
Metals	May-15		148			(174,199	)		(0.05	)%
Stock Indices	Apr 15 - Jun 15		2,626			810,880			0.21	%
Treasury Rates	Jun-15		1,377			1,673,542			0.44	%
Total long futures contracts			16,798			7,040,024			1.83	%
SHORT FUTURES CONTRACTS:
Agriculture	Apr 15 - Sep 15		812			1,480,371			0.39	%
Currencies	Jun-15		1,500			227,697			0.06	%
Energy	Apr 15 - Sep 15		591			945,467			0.25	%
Interest Rates	Jun 15 - Sep 15		10			4			0.00	%
Metals	May 15 - Feb 16		618			(1,207,721	)		(0.31	)%
Stock Indices	Jun-15		20			(27,885	)		(0.01	)%
Total short futures contracts			3,551			1,417,933			0.38	%
Total futures contracts			20,349		$	8,457,957			2.21	%
LONG FORWARD CONTRACTS:
Currencies	Apr 15 - Sep 15	$	187,657,577	(1)	$	(488,850	)		(0.13	)%
SHORT FORWARD CONTRACTS:
Currencies	Apr 15 - Sep 15	$	187,910,408	(1)		236,020			0.06	%
Total forward currency  contracts					$	(252,830	)		(0.07	)%

(1) Represents the March 31, 2015 U.S. dollar equivalent of the notional amount bought or sold 

See accompanying notes.

-4-

ALTEGRIS WINTON FUTURES FUND, L.P.

CONDENSED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2014 (Audited)

_______________

INVESTMENT SECURITIES

Face Value		Maturity Date	Decription	Value		% of Partners' Capital
Fixed Income Investments
U.S. Government Agency Bonds and Notes
$	14,038,000	1/2/2015	Federal Farm Credit Bank Disc Note, 0.01%*	$	14,037,996		3.75	%
	28,900,000	1/16/2015	Federal Home Loan Bank Disc Note, 0.02%*		28,899,769		7.71	%
	15,600,000	1/28/2015	Federal Home Loan Bank Disc Note, 0.09%*		15,599,782		4.16	%
	12,000,000	1/16/2015	Federal Home Loan Bank, 0.25%		12,000,312		3.20	%
	12,000,000	3/20/2015	Federal Home Loan Bank, 0.13%		11,998,236		3.20	%
	12,000,000	8/19/2015	Federal Home Loan Bank, 0.20%		11,997,888		3.20	%
	10,000,000	9/18/2015	Federal Home Loan Bank, 0.20%		9,994,210		2.67	%
	15,000,000	12/1/2015	Federal Home Loan Bank, 0.20%		14,981,910		4.00	%
	9,400,000	12/8/2015	Federal Home Loan Bank, 0.13%		9,376,387		2.50	%
	9,400,000	4/17/2015	Federal Home Loan Mortgage Corporation, 0.50%		9,408,930		2.51	%
	10,000,000	8/28/2015	Federal Home Loan Mortgage Corporation, 0.50%		10,017,500		2.67	%
	9,000,000	6/1/2015	Federal National Mortgage Association Disc Note, 0.14%*		8,996,625		2.40	%
	20,000,000	3/16/2015	Federal National Mortgage Association, 0.38%		20,008,800		5.34	%
	15,000,000	7/2/2015	Federal National Mortgage Association, 0.50%		15,012,540		4.01	%
Total U.S. Government Agency Bonds and Notes (cost - $192,377,147)					192,330,885		51.32	%

* The rate reported is the effective yield at time of purchase.

See accompanying notes.

-5-

ALTEGRIS WINTON FUTURES FUND, L.P.

CONDENSED SCHEDULE OF INVESTMENTS (continued)

DECEMBER 31, 2014 (Audited)

_______________

INVESTMENT SECURITIES (continued)

Face Value		Maturity Date	Decription	Value		% of Partners' Capital
Fixed Income Investments (continued)
Corporate Notes
$	9,800,000	1/2/2015	Bank of Montreal, 0.10%	$	9,800,000		2.61	%
	12,500,000	1/9/2015	Exxon Mobil Corporation, 0.09%*		12,499,042		3.33	%
	12,500,000	1/9/2015	General Electric Capital Corporation, 0.07%*		12,499,132		3.33	%
	12,500,000	1/5/2015	Johnson & Johnson, 0.07%*		12,499,343		3.33	%
	4,000,000	1/14/2015	Liberty Street Funding LLC, 0.16%*		3,999,549		1.07	%
	3,360,000	1/14/2015	National Rural Utilities Finance Corporation, 0.13%*		3,359,621		0.90	%
	9,400,000	1/29/2015	The Norinchukin Bank, 0.17%		9,400,000		2.51	%
	11,000,000	1/9/2015	Scotia Holdings (US) Inc., 0.13%*		10,998,930		2.93	%
	6,250,000	1/6/2015	The Shizuoka Bank, Ltd., 0.19%		6,250,000		1.67	%
	10,900,000	1/2/2015	Sumitomo Mitsui Banking Corporation, 0.16%		10,900,000		2.91	%
	12,500,000	1/16/2015	Toronto Dominion Holdings (U.S.A.), Inc., 0.09%*		12,498,639		3.33	%
	9,400,000	1/8/2015	Victory Receivables Corporation, 0.13%*		9,398,747		2.51	%
	6,500,000	1/2/2015	Working Capital Management Co. L.P., 0.10%*		6,499,215		1.73	%
Total Corporate Notes (cost - $120,602,218)					120,602,218		32.16	%
Total investment securities (cost - $312,979,365)				$	312,933,103		83.48	%

* The rate reported is the effective yield at time of purchase.

See accompanying notes.

-6-

ALTEGRIS WINTON FUTURES FUND, L.P.

CONDENSED SCHEDULE OF INVESTMENTS (continued)

DECEMBER 31, 2014 (Audited)

_______________

	Range of Expiration Dates	Number of Contracts			Value			% of Partners' Capital
LONG FUTURES CONTRACTS:
Agriculture	Jan 15 - May 15		572		$	(311,960	)		(0.08	)%
Currencies	Mar-15		18			33,467			0.01	%
Energy	Jan 15 - Feb 15		130			(1,232,680	)		(0.33	)%
Interest Rates	Mar 15 - Mar 18		9,279			4,966,154			1.33	%
Metals	Jan 15 - Mar 15		360			(1,222,257	)		(0.33	)%
Stock Indices	Jan 15 - Mar 15		1,661			2,742,025			0.73	%
Treasury Rates	Mar-15		914			464,114			0.12	%
Total long futures contracts			12,934			5,438,863			1.45	%
SHORT FUTURES CONTRACTS:
Agriculture	Feb 15 - May 15		466			582,000			0.16	%
Currencies	Mar-15		1,901			2,766,377			0.74	%
Energy	Jan 15 - Mar 15		353			2,776,446			0.74	%
Interest Rates	Mar 15 - Jun 15		77			(16,451	)		0.00	%
Metals	Jan 15 - Apr 15		553			1,322,130			0.35	%
Stock Indices	Mar-15		117			(198,094	)		(0.05	)%
Total short futures contracts			3,467			7,232,408			1.94	%
Total futures contracts			16,401		$	12,671,271			3.39	%
LONG FORWARD CONTRACTS:
Currencies	Jan 15 - Jun 15	$	208,246,832	(1)	$	(3,900,907	)		(1.04	)%
SHORT FORWARD CONTRACTS:
Currencies	Jan 15 - Jun 15	$	189,600,144	(1)		1,912,177			0.51	%
Total forward currency  contracts					$	(1,988,730	)		(0.53	)%

(1) Represents the December 31, 2014 U.S. dollar equivalent of the notional amount bought or sold

See accompanying notes.

-7-

ALTEGRIS WINTON FUTURES FUND, L.P.

STATEMENTS OF INCOME (LOSS)

FOR THE THREE MONTHS ENDED MARCH 31, 2015 AND 2014 (Unaudited)

_______________

	2015			2014
TRADING GAINS (LOSSES)
Gain (loss) on trading of
derivatives contracts
Realized	$	25,690,639		$	6,803,005
Change in unrealized		(2,477,414	)		(7,873,161	)
Brokerage commissions		(1,437,038	)		(1,801,901	)
Gain (loss) from trading derivatives contracts		21,776,187			(2,872,057	)
Gain (loss) on trading of securities
Realized		28,176			19,546
Change in unrealized		33,253			6,347
Gain (loss) from trading securities		61,429			25,893
Gain (loss) on trading of foreign currency
Realized		(113,194	)		11,314
Change in unrealized		32,315			(8,034	)
Gain (loss) from trading foreign currency		(80,879	)		3,280
Total trading gains (losses)		21,756,737			(2,842,884	)
NET INVESTMENT INCOME (LOSS)
Income
Interest income		92,909			109,064
Expenses
Management fee		1,041,216			1,282,183
Service fees		994,440			1,148,909
Advisory fee		900,180			1,122,273
Professional fees		310,960			386,529
Administrative fee		219,404			264,914
Incentive fee		4,338,981			5,475
Interest expense		1,149			5,053
Other expenses		148,283			136,310
Total expenses		7,954,613			4,351,646
Net investment loss		(7,861,704	)		(4,242,582	)
NET INCOME (LOSS)	$	13,895,033		$	(7,085,466	)

See accompanying notes.

-8-

ALTEGRIS WINTON FUTURES FUND, L.P.

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

FOR THE THREE MONTHS ENDED MARCH 31, 2014 AND 2013 (Unaudited)

_______________

				Limited Partners
	Total			Original Class A			Original Class B			Special Interests			Class A			Class B			Institutional Interests			General Partner
Balances at December 31, 2013	$	495,513,874		$	33,385,742		$	5,810,054		$	32,782,374		$	203,837,473		$	127,156,033		$	92,538,637		$	3,561
Transfers		—			—			—			(217,101	)		(652,040	)		80,189			788,952			—
Capital additions		6,927,543			—			—			—			5,279,686			578,007			1,069,850			—
Capital withdrawals		(41,533,497	)		(4,121,873	)		(651,789	)		—			(15,632,647	)		(12,523,755	)		(8,603,433	)		—
From operations:
Net investment loss		(4,242,582	)		(242,811	)		(29,121	)		(149,453	)		(2,461,311	)		(883,772	)		(476,088	)		(26	)
Net realized gain (loss) from investments (net of brokerage commissions)		5,031,964			315,829			56,701			352,849			2,128,916			1,267,489			910,142			38
Net change in unrealized gain (loss) from investments		(7,874,848	)		(506,966	)		(89,610	)		(532,074	)		(3,269,152	)		(2,053,587	)		(1,423,401	)		(58	)
Net income for the three months ended March 31, 2014		(7,085,466	)		(433,948	)		(62,030	)		(328,678	)		(3,601,547	)		(1,669,870	)		(989,347	)		(46	)
Balances at March 31, 2014	$	453,822,454		$	28,829,921		$	5,096,235		$	32,236,595		$	189,230,925		$	113,620,604		$	84,804,659		$	3,515
Balances at December 31, 2014	$	374,794,900		$	22,708,611			4,959,522			15,181,688			169,461,952			90,830,085			71,649,123			3,919
Transfers		—			—			—			—			(329,894	)		—			329,894			—
Capital additions		8,124,012			80,333			—			62,000			5,695,674			1,488,921			797,084			—
Capital withdrawals		(12,713,663	)		(201,308	)		(134,644	)		—			(5,377,062	)		(4,875,784	)		(2,124,865	)		—
From operations:
Net investment loss		(7,861,704	)		(444,499	)		(84,367	)		(249,626	)		(4,134,174	)		(1,725,019	)		(1,223,942	)		(77	)
Net realized gain (loss) from investments (net of brokerage commissions)		24,168,583			1,462,639			320,414			985,206			11,014,680			5,783,463			4,601,928			253
Net change in unrealized gain (loss) from investments		(2,411,846	)		(147,725	)		(32,853	)		(101,205	)		(1,136,347	)		(549,072	)		(444,618	)		(26	)
Net loss for the three months ended March 31, 2015		13,895,033			870,415			203,194			634,375			5,744,159			3,509,372			2,933,368			150
Balances at March 31, 2015	$	384,100,282		$	23,458,051		$	5,028,072		$	15,878,063		$	175,194,829		$	90,952,594		$	73,584,604		$	4,069

See accompanying notes. 

-9-

ALTEGRIS WINTON FUTURES FUND, L.P.

NOTES TO FINANCIAL STATEMENTS

_______________

NOTE 1 - ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

A. General Description of the Partnership

Altegris Winton Futures Fund, L.P. (f/k/a Winton Futures Fund, L.P. (US)) (the “Partnership”) was organized as a limited partnership in Colorado in March 1999, and will continue until December 31, 2035, unless sooner terminated as provided for in the Agreement of Limited Partnership, as amended and restated from time to time (“Agreement”). The Partnership's general partner is Altegris Advisors, L.L.C. (“Advisors” or the “General Partner”). The Partnership speculatively trades commodity futures contracts, options on futures contracts, forward contracts and other commodity interests. The objective of the Partnership’s business is appreciation of its assets. The Partnership is subject to the regulations of the Commodity Futures Trading Commission (the “CFTC”), an agency of the United States (“U.S.”) government that regulates most aspects of the commodity futures industry; rules of the National Futures Association, an industry self-regulatory organization; and the requirements of commodity exchanges and futures commission merchants (brokers) through which the Partnership trades.

B. Method of Reporting

The Partnership is an investment company in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”). Therefore, the Partnership follows the accounting and reporting guidelines for investment companies. The Partnership’s financial statements are presented in accordance with U.S. GAAP. The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported fair value of assets and liabilities, disclosures of contingent assets and liabilities as of March 31, 2015 and December 31, 2014, and reported amounts of income and expenses for the three months ended March 31, 2015 and 2014, respectively. Management believes that the estimates utilized in preparing the Partnership’s financial statements are reasonable; however, actual results could differ from these estimates and it is reasonably possible that differences could be material.

The financial information included herein is unaudited; however, such financial information reflects all adjustments which are, in the opinion of the General Partner, necessary for the fair presentation of the financial statements for the interim period.

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C. Fair Value

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

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

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

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

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

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

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

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C. Fair Value (continued)

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

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

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

The fair value of U.S. government agency bonds and notes is generally based on quoted prices in active markets. When quoted prices are not available, fair value is determined based on a valuation model that uses inputs that include interest-rate yield curves, cross-currency-basis index spreads, and country credit spreads similar to the bond in terms of issue, maturity and seniority. U.S. government bonds are categorized in Levels 1 or 2 of the fair value hierarchy. As of March 31, 2015 or December 31, 2014 none of the Partnership’s holdings in U.S. government agency bonds and notes were fair valued using valuation models.

The fair value of U.S. treasury obligations is generally based on quoted prices in active markets. U.S. treasury obligations are categorized in Level 1 of the fair value hierarchy.

The fair value of corporate notes is determined using recently executed transactions, market price quotations (where observable), notes spreads or credit default swap spreads. The spread data used are for the same maturity as that of the notes. If the spread data does not reference the issuer, data that references a comparable issuer is used. When observable price quotations are not available, fair value is determined based on cash flow models with yield curves, bond, or single-name credit default swap spreads and recovery rates based on collateral values as key inputs. These valuation methods represent both a market and income approach to fair value measurement. Corporate notes are categorized in Level 2 of the fair value hierarchy; however, in instances where significant inputs are unobservable, they are categorized in Level 3 of the hierarchy. As of March 31, 2015 or December 31, 2014 none of the Partnership’s holdings in corporate notes were fair valued using valuation models.

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C. Fair Value (continued)

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

There were no changes to the Partnership’s valuation methodology during the period ended March 31, 2015 and the year ended December 31, 2014.

The following table presents information about the Partnership’s assets and liabilities measured at fair value as March 31, 2015 and December 31, 2014:

March 31, 2015	Level 1			Level 2			Level 3		Balance as of March 31, 2015
Assets:
Futures contracts (1)	$	11,413,920		$	—		$	—	$	11,413,920
Forward currency contracts (1)		—			961,156			—		961,156
U.S. Government agency
bonds and notes		231,789,321			—			—		231,789,321
Corporate notes		—			103,694,072			—		103,694,072
	$	243,203,241		$	104,655,228		$	—	$	347,858,469
Liabilities:
Futures contracts (1)	$	(2,955,963	)	$	—		$	—	$	(2,955,963	)
Forward currency contracts (1)		—			(1,213,986	)		—		(1,213,986	)
	$	(2,955,963	)	$	(1,213,986	)	$	—	$	(4,169,949	)
December 31, 2014	Level 1			Level 2			Level 3		Balance as of December 31, 2014
Assets:
Futures contracts (1)	$	17,390,894		$	—		$	—	$	17,390,894
Forward currency contracts (1)		—			2,167,485			—		2,167,485
U.S. Government agency
bonds and notes		192,330,885			—			—		192,330,885
Corporate notes		—			120,602,218			—		120,602,218
	$	209,721,779		$	122,769,703		$	—	$	332,491,482
Liabilities:
Futures contracts (1)	$	(4,719,623	)	$	—		$	—	$	(4,719,623	)
Forward currency contracts (1)		—			(4,156,215	)		—		(4,156,215	)
	$	(4,719,623	)	$	(4,156,215	)	$	—	$	(8,875,838	)

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

For the period ended March 31, 2015 and the year ended December 31, 2014, there were no transfers between Level 1 and Level 2 assets and liabilities. For the period ended March 31, 2015 and the year ended December 31, 2014, there were no Level 3 securities.

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D. Investment Transactions and Investment Income

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

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

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

JPMorgan Chase Bank, N.A. (the “Custodian”) is the Partnership’s custodian. The Partnership has cash deposited with the Custodian. Societe Generale (the “Clearing Broker”) is the Partnership’s commodity broker. For cash not held with the Clearing Broker the Partnership receives cash management services from an affiliate of the Custodian, J.P. Morgan Investment Management Inc. (“JPMIM”).

E. Option Contracts

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

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E. Option Contracts (continued)

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

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

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

As of March 31, 2015 and December 31, 2014 the Partnership did not hold any option contracts.

F. Futures Contracts

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

There are several risks in connection with the use of futures contracts as an investment option. The change in value of futures contracts primarily corresponds with the value of their underlying instruments. In addition, there is the risk that the Partnership may not be able to enter into a closing transaction because of an illiquid secondary market. Open positions in futures contracts at March 31, 2015 and December 31, 2014 are reflected within the Condensed Schedules of Investments.

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G. Forward currency contracts

Forward currency contracts may be entered into as an economic hedge against foreign currency exchange rate risk related to portfolio positions. A forward currency contract is an obligation to purchase or sell a currency against another currency at a future date at an agreed upon price and quantity. Forward currency contracts are traded over-the-counter and not on an organized exchange. Forward currency contracts help to manage the overall exposure to the foreign currency backing some of the investments held by the Partnership. Each contract is marked-to-market daily and the change in market value is recorded by the Partnership as an unrealized appreciation or depreciation. When the contract is closed, the Partnership records a realized gain or loss equal to the difference between the value at the time it was opened and the value at the time it was closed. The use of forward currency contracts involves the risk that counterparties may not meet the terms of the agreement or unfavorable movements in the value of a foreign currency relative to the U.S. dollar. Open forward currency contracts at March 31, 2015 and December 31, 2014 are reflected within the Condensed Schedules of Investments.

H. Foreign Currency Transactions

The Partnership’s functional currency is the U.S. dollar; however, it may transact business in currencies other than the U.S. dollar. Assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars at the rates in effect at the date of the Statement of Financial Condition.

Income and expense items denominated in currencies other than the U.S. dollar are translated into U.S. dollars at the rates in effect at the date of the Statement of Financial Condition. Income and expense items denominated in currencies other than the U.S. dollar are translated into U.S. dollars at the rates in effect during the period. Gains and losses resulting from the translation to U.S. dollars are reported in the Statements of Income (Loss).

I. Cash

Restricted cash is held as maintenance margin deposits for futures transactions.

The Partnership maintains a custody account with JPMorgan Chase Bank, N.A. At times, the Partnership’s cash balance could exceed the insured amount under the Federal Deposit Insurance Corporation (“FDIC”). The Partnership has not experienced any losses in such accounts and believes it is not subject to any significant counterparty risk related to its cash account.

J. Offering Costs

Offering costs incurred in connection with the ongoing offering of the Partnership’s interests are borne by the Partnership. These costs include, but are not limited to, legal fees pertaining to updating the Partnership’s offering documents and materials, accounting and printing costs. These costs are charged as an expense when incurred.

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K. Income Taxes

As an entity taxable as a partnership for the U.S. Federal Income tax purposes; the Partnership itself is not subject to Federal Income tax. The Partnership prepares and files calendar year U.S. and applicable state information tax returns and reports to the partners their allocable shares of the Partnership’s income and expenses.

The Partnership is required to determine whether its tax positions are more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The tax benefit recognized is measured as the largest amount of benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement with the relevant taxing authority. De-recognition of a tax benefit previously recognized results in the Partnership recording a tax liability that reduces ending partners’ capital. Based on its analysis, the Partnership has determined that it has not incurred any liability for unrecognized tax benefits as of March 31, 2015 and December 31, 2014. However, the Partnership’s conclusions may be subject to review and adjustment at a later date based on factors including, but not limited to, on-going analyses of and changes to tax laws, regulations and interpretations thereof. The Partnership is subject to income tax examinations by major taxing authorities for all tax years since 2012.

The Partnership recognizes interest and penalties related to unrecognized tax benefits in interest expense and other expenses, respectively. No interest expense or penalties have been recognized as of and for the three months ended March 31, 2015 and for the year ended December 31, 2014.

NOTE 2 - PARTNERS’ CAPITAL

A. Capital Accounts and Allocation of Income and Losses

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

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

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

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NOTE 2 - PARTNERS’ CAPITAL (CONTINUED)

B. Subscriptions, Distributions and Redemptions

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

The Partnership is not required to make distributions, but may do so at the sole discretion of the General Partner. A Limited Partner may request and receive redemption of capital, subject to restrictions set forth in the Agreement. The General Partner may request and receive redemption of capital, subject to the same terms as any Limited Partner. The partners may withdraw their interests on a monthly basis upon at least 15 days’ prior written notice, subject to the discretion of the General Partner. No distributions were made for the three months March 31, 2015 and 2014.

NOTE 3 - RELATED PARTY TRANSACTIONS

A. General Partner Management Fee

The General Partner receives a monthly management fee from the Partnership equal to 0.0625% (0.75% annually) for Original Class A, 0.146% (1.75% annually) for Original Class B, and currently 0.0417% to 0.0625% (0.50% to 0.75% annually) for Special Interests of the Partnership's management fee net asset value. The General Partner receives a monthly management fee from the Partnership equal to 0.104% (1.25% annually) for Class A and Class B, and 0.0625% (0.75% annually) for Institutional Interests of the Partnership's management fee net asset value. The General Partner may declare any Limited Partner a “Special Limited Partner” and the management fees or incentive fees charged to any such partner may be different than those charged to other Limited Partners.

Total management fees earned by the General Partner, for the three months ended March 31, 2015 and 2014 are shown on the Statements of Income (Loss) as Management Fee.

B. Administrative Fee

The General Partner receives a monthly administrative fee from the Partnership equal to 0.0275% (0.33% annually) of the Partnership's management fee net asset value attributable to Class A and Class B Interests. For the three months ended March 31, 2015, administrative fees for Class A and Class B Interests were $143,555 and $75,849, respectively. For the three months ended March 31, 2014, administrative fees for Class A and Class B Interests were $165,346 and $99,568, respectively. General Partner’s Interest, Original Class A, Original Class B, Special Interests and Institutional Interests did not get charged the administrative fee.

C. Altegris Investments, Inc. and Altegris Clearing Solutions, L.L.C.

Altegris Investments, Inc. (“Altegris Investments”), an affiliate of the General Partner, is registered as a broker-dealer with the SEC. Altegris Clearing Solutions, L.L.C. (“Altegris Clearing Solutions”), an affiliate of the General Partner and an introducing broker registered with the CFTC, became the Partnership’s introducing broker. Altegris Investments has entered into a selling agreement with the Partnership whereby it receives 2% per annum as continuing compensation for Class A Interests sold by

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NOTE 3 - RELATED PARTY TRANSACTIONS (CONTINUED)

C. Altegris Investments, Inc. and Altegris Clearing Solutions, L.L.C. (continued)

Altegris Investments that are outstanding at month end. Altegris Clearing Solutions, as the Partnership’s introducing broker, receives a portion of the commodity brokerage commissions paid by the Partnership to the Clearing Broker and interest income retained by the Clearing Broker. Additionally, the Partnership pays to its clearing brokers and Altegris Clearing Solutions, at a minimum, brokerage charges at a flat rate of 0.125% (1.5% annually) of the Partnership’s management fee net asset value. Brokerage charges may exceed the flat rate described above, depending on commission and trading volume levels, which may vary.

At March 31, 2015 and December 31, 2014, respectively, the Partnership had commissions and brokerage fees payable to Altegris Clearing Solutions of $364,338 and $416,134, and service fees payable to Altegris Investments of $51,138 and $50,980, respectively. The following tables show the fees paid to Altegris Investments and Altegris Clearing Solutions for the three months ended March 31, 2015 and 2014:

	Three months ended March 31, 2015		Three months ended March 31, 2014
Altegris Clearing Solutions -
Brokerage Commission fees	$	1,161,367	$	1,452,256
Altegris Investments- Service fees		151,984		174,414
Total	$	1,313,351	$	1,626,670

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

NOTE 4 - ADVISORY CONTRACT

The Partnership's trading activities are conducted pursuant to an advisory contract with Winton Capital Management, Limited (“Advisor”). The Partnership pays the Advisor a quarterly incentive fee of 20% of the trading profits (as defined in the Agreement). However, the quarterly incentive fee is payable only on cumulative profits achieved from commodity trading (as defined in the Agreement). Total incentive fees earned by the Advisor for the three months ended March 31, 2015 and 2014 are shown on the Statements of Income (Loss).

The Advisor receives a monthly management fee from the Partnership equal to 0.083% (1.00% annually) for Class A, Class B, and Institutional Interests of the Partnership's management fee net asset value. The Advisor receives a monthly management fee from the Partnership equal to 0.0625% (0.75% annually) for Original Class B Interests of the Partnership's management fee net asset value. Advisor receives a monthly management fee from the Partnership equal to 0.042% (0.50% annually) for Special Interests of the Partnership's management fee net asset value. In addition, the General Partner has assigned a portion of its management fees earned to the Advisor. For the three months ended March 31, 2015, management fees for Class A, Class B, Original Class B, Special Interests and Institutional Interests were $435,046, $229,862, $12,663, $38,929 and $183,680, respectively. For the three months ended March 31, 2014, management fees for Class A, Class B, Original Class B, Special Interests and Institutional Interests were $501,049, $301,721, $13,878, $80,798 and $224,827, respectively. General Partner’s Interest and Original Class A Interests did not get charged the management fee.

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NOTE 5 - SERVICE FEES

Original Class A Interests and Class A Interests pay selling agents an ongoing monthly payment of 0.166% of the month-end net asset value (2% annually) of the value of interests sold by them which are outstanding at month-end as compensation for their continuing services to the Limited Partners. Institutional Interests may pay selling agents, if the selling agent so elects, an ongoing monthly payment of 0.0417% (0.50% annually) of the value of Institutional Interests sold by them which are outstanding at month-end as compensation for their continuing services to the Limited Partners holding Institutional Interests. For the three months ended March 31, 2015, service fees for General Partner’s Interest, Class A, Original Class A and Institutional Interests were $20, $874,835, $116,621 and $2,964, respectively. For the three months ended March 31, 2014, service fees for General Partner’s Interest, Class A, Original Class A and Institutional Interests were $18, $988,612, $156,067 and $4,212, respectively. Class B, Original Class B and Special Interests did not get charged the service fees.

NOTE 6 - BROKERAGE COMMISSIONS

The Partnership pays brokerage commissions to the Clearing Broker for clearing trades on its behalf, which are reflected on the Statements of Income (Loss) as Brokerage Commissions. The Partnership pays to its Clearing Broker a monthly brokerage commission equal to the greater of: (1) actual brokerage commissions, which are based upon trading volume, or (2) a flat rate of 0.125% (1.5% annually) (the "Minimum Amount") of the Partnership's management fee net asset value.

If actual brokerage commissions paid to the Clearing Broker are less than the Minimum Amount, the Partnership will pay to the introducing broker, the difference. However, if actual brokerage commissions are greater than the Minimum Amount, the Partnership only pays the actual brokerage commissions.

NOTE 7 - FINANCIAL DERIVATIVE INSTRUMENTS

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

The following presents the fair value of derivatives contracts at March 31, 2015 and December 31, 2014. The fair value of derivatives contracts is presented as an asset if in a gain position and a liability if in a loss position. Fair value is presented on a gross basis in the table below even though the futures and forward contracts qualify for net presentation in the Statement of Financial Condition.

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NOTE 7 - FINANCIAL DERIVATIVE INSTRUMENTS (CONTINUED)

March 31, 2015
	Asset		Liability
Type of	Derivatives		Derivatives			Net
Derivatives Contracts	Fair Value		Fair Value			Fair Value
Futures Contracts
Agriculture	$	1,594,515	$	(333,944	)	$	1,260,571
Currencies		652,221		(368,590	)		283,631
Energy		973,719		(302,152	)		671,567
Interest Rates		5,232,805		(65,234	)		5,167,571
Metals		79,595		(1,461,515	)		(1,381,920	)
Stock Indices		1,207,523		(424,528	)		782,995
Treasury Rates		1,673,542		—			1,673,542
	$	11,413,920	$	(2,955,963	)	$	8,457,957
Forward Currency Contracts	$	961,156	$	(1,213,986	)	$	(252,830	)
Total Gross Fair Value of Derivatives Contracts	$	12,375,076	$	(4,169,949	)	$	8,205,127
December 31, 2014
	Asset		Liability
Type of	Derivatives		Derivatives			Net
Derivatives Contracts	Fair Value		Fair Value			Fair Value
Futures Contracts
Agriculture	$	717,593	$	(447,553	)	$	270,040
Currencies		2,814,919		(15,075	)		2,799,844
Energy		2,780,157		(1,236,391	)		1,543,766
Interest Rates		5,942,063		(992,360	)		4,949,703
Metals		1,322,342		(1,222,469	)		99,873
Stock Indices		3,282,258		(738,327	)		2,543,931
Treasury Rates		531,562		(67,448	)		464,114
	$	17,390,894	$	(4,719,623	)	$	12,671,271
Forward Currency Contracts	$	2,167,485	$	(4,156,215	)	$	(1,988,730	)
Total Gross Fair Value of Derivatives Contracts	$	19,558,379	$	(8,875,838	)	$	10,682,541

-21-

ALTEGRIS WINTON FUTURES FUND, L.P.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

_______________

NOTE 7 - FINANCIAL DERIVATIVE INSTRUMENTS (CONTINUED)

The following presents the trading results of the Partnership’s derivative trading and information related to the volume of the Partnership’s derivative activity for the three months ended March 31, 2015 and 2014.

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

Three Months ended March 31, 2015
Type of				Change in			Number of
Derivatives Contracts	Realized			Unrealized			Contracts Closed
Futures Contracts
Agricultural	$	(56,325	)	$	990,531
Currencies		11,375,686			(2,516,213	)
Energy		1,312,124			(872,199	)
Interest Rates		7,837,248			217,868
Metals		(712,964	)		(1,481,793	)
Stock Indices		8,865,738			(1,760,936	)
Treasury Rates		191,267			1,209,428
	$	28,812,774		$	(4,213,314	)		24,731
Forward Currency Contracts	$	(3,122,135	)	$	1,735,900		$	220,339,871,003	(1)
Total gain (loss) from derivatives contracts	$	25,690,639		$	(2,477,414	)
Three Months ended March 31, 2014
Type of				Change in			Number of
Derivatives Contracts	Realized			Unrealized			Contracts Closed
Futures Contracts
Agricultural	$	(722,954	)	$	2,712,176
Currencies		4,934,610			(4,808,993	)
Energy		593,364			(320,959	)
Interest Rates		5,240,223			3,189,618
Metals		(3,521,557	)		(363,099	)
Stock Indices		3,187,697			(9,560,492	)
Treasury Rates		(1,047,937	)		(251,032	)
	$	8,663,446		$	(9,402,781	)		38,403
Forward Currency Contracts	$	(1,860,441	)	$	1,529,620		$	272,879,310,418	(1)
Total gain (loss) from derivatives contracts	$	6,803,005		$	(7,873,161	)

(1) Represents the notional amount bought or sold during the three months ended March 31, 2015 and 2014. The number of contracts closed using average cost for long contracts of 545,057 and 717,523 and short contracts of (536,244) and (682,956) for the three months ended March 31, 2015 and 2014.

-22-

ALTEGRIS WINTON FUTURES FUND, L.P.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

_______________

NOTE 7 - FINANCIAL DERIVATIVE INSTRUMENTS (CONTINUED)

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

Offsetting the Financial Assets and Derivative Assets
As of March 31, 2015										Gross Amounts Not Offset in the Statement of Financial Condition
Description	Gross Amounts of Recognized Assets			Gross Amounts of Recognized Liabilities available to offset			Net Amounts of Assets Presented in the Statement of Financial Condition			Financial Instruments		Cash Collateral Received (1)		Net Amount
Forward contracts	$	961,156		$	(961,156	)	$	—		$	—	$	—	$	—
Commodity futures contracts		11,413,920			(2,955,963	)		8,457,957			—		—		8,457,957
Total	$	12,375,076		$	(3,917,119	)	$	8,457,957		$	—	$	—	$	8,457,957
Offsetting the Financial Liabilities and Derivative Liabilities
As of March 31, 2015										Gross Amounts Not Offset in the Statement of Financial Condition
Description	Gross Amounts of Recognized Liabilities			Gross Amounts of Recognized Assets available to offset			Net Amounts of Liabilities Presented in the Statement of Financial Condition			Financial Instruments		Cash Collateral Pledged (1)		Net Amount
Forward contracts	$	(1,213,986	)	$	961,156		$	(252,830	)	$	—	$	—	$	(252,830	)
Commodity futures contracts		(2,955,963	)		2,955,963			—			—		—		—
Total	$	(4,169,949	)	$	3,917,119		$	(252,830	)	$	—	$	—	$	(252,830	)

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

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

-23-

ALTEGRIS WINTON FUTURES FUND, L.P.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

_______________

NOTE 7 - FINANCIAL DERIVATIVE INSTRUMENTS (CONTINUED)

As of December 31, 2014										Gross Amounts Not Offset in the Statement of Financial Condition
Description	Gross Amounts of Recognized Assets			Gross Amounts of Recognized Liabilities available to offset			Net Amounts of Assets Presented in the Statement of Financial Condition			Financial Instruments		Cash Collateral Received (1)		Net Amount
Forward contracts	$	2,167,485		$	(2,167,485	)	$	—		$	—	$	—	$	—
Commodity futures contracts		17,390,894			(4,719,623	)		12,671,271			—		—		12,671,271
Total	$	19,558,379		$	(6,887,108	)	$	12,671,271		$	—	$	—	$	12,671,271
Offsetting the Financial Liabilities and Derivative Liabilities
As of December 31, 2014										Gross Amounts Not Offset in the Statement of Financial Condition
Description	Gross Amounts of Recognized Liabilities			Gross Amounts of Recognized Assets available to offset			Net Amounts of Liabilities Presented in the Statement of Financial Condition			Financial Instruments		Cash Collateral Pledged (1)		Net Amount
Forward contracts	$	(4,156,215	)	$	2,167,485		$	(1,988,730	)	$	—	$	—	$	(1,988,730	)
Commodity futures contracts		(4,719,623	)		4,719,623			—			—		—		—
Total	$	(8,875,838	)	$	6,887,108		$	(1,988,730	)	$	—	$	—	$	(1,988,730	)

(1) Does not include maintenance margin deposits held at the Clearing Broker of $41,434,034 for 2015 and $30,202,135 for 2014, respectively.

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

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

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

-24-

ALTEGRIS WINTON FUTURES FUND, L.P.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

_______________

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

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

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

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

NOTE 9 - INDEMNIFICATIONS

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

-25-

ALTEGRIS WINTON FUTURES FUND, L.P.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

_______________

NOTE 10 - FINANCIAL HIGHLIGHTS

The following information presents the financial highlights of the Partnership for the three months ended March 31, 2015 and 2014. This information has been derived from information presented in the financial statements.

	Three months ended March 31, 2015
	Original			Original			Special									Institutional
	Class A			Class B			Interests			Class A			Class B			Interests
Total return for Limited Partners (3)
Return prior to incentive fees		4.99	%		5.25	%		5.32	%		4.52	%		5.04	%		5.25	%
Incentive fees		(1.15	)%		(1.15	)%		(1.16	)%		(1.15	)%		(1.16	)%		(1.16	)%
Total return after incentive fees		3.84	%		4.10	%		4.16	%		3.37	%		3.88	%		4.09	%
Ratio to average net asset value
Expenses prior to incentive fees (2)		3.25	%		2.24	%		1.98	%		5.12	%		3.09	%		2.26	%
Incentive fees (3)		1.13	%		1.14	%		1.13	%		1.14	%		1.15	%		1.13	%
Total expenses		4.38	%		3.38	%		3.11	%		6.26	%		4.24	%		3.39	%
Net investment (loss) (1) (2)		(3.15	)%		(2.14	)%		(1.88	)%		(5.02	)%		(2.99	)%		(2.16	)%
	Three months ended March 31, 2014
	Original			Original			Special									Institutional
	Class A			Class B			Interests			Class A			Class B			Interests
Total return for Limited Partners (3)
Return prior to incentive fees		(1.30	)%		(1.05	)%		(0.99	)%		(1.75	)%		(1.26	)%		(1.06	)%
Incentive fees		(0.00	)%		(0.00	)%		(0.00	)%		(0.00	)%		(0.00	)%		(0.00	)%
Total return after incentive fees		(1.30	)%		(1.05	)%		(0.99	)%		(1.75	)%		(1.26	)%		(1.06	)%
Ratio to average net asset value
Expenses prior to incentive fees (2)		3.24	%		2.23	%		1.94	%		5.09	%		3.07	%		2.25	%
Incentive fees (3)		0.00	%		0.00	%		0.00	%		0.01	%		0.00	%		0.00	%
Total expenses		3.24	%		2.23	%		1.94	%		5.10	%		3.07	%		2.25	%
Net investment (loss) (1) (2)		(3.14	)%		(2.14	)%		(1.85	)%		(5.01	)%		(2.97	)%		(2.16	)%

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

(1) Excludes incentive fee.

(2) Annualized.

(3) Not annualized.

-26-

ALTEGRIS WINTON FUTURES FUND, L.P.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

_______________

NOTE 11 - SUBSEQUENT EVENTS

Management of the Partnership evaluated subsequent events through the date these financial statements were issued.

From April 1, 2015 through May 15, 2015, the Partnership had subscriptions of $2,752,377 and redemptions of $6,174,161.

-27-

PART I – FINANCIAL INFORMATION (continued)

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

Reference is made to “Item 1: Financial Statements.” The information contained therein is essential to, and should be read in conjunction with, the following analysis.

Liquidity

The Partnership’s assets are generally held as cash or cash equivalents, which are used to margin the Partnership’s futures positions and are sold to pay redemptions and expenses as needed. Other than any potential market-imposed limitations on liquidity, the Partnership’s assets are highly liquid and are expected to remain so. Market-imposed limitations, when they occur, can be due to limited open interest in certain futures markets or to daily price fluctuation limits, which are inherent in the Partnership’s futures trading. A portion of the Partnership’s assets not used for margin and held with the Custodian are invested in liquid, high quality securities. Through March 31, 2015 the Partnership experienced no meaningful periods of illiquidity in any of the markets traded by the Advisor on behalf of the Partnership.

Capital Resources

The Partnership raises additional capital only through the sale of Interests and capital is increased through trading profits (if any) and interest income. The Partnership does not engage in borrowing, outside of the margin required as part of its trading activities as discussed in the paragraphs below.

The amount of capital raised for the Partnership should not have a significant impact on its operations, as the Partnership has no significant capital expenditure or working capital requirements other than for capital to pay trading losses, brokerage commissions and expenses. Within broad ranges of capitalization, the Partnership’s trading positions should increase or decrease in approximate proportion to the size of the Partnership.

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

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

The Partnership bears the risk of financial failure by the Clearing Broker and Newedge Alternative Strategies, Inc. (which may from time to time execute spot and other over-the-counter foreign exchange transactions as a counterparty to the Partnership) and/or other clearing brokers or counterparties with which the Partnership trades.

Results of Operations

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

Due to the nature of the Partnership’s trading, the results of operations for the interim period presented should not be considered indicative of the results that may be expected for the entire year.

-28-

Performance Summary

Three Months Ended March 31, 2015

During the first quarter of 2015, the Partnership achieved net realized and unrealized gains of $21,756,737 from its trading activities, net of brokerage commissions of $1,437,038. The Partnership incurred total expenses of $7,954,613, including $1,041,216 in management fees paid to the General Partner, $4,338,981in incentive fees, and $1,305,400 in service and professional fees. The Partnership earned $92,909 in interest income during the first quarter of 2015. An analysis of the profits and losses generated from the Partnership’s commodity futures trading activities for the first quarter of 2015 is set forth below.

First Quarter 2015. The Partnership experienced a gain in January 2015. The most dramatic market moving event in January was probably the decision by the Swiss Central Bank to remove the cap on the strength of the Swiss Franc against the Euro. Other market moving events during the month were the European Central Bank affirming their commitment to Quantitative Easing and the election of an anti-austerity government in Greece. The net effect on the Partnership’s futures positions in currencies was a loss in the CHF-USD dollar position being offset by a gain in the EUR-USD dollar position. The Partnership achieved gains in its trading of futures contracts in European bonds and US government bonds. The Partnership also benefited from its short position in futures contracts in the energy sector. The Partnership experienced a slight gain in February 2015. The Partnership’s long futures position in stock indices contributed to the Partnership’s gains. The Partnership experienced losses on its short positions in Brent Crude and RBOB gasoline. Losses were also incurred from long futures positions in U.S. 10-year and 5-year Treasury Notes. The Partnership’s performance was adversely impacted by its short positions in British Pound. The Partnership experienced a gain in March 2015. The European Central Bank initiated their quantitative easing program in March. Economic commentators speculated over the Federal Reserve Chairwoman’s, Janet Yellen, removal of the word “patient”. The change in her language upheld the possibility of U.S. rate rises later in the year, however, the market’s perception was dovish following the Federal Reserve’s downward revision of growth and inflation expectations. Both central banking events contributed to global equity markets oscillating their way through the month. The Partnership achieved gains in its trading in futures contracts in Bunds and Eurodollars. The short futures position on the Euro against the dollar made significant positive contribution to performance. Short positions in Brent Crude Oil and RBOB Gasoline also contributed positively to performance. The Partnership’s short position in futures on copper experienced losses after copper rallied strongly against news of the world’s second largest copper mine halting production over labor disputes.

Three Months Ended March 31, 2014

During the first quarter of 2014, the Partnership achieved net realized and unrealized losses of $2,842,884 from its trading activities, net of brokerage commissions of $1,801,901. The Partnership incurred total expenses of $4,351,646, including $1,282,183 in management fees paid to the General Partner, and $1,535,438 in service and professional fees. The Partnership earned $109,064 in interest income during the first quarter of 2014. An analysis of the profits and losses generated from the Partnership’s commodity futures trading activities for the first quarter of 2014 is set forth below.

First Quarter 2014. The Partnership experienced a loss in January 2014. The markets focused on events in China, specifically the “shadow banking industry” and the possibility of the first ever Chinese trust bankruptcy. A last minute bailout plan allowed investors to get their principal back, but speculation remained about the potential for a Chinese credit crisis. Escalating political tension most notably in Ukraine, Turkey and Thailand increased pressure on emerging markets, and towards the end of the month the Partnership’s trading in futures contracts in Ruble, Rand and global equity indices contributed to losses. The Partnership achieved gains in its trading of futures contracts in the Canadian dollar. The Partnership achieved a gain in February 2014. Global equity markets rallied through February, reversing losses experienced in January with major indices revisiting record highs and adding value to the Partnership’s positions in futures in global equity indices. Mother nature had a significant influence on market performance during the month. The Partnership’s short position in coffee futures experienced losses. Overly precipitous weather in the soybean producing regions of Brazil reduced the quality of maturing crops and benefitted the Partnership’s long futures position as prices rose. Livestock values also moved higher which benefitted the Partnership’s futures position in this sector, particularly hogs. The Partnership experienced a loss in March 2014. At the forefront of investors’ minds through March were the events in the Crimean Peninsula. Russia reclaimed Crimea following a referendum which the Ukrainian parliament claimed was unconstitutional and that the United States and the European Union considered to be illegal. The resultant threat of international sanctions against Russia and the simmering geopolitical tension led to a volatile month for global markets. China’s first onshore corporate bond default added to negative sentiment with data that pointed to a third consecutive monthly decline in manufacturing growth. Markets were further destabilized when the U.S. FOMC revised their projected Fed Funds targets, signaling increased conviction for more rapid monetary policy tightening once initiated. These events contributed to the Partnership’s losses across index futures, U.S. fixed income and short U.S. dollar positions. The Partnership achieved gains in its short position in silver futures and in futures in the livestock sector.

-29-

Off-Balance Sheet Arrangements

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

Contractual Obligations

The Partnership does not enter into contractual obligations or commercial commitments to make future payments of a type that would be typical for an operating company or that would affect its liquidity or capital resources. The Partnership’s sole business is trading futures, related option and forward currency contracts, both long (contracts to buy) and short (contracts to sell). All such contracts are settled by offset, not delivery. Substantially all such contracts are for settlement within four months of the trade date and substantially all such contracts are held by the Partnership for less than four months before being offset or rolled over into new contracts with similar maturities. The Partnership’s financial statements present a Condensed Schedule of Investments setting forth net unrealized appreciation (depreciation) of the Partnership’s open futures and forward currency contracts, both long and short, at March 31, 2015.

Item 3: Quantitative and Qualitative Disclosures About Market Risk.

Due to the nature of the Partnership as a speculative commodity pool, changes from December 31, 2014 are not material.

Item 4: Controls and Procedures.

The General Partner, with the participation of the General Partner’s principal executive officer and principal financial officer, has evaluated the effectiveness of the design and operation of its disclosure controls and procedures with respect to the Partnership as of the end of the period covered by this quarterly report, and, based on their evaluation, has concluded that these disclosure controls and procedures are effective. There were no significant changes in the General Partner’s internal controls over financial reporting with respect to the Partnership or in other factors applicable to the Partnership that could significantly affect these controls subsequent to the date of the evaluation.

PART II – OTHER INFORMATION

Item 1: Legal Proceedings.

None.

Item 1A: Risk Factors.

There have been no material changes to the Partnership’s risk factors since the Partnership filed its annual report on Form 10-K with the Securities and Exchange Commission on March 31, 2015.

-30-

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

(a) The requested information has been previously reported on Form 8-K.

(b) Not applicable.

(c) Limited Partners may redeem some or all of their Interest in the Partnership as of the end of any calendar month upon fifteen (15) days’ prior written notice to the General Partner. The Partnership may declare additional redemption dates upon notice to the Limited Partners. The redemption by a Limited Partner has no impact on the value of the capital accounts of the remaining Limited Partners. The following table summarizes the redemptions by Limited Partners during the first calendar quarter of 2015:

Month	Amount Redeemed
January 31, 2015	$ 3,400,589
February 28, 2015	$ 4,334,394
March 31, 2015	$ 4,978,681

Item 3: Defaults Upon Senior Securities.

(a) None.

(b) None.

Item 4: Mine Safety Disclosure.

Not applicable.

Item 5: Other Information.

(a) None.

(b) Not applicable.

Item 6: Exhibits.

The following exhibits are incorporated herein by reference from the exhibits of the same numbers and descriptions filed with the registrant’s Registration Statement on Form 10 (File No. 000-53348) filed on July 30, 2008.

Exhibit Number	Description of Document
3.1	Certificate of Formation of Winton Futures Fund, L.P. (US)
10.1	Advisory Contract between Winton Futures Fund, L.P. (US), Rockwell Futures Management, Inc.** and Winton Capital Management Limited and Amendment thereto dated June 1, 2008
10.2	Introducing Broker Clearing Agreement between Fimat USA, LLC*** and Altegris Investments, Inc.
10.3	Form of Selling Agency Agreement

-31-

The following exhibit is incorporated herein by reference from the exhibit of the same number and description filed with the registrant’s Current Report on Form 8-K (File No. 000-53348) filed on April 18, 2011.

Exhibit Number	Description of Document
3.01	Amendment to the Certificate of Formation of Winton Futures Fund, L.P. (US), changing the registrant’s name to Altegris Winton Futures Fund, L.P.

The following exhibit is incorporated herein by reference from the exhibit of the same number and description filed with the registrant’s Quarterly Report on Form 10-Q (File No. 000-53348) filed on November 14, 2014.

Exhibit Number	Description of Document
10.04	Amendment dated July 1, 2014 to Advisory Contract

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

Exhibit Number	Description of Document
4.1	Third Amended and Restated Agreement of Limited Partnership of Altegris Winton Futures Fund, L.P.

The following exhibits are included herewith.

Exhibit Number	Description of Document
31.01	Rule 13a-14(a)/15d-14(a) Certification
32.01	Section 1350 Certification

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

*** Fimat USA, LLC became Newedge USA, LLC. On January 2, 2015, Newedge USA merged with and into SGAS, with the latter as the surviving entity.

-32-

SIGNATURES

Pursuant to the requirements of Section 12 of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Dated: May 15, 2015

ALTEGRIS WINTON FUTURES FUND, L.P.

By:	ALTEGRIS ADVISORS, L.L.C.,
		its general partner

/s/ Jon C. Sundt

Jon C. Sundt, President (principal

executive officer and principal financial

officer)

-33-