10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 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	1
	Condensed Schedules of Investments	2
	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	30
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	34
Item 4.	Controls and Procedures	34
PART II – OTHER INFORMATION		34
Item 1.	Legal Proceedings	34
Item 1A.	Risk Factors	34
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	35
Item 3.	Defaults Upon Senior Securities	35
Item 4.	Mine Safety Disclosure	35
Item 5.	Other Information	35
Item 6.	Exhibits	35
Signatures		37
Rule 13a–14(a)/15d–14(a) Certifications		38
Section 1350 Certifications		40

PART I – FINANCIAL INFORMATION

Item 1: Financial Statements.

ALTEGRIS WINTON FUTURES FUND, L.P.

FINANCIAL STATEMENTS

JUNE 30, 2015

ALTEGRIS WINTON FUTURES FUND, L.P.

____________

TABLE OF CONTENTS

_____________

	PAGES
Financial Statements
Statements of Financial Condition	1
Condensed Schedules of Investments	2 - 7
Statements of Income (Loss)	8
Statements of Changes in Partners’ Capital (Net Asset Value)	9
Notes to Financial Statements	10 – 29

ALTEGRIS WINTON FUTURES FUND, L.P.

STATEMENTS OF FINANCIAL CONDITION

JUNE 30, 2015 (Unaudited) and DECEMBER 31, 2014 (Audited)

_______________

	2015		2014
ASSETS
Equity in commodity broker account
Cash	$	4,168,951	$	-
Restricted cash		24,567,806		22,022,440
Restricted foreign currency (cost - $7,164,432 and $8,261,611)		7,200,655		8,179,695
Unrealized gain on open commodity futures contracts		-		12,671,271
Unrealized gain on open forward contracts		433,293		-
		36,370,705		42,873,406
Cash		14,440,770		53,617,173
Investment securities at value
(cost - $311,646,611 and $312,979,365)		311,646,904		312,933,103
Interest receivable		186,752		124,547
Total assets	$	362,645,131	$	409,548,229
LIABILITIES
Equity in commodity broker account
Due to broker	$	-	$	3,401,180
Foreign currency due to broker
(proceeds - $1,424,205 and $5,106,399)		1,431,407		5,055,768
Unrealized loss on open commodity futures contracts		1,513,502		-
Unrealized loss on open forward contracts		-		1,988,730
		2,944,909		10,445,678
Redemptions payable		5,691,716		12,395,726
Incentive fee payable		-		8,443,751
Subscriptions received in advance		3,525,756		1,322,331
Commissions payable		442,684		511,828
Management fee payable		319,635		357,488
Service fees payable		332,243		339,876
Advisory fee payable		287,662		308,787
Administrative fee payable		69,974		75,607
Other liabilities		536,160		552,257
Total liabilities		14,150,739		34,753,329
PARTNERS' CAPITAL (NET ASSET VALUE)
General Partner		3,775		3,919
Limited Partners		348,490,617		374,790,981
Total partners' capital (Net Asset Value)		348,494,392		374,794,900
Total liabilities and partners' capital	$	362,645,131	$	409,548,229

See accompanying notes.

-1-

ALTEGRIS WINTON FUTURES FUND, L.P.

CONDENSED SCHEDULE OF INVESTMENTS

JUNE 30, 2015 (Unaudited)

_______________

INVESTMENT SECURITIES

Face Value		Maturity Date	Description	Value		% of Partners' Capital
Fixed Income Investments
U.S. Government Agency Bonds and Notes
$	42,241,000	7/1/2015	Federal Farm Credit Bank Disc Note, 0.00%*	$	42,241,000		12.12	%
	15,000,000	12/1/2015	Federal Home Loan Bank, 0.20%		15,004,335		4.30	%
	13,300,000	9/14/2015	Federal Home Loan Bank, 0.20%		13,302,301		3.82	%
	13,300,000	9/25/2015	Federal Home Loan Bank, 0.20%		13,302,873		3.82	%
	12,000,000	8/19/2015	Federal Home Loan Bank, 0.20%		12,001,476		3.44	%
	12,000,000	4/20/2016	Federal Home Loan Bank, 0.25%		11,993,400		3.44	%
	10,000,000	9/18/2015	Federal Home Loan Bank, 0.20%		10,001,730		2.87	%
	9,400,000	12/8/2015	Federal Home Loan Bank, 0.125%		9,394,727		2.70	%
	6,775,000	2/19/2016	Federal Home Loan Bank, 0.375%		6,778,550		1.95	%
	1,500,000	2/29/2016	Federal Home Loan Bank, 0.20%		1,499,085		0.43	%
	10,000,000	8/28/2015	Federal Home Loan Mortgage Corporation, 0.50%		10,004,550		2.87	%
	15,000,000	7/2/2015	Federal National Mortgage Association, 0.50%		15,000,165		4.30	%
	6,372,000	7/28/2015	Federal National Mortgage Association, 2.375%		6,382,412		1.83	%
	13,900,000	9/28/2015	Federal National Mortgage Association, 0.50%		13,897,498		3.99	%
Total U.S. Government Agency Bonds and Notes (cost - $180,803,808)					180,804,102		51.88	%

* 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)

JUNE 30, 2015 (Unaudited)

_______________

INVESTMENT SECURITIES (continued)

Face Value		Maturity Date	Description	Value		% of Partners' Capital
Fixed Income Investments (continued)
Corporate Notes
$	6,300,000	7/10/2015	American Honda Finance Corporation, 0.11%*	$	6,299,562		1.81	%
	5,000,000	7/2/2015	DCAT, LLC, 0.13%*		4,999,050		1.43	%
	12,500,000	7/6/2015	Exxon Mobil Corporation, 0.11%*		12,499,278		3.59	%
	12,500,000	7/14/2015	General Electric Capital Corporation, 0.09%*		12,498,892		3.59	%
	15,000,000	7/1/2015	NetJets Inc., 0.00%*		14,999,979		4.30	%
	7,800,000	7/15/2015	PACCAR Financial Corp., 0.13%*		7,799,285		2.24	%
	9,400,000	7/17/2015	Sumitomo Mitsui Banking Corporation, 0.18%*		9,400,000		2.70	%
	9,400,000	7/29/2015	Sumitomo Mitsui Trust Bank, Limited, 0.19%*		9,400,000		2.70	%
	6,300,000	7/24/2015	The Chiba Bank, Ltd., 0.21%*		6,300,000		1.81	%
	9,500,000	7/2/2015	The Norinchukin Bank, 0.18%*		9,500,000		2.73	%
	6,300,000	7/29/2015	The Shizuoka Bank, Ltd., 0.22%*		6,300,000		1.81	%
	13,000,000	7/10/2015	The Toronto-Dominion Bank, 0.10%*		12,998,787		3.72	%
	9,700,000	7/22/2015	Victory Receivables Corporation, 0.17%*		9,698,739		2.78	%
	8,150,000	7/9/2015	Working Capital Management Co. L.P., 0.16%*		8,149,230		2.34	%
Total Corporate Notes (cost - $130,842,803)					130,842,802		37.55	%
Total investment securities (cost - $311,646,611)				$	311,646,904		89.43	%

* 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)

JUNE 30, 2015 (Unaudited)

_______________

	Range of Expiration Dates	Number of Contracts			Value			% of Partners' Capital
LONG FUTURES CONTRACTS:
Agriculture	Jul 15 - Mar 16		409		$	731,666			0.21	%
Currencies	Sep-15		454			489,369			0.14	%
Energy	Jul 15 - Sep 15		200			(112,874	)		(0.03	)%
Interest Rates	Sep 15 - Sep 18		7,624			443,618			0.13	%
Metals	Jul 15 - Sep 15		266			(1,296,371	)		(0.37	)%
Stock Indices	Jul 15 - Sep 15		1,539			(2,277,724	)		(0.66	)%
Treasury Rates	Sep-15		529			241,820			0.07	%
Total long futures contracts			11,021			(1,780,496	)		(0.51	)%
SHORT FUTURES CONTRACTS:
Agriculture	Jul 15 - Feb 16		1,126			(1,871,671	)		(0.54	)%
Currencies	Sep-15		1,389			444,136			0.13	%
Energy	Jul 15 - Sep 15		430			238,576			0.07	%
Interest Rates	Dec 15 - Mar 16		19			163			0.00	%
Metals	Jul 15 - Jun 16		790			1,974,993			0.57	%
Stock Indices	Jul 15 - Sep 15		112			(30,375	)		(0.01	)%
Treasury Rates	Sep-15		306			(488,828	)		(0.14	)%
Total short futures contracts			4,172			266,994			0.08	%
Total futures contracts			15,193		$	(1,513,502	)		(0.43	)%
LONG FORWARD CONTRACTS:
Currencies	Jul 15 - Dec 15	$	158,127,891	(1)	$	(67,869	)		(0.02	)%
SHORT FORWARD CONTRACTS:
Currencies	Jul 15 - Dec 15	$	157,694,599	(1)		501,162			0.14	%
Total forward currency contracts					$	433,293			0.12	%

(1) Represents the June 30, 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	Description	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	Description	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 OPERATIONS

FOR THE THREE MONTHS AND SIX MONTHS ENDED JUNE 30, 2015 AND 2014 (Unaudited)

_______________

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2015			2014			2015			2014
TRADING GAIN (LOSS)
Gain (loss) on trading of
derivatives contracts
Realized	$	(14,693,079	)	$	23,365,168		$	10,997,560		$	30,168,173
Change in unrealized		(9,285,336	)		(665,248	)		(11,762,750	)		(8,538,409	)
Brokerage commissions		(1,405,788	)		(1,703,514	)		(2,842,826	)		(3,505,415	)
Gain (loss) from trading futures		(25,384,203	)		20,996,406			(3,608,016	)		18,124,349
Gain (loss) on trading of securities
Realized		25,620			10,512			53,796			30,058
Change in unrealized		13,302			(20,731	)		46,555			(14,384	)
Gain (loss) from trading securities		38,922			(10,219	)		100,351			15,674
Gain (loss) on trading of foreign currency
Realized		187,342			44,458			74,148			55,772
Change in unrealized		27,991			37,696			60,306			29,662
Gain (loss) from trading foreign currency		215,333			82,154			134,454			85,434
Total trading gain (loss)		(25,129,948	)		21,068,341			(3,373,211	)		18,225,457
NET INVESTMENT INCOME (LOSS)
Income
Interest income		93,988			98,192			186,897			207,256
Expenses
Management fee		1,018,368			1,204,925			2,059,584			2,487,108
Service fees		949,496			1,093,851			1,943,936			2,242,760
Advisory fee		880,432			1,065,052			1,780,612			2,187,325
Professional fees		307,723			362,901			618,683			749,430
Administrative fee		214,714			246,656			434,118			511,570
Incentive fee		-			3,719,986			4,338,981			3,725,461
Interest expense		3,664			14,063			4,813			19,116
Other expenses		(37,152	)		87,389			111,131			223,699
Total expenses		3,337,245			7,794,823			11,291,858			12,146,469
Net investment loss		(3,243,257	)		(7,696,631	)		(11,104,961	)		(11,939,213	)
NET INCOME (LOSS)	$	(28,373,205	)	$	13,371,710		$	(14,478,172	)	$	6,286,244

See accompanying notes.

-8-

ALTEGRIS WINTON FUTURES FUND, L.P.

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

FOR THE SIX MONTHS ENDED JUNE 30, 2015 AND 2014 (Unaudited)

_______________

				Limited Partners
										Special									Institutional
	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	)		(699,807	)		127,956			788,952			-
Capital additions		13,958,807			-			-			-			7,681,848			1,130,954			5,146,005			-
Capital withdrawals		(113,283,884	)		(8,057,988	)		(844,620	)		(33,328,245	)		(31,947,896	)		(28,184,644	)		(10,920,491	)		-
From operations:
Net investment loss		(11,939,213	)		(692,982	)		(97,500	)		(565,752	)		(6,324,595	)		(2,592,608	)		(1,665,694	)		(82	)
Net realized gain (loss) from investments (net of brokerage commissions)		26,748,588			1,652,043			303,876			1,949,650			11,173,924			6,430,044			5,238,839			212
Net change in unrealized gain (loss) from investments		(8,523,131	)		(523,379	)		(100,090	)		(620,926	)		(3,561,647	)		(2,046,490	)		(1,670,531	)		(68	)
Net income for the six months ended June 30, 2014		6,286,244			435,682			106,286			762,972			1,287,682			1,790,946			1,902,614			62
Balances at June 30, 2014	$	402,475,041		$	25,763,436		$	5,071,720		$	-		$	180,159,300		$	102,021,245		$	89,455,717		$	3,623
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		-			(139,240	)		139,240			-			(919,182	)		589,288			329,894			-
Capital additions		16,581,967			95,333			-			446,790			12,308,304			1,885,980			1,845,560			-
Capital withdrawals		(28,404,303	)		(587,078	)		(261,352	)		-			(11,465,465	)		(11,582,468	)		(4,507,940	)		-
From operations:
Net investment loss		(11,104,961	)		(607,644	)		(108,467	)		(316,303	)		(6,173,335	)		(2,326,485	)		(1,572,623	)		(104	)
Net realized gain (loss) from investments (net of brokerage commissions)		8,282,678			498,295			111,780			312,690			3,606,195			2,160,708			1,592,926			84
Net change in unrealized gain (loss) from investments		(11,655,889	)		(705,862	)		(158,040	)		(486,845	)		(5,333,889	)		(2,752,064	)		(2,219,065	)		(124	)
Net loss for the six months ended June 30, 2015		(14,478,172	)		(815,211	)		(154,727	)		(490,458	)		(7,901,029	)		(2,917,841	)		(2,198,762	)		(144	)
Balances at June 30, 2015	$	348,494,392		$	21,262,415		$	4,682,683		$	15,138,020		$	161,484,580		$	78,805,044		$	67,117,875		$	3,775

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 June 30, 2015 and December 31, 2014, and reported amounts of income and expenses for the three and six months ended June 30, 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 condensed financial statements for the interim period.

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.

-10-

ALTEGRIS WINTON FUTURES FUND, L.P.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

____________

NOTE 1 - ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

C. Fair Value (continued)

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.

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.

-11-

ALTEGRIS WINTON FUTURES FUND, L.P.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

____________

NOTE 1 - ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

C. Fair Value (continued)

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 June 30, 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 June 30, 2015 or December 31, 2014, none of the Partnership’s holdings in corporate notes were fair valued using valuation models.

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 June 30, 2015 and the year ended December 31, 2014.

-12-

ALTEGRIS WINTON FUTURES FUND, L.P.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

____________

NOTE 1 - ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

C. Fair Value (continued)

The following table presents information about the Partnership’s assets and liabilities measured at fair value as of June 30, 2015 and December 31, 2014:

									Balance as of
June 30, 2015	Level 1			Level 2			Level 3		June 30, 2015
Assets:
Futures contracts (1)	$	5,811,403		$	-		$	-	$	5,811,403
Forward currency contracts (1)		-			1,198,706			-		1,198,706
U.S. Government agency
bonds and notes		180,804,102			-			-		180,804,102
Corporate notes		-			130,842,802			-		130,842,802
	$	186,615,505		$	132,041,508		$	-	$	318,657,013
Liabilities:
Futures contracts (1)	$	(7,324,905	)	$	-		$	-	$	(7,324,905	)
Forward currency contracts (1)		-			(765,413	)		-		(765,413	)
	$	(7,324,905	)	$	(765,413	)	$	-	$	(8,090,318	)

									Balance as of
December 31, 2014	Level 1			Level 2			Level 3		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 six month period ended June 30, 2015 and the year ended December 31, 2014, there were no transfers between Level 1 and Level 2 assets and liabilities. For the six month period ended June 30, 2015 and the year ended December 31, 2014, there were no Level 3 securities.

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.

-13-

ALTEGRIS WINTON FUTURES FUND, L.P.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

____________

NOTE 1 - ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

D. Investment Transactions and Investment Income (continued)

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. Société Générale (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.

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.

-14-

ALTEGRIS WINTON FUTURES FUND, L.P.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

____________

NOTE 1 - ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

E. Option Contracts (continued)

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 June 30, 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 June 30, 2015 and December 31, 2014 are reflected within the Condensed Schedules of Investments.

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 June 30, 2015 and December 31, 2014 are reflected within the Condensed Schedules of Investments.

-15-

ALTEGRIS WINTON FUTURES FUND, L.P.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

____________

NOTE 1 - ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

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 Statement of Income (Loss).

I. Cash

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

The Partnership maintains a custody account with a major financial institution. 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.

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 June 30, 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 2011.

-16-

ALTEGRIS WINTON FUTURES FUND, L.P.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

____________

NOTE 1 - ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

K. Income Taxes (continued)

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 June 30, 2015 and December 31, 2014 and for the three and six months ended June 30, 2015 and 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.

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 six months ended June 30, 2015 and 2014.

-17-

ALTEGRIS WINTON FUTURES FUND, L.P.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

____________

NOTE 3 - RELATED PARTY TRANSACTIONS

A. General Partner Management Fee

The General Partner receives a monthly management fee from the Partnership equal to 0.0625% (0.75% annually) for Original Class A, 0.146% (1.75% annually) for Original Class B, and currently 0.0417% (0.50% 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 and six months ended June 30, 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 and six months ended June 30, 2015, administrative fees for Class A Interests were $143,149 and $286,704, respectively and administrative fees for Class B Interests were $71,565 and $147,414, respectively. For the three and six months ended June 30, 2014, administrative fees for Class A Interests were $155,895 and $321,241, respectively and administrative fees for Class B Interests were $90,761 and $190,329, 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 Futures, 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 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.

-18-

ALTEGRIS WINTON FUTURES FUND, L.P.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

____________

NOTE 3 -RELATED PARTY TRANSACTIONS (CONTINUED)

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

At June 30, 2015 and December 31, 2014, respectively, the Partnership had commissions and brokerage fees payable to Altegris Clearing Solutions of $351,526 and $416,134, and service fees payable to Altegris Investments of $46,909 and $50,980, respectively. The following tables show the fees paid to Altegris Investments and Altegris Clearing Solutions for the three and six months ended June 30, 2015 and 2014:

	Three months		Six months		Three months		Six months
	ended		ended		ended		ended
	June 30, 2015		June 30, 2015		June 30, 2014		June 30, 2014
Altegris Futures - Brokerage
Commission fees	$	1,168,198	$	2,329,565	$	1,349,544	$	2,801,800
Altegris Investments- Service fees		144,446		296,430		164,620		339,034
Total	$	1,312,644	$	2,625,995	$	1,514,164	$	3,140,834

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 and six months ended June, 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. In addition, the General Partner has assigned a portion of its management fees earned to the Advisor. For the three and six months ended June 30, 2015, management fees for Class A Interests were $433,783 and $868,829, respectively, management fees for Class B Interests were $216,864 and $446,726, respectively, management fees for Original Class B Interests were $12,398 and $25,061, respectively, management fees for Special Interests were $39,395 and $78,324, respectively and management fees for Institutional Interests were $177,992 and $361,672, respectively. For the three and six months ended June 30, 2014, management fees for Class A Interests were $472,409 and $973,458, respectively, management fees for Class B Interests were $275,033 and $576,754, respectively, management fees for Original Class B Interests were $12,830 and $26,708, respectively, management fees for Special Interests were $82,218 and $163,016, respectively and management fees for Institutional Interests were $222,562 and $447,389, respectively. General Partner’s Interest and Original Class A Interests did not get charged the management fee.

-19-

ALTEGRIS WINTON FUTURES FUND, L.P.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

____________

NOTE 5 - SERVICE FEES

As compensation for the continuing services of selling agents to the Limited Partners, Original Class A Interests and Class A Interests pay the selling agents an ongoing monthly payment of 0.166% (2% annually) of the net asset value of interests sold by the agents that are outstanding at month-end. As compensation for the continuing services of selling agents to the Limited Partners holding Institutional Interests, the selling agents may elect the Institutional Interests to pay the selling agents an ongoing monthly payment of 0.0417% (0.50% annually) of the net asset value of Institutional Interests sold by the agents that are outstanding at month-end. For the three and six months ended June 30, 2015, service fees for General Partner’s Interest, were $19 and $39, respectively, service fees for Class A Interests were $836,986 and $1,711,821, respectively, service fees for Original Class A Interests were $109,665 and $226,286, respectively and service fees for Institutional Interests were $2,826 and $5,790, respectively. For the three and six months ended June 30, 2014, service fees for General Partner’s Interest, were $18 and $36, respectively, service fees for Class A Interests were $947,594 and $1,936,206, respectively, service fees for Original Class A Interests were $141,878 and $297,945, respectively and service fees for Institutional Interests were $4,361 and $8,573, 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 brokers 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 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 derivative contracts at June 30, 2015 and December 31, 2014. The fair value of derivative 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.

-20-

ALTEGRIS WINTON FUTURES FUND, L.P.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

____________

NOTE 7 - FINANCIAL DERIVATIVE INSTRUMENTS (CONTINUED)

June 30, 2015

	Asset		Liability
Type of	Derivatives		Derivatives			Net
Derivatives Contracts	Fair Value		Fair Value			Fair Value
Futures Contracts
Agriculture	$	956,804	$	(2,096,809	)	$	(1,140,005	)
Currencies		1,456,773		(523,268	)		933,505
Energy		261,552		(135,850	)		125,702
Interest Rates		910,876		(467,095	)		443,781
Metals		1,974,993		(1,296,371	)		678,622
Stock Indices		8,585		(2,316,684	)		(2,308,099	)
Treasury Rates		241,820		(488,828	)		(247,008	)
	$	5,811,403	$	(7,324,905	)	$	(1,513,502	)
Forward Currency Contracts	$	1,198,706	$	(765,413	)	$	433,293
Total Gross Fair Value of Derivatives Contracts	$	7,010,109	$	(8,090,318	)	$	(1,080,209	)

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 and six months ended June 30, 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 June 30, 2015

Type of				Change in			Number of
Derivatives Contracts	Realized			Unrealized			Contracts Closed
Futures Contracts
Agricultural	$	938,647		$	(2,400,576	)
Currencies		(6,454,879	)		649,874
Energy		(4,329,448	)		(545,865	)
Interest Rates		(1,944,949	)		(4,723,790	)
Metals		(1,988,172	)		2,060,542
Stock Indices		(643,785	)		(3,091,094	)
Treasury Rates		734,677			(1,920,550	)
	$	(13,687,909	)	$	(9,971,459	)		30,586
Forward Currency Contracts	$	(1,005,170	)	$	686,123		$	137,517,459,979	(1)
Total gain (loss) from derivatives contracts	$	(14,693,079	)	$	(9,285,336	)

 Six Months ended June 30, 2015

Type of				Change in			Number of
Derivatives Contracts	Realized			Unrealized			Contracts Closed
Futures Contracts
Agricultural	$	882,322		$	(1,410,045	)
Currencies		4,920,807			(1,866,339	)
Energy		(3,017,324	)		(1,418,064	)
Interest Rates		5,892,299			(4,505,922	)
Metals		(2,701,136	)		578,749
Stock Indices		8,221,953			(4,852,030	)
Treasury Rates		925,944			(711,122	)
	$	15,124,865		$	(14,184,773	)		54,957
Forward Currency Contracts	$	(4,127,305	)	$	2,422,023		$	357,857,330,982	(1)
Total gain (loss) from derivatives contracts	$	10,997,560		$	(11,762,750	)

(1) Represents the notional amount bought or sold during the three and six months ended June 30, 2015. The number of contracts closed using average cost for long contracts of 574,858 and 559,847 and short contracts of (476,822) and (506,231) for the three and six months ended June 30, 2015.

-22-

ALTEGRIS WINTON FUTURES FUND, L.P.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

____________

NOTE 7 - FINANCIAL DERIVATIVE INSTRUMENTS (CONTINUED)

 

Three Months ended June 30, 2014

Type of Derivatives Contracts	Realized			Change in Unrealized			Number of Contracts Closed
Futures Contracts
Agricultural	$	1,903,548		$	(5,236,737	)
Currencies		(3,294,705	)		3,233,937
Energy		(190,511	)		452,074
Interest Rates		7,606,535			5,901,234
Metals		486,081			(2,724,935	)
Stock Indices		10,159,120			(1,568,428	)
Treasury Rates		2,731,530			963,139
	$	19,401,598		$	1,020,284			32,782
Forward Currency Contracts	$	3,963,570		$	(1,685,532	)	$	349,230,926,360	(1)
Total gain (loss) from derivatives contracts	$	23,365,168		$	(665,248	)

Six Months ended June 30, 2014

Type of Derivatives Contracts	Realized			Change in Unrealized			Number of Contracts Closed
Futures Contracts
Agricultural	$	1,180,594		$	(2,524,561	)
Currencies		1,639,905			(1,575,056	)
Energy		402,853			131,115
Interest Rates		12,846,758			9,090,852
Metals		(3,035,476	)		(3,088,034	)
Stock Indices		13,346,817			(11,128,920	)
Treasury Rates		1,683,593			712,107
	$	28,065,044		$	(8,382,497	)		71,185
Forward Currency Contracts	$	2,103,129		$	(155,912	)	$	622,110,236,778	(1)
Total gain (loss) from derivatives contracts	$	30,168,173		$	(8,538,409	)

(1) Represents the notional amount bought or sold during the three and six months ended June 30, 2014. The number of contracts closed using average cost for long contracts of 769,722 and 1,487,245 and short contracts of (795,838) and (1,478,794) for the three and six months ended June 30, 2014.

-23-

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.

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:

Offsetting the Financial Assets and Derivative Assets

As of June 30, 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	$	1,198,706	$	(765,413	)	$	433,293	$	-	$	-	$	433,293
Commodity futures contracts		5,811,403		(5,811,403	)		-		-		-		-
Total	$	7,010,109	$	(6,576,816	)	$	433,293	$	-	$	-	$	433,293

Offsetting the Financial Liabilities and Derivative Liabilities

As of June 30, 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	$	(765,413	)	$	765,413	$	-		$	-	$	-	$	-
Commodity futures contracts		(7,324,905	)		5,811,403		(1,513,502	)		-		-		(1,513,502	)
Total	$	(8,090,318	)	$	6,576,816	$	(1,513,502	)	$	-	$	-	$	(1,513,502	)

-24-

ALTEGRIS WINTON FUTURES FUND, L.P.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

____________

NOTE 7 - FINANCIAL DERIVATIVE INSTRUMENTS (CONTINUED)

Offsetting the Financial Assets and Derivative Assets
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 Statementof 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 $31,768,461 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.

-25-

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.

-26-

ALTEGRIS WINTON FUTURES FUND, L.P.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

____________

NOTE 10 - FINANCIAL HIGHLIGHTS

The following information presents the financial highlights of the Partnership for the three and six months ended June 30, 2015 and 2014. This information has been derived from information presented in the financial statements.

	Three months ended June 30, 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		(7.24	)%		(7.02	)%		(6.96	)%		(7.67	)%		(7.21	)%		(7.02	)%
Incentive fees		(0.00	)%		(0.00	)%		(0.00	)%		(0.00	)%		(0.00	)%		(0.00	)%
Total return after incentive fees		(7.24	)%		(7.02	)%		(6.96	)%		(7.67	)%		(7.21	)%		(7.02	)%
Ratio to average net asset value
Expenses prior to incentive fees (2)		3.02	%		2.09	%		1.82	%		4.93	%		2.95	%		2.10	%
Incentive fees (3)		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
Total expenses		3.02	%		2.09	%		1.82	%		4.93	%		2.95	%		2.10	%
Net investment (loss) (1) (2)		(2.92	)%		(1.99	)%		(1.72	)%		(4.83	)%		(2.85	)%		(1.99	)%

	Six months ended June 30, 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		(2.53	)%		(2.05	)%		(1.93	)%		(3.41	)%		(2.45	)%		(2.06	)%
Incentive fees		(1.15	)%		(1.15	)%		(1.16	)%		(1.15	)%		(1.16	)%		(1.16	)%
Total return after incentive fees		(3.68	)%		3.20	%		(3.09	)%		(4.56	)%		(3.61	)%		(3.22	)%
Ratio to average net asset value
Expenses prior to incentive fees (2)		3.15	%		2.17	%		1.91	%		5.05	%		3.04	%		2.19	%
Incentive fees (3)		1.16	%		1.16	%		1.13	%		1.15	%		1.19	%		1.16	%
Total expenses		4.31	%		3.33	%		3.04	%		6.20	%		4.23	%		3.35	%
Net investment (loss) (1) (2)		(3.05	)%		(2.07	)%		(1.81	)%		(4.94	)%		(2.94	)%		(2.09	)%

-27-

ALTEGRIS WINTON FUTURES FUND, L.P.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

____________

NOTE 10 - FINANCIAL HIGHLIGHTS (CONTINUED)

	Three months ended June 30, 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		3.89	%		4.15	%		4.21	%		3.42	%		3.94	%		4.14	%
Incentive fees		(0.83	)%		(0.83	)%		(0.83	)%		(0.83	)%		(0.83	)%		(0.83	)%
Total return after incentive fees		3.06	%		3.32	%		3.38	%		2.59	%		3.11	%		3.31	%
Ratio to average net asset value
Expenses prior to incentive fees (2)		3.25	%		2.17	%		2.87	%		5.08	%		3.06	%		2.20	%
Incentive fees (3)		0.84	%		0.82	%		0.81	%		0.83	%		0.84	%		0.83	%
Total expenses		4.09	%		2.99	%		3.68	%		5.91	%		3.90	%		3.03	%
Net investment (loss) (1) (2)		(3.16	)%		(2.08	)%		(2.74	)%		(4.99	)%		(2.97	)%		(2.12	)%

	Six months ended June 30, 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		2.54	%		3.05	%		3.18	%		1.61	%		2.63	%		3.04	%
Incentive fees		(0.81	)%		(0.82	)%		(0.82	)%		(0.81	)%		(0.82	)%		(0.82	)%
Total return after incentive fees		1.73	%		2.23	%		2.36	%		0.80	%		1.81	%		2.22	%
Ratio to average net asset value
Expenses prior to incentive fees (2)		3.24	%		2.19	%		2.31	%		5.08	%		3.06	%		2.21	%
Incentive fees (3)		0.79	%		0.79	%		0.82	%		0.81	%		0.81	%		0.82	%
Total expenses		4.03	%		2.98	%		3.13	%		5.89	%		3.87	%		3.03	%
Net investment (loss) (1) (2)		(3.14	)%		(2.10	)%		(2.20	)%		(4.99	)%		(2.97	)%		(2.13	)%

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.

-28-

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 July 1, 2015 through August 14, 2015, the Partnership had subscriptions of $3,507,756 and redemptions of $5,602,729.

-29-

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 Altegris Winton Futures Fund, L.P. (the “Partnership”) generally holds its assets 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 June 30, 2015 the Partnership experienced no meaningful periods of illiquidity in any of the markets traded by Winton Capital Management, Limited (“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.

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 SG Americas Securities, LLC. (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.

-30-

Performance Summary

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.

Three Months Ended June 30, 2015

During the second quarter of 2015, the Partnership incurred net realized and unrealized losses of $25,129,948 from its trading activities, net of brokerage commissions of $1,405,788. The Partnership accrued total expenses of $3,337,245, including $1,018,368 in management fees paid to the General Partner, $1,257,219 in service and professional fees and no incentive fees. The Partnership earned $93,988 in interest income during the second quarter of 2015. An analysis of the profits and losses generated from the Partnership’s commodity futures trading activities for the second quarter of 2015 is set forth below.

Second Quarter 2015. The Partnership experienced a loss in April 2015. Weaker economic data saw sentiment around the U.S. economy drop, with the statement from the Federal Reserve’s April meeting not giving any real clues as to when rates might rise. This diverted attention away from Greece where there had been fears that the incumbent government’s actions might move it closer to an EU exit. Chinese stocks saw strong moves at the start of the month as the People’s Bank of China kept up its monetary easing policies, while possible reforms to state-owned enterprises began to surface. The big moves at the end of the month created losses for the Partnership. The majority of these were in currencies and energies, owing to long U.S. dollar exposure and short energy futures positions. The German Bunds reversed two months’ worth of gains in just two days, adding to the Partnership’s losses. Additional losses came from stock index futures positions. The Partnership’s performance benefited from its short positions in gold futures. The Partnership experienced a slight gain in May 2015. A breadth of economic and political considerations laid the foundation for a turbulent month across global financial markets. These included responsive monetary policy action from central banks, stalling negotiations and heightened doubts regarding Greece’s ability to meet IMF repayments, and volatility in the Euro. The Partnership’s long exposure in fixed income futures detracted from performance. The Partnership’s short exposure to coffee and sugar futures contributed positively to performance. The Partnership’s performance benefited from its long exposure to the Nikkei 225 and the S&P and its long and short positions in the Euro and Japanese Yen. The Partnership experienced a loss in June 2015. During the month, Greek apprehension deepened as the government moved closer to a sovereign debt default, imposing capital controls in fear of a likely “bank run”. The Euro ended the month higher, resulting in a loss in the Partnership’s short positions in Euro futures. The Partnership’s long positions in British pound futures contributed to performance due to a strong rally in the British pound. The Partnership also benefitted from its short positions in gold and energies futures. May U.S. non-farm payrolls increased by 280,000 and, accompanied by a host of positive economic data, led U.S. government bond yields higher. The Partnership’s positions in fixed income futures experienced losses, though small gains were made in long term U.S. bond contracts. Heavy rains in the U.S. Midwest hampered crop prospects and adversely impacted the Partnership’s short positions in grains.

Three Months Ended June 30, 2014

During the second quarter of 2014, the Partnership achieved net realized and unrealized gains of $21,068,341 from its trading activities, net of brokerage commissions of $1,703,514. The Partnership accrued total expenses of $7,794,823, including $1,204,925 in management fees paid to the General Partner, $3,719,986 in incentive fees, and $1,456,752 in service and professional fees. The Partnership earned $98,192 in interest income during the second quarter of 2014. An analysis of the profits and losses generated from the Partnership’s commodity futures trading activities for the second quarter of 2014 is set forth below.

Second Quarter 2014. The Partnership experienced a gain in April 2014. Uncertainty relating to tensions in Ukraine and additional sanctions imposed on Russia by the US and Europe continued to weigh on investor conviction through April. These events contributed to mixed performance in the global stock market. The Partnership’s holding in futures on the Nikkei index detracted from performance. The European Central Bank’s (“ECB”) announcement to open the door to potential large-scale asset purchases benefitted the Partnership’s long fixed income positions where German Bunds provided the most significant contribution to the Partnership. Natural gas prices rose during the month along with the value of the Partnership’s long position in natural gas. The crop sector also posted positive performance, in particular the Partnership’s futures position in soybeans. The Partnership experienced a gain in May 2014. Monetary policy played a key role during the month with both the President of the ECB and the Chair of the US Federal Reserve making statements. Speculation of a cut to interest rates by the ECB at the June policy meeting put the Euro under pressure and negatively impacted the long Euro position in the Partnership’s currency portfolio. The Partnership’s long exposure to German Bunds contributed positively to performance. Improving weather conditions in the US and Russia led to declines in the price of wheat and corn, which adversely affected the Partnership’s performance. The Partnership experienced a loss in June 2014. Monetary policy by the US Federal Reserve, the ECB and the Governor of the Bank of England played an important role in the global markets during the month. These monetary policy actions provided a catalyst for a number of US indices to reach record highs, elevated the European fixed income markets and continued momentum for sterling, profiting the Partnership’s long futures positions in the S&P index, German Bund and British pound sterling. Regional instability in the Middle East contributed to rising precious metal values and subsequent losses in the Partnership’s short positions in the sector. The geopolitical conflicts in the region threatened refinery output benefitted the Partnership’s futures positions in crude oil. The Partnership’s futures contracts on corn lost value due in part to the high corn inventory levels and confirmation of record harvests in the US.

-31-

Six Months Ended June 30, 2015

During the six months ended June 30, 2015, the Partnership incurred net realized and unrealized losses of $3,373,211 from its trading activities, net of brokerage commissions of $2,842,826. The Partnership accrued total expenses of $11,291,858, including $2,059,584 in management fees paid to the General Partner, $4,338,981 in incentive fees, and $2,562,619 in service and professional fees. The Partnership earned $186,897 in interest income during the six months ended June 30, 2015. An analysis of the profits and losses generated from the Partnership’s commodity futures trading activities for the six months ended June 30, 2015 is set forth below.

Second Quarter 2015. The Partnership experienced a loss in April 2015. Weaker economic data saw sentiment around the U.S. economy drop, with the statement from the Federal Reserve’s April meeting not giving any real clues as to when rates might rise. This diverted attention away from Greece where there had been fears that the incumbent government’s actions might move it closer to an EU exit. Chinese stocks saw strong moves at the start of the month as the People’s Bank of China kept up its monetary easing policies, while possible reforms to state-owned enterprises began to surface. The big moves at the end of the month created losses for the Partnership. The majority of these were in currencies and energies, owing to long U.S. dollar exposure and short energy futures positions. The German Bunds reversed two months’ worth of gains in just two days, adding to the Partnership’s losses. Additional losses came from stock index futures positions. The Partnership’s performance benefited from its short positions in gold futures. The Partnership experienced a slight gain in May 2015. A breadth of economic and political considerations laid the foundation for a turbulent month across global financial markets. These included responsive monetary policy action from central banks, stalling negotiations and heightened doubts regarding Greece’s ability to meet IMF repayments, and volatility in the Euro. The Partnership’s long exposure in fixed income futures detracted from performance. The Partnership’s short exposure to coffee and sugar futures contributed positively to performance. The Partnership’s performance benefited from its long exposure to the Nikkei 225 and the S&P and its long and short positions in the Euro and Japanese Yen. The Partnership experienced a loss in June 2015. During the month, Greek apprehension deepened as the government moved closer to a sovereign debt default, imposing capital controls in fear of a likely “bank run”. The Euro ended the month higher, resulting in a loss in the Partnership’s short positions in Euro futures. The Partnership’s long positions in British pound futures contributed to performance due to a strong rally in the British pound. The Partnership also benefitted from its short positions in gold and energies futures. May U.S. non-farm payrolls increased by 280,000 and, accompanied by a host of positive economic data, led U.S. government bond yields higher. The Partnership’s positions in fixed income futures experienced losses, though small gains were made in long term U.S. bond contracts. Heavy rains in the U.S. Midwest hampered crop prospects and adversely impacted the Partnership’s short positions in grains.

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.

-32-

Six Months Ended June 30, 2014

During the six months ended June 30, 2014, the Partnership achieved net realized and unrealized gains of $18,225,457 from its trading activities, net of brokerage commissions of $3,505,415. The Partnership incurred total expenses of $12,146,469, including $2,487,108 in management fees paid to the General Partner, $3,725,461 in incentive fees, and $2,992,190 in service and professional fees. The Partnership earned $207,256 in interest income during the six months ended June 30, 2014. An analysis of the profits and losses generated from the Partnership’s commodity futures trading activities for the six months ended June 30, 2014 is set forth below.

Second Quarter 2014. The Partnership experienced a gain in April 2014. Uncertainty relating to tensions in Ukraine and additional sanctions imposed on Russia by the US and Europe continued to weigh on investor conviction through April. These events contributed to mixed performance in the global stock market. The Partnership’s holding in futures on the Nikkei index detracted from performance. The European Central Bank’s (“ECB”) announcement to open the door to potential large-scale asset purchases benefitted the Partnership’s long fixed income positions where German Bunds provided the most significant contribution to the Partnership. Natural gas prices rose during the month along with the value of the Partnership’s long position in natural gas. The crop sector also posted positive performance, in particular the Partnership’s futures position in soybeans. The Partnership experienced a gain in May 2014. Monetary policy played a key role during the month with both the President of the ECB and the Chair of the US Federal Reserve making statements. Speculation of a cut to interest rates by the ECB at the June policy meeting put the Euro under pressure and negatively impacted the long Euro position in the Partnership’s currency portfolio. The Partnership’s long exposure to German Bunds contributed positively to performance. Improving weather conditions in the US and Russia led to declines in the price of wheat and corn, which adversely affected the Partnership’s performance. The Partnership experienced a loss in June 2014. Monetary policy by the US Federal Reserve, the ECB and the Governor of the Bank of England played an important role in the global markets during the month. These monetary policy actions provided a catalyst for a number of US indices to reach record highs, elevated the European fixed income markets and continued momentum for sterling, profiting the Partnership’s long futures positions in the S&P index, German Bund and British pound sterling. Regional instability in the Middle East contributed to rising precious metal values and subsequent losses in the Partnership’s short positions in the sector. The geopolitical conflicts in the region threatened refinery output benefitted the Partnership’s futures positions in crude oil. The Partnership’s futures contracts on corn lost value due in part to the high corn inventory levels and confirmation of record harvests in the US.

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.

-33-

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 June 30, 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.

-34-

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 second calendar quarter of 2015:

Month	Amount Redeemed
April 30, 2015	$	5,970,923
May 31, 2015	$	4,170,923
June 30, 2015	$	5,548,795

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

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.

-35-

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.

-36-

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: August 14, 2015

ALTEGRIS WINTON FUTURES FUND, L.P.

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

/s/ Jack L. Rivkin

Jack L. Rivkin, Chief Executive Officer

/s/ Kenneth I. McGuire

Kenneth I. McGuire, Principal Financial Officer

-37-

EX-31.1

EXHIBIT 31.01

RULE 13a-14(a)/15d-14(a)

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER

I, Jack L. Rivkin, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Altegris Winton 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 Partnership’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

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

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

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

Date: August 14, 2015

/s/ Jack L. Rivkin

Jack L. Rivkin

Principal Executive Officer

Altegris Advisors, L.L.C.

General Partner of Altegris Winton Futures Fund, L.P.

38

EX-31.2

EXHIBIT 31.01

RULE 13a-14(a)/15d-14(a)

CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER

I, Kenneth I. McGuire, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Altegris Winton 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 Partnership’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

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

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

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

Date: August 14, 2015

/s/ Kenneth I. McGuire

Kenneth I. McGuire

Principal Financial Officer

Altegris Advisors, L.L.C.

General Partner of Altegris Winton Futures Fund, L.P.

39

EX-32.1

EXHIBIT 32.01

CERTIFICATION

PURSUANT TO

SECTION 1350 OF CHAPTER 63 OF TITLE 18 OF THE UNITED STATES CODE

I, Jack L. Rivkin, the Principal Executive Officer of Altegris Advisors, L.L.C., the General Partner of Altegris Winton Futures Fund, L.P. (the “Partnership”), certify that (i) the Quarterly Report of the Partnership on Form 10-Q for the period ending June 30, 2015 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and (ii) the information contained in such Quarterly Report fairly presents, in all material respects, the financial condition and results of operations of the Partnership.

Date: August 14, 2015

/s/ Jack L. Rivkin

Jack L. Rivkin

Principal Executive Officer

Altegris Advisors, L.L.C.

General Partner of Altegris Winton Futures Fund, L.P.

40

EX-32.2

EXHIBIT 32.01

CERTIFICATION

PURSUANT TO

SECTION 1350 OF CHAPTER 63 OF TITLE 18 OF THE UNITED STATES CODE

I, Kenneth I. McGuire, the Principal Financial Officer of Altegris Advisors, L.L.C., the General Partner of Altegris Winton Futures Fund, L.P. (the “Partnership”), certify that (i) the Quarterly Report of the Partnership on Form 10-Q for the period ending June 30, 2015 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and (ii) the information contained in such Quarterly Report fairly presents, in all material respects, the financial condition and results of operations of the Partnership.

Date: August 14, 2015

/s/ Kenneth I. McGuire

Kenneth I. McGuire

Principal Financial Officer

Altegris Advisors, L.L.C.

General Partner of Altegris Winton Futures Fund, L.P.

41

XML

7. FINANCIAL DERIVATIVE INSTRUMENTS - Offsetting Assets and Liabilities (Details) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Gross Amounts of Recognized Assets available to offset	$ 7,010,109	$ 19,558,379
Gross Amounts Offset in the Statement of Financial Condition	(6,576,816)	(6,887,108)
Net Amounts of Assets Presented in the Statement of Financial Condition	$ 433,293	$ 12,671,271
Gross Amounts Not Offset in the Statement of Financial Condition
Financial Instruments
Cash Collateral Received
Net Amount	$ 433,293	$ 12,671,271
Offsetting the Financial Liabilities and Derivative Liabilities
Gross Amounts of Recognized Liabilities available to offset	(8,090,318)	(8,875,838)
Gross Amounts Offset in the Statement of Financial Condition	6,576,816	6,887,108
Net Amounts of Liabilities Presented in the Statement of Financial Condition	$ (1,513,502)	$ (1,988,730)
Gross Amounts Not Offset in the Statement of Financial Condition
Financial Instruments
Cash Collateral Pledged
Net Amount	$ (1,513,502)	$ (1,988,730)
Forward Contracts
Gross Amounts of Recognized Assets available to offset	1,198,706	2,167,485
Gross Amounts Offset in the Statement of Financial Condition	(765,413)	$ (2,167,485)
Net Amounts of Assets Presented in the Statement of Financial Condition	$ 433,293
Gross Amounts Not Offset in the Statement of Financial Condition
Financial Instruments
Cash Collateral Received
Net Amount	$ 433,293
Offsetting the Financial Liabilities and Derivative Liabilities
Gross Amounts of Recognized Liabilities available to offset	(765,413)	$ (4,156,215)
Gross Amounts Offset in the Statement of Financial Condition	$ 765,413	2,167,485
Net Amounts of Liabilities Presented in the Statement of Financial Condition		$ (1,988,730)
Gross Amounts Not Offset in the Statement of Financial Condition
Financial Instruments
Cash Collateral Pledged
Net Amount		$ (1,988,730)
Futures Contracts
Gross Amounts of Recognized Assets available to offset	$ 5,811,403	17,390,894
Gross Amounts Offset in the Statement of Financial Condition	$ (5,811,403)	(4,719,623)
Net Amounts of Assets Presented in the Statement of Financial Condition		$ 12,671,271
Gross Amounts Not Offset in the Statement of Financial Condition
Financial Instruments
Cash Collateral Received
Net Amount		$ 12,671,271
Offsetting the Financial Liabilities and Derivative Liabilities
Gross Amounts of Recognized Liabilities available to offset	$ (7,324,905)	(4,719,623)
Gross Amounts Offset in the Statement of Financial Condition	5,811,403	$ 4,719,623
Net Amounts of Liabilities Presented in the Statement of Financial Condition	$ (1,513,502)
Gross Amounts Not Offset in the Statement of Financial Condition
Financial Instruments
Cash Collateral Pledged
Net Amount	$ (1,513,502)

[1] Does not include maintenance margin deposits held at the Clearing Broker of $31,768,461 for 2015 and $30,202,135 for 2014, respectively.

XML

1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES - Partnership's assets and liabilities at fair value (Details) - USD ($)		Jun. 30, 2015	Dec. 31, 2014
Assets
Futures contracts		$ 5,811,403	$ 17,390,894
Forward currency contracts		1,198,706	2,167,485
U.S. Government agency bonds and notes		180,804,102	192,330,885
Corporate notes		130,842,802	120,602,218
Total Assets		318,657,013	332,491,482
Liabilities
Futures contracts		(7,324,905)	(4,719,623)
Forward currency contracts		(765,413)	(4,156,215)
Total Liabilities		(8,090,318)	(8,875,838)
Level 1
Assets
Futures contracts	[1]	$ 5,811,403	17,390,894
Forward currency contracts
U.S. Government agency bonds and notes		$ 180,804,102	192,330,885
Corporate notes
Total Assets		$ 186,615,505	209,721,779
Liabilities
Futures contracts		$ (7,324,905)	$ (4,719,623)	[1]
Forward currency contracts
Total Liabilities		$ (7,324,905)	$ (4,719,623)
Level 2
Assets
Futures contracts
Forward currency contracts		$ 1,198,706	$ 2,167,485	[1]
U.S. Government agency bonds and notes
Corporate notes		$ 130,842,802	$ 120,602,218
Total Assets		$ 132,041,508	$ 122,769,703
Liabilities
Futures contracts
Forward currency contracts		$ (765,413)	$ (4,156,215)	[1]
Total Liabilities		$ (765,413)	$ (4,156,215)
Level 3
Assets
Futures contracts
Forward currency contracts
U.S. Government agency bonds and notes
Corporate notes
Total Assets
Liabilities
Futures contracts
Forward currency contracts
Total Liabilities

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

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1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

6 Months Ended

Jun. 30, 2015

Accounting Policies [Abstract]

ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

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 June 30, 2015 and December 31, 2014, and reported amounts of income and expenses for the three and six months ended June 30, 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 condensed financial statements for the interim period.

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.

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 June 30, 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 June 30, 2015 or December 31, 2014, none of the Partnership’s holdings in corporate notes were fair valued using valuation models.

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 June 30, 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 of June 30, 2015 and December 31, 2014:

					Balance as of
	June 30, 2015	Level 1	Level 2	Level 3	June 30, 2015
Assets:
	Futures contracts (1)	$                          5,811,403	$                              -	$                                  -	$                5,811,403
	Forward currency contracts (1)	-	1,198,706	-	1,198,706
	U.S. Government agency
	bonds and notes	180,804,102	-	-	180,804,102
	Corporate notes	-	130,842,802	-	130,842,802
		$                      186,615,505	$           132,041,508	$                                  -	$            318,657,013
Liabilities:
	Futures contracts (1)	$                         (7,324,905)	$                              -	$                                  -	$               (7,324,905)
	Forward currency contracts (1)	-	(765,413)	-	(765,413)
		$                         (7,324,905)	$                 (765,413)	$                                  -	$               (8,090,318)
					Balance as of
	December 31, 2014	Level 1	Level 2	Level 3	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 six month period ended June 30, 2015 and the year ended December 31, 2014, there were no transfers between Level 1 and Level 2 assets and liabilities. For the six month period ended June 30, 2015 and the year ended December 31, 2014, there were no Level 3 securities.

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. Société Générale (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.

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 June 30, 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 June 30, 2015 and December 31, 2014 are reflected within the Condensed Schedules of Investments.

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 June 30, 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 Statement of Income (Loss).

I. Cash

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

The Partnership maintains a custody account with a major financial institution. 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.

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 June 30, 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 2011.

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 June 30, 2015 and December 31, 2014 and for the three and six months ended June 30, 2015 and 2014.

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4. ADVISORY CONTRACT (Details Narrative) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Management fee	$ 1,018,368	$ 1,204,925	$ 2,059,584	$ 2,487,108
Limited Partners, Class A
Advisor monthly management fee	0.083%	0.083%	0.083%	0.083%
Advisor annual management fee	1.00%	1.00%	1.00%	1.00%
Management fee	$ 433,783	$ 472,409	$ 868,829	$ 973,458
Limited Partners, Class B
Advisor monthly management fee	0.083%	0.083%	0.083%	0.083%
Advisor annual management fee	1.00%	1.00%	1.00%	1.00%
Management fee	$ 216,864	$ 275,033	$ 446,726	$ 576,754
Limited Partners, Original Class B
Management fee	12,398	12,830	25,061	26,708
Limited Partners, Special Interests
Management fee	$ 39,395	$ 82,218	$ 78,324	$ 163,016
Limited Partners, Institutional Interests
Advisor monthly management fee	0.083%	0.083%	0.083%	0.083%
Advisor annual management fee	1.00%	1.00%	1.00%	1.00%
Management fee	$ 177,992	$ 222,562	$ 361,672	$ 447,389

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3. RELATED PARTY TRANSACTION (Details Narrative) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Partnership Monthly Brokerage Charges			0.125%
Partnership Annual Brokerage Charges			1.50%
Administrative fee	$ 214,714	$ 246,656	$ 434,118	$ 511,570
Commissions and brokerage fees payable	351,526		351,526
Service fees payable	$ 46,909		$ 46,909
Limited Partners, Original Class A
Monthly Management Fee			0.0625%
Annual Management Fee			0.75%
Limited Partners, Original Class B
Monthly Management Fee			0.146%
Annual Management Fee			1.75%
Limited Partners, Special Interests
Monthly Management Fee			0.0417%
Annual Management Fee			0.50%
Limited Partners, Class A
Monthly Management Fee			0.104%
Annual Management Fee			1.25%
Monthly Administrative Fee	0.0275%		0.0275%
Annual Administrative Fee	0.33%		0.33%
Administrative fee	$ 143,149	155,895	$ 286,704	321,241
Limited Partners, Class B
Monthly Management Fee			0.104%
Annual Management Fee			1.25%
Monthly Administrative Fee	0.0275%		0.0275%
Annual Administrative Fee	0.33%		0.33%
Administrative fee	$ 71,565	$ 90,761	$ 147,414	$ 190,329
Limited Partners, Institutional Interests
Monthly Management Fee			0.0625%
Annual Management Fee			0.75%

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5. SERVICE FEES (Details Narrative) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Limited Partners, Original Class A
Ongoing Monthly Sales Service Fees	0.166%	0.166%	0.166%	0.166%
Annual Sales Service Fees	2.00%	2.00%	2.00%	2.00%
Service fees	$ 109,665	$ 141,878	$ 226,286	$ 297,945
Limited Partners, Institutional Interests
Ongoing Monthly Sales Service Fees	0.0417%	0.0417%	0.0417%	0.0417%
Annual Sales Service Fees	0.50%	0.50%	0.50%	0.50%
Service fees	$ 2,826	$ 4,361	$ 5,790	$ 8,573
General Partner
Service fees	$ 19	$ 18	$ 39	$ 36
Limited Partners, Class A
Ongoing Monthly Sales Service Fees	0.166%	0.166%	0.166%	0.166%
Annual Sales Service Fees	2.00%	2.00%	2.00%	2.00%
Service fees	$ 836,986	$ 947,594	$ 1,711,821	$ 1,936,206

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7. FINANCIAL DERIVATIVE INSTRUMENTS - Fair value of derivative contracts (Details) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Asset Derivatives Fair Value	$ 7,010,109	$ 19,558,379
Liability Derivatives Fair Value	(8,090,318)	(8,875,838)
Net Fair Value	(1,080,209)	10,682,541
Agriculture
Asset Derivatives Fair Value	956,804	717,593
Liability Derivatives Fair Value	(2,096,809)	(447,553)
Net Fair Value	(1,140,005)	270,040
Currencies
Asset Derivatives Fair Value	1,456,773	2,814,919
Liability Derivatives Fair Value	(523,268)	(15,075)
Net Fair Value	933,505	2,799,844
Energy
Asset Derivatives Fair Value	261,552	2,780,157
Liability Derivatives Fair Value	(135,850)	(1,236,391)
Net Fair Value	125,702	1,543,766
Interest Rates
Asset Derivatives Fair Value	910,876	5,942,063
Liability Derivatives Fair Value	(467,095)	(992,360)
Net Fair Value	443,781	4,949,703
Metals
Asset Derivatives Fair Value	1,974,993	1,322,342
Liability Derivatives Fair Value	(1,296,371)	(1,222,469)
Net Fair Value	678,622	99,873
Stock Indices
Asset Derivatives Fair Value	8,585	3,282,258
Liability Derivatives Fair Value	(2,316,684)	(738,327)
Net Fair Value	(2,308,099)	2,543,931
Treasury Rates
Asset Derivatives Fair Value	241,820	531,562
Liability Derivatives Fair Value	(488,828)	(67,448)
Net Fair Value	(247,008)	464,114
Futures Contracts
Asset Derivatives Fair Value	5,811,403	17,390,894
Liability Derivatives Fair Value	(7,324,905)	(4,719,623)
Net Fair Value	(1,513,502)	12,671,271
Forward Contracts
Asset Derivatives Fair Value	1,198,706	2,167,485
Liability Derivatives Fair Value	(765,413)	(4,156,215)
Net Fair Value	$ 433,293	$ (1,988,730)

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STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (NET ASSET VALUE) - USD ($)	Total	Limited Partners, Original Class A	Limited Partners, Original Class B	Limited Partners, Special Interests	Limited Partners, Class A	Limited Partners, Class B	Limited Partners, Institutional Interests	General Partner
Balances at Dec. 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)	(699,807)	127,956	788,952
Capital additions	$ 13,958,807				7,681,848	1,130,954	5,146,005
Capital withdrawals	(113,283,884)	$ (8,057,988)	$ (844,620)	$ (33,328,245)	(31,947,896)	(28,184,644)	(10,920,491)
Net investment loss	(11,939,213)	(692,982)	(97,500)	(565,752)	(6,324,595)	(2,592,608)	(1,665,694)	$ (82)
Net realized gain (loss) from investments (net of brokerage commissions)	26,748,588	1,652,043	303,876	1,949,650	11,173,924	6,430,044	5,238,839	212
Net change in unrealized gain (loss) from investments	(8,523,131)	(523,379)	(100,090)	(620,926)	(3,561,647)	(2,046,490)	(1,670,531)	(68)
Net income (loss) for the period	6,286,244	435,682	106,286	$ 762,972	1,287,682	1,790,946	1,902,614	62
Balances at Jun. 30, 2014	402,475,041	25,763,436	5,071,720		180,159,300	102,021,245	89,455,717	3,623
Balances at Dec. 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		(139,240)	$ 139,240		(919,182)	589,288	329,894
Capital additions	$ 16,581,967	95,333		$ 446,790	12,308,304	1,885,980	1,845,560
Capital withdrawals	(28,404,303)	(587,078)	$ (261,352)		(11,465,465)	(11,582,468)	(4,507,940)
Net investment loss	(11,104,961)	(607,644)	(108,467)	$ (316,303)	(6,173,335)	(2,326,485)	(1,572,623)	$ (104)
Net realized gain (loss) from investments (net of brokerage commissions)	8,282,678	498,295	111,780	312,690	3,606,195	2,160,708	1,592,926	84
Net change in unrealized gain (loss) from investments	(11,655,889)	(705,862)	(158,040)	(486,845)	(5,333,889)	(2,752,064)	(2,219,065)	(124)
Net income (loss) for the period	(14,478,172)	(815,211)	(154,727)	(490,458)	(7,901,029)	(2,917,841)	(2,198,762)	(144)
Balances at Jun. 30, 2015	$ 348,494,392	$ 21,262,415	$ 4,682,683	$ 15,138,020	$ 161,484,580	$ 78,805,044	$ 67,117,875	$ 3,775

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7. FINANCIAL DERIVATIVE INSTRUMENTS - Trading results of derivative trading (Details)	3 Months Ended				6 Months Ended
	Jun. 30, 2015 USD ($) Integer		Jun. 30, 2014 USD ($) Integer		Jun. 30, 2015 USD ($) Integer		Jun. 30, 2014 USD ($) Integer
Realized	$ (14,693,079)		$ 23,365,168		$ 10,997,560		$ 30,168,173
Change in Unrealized	(9,285,336)		(665,248)		(11,762,750)		(8,538,409)
Agriculture
Realized	938,647		1,903,548		882,322		1,180,594
Change in Unrealized	(2,400,576)		(5,236,737)		(1,410,045)		(2,524,561)
Currencies
Realized	(6,454,879)		(3,294,705)		4,920,807		1,639,905
Change in Unrealized	649,874		3,233,937		(1,866,339)		(1,575,056)
Energy
Realized	(4,329,448)		(190,511)		(3,017,324)		402,853
Change in Unrealized	(545,865)		452,074		(1,418,064)		131,115
Interest Rates
Realized	(1,944,949)		7,606,535		5,892,299		12,846,758
Change in Unrealized	(4,723,790)		5,901,234		(4,505,922)		9,090,852
Metals
Realized	(1,988,172)		486,081		(2,701,136)		(3,035,476)
Change in Unrealized	2,060,542		(2,724,935)		578,749		(3,088,034)
Stock Indices
Realized	(643,785)		10,159,120		8,221,953		13,346,817
Change in Unrealized	(3,091,094)		(1,568,428)		(4,852,030)		(11,128,920)
Treasury Rates
Realized	734,677		2,731,530		925,944		1,683,593
Change in Unrealized	(1,920,550)		963,139		(711,122)		712,107
Futures Contracts
Realized	(13,687,909)		19,401,598		15,124,865		28,065,044
Change in Unrealized	$ (9,971,459)		$ 1,020,284		$ (14,184,773)		$ (8,382,497)
Number of Contracts Closed | Integer	30,586		32,782		54,957		71,185
Forward Contracts
Realized	$ (1,005,170)		$ 3,963,570		$ (4,127,305)		$ 2,103,129
Change in Unrealized	$ 686,123		$ (1,685,532)		$ 2,422,023		$ (155,912)
Number of Contracts Closed	137,517,459,979	[1]	349,230,926,360	[2]	357,857,330,982	[1]	622,110,236,778	[2]

[1] Represents the notional amount bought or sold during the three and six months ended June 30, 2015. The number of contracts closed using average cost for long contracts of 574,858 and 559,847 and short contracts of (476,822) and (506,231) for the three and six months ended June 30, 2015.

[2] Represents the notional amount bought or sold during the three and six months ended June 30, 2014. The number of contracts closed using average cost for long contracts of 769,722 and 1,487,245 and short contracts of (795,838) and (1,478,794) for the three and six months ended June 30, 2014.

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STATEMENTS OF FINANCIAL CONDITION - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Equity in commodity broker account
Cash	$ 4,168,951
Restricted cash	24,567,806	$ 22,022,440
Restricted foreign currency (cost - $7,164,432 and $8,261,611)	$ 7,200,655	8,179,695
Unrealized gain on open commodity futures contracts		$ 12,671,271
Unrealized gain on open forward contracts	$ 433,293
Total	36,370,705	$ 42,873,406
Cash	14,440,770	53,617,173
Investment securities at value (cost - $311,646,611 and $312,979,365)	311,646,904	312,933,103
Interest receivable	186,752	124,547
Total assets	$ 362,645,131	409,548,229
Equity in commodity broker account:
Due to broker		3,401,180
Foreign currency due to broker (proceeds - $1,424,205 and $5,106,399)	$ 1,431,407	$ 5,055,768
Unrealized loss on open commodity futures contracts	$ 1,513,502
Unrealized loss on open forward contracts		$ 1,988,730
Total	$ 2,944,909	10,445,678
Redemptions payable	$ 5,691,716	12,395,726
Incentive fee payable		8,443,751
Subscriptions received in advance	$ 3,525,756	1,322,331
Commissions payable	442,684	511,828
Management fee payable	319,635	357,488
Service fees payable	332,243	339,876
Advisory fee payable	287,662	308,787
Administrative fee payable	69,974	75,607
Other liabilities	536,160	552,257
Total liabilities	14,150,739	34,753,329
PARTNERS' CAPITAL (NET ASSET VALUE)
General Partner	3,775	3,919
Limited Partners	348,490,617	374,790,981
Total partners' capital (Net Asset Value)	348,494,392	374,794,900
Total liabilities and partners' capital	$ 362,645,131	$ 409,548,229

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CONDENSED SCHEDULE OF INVESTMENTS, FUTURES CONTRACTS	6 Months Ended		12 Months Ended
	Jun. 30, 2015 USD ($) Integer		Dec. 31, 2014 USD ($) Integer
Value	$ 311,646,904		$ 312,933,103
Futures Contracts
Number of Contracts | Integer	15,193		16,401
Value	$ (1,513,502)		$ 12,671,271
% of Partners Capital	(0.43%)		3.39%
Futures Contracts | Long Futures Contracts
Number of Contracts | Integer	11,021		12,934
Value	$ (1,780,496)		$ 5,438,863
% of Partners Capital	(0.51%)		1.45%
Futures Contracts | Long Futures Contracts | Agriculture
Number of Contracts | Integer	409		572
Value	$ 731,666		$ (311,960)
% of Partners Capital	0.21%		(0.08%)
Expiration Dates, Lower Range	Jul. 01, 2015		Jan. 01, 2015
Expiration Dates, Upper Range	Mar. 01, 2016		May 01, 2015
Futures Contracts | Long Futures Contracts | Currencies
Number of Contracts | Integer	454		18
Value	$ 489,369		$ 33,467
% of Partners Capital	0.14%		0.01%
Expiration Dates	Sep. 01, 2015		Mar. 01, 2015
Futures Contracts | Long Futures Contracts | Energy
Number of Contracts | Integer	200		130
Value	$ (112,874)		$ (1,232,680)
% of Partners Capital	(0.03%)		(0.33%)
Expiration Dates, Lower Range	Jul. 15, 2015		Jan. 01, 2015
Expiration Dates, Upper Range	Sep. 01, 2015		Feb. 01, 2015
Futures Contracts | Long Futures Contracts | Interest Rates
Number of Contracts | Integer	7,624		9,279
Value	$ 443,618		$ 4,966,154
% of Partners Capital	0.13%		1.33%
Expiration Dates, Lower Range	Sep. 01, 2015		Mar. 01, 2015
Expiration Dates, Upper Range	Sep. 01, 2018		Mar. 01, 2018
Futures Contracts | Long Futures Contracts | Metals
Number of Contracts | Integer	266		360
Value	$ (1,296,371)		$ (1,222,257)
% of Partners Capital	(0.37%)		(0.33%)
Expiration Dates, Lower Range	Jul. 01, 2015		Jan. 01, 2015
Expiration Dates, Upper Range	Sep. 01, 2015		Mar. 01, 2015
Futures Contracts | Long Futures Contracts | Stock Indices
Number of Contracts | Integer	1,539		1,661
Value	$ (2,277,724)		$ 2,742,025
% of Partners Capital	(0.66%)		0.73%
Expiration Dates, Lower Range	Jul. 01, 2015		Jan. 01, 2015
Expiration Dates, Upper Range	Sep. 01, 2015		Mar. 01, 2015
Futures Contracts | Long Futures Contracts | Treasury Rates
Number of Contracts | Integer	529		914
Value	$ 241,820		$ 464,114
% of Partners Capital	0.07%		0.12%
Expiration Dates	Sep. 01, 2015		Mar. 01, 2015
Futures Contracts | Short Futures Contacts
Number of Contracts | Integer	4,172		3,467
Value	$ 266,994		$ 7,232,408
% of Partners Capital	0.08%		1.94%
Futures Contracts | Short Futures Contacts | Agriculture
Number of Contracts | Integer	1,126		466
Value	$ (1,871,671)		$ 582,000
% of Partners Capital	(0.54%)		0.16%
Expiration Dates, Lower Range	Jul. 01, 2015		Feb. 01, 2015
Expiration Dates, Upper Range	Feb. 01, 2016		May 01, 2015
Futures Contracts | Short Futures Contacts | Currencies
Number of Contracts | Integer	1,389		1,901
Value	$ 444,136		$ 2,766,377
% of Partners Capital	0.13%		0.74%
Expiration Dates	Sep. 01, 2015		Mar. 01, 2015
Futures Contracts | Short Futures Contacts | Energy
Number of Contracts | Integer	430		353
Value	$ 238,576		$ 2,776,446
% of Partners Capital	0.07%		0.74%
Expiration Dates, Lower Range	Jul. 01, 2015		Jan. 01, 2015
Expiration Dates, Upper Range	Sep. 01, 2015		Mar. 01, 2015
Futures Contracts | Short Futures Contacts | Interest Rates
Number of Contracts | Integer	19		77
Value	$ 163		$ (16,451)
% of Partners Capital	0.00%		0.00%
Expiration Dates, Lower Range	Dec. 01, 2015		Mar. 01, 2015
Expiration Dates, Upper Range	Mar. 01, 2016		Jun. 01, 2015
Futures Contracts | Short Futures Contacts | Metals
Number of Contracts | Integer	790		553
Value	$ 1,974,993		$ 1,322,130
% of Partners Capital	0.57%		0.35%
Expiration Dates, Lower Range	Jul. 01, 2015		Jan. 01, 2015
Expiration Dates, Upper Range	Jun. 01, 2016		Apr. 01, 2015
Futures Contracts | Short Futures Contacts | Stock Indices
Number of Contracts | Integer	112		117
Value	$ (30,375)		$ (198,094)
% of Partners Capital	(0.01%)		(0.05%)
Expiration Dates, Lower Range	Jul. 01, 2015
Expiration Dates, Upper Range	Sep. 01, 2015
Expiration Dates			Mar. 01, 2015
Futures Contracts | Short Futures Contacts | Treasury Rates
Number of Contracts | Integer	306
Value	$ (488,828)
% of Partners Capital	(0.14%)
Expiration Dates	Sep. 01, 2015
Forward Contracts
Value	$ 433,293		$ (1,988,730)
% of Partners Capital	0.12%		(0.53%)
Forward Contracts | Long Forward Contracts | Currencies
Number of Contracts | Integer	158,127,891	[1]	208,246,832	[2]
Value	$ (67,869)		$ (3,900,907)
% of Partners Capital	(0.02%)		(1.04%)
Expiration Dates, Lower Range	Jul. 01, 2015		Jan. 01, 2015
Expiration Dates, Upper Range	Dec. 01, 2015		Jun. 01, 2015
Forward Contracts | Short Forward Contracts | Currencies
Number of Contracts | Integer	157,694,599	[1]	189,600,144	[2]
Value	$ 501,162		$ 1,912,177
% of Partners Capital	0.14%		0.51%
Expiration Dates, Lower Range	Jul. 01, 2015		Jan. 01, 2015
Expiration Dates, Upper Range	Dec. 01, 2015		Jun. 01, 2015
Fixed Income Investments
Value	$ 311,646,904		$ 312,933,103
% of Partners Capital	89.43%		83.48%
Fixed Income Investments | Corporate Notes
Value	$ 130,842,802		$ 120,602,218
% of Partners Capital	37.55%		32.16%
Fixed Income Investments | U.S. Government Agency Bonds and Notes
Value			$ 192,330,885
% of Partners Capital			51.32%

[1] Represents the June 30, 2015 U.S. dollar equivalent of the notional amount bought or sold

[2] Represents the December 31, 2014 U.S. dollar equivalent of the notional amount bought or sold.

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10. FINANCIAL HIGHLIGHTS - Financial highlights of the Partnership (Details)		3 Months Ended		6 Months Ended
		Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Limited Partners, Original Class A
Total return for Limited Partners
Total return prior to incentive fees	[1]	(7.24%)	3.89%	(2.53%)	2.54%
Incentive fees	[1]	0.00%	(0.83%)	(1.15%)	(0.81%)
Total return after incentive fees	[1]	(7.24%)	3.06%	(3.68%)	1.73%
Ratio to average net asset value
Expenses prior to incentive fees	[2]	3.02%	3.25%	3.15%	3.24%
Incentive fees	[1]	0.00%	0.84%	1.16%	0.79%
Total expenses		3.02%	4.09%	4.31%	4.03%
Net investment (loss)	[2],[3]	(2.92%)	(3.16%)	(3.05%)	(3.14%)
Limited Partners, Original Class B
Total return for Limited Partners
Total return prior to incentive fees	[1]	(7.02%)	4.15%	(2.05%)	3.05%
Incentive fees	[1]	0.00%	(0.83%)	(1.15%)	(0.82%)
Total return after incentive fees	[1]	(7.02%)	3.32%	(3.20%)	2.23%
Ratio to average net asset value
Expenses prior to incentive fees	[2]	2.09%	2.17%	2.17%	2.19%
Incentive fees	[1]	0.00%	0.82%	1.16%	0.79%
Total expenses		2.09%	2.99%	3.33%	2.98%
Net investment (loss)	[2],[3]	(1.99%)	(2.08%)	(2.07%)	(2.10%)
Limited Partners, Special Interests
Total return for Limited Partners
Total return prior to incentive fees	[1]	(6.96%)	4.21%	(1.93%)	3.18%
Incentive fees	[1]	0.00%	(0.83%)	(1.16%)	(0.82%)
Total return after incentive fees	[1]	(6.96%)	3.38%	(3.09%)	2.36%
Ratio to average net asset value
Expenses prior to incentive fees	[2]	1.82%	2.87%	1.91%	2.31%
Incentive fees	[1]	0.00%	0.81%	1.13%	0.82%
Total expenses		1.82%	3.68%	3.04%	3.13%
Net investment (loss)	[2],[3]	(1.72%)	(2.74%)	(1.81%)	(2.20%)
Limited Partners, Class A
Total return for Limited Partners
Total return prior to incentive fees	[1]	(7.67%)	3.42%	(3.41%)	1.61%
Incentive fees	[1]	0.00%	(0.83%)	(1.15%)	(0.81%)
Total return after incentive fees	[1]	(7.67%)	2.59%	(4.56%)	0.80%
Ratio to average net asset value
Expenses prior to incentive fees	[2]	4.93%	5.08%	5.05%	5.08%
Incentive fees	[1]	0.00%	0.83%	1.15%	0.81%
Total expenses		4.93%	5.91%	6.20%	5.89%
Net investment (loss)	[2],[3]	(4.83%)	(4.99%)	(4.94%)	(4.99%)
Limited Partners, Class B
Total return for Limited Partners
Total return prior to incentive fees	[1]	(7.21%)	3.94%	(2.45%)	2.63%
Incentive fees	[1]	0.00%	(0.83%)	(1.16%)	(0.82%)
Total return after incentive fees	[1]	(7.21%)	3.11%	(3.61%)	1.81%
Ratio to average net asset value
Expenses prior to incentive fees	[2]	2.95%	3.06%	3.04%	3.06%
Incentive fees	[1]	0.00%	0.84%	1.19%	0.81%
Total expenses		2.95%	3.90%	4.23%	3.87%
Net investment (loss)	[2],[3]	(2.85%)	(2.97%)	(2.94%)	(2.97%)
Limited Partners, Institutional Interests
Total return for Limited Partners
Total return prior to incentive fees	[1]	(7.02%)	4.14%	(2.06%)	3.04%
Incentive fees	[1]	0.00%	(0.83%)	(1.16%)	(0.82%)
Total return after incentive fees	[1]	(7.02%)	3.31%	(3.22%)	2.22%
Ratio to average net asset value
Expenses prior to incentive fees	[2]	2.10%	2.20%	2.19%	2.21%
Incentive fees	[1]	0.00%	0.83%	1.16%	0.82%
Total expenses		2.10%	3.03%	3.35%	3.03%
Net investment (loss)	[2],[3]	(1.99%)	(2.12%)	(2.09%)	(2.13%)

[1] Not annualized.

[2] Annualized.

[3] Excludes incentive fee.

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3. RELATED PARTY TRANSACTIONS (Tables)

6 Months Ended

Jun. 30, 2015

Related Party Transactions Tables

Fees paid to Altegris Investments and Altegris Futures

	Three months	Six months	Three months	Six months
	ended	ended	ended	ended
	June 30, 2015	June 30, 2015	June 30, 2014	June 30, 2014
Altegris Futures - Brokerage
Commission fees	$        1,168,198	$     2,329,565	$      1,349,544	$      2,801,800
Altegris Investments- Service fees	144,446	296,430	164,620	339,034
Total	$        1,312,644	$     2,625,995	$      1,514,164	$      3,140,834

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10. FINANCIAL HIGHLIGHTS (Tables)

6 Months Ended

Jun. 30, 2015

Quarterly Financial Information Disclosure [Abstract]

Financial highlights of the Partnership

	Three months ended June 30, 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	(7.24)%	(7.02)%	(6.96)%	(7.67)%	(7.21)%	(7.02)%
Incentive fees	(0.00)%	(0.00)%	(0.00)%	(0.00)%	(0.00)%	(0.00)%
Total return after incentive fees	(7.24)%	(7.02)%	(6.96)%	(7.67)%	(7.21)%	(7.02)%
Ratio to average net asset value
Expenses prior to incentive fees (2)	3.02%	2.09%	1.82%	4.93%	2.95%	2.10%
Incentive fees (3)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Total expenses	3.02%	2.09%	1.82%	4.93%	2.95%	2.10%
Net investment (loss) (1) (2)	(2.92)%	(1.99)%	(1.72)%	(4.83)%	(2.85)%	(1.99)%
	Six months ended June 30, 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	(2.53)%	(2.05)%	(1.93)%	(3.41)%	(2.45)%	(2.06)%
Incentive fees	(1.15)%	(1.15)%	(1.16)%	(1.15)%	(1.16)%	(1.16)%
Total return after incentive fees	(3.68)%	3.20%	(3.09)%	(4.56)%	(3.61)%	(3.22)%
Ratio to average net asset value
Expenses prior to incentive fees (2)	3.15%	2.17%	1.91%	5.05%	3.04%	2.19%
Incentive fees (3)	1.16%	1.16%	1.13%	1.15%	1.19%	1.16%
Total expenses	4.31%	3.33%	3.04%	6.20%	4.23%	3.35%
Net investment (loss) (1) (2)	(3.05)%	(2.07)%	(1.81)%	(4.94)%	(2.94)%	(2.09)%

	Three months ended June 30, 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	3.89%	4.15%	4.21%	3.42%	3.94%	4.14%
Incentive fees	(0.83)%	(0.83)%	(0.83)%	(0.83)%	(0.83)%	(0.83)%
Total return after incentive fees	3.06%	3.32%	3.38%	2.59%	3.11%	3.31%
Ratio to average net asset value
Expenses prior to incentive fees (2)	3.25%	2.17%	2.87%	5.08%	3.06%	2.20%
Incentive fees (3)	0.84%	0.82%	0.81%	0.83%	0.84%	0.83%
Total expenses	4.09%	2.99%	3.68%	5.91%	3.90%	3.03%
Net investment (loss) (1) (2)	(3.16)%	(2.08)%	(2.74)%	(4.99)%	(2.97)%	(2.12)%
	Six months ended June 30, 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	2.54%	3.05%	3.18%	1.61%	2.63%	3.04%
Incentive fees	(0.81)%	(0.82)%	(0.82)%	(0.81)%	(0.82)%	(0.82)%
Total return after incentive fees	1.73%	2.23%	2.36%	0.80%	1.81%	2.22%
Ratio to average net asset value
Expenses prior to incentive fees (2)	3.24%	2.19%	2.31%	5.08%	3.06%	2.21%
Incentive fees (3)	0.79%	0.79%	0.82%	0.81%	0.81%	0.82%
Total expenses	4.03%	2.98%	3.13%	5.89%	3.87%	3.03%
Net investment (loss) (1) (2)	(3.14)%	(2.10)%	(2.20)%	(4.99)%	(2.97)%	(2.13)%

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.

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STATEMENTS OF INCOME (LOSS) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Gain (loss) on trading of derivatives contracts
Realized	$ (14,693,079)	$ 23,365,168	$ 10,997,560	$ 30,168,173
Change in unrealized	(9,285,336)	(665,248)	(11,762,750)	(8,538,409)
Brokerage commissions	(1,405,788)	(1,703,514)	(2,842,826)	(3,505,415)
Gain (loss) from trading derivatives contracts	(25,384,203)	20,996,406	(3,608,016)	18,124,349
Gain (loss) on trading of securities
Realized	25,620	10,512	53,796	30,058
Change in unrealized	13,302	(20,731)	46,555	(14,384)
Gain (loss) from trading securities	38,922	(10,219)	100,351	15,674
Gain (loss) on trading of foreign currency
Realized	187,342	44,458	74,148	55,772
Change in unrealized	27,991	37,696	60,306	29,662
Gain (loss) from trading foreign currency	215,333	82,154	134,454	85,434
Total trading gains (losses)	(25,129,948)	21,068,341	(3,373,211)	18,225,457
Income
Interest income	93,988	98,192	186,897	207,256
Expenses
Management fee	1,018,368	1,204,925	2,059,584	2,487,108
Service fees	949,496	1,093,851	1,943,936	2,242,760
Advisory fee	880,432	1,065,052	1,780,612	2,187,325
Professional fees	307,723	362,901	618,683	749,430
Administrative fee	$ 214,714	246,656	434,118	511,570
Incentive fee		3,719,986	4,338,981	3,725,461
Interest expense	$ 3,664	14,063	4,813	19,116
Other expenses	(37,152)	87,389	111,131	223,699
Total expenses	3,337,245	7,794,823	11,291,858	12,146,469
Net investment loss	(3,243,257)	(7,696,631)	(11,104,961)	(11,939,213)
NET INCOME (LOSS)	$ (28,373,205)	$ 13,371,710	$ (14,478,172)	$ 6,286,244

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STATEMENTS OF FINANCIAL CONDITION (Parenthetical) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Cost of restricted foreign currency equity in Newedge USA, LLC account	$ 7,164,432	$ 8,261,611
Investment securities at cost	311,646,611	312,979,365
Proceeds of foreign currency liabilities in Newedge USA, LLC account	$ 1,424,205	$ 5,106,399

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9. INDEMNIFICATIONS

6 Months Ended

Jun. 30, 2015

Commitments and Contingencies Disclosure [Abstract]

INDEMNIFICATIONS

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.

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Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Aug. 10, 2015
Document And Entity Information
Entity Registrant Name	Altegris Winton Futures Fund, L.P.
Entity Central Index Key	0001198415
Document Type	10-Q
Document Period End Date	Jun. 30, 2015
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Is Entity a Well-known Seasoned Issuer?	No
Is Entity a Voluntary Filer?	No
Is Entity's Reporting Status Current?	Yes
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		0
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2015

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10. FINANCIAL HIGHLIGHTS

6 Months Ended

Jun. 30, 2015

Quarterly Financial Information Disclosure [Abstract]

FINANCIAL HIGHLIGHTS

NOTE 10 - FINANCIAL HIGHLIGHTS

The following information presents the financial highlights of the Partnership for the three and six months ended June 30, 2015 and 2014. This information has been derived from information presented in the financial statements.

	Three months ended June 30, 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	(7.24)%	(7.02)%	(6.96)%	(7.67)%	(7.21)%	(7.02)%
Incentive fees	(0.00)%	(0.00)%	(0.00)%	(0.00)%	(0.00)%	(0.00)%
Total return after incentive fees	(7.24)%	(7.02)%	(6.96)%	(7.67)%	(7.21)%	(7.02)%
Ratio to average net asset value
Expenses prior to incentive fees (2)	3.02%	2.09%	1.82%	4.93%	2.95%	2.10%
Incentive fees (3)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Total expenses	3.02%	2.09%	1.82%	4.93%	2.95%	2.10%
Net investment (loss) (1) (2)	(2.92)%	(1.99)%	(1.72)%	(4.83)%	(2.85)%	(1.99)%
	Six months ended June 30, 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	(2.53)%	(2.05)%	(1.93)%	(3.41)%	(2.45)%	(2.06)%
Incentive fees	(1.15)%	(1.15)%	(1.16)%	(1.15)%	(1.16)%	(1.16)%
Total return after incentive fees	(3.68)%	3.20%	(3.09)%	(4.56)%	(3.61)%	(3.22)%
Ratio to average net asset value
Expenses prior to incentive fees (2)	3.15%	2.17%	1.91%	5.05%	3.04%	2.19%
Incentive fees (3)	1.16%	1.16%	1.13%	1.15%	1.19%	1.16%
Total expenses	4.31%	3.33%	3.04%	6.20%	4.23%	3.35%
Net investment (loss) (1) (2)	(3.05)%	(2.07)%	(1.81)%	(4.94)%	(2.94)%	(2.09)%

	Three months ended June 30, 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	3.89%	4.15%	4.21%	3.42%	3.94%	4.14%
Incentive fees	(0.83)%	(0.83)%	(0.83)%	(0.83)%	(0.83)%	(0.83)%
Total return after incentive fees	3.06%	3.32%	3.38%	2.59%	3.11%	3.31%
Ratio to average net asset value
Expenses prior to incentive fees (2)	3.25%	2.17%	2.87%	5.08%	3.06%	2.20%
Incentive fees (3)	0.84%	0.82%	0.81%	0.83%	0.84%	0.83%
Total expenses	4.09%	2.99%	3.68%	5.91%	3.90%	3.03%
Net investment (loss) (1) (2)	(3.16)%	(2.08)%	(2.74)%	(4.99)%	(2.97)%	(2.12)%
	Six months ended June 30, 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	2.54%	3.05%	3.18%	1.61%	2.63%	3.04%
Incentive fees	(0.81)%	(0.82)%	(0.82)%	(0.81)%	(0.82)%	(0.82)%
Total return after incentive fees	1.73%	2.23%	2.36%	0.80%	1.81%	2.22%
Ratio to average net asset value
Expenses prior to incentive fees (2)	3.24%	2.19%	2.31%	5.08%	3.06%	2.21%
Incentive fees (3)	0.79%	0.79%	0.82%	0.81%	0.81%	0.82%
Total expenses	4.03%	2.98%	3.13%	5.89%	3.87%	3.03%
Net investment (loss) (1) (2)	(3.14)%	(2.10)%	(2.20)%	(4.99)%	(2.97)%	(2.13)%

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.

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SCHEDULE OF INVESTMENTS (June 30 2015) - USD ($)		6 Months Ended
		Jun. 30, 2015	Dec. 31, 2014
Value		$ 311,646,904	$ 312,933,103
At Cost		311,646,611	312,979,365
Fixed Income Investments
Value		$ 311,646,904	$ 312,933,103
% of Partners Capital		89.43%	83.48%
At Cost		$ 311,646,611	$ 312,979,365
Fixed Income Investments | U.S. Government Agency Bonds and Notes
Value		$ 180,804,102
% of Partners Capital		51.88%
At Cost		$ 180,803,808
Fixed Income Investments | U.S. Government Agency Bonds and Notes | Federal Farm Credit Bank Disc Note, 0.00%
Face Value		42,241,000
Value		$ 42,241,000
% of Partners Capital		12.12%
Maturity Date		Jul. 01, 2015
Interest Rate/Yield	[1]	0.00%
Fixed Income Investments | U.S. Government Agency Bonds and Notes | Federal Home Loan Bank, 0.20% a
Face Value		$ 15,000,000
Value		$ 15,004,335
% of Partners Capital		4.30%
Maturity Date		Dec. 01, 2015
Interest Rate/Yield		0.20%
Fixed Income Investments | U.S. Government Agency Bonds and Notes | Federal Home Loan Bank, 0.20% b
Face Value		$ 13,300,000
Value		$ 13,302,301
% of Partners Capital		3.82%
Maturity Date		Sep. 14, 2015
Interest Rate/Yield		0.20%
Fixed Income Investments | U.S. Government Agency Bonds and Notes | Federal Home Loan Bank, 0.20% c
Face Value		$ 13,300,000
Value		$ 13,302,873
% of Partners Capital		3.82%
Maturity Date		Sep. 25, 2015
Interest Rate/Yield		0.20%
Fixed Income Investments | U.S. Government Agency Bonds and Notes | Federal Home Loan Bank, 0.20% d
Face Value		$ 12,000,000
Value		$ 12,001,476
% of Partners Capital		3.44%
Maturity Date		Aug. 19, 2015
Interest Rate/Yield		0.20%
Fixed Income Investments | U.S. Government Agency Bonds and Notes | Federal Home Loan Bank, 0.25% a
Face Value		$ 12,000,000
Value		$ 11,993,400
% of Partners Capital		3.44%
Maturity Date		Apr. 20, 2016
Interest Rate/Yield		0.25%
Fixed Income Investments | U.S. Government Agency Bonds and Notes | Federal Home Loan Bank, 0.20% e
Face Value		$ 10,000,000
Value		$ 10,001,730
% of Partners Capital		2.87%
Maturity Date		Sep. 18, 2015
Interest Rate/Yield		0.20%
Fixed Income Investments | U.S. Government Agency Bonds and Notes | Federal Home Loan Bank, 0.125%
Face Value		$ 9,400,000
Value		$ 9,394,727
% of Partners Capital		2.70%
Maturity Date		Dec. 08, 2015
Interest Rate/Yield		0.125%
Fixed Income Investments | U.S. Government Agency Bonds and Notes | Federal Home Loan Bank, 0.375%
Face Value		$ 6,775,000
Value		$ 6,778,550
% of Partners Capital		1.95%
Maturity Date		Feb. 19, 2016
Interest Rate/Yield		0.375%
Fixed Income Investments | U.S. Government Agency Bonds and Notes | Federal Home Loan Bank, 0.20% f
Face Value		$ 1,500,000
Value		$ 1,499,085
% of Partners Capital		0.43%
Maturity Date		Feb. 29, 2016
Interest Rate/Yield		0.20%
Fixed Income Investments | U.S. Government Agency Bonds and Notes | Federal Home Loan Mortgage Corporation, 0.50% a
Face Value		$ 10,000,000
Value		$ 10,004,550
% of Partners Capital		2.87%
Maturity Date		Aug. 28, 2015
Interest Rate/Yield		0.50%
Fixed Income Investments | U.S. Government Agency Bonds and Notes | Federal National Mortgage Association, 0.50% b
Face Value		$ 15,000,000
Value		$ 15,000,165
% of Partners Capital		4.30%
Maturity Date		Jul. 02, 2015
Interest Rate/Yield		0.50%
Fixed Income Investments | U.S. Government Agency Bonds and Notes | Federal National Mortgage Association, 2.375%
Face Value		$ 6,372,000
Value		$ 6,382,412
% of Partners Capital		1.83%
Maturity Date		Jul. 28, 2015
Interest Rate/Yield		2.375%
Fixed Income Investments | U.S. Government Agency Bonds and Notes | Federal National Mortgage Association, 0.50% c
Face Value		$ 13,900,000
Value		$ 13,897,498
% of Partners Capital		3.99%
Maturity Date		Sep. 28, 2015
Interest Rate/Yield		0.50%
Fixed Income Investments | Corporate Notes
Value		$ 130,842,802	$ 120,602,218
% of Partners Capital		37.55%	32.16%
At Cost		$ 130,842,803	$ 120,602,218
Fixed Income Investments | Corporate Notes | American Honda Finance Corporation, 0.11%
Face Value		6,300,000
Value		$ 6,299,562
% of Partners Capital		1.81%
Maturity Date		Jul. 10, 2015
Interest Rate/Yield	[1]	0.11%
Fixed Income Investments | Corporate Notes | DCAT, LLC, 0.13%
Face Value		$ 5,000,000
Value		$ 4,999,050
% of Partners Capital		1.43%
Maturity Date		Jul. 02, 2015
Interest Rate/Yield	[1]	0.13%
Fixed Income Investments | Corporate Notes | Exxon Mobil Corporation, 0.11%
Face Value		$ 12,500,000
Value		$ 12,499,278
% of Partners Capital		3.59%
Maturity Date		Jul. 06, 2015
Interest Rate/Yield	[1]	0.11%
Fixed Income Investments | Corporate Notes | General Electric Capital Corporation, 0.09%
Face Value		$ 12,500,000
Value		$ 12,498,892
% of Partners Capital		3.59%
Maturity Date		Jul. 14, 2015
Interest Rate/Yield	[1]	0.09%
Fixed Income Investments | Corporate Notes | NetJets Inc., 0.00%
Face Value		$ 15,000,000
Value		$ 14,999,979
% of Partners Capital		4.30%
Maturity Date		Jul. 01, 2015
Interest Rate/Yield	[1]	0.00%
Fixed Income Investments | Corporate Notes | PACCAR Financial Corp., 0.13%
Face Value		$ 7,800,000
Value		$ 7,799,285
% of Partners Capital		2.24%
Maturity Date		Jul. 15, 2015
Interest Rate/Yield	[1]	0.13%
Fixed Income Investments | Corporate Notes | Sumitomo Mitsui Banking Corporation, 0.18%
Face Value		$ 9,400,000
Value		$ 9,400,000
% of Partners Capital		2.70%
Maturity Date		Jul. 17, 2015
Interest Rate/Yield	[1]	0.18%
Fixed Income Investments | Corporate Notes | Sumitomo Mitsui Trust Bank, Limited, 0.19%
Face Value		$ 9,400,000
Value		$ 9,400,000
% of Partners Capital		2.70%
Maturity Date		Jul. 29, 2015
Interest Rate/Yield	[1]	0.19%
Fixed Income Investments | Corporate Notes | The Chiba Bank, Ltd., 0.21%
Face Value		$ 6,300,000
Value		$ 6,300,000
% of Partners Capital		1.81%
Maturity Date		Jul. 24, 2015
Interest Rate/Yield	[1]	0.21%
Fixed Income Investments | Corporate Notes | The Norinchukin Bank, 0.18%
Face Value		$ 9,500,000
Value		$ 9,500,000
% of Partners Capital		2.73%
Maturity Date		Jul. 02, 2015
Interest Rate/Yield	[1]	0.18%
Fixed Income Investments | Corporate Notes | The Shizuoka Bank, Ltd., 0.22%
Face Value		$ 6,300,000
Value		$ 6,300,000
% of Partners Capital		1.81%
Maturity Date		Jul. 29, 2015
Interest Rate/Yield	[1]	0.22%
Fixed Income Investments | Corporate Notes | The Toronto-Dominion Bank, 0.10%
Face Value		$ 13,000,000
Value		$ 12,998,787
% of Partners Capital		3.72%
Maturity Date		Jul. 10, 2015
Interest Rate/Yield	[1]	0.10%
Fixed Income Investments | Corporate Notes | Victory Receivables Corporation, 0.17%
Face Value		$ 9,700,000
Value		$ 9,698,739
% of Partners Capital		2.78%
Maturity Date		Jul. 22, 2015
Interest Rate/Yield	[1]	0.17%
Fixed Income Investments | Corporate Notes | Working Capital Management Co. L.P., 0.16%
Face Value		$ 8,150,000
Value		$ 8,149,230
% of Partners Capital		2.34%
Maturity Date		Jul. 09, 2015
Interest Rate/Yield	[1]	0.16%

[1] The rate reported is the effective yield at time of purchase.

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4. ADVISORY CONTRACT

6 Months Ended

Jun. 30, 2015

Notes to Financial Statements

ADVISORY CONTRACT

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 and six months ended June, 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. In addition, the General Partner has assigned a portion of its management fees earned to the Advisor. For the three and six months ended June 30, 2015, management fees for Class A Interests were $433,783 and $868,829, respectively, management fees for Class B Interests were $216,864 and $446,726, respectively, management fees for Original Class B Interests were $12,398 and $25,061, respectively, management fees for Special Interests were $39,395 and $78,324, respectively and management fees for Institutional Interests were $177,992 and $361,672, respectively. For the three and six months ended June 30, 2014, management fees for Class A Interests were $472,409 and $973,458, respectively, management fees for Class B Interests were $275,033 and $576,754, respectively, management fees for Original Class B Interests were $12,830 and $26,708, respectively, management fees for Special Interests were $82,218 and $163,016, respectively and management fees for Institutional Interests were $222,562 and $447,389, respectively. General Partner’s Interest and Original Class A Interests did not get charged the management fee.

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3. RELATED PARTY TRANSACTIONS

6 Months Ended

Jun. 30, 2015

Related Party Transactions [Abstract]

RELATED PARTY TRANSACTIONS

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% (0.50% 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 and six months ended June 30, 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 and six months ended June 30, 2015, administrative fees for Class A Interests were $143,149 and $286,704, respectively and administrative fees for Class B Interests were $71,565 and $147,414, respectively. For the three and six months ended June 30, 2014, administrative fees for Class A Interests were $155,895 and $321,241, respectively and administrative fees for Class B Interests were $90,761 and $190,329, 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 Futures, 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 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 June 30, 2015 and December 31, 2014, respectively, the Partnership had commissions and brokerage fees payable to Altegris Clearing Solutions of $351,526 and $416,134, and service fees payable to Altegris Investments of $46,909 and $50,980, respectively. The following tables show the fees paid to Altegris Investments and Altegris Clearing Solutions for the three and six months ended June 30, 2015 and 2014:

	Three months	Six months	Three months	Six months
	ended	ended	ended	ended
	June 30, 2015	June 30, 2015	June 30, 2014	June 30, 2014
Altegris Futures - Brokerage
Commission fees	$        1,168,198	$     2,329,565	$      1,349,544	$      2,801,800
Altegris Investments- Service fees	144,446	296,430	164,620	339,034
Total	$        1,312,644	$     2,625,995	$      1,514,164	$      3,140,834

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.

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7. FINANCIAL DERIVATIVE INSTRUMENTS (Tables)

6 Months Ended

Jun. 30, 2015

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Fair value of derivative contracts

June 30, 2015
		Asset		Liability
Type of		Derivatives		Derivatives		Net
Derivatives Contracts		Fair Value		Fair Value		Fair Value
Futures Contracts
Agriculture	$	956,804	$	(2,096,809)	$	(1,140,005)
Currencies		1,456,773		(523,268)		933,505
Energy		261,552		(135,850)		125,702
Interest Rates		910,876		(467,095)		443,781
Metals		1,974,993		(1,296,371)		678,622
Stock Indices		8,585		(2,316,684)		(2,308,099)
Treasury Rates		241,820		(488,828)		(247,008)
	$	5,811,403	$	(7,324,905)	$	(1,513,502)
Forward Currency Contracts	$	1,198,706	$	(765,413)	$	433,293
Total Gross Fair Value of Derivatives Contracts	$	7,010,109	$	(8,090,318)	$	(1,080,209)
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

Trading results of the Partnership's derivative trading and information related to the volume of the Partnership's derivative activity

Three Months ended June 30, 2015
Type of				Change in	Number of
Derivatives Contracts		Realized		Unrealized	Contracts Closed
Futures Contracts
Agricultural	$	938,647	$	(2,400,576)
Currencies		(6,454,879)		649,874
Energy		(4,329,448)		(545,865)
Interest Rates		(1,944,949)		(4,723,790)
Metals		(1,988,172)		2,060,542
Stock Indices		(643,785)		(3,091,094)
Treasury Rates		734,677		(1,920,550)
	$	(13,687,909)	$	(9,971,459)	30,586
Forward Currency Contracts	$	(1,005,170)	$	686,123	$    137,517,459,979	(1)
Total gain (loss) from derivatives contracts	$	(14,693,079)	$	(9,285,336)
Six Months ended June 30, 2015
Type of				Change in	Number of
Derivatives Contracts		Realized		Unrealized	Contracts Closed
Futures Contracts
Agricultural	$	882,322	$	(1,410,045)
Currencies		4,920,807		(1,866,339)
Energy		(3,017,324)		(1,418,064)
Interest Rates		5,892,299		(4,505,922)
Metals		(2,701,136)		578,749
Stock Indices		8,221,953		(4,852,030)
Treasury Rates		925,944		(711,122)
	$	15,124,865	$	(14,184,773)	54,957
Forward Currency Contracts	$	(4,127,305)	$	2,422,023	$    357,857,330,982	(1)
Total gain (loss) from derivatives contracts	$	10,997,560	$	(11,762,750)
(1) Represents the notional amount bought or sold during the three and six months ended June 30, 2015. The number of contracts closed using average cost for long contracts of 574,858 and 559,847 and short contracts of (476,822) and (506,231) for the three and six months ended June 30, 2015.

Three Months ended June 30, 2014
Type of				Change in	Number of
Derivatives Contracts		Realized		Unrealized	Contracts Closed (1)
Futures Contracts
Agricultural	$	1,903,548	$	(5,236,737)
Currencies		(3,294,705)		3,233,937
Energy		(190,511)		452,074
Interest Rates		7,606,535		5,901,234
Metals		486,081		(2,724,935)
Stock Indices		10,159,120		(1,568,428)
Treasury Rates		2,731,530		963,139
	$	19,401,598	$	1,020,284	32,782
Forward Currency Contracts	$	3,963,570	$	(1,685,532)	$349,230,926,360	(1)
Total gain (loss) from derivatives contracts	$	23,365,168	$	(665,248)
Six Months ended June 30, 2014
Type of				Change in	Number of
Derivatives Contracts		Realized		Unrealized	Contracts Closed (1)
Futures Contracts
Agricultural	$	1,180,594	$	(2,524,561)
Currencies		1,639,905		(1,575,056)
Energy		402,853		131,115
Interest Rates		12,846,758		9,090,852
Metals		(3,035,476)		(3,088,034)
Stock Indices		13,346,817		(11,128,920)
Treasury Rates		1,683,593		712,107
	$	28,065,044	$	(8,382,497)	71,185
Forward Currency Contracts	$	2,103,129	$	(155,912)	622,110,236,778	(1)
Total gain (loss) from derivatives contracts	$	30,168,173	$	(8,538,409)

Disclosures about Offsetting Assets and Liabilities

Offsetting the Financial Assets and Derivative Assets
				Gross Amounts Not Offset in the Statement of Financial Condition
As of June 30, 2015
	Gross	Gross Amounts	Net Amounts
	Amounts of	of Recognized	of Assets Presented
	Recognized	Liabilities	in the Statement	Financial	Cash Collateral
Description	Assets	Available to Offset	of Financial Condition	Instruments	Received (1)	Net Amount
Forward contracts	$              1,198,706	$                              (765,413)	$                            433,293	$                        -	$                        -	$      433,293
Commodity futures contracts	5,811,403	(5,811,403)	-	-	-	-
Total	$              7,010,109	$                           (6,576,816)	$                            433,293	$                        -	$                        -	$      433,293
Offsetting the Financial Liabilities and Derivative Liabilities
				Gross Amounts Not Offset in the Statement of Financial Condition
As of June 30, 2015
	Gross	Gross Amounts	Net Amounts
	Amounts of	of Recognized	of Liabilities Presented
	Recognized	Assets	in the Statement	Financial	Cash Collateral
Description	Liabilities	Available to Offset	of Financial Condition	Instruments	Pledged (1)	Net Amount
Forward contracts	$               (765,413)	$                               765,413	$                                     -	$                        -	$                        -	$                -
Commodity futures contracts	(7,324,905)	5,811,403	(1,513,502)	-	-	(1,513,502)
Total	$            (8,090,318)	$                            6,576,816	$                       (1,513,502)	$                        -	$                        -	$  (1,513,502)

Offsetting the Financial Assets and Derivative Assets
				Gross Amounts Not Offset in the Statement of Financial Condition
As of December 31, 2014
	Gross	Gross	Net Amounts
	Amounts of	Amounts of	of Assets Presented
	Recognized	Recognized	in the Statement	Financial	Cash Collateral
Description	Assets	Liabilities available to offset	of Financial Condition	Instruments	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
				Gross Amounts Not Offset in the Statement of Financial Condition
As of December 31, 2014
	Gross	Gross	Net Amounts
	Amounts of	Amounts of	of Liabilities Presented
	Recognized	Recognized	in the Statement	Financial	Cash Collateral
Description	Liabilities	Liabilities available to offset	of Financial Condition	Instruments	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 $37,768,461 for 2015 and $30,202,135 for 2014, respectively.

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11. SUBSEQUENT EVENTS

6 Months Ended

Jun. 30, 2015

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

NOTE 11 - SUBSEQUENT EVENTS

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

From July 1, 2015 through August 14, 2015, the Partnership had subscriptions of $3,507,756 and redemptions of $5,602,729.

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7. FINANCIAL DERIVATIVE INSTRUMENTS

6 Months Ended

Jun. 30, 2015

Derivative Instruments and Hedging Activities Disclosure [Abstract]

FINANCIAL DERIVATIVE INSTRUMENTS

NOTE 7 - FINANCIAL DERIVATIVE INSTRUMENTS

The Partnership engages in the speculative trading of futures, options on futures, and forward 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 derivative contracts at June 30, 2015 and December 31, 2014. The fair value of derivative 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.

June 30, 2015
		Asset		Liability
Type of		Derivatives		Derivatives		Net
Derivatives Contracts		Fair Value		Fair Value		Fair Value
Futures Contracts
Agriculture	$	956,804	$	(2,096,809)	$	(1,140,005)
Currencies		1,456,773		(523,268)		933,505
Energy		261,552		(135,850)		125,702
Interest Rates		910,876		(467,095)		443,781
Metals		1,974,993		(1,296,371)		678,622
Stock Indices		8,585		(2,316,684)		(2,308,099)
Treasury Rates		241,820		(488,828)		(247,008)
	$	5,811,403	$	(7,324,905)	$	(1,513,502)
Forward Currency Contracts	$	1,198,706	$	(765,413)	$	433,293
Total Gross Fair Value of Derivatives Contracts	$	7,010,109	$	(8,090,318)	$	(1,080,209)
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

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 and six months ended June 30, 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 June 30, 2015
Type of				Change in	Number of
Derivatives Contracts		Realized		Unrealized	Contracts Closed
Futures Contracts
Agricultural	$	938,647	$	(2,400,576)
Currencies		(6,454,879)		649,874
Energy		(4,329,448)		(545,865)
Interest Rates		(1,944,949)		(4,723,790)
Metals		(1,988,172)		2,060,542
Stock Indices		(643,785)		(3,091,094)
Treasury Rates		734,677		(1,920,550)
	$	(13,687,909)	$	(9,971,459)	30,586
Forward Currency Contracts	$	(1,005,170)	$	686,123	$    137,517,459,979	(1)
Total gain (loss) from derivatives contracts	$	(14,693,079)	$	(9,285,336)
Six Months ended June 30, 2015
Type of				Change in	Number of
Derivatives Contracts		Realized		Unrealized	Contracts Closed
Futures Contracts
Agricultural	$	882,322	$	(1,410,045)
Currencies		4,920,807		(1,866,339)
Energy		(3,017,324)		(1,418,064)
Interest Rates		5,892,299		(4,505,922)
Metals		(2,701,136)		578,749
Stock Indices		8,221,953		(4,852,030)
Treasury Rates		925,944		(711,122)
	$	15,124,865	$	(14,184,773)	54,957
Forward Currency Contracts	$	(4,127,305)	$	2,422,023	$    357,857,330,982	(1)
Total gain (loss) from derivatives contracts	$	10,997,560	$	(11,762,750)
(1) Represents the notional amount bought or sold during the three and six months ended June 30, 2015. The number of contracts closed using average cost for long contracts of 574,858 and 559,847 and short contracts of (476,822) and (506,231) for the three and six months ended June 30, 2015.
Three Months ended June 30, 2014
Type of				Change in		Number of
Derivatives Contracts		Realized		Unrealized		Contracts Closed (1)
Futures Contracts
Agricultural	$	1,903,548	$	(5,236,737)
Currencies		(3,294,705)		3,233,937
Energy		(190,511)		452,074
Interest Rates		7,606,535		5,901,234
Metals		486,081		(2,724,935)
Stock Indices		10,159,120		(1,568,428)
Treasury Rates		2,731,530		963,139
	$	19,401,598	$	1,020,284		32,782
Forward Currency Contracts	$	3,963,570	$	(1,685,532)		$349,230,926,360	(1)
Total gain (loss) from derivatives contracts	$	23,365,168	$	(665,248)
Six Months ended June 30, 2014
Type of				Change in		Number of
Derivatives Contracts		Realized		Unrealized		Contracts Closed (1)
Futures Contracts
Agricultural	$	1,180,594	$	(2,524,561)
Currencies		1,639,905		(1,575,056)
Energy		402,853		131,115
Interest Rates		12,846,758		9,090,852
Metals		(3,035,476)		(3,088,034)
Stock Indices		13,346,817		(11,128,920)
Treasury Rates		1,683,593		712,107
	$	28,065,044	$	(8,382,497)		71,185
Forward Currency Contracts	$	2,103,129	$	(155,912)		622,110,236,778	(1)
Total gain (loss) from derivatives contracts	$	30,168,173	$	(8,538,409)

(1) Represents the notional amount bought or sold during the three and six months ended June 30, 2014. The number of contracts closed using average cost for long contracts of 769,722 and 1,487,245 and short contracts of (795,838) and (1,478,794) for the three and six months ended June 30, 2014.

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

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

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

Offsetting the Financial Assets and Derivative Assets
				Gross Amounts Not Offset in the Statement of Financial Condition
As of June 30, 2015
	Gross	Gross Amounts	Net Amounts
	Amounts of	of Recognized	of Assets Presented
	Recognized	Liabilities	in the Statement	Financial	Cash Collateral
Description	Assets	Available to Offset	of Financial Condition	Instruments	Received (1)	Net Amount
Forward contracts	$              1,198,706	$                              (765,413)	$                            433,293	$                        -	$                        -	$      433,293
Commodity futures contracts	5,811,403	(5,811,403)	-	-	-	-
Total	$              7,010,109	$                           (6,576,816)	$                            433,293	$                        -	$                        -	$      433,293
Offsetting the Financial Liabilities and Derivative Liabilities
				Gross Amounts Not Offset in the Statement of Financial Condition
As of June 30, 2015
	Gross	Gross Amounts	Net Amounts
	Amounts of	of Recognized	of Liabilities Presented
	Recognized	Assets	in the Statement	Financial	Cash Collateral
Description	Liabilities	Available to Offset	of Financial Condition	Instruments	Pledged (1)	Net Amount
Forward contracts	$               (765,413)	$                               765,413	$                                     -	$                        -	$                        -	$                -
Commodity futures contracts	(7,324,905)	5,811,403	(1,513,502)	-	-	(1,513,502)
Total	$            (8,090,318)	$                            6,576,816	$                       (1,513,502)	$                        -	$                        -	$  (1,513,502)

Offsetting the Financial Assets and Derivative Assets
				Gross Amounts Not Offset in the Statement of Financial Condition
As of December 31, 2014
	Gross	Gross	Net Amounts
	Amounts of	Amounts of	of Assets Presented
	Recognized	Recognized	in the Statement	Financial	Cash Collateral
Description	Assets	Liabilities available to offset	of Financial Condition	Instruments	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
				Gross Amounts Not Offset in the Statement of Financial Condition
As of December 31, 2014
	Gross	Gross	Net Amounts
	Amounts of	Amounts of	of Liabilities Presented
	Recognized	Recognized	in the Statement	Financial	Cash Collateral
Description	Liabilities	Liabilities available to offset	of Financial Condition	Instruments	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 $31,768,461 for 2015 and $30,202,135 for 2014, respectively.

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5. SERVICE FEES

6 Months Ended

Jun. 30, 2015

Notes to Financial Statements

SERVICE FEES

NOTE 5 - SERVICE FEES

As compensation for the continuing services of selling agents to the Limited Partners, Original Class A Interests and Class A Interests pay the selling agents an ongoing monthly payment of 0.166% (2% annually) of the net asset value of interests sold by the agents that are outstanding at month-end. As compensation for the continuing services of selling agents to the Limited Partners holding Institutional Interests, the selling agents may elect the Institutional Interests to pay the selling agents an ongoing monthly payment of 0.0417% (0.50% annually) of the net asset value of Institutional Interests sold by the agents that are outstanding at month-end. For the three and six months ended June 30, 2015, service fees for General Partner’s Interest, were $19 and $39, respectively, service fees for Class A Interests were $836,986 and $1,711,821, respectively, service fees for Original Class A Interests were $109,665 and $226,286, respectively and service fees for Institutional Interests were $2,826 and $5,790, respectively. For the three and six months ended June 30, 2014, service fees for General Partner’s Interest, were $18 and $36, respectively, service fees for Class A Interests were $947,594 and $1,936,206, respectively, service fees for Original Class A Interests were $141,878 and $297,945, respectively and service fees for Institutional Interests were $4,361 and $8,573, respectively. Class B, Original Class B and Special Interests did not get charged the service fees.

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6. BROKERAGE COMMISSIONS

6 Months Ended

Jun. 30, 2015

Brokers and Dealers [Abstract]

BROKERAGE COMMISSIONS

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 brokers 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.

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

6 Months Ended

Jun. 30, 2015

Investments, All Other Investments [Abstract]

FINANCIAL INSTRUMENTS, OFF-BALANCE SHEET RISKS AND UNCERTAINTIES

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.

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.

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7. FINANCIAL DERIVATIVE INSTRUMENTS (Details Narrative) - Integer	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Notes to Financial Statements
Number of long contracts closed using average cost	574,858	769,722	559,847	1,487,245
Number of short contracts closed using average cost	(476,822)	(795,838)	(506,231)	(1,478,797)

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1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables)

6 Months Ended

Jun. 30, 2015

Accounting Policies [Abstract]

Partnership's assets and liabilities measured at fair value

					Balance as of
	June 30, 2015	Level 1	Level 2	Level 3	June 30, 2015
Assets:
	Futures contracts (1)	$                          5,811,403	$                              -	$                                  -	$                5,811,403
	Forward currency contracts (1)	-	1,198,706	-	1,198,706
	U.S. Government agency
	bonds and notes	180,804,102	-	-	180,804,102
	Corporate notes	-	130,842,802	-	130,842,802
		$                      186,615,505	$           132,041,508	$                                  -	$            318,657,013
Liabilities:
	Futures contracts (1)	$                         (7,324,905)	$                              -	$                                  -	$               (7,324,905)
	Forward currency contracts (1)	-	(765,413)	-	(765,413)
		$                         (7,324,905)	$                 (765,413)	$                                  -	$               (8,090,318)
					Balance as of
	December 31, 2014	Level 1	Level 2	Level 3	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.

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1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Notes to Financial Statements
Transfers between Level 1 and Level 2 assets and liabilities	$ 0	$ 0
Recognized interest expense or penalties	0	0
Liability for unrecognized tax benefits	$ 0	$ 0

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SCHEDULE OF INVESTMENTS (December 31, 2014) - USD ($)	12 Months Ended
	Dec. 31, 2014	Jun. 30, 2015
Value	$ 312,933,103	$ 311,646,904
At Cost	312,979,365	311,646,611
Fixed Income Investments
Value	$ 312,933,103	$ 311,646,904
% of Partners Capital	83.48%	89.43%
At Cost	$ 312,979,365	$ 311,646,611
Fixed Income Investments | Corporate Notes
Value	$ 120,602,218	$ 130,842,802
% of Partners Capital	32.16%	37.55%
At Cost	$ 120,602,218	$ 130,842,803
Fixed Income Investments | Corporate Notes | Victory Receivables Corporation, 0.13%
Face Value	9,400,000
Value	$ 9,398,747
% of Partners Capital	2.51%
Maturity Date	Jan. 08, 2015
Interest Rate/Yield	0.13%
Fixed Income Investments | Corporate Notes | Bank of Montreal, 0.10%
Face Value	$ 9,800,000
Value	$ 9,800,000
% of Partners Capital	2.61%
Maturity Date	Jan. 02, 2015
Interest Rate/Yield	0.10%
Fixed Income Investments | Corporate Notes | Exxon Mobil Corporation, 0.09%
Face Value	$ 12,500,000
Value	$ 12,499,042
% of Partners Capital	3.33%
Maturity Date	Jan. 09, 2015
Interest Rate/Yield	0.09%
Fixed Income Investments | Corporate Notes | General Electric Capital Corporation, 0.07%
Face Value	$ 12,500,000
Value	$ 12,499,132
% of Partners Capital	3.33%
Maturity Date	Jan. 09, 2015
Interest Rate/Yield	0.07%
Fixed Income Investments | Corporate Notes | Johnson & Johnson, 0.07%
Face Value	$ 12,500,000
Value	$ 12,499,343
% of Partners Capital	3.33%
Maturity Date	Jan. 05, 2015
Interest Rate/Yield	0.07%
Fixed Income Investments | Corporate Notes | Liberty Street Funding LLC, 0.16%
Face Value	$ 4,000,000
Value	$ 3,999,549
% of Partners Capital	1.07%
Maturity Date	Jan. 14, 2015
Interest Rate/Yield	0.16%
Fixed Income Investments | Corporate Notes | National Rural Utilities Finance Corporation, 0.13%
Face Value	$ 3,360,000
Value	$ 3,359,621
% of Partners Capital	0.90%
Maturity Date	Jan. 14, 2015
Interest Rate/Yield	0.13%
Fixed Income Investments | Corporate Notes | The Norinchukin Bank, 0.17%
Face Value	$ 9,400,000
Value	$ 9,400,000
% of Partners Capital	2.51%
Maturity Date	Jan. 29, 2015
Interest Rate/Yield	0.17%
Fixed Income Investments | Corporate Notes | Scotia Holdings (US) Inc., 0.13%
Face Value	$ 11,000,000
Value	$ 10,998,930
% of Partners Capital	2.93%
Maturity Date	Jan. 09, 2015
Interest Rate/Yield	0.13%
Fixed Income Investments | Corporate Notes | The Shizuoka Bank, Ltd., 0.19%
Face Value	$ 6,250,000
Value	$ 6,250,000
% of Partners Capital	1.67%
Maturity Date	Jan. 06, 2015
Interest Rate/Yield	0.19%
Fixed Income Investments | Corporate Notes | Sumitomo Mitsui Banking Corporation, 0.16%
Face Value	$ 10,900,000
Value	$ 10,900,000
% of Partners Capital	2.91%
Maturity Date	Jan. 02, 2015
Interest Rate/Yield	0.16%
Fixed Income Investments | Corporate Notes | Toronto Dominion Holdings (U.S.A.), Inc., 0.09%
Face Value	$ 12,500,000
Value	$ 12,498,639
% of Partners Capital	3.33%
Maturity Date	Jan. 16, 2015
Interest Rate/Yield	0.09%
Fixed Income Investments | Corporate Notes | Working Capital Management Co. L.P., 0.10%
Face Value	$ 6,500,000
Value	$ 6,499,215
% of Partners Capital	1.73%
Maturity Date	Jan. 02, 2015
Interest Rate/Yield	0.10%
Fixed Income Investments | U.S. Government Agency Bonds and Notes
Value	$ 192,330,885
% of Partners Capital	51.32%
At Cost	$ 192,377,147
Fixed Income Investments | U.S. Government Agency Bonds and Notes | MarFederalFarmCreditBankDiscNote0.01Member
Face Value	14,038,000
Value	$ 14,037,996
% of Partners Capital	3.75%
Maturity Date	Jan. 02, 2015
Interest Rate/Yield	0.01%
Fixed Income Investments | U.S. Government Agency Bonds and Notes | Federal Home Loan Bank Disc Note, 0.02%
Face Value	$ 28,900,000
Value	$ 28,899,769
% of Partners Capital	7.71%
Maturity Date	Jan. 16, 2015
Interest Rate/Yield	0.02%
Fixed Income Investments | U.S. Government Agency Bonds and Notes | Federal Home Loan Bank Disc Note, 0.09%
Face Value	$ 15,600,000
Value	$ 15,599,782
% of Partners Capital	4.16%
Maturity Date	Jan. 28, 2015
Interest Rate/Yield	0.09%
Fixed Income Investments | U.S. Government Agency Bonds and Notes | Federal Home Loan Bank, 0.25%
Face Value	$ 12,000,000
Value	$ 12,000,312
% of Partners Capital	3.20%
Maturity Date	Jan. 16, 2015
Interest Rate/Yield	0.25%
Fixed Income Investments | U.S. Government Agency Bonds and Notes | MarFederalHomeLoanBank0.13Member
Face Value	$ 12,000,000
Value	$ 11,998,236
% of Partners Capital	3.20%
Maturity Date	Mar. 20, 2015
Interest Rate/Yield	0.13%
Fixed Income Investments | U.S. Government Agency Bonds and Notes | Federal Home Loan Bank, 0.20%
Face Value	$ 12,000,000
Value	$ 11,997,888
% of Partners Capital	3.20%
Maturity Date	Aug. 19, 2015
Interest Rate/Yield	0.20%
Fixed Income Investments | U.S. Government Agency Bonds and Notes | Federal Home Loan Bank, 0.20% 1
Face Value	$ 10,000,000
Value	$ 9,994,210
% of Partners Capital	2.67%
Maturity Date	Sep. 18, 2015
Interest Rate/Yield	0.20%
Fixed Income Investments | U.S. Government Agency Bonds and Notes | Federal Home Loan Bank, 0.20% 2
Face Value	$ 15,000,000
Value	$ 14,981,910
% of Partners Capital	4.00%
Maturity Date	Dec. 01, 2015
Interest Rate/Yield	0.20%
Fixed Income Investments | U.S. Government Agency Bonds and Notes | Federal Home Loan Bank, 0.13% 1
Face Value	$ 9,400,000
Value	$ 9,376,387
% of Partners Capital	2.50%
Maturity Date	Dec. 08, 2015
Interest Rate/Yield	0.13%
Fixed Income Investments | U.S. Government Agency Bonds and Notes | Federal Home Loan Mortgage Corporation, 0.50%
Face Value	$ 9,400,000
Value	$ 9,408,930
% of Partners Capital	2.51%
Maturity Date	Apr. 17, 2015
Interest Rate/Yield	0.50%
Fixed Income Investments | U.S. Government Agency Bonds and Notes | Federal Home Loan Mortgage Corporation, 0.50% 1
Face Value	$ 10,000,000
Value	$ 10,017,500
% of Partners Capital	2.67%
Maturity Date	Aug. 28, 2015
Interest Rate/Yield	0.50%
Fixed Income Investments | U.S. Government Agency Bonds and Notes | Federal National Mortgage Association Disc Note, 0.14%
Face Value	$ 9,000,000
Value	$ 8,996,625
% of Partners Capital	2.40%
Maturity Date	Jun. 01, 2015
Interest Rate/Yield	0.14%
Fixed Income Investments | U.S. Government Agency Bonds and Notes | Federal National Mortgage Association, 0.38%
Face Value	$ 20,000,000
Value	$ 20,008,800
% of Partners Capital	5.34%
Maturity Date	Mar. 16, 2015
Interest Rate/Yield	0.38%
Fixed Income Investments | U.S. Government Agency Bonds and Notes | Federal National Mortgage Association, 0.50%
Face Value	$ 15,000,000
Value	$ 15,012,540
% of Partners Capital	4.01%
Maturity Date	Jul. 02, 2015
Interest Rate/Yield	0.50%
Futures Contracts
Value	$ 12,671,271	$ (1,513,502)
% of Partners Capital	3.39%	(0.43%)
Futures Contracts | Short Futures Contacts
Value	$ 7,232,408	$ 266,994
% of Partners Capital	1.94%	0.08%
Futures Contracts | Long Futures Contracts
Value	$ 5,438,863	$ (1,780,496)
% of Partners Capital	1.45%	(0.51%)
Forward Contracts
Value	$ (1,988,730)	$ 433,293
% of Partners Capital	(0.53%)	0.12%

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2. PARTNERS' CAPITAL

6 Months Ended

Jun. 30, 2015

Equity [Abstract]

PARTNERS' CAPITAL

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.

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 six months ended June 30, 2015 and 2014.

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3. RELATED PARTY TRANSACTIONS - Fees paid to related parties (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Notes to Financial Statements
Altegris Futures - Brokerage Commission fees	$ 1,168,198	$ 1,349,544	$ 2,329,565	$ 2,801,800
Altegris Investments - Service fees	144,446	164,620	296,430	339,034
Total	$ 1,312,644	$ 1,514,164	$ 2,625,995	$ 3,140,834

XML

Label	Element	Value
ServiceFeesPayableToRelatedParty	cik1198415_ServiceFeesPayableToRelatedParty	$ 50,980
BrokerageFeePayableToRelatedParty	cik1198415_BrokerageFeePayableToRelatedParty	$ 416,134

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1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies)

6 Months Ended

Jun. 30, 2015

Accounting Policies [Abstract]

Method of Reporting

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 June 30, 2015 and December 31, 2014, and reported amounts of income and expenses for the three and six months ended June 30, 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 condensed financial statements for the interim period.

Fair Value

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.

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 June 30, 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 June 30, 2015 or December 31, 2014, none of the Partnership’s holdings in corporate notes were fair valued using valuation models.

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 June 30, 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 of June 30, 2015 and December 31, 2014:

					Balance as of
	June 30, 2015	Level 1	Level 2	Level 3	June 30, 2015
Assets:
	Futures contracts (1)	$                          5,811,403	$                              -	$                                  -	$                5,811,403
	Forward currency contracts (1)	-	1,198,706	-	1,198,706
	U.S. Government agency
	bonds and notes	180,804,102	-	-	180,804,102
	Corporate notes	-	130,842,802	-	130,842,802
		$                      186,615,505	$           132,041,508	$                                  -	$            318,657,013
Liabilities:
	Futures contracts (1)	$                         (7,324,905)	$                              -	$                                  -	$               (7,324,905)
	Forward currency contracts (1)	-	(765,413)	-	(765,413)
		$                         (7,324,905)	$                 (765,413)	$                                  -	$               (8,090,318)
					Balance as of
	December 31, 2014	Level 1	Level 2	Level 3	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 six month period ended June 30, 2015 and the year ended December 31, 2014, there were no transfers between Level 1 and Level 2 assets and liabilities. For the six month period ended June 30, 2015 and the year ended December 31, 2014, there were no Level 3 securities.

Investment Transactions and Investment Income

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. Société Générale (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”).

Option Contracts

E. Option Contracts

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

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

As the writer of 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 June 30, 2015 and December 31, 2014 the Partnership did not hold any option contracts.

Futures 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 June 30, 2015 and December 31, 2014 are reflected within the Condensed Schedules of Investments.

Forward currency contracts

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 June 30, 2015 and December 31, 2014 are reflected within the Condensed Schedules of Investments.

Foreign Currency Transactions

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 Statement of Income (Loss).

Cash

I. Cash

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

The Partnership maintains a custody account with a major financial institution. 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.

Offering Costs

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.

Income Taxes

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 June 30, 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 2011.

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 June 30, 2015 and December 31, 2014 and for the three and six months ended June 30, 2015 and 2014.