10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(X) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES

EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2018

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 0-53210

CERES ABINGDON L.P.

(Exact name of registrant as specified in its charter)

New York	20-3845005
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

c/o Ceres Managed Futures LLC

522 Fifth Avenue

New York, New York 10036

(Address of principal executive offices) (Zip Code)

(855) 672-4468

(Registrant’s telephone number, including area code)

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

Yes X  No     

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted 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 such files).

Yes X   No     

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

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

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

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

Yes        No X

As of October 31, 2018, there were 120,524.4927 Limited Partnership Class A Redeemable Units outstanding, 17,913.2276 Limited Partnership Class D Redeemable Units outstanding and 1,164.5352 Limited Partnership Class Z Redeemable Units outstanding.

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements.

Ceres Abingdon L.P.

Statements of Financial Condition

	September 30, 2018 (Unaudited)		December 31, 2017
Assets:
Investment in the Master(1) , at fair value	$	197,469,610	$	207,572,661
Redemptions receivable from the Master		2,353,384		7,751,458
Cash at MS&Co.		289,562		184,556
Cash at bank		-		436
Total assets	$	200,112,556	$	215,509,111
Liabilities and Partners’ Capital:
Liabilities:
Accrued expenses:
Ongoing selling agent fees	$	301,824	$	327,053
Management fees		249,486		268,779
General Partner fees		166,324		179,186
Professional fees		221,985		159,108
Redemptions payable to Limited Partners		1,589,680		6,888,483
Total liabilities		2,529,299		7,822,609
Partners’ Capital:
General Partner, Class Z, 1,579.1530 and 1,833.4370 Redeemable Units outstanding at September 30, 2018 and December 31, 2017, respectively		2,207,185		2,539,436
Limited Partners, Class A, 122,346.8727 and 128,698.8997 Redeemable Units outstanding at September 30, 2018 and December 31, 2017, respectively		169,574,845		179,443,770
Limited Partners, Class D, 17,913.2276 Redeemable Units outstanding at September 30, 2018 and December 31, 2017		24,160,974		24,077,868
Limited Partners, Class Z, 1,173.5352 Redeemable Units outstanding at September 30, 2018 and December 31, 2017		1,640,253		1,625,428
Total partners’ capital (net asset value)		197,583,257		207,686,502
Total liabilities and partners’ capital	$	200,112,556	$	215,509,111
Net asset value per Redeemable Unit:
Class A	$	1,386.02	$	1,394.29
Class D	$	1,348.78	$	1,344.14
Class Z	$	1,397.70	$	1,385.07

(1) Defined in Note 1.

See accompanying notes to financial statements.

1

Ceres Abingdon L.P.

Statements of Income and Expenses

(Unaudited)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2018			2017			2018			2017
Investment Income:
Interest income allocated from the Master	$	905,165		$	392,787		$	2,339,738		$	974,785
Expenses:
Expenses allocated from the Master		84,087			86,631			232,610			253,702
Ongoing selling agent fees		908,360			978,252			2,759,647			3,146,579
Management fees		750,529			793,649			2,276,176			2,534,041
General Partner fees		500,353			529,099			1,517,450			1,689,360
Professional fees		137,828			131,524			416,492			410,018
Total expenses		2,381,157			2,519,155			7,202,375			8,033,700
Net investment loss		(1,475,992	)		(2,126,368	)		(4,862,637	)		(7,058,915	)
Trading results:
Net gains (losses) on investment in the Master:
Net realized gains (losses) on closed contracts allocated from the Master		5,500,874			(1,108,399	)		10,006,410			3,876,163
Net change in unrealized gains (losses) on open contracts allocated from the Master		(2,741,624	)		3,360,003			(6,323,960	)		(6,566,847	)
Total trading results		2,759,250			2,251,604			3,682,450			(2,690,684	)
Net income (loss)	$	1,283,258		$	125,236		$	(1,180,187	)	$	(9,749,599	)
Net income (loss) per Redeemable Unit:*
Class A	$	8.24		$	(0.68	)	$	(8.27	)	$	(57.66	)
Class D	$	12.21		$	3.11		$	4.64		$	(43.64	)
Class Z	$	15.25		$	5.51		$	12.63		$	(37.68	)
Weighted average Redeemable Units outstanding:
Class A		123,973.8877			147,699.4760			126,386.0069			156,777.1445
Class D		17,913.2276			17,973.2276			17,913.2276			16,180.7516
Class Z		2,752.6882			2,304.8792			2,780.9420			2,864.8019

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

See accompanying notes to financial statements.

2

Ceres Abingdon L.P.

Statements of Changes in Partners’ Capital

For the Nine Months Ended September 30, 2018 and 2017

(Unaudited)

	Class A						Class D					Class Z						Total
	Amount			Redeemable Units			Amount			Redeemable Units		Amount			Redeemable Units			Amount			Redeemable Units
Partners’ Capital, December 31, 2017	$	179,443,770			128,698.8997		$	24,077,868			17,913.2276	$	4,164,864			3,006.9722		$	207,686,502			149,619.0995
Subscriptions - Limited Partners		6,619,049			4,715.9660			-			-		-			-			6,619,049			4,715.9660
Redemptions - General Partner		-			-			-			-		(375,000	)		(254.2840	)		(375,000	)		(254.2840	)
Redemptions - Limited Partners		(15,167,107	)		(11,067.9930	)		-			-		-			-			(15,167,107	)		(11,067.9930	)
Net income (loss)		(1,320,867	)		-			83,106			-		57,574			-			(1,180,187	)		-
Partners’ Capital, September 30, 2018	$	169,574,845			122,346.8727		$	24,160,974			17,913.2276	$	3,847,438			2,752.6882		$	197,583,257			143,012.7885
Partners’ Capital, December 31, 2016	$	197,142,459			150,497.4117		$	17,384,759			13,940.1566	$	3,037,133			2,381.2062		$	217,564,351			166,818.7745
Subscriptions - General Partner		-			-			-			-		275,265			215.8170			275,265			215.8170
Subscriptions - Limited Partners		26,387,421			20,174.1750			5,000,000			4,033.0710		1,060,000			821.6100			32,447,421			25,028.8560
Redemptions - General Partner		-			-			-			-		(360,000	)		(292.1440	)		(360,000	)		(292.1440	)
Redemptions - Limited Partners		(39,026,036	)		(30,402.2130	)		-			-		(1,084,192	)		(879.5740	)		(40,110,228	)		(31,281.7870	)
Net income (loss)		(8,847,837	)		-			(754,738	)		-		(147,024	)		-			(9,749,599	)		-
Partners’ Capital, September 30, 2017	$	175,656,007			140,269.3737		$	21,630,021			17,973.2276	$	2,781,182			2,246.9152		$	200,067,210			160,489.5165

See accompanying notes to financial statements.

3

Ceres Abingdon L.P.

Notes to Financial Statements

(Unaudited)

1. Organization:

Ceres Abingdon L.P. (formerly, Managed Futures Premier Abingdon L.P.) (the “Partnership”) is a limited partnership organized on November 8, 2005, under the partnership laws of the State of New York, to engage, directly or indirectly, in the speculative trading of a diversified portfolio of commodity interests including futures, option, swap and forward contracts. The sectors traded include currencies, energy, grains, indices, U.S. and non-U.S. interest rates, livestock, metals and softs. The Partnership commenced trading on February 1, 2007. The commodity interests that are indirectly traded by the Partnership through its investment in CMF Winton Master L.P. (the “Master”) are volatile and involve a high degree of market risk. The General Partner (as defined below) may also determine to invest up to all of the Partnership’s assets (directly or indirectly through its investment in the Master) in United States (“U.S.”) Treasury bills and/or money market mutual funds, including money market mutual funds managed by Morgan Stanley or its affiliates. The Partnership privately and continuously offers redeemable units of limited partnership interest in the Partnership (“Redeemable Units”) to qualified investors. There is no maximum number of Redeemable Units that may be sold by the Partnership.

Ceres Managed Futures LLC, a Delaware limited liability company, acts as the general partner (the “General Partner”) and commodity pool operator of the Partnership. The General Partner is a wholly-owned subsidiary of Morgan Stanley Domestic Holdings, Inc. (“MSD Holdings”). MSD Holdings is ultimately owned by Morgan Stanley. Morgan Stanley is a publicly held company whose shares are listed on the New York Stock Exchange. Morgan Stanley is engaged in various financial services and other businesses. As of September 30, 2018, all trading decisions for the Partnership are made by Winton Capital Management Limited (the “Advisor”).

Effective September 21, 2017, the Partnership changed its name from Managed Futures Premier Abingdon L.P. to Ceres Abingdon L.P.

During the reporting periods ended September 30, 2018 and 2017, the Partnership’s and the Master’s commodity broker was Morgan Stanley & Co. LLC (“MS&Co.”), a registered futures commission merchant. JPMorgan Chase Bank, N.A (“JPMorgan”) was also a foreign exchange forward counterparty for the Master. During prior periods included in this report, the Partnership and the Master also deposited a portion of their cash in non-trading bank accounts at JPMorgan.

On February 1, 2007, the Partnership allocated substantially all of its capital to the Master, a limited partnership organized under the partnership laws of the State of New York, having the same investment objective as the Partnership. The Master permits accounts managed by the Advisor using the Winton Futures Program (formerly, the Winton Diversified Program, as applied without equities), the Advisor’s proprietary, systematic trading program, to invest together in one trading vehicle. The General Partner is also the general partner of the Master. Individual and pooled accounts currently managed by the Advisor, including the Partnership, are permitted to be limited partners of the Master. The General Partner and the Advisor believe that trading through this master/feeder structure promotes efficiency and economy in the trading process. Expenses to investors as a result of the investment in the Master are approximately the same as if the Partnership traded directly, and redemption rights are not affected. The General Partner and the Advisor agreed that the Advisor will trade the Partnership’s assets allocated to the Advisor at a level that is up to 1.5 times the amount of assets allocated.

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

The General Partner is not aware of any material changes to the trading program discussed above during the fiscal quarter ended September 30, 2018.

4

Ceres Abingdon L.P.

Notes to Financial Statements

(Unaudited)

On April 1, 2011, the Partnership began offering “Class A” Redeemable Units, “Class D” Redeemable Units and “Class Z” Redeemable Units pursuant to the offering memorandum. All Redeemable Units issued prior to April 1, 2011 were deemed Class A Redeemable Units. The rights, liabilities, risks, and fees associated with investment in the Class A Redeemable Units did not change. “Class D” Redeemable Units and “Class Z” Redeemable Units were first issued on April 1, 2011 and August 1, 2011, respectively. Class A Redeemable Units, Class D Redeemable Units and Class Z Redeemable Units will each be referred to as a “Class” and collectively referred to as the “Classes.” The Class of Redeemable Units that a limited partner receives upon a subscription will generally depend upon the amount invested in the Partnership or the status of the limited partner, although the General Partner may determine to offer any Class of Redeemable Units to investors at its discretion. Class A Redeemable Units and Class D Redeemable Units are available to taxable U.S. individuals and institutions, U.S. tax exempt individuals and institutions and non-U.S. investors. Class Z Redeemable Units are offered to limited partners who receive advisory services from Morgan Stanley Smith Barney LLC (doing business as Morgan Stanley Wealth Management) (“Morgan Stanley Wealth Management”) and certain employees of Morgan Stanley and its subsidiaries (and their family members). Class A Redeemable Units, Class D Redeemable Units, and Class Z Redeemable Units are identical, except that Class D Redeemable Units are subject to a monthly ongoing selling agent fee equal to 1/12th of 0.75% (a 0.75% annual rate) of the net assets of Class D as of the end of each month, which differs from the Class A monthly ongoing selling agent fee of 1/12th of 2.00% (a 2.00% annual rate) of the net assets of Class A as of the end of each month. Class Z Redeemable Units are not subject to a monthly ongoing selling agent fee.

At September 30, 2018 and prior to the close of business on December 31, 2017, the Partnership owned approximately 52.9% and 52.6%, respectively, of the Master. The Partnership intends to continue to invest substantially all of its assets in the Master. The performance of the Partnership is directly affected by the performance of the Master. The Master’s trading of futures, forward, swap and option contracts, if applicable, on commodities is done primarily on U.S. commodity exchanges and non-U.S. commodity exchanges. The Master engages in such trading through a commodity brokerage account maintained with MS&Co. The Master’s Statements of Financial Condition, Condensed Schedules of Investments and Statements of Income and Expenses and Changes in Partners’ Capital are included herein.

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

The Partnership has also entered into a selling agreement with Morgan Stanley Wealth Management (as amended, the “Selling Agreement”). Pursuant to the Selling Agreement, Morgan Stanley Wealth Management is paid a monthly ongoing selling agent fee at the rates described above. The ongoing selling agent fee received by Morgan Stanley Wealth Management is shared with the properly registered/exempted financial advisors of Morgan Stanley Wealth Management who sell Class A and/or Class D Redeemable Units.

On July 12, 2017, the Master entered into certain agreements with JPMorgan in connection with trading in forward foreign currency contracts on behalf of the Master and, indirectly, the Partnership. These agreements include a foreign exchange and bullion authorization agreement (“FX Agreement”), an International Swap Dealers Association, Inc. master agreement (“Master Agreement”), a schedule to the Master Agreement, a 2016 credit support annex for variation margin to the schedule and an institutional account agreement. Under the FX Agreement, JPMorgan charges a fee on the aggregate foreign currency transactions entered into on behalf of the Master during a month.

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

5

Ceres Abingdon L.P.

Notes to Financial Statements

(Unaudited)

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

The accompanying financial statements and accompanying notes are unaudited but, in the opinion of the General Partner, include all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the Partnership’s financial condition at September 30, 2018, the results of its operations for the three and nine months ended September 30, 2018 and 2017 and the changes in partners’ capital for the nine months ended September 30, 2018 and 2017. These financial statements present the results for interim periods and do not include all disclosures normally provided in annual financial statements. These financial statements should be read together with the financial statements and notes included in the Partnership’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) for the year ended December 31, 2017. The December 31, 2017 information has been derived from the audited financial statements as of and for the year ended December 31, 2017.

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

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

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

Statement of Cash Flows. The Partnership has not provided a Statement of Cash Flows, as permitted by Accounting Standards Codification (“ASC”) 230, “Statement of Cash Flows.” The Statements of Changes in Partners’ Capital is included herein, and as of and for the periods ended September 30, 2018 and 2017, the Partnership carried no debt and substantially all of the Partnership’s and the Master’s investments were carried at fair value and classified as Level 1 and Level 2 measurements.

Partnership’s Investment. The Partnership carries its investment in the Master at fair value based on the Master’s net asset value per Redeemable Unit, as a practical expedient, as calculated by the Master. The valuation of the Master’s investments, including the classification within the fair value hierarchy of the investments held by the Master, are described in Note 5, “Fair Value Measurements.”

Master’s Investments. All commodity interests of the Master, including derivative financial instruments and derivative commodity instruments, are held for trading purposes. The commodity interests are recorded on the trade date and open contracts are recorded at fair value (as described in Note 5, “Fair Value Measurements”) at the measurement date. Investments in commodity interests denominated in foreign currencies are translated into U.S. dollars at the exchange rates prevailing at the measurement date. Gains or losses are realized when contracts are liquidated and are determined using the first-in, first-out method. Unrealized gains or losses on open contracts are included as a component of equity in trading account in the Master’s Statements of Financial Condition. Net realized gains or losses and net change in unrealized gains or losses are included in the Master’s Statements of Income and Expenses and Changes in Partners’ Capital. The Master does not isolate the portion of the results of operations arising from the effect of changes in foreign exchange rates on investments due to fluctuations from changes in market prices of investments held. Such fluctuations are included in total trading results in the Master’s Statements of Income and Expenses and Changes in Partners’ Capital.

Master’s Cash. The Master’s restricted cash is equal to the cash portion of assets on deposit to meet margin requirements, as determined by the exchange or counterparty, and required by MS&Co. At September 30, 2018 and December 31, 2017, the amount of cash held for margin requirements was $34,319,261 and $89,363,569, respectively. Cash that is not classified as restricted cash is therefore classified as unrestricted cash. The Master’s restricted and unrestricted cash includes cash denominated in foreign currencies of $7,285,267 (cost of $7,322,319) and $16,294,826 (cost of $16,082,475) as of September 30, 2018 and December 31, 2017, respectively.

6

Ceres Abingdon L.P.

Notes to Financial Statements

(Unaudited)

Income Taxes. Income taxes have not been recorded as each partner is individually liable for the taxes, if any, on its share of the Partnership’s income and expenses. The Partnership follows the guidance of ASC 740, “Income Taxes,” which prescribes a recognition threshold and measurement attribute for financial statement recognition and measurement of tax positions taken or expected to be taken in the course of preparing the Partnership’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained “when challenged” or “when examined” by the applicable tax authority. Tax positions determined not to meet the more-likely-than-not threshold would be recorded as a tax benefit or liability in the Partnership’s Statements of Financial Condition for the current year. If a tax position does not meet the minimum statutory threshold to avoid the incurring of penalties, an expense for the amount of the statutory penalty and interest, if applicable, shall be recognized in the Statements of Income and Expenses in the period in which the position is claimed or expected to be claimed. The General Partner has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. The Partnership files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The 2014 through 2017 tax years remain subject to examination by U.S. federal and most state tax authorities.

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

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

There have been no material changes with respect to the Partnership’s critical accounting policies as reported in the Partnership’s Annual Report on Form 10-K for the year ended December 31, 2017.

7

Ceres Abingdon L.P.

Notes to Financial Statements

(Unaudited)

The Master’s Statements of Financial Condition and Condensed Schedules of Investments as of September 30, 2018 and December 31, 2017 and Statements of Income and Expenses and Changes in Partners’ Capital for the three and nine months ended September 30, 2018 and 2017 are presented below:

CMF Winton Master L.P.

Statements of Financial Condition

	September 30,		December 31,
	2018		2017
	(Unaudited)
Assets:
Equity in trading accounts:
Unrestricted cash	$	336,607,066	$	304,851,425
Restricted cash		34,319,261		89,363,569
Net unrealized appreciation on open futures contracts		6,021,255		2,739,533
Net unrealized appreciation on open forward contracts		-		11,770,077
Total equity in trading accounts		376,947,582		408,724,604
Cash at bank		-		436
Total assets	$	376,947,582	$	408,725,040
Liabilities and Partners’ Capital:
Liabilities:
Net unrealized depreciation on open forward contracts	$	1,652,058	$	-
Accrued expenses:
Professional fees		52,307		45,452
Redemptions payable		2,808,686		11,031,281
Total liabilities		4,513,051		11,076,733
Partners’ Capital:
General Partner, 0.0000 Redeemable Units outstanding at September 30, 2018 and December 31, 2017		-		-
Limited Partners, 86,993.5300 and 94,701.5079 Redeemable Units outstanding at September 30, 2018 and December 31, 2017, respectively		372,434,531		397,648,307
Total partners’ capital (net asset value)		372,434,531		397,648,307
Total liabilities and partners’ capital	$	376,947,582	$	408,725,040
Net asset value per Redeemable Unit	$	4,281.18	$	4,198.97

8

Ceres Abingdon L.P.

Notes to Financial Statements

(Unaudited)

CMF Winton Master L.P.

Condensed Schedule of Investments

September 30, 2018

(Unaudited)

	Notional ($)/ Number of         Contracts		Fair Value		% of Partners’         Capital
Futures Contracts Purchased
Currencies		840	$	481,379		0.13	%
Energy		624		1,595,838		0.43
Grains		67		(8,448)		(0.00)	*
Indices		803		1,016,724		0.27
Interest Rates U.S.		518		(1,092,828)		(0.29)
Interest Rates Non-U.S.		7,807		(1,905,404)		(0.51)
Livestock		33		10,910		0.00	*
Metals		70		53,903		0.01
Softs		124		(583,826)		(0.16)
Total futures contracts purchased				(431,752)		(0.12)
Futures Contracts Sold
Currencies		2,919		2,115,308		0.57
Energy		227		(450,540)		(0.12)
Grains		1,226		693,896		0.19
Indices		437		138,147		0.04
Interest Rates U.S.		966		532,468		0.14
Interest Rates Non-U.S.		941		301,550		0.08
Livestock		175		(416,645)		(0.11)
Metals		890		1,831,130		0.49
Softs		1,822		1,707,693		0.46
Total futures contracts sold				6,453,007		1.74
Net unrealized appreciation on open futures contracts			$	6,021,255		1.62	%
Unrealized Appreciation on Open Forward Contracts
Currencies	$	69,029,345	$	1,292,619		0.35	%
Metals		650		1,935,619		0.52
Total unrealized appreciation on open forward contracts				3,228,238		0.87
Unrealized Depreciation on Open Forward Contracts
Currencies	$	116,161,288		(1,823,244)		(0.49)
Metals		952		(3,057,052)		(0.82)
Total unrealized depreciation on open forward contracts				(4,880,296)		(1.31)
Net unrealized depreciation on open forward contracts			$	(1,652,058)		(0.44)	%

* Due to rounding.

9

Ceres Abingdon L.P.

Notes to Financial Statements

(Unaudited)

CMF Winton Master L.P.

Condensed Schedule of Investments

December 31, 2017

	Notional ($)/ Number of         Contracts		Fair Value			% of Partners’         Capital
Futures Contracts Purchased
Currencies		1,445	$	140,462			0.04	%
Energy		1,407		4,381,395			1.10
Grains		163		(34,337	)		(0.01)
Indices		5,207		2,038,758			0.51
Interest Rates U.S.		725		(243,258	)		(0.06)
Interest Rates Non-U.S.		2,782		(1,373,334	)		(0.35)
Livestock		334		(21,225	)		(0.01)
Metals		156		510,437			0.13
Softs		127		426,592			0.11
Total futures contracts purchased				5,825,490			1.46
Futures Contracts Sold
Currencies		2,218		(1,429,413	)		(0.36)
Energy		873		(1,676,700	)		(0.42)
Grains		1,558		450,878			0.11
Indices		898		(516,603	)		(0.13)
Interest Rates U.S.		1,724		605,827			0.15
Interest Rates Non-U.S.		3,798		548,006			0.14
Metals		331		(1,506,315	)		(0.37)
Softs		1,845		438,363			0.11
Total futures contracts sold				(3,085,957	)		(0.77)
Net unrealized appreciation on open futures contracts			$	2,739,533			0.69	%
Unrealized Appreciation on Open Forward Contracts
Currencies	$	294,169,601	$	5,389,790			1.36	%
Metals		1,920		10,013,668			2.51
Total unrealized appreciation on open forward contracts				15,403,458			3.87
Unrealized Depreciation on Open Forward Contracts
Currencies	$	141,664,343		(1,246,670	)		(0.31)
Metals		554		(2,386,711	)		(0.60)
Total unrealized depreciation on open forward contracts				(3,633,381	)		(0.91)
Net unrealized appreciation on open forward contracts			$	11,770,077			2.96	%

10

Ceres Abingdon L.P.

Notes to Financial Statements

(Unaudited)

CMF Winton Master L.P.

Statements of Income and Expenses and Changes in Partners’ Capital

(Unaudited)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2018			2017			2018			2017
Investment Income:
Interest income	$	1,679,291		$	822,329		$	4,321,432		$	2,079,884
Expenses:
Clearing fees		139,512			147,428			379,163			442,247
Professional fees		17,000			15,944			51,195			47,837
Total expenses		156,512			163,372			430,358			490,084
Net investment income (loss)		1,522,779			658,957			3,891,074			1,589,800
Trading Results:
Net gains (losses) on trading of commodity interests:
Net realized gains (losses) on closed contracts		10,188,516			(2,056,687	)		19,093,083			7,885,293
Net change in unrealized gains (losses) on open contracts		(5,094,858	)		6,210,154			(10,389,816	)		(12,837,196	)
Total trading results		5,093,658			4,153,467			8,703,267			(4,951,903	)
Net income (loss)		6,616,437			4,812,424			12,594,341			(3,362,103	)
Subscriptions - Limited Partners		6,677,129			1,914,387			16,119,957			35,212,991
Redemptions - Limited Partners		(6,502,039	)		(32,646,043	)		(50,000,530	)		(135,888,409	)
Distribution of interest income to feeder funds		(1,568,242	)		(789,221	)		(3,927,544	)		(1,911,162	)
Net increase (decrease) in Partners’ Capital		5,223,285			(26,708,453	)		(25,213,776	)		(105,948,683	)
Partners’ Capital, beginning of period		367,211,246			415,052,748			397,648,307			494,292,978
Partners’ Capital, end of period	$	372,434,531		$	388,344,295		$	372,434,531		$	388,344,295
Net asset value per Redeemable Unit (86,993.5300 and 104,003.0212 Redeemable Units outstanding at September 30, 2018 and 2017, respectively)	$	4,281.18		$	3,733.97		$	4,281.18		$	3,733.97
Net income (loss) per Redeemable Unit*	$	76.26		$	42.99		$	126.35		$	(33.92	)
Weighted average Redeemable Units outstanding		87,200.3814			106,400.3456			88,973.5467			115,802.6256

* Represents the change in net asset value per Redeemable Unit during the period before distribution of interest income to feeder funds.

11

Ceres Abingdon L.P.

Notes to Financial Statements

(Unaudited)

3. Financial Highlights:

Financial highlights for the limited partner classes as a whole for the three and nine months ended September 30, 2018 and 2017 were as follows:

	Three Months Ended September 30,
				2018									2017
Per Redeemable Unit Performance (for a unit outstanding throughout the period):*		Class A			Class D			Class Z			Class A			Class D			Class Z
Net realized and unrealized gains (losses)	$	19.14		$	18.58		$	19.22		$	12.53		$	11.98		$	12.29
Net investment loss		(10.90	)		(6.37	)		(3.97	)		(13.21	)		(8.87	)		(6.78	)
Increase (decrease) for the period		8.24			12.21			15.25			(0.68	)		3.11			5.51
Net asset value per Redeemable Unit, beginning of period		1,377.78			1,336.57			1,382.45			1,252.96			1,200.35			1,232.27
Net asset value per Redeemable Unit, end of period	$	1,386.02		$	1,348.78		$	1,397.70		$	1,252.28		$	1,203.46		$	1,237.78
	Nine Months Ended September 30,
				2018									2017
Per Redeemable Unit Performance (for a unit outstanding throughout the period):*		Class A			Class D			Class Z			Class A			Class D			Class Z
Net realized and unrealized gains (losses)	$	26.84		$	26.06		$	27.36		$	(15.94	)	$	(15.51	)	$	(15.69	)
Net investment loss		(35.11	)		(21.42	)		(14.73	)		(41.72	)		(28.13	)		(21.99	)
Increase (decrease) for the period		(8.27	)		4.64			12.63			(57.66	)		(43.64	)		(37.68	)
Net asset value per Redeemable Unit, beginning of period		1,394.29			1,344.14			1,385.07			1,309.94			1,247.10			1,275.46
Net asset value per Redeemable Unit, end of period	$	1,386.02		$	1,348.78		$	1,397.70		$	1,252.28		$	1,203.46		$	1,237.78

12

Ceres Abingdon L.P.

Notes to Financial Statements

(Unaudited)

	Three Months Ended September 30,
	2018									2017
	Class A			Class D			Class Z			Class A			Class D			Class Z
Ratios to Average Limited Partners’ Capital:**
Net investment loss***		(3.1)	%		(1.9)	%		(1.1)	%		(4.2)	%		(2.9)	%		(2.2)	%
Operating expenses		5.0	%		3.7	%		2.9	%		5.0	%		3.7	%		3.0	%
Incentive fees		-	%		-	%		-	%		-	%		-	%		-	%
Total expenses		5.0	%		3.7	%		2.9	%		5.0	%		3.7	%		3.0	%
Total return:
Total return before incentive fees		0.6	%		0.9	%		1.1	%		(0.1)	%		0.3	%		0.4	%
Incentive fees		-	%		-	%		-	%		-	%		-	%		-	%
Total return after incentive fees		0.6	%		0.9	%		1.1	%		(0.1)	%		0.3	%		0.4	%
	Nine Months Ended September 30,
	2018									2017
	Class A			Class D			Class Z			Class A			Class D			Class Z
Ratios to Average Limited Partners’ Capital:**
Net investment loss***		(3.4)	%		(2.1)	%		(1.4)	%		(4.4)	%		(3.1)	%		(2.7)	%
Operating expenses		5.0	%		3.7	%		2.9	%		5.0	%		3.7	%		3.4	%
Incentive fees		-	%		-	%		-	%		-	%		-	%		-	%
Total expenses		5.0	%		3.7	%		2.9	%		5.0	%		3.7	%		3.4	%
Total return:
Total return before incentive fees		(0.6)	%		0.3	%		0.9	%		(4.4)	%		(3.5)	%		(3.0)	%
Incentive fees		-	%		-	%		-	%		-	%		-	%		-	%
Total return after incentive fees		(0.6)	%		0.3	%		0.9	%		(4.4)	%		(3.5)	%		(3.0)	%

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

** Annualized (except for incentive fees).

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

The above ratios and total return may vary for individual investors based on the timing of capital transactions during the period. Additionally, these ratios are calculated for the limited partner class for the Classes using the limited partners’ share of income, expenses and average partners’ capital of the Partnership and include the income and expenses allocated from the Master.

13

Ceres Abingdon L.P.

Notes to Financial Statements

(Unaudited)

Financial Highlights of the Master:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2018			2017			2018			2017
Per Redeemable Unit Performance (for a unit outstanding throughout the period):*
Net realized and unrealized gains (losses)	$	58.80		$	36.80		$	82.62		$	(47.65	)
Net investment income (loss)		17.46			6.19			43.73			13.73
Increase (decrease) for the period		76.26			42.99			126.35			(33.92	)
Distribution of interest income to feeder funds		(17.98	)		(7.42	)		(44.14	)		(16.50	)
Net asset value per Redeemable Unit, beginning of period		4,222.90			3,698.40			4,198.97			3,784.39
Net asset value per Redeemable Unit, end of period	$	4,281.18		$	3,733.97		$	4,281.18		$	3,733.97
	Three Months Ended September 30,						Nine Months Ended September 30,
	2018			2017			2018			2017
Ratios to Average Limited Partners’ Capital:**
Net investment income (loss)***		1.6	%		0.6	%		1.4	%		0.5	%
Operating expenses		0.2	%		0.2	%		0.2	%		0.1	%
Total return		1.8	%		1.2	%		3.0	%		(0.9	)%

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

** Annualized.

*** Interest income less total expenses.

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

14

Ceres Abingdon L.P.

Notes to Financial Statements

(Unaudited)

4. Trading Activities:

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

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

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

All of the commodity interests owned by the Master are held for trading purposes. The monthly average number of futures contracts traded by the Master during the three months ended September 30, 2018 and 2017 was 20,643 and 23,929, respectively. The monthly average number of futures contracts traded by the Master during the nine months ended September 30, 2018 and 2017 was 19,094 and 23,000, respectively. The monthly average number of metals forward contracts traded by the Master during the three months ended September 30, 2018 and 2017 was 1,514 and 674, respectively. The monthly average number of metals forward contracts traded by the Master during the nine months ended September 30, 2018 and 2017 was 1,756 and 957, respectively. The monthly average notional value of currency forward contracts traded by the Master during the three months ended September 30, 2018 and 2017 was $211,292,847 and $561,123,451, respectively. The monthly average notional value of currency forward contracts traded by the Master during the nine months ended September 30, 2018 and 2017 was $271,160,477 and $474,699,701, respectively.

15

Ceres Abingdon L.P.

Notes to Financial Statements

(Unaudited)

The following tables summarize the gross and net amounts recognized relating to assets and liabilities of the Master’s derivatives and their offsetting subject to master netting agreements or similar arrangements as of September 30, 2018 and December 31, 2017, respectively.

				Gross Amounts			Amounts			Gross Amounts Not Offset in the
				Offset in the			Presented in the			Statements of Financial Condition
				Statements of			Statements of					Cash Collateral
	Gross Amounts			Financial			Financial			Financial		Received/		Net
September 30, 2018	Recognized			Condition			Condition			Instruments		Pledged*		Amount
Assets
MS&Co.
Futures	$	11,956,420		$	(5,935,165	)	$	6,021,255		$	-	$	-	$	6,021,255
Forwards		1,935,619			(1,935,619	)		-			-		-		-
		13,892,039			(7,870,784	)		6,021,255			-		-		6,021,255
JPMorgan
Forwards		1,292,619			(1,292,619	)		-			-		-		-
Total assets	$	15,184,658		$	(9,163,403	)	$	6,021,255		$	-	$	-	$	6,021,255
Liabilities
MS&Co.
Futures	$	(5,935,165	)	$	5,935,165		$	-		$	-	$	-	$	-
Forwards		(3,057,052	)		1,935,619			(1,121,433	)		-		-		(1,121,433	)
		(8,992,217	)		7,870,784			(1,121,433	)		-		-		(1,121,433	)
JPMorgan
Forwards		(1,823,244	)		1,292,619			(530,625	)		-		-		(530,625	)
Total liabilities	$	(10,815,461	)	$	9,163,403		$	(1,652,058	)	$	-	$	-	$	(1,652,058	)
Net fair value														$	4,369,197		*
				Gross Amounts Offset in the			Amounts Presented in the			Gross Amounts Not Offset in the
										Statements of Financial Condition
				Statements of			Statements of					Cash Collateral
	Gross Amounts			Financial			Financial			Financial		Received/		Net
December 31, 2017	Recognized			Condition			Condition			Instruments		Pledged*		Amount
Assets
MS&Co.
Futures	$	13,523,003		$	(10,783,470	)	$	2,739,533		$	-	$	-	$	2,739,533
Forwards		10,013,668			(2,386,711	)		7,626,957			-		-		7,626,957
		23,536,671			(13,170,181	)		10,366,490			-		-		10,366,490
JPMorgan
Forwards		5,389,790			(1,246,670	)		4,143,120			-		-		4,143,120
Total assets	$	28,926,461		$	(14,416,851	)	$	14,509,610		$	-	$	-	$	14,509,610
Liabilities
MS&Co.
Futures	$	(10,783,470	)	$	10,783,470		$	-		$	-	$	-	$	-
Forwards		(2,386,711	)		2,386,711			-			-		-		-
		(13,170,181	)		13,170,181			-			-		-		-
JPMorgan
Forwards		(1,246,670	)		1,246,670			-			-		-		-
Total liabilities	$	(14,416,851	)	$	14,416,851		$	-		$	-	$	-	$	-
Net fair value														$	14,509,610		*

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

16

Ceres Abingdon L.P.

Notes to Financial Statements

(Unaudited)

The following tables indicate the gross fair values of the Master’s derivative instruments of futures and forward contracts as separate assets and liabilities as of September 30, 2018 and December 31, 2017, respectively.

	September 30,         2018
Assets
Futures Contracts
Currencies	$	3,194,611
Energy		1,771,420
Grains		781,248
Indices		1,274,727
Interest Rates U.S.		532,468
Interest Rates Non-U.S.		650,442
Livestock		12,250
Metals		2,003,486
Softs		1,735,768
Total unrealized appreciation on open futures contracts		11,956,420
Liabilities
Futures Contracts
Currencies		(597,924	)
Energy		(626,122	)
Grains		(95,800	)
Indices		(119,856	)
Interest Rates U.S.		(1,092,828	)
Interest Rates Non-U.S.		(2,254,296	)
Livestock		(417,985	)
Metals		(118,453	)
Softs		(611,901	)
Total unrealized depreciation on open futures contracts		(5,935,165	)
Net unrealized appreciation on open futures contracts	$	6,021,255		*
Assets
Forward Contracts
Currencies	$	1,292,619
Metals		1,935,619
Total unrealized appreciation on open forward contracts		3,228,238
Liabilities
Forward Contracts
Currencies		(1,823,244	)
Metals		(3,057,052	)
Total unrealized depreciation on open forward contracts		(4,880,296	)
Net unrealized depreciation on open forward contracts	$	(1,652,058	)	**

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

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

17

Ceres Abingdon L.P.

Notes to Financial Statements

(Unaudited)

	December 31,         2017
Assets
Futures Contracts
Currencies	$	906,387
Energy		4,524,315
Grains		485,142
Indices		4,060,424
Interest Rates U.S.		702,601
Interest Rates Non-U.S.		736,601
Livestock		168,885
Metals		513,345
Softs		1,425,303
Total unrealized appreciation on open futures contracts		13,523,003
Liabilities
Futures Contracts
Currencies		(2,195,338	)
Energy		(1,819,620	)
Grains		(68,601	)
Indices		(2,538,269	)
Interest Rates U.S.		(340,032	)
Interest Rates Non-U.S.		(1,561,929	)
Livestock		(190,110	)
Metals		(1,509,223	)
Softs		(560,348	)
Total unrealized depreciation on open futures contracts		(10,783,470	)
Net unrealized appreciation on open futures contracts	$	2,739,533		*
Assets
Forward Contracts
Currencies	$	5,389,790
Metals		10,013,668
Total unrealized appreciation on open forward contracts		15,403,458
Liabilities
Forward Contracts
Currencies		(1,246,670	)
Metals		(2,386,711	)
Total unrealized depreciation on open forward contracts		(3,633,381	)
Net unrealized appreciation on open forward contracts	$	11,770,077		**

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

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

18

Ceres Abingdon L.P.

Notes to Financial Statements

(Unaudited)

The following table indicates the Master’s total trading gains and losses, by market sector, on derivative instruments for the three and nine months ended September 30, 2018 and 2017, respectively.

	Three Months Ended September 30,								Nine Months Ended September 30,
	2018				2017				2018				2017
Sector
Currencies	$	(78,498	)		$	212,470			$	(9,856,743	)		$	(15,486,493	)
Energy		(2,007,617	)			(2,004,559	)			8,672,759				(12,984,885	)
Grains		396,833				341,607				112,229				(2,020,148	)
Indices		1,256,270				12,892,639				(295,367	)			49,364,899
Interest Rates U.S.		(586,953	)			(736,602	)			(862,483	)			(4,986,540	)
Interest Rates Non-U.S.		(2,624,227	)			(1,803,642	)			1,257,197				(11,246,965	)
Livestock		47,145				(960,905	)			(986,778	)			720,520
Metals		5,664,661				(3,371,512	)			5,658,715				(10,985,946	)
Softs		3,026,044				(416,029	)			5,003,738				2,673,655
Total	$	5,093,658		***	$	4,153,467		***	$	8,703,267		***	$	(4,951,903	)	***

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

19

Ceres Abingdon L.P.

Notes to Financial Statements

(Unaudited)

5. Fair Value Measurements:

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

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

The Master considers prices for commodity futures contracts to be based on unadjusted quoted prices in active markets for identical assets and liabilities (Level 1). The values of U.S. Treasury bills and non-exchange-traded forward contracts for which market quotations are not readily available are priced by pricing services that derive fair values for those assets and liabilities from observable inputs (Level 2). As of September 30, 2018 and December 31, 2017 and for the periods ended September 30, 2018 and 2017, the Master did not hold any derivative instruments that were priced at fair value using unobservable inputs through the application of the General Partner’s assumptions and internal valuation pricing models (Level 3).

September 30, 2018	Total		Level 1		Level 2		Level 3
Assets
Futures	$	11,956,420	$	11,956,420	$	-	$	-
Forwards		3,228,238		-		3,228,238		-
Total assets	$	15,184,658	$	11,956,420	$	3,228,238	$	-
Liabilities
Futures	$	5,935,165	$	5,935,165	$	-	$	-
Forwards		4,880,296		-		4,880,296		-
Total liabilities	$	10,815,461	$	5,935,165	$	4,880,296	$	-
December 31, 2017	Total		Level 1		Level 2		Level 3
Assets
Futures	$	13,523,003	$	13,523,003	$	-	$	-
Forwards		15,403,458		-		15,403,458		-
Total assets	$	28,926,461	$	13,523,003	$	15,403,458	$	-
Liabilities
Futures	$	10,783,470	$	10,783,470	$	-	$	-
Forwards		3,633,381		-		3,633,381		-
Total liabilities	$	14,416,851	$	10,783,470	$	3,633,381	$	-

20

Ceres Abingdon L.P.

Notes to Financial Statements

(Unaudited)

6. Financial Instrument Risks:

In the normal course of business, the Partnership, through its investment in the Master, is party to financial instruments with off-balance sheet risk, including derivative financial instruments and derivative commodity instruments. These financial instruments may include futures, forwards, options and swaps, whose values are based upon an underlying asset, index, or reference rate, and generally represent future commitments to exchange currencies or cash balances, or to purchase or sell other financial instruments at specific terms at specified future dates, or, in the case of derivative commodity instruments, to have a reasonable possibility to be settled in cash, through physical delivery or with another financial instrument. These instruments may be traded on an exchange, a swap execution facility or over-the-counter (“OTC”). Exchange-traded instruments include futures and certain standardized forward, option and swap contracts. Certain swap contracts may also be traded on a swap execution facility or OTC. OTC contracts are negotiated between contracting parties and also include certain forward and option contracts. Each of these instruments is subject to various risks similar to those relating to the underlying financial instrument, including market and credit risk. In general, the risks associated with OTC contracts are greater than those associated with exchange-traded instruments because of the greater risk of default by the counterparty to an OTC contract. The General Partner estimates that, at any given time, approximately 15.4% to 30.4% of the Master’s contracts are traded OTC.

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

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

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

21

Ceres Abingdon L.P.

Notes to Financial Statements

(Unaudited)

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

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

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

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

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

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

7. Subsequent Events:

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

22

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

Liquidity and Capital Resources

The Partnership does not have, nor does it expect to have, any capital assets. The Partnership does not engage in sales of goods or services. The Partnership’s only assets are its investment in the Master, redemptions receivable from the Master and cash. The Master does not engage in sales of goods or services. The Master’s only assets are its cash at bank and equity in trading accounts, consisting of unrestricted cash, restricted cash, net unrealized appreciation on open futures contracts, net unrealized appreciation on open forward contracts and investment in U.S. Treasury bills at fair value, if applicable. Because of the low margin deposits normally required in commodity trading, relatively small price movements may result in substantial losses to the Partnership, through its investment in the Master. While substantial losses could lead to a material decrease in liquidity, no such illiquidity occurred in the third quarter of 2018.

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

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

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

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

For the nine months ended September 30, 2018, Partnership capital decreased 4.9% from $207,686,502 to $197,583,257. This decrease was attributable to redemptions of 11,067.9930 Redeemable Units of Class A totaling $15,167,107, redemptions of 254.2840 General Partner Redeemable Units of Class Z totaling $375,000 and a net loss of $1,180,187. This decrease was partially offset by subscriptions for 4,715.9660 Redeemable Units of Class A totaling $6,619,049.

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

For the nine months ended September 30, 2018, the Master’s capital decreased 6.3% from $397,648,307 to $372,434,531. This decrease was attributable to redemptions of 11,493.9112 units totaling $50,000,530 and distributions of interest income to feeder funds totaling $3,927,544. This decrease was partially offset by subscriptions of 3,785.9333 units totaling $16,119,957 and a net gain of $12,594,341. Future redemptions can impact the amount of funds available for investment in commodity contract positions in subsequent periods.

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

Off-Balance Sheet Arrangements and Contractual Obligations

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

23

Critical Accounting Policies

The preparation of financial statements in conformity with GAAP requires the General Partner to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. The General Partner believes that the estimates and assumptions utilized in preparing the financial statements are reasonable. Actual results could differ from those estimates. The Partnership’s significant accounting policies are described in detail in Note 2, “Basis of Presentation and Summary of Significant Accounting Policies,” of the Financial Statements.

The Partnership records all investments at fair value in its financial statements, with changes in fair value reported as a component of net realized gains (losses) on closed contracts and net change in unrealized gains (losses) on open contracts in the Statements of Income and Expenses.

Results of Operations

During the Partnership’s third quarter of 2018, the net asset value per Redeemable Unit for Class A increased 0.6% from $1,377.78 to $1,386.02, as compared to a decrease of 0.1% in the third quarter of 2017. During the Partnership’s third quarter of 2018, the net asset value per Redeemable Unit for Class D increased 0.9% from $1,336.57 to $1,348.78, as compared to an increase of 0.3% in the third quarter of 2017. During the Partnership’s third quarter of 2018, the net asset value per Redeemable Unit for Class Z increased 1.1% from $1,382.45 to $1,397.70, as compared to an increase of 0.4% in the third quarter of 2017. The Partnership, through its investment in the Master, experienced a net trading gain before fees and expenses in the third quarter of 2018 of $2,759,250. Gains were primarily attributable to the Master’s trading of commodity futures in grains, indices, livestock, metals and softs and were partially offset by losses in currencies, energy and U.S. and non-U.S. interest rates. The Partnership, through its investment in the Master, experienced a net trading gain before fees and expenses in the third quarter of 2017 of $2,251,604. Gains were primarily attributable to the Master’s trading of commodity futures in currencies, grains and indices and were partially offset by losses in energy, U.S. and non-U.S. interest rates, livestock, metals and softs.

The most significant gains were achieved within the metals markets during July and August from short positions in gold and silver futures as a strengthening U.S. dollar diminished investor demand for precious metals. Additional gains were experienced within the agriculturals during July and August from short positions in coffee and sugar futures as global supply stocks swelled. Within the global stock index sector, gains were achieved throughout the third quarter from long positions in U.S. and Asian equity index futures as positive global economic sentiment overcame trade war concerns, pushing stock prices higher. The Partnership’s gains for the quarter were partially offset by losses incurred within the global interest rate markets during July and September from long positions in European fixed income futures as comments from the European Central Bank indicated a more hawkish position on raising interest rates. Within the energy sector, losses were recorded during July from long positions in crude oil and its refined products as prices reversed lower on signs of increasing future output by the OPEC nations.

During the Partnership’s nine months ended September 30, 2018, the net asset value per Redeemable Unit for Class A decreased 0.6% from $1,394.29 to $1,386.02, as compared to a decrease of 4.4% in the nine months ended September 30, 2017. During the Partnership’s nine months ended September 30, 2018, the net asset value per Redeemable Unit for Class D increased 0.3% from $1,344.14 to $1,348.78, as compared to a decrease of 3.5% in the nine months ended September 30, 2017. During the Partnership’s nine months ended September 30, 2018, the net asset value per Redeemable Unit for Class Z increased 0.9% from $1,385.07 to $1,397.70, as compared to a decrease of 3.0% in the nine months ended September 30, 2017. The Partnership, through its investment in the Master, experienced a net trading gain before fees and expenses in the nine months ended September 30, 2018 of $3,682,450. Gains were primarily attributable to the Master’s trading of commodity futures in energy, grains, non-U.S. interest rates, metals and softs and were partially offset by losses in currencies, indices, U.S. interest rates and livestock. The Partnership, through its investment in the Master, experienced a net trading loss before fees and expenses in the nine months ended September 30, 2017 of $2,690,684. Losses were primarily attributable to the Master’s trading of commodity futures in currencies, energy, grains, U.S. and non-U.S. interest rates and metals and were partially offset by gains in indices, livestock and softs.

The most notable gains were experienced within the energy markets during March, April, and May from long positions in crude oil and its refined products as geopolitical turmoil and supply concerns pushed energy prices higher. Within the metals sector, gains were experienced during July and August from short positions in gold and silver futures as a strengthening U.S. dollar diminished investor demand for precious metals. Within the agricultural sector, gains were experienced during June from short positions in soybean futures as prices fell dramatically due to favorable weather in the U.S. Midwest and fears over looming trade tariffs that could disrupt flows of U.S. soybeans to China. Further gains were experienced in the agricultural sector during July and August from short positions in coffee and sugar futures as global supply stocks swelled. Within the global interest rate sector, gains were recorded during January from short positions in U.S. fixed income futures as prices declined amid signs the U.S. economy was gaining strength. Additional gains within the global interest rate sector were recorded during April from short positions in U.S. fixed income futures as signs of a strengthening U.S. economy spurred speculation for more aggressive interest rate policies. The Partnership’s overall trading gains for the first nine months of the year were partially offset by losses incurred within the currency markets during February from short positions in the Japanese yen versus the U.S. dollar as the value of the Japanese yen advanced amid fears of a US-led trade war.

24

Additional losses in the currency sector were incurred during May from positions in the British pound versus the U.S. dollar as a surging U.S. economy bolstered the value of the dollar. Within the global equity index sector, losses were incurred during February from long positions in European and Asian equity index futures as global stocks experienced a sharp sell-off to start the month after trending consistently higher in previous months.

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

Interest income on 100% of the average daily equity maintained in cash in the Partnership’s (or the Partnership’s allocable portion of the Master’s) brokerage account at MS&Co. during each month is earned at a monthly average of the 4-week U.S. Treasury bill discount rate. Prior to November 1, 2017, the Partnership received monthly interest on 80% of the average daily equity maintained in cash in the Partnership’s (or the Partnership’s allocable portion of the Master’s) brokerage account at MS&Co. at a rate equal to the monthly average of the 4-week U.S. Treasury bill discount rate. For the avoidance of doubt, the Partnership/Master will not receive interest on amounts in the futures brokerage account that are committed to margin. Any interest earned on the Partnership’s and/or the Master’s account in excess of the amounts described above, if any, will be retained by MS&Co. and/or shared with the General Partner. All interest earned on U.S. Treasury bills and money market mutual fund securities will be retained by the Partnership and/or the Master, as applicable. Any interest income earned on collateral deposited by the Master and held by JPMorgan in its capacity as the Master’s forward foreign currency counterparty will be retained by the Master, and the Partnership will receive its allocable portion of such interest from the Master. Interest income allocated from the Master for the three and nine months ended September 30, 2018 increased by $512,378 and $1,364,953, respectively, as compared to the corresponding periods in 2017. The increase in interest income was primarily due to higher U.S. Treasury bill rates during the three and nine months ended September 30, 2018 as compared to the corresponding periods in 2017. Interest earned by the Partnership will increase the net asset value of the Partnership. The amount of interest income earned by the Partnership depends upon (1) the average daily equity maintained in cash in the Partnership’s and/or the Master’s account, (2) the amount of U.S. Treasury bills and/or money market mutual fund securities held by the Partnership and/or the Master and (3) interest rates over which none of the Partnership, the Master, MS&Co. or JPMorgan has control.

Ongoing selling agent fees are calculated as a percentage of the Partnership’s adjusted net asset value of Class A Redeemable Units and Class D Redeemable Units as of the end of each month and are affected by trading performance, subscriptions and redemptions. Accordingly, they must be analyzed in relation to the fluctuations in the monthly net asset values. Ongoing selling agent fees for the three and nine months ended September 30, 2018 decreased by $69,892 and $386,932, respectively, as compared to the corresponding periods in 2017. The decrease in ongoing selling agent fees was due to lower average net assets attributable to Class A Redeemable Units and Class D Redeemable Units during the three and nine months ended September 30, 2018 as compared to the corresponding periods in 2017.

Management fees are calculated as a percentage of the Partnership’s adjusted net asset value per Class as of the end of each month and are affected by trading performance, subscriptions and redemptions. Accordingly, they must be analyzed in relation to the fluctuations in the monthly net asset values. Management fees for the three and nine months ended September 30, 2018 decreased by $43,120 and $257,865, respectively, as compared to the corresponding periods in 2017. The decrease in management fees was due to lower average net assets per Class during the three and nine months ended September 30, 2018 as compared to the corresponding periods in 2017.

General Partner fees are paid to the General Partner for administering the business and affairs of the Partnership including, among other things, (i) selecting, appointing and terminating the Partnership’s commodity trading advisor and (ii) monitoring the activities of the commodity trading advisor. These fees are calculated as a percentage of the Partnership’s adjusted net asset value per Class as of the end of each month and are affected by trading performance, subscriptions and redemptions. Accordingly, they must be analyzed in relation to the fluctuations in the monthly net asset values. General Partner fees for the three and nine months ended September 30, 2018 decreased by $28,746 and $171,910, respectively, as compared to the corresponding periods in 2017. The decrease in General Partner fees was due to lower average net assets per Class during the three and nine months ended September 30, 2018 as compared to the corresponding periods in 2017.

Incentive fees paid by the Partnership are based on the new trading profits generated by the Advisor at the end of the quarter, as defined in the management agreement among the Partnership, the General Partner and the Advisor. There were no incentive fees earned for the three and nine months ended September 30, 2018 and 2017. The Advisor will not be paid incentive fees until the Advisor recovers the net loss incurred and earns additional new trading profits for the Partnership.

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

25

Item 3. Quantitative and Qualitative Disclosures about Market Risk.

All or substantially all of the Partnership’s assets are subject to the risk of trading loss through its investment in the Master. The Partnership and the Master are speculative commodity pools. The market sensitive instruments held by the Master are acquired for speculative trading purposes, and all or substantially all of the Master’s assets are subject to the risk of trading loss. Unlike an operating company, the risk of market sensitive instruments is integral, not incidental, to the Master’s and the Partnership’s main line of business.

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

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

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

Quantifying the Master’s Trading Value at Risk

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

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

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

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

Exchange margin requirements have been used by the Master as the measure of its Value at Risk. Margin requirements are set by exchanges to equal or exceed the maximum losses reasonably expected to be incurred in the fair value of any given contract in 95%-99% of any one-day interval. The margin levels are established by dealers and exchanges using historical price studies as well as an assessment of current market volatility (including the implied volatility of the options on a given futures contract) and economic fundamentals to provide a probabilistic estimate of the maximum expected near-term one-day price fluctuation.

Value at Risk tables represent a probabilistic assessment of the risk of loss in market sensitive instruments. The following tables indicate the trading Value at Risk associated with the Master’s open positions by market category as of September 30, 2018 and prior to the close of business on December 31, 2017, and the highest, lowest and average values during the three months ended September 30, 2018 and for the twelve months ended December 31, 2017. All open position trading risk exposures of the Master have been included in calculating the figures set forth below. There has been no material change in the trading Value at Risk information previously disclosed in the Partnership’s Annual Report on Form 10-K for the year ended December 31, 2017.

26

As of September 30, 2018, the Master’s total capitalization was $372,434,531 and the Partnership owned approximately 52.9% of the Master. The Partnership invests substantially all of its assets in the Master. The Master’s Value at Risk as of September 30, 2018 was as follows:

September 30, 2018

						Three Months Ended September 30, 2018
Market Sector	Value at Risk		% of Total     Capitalization			High     Value at Risk		Low     Value at Risk		Average     Value at Risk*
Currencies	$	11,935,559		3.20	%	$	15,347,243	$	11,935,559	$	13,117,359
Energy		2,269,877		0.61			3,187,598		1,399,363		2,417,959
Grains		1,671,907		0.45			2,288,275		1,599,999		1,874,671
Indices		3,462,808		0.93			3,462,808		1,604,411		2,891,263
Interest Rates U.S.		423,215		0.11			926,502		420,186		556,877
Interest Rates Non-U.S.		3,626,931		0.97			4,678,955		2,576,662		3,992,382
Livestock		244,357		0.07			593,890		244,357		376,839
Metals		6,617,248		1.78			8,511,160		6,522,507		7,506,321
Softs		2,951,038		0.79			2,951,038		2,018,470		2,647,972
Total	$	33,202,940		8.91	%

* Average of month-end Values at Risk.

Prior to the close of business on December 31, 2017, the Master’s total capitalization was $408,679,588 and the Partnership owned approximately 52.6% of the Master. The Partnership invests substantially all of its assets in the Master. The Master’s Value at Risk as of December 31, 2017 was as follows:

December 31, 2017

						Twelve Months Ended December 31, 2017
Market Sector	Value at Risk		% of Total     Capitalization			High     Value at Risk		Low     Value at Risk		Average     Value at Risk*
Currencies	$	37,375,662		9.15	%	$	41,685,050	$	6,859,203	$	29,801,089
Energy		6,288,778		1.54			6,288,778		660,791		2,375,862
Grains		1,358,483		0.33			2,712,999		1,100,657		1,778,122
Indices		20,126,411		4.92			31,470,290		17,643,595		23,398,714
Interest Rates U.S.		1,109,639		0.27			5,362,330		514,996		2,048,055
Interest Rates Non-U.S.		2,562,664		0.63			5,374,331		1,520,731		3,434,888
Livestock		502,480		0.12			850,960		359,920		611,098
Metals		10,415,048		2.55			10,465,318		1,732,090		4,070,470
Softs		2,704,190		0.66			2,735,012		1,140,436		1,782,061
Total	$	82,443,355		20.17	%

* Annual average of month-end Values at Risk.

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Item 4. Controls and Procedures.

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

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

The General Partner’s President and CFO have evaluated the effectiveness of the Partnership’s disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of September 30, 2018 and, based on that evaluation, the General Partner’s President and CFO have concluded that, at that date, the Partnership’s disclosure controls and procedures were effective.

The Partnership’s internal control over financial reporting is a process under the supervision of the General Partner’s President and CFO to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements in accordance with GAAP. These controls include policies and procedures that:

• pertain to the maintenance of records, that in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Partnership;

• provide reasonable assurance that (i) transactions are recorded as necessary to permit preparation of financial statements in accordance with GAAP, and (ii) the Partnership’s receipts are handled and expenditures are made only pursuant to authorizations of the General Partner; and

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

There were no changes in the Partnership’s internal control over financial reporting process during the fiscal quarter ended September 30, 2018 that materially affected, or are reasonably likely to materially affect, the Partnership’s internal control over financial reporting.

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PART II. OTHER INFORMATION

Item 1. Legal Proceedings.

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

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

MS&Co. is a wholly-owned, indirect subsidiary of Morgan Stanley, a Delaware holding company. Morgan Stanley files periodic reports with the SEC as required by the Exchange Act, which include current descriptions of material litigation and material proceedings and investigations, if any, by governmental and/or regulatory agencies or self-regulatory organizations concerning Morgan Stanley and its subsidiaries, including MS&Co. As a consolidated subsidiary of Morgan Stanley, MS&Co. does not file its own periodic reports with the SEC that contain descriptions of material litigation, proceedings and investigations. As a result, please refer to the “Legal Proceedings” section of Morgan Stanley’s SEC 10-K filings for 2017, 2016, 2015, 2014, and 2013. In addition, MS&Co. annually prepares an Audited, Consolidated Statement of Financial Condition (“Audited Financial Statement”) that is publicly available on Morgan Stanley’s website at www.morganstanley.com. Please refer to the Commitments, Guarantees and Contingencies – Legal section of MS&Co.’s 2017 Audited Financial.

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

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

Regulatory and Governmental Matters.

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

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

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

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

On July 23, 2014, the SEC approved a settlement by MS&Co. and certain affiliates to resolve an investigation related to certain subprime RMBS transactions sponsored and underwritten by those entities in 2007. Pursuant to the settlement, MS&Co. and certain affiliates were charged with violating Sections 17(a)(2) and 17(a)(3) of the Securities Act of 1933, as amended, agreed to pay disgorgement and penalties in an amount of $275 million and neither admitted nor denied the SEC’s findings.

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

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

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

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

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

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

Civil Litigation

On July 15, 2010, China Development Industrial Bank (“CDIB”) filed a complaint against MS&Co., styled China Development Industrial Bank v. Morgan Stanley & Co. Incorporated et al., which is pending in the Supreme Court of the State of New York, New York County (“Supreme Court of NY”). The complaint relates to a $275 million credit default swap referencing the super senior portion of the STACK 2006-1 CDO. The complaint asserts claims for common law fraud, fraudulent inducement and fraudulent concealment and alleges that MS&Co. misrepresented the risks of the STACK 2006-1 CDO to CDIB, and that MS&Co. knew that the assets backing the CDO were of poor quality when it entered into the credit default swap with CDIB. The complaint seeks compensatory damages related to the approximately $228 million that CDIB alleges it has already lost under the credit default swap, rescission of CDIB’s obligation to pay an additional $12 million, punitive damages, equitable relief, fees and costs. On February 28, 2011, the court denied MS&Co.’s motion to dismiss the complaint. On June 27, 2018, the Firm filed a motion for summary judgment and spoliation sanctions against CDIB. Based on currently available information, MS&Co. believes it could incur a loss of up to approximately $240 million plus pre- and post-judgment interest, fees and costs.

On October 15, 2010, the Federal Home Loan Bank of Chicago filed a complaint against MS&Co. and other defendants in the Circuit Court of the State of Illinois, styled Federal Home Loan Bank of Chicago v. Bank of America Funding Corporation et al. A corrected amended complaint was filed on April 8, 2011, which alleges that defendants made untrue statements and material omissions in the sale to plaintiff of a number of mortgage pass-through certificates backed by securitization trusts containing residential mortgage loans and asserts claims under Illinois law. The total amount of certificates allegedly sold to plaintiff by MS&Co. at issue in the action was approximately $203 million. The complaint seeks, among other things, to rescind the plaintiff’s purchase of such certificates. The defendants filed a motion to dismiss the corrected amended complaint on May 27, 2011, which was denied on September 19, 2012. On December 13, 2013, the court entered an order dismissing all claims related to one of the securitizations at issue. On January 18, 2017, the court entered an order dismissing all claims related to an additional securitization at issue. After those dismissals, the remaining amount of certificates allegedly issued by MS&Co. or sold to plaintiff by MS&Co. was approximately $65 million. At September 25, 2018, the current unpaid balance of the mortgage pass-through certificates at issue in this action was approximately $37 million, and the certificates had not yet incurred actual losses. Based on currently available information, MS&Co. believes it could incur a loss in this action up to the difference between the $37 million unpaid balance of these certificates (plus any losses incurred) and their fair market value at the time of a judgment against MS&Co., plus pre- and post-judgment interest, fees and costs. MS&Co. may be entitled to be indemnified for some of these losses and to an offset for interest received by the plaintiff prior to a judgment.

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On May 17, 2013, plaintiff in IKB International S.A. in Liquidation, et al. v. Morgan Stanley, et al. filed a complaint against MS&Co. and certain affiliates in the Supreme Court of NY. The complaint alleges that defendants made material misrepresentations and omissions in the sale to plaintiff of certain mortgage pass-through certificates backed by securitization trusts containing residential mortgage loans. The total amount of certificates allegedly sponsored, underwritten and/or sold by MS&Co. to plaintiff was approximately $133 million. The complaint alleges causes of action against MS&Co. for common law fraud, fraudulent concealment, aiding and abetting fraud, and negligent misrepresentation, and seeks, among other things, compensatory and punitive damages. On October 29, 2014, the court granted in part and denied in part MS&Co.’s motion to dismiss. All claims regarding four certificates were dismissed. After these dismissals, the remaining amount of certificates allegedly issued by MS&Co. or sold to plaintiff by MS&Co. was approximately $116 million. On August 11, 2016, the Appellate Division, First Department affirmed the trial court’s decision denying in part MS&Co.’s motion to dismiss the complaint. At September 25, 2018, the current unpaid balance of the mortgage pass-through certificates at issue in this action was approximately $23 million, and the certificates had incurred actual losses of $58 million. Based on currently available information, MS&Co. believes it could incur a loss in this action up to the difference between the $23 million unpaid balance of these certificates (plus any losses incurred) and their fair market value at the time of a judgment against MS&Co., or upon sale, plus pre- and post-judgment interest, fees and costs. MS&Co. may be entitled to be indemnified for some of these losses and to an offset for interest received by the plaintiff prior to a judgment.

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

Settled Civil Litigation

On December 23, 2009, the Federal Home Loan Bank of Seattle filed a complaint against MS&Co. and another defendant in the Superior Court of the State of Washington, styled Federal Home Loan Bank of Seattle v. Morgan Stanley & Co. Inc., et al. The amended complaint, filed on September 28, 2010, alleges that defendants made untrue statements and material omissions in the sale to plaintiff of certain mortgage pass-through certificates backed by securitization trusts containing residential mortgage loans. The total amount of certificates allegedly sold to plaintiff by MS&Co. was approximately $233 million. The complaint raises claims under the Washington State Securities Act and seeks, among other things, to rescind the plaintiff’s purchase of such certificates. On January 23, 2017, the parties reached an agreement to settle the litigation.

On March 15, 2010, the Federal Home Loan Bank of San Francisco filed a complaint against MS&Co. and other defendants in the Superior Court of the State of California styled Federal Home Loan Bank of San Francisco v. Credit Suisse Securities (USA) LLC, et al. An amended complaint filed on June 10, 2010 alleged that defendants made untrue statements and material omissions in connection with the sale to plaintiff of a number of mortgage pass-through certificates backed by securitization trusts containing residential mortgage loans. The amount of certificates allegedly sold to plaintiff by MS&Co. was approximately $704 million. The complaint raised claims under both the federal securities laws and California law and sought, among other things, to rescind the plaintiff’s purchase of such certificates. On January 26, 2015, as a result of a settlement with certain other defendants, the plaintiff requested and the court subsequently entered a dismissal with prejudice of certain of the plaintiff’s claims, including all remaining claims against MS&Co.

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

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

On October 25, 2010, MS&Co., certain affiliates and Pinnacle Performance Limited, a special purpose vehicle (“SPV”), were named as defendants in a purported class action in the United States District Court for the Southern District of New York (“SDNY”), styled Ge Dandong, et al. v. Pinnacle Performance Ltd., et al. On January 31, 2014, the plaintiffs in the action, which related to securities issued by the SPV in Singapore, filed a second amended complaint, which asserted common law claims of fraud, aiding and abetting fraud, fraudulent inducement, aiding and abetting fraudulent inducement, and breach of the implied covenant of good faith and fair dealing. On July 17, 2014, the parties reached an agreement to settle the litigation, which received final court approval on July 2, 2015.

On July 5, 2011, Allstate Insurance Company and certain of its affiliated entities filed a complaint against MS&Co. in the Supreme Court of NY, styled Allstate Insurance Company, et al. v. Morgan Stanley, et al. An amended complaint was filed on September 9, 2011, and alleged that the defendants made untrue statements and material omissions in the sale to the plaintiffs of certain mortgage pass-through certificates backed by securitization trusts containing residential mortgage loans. The total amount of certificates allegedly issued and/or sold to the plaintiffs by MS&Co. was approximately $104 million. The complaint raised common law claims of fraud, fraudulent inducement, aiding and abetting fraud, and negligent misrepresentation and seeks, among other things, compensatory and/or recessionary damages associated with the plaintiffs’ purchases of such certificates. On January 16, 2015, the parties reached an agreement to settle the litigation.

On July 18, 2011, the Western and Southern Life Insurance Company and certain affiliated companies filed a complaint against MS&Co. and other defendants in the Court of Common Pleas in Ohio, styled Western and Southern Life Insurance Company, et al. v. Morgan Stanley Mortgage Capital Inc., et al. An amended complaint was filed on April 2, 2012 and alleged that defendants made untrue statements and material omissions in the sale to plaintiffs of certain mortgage pass-through certificates backed by securitization trusts containing residential mortgage loans. The amount of the certificates allegedly sold to plaintiffs by MS&Co. was approximately $153 million. On June 8, 2015, the parties reached an agreement to settle the litigation.

On September 2, 2011, the Federal Housing Finance Agency, as conservator for Fannie Mae and Freddie Mac, filed 17 complaints against numerous financial services companies, including MS&Co. and certain affiliates. A complaint against MS&Co. and certain affiliates and other defendants was filed in the Supreme Court of NY,

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styled Federal Housing Finance Agency, as Conservator v. Morgan Stanley et al. The complaint alleged that defendants made untrue statements and material omissions in connection with the sale to Fannie Mae and Freddie Mac of residential mortgage pass-through certificates with an original unpaid balance of approximately $11 billion. The complaint raised claims under federal and state securities laws and common law and sought, among other things, rescission and compensatory and punitive damages. On February 7, 2014, the parties entered into an agreement to settle the litigation. On February 20, 2014, the court dismissed the action.

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

On April 25, 2012, The Prudential Insurance Company of America and certain affiliates filed a complaint against MS&Co. and certain affiliates in the Superior Court of the State of New Jersey, styled The Prudential Insurance Company of America, et al. v. Morgan Stanley, et al. On October 16, 2012, plaintiffs filed an amended complaint. The amended complaint alleged that defendants made untrue statements and material omissions in connection with the sale to plaintiffs of certain mortgage pass-through certificates backed by securitization trusts containing residential mortgage loans. The total amount of certificates allegedly sponsored, underwritten and/or sold by MS&Co. was approximately $1.073 billion. The amended complaint raised claims under the New Jersey Uniform Securities Law, as well as common law claims of negligent misrepresentation, fraud, fraudulent inducement, equitable fraud, aiding and abetting fraud, and violations of the New Jersey Racketeer Influenced and Corrupt Organizations Act, and included a claim for treble damages. On January 8, 2016, the parties reached an agreement to settle the litigation.

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

On November 4, 2011, the Federal Deposit Insurance Corporation, as receiver for Franklin Bank S.S.B, filed two complaints against MS&Co. in the District Court of the State of Texas. Each was styled Federal Deposit Insurance Corporation as Receiver for Franklin Bank, S.S.B v. Morgan Stanley & Company LLC F/K/A Morgan Stanley & Co. Inc. and alleged that MS&Co. made untrue statements and material omissions in connection with the sale to plaintiff of mortgage pass-through certificates backed by securitization trusts containing residential mortgage loans. The amount of certificates allegedly underwritten and sold to plaintiff by MS&Co. in these cases was approximately $67 million and $35 million, respectively. On July 2, 2015, the parties reached an agreement to settle the litigation.

On February 14, 2013, Bank Hapoalim B.M. filed a complaint against MS&Co. and certain affiliates in the Supreme Court of NY, styled Bank Hapoalim B.M. v. Morgan Stanley et al. The complaint alleged that defendants made material misrepresentations and omissions in the sale to plaintiff of certain mortgage pass-through certificates backed by securitization trusts containing residential mortgage loans. The total amount of certificates allegedly sponsored, underwritten and/or sold by MS&Co. to plaintiff was approximately $141 million. On July

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

On September 23, 2013, the plaintiff in National Credit Union Administration Board v. Morgan Stanley & Co. Inc., et al. filed a complaint against MS&Co. and certain affiliates in the SDNY. The complaint alleged that defendants made untrue statements of material fact or omitted to state material facts in the sale to the plaintiff of certain mortgage pass-through certificates issued by securitization trusts containing residential mortgage loans. The total amount of certificates allegedly sponsored, underwritten and/or sold by MS&Co. to plaintiffs in the matter was approximately $417 million. The complaint alleged violations of federal and various state securities laws and sought, among other things, rescissionary and compensatory damages. On November 23, 2015, the parties reached an agreement to settle the matter.

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

On April 20, 2011, the Federal Home Loan Bank of Boston filed a complaint against MS&Co. and other defendants in the Superior Court of the Commonwealth of Massachusetts styled Federal Home Loan Bank of Boston v. Ally Financial, Inc. F/K/A GMAC LLC et al. An amended complaint was filed on June 29, 2012 and alleged that defendants made untrue statements and material omissions in the sale to plaintiff of certain mortgage pass-through certificates backed by securitization trusts containing residential mortgage loans. The total amount of certificates allegedly issued by MS&Co. or sold to plaintiff by MS&Co. was approximately $385 million. The amended complaint raised claims under the Massachusetts Uniform Securities Act, the Massachusetts Consumer Protection Act and common law and sought, among other things, to rescind the plaintiff’s purchase of such certificates. On November 25, 2013, July 16, 2014, and May 19, 2015, respectively, the plaintiff voluntarily dismissed its claims against MS&Co. with respect to three of the securitizations at issue. After these voluntary dismissals, the remaining amount of certificates allegedly issued by MS&Co. or sold to plaintiff by MS&Co. was approximately $332 million. On July 13, 2018, the parties reached an agreement in principle to settle the litigation.

On May 3, 2013, plaintiffs in Deutsche Zentral-Genossenschaftsbank AG et al. v. Morgan Stanley et al. filed a complaint against MS&Co., certain affiliates, and other defendants in the Supreme Court of NY. The complaint alleged that defendants made material misrepresentations and omissions in the sale to plaintiffs of certain mortgage pass-through certificates backed by securitization trusts containing residential mortgage loans. The total amount of certificates allegedly sponsored, underwritten and/or sold by MS&Co. to plaintiff was approximately $634 million. The complaint alleges causes of action against MS&Co. for common law fraud, fraudulent concealment, aiding and abetting fraud, negligent misrepresentation, and rescission and seeks, among other things, compensatory and punitive damages. On June 26, 2018, the parties entered into an agreement to settle the litigation.

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

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Item 1A. Risk Factors.

There have been no material changes to the risk factors set forth under Part I, Item 1A. “Risk Factors.” in the Partnership’s Annual Report on Form 10-K for the fiscal year ended December 31, 2017 and under Part II, Item 1A. “Risk Factors.” in the Partnership’s Quarterly Reports on Form 10-Q for the quarters ended March 31, 2018 and June 30, 2018.

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

For the three months ended September 30, 2018, there were subscriptions for 1,132.5700 Redeemable Units of Class A totaling $1,572,922. The Redeemable Units were issued in reliance upon applicable exemptions from registration under Section 4(a)(2) of the Securities Act and Section 506 of Regulation D promulgated thereunder. The Redeemable Units were purchased by accredited investors as defined in Regulation D. In determining the applicability of the exemption, the General Partner relied on the fact that the Redeemable Units were purchased by accredited investors in a private offering.

Proceeds from the sale of Redeemable Units are used for the trading of commodity interests, including futures and forward contracts.

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

Period	Class A (a) Total Number of Redeemable Units Purchased*		Class A (b) Average Price Paid per Redeemable Unit**		(c) Total Number of   Redeemable   Units Purchased as Part of Publicly Announced Plans or Programs		(d) Maximum   Number (or Approximate Dollar Value) of Redeemable Units that May Yet Be Purchased Under the Plans or Programs
July 1, 2018 - July 31, 2018		846.6720	$	1,375.72		N/A		N/A
August 1, 2018 - August 31, 2018		1,128.0300	$	1,394.64		N/A		N/A
September 1, 2018 - September 30, 2018		1,146.9390	$	1,386.02		N/A		N/A
		3,121.6410	$	1,386.34

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

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

Item 3. Defaults Upon Senior Securities. – None.

Item 4. Mine Safety Disclosures. – Not applicable.

Item 5. Other Information. – None.

36

Item 6. Exhibits.

31.1 —	Rule 13a-14(a)/15d-14(a) Certification (Certification of President and Director) (filed herewith).
31.2 —	Rule 13a-14(a)/15d-14(a) Certification (Certification of Chief Financial Officer and Director) (filed herewith).
32.1 —	Section  1350 Certification (Certification of President and Director) (filed herewith).
32.2 —	Section  1350 Certification (Certification of Chief Financial Officer and Director) (filed herewith).

101.INS	XBRL Instance Document.
101.SCH	XBRL Taxonomy Extension Schema Document.
101.CAL	XBRL Taxonomy Extension Calculation Linkbase Document.
101.LAB	XBRL Taxonomy Extension Label Linkbase Document.
101.PRE	XBRL Taxonomy Extension Presentation Linkbase Document.
101.DEF	XBRL Taxonomy Extension Definition Linkbase Document.

37

SIGNATURES

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

CERES ABINGDON L.P.
By:	Ceres Managed Futures LLC
	(General Partner)
By:	/s/ Patrick T. Egan
	Patrick T. Egan
	President and Director
Date: November 8, 2018
By:	/s/ Steven Ross
	Steven Ross
	Chief Financial Officer and Director (Principal Accounting Officer)
Date: November 8, 2018

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

38

EX-31.1

Exhibit 31.1

CERTIFICATION

I, Patrick T. Egan, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Ceres Abingdon L.P.;

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

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

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

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

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

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

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

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

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

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

Date: November 8, 2018

/s/ Patrick T. Egan

Patrick T. Egan

Ceres Managed Futures LLC

President and Director

EX-31.2

Exhibit 31.2

CERTIFICATION

I, Steven Ross, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Ceres Abingdon L.P.;

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

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

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

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

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

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

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

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

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

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

Date: November 8, 2018

/s/ Steven Ross

Steven Ross

Ceres Managed Futures LLC

Chief Financial Officer and Director

EX-32.1

Exhibit 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Ceres Abingdon L.P. (the “Partnership”) on Form 10-Q for the period ended September 30, 2018 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Patrick T. Egan, President and Director of Ceres Managed Futures LLC, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

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

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

/s/ Patrick T. Egan                       

Patrick T. Egan

Ceres Managed Futures LLC

President and Director

Date: November 8, 2018

EX-32.2

Exhibit 32.2

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Ceres Abingdon L.P. (the “Partnership”) on Form 10-Q for the period ended September 30, 2018 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Steven Ross, Chief Financial Officer and Director of Ceres Managed Futures LLC, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

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

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

/s/ Steven Ross                      

Steven Ross

Ceres Managed Futures LLC

Chief Financial Officer and Director

Date: November 8, 2018

XML

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2018	Oct. 31, 2018
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2018
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	Q3
Trading Symbol	ABFF
Entity Registrant Name	CERES ABINGDON L.P.
Entity Central Index Key	0001386164
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Class A [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		120,524.4927
Class D [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		17,913.2276
Class Z [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		1,164.5352

XML

Statements of Financial Condition - USD ($)		Sep. 30, 2018	Dec. 31, 2017
Assets:
Investment in the Master, at fair value	[1]	$ 197,469,610	$ 207,572,661
Redemptions receivable from the Master		2,353,384	7,751,458
Cash at MS&Co.		289,562	184,556
Cash at bank			436
Total assets		200,112,556	215,509,111
Accrued expenses:
Ongoing selling agent fees		301,824	327,053
Management fees		249,486	268,779
General Partner fees		166,324	179,186
Professional fees		221,985	159,108
Redemptions payable to Limited Partners		1,589,680	6,888,483
Total liabilities		2,529,299	7,822,609
Partners' Capital:
Total partners' capital (net asset value)		197,583,257	207,686,502
Total liabilities and partners' capital		200,112,556	215,509,111
Class A [Member]
Partners' Capital:
Limited Partners		169,574,845	179,443,770
Total partners' capital (net asset value)		$ 169,574,845	$ 179,443,770
Net asset value per Redeemable Unit		$ 1,386.02	$ 1,394.29
Class D [Member]
Partners' Capital:
Limited Partners		$ 24,160,974	$ 24,077,868
Total partners' capital (net asset value)		$ 24,160,974	$ 24,077,868
Net asset value per Redeemable Unit		$ 1,348.78	$ 1,344.14
Class Z [Member]
Partners' Capital:
General Partner		$ 2,207,185	$ 2,539,436
Limited Partners		1,640,253	1,625,428
Total partners' capital (net asset value)		$ 3,847,438	$ 4,164,864
Net asset value per Redeemable Unit		$ 1,397.70	$ 1,385.07

[1] Defined in Note 1.

XML

Statements of Financial Condition (Parenthetical) - shares	Sep. 30, 2018	Dec. 31, 2017
Class A [Member]
Limited Partners capital, Redeemable Units outstanding	122,346.8727	128,698.8997
Class D [Member]
Limited Partners capital, Redeemable Units outstanding	17,913.2276	17,913.2276
Class Z [Member]
General Partner capital, Redeemable Units outstanding	1,579.1530	1,833.4370
Limited Partners capital, Redeemable Units outstanding	1,173.5352	1,173.5352

XML

Statements of Income and Expenses - USD ($)		3 Months Ended		9 Months Ended
		Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Investment Income:
Interest income allocated from the Master		$ 905,165	$ 392,787	$ 2,339,738	$ 974,785
Expenses:
Expenses allocated from the Master		84,087	86,631	232,610	253,702
Ongoing selling agent fees		908,360	978,252	2,759,647	3,146,579
Management fees		750,529	793,649	2,276,176	2,534,041
General Partner fees		500,353	529,099	1,517,450	1,689,360
Professional fees		137,828	131,524	416,492	410,018
Total expenses		2,381,157	2,519,155	7,202,375	8,033,700
Net investment loss		(1,475,992)	(2,126,368)	(4,862,637)	(7,058,915)
Net gains (losses) on investment in the Master:
Net realized gains (losses) on closed contracts allocated from the Master		5,500,874	(1,108,399)	10,006,410	3,876,163
Net change in unrealized gains (losses) on open contracts allocated from the Master		(2,741,624)	3,360,003	(6,323,960)	(6,566,847)
Total trading results		2,759,250	2,251,604	3,682,450	(2,690,684)
Net income (loss)		$ 1,283,258	$ 125,236	(1,180,187)	(9,749,599)
Class A [Member]
Net gains (losses) on investment in the Master:
Net income (loss)				$ (1,320,867)	$ (8,847,837)
Net income (loss) per Redeemable Unit	[1]	$ 8.24	$ (0.68)	$ (8.27)	$ (57.66)
Weighted average Redeemable Units outstanding		123,973.8877	147,699.4760	126,386.0069	156,777.1445
Class D [Member]
Net gains (losses) on investment in the Master:
Net income (loss)				$ 83,106	$ (754,738)
Net income (loss) per Redeemable Unit	[1]	$ 12.21	$ 3.11	$ 4.64	$ (43.64)
Weighted average Redeemable Units outstanding		17,913.2276	17,973.2276	17,913.2276	16,180.7516
Class Z [Member]
Net gains (losses) on investment in the Master:
Net income (loss)				$ 57,574	$ (147,024)
Net income (loss) per Redeemable Unit	[1]	$ 15.25	$ 5.51	$ 12.63	$ (37.68)
Weighted average Redeemable Units outstanding		2,752.6882	2,304.8792	2,780.9420	2,864.8019

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

XML

Statements of Changes in Partners' Capital - USD ($)	Total	Limited Partners [Member]	General Partner [Member]	Class A [Member]	Class A [Member] Limited Partners [Member]	Class D [Member]	Class D [Member] Limited Partners [Member]	Class Z [Member]	Class Z [Member] Limited Partners [Member]	Class Z [Member] General Partner [Member]
Balance, value at Dec. 31, 2016	$ 217,564,351			$ 197,142,459		$ 17,384,759		$ 3,037,133
Balance, Redeemable Units at Dec. 31, 2016	166,818.7745			150,497.4117		13,940.1566		2,381.2062
Subscriptions, value		$ 32,447,421	$ 275,265		$ 26,387,421		$ 5,000,000		$ 1,060,000	$ 275,265
Subscriptions, Redeemable Units		25,028.856	215.817		20,174.175		4,033.071		821.610	215.817
Redemptions, value		$ (40,110,228)	$ (360,000)		$ (39,026,036)				$ (1,084,192)	$ (360,000)
Redemptions, Redeemable Units		(31,281.787)	(292.144)		(30,402.213)				(879.574)	(292.144)
Net income (loss)	$ (9,749,599)			$ (8,847,837)		$ (754,738)		$ (147,024)
Balance, value at Sep. 30, 2017	$ 200,067,210			$ 175,656,007		$ 21,630,021		$ 2,781,182
Balance, Redeemable Units at Sep. 30, 2017	160,489.5165			140,269.3737		17,973.2276		2,246.9152
Net income (loss)	$ 125,236
Balance, value at Sep. 30, 2017	$ 200,067,210			$ 175,656,007		$ 21,630,021		$ 2,781,182
Balance, Redeemable Units at Sep. 30, 2017	160,489.5165			140,269.3737		17,973.2276		2,246.9152
Balance, value at Dec. 31, 2017	$ 207,686,502			$ 179,443,770		$ 24,077,868		$ 4,164,864
Balance, Redeemable Units at Dec. 31, 2017	149,619.0995			128,698.8997		17,913.2276		3,006.9722
Subscriptions, value		$ 6,619,049			$ 6,619,049
Subscriptions, Redeemable Units		4,715.9660			4,715.9660
Redemptions, value		$ (15,167,107)	$ (375,000)		$ (15,167,107)					$ (375,000)
Redemptions, Redeemable Units		(11,067.993)	(254.284)		(11,067.993)					(254.284)
Net income (loss)	$ (1,180,187)			$ (1,320,867)		$ 83,106		$ 57,574
Balance, value at Sep. 30, 2018	$ 197,583,257			$ 169,574,845		$ 24,160,974		$ 3,847,438
Balance, Redeemable Units at Sep. 30, 2018	143,012.7885			122,346.8727		17,913.2276		2,752.6882
Net income (loss)	$ 1,283,258
Balance, value at Sep. 30, 2018	$ 197,583,257			$ 169,574,845		$ 24,160,974		$ 3,847,438
Balance, Redeemable Units at Sep. 30, 2018	143,012.7885			122,346.8727		17,913.2276		2,752.6882

XML

Organization

9 Months Ended

Sep. 30, 2018

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization

1. Organization:

Ceres Abingdon L.P. (formerly, Managed Futures Premier Abingdon L.P.) (the “Partnership”) is a limited partnership organized on November 8, 2005, under the partnership laws of the State of New York, to engage, directly or indirectly, in the speculative trading of a diversified portfolio of commodity interests including futures, option, swap and forward contracts. The sectors traded include currencies, energy, grains, indices, U.S. and non-U.S. interest rates, livestock, metals and softs. The Partnership commenced trading on February 1, 2007. The commodity interests that are indirectly traded by the Partnership through its investment in CMF Winton Master L.P. (the “Master”) are volatile and involve a high degree of market risk. The General Partner (as defined below) may also determine to invest up to all of the Partnership’s assets (directly or indirectly through its investment in the Master) in United States (“U.S.”) Treasury bills and/or money market mutual funds, including money market mutual funds managed by Morgan Stanley or its affiliates. The Partnership privately and continuously offers redeemable units of limited partnership interest in the Partnership (“Redeemable Units”) to qualified investors. There is no maximum number of Redeemable Units that may be sold by the Partnership.

Ceres Managed Futures LLC, a Delaware limited liability company, acts as the general partner (the “General Partner”) and commodity pool operator of the Partnership. The General Partner is a wholly-owned subsidiary of Morgan Stanley Domestic Holdings, Inc. (“MSD Holdings”). MSD Holdings is ultimately owned by Morgan Stanley. Morgan Stanley is a publicly held company whose shares are listed on the New York Stock Exchange. Morgan Stanley is engaged in various financial services and other businesses. As of September 30, 2018, all trading decisions for the Partnership are made by Winton Capital Management Limited (the “Advisor”).

Effective September 21, 2017, the Partnership changed its name from Managed Futures Premier Abingdon L.P. to Ceres Abingdon L.P.

During the reporting periods ended September 30, 2018 and 2017, the Partnership’s and the Master’s commodity broker was Morgan Stanley & Co. LLC (“MS&Co.”), a registered futures commission merchant. JPMorgan Chase Bank, N.A (“JPMorgan”) was also a foreign exchange forward counterparty for the Master. During prior periods included in this report, the Partnership and the Master also deposited a portion of their cash in non-trading bank accounts at JPMorgan.

On February 1, 2007, the Partnership allocated substantially all of its capital to the Master, a limited partnership organized under the partnership laws of the State of New York, having the same investment objective as the Partnership. The Master permits accounts managed by the Advisor using the Winton Futures Program (formerly, the Winton Diversified Program, as applied without equities), the Advisor’s proprietary, systematic trading program, to invest together in one trading vehicle. The General Partner is also the general partner of the Master. Individual and pooled accounts currently managed by the Advisor, including the Partnership, are permitted to be limited partners of the Master. The General Partner and the Advisor believe that trading through this master/feeder structure promotes efficiency and economy in the trading process. Expenses to investors as a result of the investment in the Master are approximately the same as if the Partnership traded directly, and redemption rights are not affected. The General Partner and the Advisor agreed that the Advisor will trade the Partnership’s assets allocated to the Advisor at a level that is up to 1.5 times the amount of assets allocated.

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

The General Partner is not aware of any material changes to the trading program discussed above during the fiscal quarter ended September 30, 2018.

On April 1, 2011, the Partnership began offering “Class A” Redeemable Units, “Class D” Redeemable Units and “Class Z” Redeemable Units pursuant to the offering memorandum. All Redeemable Units issued prior to April 1, 2011 were deemed Class A Redeemable Units. The rights, liabilities, risks, and fees associated with investment in the Class A Redeemable Units did not change. “Class D” Redeemable Units and “Class Z” Redeemable Units were first issued on April 1, 2011 and August 1, 2011, respectively. Class A Redeemable Units, Class D Redeemable Units and Class Z Redeemable Units will each be referred to as a “Class” and collectively referred to as the “Classes.” The Class of Redeemable Units that a limited partner receives upon a subscription will generally depend upon the amount invested in the Partnership or the status of the limited partner, although the General Partner may determine to offer any Class of Redeemable Units to investors at its discretion. Class A Redeemable Units and Class D Redeemable Units are available to taxable U.S. individuals and institutions, U.S. tax exempt individuals and institutions and non-U.S. investors. Class Z Redeemable Units are offered to limited partners who receive advisory services from Morgan Stanley Smith Barney LLC (doing business as Morgan Stanley Wealth Management) (“Morgan Stanley Wealth Management”) and certain employees of Morgan Stanley and its subsidiaries (and their family members). Class A Redeemable Units, Class D Redeemable Units, and Class Z Redeemable Units are identical, except that Class D Redeemable Units are subject to a monthly ongoing selling agent fee equal to 1/12th of 0.75% (a 0.75% annual rate) of the net assets of Class D as of the end of each month, which differs from the Class A monthly ongoing selling agent fee of 1/12th of 2.00% (a 2.00% annual rate) of the net assets of Class A as of the end of each month. Class Z Redeemable Units are not subject to a monthly ongoing selling agent fee.

At September 30, 2018 and prior to the close of business on December 31, 2017, the Partnership owned approximately 52.9% and 52.6%, respectively, of the Master. The Partnership intends to continue to invest substantially all of its assets in the Master. The performance of the Partnership is directly affected by the performance of the Master. The Master’s trading of futures, forward, swap and option contracts, if applicable, on commodities is done primarily on U.S. commodity exchanges and non-U.S. commodity exchanges. The Master engages in such trading through a commodity brokerage account maintained with MS&Co. The Master’s Statements of Financial Condition, Condensed Schedules of Investments and Statements of Income and Expenses and Changes in Partners’ Capital are included herein.

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

The Partnership has also entered into a selling agreement with Morgan Stanley Wealth Management (as amended, the “Selling Agreement”). Pursuant to the Selling Agreement, Morgan Stanley Wealth Management is paid a monthly ongoing selling agent fee at the rates described above. The ongoing selling agent fee received by Morgan Stanley Wealth Management is shared with the properly registered/exempted financial advisors of Morgan Stanley Wealth Management who sell Class A and/or Class D Redeemable Units.

On July 12, 2017, the Master entered into certain agreements with JPMorgan in connection with trading in forward foreign currency contracts on behalf of the Master and, indirectly, the Partnership. These agreements include a foreign exchange and bullion authorization agreement (“FX Agreement”), an International Swap Dealers Association, Inc. master agreement (“Master Agreement”), a schedule to the Master Agreement, a 2016 credit support annex for variation margin to the schedule and an institutional account agreement. Under the FX Agreement, JPMorgan charges a fee on the aggregate foreign currency transactions entered into on behalf of the Master during a month.

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

XML

Basis of Presentation and Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2018

Accounting Policies [Abstract]

Basis of Presentation and Summary of Significant Accounting Policies

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

The accompanying financial statements and accompanying notes are unaudited but, in the opinion of the General Partner, include all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the Partnership’s financial condition at September 30, 2018, the results of its operations for the three and nine months ended September 30, 2018 and 2017 and the changes in partners’ capital for the nine months ended September 30, 2018 and 2017. These financial statements present the results for interim periods and do not include all disclosures normally provided in annual financial statements. These financial statements should be read together with the financial statements and notes included in the Partnership’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) for the year ended December 31, 2017. The December 31, 2017 information has been derived from the audited financial statements as of and for the year ended December 31, 2017.

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

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

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

Statement of Cash Flows. The Partnership has not provided a Statement of Cash Flows, as permitted by Accounting Standards Codification (“ASC”) 230, “Statement of Cash Flows.” The Statements of Changes in Partners’ Capital is included herein, and as of and for the periods ended September 30, 2018 and 2017, the Partnership carried no debt and substantially all of the Partnership’s and the Master’s investments were carried at fair value and classified as Level 1 and Level 2 measurements.

Partnership’s Investment. The Partnership carries its investment in the Master at fair value based on the Master’s net asset value per Redeemable Unit, as a practical expedient, as calculated by the Master. The valuation of the Master’s investments, including the classification within the fair value hierarchy of the investments held by the Master, are described in Note 5, “Fair Value Measurements.”

Master’s Investments. All commodity interests of the Master, including derivative financial instruments and derivative commodity instruments, are held for trading purposes. The commodity interests are recorded on the trade date and open contracts are recorded at fair value (as described in Note 5, “Fair Value Measurements”) at the measurement date. Investments in commodity interests denominated in foreign currencies are translated into U.S. dollars at the exchange rates prevailing at the measurement date. Gains or losses are realized when contracts are liquidated and are determined using the first-in, first-out method. Unrealized gains or losses on open contracts are included as a component of equity in trading account in the Master’s Statements of Financial Condition. Net realized gains or losses and net change in unrealized gains or losses are included in the Master’s Statements of Income and Expenses and Changes in Partners’ Capital. The Master does not isolate the portion of the results of operations arising from the effect of changes in foreign exchange rates on investments due to fluctuations from changes in market prices of investments held. Such fluctuations are included in total trading results in the Master’s Statements of Income and Expenses and Changes in Partners’ Capital.

Master’s Cash. The Master’s restricted cash is equal to the cash portion of assets on deposit to meet margin requirements, as determined by the exchange or counterparty, and required by MS&Co. At September 30, 2018 and December 31, 2017, the amount of cash held for margin requirements was $34,319,261 and $89,363,569, respectively. Cash that is not classified as restricted cash is therefore classified as unrestricted cash. The Master’s restricted and unrestricted cash includes cash denominated in foreign currencies of $7,285,267 (cost of $7,322,319) and $16,294,826 (cost of $16,082,475) as of September 30, 2018 and December 31, 2017, respectively.

Income Taxes. Income taxes have not been recorded as each partner is individually liable for the taxes, if any, on its share of the Partnership’s income and expenses. The Partnership follows the guidance of ASC 740, “Income Taxes,” which prescribes a recognition threshold and measurement attribute for financial statement recognition and measurement of tax positions taken or expected to be taken in the course of preparing the Partnership’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained “when challenged” or “when examined” by the applicable tax authority. Tax positions determined not to meet the more-likely-than-not threshold would be recorded as a tax benefit or liability in the Partnership’s Statements of Financial Condition for the current year. If a tax position does not meet the minimum statutory threshold to avoid the incurring of penalties, an expense for the amount of the statutory penalty and interest, if applicable, shall be recognized in the Statements of Income and Expenses in the period in which the position is claimed or expected to be claimed. The General Partner has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. The Partnership files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The 2014 through 2017 tax years remain subject to examination by U.S. federal and most state tax authorities.

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

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

There have been no material changes with respect to the Partnership’s critical accounting policies as reported in the Partnership’s Annual Report on Form 10-K for the year ended December 31, 2017.

The Master’s Statements of Financial Condition and Condensed Schedules of Investments as of September 30, 2018 and December 31, 2017 and Statements of Income and Expenses and Changes in Partners’ Capital for the three and nine months ended September 30, 2018 and 2017 are presented below:

CMF Winton Master L.P.

Statements of Financial Condition

	September 30,		December 31,
	2018		2017
	(Unaudited)
Assets:
Equity in trading accounts:
Unrestricted cash	$	336,607,066	$	304,851,425
Restricted cash		34,319,261		89,363,569
Net unrealized appreciation on open futures contracts		6,021,255		2,739,533
Net unrealized appreciation on open forward contracts		-		11,770,077
Total equity in trading accounts		376,947,582		408,724,604
Cash at bank		-		436
Total assets	$	376,947,582	$	408,725,040
Liabilities and Partners’ Capital:
Liabilities:
Net unrealized depreciation on open forward contracts	$	1,652,058	$	-
Accrued expenses:
Professional fees		52,307		45,452
Redemptions payable		2,808,686		11,031,281
Total liabilities		4,513,051		11,076,733
Partners’ Capital:
General Partner, 0.0000 Redeemable Units outstanding at September 30, 2018 and December 31, 2017		-		-
Limited Partners, 86,993.5300 and 94,701.5079 Redeemable Units outstanding at September 30, 2018 and December 31, 2017, respectively		372,434,531		397,648,307
Total partners’ capital (net asset value)		372,434,531		397,648,307
Total liabilities and partners’ capital	$	376,947,582	$	408,725,040
Net asset value per Redeemable Unit	$	4,281.18	$	4,198.97

CMF Winton Master L.P.

Condensed Schedule of Investments

September 30, 2018

(Unaudited)

	Notional ($)/ Number of         Contracts		Fair Value		% of Partners’         Capital
Futures Contracts Purchased
Currencies		840	$	481,379		0.13	%
Energy		624		1,595,838		0.43
Grains		67		(8,448)		(0.00)	*
Indices		803		1,016,724		0.27
Interest Rates U.S.		518		(1,092,828)		(0.29)
Interest Rates Non-U.S.		7,807		(1,905,404)		(0.51)
Livestock		33		10,910		0.00	*
Metals		70		53,903		0.01
Softs		124		(583,826)		(0.16)
Total futures contracts purchased				(431,752)		(0.12)
Futures Contracts Sold
Currencies		2,919		2,115,308		0.57
Energy		227		(450,540)		(0.12)
Grains		1,226		693,896		0.19
Indices		437		138,147		0.04
Interest Rates U.S.		966		532,468		0.14
Interest Rates Non-U.S.		941		301,550		0.08
Livestock		175		(416,645)		(0.11)
Metals		890		1,831,130		0.49
Softs		1,822		1,707,693		0.46
Total futures contracts sold				6,453,007		1.74
Net unrealized appreciation on open futures contracts			$	6,021,255		1.62	%
Unrealized Appreciation on Open Forward Contracts
Currencies	$	69,029,345	$	1,292,619		0.35	%
Metals		650		1,935,619		0.52
Total unrealized appreciation on open forward contracts				3,228,238		0.87
Unrealized Depreciation on Open Forward Contracts
Currencies	$	116,161,288		(1,823,244)		(0.49)
Metals		952		(3,057,052)		(0.82)
Total unrealized depreciation on open forward contracts				(4,880,296)		(1.31)
Net unrealized depreciation on open forward contracts			$	(1,652,058)		(0.44)	%

* Due to rounding.

CMF Winton Master L.P.

Condensed Schedule of Investments

December 31, 2017

	Notional ($)/ Number of         Contracts		Fair Value			% of Partners’         Capital
Futures Contracts Purchased
Currencies		1,445	$	140,462			0.04	%
Energy		1,407		4,381,395			1.10
Grains		163		(34,337	)		(0.01)
Indices		5,207		2,038,758			0.51
Interest Rates U.S.		725		(243,258	)		(0.06)
Interest Rates Non-U.S.		2,782		(1,373,334	)		(0.35)
Livestock		334		(21,225	)		(0.01)
Metals		156		510,437			0.13
Softs		127		426,592			0.11
Total futures contracts purchased				5,825,490			1.46
Futures Contracts Sold
Currencies		2,218		(1,429,413	)		(0.36)
Energy		873		(1,676,700	)		(0.42)
Grains		1,558		450,878			0.11
Indices		898		(516,603	)		(0.13)
Interest Rates U.S.		1,724		605,827			0.15
Interest Rates Non-U.S.		3,798		548,006			0.14
Metals		331		(1,506,315	)		(0.37)
Softs		1,845		438,363			0.11
Total futures contracts sold				(3,085,957	)		(0.77)
Net unrealized appreciation on open futures contracts			$	2,739,533			0.69	%
Unrealized Appreciation on Open Forward Contracts
Currencies	$	294,169,601	$	5,389,790			1.36	%
Metals		1,920		10,013,668			2.51
Total unrealized appreciation on open forward contracts				15,403,458			3.87
Unrealized Depreciation on Open Forward Contracts
Currencies	$	141,664,343		(1,246,670	)		(0.31)
Metals		554		(2,386,711	)		(0.60)
Total unrealized depreciation on open forward contracts				(3,633,381	)		(0.91)
Net unrealized appreciation on open forward contracts			$	11,770,077			2.96	%

CMF Winton Master L.P.

Statements of Income and Expenses and Changes in Partners’ Capital

(Unaudited)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2018			2017			2018			2017
Investment Income:
Interest income	$	1,679,291		$	822,329		$	4,321,432		$	2,079,884
Expenses:
Clearing fees		139,512			147,428			379,163			442,247
Professional fees		17,000			15,944			51,195			47,837
Total expenses		156,512			163,372			430,358			490,084
Net investment income (loss)		1,522,779			658,957			3,891,074			1,589,800
Trading Results:
Net gains (losses) on trading of commodity interests:
Net realized gains (losses) on closed contracts		10,188,516			(2,056,687	)		19,093,083			7,885,293
Net change in unrealized gains (losses) on open contracts		(5,094,858	)		6,210,154			(10,389,816	)		(12,837,196	)
Total trading results		5,093,658			4,153,467			8,703,267			(4,951,903	)
Net income (loss)		6,616,437			4,812,424			12,594,341			(3,362,103	)
Subscriptions - Limited Partners		6,677,129			1,914,387			16,119,957			35,212,991
Redemptions - Limited Partners		(6,502,039	)		(32,646,043	)		(50,000,530	)		(135,888,409	)
Distribution of interest income to feeder funds		(1,568,242	)		(789,221	)		(3,927,544	)		(1,911,162	)
Net increase (decrease) in Partners’ Capital		5,223,285			(26,708,453	)		(25,213,776	)		(105,948,683	)
Partners’ Capital, beginning of period		367,211,246			415,052,748			397,648,307			494,292,978
Partners’ Capital, end of period	$	372,434,531		$	388,344,295		$	372,434,531		$	388,344,295
Net asset value per Redeemable Unit (86,993.5300 and 104,003.0212 Redeemable Units outstanding at September 30, 2018 and 2017, respectively)	$	4,281.18		$	3,733.97		$	4,281.18		$	3,733.97
Net income (loss) per Redeemable Unit*	$	76.26		$	42.99		$	126.35		$	(33.92	)
Weighted average Redeemable Units outstanding		87,200.3814			106,400.3456			88,973.5467			115,802.6256

* Represents the change in net asset value per Redeemable Unit during the period before distribution of interest income to feeder funds.

XML

Financial Highlights

9 Months Ended

Sep. 30, 2018

Investment Company [Abstract]

Financial Highlights

3. Financial Highlights:

Financial highlights for the limited partner classes as a whole for the three and nine months ended September 30, 2018 and 2017 were as follows:

	Three Months Ended September 30,
				2018									2017
Per Redeemable Unit Performance (for a unit outstanding throughout the period):*		Class A			Class D			Class Z			Class A			Class D			Class Z
Net realized and unrealized gains (losses)	$	19.14		$	18.58		$	19.22		$	12.53		$	11.98		$	12.29
Net investment loss		(10.90	)		(6.37	)		(3.97	)		(13.21	)		(8.87	)		(6.78	)
Increase (decrease) for the period		8.24			12.21			15.25			(0.68	)		3.11			5.51
Net asset value per Redeemable Unit, beginning of period		1,377.78			1,336.57			1,382.45			1,252.96			1,200.35			1,232.27
Net asset value per Redeemable Unit, end of period	$	1,386.02		$	1,348.78		$	1,397.70		$	1,252.28		$	1,203.46		$	1,237.78
	Nine Months Ended September 30,
				2018									2017
Per Redeemable Unit Performance (for a unit outstanding throughout the period):*		Class A			Class D			Class Z			Class A			Class D			Class Z
Net realized and unrealized gains (losses)	$	26.84		$	26.06		$	27.36		$	(15.94	)	$	(15.51	)	$	(15.69	)
Net investment loss		(35.11	)		(21.42	)		(14.73	)		(41.72	)		(28.13	)		(21.99	)
Increase (decrease) for the period		(8.27	)		4.64			12.63			(57.66	)		(43.64	)		(37.68	)
Net asset value per Redeemable Unit, beginning of period		1,394.29			1,344.14			1,385.07			1,309.94			1,247.10			1,275.46
Net asset value per Redeemable Unit, end of period	$	1,386.02		$	1,348.78		$	1,397.70		$	1,252.28		$	1,203.46		$	1,237.78

	Three Months Ended September 30,
	2018											2017
	Class A			Class D				Class Z				Class A			Class D			Class Z
Ratios to Average Limited Partners’ Capital:**
Net investment loss***		(3.1)	%		(1.9)		%		(1.1)		%		(4.2)	%		(2.9)	%		(2.2)	%
Operating expenses		5.0	%		3.7		%		2.9		%		5.0	%		3.7	%		3.0	%
Incentive fees		-	%		-		%		-		%		-	%		-	%		-	%
Total expenses		5.0	%		3.7		%		2.9		%		5.0	%		3.7	%		3.0	%
Total return:
Total return before incentive fees		0.6	%		0.9		%		1.1		%		(0.1)	%		0.3	%		0.4	%
Incentive fees		-	%		-		%		-		%		-	%		-	%		-	%
Total return after incentive fees		0.6	%		0.9		%		1.1		%		(0.1)	%		0.3	%		0.4	%
	Nine Months Ended September 30,
	2018											2017
	Class A			Class D				Class Z				Class A			Class D			Class Z
Ratios to Average Limited Partners’ Capital:**
Net investment loss***		(3.4)	%		(2.1)		%		(1.4)		%		(4.4)	%		(3.1)	%		(2.7)	%
Operating expenses		5.0	%		3.7		%		2.9		%		5.0	%		3.7	%		3.4	%
Incentive fees		-	%		-		%		-		%		-	%		-	%		-	%
Total expenses		5.0	%		3.7		%		2.9		%		5.0	%		3.7	%		3.4	%
Total return:
Total return before incentive fees		(0.6)	%		0.3	%			0.9	%			(4.4)	%		(3.5)	%		(3.0)	%
Incentive fees		-	%		-		%		-		%		-	%		-	%		-	%
Total return after incentive fees		(0.6)	%		0.3		%		0.9		%		(4.4)	%		(3.5)	%		(3.0)	%

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

** Annualized (except for incentive fees).

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

The above ratios and total return may vary for individual investors based on the timing of capital transactions during the period. Additionally, these ratios are calculated for the limited partner class for the Classes using the limited partners’ share of income, expenses and average partners’ capital of the Partnership and include the income and expenses allocated from the Master.

Financial Highlights of the Master:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2018			2017			2018			2017
Per Redeemable Unit Performance (for a unit outstanding throughout the period):*
Net realized and unrealized gains (losses)	$	58.80		$	36.80		$	82.62		$	(47.65	)
Net investment income (loss)		17.46			6.19			43.73			13.73
Increase (decrease) for the period		76.26			42.99			126.35			(33.92	)
Distribution of interest income to feeder funds		(17.98	)		(7.42	)		(44.14	)		(16.50	)
Net asset value per Redeemable Unit, beginning of period		4,222.90			3,698.40			4,198.97			3,784.39
Net asset value per Redeemable Unit, end of period	$	4,281.18		$	3,733.97		$	4,281.18		$	3,733.97
	Three Months Ended September 30,						Nine Months Ended September 30,
	2018			2017			2018			2017
Ratios to Average Limited Partners’ Capital:**
Net investment income (loss)***		1.6	%		0.6	%		1.4	%		0.5	%
Operating expenses		0.2	%		0.2	%		0.2	%		0.1	%
Total return		1.8	%		1.2	%		3.0	%		(0.9	)%

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

** Annualized.

*** Interest income less total expenses.

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

XML

Trading Activities

9 Months Ended

Sep. 30, 2018

Brokers and Dealers [Abstract]

Trading Activities

4. Trading Activities:

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

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

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

All of the commodity interests owned by the Master are held for trading purposes. The monthly average number of futures contracts traded by the Master during the three months ended September 30, 2018 and 2017 was 20,643 and 23,929, respectively. The monthly average number of futures contracts traded by the Master during the nine months ended September 30, 2018 and 2017 was 19,094 and 23,000, respectively. The monthly average number of metals forward contracts traded by the Master during the three months ended September 30, 2018 and 2017 was 1,514 and 674, respectively. The monthly average number of metals forward contracts traded by the Master during the nine months ended September 30, 2018 and 2017 was 1,756 and 957, respectively. The monthly average notional value of currency forward contracts traded by the Master during the three months ended September 30, 2018 and 2017 was $211,292,847 and $561,123,451, respectively. The monthly average notional value of currency forward contracts traded by the Master during the nine months ended September 30, 2018 and 2017 was $271,160,477 and $474,699,701, respectively.

The following tables summarize the gross and net amounts recognized relating to assets and liabilities of the Master’s derivatives and their offsetting subject to master netting agreements or similar arrangements as of September 30, 2018 and December 31, 2017, respectively.

				Gross Amounts			Amounts			Gross Amounts Not Offset in the
				Offset in the			Presented in the			Statements of Financial Condition
				Statements of			Statements of					Cash Collateral
	Gross Amounts			Financial			Financial			Financial		Received/		Net
September 30, 2018	Recognized			Condition			Condition			Instruments		Pledged*		Amount
Assets
MS&Co.
Futures	$	11,956,420		$	(5,935,165	)	$	6,021,255		$	-	$	-	$	6,021,255
Forwards		1,935,619			(1,935,619	)		-			-		-		-
		13,892,039			(7,870,784	)		6,021,255			-		-		6,021,255
JPMorgan
Forwards		1,292,619			(1,292,619	)		-			-		-		-
Total assets	$	15,184,658		$	(9,163,403	)	$	6,021,255		$	-	$	-	$	6,021,255
Liabilities
MS&Co.
Futures	$	(5,935,165	)	$	5,935,165		$	-		$	-	$	-	$	-
Forwards		(3,057,052	)		1,935,619			(1,121,433	)		-		-		(1,121,433	)
		(8,992,217	)		7,870,784			(1,121,433	)		-		-		(1,121,433	)
JPMorgan
Forwards		(1,823,244	)		1,292,619			(530,625	)		-		-		(530,625	)
Total liabilities	$	(10,815,461	)	$	9,163,403		$	(1,652,058	)	$	-	$	-	$	(1,652,058	)
Net fair value														$	4,369,197		*
				Gross Amounts Offset in the			Amounts Presented in the			Gross Amounts Not Offset in the
										Statements of Financial Condition
				Statements of			Statements of					Cash Collateral
	Gross Amounts			Financial			Financial			Financial		Received/		Net
December 31, 2017	Recognized			Condition			Condition			Instruments		Pledged*		Amount
Assets
MS&Co.
Futures	$	13,523,003		$	(10,783,470	)	$	2,739,533		$	-	$	-	$	2,739,533
Forwards		10,013,668			(2,386,711	)		7,626,957			-		-		7,626,957
		23,536,671			(13,170,181	)		10,366,490			-		-		10,366,490
JPMorgan
Forwards		5,389,790			(1,246,670	)		4,143,120			-		-		4,143,120
Total assets	$	28,926,461		$	(14,416,851	)	$	14,509,610		$	-	$	-	$	14,509,610
Liabilities
MS&Co.
Futures	$	(10,783,470	)	$	10,783,470		$	-		$	-	$	-	$	-
Forwards		(2,386,711	)		2,386,711			-			-		-		-
		(13,170,181	)		13,170,181			-			-		-		-
JPMorgan
Forwards		(1,246,670	)		1,246,670			-			-		-		-
Total liabilities	$	(14,416,851	)	$	14,416,851		$	-		$	-	$	-	$	-
Net fair value														$	14,509,610		*

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

The following tables indicate the gross fair values of the Master’s derivative instruments of futures and forward contracts as separate assets and liabilities as of September 30, 2018 and December 31, 2017, respectively.

	September 30,         2018
Assets
Futures Contracts
Currencies	$	3,194,611
Energy		1,771,420
Grains		781,248
Indices		1,274,727
Interest Rates U.S.		532,468
Interest Rates Non-U.S.		650,442
Livestock		12,250
Metals		2,003,486
Softs		1,735,768
Total unrealized appreciation on open futures contracts		11,956,420
Liabilities
Futures Contracts
Currencies		(597,924	)
Energy		(626,122	)
Grains		(95,800	)
Indices		(119,856	)
Interest Rates U.S.		(1,092,828	)
Interest Rates Non-U.S.		(2,254,296	)
Livestock		(417,985	)
Metals		(118,453	)
Softs		(611,901	)
Total unrealized depreciation on open futures contracts		(5,935,165	)
Net unrealized appreciation on open futures contracts	$	6,021,255		*
Assets
Forward Contracts
Currencies	$	1,292,619
Metals		1,935,619
Total unrealized appreciation on open forward contracts		3,228,238
Liabilities
Forward Contracts
Currencies		(1,823,244	)
Metals		(3,057,052	)
Total unrealized depreciation on open forward contracts		(4,880,296	)
Net unrealized depreciation on open forward contracts	$	(1,652,058	)	**

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

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

	December 31,         2017
Assets
Futures Contracts
Currencies	$	906,387
Energy		4,524,315
Grains		485,142
Indices		4,060,424
Interest Rates U.S.		702,601
Interest Rates Non-U.S.		736,601
Livestock		168,885
Metals		513,345
Softs		1,425,303
Total unrealized appreciation on open futures contracts		13,523,003
Liabilities
Futures Contracts
Currencies		(2,195,338	)
Energy		(1,819,620	)
Grains		(68,601	)
Indices		(2,538,269	)
Interest Rates U.S.		(340,032	)
Interest Rates Non-U.S.		(1,561,929	)
Livestock		(190,110	)
Metals		(1,509,223	)
Softs		(560,348	)
Total unrealized depreciation on open futures contracts		(10,783,470	)
Net unrealized appreciation on open futures contracts	$	2,739,533		*
Assets
Forward Contracts
Currencies	$	5,389,790
Metals		10,013,668
Total unrealized appreciation on open forward contracts		15,403,458
Liabilities
Forward Contracts
Currencies		(1,246,670	)
Metals		(2,386,711	)
Total unrealized depreciation on open forward contracts		(3,633,381	)
Net unrealized appreciation on open forward contracts	$	11,770,077		**

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

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

The following table indicates the Master’s total trading gains and losses, by market sector, on derivative instruments for the three and nine months ended September 30, 2018 and 2017, respectively.

	Three Months Ended September 30,								Nine Months Ended September 30,
	2018				2017				2018				2017
Sector
Currencies	$	(78,498	)		$	212,470			$	(9,856,743	)		$	(15,486,493	)
Energy		(2,007,617	)			(2,004,559	)			8,672,759				(12,984,885	)
Grains		396,833				341,607				112,229				(2,020,148	)
Indices		1,256,270				12,892,639				(295,367	)			49,364,899
Interest Rates U.S.		(586,953	)			(736,602	)			(862,483	)			(4,986,540	)
Interest Rates Non-U.S.		(2,624,227	)			(1,803,642	)			1,257,197				(11,246,965	)
Livestock		47,145				(960,905	)			(986,778	)			720,520
Metals		5,664,661				(3,371,512	)			5,658,715				(10,985,946	)
Softs		3,026,044				(416,029	)			5,003,738				2,673,655
Total	$	5,093,658		***	$	4,153,467		***	$	8,703,267		***	$	(4,951,903	)	***

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

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Fair Value Measurements

9 Months Ended

Sep. 30, 2018

Fair Value Disclosures [Abstract]

Fair Value Measurements

5. Fair Value Measurements:

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

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

The Master considers prices for commodity futures contracts to be based on unadjusted quoted prices in active markets for identical assets and liabilities (Level 1). The values of U.S. Treasury bills and non-exchange-traded forward contracts for which market quotations are not readily available are priced by pricing services that derive fair values for those assets and liabilities from observable inputs (Level 2). As of September 30, 2018 and December 31, 2017 and for the periods ended September 30, 2018 and 2017, the Master did not hold any derivative instruments that were priced at fair value using unobservable inputs through the application of the General Partner’s assumptions and internal valuation pricing models (Level 3).

September 30, 2018	Total		Level 1		Level 2		Level 3
Assets
Futures	$	11,956,420	$	11,956,420	$	-	$	-
Forwards		3,228,238		-		3,228,238		-
Total assets	$	15,184,658	$	11,956,420	$	3,228,238	$	-
Liabilities
Futures	$	5,935,165	$	5,935,165	$	-	$	-
Forwards		4,880,296		-		4,880,296		-
Total liabilities	$	10,815,461	$	5,935,165	$	4,880,296	$	-
December 31, 2017	Total		Level 1		Level 2		Level 3
Assets
Futures	$	13,523,003	$	13,523,003	$	-	$	-
Forwards		15,403,458		-		15,403,458		-
Total assets	$	28,926,461	$	13,523,003	$	15,403,458	$	-
Liabilities
Futures	$	10,783,470	$	10,783,470	$	-	$	-
Forwards		3,633,381		-		3,633,381		-
Total liabilities	$	14,416,851	$	10,783,470	$	3,633,381	$	-

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Financial Instrument Risks

9 Months Ended

Sep. 30, 2018

Investments, All Other Investments [Abstract]

Financial Instrument Risks

6. Financial Instrument Risks:

In the normal course of business, the Partnership, through its investment in the Master, is party to financial instruments with off-balance sheet risk, including derivative financial instruments and derivative commodity instruments. These financial instruments may include futures, forwards, options and swaps, whose values are based upon an underlying asset, index, or reference rate, and generally represent future commitments to exchange currencies or cash balances, or to purchase or sell other financial instruments at specific terms at specified future dates, or, in the case of derivative commodity instruments, to have a reasonable possibility to be settled in cash, through physical delivery or with another financial instrument. These instruments may be traded on an exchange, a swap execution facility or over-the-counter (“OTC”). Exchange-traded instruments include futures and certain standardized forward, option and swap contracts. Certain swap contracts may also be traded on a swap execution facility or OTC. OTC contracts are negotiated between contracting parties and also include certain forward and option contracts. Each of these instruments is subject to various risks similar to those relating to the underlying financial instrument, including market and credit risk. In general, the risks associated with OTC contracts are greater than those associated with exchange-traded instruments because of the greater risk of default by the counterparty to an OTC contract. The General Partner estimates that, at any given time, approximately 15.4% to 30.4% of the Master’s contracts are traded OTC.

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

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

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

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

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

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

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

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

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

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Subsequent Events

9 Months Ended

Sep. 30, 2018

Subsequent Events [Abstract]

Subsequent Events

7. Subsequent Events:

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

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

9 Months Ended

Sep. 30, 2018

Accounting Policies [Abstract]

Use of Estimates

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

Profit Allocation

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

Statement of Cash Flows

Statement of Cash Flows. The Partnership has not provided a Statement of Cash Flows, as permitted by Accounting Standards Codification (“ASC”) 230, “Statement of Cash Flows.” The Statements of Changes in Partners’ Capital is included herein, and as of and for the periods ended September 30, 2018 and 2017, the Partnership carried no debt and substantially all of the Partnership’s and the Master’s investments were carried at fair value and classified as Level 1 and Level 2 measurements.

Partnership's Investment

Partnership’s Investment. The Partnership carries its investment in the Master at fair value based on the Master’s net asset value per Redeemable Unit, as a practical expedient, as calculated by the Master. The valuation of the Master’s investments, including the classification within the fair value hierarchy of the investments held by the Master, are described in Note 5, “Fair Value Measurements.”

Master's Investments

Master’s Investments. All commodity interests of the Master, including derivative financial instruments and derivative commodity instruments, are held for trading purposes. The commodity interests are recorded on the trade date and open contracts are recorded at fair value (as described in Note 5, “Fair Value Measurements”) at the measurement date. Investments in commodity interests denominated in foreign currencies are translated into U.S. dollars at the exchange rates prevailing at the measurement date. Gains or losses are realized when contracts are liquidated and are determined using the first-in, first-out method. Unrealized gains or losses on open contracts are included as a component of equity in trading account in the Master’s Statements of Financial Condition. Net realized gains or losses and net change in unrealized gains or losses are included in the Master’s Statements of Income and Expenses and Changes in Partners’ Capital. The Master does not isolate the portion of the results of operations arising from the effect of changes in foreign exchange rates on investments due to fluctuations from changes in market prices of investments held. Such fluctuations are included in total trading results in the Master’s Statements of Income and Expenses and Changes in Partners’ Capital.

Master's Cash

Master’s Cash. The Master’s restricted cash is equal to the cash portion of assets on deposit to meet margin requirements, as determined by the exchange or counterparty, and required by MS&Co. At September 30, 2018 and December 31, 2017, the amount of cash held for margin requirements was $34,319,261 and $89,363,569, respectively. Cash that is not classified as restricted cash is therefore classified as unrestricted cash. The Master’s restricted and unrestricted cash includes cash denominated in foreign currencies of $7,285,267 (cost of $7,322,319) and $16,294,826 (cost of $16,082,475) as of September 30, 2018 and December 31, 2017, respectively.

Income Taxes

Income Taxes. Income taxes have not been recorded as each partner is individually liable for the taxes, if any, on its share of the Partnership’s income and expenses. The Partnership follows the guidance of ASC 740, “Income Taxes,” which prescribes a recognition threshold and measurement attribute for financial statement recognition and measurement of tax positions taken or expected to be taken in the course of preparing the Partnership’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained “when challenged” or “when examined” by the applicable tax authority. Tax positions determined not to meet the more-likely-than-not threshold would be recorded as a tax benefit or liability in the Partnership’s Statements of Financial Condition for the current year. If a tax position does not meet the minimum statutory threshold to avoid the incurring of penalties, an expense for the amount of the statutory penalty and interest, if applicable, shall be recognized in the Statements of Income and Expenses in the period in which the position is claimed or expected to be claimed. The General Partner has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. The Partnership files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The 2014 through 2017 tax years remain subject to examination by U.S. federal and most state tax authorities.

Investment Company Status

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

Net Income (Loss) per Redeemable Unit

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

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

9 Months Ended

Sep. 30, 2018

Statements of Financial Condition

CMF Winton Master L.P.

Statements of Financial Condition

	September 30,		December 31,
	2018		2017
	(Unaudited)
Assets:
Equity in trading accounts:
Unrestricted cash	$	336,607,066	$	304,851,425
Restricted cash		34,319,261		89,363,569
Net unrealized appreciation on open futures contracts		6,021,255		2,739,533
Net unrealized appreciation on open forward contracts		-		11,770,077
Total equity in trading accounts		376,947,582		408,724,604
Cash at bank		-		436
Total assets	$	376,947,582	$	408,725,040
Liabilities and Partners’ Capital:
Liabilities:
Net unrealized depreciation on open forward contracts	$	1,652,058	$	-
Accrued expenses:
Professional fees		52,307		45,452
Redemptions payable		2,808,686		11,031,281
Total liabilities		4,513,051		11,076,733
Partners’ Capital:
General Partner, 0.0000 Redeemable Units outstanding at September 30, 2018 and December 31, 2017		-		-
Limited Partners, 86,993.5300 and 94,701.5079 Redeemable Units outstanding at September 30, 2018 and December 31, 2017, respectively		372,434,531		397,648,307
Total partners’ capital (net asset value)		372,434,531		397,648,307
Total liabilities and partners’ capital	$	376,947,582	$	408,725,040
Net asset value per Redeemable Unit	$	4,281.18	$	4,198.97

Condensed Schedule of Investments

CMF Winton Master L.P.

Condensed Schedule of Investments

September 30, 2018

(Unaudited)

	Notional ($)/ Number of         Contracts		Fair Value		% of Partners’         Capital
Futures Contracts Purchased
Currencies		840	$	481,379		0.13	%
Energy		624		1,595,838		0.43
Grains		67		(8,448)		(0.00)	*
Indices		803		1,016,724		0.27
Interest Rates U.S.		518		(1,092,828)		(0.29)
Interest Rates Non-U.S.		7,807		(1,905,404)		(0.51)
Livestock		33		10,910		0.00	*
Metals		70		53,903		0.01
Softs		124		(583,826)		(0.16)
Total futures contracts purchased				(431,752)		(0.12)
Futures Contracts Sold
Currencies		2,919		2,115,308		0.57
Energy		227		(450,540)		(0.12)
Grains		1,226		693,896		0.19
Indices		437		138,147		0.04
Interest Rates U.S.		966		532,468		0.14
Interest Rates Non-U.S.		941		301,550		0.08
Livestock		175		(416,645)		(0.11)
Metals		890		1,831,130		0.49
Softs		1,822		1,707,693		0.46
Total futures contracts sold				6,453,007		1.74
Net unrealized appreciation on open futures contracts			$	6,021,255		1.62	%
Unrealized Appreciation on Open Forward Contracts
Currencies	$	69,029,345	$	1,292,619		0.35	%
Metals		650		1,935,619		0.52
Total unrealized appreciation on open forward contracts				3,228,238		0.87
Unrealized Depreciation on Open Forward Contracts
Currencies	$	116,161,288		(1,823,244)		(0.49)
Metals		952		(3,057,052)		(0.82)
Total unrealized depreciation on open forward contracts				(4,880,296)		(1.31)
Net unrealized depreciation on open forward contracts			$	(1,652,058)		(0.44)	%

* Due to rounding.

CMF Winton Master L.P.

Condensed Schedule of Investments

December 31, 2017

	Notional ($)/ Number of         Contracts		Fair Value			% of Partners’         Capital
Futures Contracts Purchased
Currencies		1,445	$	140,462			0.04	%
Energy		1,407		4,381,395			1.10
Grains		163		(34,337	)		(0.01)
Indices		5,207		2,038,758			0.51
Interest Rates U.S.		725		(243,258	)		(0.06)
Interest Rates Non-U.S.		2,782		(1,373,334	)		(0.35)
Livestock		334		(21,225	)		(0.01)
Metals		156		510,437			0.13
Softs		127		426,592			0.11
Total futures contracts purchased				5,825,490			1.46
Futures Contracts Sold
Currencies		2,218		(1,429,413	)		(0.36)
Energy		873		(1,676,700	)		(0.42)
Grains		1,558		450,878			0.11
Indices		898		(516,603	)		(0.13)
Interest Rates U.S.		1,724		605,827			0.15
Interest Rates Non-U.S.		3,798		548,006			0.14
Metals		331		(1,506,315	)		(0.37)
Softs		1,845		438,363			0.11
Total futures contracts sold				(3,085,957	)		(0.77)
Net unrealized appreciation on open futures contracts			$	2,739,533			0.69	%
Unrealized Appreciation on Open Forward Contracts
Currencies	$	294,169,601	$	5,389,790			1.36	%
Metals		1,920		10,013,668			2.51
Total unrealized appreciation on open forward contracts				15,403,458			3.87
Unrealized Depreciation on Open Forward Contracts
Currencies	$	141,664,343		(1,246,670	)		(0.31)
Metals		554		(2,386,711	)		(0.60)
Total unrealized depreciation on open forward contracts				(3,633,381	)		(0.91)
Net unrealized appreciation on open forward contracts			$	11,770,077			2.96	%

Statements of Income and Expenses and Changes in Partners' Capital

CMF Winton Master L.P.

Statements of Income and Expenses and Changes in Partners’ Capital

(Unaudited)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2018			2017			2018			2017
Investment Income:
Interest income	$	1,679,291		$	822,329		$	4,321,432		$	2,079,884
Expenses:
Clearing fees		139,512			147,428			379,163			442,247
Professional fees		17,000			15,944			51,195			47,837
Total expenses		156,512			163,372			430,358			490,084
Net investment income (loss)		1,522,779			658,957			3,891,074			1,589,800
Trading Results:
Net gains (losses) on trading of commodity interests:
Net realized gains (losses) on closed contracts		10,188,516			(2,056,687	)		19,093,083			7,885,293
Net change in unrealized gains (losses) on open contracts		(5,094,858	)		6,210,154			(10,389,816	)		(12,837,196	)
Total trading results		5,093,658			4,153,467			8,703,267			(4,951,903	)
Net income (loss)		6,616,437			4,812,424			12,594,341			(3,362,103	)
Subscriptions - Limited Partners		6,677,129			1,914,387			16,119,957			35,212,991
Redemptions - Limited Partners		(6,502,039	)		(32,646,043	)		(50,000,530	)		(135,888,409	)
Distribution of interest income to feeder funds		(1,568,242	)		(789,221	)		(3,927,544	)		(1,911,162	)
Net increase (decrease) in Partners’ Capital		5,223,285			(26,708,453	)		(25,213,776	)		(105,948,683	)
Partners’ Capital, beginning of period		367,211,246			415,052,748			397,648,307			494,292,978
Partners’ Capital, end of period	$	372,434,531		$	388,344,295		$	372,434,531		$	388,344,295
Net asset value per Redeemable Unit (86,993.5300 and 104,003.0212 Redeemable Units outstanding at September 30, 2018 and 2017, respectively)	$	4,281.18		$	3,733.97		$	4,281.18		$	3,733.97
Net income (loss) per Redeemable Unit*	$	76.26		$	42.99		$	126.35		$	(33.92	)
Weighted average Redeemable Units outstanding		87,200.3814			106,400.3456			88,973.5467			115,802.6256

* Represents the change in net asset value per Redeemable Unit during the period before distribution of interest income to feeder funds.

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Financial Highlights (Tables)

9 Months Ended

Sep. 30, 2018

Financial Highlights

Financial highlights for the limited partner classes as a whole for the three and nine months ended September 30, 2018 and 2017 were as follows:

	Three Months Ended September 30,
				2018									2017
Per Redeemable Unit Performance (for a unit outstanding throughout the period):*		Class A			Class D			Class Z			Class A			Class D			Class Z
Net realized and unrealized gains (losses)	$	19.14		$	18.58		$	19.22		$	12.53		$	11.98		$	12.29
Net investment loss		(10.90	)		(6.37	)		(3.97	)		(13.21	)		(8.87	)		(6.78	)
Increase (decrease) for the period		8.24			12.21			15.25			(0.68	)		3.11			5.51
Net asset value per Redeemable Unit, beginning of period		1,377.78			1,336.57			1,382.45			1,252.96			1,200.35			1,232.27
Net asset value per Redeemable Unit, end of period	$	1,386.02		$	1,348.78		$	1,397.70		$	1,252.28		$	1,203.46		$	1,237.78
	Nine Months Ended September 30,
				2018									2017
Per Redeemable Unit Performance (for a unit outstanding throughout the period):*		Class A			Class D			Class Z			Class A			Class D			Class Z
Net realized and unrealized gains (losses)	$	26.84		$	26.06		$	27.36		$	(15.94	)	$	(15.51	)	$	(15.69	)
Net investment loss		(35.11	)		(21.42	)		(14.73	)		(41.72	)		(28.13	)		(21.99	)
Increase (decrease) for the period		(8.27	)		4.64			12.63			(57.66	)		(43.64	)		(37.68	)
Net asset value per Redeemable Unit, beginning of period		1,394.29			1,344.14			1,385.07			1,309.94			1,247.10			1,275.46
Net asset value per Redeemable Unit, end of period	$	1,386.02		$	1,348.78		$	1,397.70		$	1,252.28		$	1,203.46		$	1,237.78

	Three Months Ended September 30,
	2018											2017
	Class A			Class D				Class Z				Class A			Class D			Class Z
Ratios to Average Limited Partners’ Capital:**
Net investment loss***		(3.1)	%		(1.9)		%		(1.1)		%		(4.2)	%		(2.9)	%		(2.2)	%
Operating expenses		5.0	%		3.7		%		2.9		%		5.0	%		3.7	%		3.0	%
Incentive fees		-	%		-		%		-		%		-	%		-	%		-	%
Total expenses		5.0	%		3.7		%		2.9		%		5.0	%		3.7	%		3.0	%
Total return:
Total return before incentive fees		0.6	%		0.9		%		1.1		%		(0.1)	%		0.3	%		0.4	%
Incentive fees		-	%		-		%		-		%		-	%		-	%		-	%
Total return after incentive fees		0.6	%		0.9		%		1.1		%		(0.1)	%		0.3	%		0.4	%
	Nine Months Ended September 30,
	2018											2017
	Class A			Class D				Class Z				Class A			Class D			Class Z
Ratios to Average Limited Partners’ Capital:**
Net investment loss***		(3.4)	%		(2.1)		%		(1.4)		%		(4.4)	%		(3.1)	%		(2.7)	%
Operating expenses		5.0	%		3.7		%		2.9		%		5.0	%		3.7	%		3.4	%
Incentive fees		-	%		-		%		-		%		-	%		-	%		-	%
Total expenses		5.0	%		3.7		%		2.9		%		5.0	%		3.7	%		3.4	%
Total return:
Total return before incentive fees		(0.6)	%		0.3	%			0.9	%			(4.4)	%		(3.5)	%		(3.0)	%
Incentive fees		-	%		-		%		-		%		-	%		-	%		-	%
Total return after incentive fees		(0.6)	%		0.3		%		0.9		%		(4.4)	%		(3.5)	%		(3.0)	%

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

** Annualized (except for incentive fees).

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

CMF Winton Master L.P. [Member]

Financial Highlights

Financial Highlights of the Master:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2018			2017			2018			2017
Per Redeemable Unit Performance (for a unit outstanding throughout the period):*
Net realized and unrealized gains (losses)	$	58.80		$	36.80		$	82.62		$	(47.65	)
Net investment income (loss)		17.46			6.19			43.73			13.73
Increase (decrease) for the period		76.26			42.99			126.35			(33.92	)
Distribution of interest income to feeder funds		(17.98	)		(7.42	)		(44.14	)		(16.50	)
Net asset value per Redeemable Unit, beginning of period		4,222.90			3,698.40			4,198.97			3,784.39
Net asset value per Redeemable Unit, end of period	$	4,281.18		$	3,733.97		$	4,281.18		$	3,733.97
	Three Months Ended September 30,						Nine Months Ended September 30,
	2018			2017			2018			2017
Ratios to Average Limited Partners’ Capital:**
Net investment income (loss)***		1.6	%		0.6	%		1.4	%		0.5	%
Operating expenses		0.2	%		0.2	%		0.2	%		0.1	%
Total return		1.8	%		1.2	%		3.0	%		(0.9	)%

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

** Annualized.

*** Interest income less total expenses.

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Trading Activities (Tables) - CMF Winton Master L.P. [Member]

9 Months Ended

Sep. 30, 2018

Summary of Valuation of Master's Investments

The following tables summarize the gross and net amounts recognized relating to assets and liabilities of the Master’s derivatives and their offsetting subject to master netting agreements or similar arrangements as of September 30, 2018 and December 31, 2017, respectively.

				Gross Amounts			Amounts			Gross Amounts Not Offset in the
				Offset in the			Presented in the			Statements of Financial Condition
				Statements of			Statements of					Cash Collateral
	Gross Amounts			Financial			Financial			Financial		Received/		Net
September 30, 2018	Recognized			Condition			Condition			Instruments		Pledged*		Amount
Assets
MS&Co.
Futures	$	11,956,420		$	(5,935,165	)	$	6,021,255		$	-	$	-	$	6,021,255
Forwards		1,935,619			(1,935,619	)		-			-		-		-
		13,892,039			(7,870,784	)		6,021,255			-		-		6,021,255
JPMorgan
Forwards		1,292,619			(1,292,619	)		-			-		-		-
Total assets	$	15,184,658		$	(9,163,403	)	$	6,021,255		$	-	$	-	$	6,021,255
Liabilities
MS&Co.
Futures	$	(5,935,165	)	$	5,935,165		$	-		$	-	$	-	$	-
Forwards		(3,057,052	)		1,935,619			(1,121,433	)		-		-		(1,121,433	)
		(8,992,217	)		7,870,784			(1,121,433	)		-		-		(1,121,433	)
JPMorgan
Forwards		(1,823,244	)		1,292,619			(530,625	)		-		-		(530,625	)
Total liabilities	$	(10,815,461	)	$	9,163,403		$	(1,652,058	)	$	-	$	-	$	(1,652,058	)
Net fair value														$	4,369,197		*
				Gross Amounts Offset in the			Amounts Presented in the			Gross Amounts Not Offset in the
										Statements of Financial Condition
				Statements of			Statements of					Cash Collateral
	Gross Amounts			Financial			Financial			Financial		Received/		Net
December 31, 2017	Recognized			Condition			Condition			Instruments		Pledged*		Amount
Assets
MS&Co.
Futures	$	13,523,003		$	(10,783,470	)	$	2,739,533		$	-	$	-	$	2,739,533
Forwards		10,013,668			(2,386,711	)		7,626,957			-		-		7,626,957
		23,536,671			(13,170,181	)		10,366,490			-		-		10,366,490
JPMorgan
Forwards		5,389,790			(1,246,670	)		4,143,120			-		-		4,143,120
Total assets	$	28,926,461		$	(14,416,851	)	$	14,509,610		$	-	$	-	$	14,509,610
Liabilities
MS&Co.
Futures	$	(10,783,470	)	$	10,783,470		$	-		$	-	$	-	$	-
Forwards		(2,386,711	)		2,386,711			-			-		-		-
		(13,170,181	)		13,170,181			-			-		-		-
JPMorgan
Forwards		(1,246,670	)		1,246,670			-			-		-		-
Total liabilities	$	(14,416,851	)	$	14,416,851		$	-		$	-	$	-	$	-
Net fair value														$	14,509,610		*

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

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

The following tables indicate the gross fair values of the Master’s derivative instruments of futures and forward contracts as separate assets and liabilities as of September 30, 2018 and December 31, 2017, respectively.

	September 30,         2018
Assets
Futures Contracts
Currencies	$	3,194,611
Energy		1,771,420
Grains		781,248
Indices		1,274,727
Interest Rates U.S.		532,468
Interest Rates Non-U.S.		650,442
Livestock		12,250
Metals		2,003,486
Softs		1,735,768
Total unrealized appreciation on open futures contracts		11,956,420
Liabilities
Futures Contracts
Currencies		(597,924	)
Energy		(626,122	)
Grains		(95,800	)
Indices		(119,856	)
Interest Rates U.S.		(1,092,828	)
Interest Rates Non-U.S.		(2,254,296	)
Livestock		(417,985	)
Metals		(118,453	)
Softs		(611,901	)
Total unrealized depreciation on open futures contracts		(5,935,165	)
Net unrealized appreciation on open futures contracts	$	6,021,255		*
Assets
Forward Contracts
Currencies	$	1,292,619
Metals		1,935,619
Total unrealized appreciation on open forward contracts		3,228,238
Liabilities
Forward Contracts
Currencies		(1,823,244	)
Metals		(3,057,052	)
Total unrealized depreciation on open forward contracts		(4,880,296	)
Net unrealized depreciation on open forward contracts	$	(1,652,058	)	**

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

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

	December 31,         2017
Assets
Futures Contracts
Currencies	$	906,387
Energy		4,524,315
Grains		485,142
Indices		4,060,424
Interest Rates U.S.		702,601
Interest Rates Non-U.S.		736,601
Livestock		168,885
Metals		513,345
Softs		1,425,303
Total unrealized appreciation on open futures contracts		13,523,003
Liabilities
Futures Contracts
Currencies		(2,195,338	)
Energy		(1,819,620	)
Grains		(68,601	)
Indices		(2,538,269	)
Interest Rates U.S.		(340,032	)
Interest Rates Non-U.S.		(1,561,929	)
Livestock		(190,110	)
Metals		(1,509,223	)
Softs		(560,348	)
Total unrealized depreciation on open futures contracts		(10,783,470	)
Net unrealized appreciation on open futures contracts	$	2,739,533		*
Assets
Forward Contracts
Currencies	$	5,389,790
Metals		10,013,668
Total unrealized appreciation on open forward contracts		15,403,458
Liabilities
Forward Contracts
Currencies		(1,246,670	)
Metals		(2,386,711	)
Total unrealized depreciation on open forward contracts		(3,633,381	)
Net unrealized appreciation on open forward contracts	$	11,770,077		**

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

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

Master's Trading Gains and Losses, by Market Sector, on Derivative Instruments

The following table indicates the Master’s total trading gains and losses, by market sector, on derivative instruments for the three and nine months ended September 30, 2018 and 2017, respectively.

	Three Months Ended September 30,								Nine Months Ended September 30,
	2018				2017				2018				2017
Sector
Currencies	$	(78,498	)		$	212,470			$	(9,856,743	)		$	(15,486,493	)
Energy		(2,007,617	)			(2,004,559	)			8,672,759				(12,984,885	)
Grains		396,833				341,607				112,229				(2,020,148	)
Indices		1,256,270				12,892,639				(295,367	)			49,364,899
Interest Rates U.S.		(586,953	)			(736,602	)			(862,483	)			(4,986,540	)
Interest Rates Non-U.S.		(2,624,227	)			(1,803,642	)			1,257,197				(11,246,965	)
Livestock		47,145				(960,905	)			(986,778	)			720,520
Metals		5,664,661				(3,371,512	)			5,658,715				(10,985,946	)
Softs		3,026,044				(416,029	)			5,003,738				2,673,655
Total	$	5,093,658		***	$	4,153,467		***	$	8,703,267		***	$	(4,951,903	)	***

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

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Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2018

CMF Winton Master L.P. [Member]

Master's Fair Value Measurements

September 30, 2018	Total		Level 1		Level 2		Level 3
Assets
Futures	$	11,956,420	$	11,956,420	$	-	$	-
Forwards		3,228,238		-		3,228,238		-
Total assets	$	15,184,658	$	11,956,420	$	3,228,238	$	-
Liabilities
Futures	$	5,935,165	$	5,935,165	$	-	$	-
Forwards		4,880,296		-		4,880,296		-
Total liabilities	$	10,815,461	$	5,935,165	$	4,880,296	$	-
December 31, 2017	Total		Level 1		Level 2		Level 3
Assets
Futures	$	13,523,003	$	13,523,003	$	-	$	-
Forwards		15,403,458		-		15,403,458		-
Total assets	$	28,926,461	$	13,523,003	$	15,403,458	$	-
Liabilities
Futures	$	10,783,470	$	10,783,470	$	-	$	-
Forwards		3,633,381		-		3,633,381		-
Total liabilities	$	14,416,851	$	10,783,470	$	3,633,381	$	-

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Organization - Additional Information (Detail)			9 Months Ended
	Sep. 30, 2018	Dec. 31, 2017	Sep. 30, 2018
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Maximum amount of partnership assets allocated to trading advisor			1.5 times
CMF Winton Master L.P. [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Percentage of Partnership owned	52.90%	52.60%
Class D [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Monthly ongoing selling agent fee			0.0625%
Ongoing selling agent fee			0.75%
Class A [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Monthly ongoing selling agent fee			0.1667%
Ongoing selling agent fee			2.00%

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Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($)	9 Months Ended
	Sep. 30, 2018	Dec. 31, 2017
Accounting Policies [Abstract]
Cash denominated in foreign currencies	$ 7,285,267	$ 16,294,826
Cost of foreign currencies	7,322,319	16,082,475
Cash held for margin requirements	34,319,261	$ 89,363,569
Uncertain tax position	$ 0
Open tax year	2014 2015 2016 2017

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Basis of Presentation and Summary of Significant Accounting Policies - Statements of Financial Condition (Detail) - USD ($)	Sep. 30, 2018	Jun. 30, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Dec. 31, 2016
Equity in trading accounts:
Restricted cash	$ 34,319,261		$ 89,363,569
Cash at bank			436
Total assets	200,112,556		215,509,111
Accrued expenses:
Professional fees	221,985		159,108
Total liabilities	2,529,299		7,822,609
Partners' Capital:
Total partners' capital (net asset value)	197,583,257		207,686,502	$ 200,067,210		$ 217,564,351
Total liabilities and partners' capital	200,112,556		215,509,111
CMF Winton Master L.P. [Member]
Equity in trading accounts:
Unrestricted cash	336,607,066		304,851,425
Restricted cash	34,319,261		89,363,569
Net unrealized appreciation on open contracts	6,021,255		14,509,610
Total equity in trading accounts	376,947,582		408,724,604
Cash at bank			436
Total assets	376,947,582		408,725,040
Liabilities:
Net unrealized depreciation on open contracts	1,652,058
Accrued expenses:
Professional fees	52,307		45,452
Redemptions payable	2,808,686		11,031,281
Total liabilities	4,513,051		11,076,733
Partners' Capital:
General Partner, 0.0000 Redeemable Units outstanding at September 30, 2018 and December 31, 2017	0		0
Limited Partners, 86,993.5300 and 94,701.5079 Redeemable Units outstanding at September 30, 2018 and December 31, 2017, respectively	372,434,531		397,648,307
Total partners' capital (net asset value)	372,434,531	$ 367,211,246	397,648,307	$ 388,344,295	$ 415,052,748	$ 494,292,978
Total liabilities and partners' capital	$ 376,947,582		$ 408,725,040
Net asset value per Redeemable Unit	$ 4,281.18	$ 4,222.90	$ 4,198.97	$ 3,733.97	$ 3,698.40	$ 3,784.39
Futures Contracts [Member] | CMF Winton Master L.P. [Member]
Equity in trading accounts:
Net unrealized appreciation on open contracts	$ 6,021,255		$ 2,739,533
Forward Contracts [Member] | CMF Winton Master L.P. [Member]
Equity in trading accounts:
Net unrealized appreciation on open contracts			$ 11,770,077
Liabilities:
Net unrealized depreciation on open contracts	$ 1,652,058

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Basis of Presentation and Summary of Significant Accounting Policies - Statements of Financial Condition (Parenthetical) (Detail) - CMF Winton Master L.P. [Member] - shares	Sep. 30, 2018	Dec. 31, 2017
Condensed Financial Statements, Captions [Line Items]
General Partner, Unit outstanding	0.0000	0.0000
Limited Partners, Units outstanding	86,993.5300	94,701.5079

XML

Basis of Presentation and Summary of Significant Accounting Policies - Condensed Schedule of Investments (Detail)		Sep. 30, 2018 USD ($) Derivative	Dec. 31, 2017 USD ($) Derivative
Schedule of Investments [Line Items]
Investment in Master, at fair value	[1]	$ 197,469,610	$ 207,572,661
CMF Winton Master L.P. [Member] | Forward Contracts [Member]
Schedule of Investments [Line Items]
Net unrealized appreciation (depreciation) on open contracts		$ (1,652,058)	$ 11,770,077
Percentage of Partners' Capital		(0.44%)	2.96%
Total unrealized appreciation on open contracts		$ 3,228,238	$ 15,403,458
Total unrealized depreciation on open contracts		(4,880,296)	(3,633,381)
CMF Winton Master L.P. [Member] | Forward Contracts [Member] | Currencies [Member]
Schedule of Investments [Line Items]
Notional		69,029,345	294,169,601
Total unrealized appreciation on open contracts		1,292,619	5,389,790
Notional		116,161,288	141,664,343
Total unrealized depreciation on open contracts		(1,823,244)	(1,246,670)
CMF Winton Master L.P. [Member] | Forward Contracts [Member] | Metals [Member]
Schedule of Investments [Line Items]
Total unrealized appreciation on open contracts		1,935,619	10,013,668
Total unrealized depreciation on open contracts		$ (3,057,052)	$ (2,386,711)
CMF Winton Master L.P. [Member] | Unrealized Depreciation [Member] | Forward Contracts [Member]
Schedule of Investments [Line Items]
Percentage of Partners' Capital		(1.31%)	(0.91%)
CMF Winton Master L.P. [Member] | Unrealized Depreciation [Member] | Forward Contracts [Member] | Currencies [Member]
Schedule of Investments [Line Items]
Percentage of Partners' Capital		(0.49%)	(0.31%)
CMF Winton Master L.P. [Member] | Unrealized Depreciation [Member] | Forward Contracts [Member] | Metals [Member]
Schedule of Investments [Line Items]
Number of Contracts | Derivative		952	554
Percentage of Partners' Capital		(0.82%)	(0.60%)
CMF Winton Master L.P. [Member] | Unrealized Appreciation [Member] | Forward Contracts [Member]
Schedule of Investments [Line Items]
Percentage of Partners' Capital		0.87%	3.87%
CMF Winton Master L.P. [Member] | Unrealized Appreciation [Member] | Forward Contracts [Member] | Currencies [Member]
Schedule of Investments [Line Items]
Percentage of Partners' Capital		0.35%	1.36%
CMF Winton Master L.P. [Member] | Unrealized Appreciation [Member] | Forward Contracts [Member] | Metals [Member]
Schedule of Investments [Line Items]
Number of Contracts | Derivative		650	1,920
Percentage of Partners' Capital		0.52%	2.51%
CMF Winton Master L.P. [Member] | Futures Contracts [Member]
Schedule of Investments [Line Items]
Net unrealized appreciation (depreciation) on open contracts		$ 6,021,255	$ 2,739,533
Percentage of Partners' Capital		1.62%	0.69%
Total unrealized appreciation on open contracts		$ 11,956,420	$ 13,523,003
Total unrealized depreciation on open contracts		(5,935,165)	(10,783,470)
CMF Winton Master L.P. [Member] | Futures Contracts [Member] | Currencies [Member]
Schedule of Investments [Line Items]
Total unrealized appreciation on open contracts		3,194,611	906,387
Total unrealized depreciation on open contracts		(597,924)	(2,195,338)
CMF Winton Master L.P. [Member] | Futures Contracts [Member] | Energy [Member]
Schedule of Investments [Line Items]
Total unrealized appreciation on open contracts		1,771,420	4,524,315
Total unrealized depreciation on open contracts		(626,122)	(1,819,620)
CMF Winton Master L.P. [Member] | Futures Contracts [Member] | Grains [Member]
Schedule of Investments [Line Items]
Total unrealized appreciation on open contracts		781,248	485,142
Total unrealized depreciation on open contracts		(95,800)	(68,601)
CMF Winton Master L.P. [Member] | Futures Contracts [Member] | Indices [Member]
Schedule of Investments [Line Items]
Total unrealized appreciation on open contracts		1,274,727	4,060,424
Total unrealized depreciation on open contracts		(119,856)	(2,538,269)
CMF Winton Master L.P. [Member] | Futures Contracts [Member] | Interest Rates U.S. [Member]
Schedule of Investments [Line Items]
Total unrealized appreciation on open contracts		532,468	702,601
Total unrealized depreciation on open contracts		(1,092,828)	(340,032)
CMF Winton Master L.P. [Member] | Futures Contracts [Member] | Interest Rates Non-U.S. [Member]
Schedule of Investments [Line Items]
Total unrealized appreciation on open contracts		650,442	736,601
Total unrealized depreciation on open contracts		(2,254,296)	(1,561,929)
CMF Winton Master L.P. [Member] | Futures Contracts [Member] | Metals [Member]
Schedule of Investments [Line Items]
Total unrealized appreciation on open contracts		2,003,486	513,345
Total unrealized depreciation on open contracts		(118,453)	(1,509,223)
CMF Winton Master L.P. [Member] | Futures Contracts [Member] | Softs [Member]
Schedule of Investments [Line Items]
Total unrealized appreciation on open contracts		1,735,768	1,425,303
Total unrealized depreciation on open contracts		(611,901)	(560,348)
CMF Winton Master L.P. [Member] | Futures Contracts [Member] | Livestock [Member]
Schedule of Investments [Line Items]
Total unrealized appreciation on open contracts		12,250	168,885
Total unrealized depreciation on open contracts		(417,985)	(190,110)
CMF Winton Master L.P. [Member] | Futures Contracts [Member] | Contracts Purchased [Member]
Schedule of Investments [Line Items]
Investment in Master, at fair value		$ (431,752)	$ 5,825,490
Percentage of Partners' Capital		(0.12%)	1.46%
CMF Winton Master L.P. [Member] | Futures Contracts [Member] | Contracts Purchased [Member] | Currencies [Member]
Schedule of Investments [Line Items]
Number of Contracts | Derivative		840	1,445
Investment in Master, at fair value		$ 481,379	$ 140,462
Percentage of Partners' Capital		0.13%	0.04%
CMF Winton Master L.P. [Member] | Futures Contracts [Member] | Contracts Purchased [Member] | Energy [Member]
Schedule of Investments [Line Items]
Number of Contracts | Derivative		624	1,407
Investment in Master, at fair value		$ 1,595,838	$ 4,381,395
Percentage of Partners' Capital		0.43%	1.10%
CMF Winton Master L.P. [Member] | Futures Contracts [Member] | Contracts Purchased [Member] | Grains [Member]
Schedule of Investments [Line Items]
Number of Contracts | Derivative		67	163
Investment in Master, at fair value		$ (8,448)	$ (34,337)
Percentage of Partners' Capital		0.00%	(0.01%)
CMF Winton Master L.P. [Member] | Futures Contracts [Member] | Contracts Purchased [Member] | Indices [Member]
Schedule of Investments [Line Items]
Number of Contracts | Derivative		803	5,207
Investment in Master, at fair value		$ 1,016,724	$ 2,038,758
Percentage of Partners' Capital		0.27%	0.51%
CMF Winton Master L.P. [Member] | Futures Contracts [Member] | Contracts Purchased [Member] | Interest Rates U.S. [Member]
Schedule of Investments [Line Items]
Number of Contracts | Derivative		518	725
Investment in Master, at fair value		$ (1,092,828)	$ (243,258)
Percentage of Partners' Capital		(0.29%)	(0.06%)
CMF Winton Master L.P. [Member] | Futures Contracts [Member] | Contracts Purchased [Member] | Interest Rates Non-U.S. [Member]
Schedule of Investments [Line Items]
Number of Contracts | Derivative		7,807	2,782
Investment in Master, at fair value		$ (1,905,404)	$ (1,373,334)
Percentage of Partners' Capital		(0.51%)	(0.35%)
CMF Winton Master L.P. [Member] | Futures Contracts [Member] | Contracts Purchased [Member] | Metals [Member]
Schedule of Investments [Line Items]
Number of Contracts | Derivative		70	156
Investment in Master, at fair value		$ 53,903	$ 510,437
Percentage of Partners' Capital		0.01%	0.13%
CMF Winton Master L.P. [Member] | Futures Contracts [Member] | Contracts Purchased [Member] | Softs [Member]
Schedule of Investments [Line Items]
Number of Contracts | Derivative		124	127
Investment in Master, at fair value		$ (583,826)	$ 426,592
Percentage of Partners' Capital		(0.16%)	0.11%
CMF Winton Master L.P. [Member] | Futures Contracts [Member] | Contracts Purchased [Member] | Livestock [Member]
Schedule of Investments [Line Items]
Number of Contracts | Derivative		33	334
Investment in Master, at fair value		$ 10,910	$ (21,225)
Percentage of Partners' Capital		0.00%	(0.01%)
CMF Winton Master L.P. [Member] | Futures Contracts [Member] | Contracts Sold [Member]
Schedule of Investments [Line Items]
Investment in Master, at fair value		$ 6,453,007	$ (3,085,957)
Percentage of Partners' Capital		1.74%	(0.77%)
CMF Winton Master L.P. [Member] | Futures Contracts [Member] | Contracts Sold [Member] | Currencies [Member]
Schedule of Investments [Line Items]
Number of Contracts | Derivative		2,919	2,218
Investment in Master, at fair value		$ 2,115,308	$ (1,429,413)
Percentage of Partners' Capital		0.57%	(0.36%)
CMF Winton Master L.P. [Member] | Futures Contracts [Member] | Contracts Sold [Member] | Energy [Member]
Schedule of Investments [Line Items]
Number of Contracts | Derivative		227	873
Investment in Master, at fair value		$ (450,540)	$ (1,676,700)
Percentage of Partners' Capital		(0.12%)	(0.42%)
CMF Winton Master L.P. [Member] | Futures Contracts [Member] | Contracts Sold [Member] | Grains [Member]
Schedule of Investments [Line Items]
Number of Contracts | Derivative		1,226	1,558
Investment in Master, at fair value		$ 693,896	$ 450,878
Percentage of Partners' Capital		0.19%	0.11%
CMF Winton Master L.P. [Member] | Futures Contracts [Member] | Contracts Sold [Member] | Indices [Member]
Schedule of Investments [Line Items]
Number of Contracts | Derivative		437	898
Investment in Master, at fair value		$ 138,147	$ (516,603)
Percentage of Partners' Capital		0.04%	(0.13%)
CMF Winton Master L.P. [Member] | Futures Contracts [Member] | Contracts Sold [Member] | Interest Rates U.S. [Member]
Schedule of Investments [Line Items]
Number of Contracts | Derivative		966	1,724
Investment in Master, at fair value		$ 532,468	$ 605,827
Percentage of Partners' Capital		0.14%	0.15%
CMF Winton Master L.P. [Member] | Futures Contracts [Member] | Contracts Sold [Member] | Interest Rates Non-U.S. [Member]
Schedule of Investments [Line Items]
Number of Contracts | Derivative		941	3,798
Investment in Master, at fair value		$ 301,550	$ 548,006
Percentage of Partners' Capital		0.08%	0.14%
CMF Winton Master L.P. [Member] | Futures Contracts [Member] | Contracts Sold [Member] | Metals [Member]
Schedule of Investments [Line Items]
Number of Contracts | Derivative		890	331
Investment in Master, at fair value		$ 1,831,130	$ (1,506,315)
Percentage of Partners' Capital		0.49%	(0.37%)
CMF Winton Master L.P. [Member] | Futures Contracts [Member] | Contracts Sold [Member] | Softs [Member]
Schedule of Investments [Line Items]
Number of Contracts | Derivative		1,822	1,845
Investment in Master, at fair value		$ 1,707,693	$ 438,363
Percentage of Partners' Capital		0.46%	0.11%
CMF Winton Master L.P. [Member] | Futures Contracts [Member] | Contracts Sold [Member] | Livestock [Member]
Schedule of Investments [Line Items]
Number of Contracts | Derivative		175
Investment in Master, at fair value		$ (416,645)
Percentage of Partners' Capital		(0.11%)

[1] Defined in Note 1.

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Basis of Presentation and Summary of Significant Accounting Policies - Statements of Income and Expenses and Changes in Partners' Capital (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Jun. 30, 2018	Dec. 31, 2017	Jun. 30, 2017	Dec. 31, 2016
Investment Income:
Interest income	$ 905,165	$ 392,787	$ 2,339,738	$ 974,785
Expenses:
Professional fees	137,828	131,524	416,492	410,018
Total expenses	2,381,157	2,519,155	7,202,375	8,033,700
Net investment income (loss)	(1,475,992)	(2,126,368)	(4,862,637)	(7,058,915)
Net gains (losses) on trading of commodity interests:
Net realized gains (losses) on closed contracts	5,500,874	(1,108,399)	10,006,410	3,876,163
Net change in unrealized gains (losses) on open contracts	(2,741,624)	3,360,003	(6,323,960)	(6,566,847)
Total trading results	2,759,250	2,251,604	3,682,450	(2,690,684)
Net income (loss)	1,283,258	125,236	(1,180,187)	(9,749,599)
Balance, value			207,686,502	217,564,351
Balance, value	197,583,257	200,067,210	197,583,257	200,067,210
CMF Winton Master L.P. [Member]
Investment Income:
Interest income	1,679,291	822,329	4,321,432	2,079,884
Expenses:
Clearing fees	139,512	147,428	379,163	442,247
Professional fees	17,000	15,944	51,195	47,837
Total expenses	156,512	163,372	430,358	490,084
Net investment income (loss)	1,522,779	658,957	3,891,074	1,589,800
Net gains (losses) on trading of commodity interests:
Net realized gains (losses) on closed contracts	10,188,516	(2,056,687)	19,093,083	7,885,293
Net change in unrealized gains (losses) on open contracts	(5,094,858)	6,210,154	(10,389,816)	(12,837,196)
Total trading results	5,093,658	4,153,467	8,703,267	(4,951,903)
Net income (loss)	6,616,437	4,812,424	12,594,341	(3,362,103)
Subscriptions - Limited Partners	6,677,129	1,914,387	16,119,957	35,212,991
Redemptions - Limited Partners	(6,502,039)	(32,646,043)	(50,000,530)	(135,888,409)
Distribution of interest income to feeder funds	(1,568,242)	(789,221)	(3,927,544)	(1,911,162)
Net increase (decrease) in Partners' Capital	5,223,285	(26,708,453)	(25,213,776)	(105,948,683)
Balance, value	367,211,246	415,052,748	397,648,307	494,292,978
Balance, value	$ 372,434,531	$ 388,344,295	$ 372,434,531	$ 388,344,295
Net asset value per Redeemable Unit (86,993.5300 and 104,003.0212 Redeemable Units outstanding at September 30, 2018 and 2017, respectively)	$ 4,281.18	$ 3,733.97	$ 4,281.18	$ 3,733.97	$ 4,222.90	$ 4,198.97	$ 3,698.40	$ 3,784.39
Net income (loss) per Redeemable Unit	$ 76.26	$ 42.99	$ 126.35	$ (33.92)
Weighted average Redeemable Units outstanding	87,200.3814	106,400.3456	88,973.5467	115,802.6256

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Basis of Presentation and Summary of Significant Accounting Policies - Statements of Income and Expenses and Changes in Partners' Capital (Parenthetical) (Detail) - shares	Sep. 30, 2018	Dec. 31, 2017	Sep. 30, 2017	Dec. 31, 2016
Condensed Financial Statements, Captions [Line Items]
Net asset value per redeemable unit outstanding	143,012.7885	149,619.0995	160,489.5165	166,818.7745
CMF Winton Master L.P. [Member]
Condensed Financial Statements, Captions [Line Items]
Net asset value per redeemable unit outstanding	86,993.5300		104,003.0212

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Financial Highlights - Financial Highlights for Limited Partner Classes (Detail) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
CMF Winton Master L.P. [Member]
Per Redeemable Unit Performance (for a unit outstanding throughout the period):
Net realized and unrealized gains (losses)	$ 58.80	$ 36.80	$ 82.62	$ (47.65)
Net investment income (loss)	17.46	6.19	43.73	13.73
Increase (decrease) for the period	76.26	42.99	126.35	(33.92)
Distribution of interest income to feeder funds	(17.98)	(7.42)	(44.14)	(16.50)
Net asset value per Redeemable Unit, beginning of period	4,222.90	3,698.40	4,198.97	3,784.39
Net asset value per Redeemable Unit, end of period	$ 4,281.18	$ 3,733.97	$ 4,281.18	$ 3,733.97
Ratios to Average Limited Partners' Capital:
Net investment income (loss)	1.60%	0.60%	1.40%	0.50%
Operating expenses	0.20%	0.20%	0.20%	0.10%
Total return	1.80%	1.20%	3.00%	(0.90%)
Class A [Member]
Per Redeemable Unit Performance (for a unit outstanding throughout the period):
Net asset value per Redeemable Unit, beginning of period			$ 1,394.29
Net asset value per Redeemable Unit, end of period	$ 1,386.02		1,386.02
Class A [Member] | Limited Partners [Member]
Per Redeemable Unit Performance (for a unit outstanding throughout the period):
Net realized and unrealized gains (losses)	19.14	$ 12.53	26.84	$ (15.94)
Net investment income (loss)	(10.90)	(13.21)	(35.11)	(41.72)
Increase (decrease) for the period	8.24	(0.68)	(8.27)	(57.66)
Net asset value per Redeemable Unit, beginning of period	1,377.78	1,252.96	1,394.29	1,309.94
Net asset value per Redeemable Unit, end of period	$ 1,386.02	$ 1,252.28	$ 1,386.02	$ 1,252.28
Ratios to Average Limited Partners' Capital:
Net investment income (loss)	(3.10%)	(4.20%)	(3.40%)	(4.40%)
Operating expenses	5.00%	5.00%	5.00%	5.00%
Incentive fees	0.00%	0.00%	0.00%	0.00%
Total expenses	5.00%	5.00%	5.00%	5.00%
Total return:
Total return before incentive fees	0.60%	(0.10%)	(0.60%)	(4.40%)
Incentive fees	(0.00%)	(0.00%)	(0.00%)	(0.00%)
Total return after incentive fees	0.60%	(0.10%)	(0.60%)	(4.40%)
Class D [Member]
Per Redeemable Unit Performance (for a unit outstanding throughout the period):
Net asset value per Redeemable Unit, beginning of period			$ 1,344.14
Net asset value per Redeemable Unit, end of period	$ 1,348.78		1,348.78
Class D [Member] | Limited Partners [Member]
Per Redeemable Unit Performance (for a unit outstanding throughout the period):
Net realized and unrealized gains (losses)	18.58	$ 11.98	26.06	$ (15.51)
Net investment income (loss)	(6.37)	(8.87)	(21.42)	(28.13)
Increase (decrease) for the period	12.21	3.11	4.64	(43.64)
Net asset value per Redeemable Unit, beginning of period	1,336.57	1,200.35	1,344.14	1,247.10
Net asset value per Redeemable Unit, end of period	$ 1,348.78	$ 1,203.46	$ 1,348.78	$ 1,203.46
Ratios to Average Limited Partners' Capital:
Net investment income (loss)	(1.90%)	(2.90%)	(2.10%)	(3.10%)
Operating expenses	3.70%	3.70%	3.70%	3.70%
Incentive fees	0.00%	0.00%	0.00%	0.00%
Total expenses	3.70%	3.70%	3.70%	3.70%
Total return:
Total return before incentive fees	0.90%	0.30%	0.30%	(3.50%)
Incentive fees	(0.00%)	(0.00%)	(0.00%)	(0.00%)
Total return after incentive fees	0.90%	0.30%	0.30%	(3.50%)
Class Z [Member]
Per Redeemable Unit Performance (for a unit outstanding throughout the period):
Net asset value per Redeemable Unit, beginning of period			$ 1,385.07
Net asset value per Redeemable Unit, end of period	$ 1,397.70		1,397.70
Class Z [Member] | Limited Partners [Member]
Per Redeemable Unit Performance (for a unit outstanding throughout the period):
Net realized and unrealized gains (losses)	19.22	$ 12.29	27.36	$ (15.69)
Net investment income (loss)	(3.97)	(6.78)	(14.73)	(21.99)
Increase (decrease) for the period	15.25	5.51	12.63	(37.68)
Net asset value per Redeemable Unit, beginning of period	1,382.45	1,232.27	1,385.07	1,275.46
Net asset value per Redeemable Unit, end of period	$ 1,397.70	$ 1,237.78	$ 1,397.70	$ 1,237.78
Ratios to Average Limited Partners' Capital:
Net investment income (loss)	(1.10%)	(2.20%)	(1.40%)	(2.70%)
Operating expenses	2.90%	3.00%	2.90%	3.40%
Incentive fees	0.00%	0.00%	0.00%	0.00%
Total expenses	2.90%	3.00%	2.90%	3.40%
Total return:
Total return before incentive fees	1.10%	0.40%	0.90%	(3.00%)
Incentive fees	(0.00%)	(0.00%)	(0.00%)	(0.00%)
Total return after incentive fees	1.10%	0.40%	0.90%	(3.00%)

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Trading Activities - Additional Information (Detail)	3 Months Ended		9 Months Ended
	Sep. 30, 2018 USD ($) Contract	Sep. 30, 2017 USD ($) Contract	Sep. 30, 2018 USD ($) Contract	Sep. 30, 2017 USD ($) Contract
Trading Activity, Gains and Losses, Net [Line Items]
Monthly average number of futures contracts traded	20,643	23,929	19,094	23,000
Monthly average number of metals forward contracts traded	1,514	674	1,756	957
Forward Contracts [Member] | Currencies [Member] | Weighted Average [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Average notional values of currency forward contracts | $	$ 211,292,847	$ 561,123,451	$ 271,160,477	$ 474,699,701

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Trading Activities - Summary of Valuation of Master's Investments (Detail) - CMF Winton Master L.P. [Member] - USD ($)	Sep. 30, 2018	Dec. 31, 2017
Derivative [Line Items]
Gross Amounts Recognized, Assets	$ 15,184,658	$ 28,926,461
Gross Amounts Offset in the Statements of Financial Condition, Assets	(9,163,403)	(14,416,851)
Amounts Presented in the Statements of Financial Condition, Assets	6,021,255	14,509,610
Financial Instruments, Assets	0	0
Cash Collateral Received/Pledged, Assets	0	0
Net Amount, Assets	6,021,255	14,509,610
Gross Amounts Recognized, Liabilities	(10,815,461)	(14,416,851)
Gross Amounts Offset in the Statements of Financial Condition, Liabilities	9,163,403	14,416,851
Amounts Presented in the Statements of Financial Condition, Liabilities	(1,652,058)
Financial Instruments, Liabilities	0	0
Cash Collateral Received/Pledged, Liabilities	0	0
Net Amount, Liabilities	(1,652,058)
Net fair value	4,369,197	14,509,610
MS&Co. [Member]
Derivative [Line Items]
Gross Amounts Recognized, Assets	13,892,039	23,536,671
Gross Amounts Offset in the Statements of Financial Condition, Assets	(7,870,784)	(13,170,181)
Amounts Presented in the Statements of Financial Condition, Assets	6,021,255	10,366,490
Financial Instruments, Assets	0	0
Cash Collateral Received/Pledged, Assets	0	0
Net Amount, Assets	6,021,255	10,366,490
Gross Amounts Recognized, Liabilities	(8,992,217)	(13,170,181)
Gross Amounts Offset in the Statements of Financial Condition, Liabilities	7,870,784	13,170,181
Amounts Presented in the Statements of Financial Condition, Liabilities	(1,121,433)
Financial Instruments, Liabilities	0	0
Cash Collateral Received/Pledged, Liabilities	0	0
Net Amount, Liabilities	(1,121,433)
Futures Contracts [Member]
Derivative [Line Items]
Amounts Presented in the Statements of Financial Condition, Assets	6,021,255	2,739,533
Futures Contracts [Member] | MS&Co. [Member]
Derivative [Line Items]
Gross Amounts Recognized, Assets	11,956,420	13,523,003
Gross Amounts Offset in the Statements of Financial Condition, Assets	(5,935,165)	(10,783,470)
Amounts Presented in the Statements of Financial Condition, Assets	6,021,255	2,739,533
Financial Instruments, Assets	0	0
Cash Collateral Received/Pledged, Assets	0	0
Net Amount, Assets	6,021,255	2,739,533
Gross Amounts Recognized, Liabilities	(5,935,165)	(10,783,470)
Gross Amounts Offset in the Statements of Financial Condition, Liabilities	5,935,165	10,783,470
Financial Instruments, Liabilities	0	0
Cash Collateral Received/Pledged, Liabilities	0	0
Forward Contracts [Member]
Derivative [Line Items]
Amounts Presented in the Statements of Financial Condition, Assets		11,770,077
Amounts Presented in the Statements of Financial Condition, Liabilities	(1,652,058)
Forward Contracts [Member] | MS&Co. [Member]
Derivative [Line Items]
Gross Amounts Recognized, Assets	1,935,619	10,013,668
Gross Amounts Offset in the Statements of Financial Condition, Assets	(1,935,619)	(2,386,711)
Amounts Presented in the Statements of Financial Condition, Assets		7,626,957
Financial Instruments, Assets	0	0
Cash Collateral Received/Pledged, Assets	0	0
Net Amount, Assets		7,626,957
Gross Amounts Recognized, Liabilities	(3,057,052)	(2,386,711)
Gross Amounts Offset in the Statements of Financial Condition, Liabilities	1,935,619	2,386,711
Amounts Presented in the Statements of Financial Condition, Liabilities	(1,121,433)
Financial Instruments, Liabilities	0	0
Cash Collateral Received/Pledged, Liabilities	0	0
Net Amount, Liabilities	(1,121,433)
Forward Contracts [Member] | JPMorgan [Member]
Derivative [Line Items]
Gross Amounts Recognized, Assets	1,292,619	5,389,790
Gross Amounts Offset in the Statements of Financial Condition, Assets	(1,292,619)	(1,246,670)
Amounts Presented in the Statements of Financial Condition, Assets		4,143,120
Financial Instruments, Assets	0	0
Cash Collateral Received/Pledged, Assets	0	0
Net Amount, Assets		4,143,120
Gross Amounts Recognized, Liabilities	(1,823,244)	(1,246,670)
Gross Amounts Offset in the Statements of Financial Condition, Liabilities	1,292,619	1,246,670
Amounts Presented in the Statements of Financial Condition, Liabilities	(530,625)
Financial Instruments, Liabilities	0	0
Cash Collateral Received/Pledged, Liabilities	0	$ 0
Net Amount, Liabilities	$ (530,625)

XML

Trading Activities - Gross Fair Values of Master's Derivative Instruments of Futures and Forward Contracts as Separate Assets and Liabilities (Detail) - CMF Winton Master L.P. [Member] - USD ($)	Sep. 30, 2018	Dec. 31, 2017
Futures Contracts [Member]
Derivative [Line Items]
Total unrealized appreciation on open contracts	$ 11,956,420	$ 13,523,003
Total unrealized depreciation on open contracts	(5,935,165)	(10,783,470)
Net unrealized appreciation (depreciation) on open contracts	6,021,255	2,739,533
Futures Contracts [Member] | Currencies [Member]
Derivative [Line Items]
Total unrealized appreciation on open contracts	3,194,611	906,387
Total unrealized depreciation on open contracts	(597,924)	(2,195,338)
Futures Contracts [Member] | Energy [Member]
Derivative [Line Items]
Total unrealized appreciation on open contracts	1,771,420	4,524,315
Total unrealized depreciation on open contracts	(626,122)	(1,819,620)
Futures Contracts [Member] | Grains [Member]
Derivative [Line Items]
Total unrealized appreciation on open contracts	781,248	485,142
Total unrealized depreciation on open contracts	(95,800)	(68,601)
Futures Contracts [Member] | Indices [Member]
Derivative [Line Items]
Total unrealized appreciation on open contracts	1,274,727	4,060,424
Total unrealized depreciation on open contracts	(119,856)	(2,538,269)
Futures Contracts [Member] | Interest Rates U.S. [Member]
Derivative [Line Items]
Total unrealized appreciation on open contracts	532,468	702,601
Total unrealized depreciation on open contracts	(1,092,828)	(340,032)
Futures Contracts [Member] | Interest Rates Non-U.S. [Member]
Derivative [Line Items]
Total unrealized appreciation on open contracts	650,442	736,601
Total unrealized depreciation on open contracts	(2,254,296)	(1,561,929)
Futures Contracts [Member] | Livestock [Member]
Derivative [Line Items]
Total unrealized appreciation on open contracts	12,250	168,885
Total unrealized depreciation on open contracts	(417,985)	(190,110)
Futures Contracts [Member] | Metals [Member]
Derivative [Line Items]
Total unrealized appreciation on open contracts	2,003,486	513,345
Total unrealized depreciation on open contracts	(118,453)	(1,509,223)
Futures Contracts [Member] | Softs [Member]
Derivative [Line Items]
Total unrealized appreciation on open contracts	1,735,768	1,425,303
Total unrealized depreciation on open contracts	(611,901)	(560,348)
Forward Contracts [Member]
Derivative [Line Items]
Total unrealized appreciation on open contracts	3,228,238	15,403,458
Total unrealized depreciation on open contracts	(4,880,296)	(3,633,381)
Net unrealized appreciation (depreciation) on open contracts	(1,652,058)	11,770,077
Forward Contracts [Member] | Currencies [Member]
Derivative [Line Items]
Total unrealized appreciation on open contracts	1,292,619	5,389,790
Total unrealized depreciation on open contracts	(1,823,244)	(1,246,670)
Forward Contracts [Member] | Metals [Member]
Derivative [Line Items]
Total unrealized appreciation on open contracts	1,935,619	10,013,668
Total unrealized depreciation on open contracts	$ (3,057,052)	$ (2,386,711)

XML

Trading Activities - Master's Trading Gains and Losses, by Market Sector, on Derivative Instruments (Detail) - CMF Winton Master L.P. [Member] - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Derivative [Line Items]
Trading gains and losses	$ 5,093,658	$ 4,153,467	$ 8,703,267	$ (4,951,903)
Currencies [Member]
Derivative [Line Items]
Trading gains and losses	(78,498)	212,470	(9,856,743)	(15,486,493)
Energy [Member]
Derivative [Line Items]
Trading gains and losses	(2,007,617)	(2,004,559)	8,672,759	(12,984,885)
Grains [Member]
Derivative [Line Items]
Trading gains and losses	396,833	341,607	112,229	(2,020,148)
Indices [Member]
Derivative [Line Items]
Trading gains and losses	1,256,270	12,892,639	(295,367)	49,364,899
Interest Rates U.S. [Member]
Derivative [Line Items]
Trading gains and losses	(586,953)	(736,602)	(862,483)	(4,986,540)
Interest Rates Non-U.S. [Member]
Derivative [Line Items]
Trading gains and losses	(2,624,227)	(1,803,642)	1,257,197	(11,246,965)
Livestock [Member]
Derivative [Line Items]
Trading gains and losses	47,145	(960,905)	(986,778)	720,520
Metals [Member]
Derivative [Line Items]
Trading gains and losses	5,664,661	(3,371,512)	5,658,715	(10,985,946)
Softs [Member]
Derivative [Line Items]
Trading gains and losses	$ 3,026,044	$ (416,029)	$ 5,003,738	$ 2,673,655

XML

Fair Value Measurements - Master's Fair Value Measurements (Detail) - USD ($)	Sep. 30, 2018	Dec. 31, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Assets	$ 15,184,658	$ 28,926,461
Derivative Liabilities	10,815,461	14,416,851
Futures Contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Assets	11,956,420	13,523,003
Derivative Liabilities	5,935,165	10,783,470
Forward Contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Assets	3,228,238	15,403,458
Derivative Liabilities	4,880,296	3,633,381
Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Assets	11,956,420	13,523,003
Derivative Liabilities	5,935,165	10,783,470
Level 1 [Member] | Futures Contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Assets	11,956,420	13,523,003
Derivative Liabilities	5,935,165	10,783,470
Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Assets	3,228,238	15,403,458
Derivative Liabilities	4,880,296	3,633,381
Level 2 [Member] | Forward Contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Assets	3,228,238	15,403,458
Derivative Liabilities	$ 4,880,296	$ 3,633,381

XML

Financial Instrument Risks - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2018
Concentration Risk [Line Items]
Financial instruments maturity period	1 year
Credit Concentration Risk [Member] | Master's Contracts [Member] | Over the Counter [Member] | Minimum [Member]
Concentration Risk [Line Items]
Concentration risk percentage	15.40%
Credit Concentration Risk [Member] | Master's Contracts [Member] | Over the Counter [Member] | Maximum [Member]
Concentration Risk [Line Items]
Concentration risk percentage	30.40%