0001104659-15-023322.txt : 20150327 0001104659-15-023322.hdr.sgml : 20150327 20150327110230 ACCESSION NUMBER: 0001104659-15-023322 CONFORMED SUBMISSION TYPE: 10-K PUBLIC DOCUMENT COUNT: 15 CONFORMED PERIOD OF REPORT: 20141231 FILED AS OF DATE: 20150327 DATE AS OF CHANGE: 20150327 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Cavendish Futures Fund LLC CENTRAL INDEX KEY: 0001562622 STANDARD INDUSTRIAL CLASSIFICATION: [6221] IRS NUMBER: 900887130 STATE OF INCORPORATION: DE FILING VALUES: FORM TYPE: 10-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-55213 FILM NUMBER: 15729458 BUSINESS ADDRESS: STREET 1: 1285 AVENUE OF THE AMERICAS STREET 2: 13TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10019 BUSINESS PHONE: (800)580-2359 MAIL ADDRESS: STREET 1: 1285 AVENUE OF THE AMERICAS STREET 2: 13TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10019 10-K 1 a15-7313_110k.htm 10-K

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-K

 

x      ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the fiscal year ended December 31, 2014

 

OR

 

o         TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from                  to                 .

 

Commission File Number 000-55213

 

Cavendish Futures Fund LLC

(Exact name of registrant as specified in its charter)

 

Delaware

 

90-0887130

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

Identification No.)

 

c/o UBS Alternatives LLC

1285 Avenue of the Americas, 20th Floor

New York, NY 10019

(Address and Zip Code of principal executive offices)

 

(212) 713-3234

(Registrant’s telephone number, including area code)

 

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

 

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

 

Redeemable Units of Limited Liability Company Interest

(Title of Class)

 

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes o No x

 

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes o No x

 

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 o

 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files. Yes x No o

 

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§229.405 of this chapter) is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this form 10-K x.

 

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

 

Large accelerated filer o

 

Accelerated filer o

 

Non-accelerated filer x

 

Smaller reporting company o

 

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

 

69,004.256 Limited Liability Company Redeemable Units with an aggregate value of $73,028,340 were outstanding and held by non-affiliates as of the last business day of the registrant’s most recently completed second fiscal quarter.

 

As of February 28, 2015, 101,486.786 Limited Liability Company Redeemable Units were outstanding.

 

DOCUMENTS INCORPORATED BY REFERENCE

 

[None]

 

 

 


 

PART I

 

Item 1. Business.

 

(a) General Development of Business. Cavendish Futures Fund LLC (the “Fund”) is a Delaware limited liability company formed on August 7, 2012. Trading operations of the Fund commenced on February 19, 2013.  The Fund’s investment objective is to achieve capital appreciation through speculative trading in U.S. and international futures, options on futures and forward markets.  The Fund may also engage in swap transactions as well as other derivative transactions with the approval of the Fund’s commodity pool operator (“CPO”) and trading manager, Sydling Futures Management LLC (“Sydling”).

 

The Fund pursues its objective by investing substantially all of its assets in Sydling WNT Master Fund LLC (the “Master Fund”), a Delaware limited liability company formed on August 7, 2012.  The Fund does not currently intend to trade commodity interests directly.  The Master Fund was organized to permit accounts managed by Winton Capital Management Limited (the “Advisor”), the Fund’s advisor, that use the same program to invest together in one trading vehicle.

 

During the initial offering period (September 30, 2012 through February 18, 2013), the Fund sold 26,182.375 redeemable units of limited liability company interest (“Redeemable Units”) at $1,000 per Redeemable Unit.  No securities which represent an equity interest or any other interest in the Fund trade on any public market. The Fund privately and continuously offers Redeemable Units to qualified investors.  There is no maximum number of Redeemable Units that may be sold by the Fund.  Subscriptions and redemptions of Redeemable Units and Member Designee’s (defined below) contributions for the year ended December 31, 2014 and the period February 19, 2013 through December 31, 2013 are reported in the Statement of Changes in Members’ Capital under “Item 13.  Financial Statements and Supplementary Data.”

 

The Fund is member-managed for purposes of Delaware law.  Pursuant to the Fund’s limited liability company agreement, as may be amended from time to time (the “LLC Agreement”), the members of the Fund (each, a “Member” and collectively, the “Members”) have appointed Sydling (the “Member Designee”) to act as the Fund’s commodity pool operator and trading manager.  Accordingly, the Members have delegated all of their rights, powers, duties and obligations to manage and control the business and affairs of the Fund to Sydling except for (i) their right under the LLC Agreement to vote on amendments to the LLC Agreement, (ii) their right under the LLC Agreement to call a meeting of the Members, or (iii) their right under the LLC Agreement to vote to revoke the delegation of rights and powers to Sydling.  The Fund has no principals or employees.  The Fund is not registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as a mutual fund or otherwise.

 

Sydling is registered as a commodity pool operator and a commodity trading advisor with the Commodity Futures Trading Commission (“CFTC”) and is a member of the National Futures Association (“NFA”) effective August 10, 2011.  Sydling, a wholly owned subsidiary of UBS Alternatives LLC, was formed on August 4, 2011.  UBS Alternatives LLC is a wholly owned subsidiary of UBS Americas Inc. which ultimately is a subsidiary of UBS AG.  Sydling was formed pursuant to authorization by UBS Alternatives LLC.  Each of the Fund and the Master Fund were formed pursuant to authorization by Sydling.  In order to form the Fund and the Master Fund, Sydling also acted as the initial member of each.

 

Effective February 19, 2013, the Fund allocated substantially all of its assets to the Master Fund.  The Fund maintains a capital account balance at the Master Fund, the initial balance of which was $26,207,375. As of December 31, 2014, the Advisor trades the Fund’s assets in accordance

 

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with the Winton Futures Program at 150% leverage (the “Winton Futures Program”).  A description of the trading activities and focus of the Advisor is included under “Item 7.  Management’s Discussion and Analysis of Financial Condition and Results of Operations.” Sydling also acts as the trading manager of the Master Fund.  Sydling and the Advisor believe that trading through this structure should promote efficiency and economy in the trading process. As of December 31, 2014 and 2013, the Fund owned 100% of the Master Fund. The Fund intends to continue to invest substantially all of its assets in the Master Fund.  The performance of the Fund is directly affected by the performance of the Master Fund.  Expenses to investors as a result of the investment in the Master Fund are approximately the same and redemption rights are not affected.

 

Although the Fund allocates substantially all of its assets to the Master Fund, the Fund’s net asset value may, at times, be less than its capital account balance at the Master Fund because the Fund’s capital account balance at the Master Fund does not account for expenses accrued at the Fund level.  Such Fund-level expenses reduce the Fund’s net asset value.

 

The Fund is currently the only member of the Master Fund.  To the extent an investor other than the Fund becomes a member of the Master Fund, a separate capital account will be established and maintained on the books of the Master Fund for such investor.

 

Under the LLC Agreement, Sydling has responsibility for the administration of the business and affairs of the Fund, but may delegate trading discretion to one or more trading advisors.  The Fund and the Master Fund have entered into a trading manager agreement (the “Trading Manager Agreement”), with Sydling, pursuant to which Sydling has sole authority and responsibility, as one of the Fund’s and the Master Fund’s agents and attorneys-in-fact, for the selection, monitoring and termination of commodity trading advisor(s) to direct the investment and reinvestment of the assets of the Fund and the Master Fund. The Fund pays Sydling a monthly administrative fee in return for its services to the Fund equal to 1/12 of 1/2% (0.5% per year) of adjusted month-end net assets of the Fund.  The Trading Manager Agreement expires on October 8, 2013 and will be renewed automatically for one-year terms each year thereafter, provided that any party thereto may terminate the agreement upon thirty (30) days’ prior written notice to the other parties.

 

Sydling, on behalf of the Fund, has entered into an administration agreement with BNY Mellon Investment Servicing (US) Inc. (the “Administrator”).  The Administrator will assist Sydling in performing certain day-to-day tasks on behalf of the Fund, including but not limited to, calculating daily or periodic portfolio valuations, reconciling cash and portfolio positions, providing portfolio reporting, maintaining books and records and calculating all fund fees.  Sydling will pay a portion of the administrative fee it receives from the Fund to the Administrator.

 

Sydling, on behalf of the Fund, has entered into a trading advisory agreement (the “Trading Advisory Agreement”), with the Advisor, a registered commodity trading advisor, pursuant to which the Advisor manages the Fund’s assets.  The Fund pays the Advisor a monthly advisory fee equal to 1/12 of 1.5% (1.5% per year) of the Fund’s adjusted month-end net assets.  The Advisor is also paid a quarterly incentive fee equal to 20% of new trading profits earned by the Advisor for the Fund during each calendar quarter.  The Trading Advisory Agreement expires on June 30th of each year and may be renewed by Sydling, in its sole discretion, for additional one-year periods upon notice to the Advisor not less than 30 days prior to the expiration of the previous period.  The Trading Advisory Agreement can be terminated by either party on 30 days’ written notice at any time.  At any time during the term of the Trading Advisory Agreement, Sydling may elect immediately to terminate the Trading Advisory Agreement by giving written

 

3


 

notice to the Advisor (i) upon any material adverse change in the financial condition of the Advisor, which in the opinion of the Advisor might reasonably be expected to materially impair its ability to discharge its obligations under the Trading Advisory Agreement, (ii) if either of Messrs. David W. Harding or Matthew D. Beddall ceases to commit the time and attention necessary to perform his respective duties to the Trading Advisor in respect of its obligations to the Master Fund, dies or has given notice to resign from his employment or directorship with the Advisor, (iii) if there is an occurrence of any material change of control with respect to the Advisor other than internal re-organization or amalgamation, or (iv) if the Master Fund, acting reasonably and in good faith, determines that the Advisor unreasonably withholds its consent to a liquidation as discussed in the Trading Advisory Agreement. Sydling currently expects that the Advisor will continue to be the Fund’s sole trading advisor.

 

The Master Fund’s trading of futures, swap and option contracts, if applicable, on commodities is done primarily on U.S. commodity exchanges and foreign commodity exchanges. It engages in such trading through a commodity brokerage account maintained with UBS Securities LLC (“UBS Securities”).  UBS Securities acts as the Master Fund’s commodity broker, pursuant to a customer agreement, dated as of September 1, 2011 (the “Customer Agreement”), by and between the Master Fund and UBS Securities.  UBS Financial Services Inc. (“UBS Financial Services”) acts as the Fund’s selling agent pursuant to an agency agreement, dated as of December 6, 2012.  UBS Securities will pay a portion of the brokerage commissions to the financial advisors who have sold Redeemable Units.  The Fund may engage additional selling agents in the future.

 

For the period January 1, 2014 through December 31, 2014, the approximate average market sector allocations for the Fund were 14% Currencies, 3% Energy, 5% Grains, 18% Indices, 25% Non-U.S. Interest Rates, 29% U.S. Interest Rates, 1% Livestock, 3% Metals and 2% Softs.

 

Pursuant to a fee arrangement agreement among Sydling, the Master Fund and UBS Securities, the Master Fund pays UBS Securities a monthly flat rate brokerage fee at an annual rate of 3.5% of the Fund’s capital account balance at the Master Fund.  In addition, the Master Fund pays or reimburses UBS Securities for the Fund’s actual floor brokerage, exchange, clearing, give-up, user and NFA fees, which are payable on a per transaction basis.  These transaction costs are estimated to be 0.25% of the Fund’s capital account balance per year.  Such brokerage and transaction fees are deducted from the Fund’s capital account at the Master Fund.

 

All of the Master Fund’s assets are deposited in commodity brokerage accounts with UBS Securities and are maintained in cash or in U.S. government securities and segregated as customer funds.  On amounts maintained in cash at UBS Securities, the Fund will receive, through its investment in the Master Fund, monthly interest on its allocable share of 100% of the average daily equity maintained in cash in the Master Fund’s brokerage account at a rate equal to the monthly average 30-day U.S. Treasury bill rate.  Any interest earned in the Master Fund’s account in excess of the amounts due to the Fund and any other feeder fund, as described above, if any, will be retained by Sydling.  Funds held by counterparties as collateral in connection with swap transactions will earn interest at a rate agreed upon between the parties to the transaction.

 

Sydling may, in its sole discretion, direct UBS Securities to place up to all of the Fund’s assets in Treasury bills.  The Fund will receive its allocable share of 100% of the interest earned on Treasury bills purchased for the Master Fund, if any.

 

Funds held in connection with non-U.S. contracts, if any, may be held in secured amount accounts with depositories located outside of the United States or its territories.

 

4


 

(b) Financial Information about Segments. The Fund’s business consists of only one segment, speculative trading of commodity interests. The Fund does not engage in sales of goods or services. The Fund’s net income (loss) from operations for the year ended December 31, 2014 and the period February 19, 2013 (commencement of trading operations) to December 31, 2013 are set forth under “Item 6. Selected Financial Data.” The Fund’s Capital as of December 31, 2014, was $105,601,159.

 

(c) Narrative Description of Business.

 

See Paragraphs (a) and (b) above.

 

(i) through (xii) — Not applicable.

 

(xiii) — The Fund has no employees.

 

(d) Financial Information About Geographic Areas. The Fund does not engage in sales of goods or services or own any long-lived assets, and therefore this item is not applicable.

 

(e) Available Information. The Fund does not have an Internet address. The Fund will provide paper copies of its annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and any amendments to these reports free of charge upon request.

 

(f) Reports to Security Holders. Not applicable.

 

(g) Enforceability of Civil Liabilities Against Foreign Persons. Not applicable.

 

(h) Smaller Reporting Companies. Not applicable.

 

Item 1A. Risk Factors.

 

As a result of leverage, small changes in the price of the Fund’s positions may result in substantial losses.

 

Good faith or margin deposits normally required in commodity futures trading may range from 1% to 25% of the face value of the contract.  As a result of this leverage, a small change in the market price of a contract can produce major losses.  For example, $2,700 in margin may be required to hold one crude oil futures contract with a face value of approximately $27,000.  Thus, a $2,700 or 10% decrease in the value of that contract would cause a total loss of the margin deposit. The amount of margin required to be deposited with respect to an individual futures contract is determined by the exchange upon which the contract is traded and may be changed by the exchange at any time.  The Fund does not have control over such margin requirements.

 

An investor may lose all of its investment.

 

Due to the speculative nature of trading commodity interests, an investor could lose all of its investment in the Fund.

 

The Fund will pay substantial fees and expenses regardless of profitability.

 

Regardless of its trading performance, the Fund will incur fees and expenses, including brokerage commissions and management fees. Commissions and fees will be paid to the Advisor even if the Fund experiences a net loss for the full year.

 

An investor’s ability to redeem or transfer Redeemable Units is limited.

 

An investor’s ability to redeem units is limited and no market exists for the Redeemable Units.

 

Conflicts of interest exist.

 

The Fund is subject to numerous conflicts of interest including those that arise from the facts that:

 

5


 

1.

 

The Member Designee and the Fund’s/Master Fund’s commodity broker are affiliates;

 

 

 

2.

 

The Advisor, the Fund’s/Master Fund’s commodity broker and their principals and affiliates may trade in commodity interests for their own accounts; and

 

 

 

3.

 

An investor’s financial advisor will receive ongoing compensation for providing services to the investor’s account.

 

Investing in Redeemable Units might not provide the desired diversification of an investor’s overall portfolio.

 

The Fund will not provide any benefit of diversification of an investor’s overall portfolio unless it is profitable and produces returns that are independent from stock and bond market returns.

 

Past performance is no assurance of future results.

 

The Advisor’s trading strategies may not perform as they have performed in the past. The Advisor has from time to time incurred substantial losses in trading on behalf of clients.

 

An investor’s tax liability may exceed cash distributions.

 

Investors are taxed on their share of the Fund’s income, even though the Fund does not intend to make any distributions.

 

Regulatory changes could restrict the Fund’s operations.

 

Federal agencies including the SEC, the CFTC and the Federal Reserve Bank regulate certain activities of the Fund, Sydling and the Advisor.  Regulatory changes could adversely affect the Fund by restricting its trading activities and/or increasing the costs or taxes to which the investors are subject.  The Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”), among other things, grants the CFTC and SEC broad rulemaking authority to implement various provisions of the Dodd-Frank Act, including comprehensive regulation of the over the counter (“OTC”) derivatives market.  The implementation of the Dodd-Frank Act could adversely affect the Fund by increasing transaction and/or regulatory compliance costs.  In addition, greater regulatory scrutiny may increase the Fund’s and Sydling’s exposure to potential liabilities.  Increased regulatory oversight can also impose administrative burdens on Sydling, including, without limitation, responding to investigations and implementing new policies and procedures.  As a result, Sydling’s time, attention and resources may be diverted from portfolio management activities.

 

The enactment of the Dodd-Frank Act will result in enhanced regulation by the Board of Governors of the Federal Reserve System (the “Federal Reserve”) and may result in enhanced regulation of certain affiliates of UBS AG by the Office of the Comptroller of the Currency.  For example, the Dodd-Frank Act will generally require that, in order for an entity to maintain its status as a financial holding company under the Bank Holding Company Act, it must be well capitalized and well managed, as those terms are defined by the Federal Reserve.  The Dodd-Frank Act also grants the Federal Reserve greater regulatory authority over the subsidiaries of a bank holding company.  Additionally, a bank holding company with more than $50 billion in consolidated assets is subject to enhanced supervision by, and more stringent prudential standards to be established by, the Federal Reserve.  The Federal Reserve is also required to apply higher capital requirements to bank holding companies with more than $50 billion in consolidated assets than to other bank holding companies.

 

6


 

Speculative position and trading limits may reduce profitability.

 

The CFTC and/or U.S. exchanges have established “speculative position limits” on the maximum net long or net short position which any person or group of persons may hold or control in particular futures, options on futures and swaps that perform a significant price discovery function.  Most exchanges also limit the amount of fluctuation in commodity futures contract prices on a single trading day.  The Advisor believes that established speculative position and trading limits will not materially adversely affect its trading for the Fund.  The trading instructions of the Advisor, however, may have to be modified, and positions held by the Fund may have to be liquidated in order to avoid exceeding these limits.  Such modification or liquidation could adversely affect the operations and profitability of the Fund by increasing transaction costs to liquidate positions and limiting potential profits on the liquidated positions.

 

In November 2013, the CFTC proposed new rules that, if adopted in substantially the same form, will impose position limits on certain futures and option contracts and physical commodity swaps that are “economically equivalent” to such contracts.  If enacted, these rules could have an adverse effect on the advisor’s trading for the Fund.

 

Item 2. Properties.

 

The Fund does not own or lease any properties. The Member Designee operates out of facilities provided by UBS AG.

 

Item 3. Legal Proceedings. -

 

This section describes the major pending legal proceedings, other than ordinary routine litigation incidental to the business, to which UBS Securities or its subsidiaries is a party or to which any of their property is subject. There are no material legal proceedings pending against the Fund or Member Designee.

 

UBS Securities principal business address is 1285 Avenue of the Americas, New York, NY 10019.  UBS Securities is registered in the US with the Financial Industry Regulatory Authority (“FINRA”) as a Broker-Dealer and with the CFTC as a Futures Commission Merchant.  UBS Securities is a member of various US futures and securities exchanges.

 

UBS Securities is and has been a defendant in numerous legal proceedings, including actions brought by regulatory organizations and government agencies, relating to its securities and commodities business that allege various violations of federal and state securities laws.  UBS AG, the ultimate parent company to UBS Securities LLC, files annual reports and quarterly reports to the SEC in which it discloses material information about UBS matters, including information about any material litigation or regulatory investigations (http://www.ubs.com/1/e/investors/quarterly_reporting/2014.htm) Actions with respect to UBS Securities’ futures commission merchant business are publicly available on the website of the NFA (http://www.nfa.futures.org/) and with respect to UBS Securities’ brokerage business are publicly available on the website of FINRA.  (http://www.finra.org).

 

On April 29, 2010, the CFTC issued an order with respect to UBS Securities and levied a fine of $200,000. The Order stated that on February 6, 2009, UBS Securities’ employee broker aided and abetted UBS Securities’ customer’s concealment of material facts from the New York Mercantile Exchange (“NYMEX”) in violation of Section 9(a)(4) of the CEA, 7 U.S.C. § 13(a)(4) (2006).  Pursuant to NYMEX Rules, a block trade must be reported to NYMEX “within five minutes of the time of execution” consistent with the requirements of NYMEX Rule 6.21C(A)(6).  Although the block trade in question was executed earlier in the day, UBS Securities’ employee broker aided and abetted its customer’s concealment of facts when, in response to the customer’s request to delay reporting the trade until after the close of trading, UBS Securities’ employee did not report the trade until after the close.  Because the employee broker undertook his actions within the scope of his employment, pursuant to Section 2(a)(1)(B)

 

7


 

of the CEA, 7 U.S.C. § 2(a)(1)(B) (2006), and Commission Regulation 1.2, 17 C.F.R. § 1.2 (2009), UBS Securities is liable for the employee broker’s aiding and abetting of its customer’s violation of Section 9(a)(4) of the CEA.  The fine has been paid and the matter is now closed.

 

In October 2011, FINRA censured and imposed a $12 million fine against UBS Securities, alleging that the firm violated certain provisions of SEC Regulation SHO, FINRA’s supervisory rules, various trade reporting rules, and SEC and FINRA books and records provisions.  Reg SHO obligated a firm to, among other things, comply with a “locate” requirement, which requires that, prior to accepting or effecting a short sale in an equity security, a firm obtain and document its grounds for reasonably believing that the security can be borrowed so that it can be delivered in time for settlement.  The rule also requires a firm to maintain independent aggregation units and to accurately mark sell orders long or short.  FINRA’s investigation and the resulting settlement agreement primarily focused on UBS Securities’ failure to comply with Reg SHO’s locate requirement due mainly to system issues, failure to maintain its aggregation units or mark orders correctly.  The settlement agreement also asserted that UBS Securities’ supervisory system, procedures, and practices were not reasonably designed to achieve compliance with applicable FINRA and SEC rules.

 

UBS AG, including UBS Securities, has responded to a number of governmental inquiries and investigations and is involved in a number of litigations, arbitrations and disputes related to the financial crisis and, in particular, mortgage-related securities and other structured transactions and derivatives. In August 2013, UBS Securities entered into a settlement with the SEC related to UBS Securities structuring and underwriting of a CDO, ACA 2007-2, in 2007. Pursuant to that settlement, in which the SEC alleged violations of the U.S. securities laws arising out of UBS Securities retention of approximately $23.6 million in upfront premium payments, UBS Securities agreed to make a payment to the U.S. Treasury of approximately $49.8 million.

 

In July 2011, the FHFA, as conservator for the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation (collectively, the “GSEs”) filed suit against UBS Securities and certain affiliates in connection with the GSEs’ investments in $4.5 billion in original face amount of UBS-sponsored RMBS and $1.8 billion in original face amount of third party RMBS. The suit asserted claims for damages and rescission under federal and state securities laws and state common law and alleges losses of approximately $1.2 billion plus interest. The court denied UBS Securities motion to dismiss in 2012. In April 2013, the court’s decision with respect to two legal issues that were the subject of UBS Securities motion to dismiss was affirmed on appeal by the US Court of Appeals for the Second Circuit. The FHFA also filed suits in 2011 against UBS Securities and other financial institutions relating to their role as underwriter of third-party RMBS purchased by the GSEs asserting claims under various legal theories, including violations of the federal and state securities laws and state common law. In July 2013, UBS Securities entered into a settlement with the FHFA under which UBS Securities paid $885 million to resolve these lawsuits and certain other unasserted claims. More specifically, the FHFA agreed to dismiss the pending lawsuits and release potential claims it could assert against UBS Securities on behalf of the GSEs related to UBS-sponsored RMBS and third-party RMBS underwritten by UBS Securities. The FHFA and the GSEs also agreed that they will not take steps to cause third parties to assert loan repurchase demands or commence loan repurchase litigation in connection with UBS-sponsored RMBS.

 

Since 2011, the SEC has been conducting an investigation of UBS AG and UBS Securities relating to a credit default swap (“CDS”) and CDO transaction that UBS AG structured and engaged in with Kommunale Wasserwerke Leipzig GmbH (“KWL”) (the City of Leipzig’s water utility) in 2006 and 2007. The SEC’s investigation has focused on, among other things, the suitability of the KWL transaction, and information provided by UBS AG and UBS Securities to

 

8


 

KWL. UBS AG and UBS Securities have provided documents and testimony to the SEC and is continuing to cooperate with the SEC.

 

In July 2013 the European Commission issued a Statement of Objections against multiple CDS dealers including UBS AG and UBS Securities, as well as data service provider Markit and the International Swaps and Derivatives Association (“ISDA”). The Statement of Objections broadly alleges that the dealers infringed European Union (“EU”) antitrust rules by colluding to prevent exchanges from entering the credit derivatives market between 2006 and 2009. UBS AG and UBS Securities have submitted their response to the Statement of Objections in January 2014 and presented their position in an oral hearing in May 2014. Since mid-2009, the Antitrust Division of the DOJ has also been investigating whether multiple dealers, including UBS AG and UBS Securities, conspired with each other and with Markit to restrain competition in the markets for CDS trading, clearing and other services. Between May 2013 and November 2013, several putative class action complaints were filed against multiple dealers, including UBS AG and UBS Securities, as well as Markit and ISDA, alleging violations of the U.S. Sherman Antitrust Act (“Sherman Act”) and common law. In January 2014 and April 2014, after the cases were consolidated for pretrial purposes in U.S. federal court in New York, plaintiffs filed a consolidated amended complaint. Plaintiffs allege that the defendants unlawfully conspired to restrain competition in and/or monopolize the market for CDS trading in the U.S. in order to protect the dealers’ profits from trading CDS in the over-the-counter market. Plaintiffs assert claims on behalf of all purchasers and sellers of CDS that transacted directly with any of the dealer defendants since January 1, 2008, and seek unspecified trebled compensatory damages and other relief.

 

In the opinion of management, after consultation with legal counsel, the ultimate resolution of such aforementioned litigation will not have a materially adverse effect on UBS Securities financial position.

 

Item 4. Mine Safety Disclosures. Not Applicable.

 

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PART II

 

Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.

 

(a)

 

Market Information. The Fund has issued no stock. There is no public market for the Redeemable Units.

 

 

 

(b)

 

Holders. The number of holders of Redeemable Units as of December 31, 2014, was 686.

 

 

 

(c)

 

Dividends. The Fund did not declare a distribution in 2014 or 2013. The Fund does not intend to declare distributions in the foreseeable future.

 

 

 

(d)

 

Securities Authorized for Issuance Under Equity Compensation Plans. None.

 

 

 

(e)

 

Performance Graph. Not applicable.

 

 

 

(f)

 

Recent Sales of Unregistered Securities; Use of Proceeds from Registered Securities. For the twelve months ended December 31, 2014, there were additional subscriptions of 43,735.258 Redeemable Units totaling $46,124,770. For the period February 19, 2013 (commencement of trading operations) to December 31, 2013, there were subscriptions of 46,885.114 Redeemable Units totaling $47,097,484. The Redeemable Units were issued in reliance upon applicable exemptions from registration under Section 4(2) of the Securities Exchange Act of 1933, as amended, and Section 506 of Regulation D promulgated thereunder (“Regulation D”). The Redeemable Units were purchased by accredited investors as described in Regulation D. In determining the applicability of the exemption, the Member Designee relied on the fact that the Redeemable Units were purchased by accredited investors in a private offering.

 

 

 

 

 

Proceeds from the additional subscriptions of Redeemable Units are used in the trading of commodity interests including futures contracts, swaps, options and forward contracts and any other interests pertaining thereto, including interests in commodity pools.

 

 

 

(g)

 

Purchases of Equity Securities by the Issuer and Affiliated Purchasers.

 

 

 

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

 

 

Period

 

(a) Total Number
of Redeemable
Units Purchased*

 

(b) Average
Price Paid per
Redeemable Unit**

 

(c) Total Number
of Redeemable Units
Purchased as Part
of Publicly Announced
Plans or Programs

 

(d) Maximum
Number
(or Approximate
Dollar Value) of
Redeemable Units that
May Yet Be
Purchased Under the
Plans or Programs

 

October 1, 2013— October 31, 2013

 

103.526

 

$

1,117.58

 

N/A

 

N/A

 

November 1, 2013 — November 30, 2013

 

—

 

—

 

N/A

 

N/A

 

December 1, 2013 — December 31, 2013

 

48.804

 

$

1,206.45

 

N/A

 

N/A

 

 

 

152.330

 

$

1,162.02

 

N/A

 

N/A

 

 

*

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

 

 

**

Redemptions of Redeemable Units are effected as of the last day of each month at the net asset value per Redeemable Unit as of that day.

 

10


 

Item 6.  Selected Financial Data.

 

Total trading results, interest income, net income (loss), increase (decrease) in net asset value per unit and net asset value per unit for the year ended December 31, 2014 and the period February 19, 2013 (commencement of trading operations) to December 31, 2013, were as follows:

 

 

 

2014

 

2013

 

Total trading results

 

$

23,503,189

 

$

3,869,092

 

Total expenses

 

9,059,123

 

2,813,809

 

Interest income allocated from Master Fund

 

19,485

 

11,371

 

 

 

 

 

 

 

Net income (loss) 

 

$

14,463,551

 

$

1,066,654

 

 

 

 

 

 

 

Increase (decrease) in net asset value per unit

 

$

177.79

 

$

28.57

 

 

 

 

 

 

 

Net asset value per unit

 

$

1,206.36

 

$

1,028.57

 

 

 

 

 

 

 

Total assets

 

$

114,963,978

 

$

51,300,651

 

 

11


 

Item 7.  Management’s Discussion and Analysis of Financial Condition and Results of Operations.

 

Overview

 

The Fund, through its investment in the Master Fund, seeks to achieve capital appreciation through speculative trading, directly or indirectly, in U.S. and international futures, options on futures and forward markets.  The Fund may also engage in swap transactions as well as other derivative transactions with the approval of the Member Designee.

 

The Member Designee manages all business of the Fund/Master Fund. The Member Designee has delegated its responsibility for the investment of the Fund’s assets to the Advisor. The Fund has invested these assets in the Master Fund. The Member Designee employs a team of approximately 25 professionals whose primary emphasis is on attempting to maintain quality control among the advisors to the Funds operated or managed by the Member Designee. A full-time staff of due diligence professionals uses proprietary technology and on-site evaluations to monitor new and existing futures money managers. The accounting and operations staff, along with the Fund’s Administrator, provides processing of subscriptions and redemptions and reporting to members and regulatory authorities. The Member Designee also includes staff involved in marketing and sales support. In selecting the advisor for the Fund/Master Fund, the Member Designee considered past performance, trading style, volatility of markets traded and fee requirements.

 

Responsibilities of the Member Designee include:

 

·

 

due diligence examinations of the Advisor;

 

 

 

·

 

selection, appointment and termination of the Advisor;

 

 

 

·

 

negotiation of the Trading Advisory Agreement; and

 

 

 

·

 

monitoring the activity of the Advisor.

 

In addition, the Member Designee relies on the Fund’s Administrator to prepare and maintain the Fund’s books and records and along with the Fund’s Administrator provides the administrative and compliance services that are required by law or regulation from time to time in connection with operation of the Fund/Master Fund. These services include the preparation of reports to members, government agencies and regulators; computation of net asset value; calculation of fees; assistance in connection with subscriptions, redemptions and member communications; and preparation of offering documents and sales literature.

 

The Member Designee seeks the best prices and services available in its commodity futures brokerage transactions.

 

Winton Capital Management Limited

 

The Fund’s assets allocated to the Advisor for trading are not invested in commodity interests directly. The Advisor’s allocation of the Fund’s assets is currently invested in the Master Fund. The Advisor trades the Master Fund’s assets in accordance with the Winton Futures Program.

 

The investment objective of the Winton Futures Program is to achieve long-term capital appreciation through compound growth by pursuing diversified investment strategies subject to certain investment constraints.  These constraints may be imposed by the Advisor or may be required by regulations or rules.

 

12


 

The key investment constraint of the Winton Futures Program as applied to the Fund and the Master Fund is that it does not invest in equities (although it may gain indirect exposure to equity markets via investments in equity index futures).  It may invest long and short using leverage in non-equity markets that the Advisor believes are sufficiently liquid, and for which there is sufficient data available.  The Winton Futures Program is subject to a long-term gross volatility target of 10%.

 

The Winton Futures Program currently invests in over 100 futures markets, currency forwards and related instruments.

 

The Advisor generally expects the holding periods for the Winton Futures Program’s portfolio to be long-term with the average holding period across all instruments expected to be 3-8 months.

 

The Winton Futures Program follows a disciplined investment process that is based on scientific analysis of past data.  The initial stage of the process involves collecting, cleaning and organizing large amounts of data.  The Winton Futures Program uses a wide variety of data inputs including factors that are intrinsic to markets, such as price, volume and open interest; and those that are external to markets, such as economic statistics, industrial and commodity data and public company financial data.  The Advisor conducts scientific research into the data in an attempt to quantify the probability of particular markets rising or falling, conditional on a variety of quantifiable factors.  The Advisor’s research is used to develop mathematical models that attempt to forecast market returns, the variability or volatility associated with such returns (often described as “risk”), correlation between markets and transaction costs.  These forecasts are used in investment strategies that determine what positions should be held to maximize profit within a certain range of risk.  Generally, if rising prices are forecast, a long position will be established or maintained and if falling prices are forecast, a short position will be established or maintained.  As a result of the Advisor’s research, they believe that the investments made in accordance with this process will have a slightly better than even chance of being successful which creates an expectation of profits over the long-term.

 

Historically, the Advisor’s research focused on developing trend-following strategies that invest in futures contracts (based on data that is intrinsic to markets).  However, in recent years, the Advisor has increased its use of non-trend-following strategies (generally based on data that is external to markets).

 

The Advisor’s investment strategies are operated as an automated, computer-based system.  This investment system is modified over time as the Advisor monitors its operation and undertakes further research.  Changes to the system occur as a result of, amongst other things, the discovery of new relationships, changes in market liquidity, the availability of new data or the reinterpretation of existing data.

 

Most of the Advisor’s investments are made strictly in accordance with the output of the system.  However, the Advisor may, on occasion (such as the occurrence of exceptional events that fall outside the parameters of the research on which the system is based), make investment decisions based on other factors and take action to override the output of the system to seek to protect the interests of investors.  For example, if there is a market crash or if trading is suspended on a market or exchange, the Advisor may attempt to reduce risk by decreasing leverage or liquidating or hedging positions in certain markets.

 

(a) Liquidity.

 

The Fund does not engage in sales of goods or services. Its only assets are its investment in the Master Fund and cash. The Master Fund does not engage in the sale of goods or services. The

 

13


 

Master Fund’s only assets are the equity in its trading accounts, consisting of cash and cash equivalents, net unrealized appreciation of open futures contracts, net unrealized appreciation on forward contracts and options, if applicable. Because of the low margin deposits normally required in commodity trading, relatively small price movements may result in substantial losses to the Fund, through its investment in the Master Fund. While substantial losses could lead to a material decrease in liquidity, no such illiquidity occurred during the year ended December 31, 2014.

 

To minimize the risk relating to low margin deposits, the Master Fund follows certain trading policies, including:

 

(i)

 

The Master Fund invests its assets only in commodity interests that the Advisor believes are traded in sufficient volume to permit ease of taking and liquidating positions. Sufficient volume, in this context, refers to a level of liquidity that the Advisor believes will permit it to enter and exit trades without noticeably moving the market.

 

 

 

(ii)

 

The Advisor will not initiate additional positions in any commodity if these positions would result in aggregate positions requiring a margin of more than 66 2/3% of the Master Fund’s net assets allocated to the Advisor.

 

 

 

(iii)

 

The Master Fund may occasionally accept delivery of a commodity. Unless such delivery is disposed of promptly by retendering the warehouse receipt representing the delivery to the appropriate clearinghouse, the physical commodity position is fully hedged.

 

 

 

(iv)

 

The Master Fund does not employ the trading technique commonly known as “pyramiding,” in which the speculator uses unrealized profits on existing positions as margin for the purchases or sale of additional positions in the same or related commodities.

 

 

 

(v)

 

The Master Fund does not utilize borrowings other than short-term borrowings if the Master Fund takes delivery of any cash commodities.

 

 

 

(vi)

 

The Advisor may, from time to time, employ trading strategies such as spreads or straddles on behalf of the Master Fund. “Spreads” and “Straddles” describe commodity futures trading strategies involving the simultaneous buying and selling of futures contracts on the same commodity but involving different delivery dates or markets.

 

 

 

(vii)

 

The Master Fund will not permit the churning of its commodity trading account. The term “churning” refers to the practice of entering and exiting trades with a frequency unwarranted by legitimate efforts to profit from the trades, driven by the desire to generate commission income.

 

For the year ended December 31, 2014, the Fund’s average margin to equity ratio (i.e., the percentage of assets on deposit required for margin) was approximately 12.26%. The foregoing margin to equity ratio takes into account cash held in the Fund’s name, as well as the allocable value of the positions and cash held on behalf of the Fund in the name of the Master Fund.

 

In the normal course of business, the Master Fund, 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 and options on futures 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

 

14


 

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 OTC.  Exchange-traded instruments are standardized and include futures and certain forward, swap and option contracts.  OTC contracts are negotiated between contracting parties and include certain swaps, forwards and options contracts.  Specific market movements of commodities or futures contracts underlying an option cannot accurately be predicted.  The purchaser of an option may lose the entire premium paid for the option.  The writer, or seller, of an option has unlimited risk.  Each of these instruments is subject to various risks similar to those related to the underlying financial instruments including market and credit risk.  In general, the risks associated with OTC contracts are greater than those associated with exchange-traded instruments because of the greater risk of default by the counterparty to an OTC contract.  For the year ended December 31, 2014 and for the period from February 19, 2013 (commencement of trading operations) to December 31, 2013 the Master Fund traded futures contracts only.

 

The risk to the members that have purchased interests in the Master Fund is limited to the amount of their capital contributions to the Master Fund and their share of the Master Fund’s assets and undistributed profits.  This limited liability is a consequence of the organization of the Master Fund as a limited liability company under applicable law.

 

Market risk is the potential for changes in the value of the financial instruments traded by the Master Fund 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 Fund is exposed to a market risk equal to the value of futures contracts purchased and unlimited liability on such contracts sold short.

 

Credit risk is the possibility that a loss may occur due to the failure of a counterparty to perform according to the terms of a contract.  The Master Fund’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 not represented by the contract or notional amounts of the instruments.  The Master Fund has credit risk and concentration risk because the sole counterparty or broker with respect to the Master Fund’s assets is UBS or a UBS affiliate.  Credit risk with respect to exchange-traded instruments is reduced to the extent that through UBS, the Master Fund’s counterparty is an exchange or clearing organization.  Futures contracts are conducted through regulated exchanges which have margin requirements, and are settled in cash on a daily basis, thereby minimizing credit risk.

 

The Member Designee monitors and attempts to control the Fund’s/Master Fund’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 Fund/Master Fund may be subject. These monitoring systems generally allow the Member Designee to statistically analyze actual trading results with risk-adjusted performance indicators and correlation statistics. In addition, online monitoring systems provide account analysis of futures, exchange-cleared swaps, forwards and options positions by sector, margin requirements, gain and loss transactions and collateral positions. (See also “Item 8. Financial Statements and Supplementary Data” for further information on financial instrument risk included in the notes to financial statements.)

 

Other than the risks inherent in commodity futures, options and swaps trading, the Master Fund knows of no trends, demands, commitments, events or uncertainties which will result in or which are reasonably likely to result in the Master Fund’s liquidity increasing or decreasing in any material way. The LLC Agreement provides that the Member Designee may, in its discretion,

 

15


 

cause the Fund to cease trading operations and liquidate all open positions under certain circumstances including a decrease in net asset value per Redeemable Unit to less than $400 as of the close of business on any business day.

 

(b) Capital Resources.

 

(i) The Fund has made no material commitments for capital expenditures.

 

(ii) The Fund’s capital consists of the capital contributions of the members as increased or decreased by gains or losses on trading and by expenses, interest income, redemptions of Redeemable Units and distributions of profits, if any. Gains or losses on trading cannot be predicted. Market movements in commodities are dependent upon fundamental and technical factors which the Advisor may or may not be able to identify, such as changing supply and demand relationships, weather, government agricultural, commercial and trade programs and policies, national and international political and economic events and changes in interest rates. Fund expenses consist of, among other things, commissions, advisory fees and administrative fees. The level of these expenses is dependent upon the level of trading and the ability of the Advisor to identify and take advantage of price movements in the commodity markets, in addition to the level of Net Assets maintained. In addition, the amount of interest income payable by UBS Securities is dependent upon interest rates over which the Fund has no control.

 

For the year ended December 31, 2014, there were additional subscriptions of 43,735.258 Redeemable Units totaling $46,124,770. For the period ended December 31, 2013, there were initial subscriptions of 26,207.375 Redeemable Units totaling $26,207,375 and additional subscriptions of $20,677.739 totaling $20,890,109.

 

No forecast can be made as to the level of redemptions in any given period. A member may require the Fund to redeem its Redeemable Units at their net asset value as of the last day of a month on three business days’ notice to the Member Designee. There is no fee charged to members in connection with redemptions. Redemptions generally are funded out of the Fund’s cash holdings. For the year ended December 31, 2014, 1,829.957 Redeemable Units were redeemed totaling $1,922,590. For the period ended December 31, 2013, 1,253.602 Redeemable Units were redeemed totaling $1,228,710.

 

Redeemable Units were sold to persons and entities who are accredited investors as that term is defined in rule 501(a) of Regulation D under the Securities Act of 1933, as amended (the “Securities Act”).

 

(c) Results of Operations.

 

For the year ended December 31, 2014, the net asset value per Redeemable Unit increased 17.29% from $1,028.57 to $1,206.36. For the period from February 19, 2013 (commencement of trading operations) to December 31, 2013, the net asset value per Redeemable Unit increased 2.86% from $1,000.00 to $1,028.57.

 

The Fund, through its investment in the Master Fund, experienced a net trading gain of $23,503,189 before brokerage commissions and related fees for the year ended December 31, 2014. Gains were primarily attributable to the trading of commodity futures in U.S and non-U.S.  interest rates, currencies, energy, livestock, precious metals and stock indices, and were partially offset by losses in grains and softs. The net trading gain (or loss) realized from the Fund’s investment in the Master Fund is disclosed on page [18] under “Item 8. Financial Statements and Supplementary Data.”

 

Fixed income markets were the clear winner, with non-US interest rates contributing significant gains and US interest rates registering a healthy profit. Of note is the contribution from European bonds and Japanese bonds. The trend in German bunds was something to behold, with it not

 

16


 

having registered a single losing month in 2014. Profits in interest rate trading were also focused in Europe. The trend following and carry systems were the main drivers of these profits.

 

Energy trading was the second most profitable sector due to the fall in energy markets during the final quarter. Currency trading closed the year as the third largest contributor. The strong trend in the dollar delivered decent profits for the Fund’s positions in both the euro against the dollar and the yen against the dollar. The system was slow to move out of its long position in the British pound, resulting in losses for the year. The Fund’s position in the Russian ruble was also a drag on performance, where with hindsight one would have wanted a higher allocation to trend following. Overall the carry system made a loss on the year while the trend following made a gain.

 

Livestock markets delivered a gain, with cattle prices having ended the year noticeably higher. Base metals registered a slight loss; the trend following system was down due to a number of whipsaw moves in aluminum. Crops were the biggest drag overall, half of which came from corn. Coffee also contributed a loss, with the system having been short for much of the rally at the start of the year. However, sugar delivered profits.

 

Stock indices finished approximately flat, with the trend following system having given back some of its 2013 gains. US stock indices were the best performers in the portfolio, with losses registered nearly everywhere else. This was in part driven by the differing performance between US and global stocks, with the S&P500 and NASDAQ indices ending the year higher than all other major indices. Furthermore owing to the strength of the dollar, the performance difference in dollar terms between the S&P 500 and the DJ Euro Stoxx was a staggering 22% in favor of the US.

 

The majority of the portfolio’s profits were driven by traditional trend following systems followed by carry strategies. More than half of the forecasting signals in operation on the futures portfolio were up. The relative value system in commodities had a particularly good year while at the other end of the spectrum the crop yield forecasting system made losses.

 

The Fund, through its investment in the Master Fund, experienced a net trading gain of $3,869,092 before brokerage commissions and related fees for the period from February 19, 2013 (commencement of trading operations) to December 31, 2013. Gains were primarily attributable to the trading of commodity futures in stock indices, precious metals, currencies, grains and energy and were partially offset by losses in U.S. and non-U.S. interest rates.

 

Given the rise in equity markets this year it is not a total surprise that this is where the fund made substantial gains. Stock indices were a major contributor to the Fund’s overall performance, with both American and Japanese markets making strong contributions. E-mini S&P futures was the most profitable market for the fund during 2013. Precious metals and currencies made almost identical gains and hence came in the second and third places on the winners board. Both gold and silver contributed to the positive performance within precious metals. As a result of a prolonged trend the Japanese yen was by far the most lucrative currency market, with the Swiss Franc and Australian dollar united in making losses.

 

Crop markets were the next largest contributor in 2013. Wheat, coffee, the soybean complex and sugar all made significant positive contributions, whilst corn and cotton were the two worst performers. The final sector to make a gain in 2013 was livestock. Energy markets lost money, with all markets except US Natural Gas being a drag on performance. Fixed income markets

 

17


 

provided the Fund’s most substantial losses in 2013. Losses were suffered at all points across the US and European yield curves, however French “OATS” proved to be an exception with slight gains. US 10 Year T-Note futures and Euro dollar futures were among the worst individual markets for the fund during the year.

 

During the reporting period, interest income on 100% of the average daily equity maintained in cash in the Master Fund’s brokerage account with UBS Securities was earned at a 30-day U.S. Treasury bill rate. Interest income for the year ended December 31, 2014 increased by $8,114 as compared to the period from February 19, 2013 (commencement of trading operations) to December 31, 2013. The increase in interest income is primarily due to an increase in the average daily equity in the Fund’s account during the year ended December 31, 2014, as compared to the corresponding period in 2013. Interest earned by the Fund will increase the net asset value of the Fund. The amount of interest income earned by the Fund during the reporting period depended on the average daily equity in the Fund’s account and upon interest rates over which neither the Fund nor UBS Securities had control.

 

Brokerage fees are calculated as a percentage of the Fund’s capital account balance at the Master Fund as of the end of each month and are affected by trading performance and redemptions.  Brokerage, clearing and transaction fees of the Master Fund for the year ended December 31, 2014 were $2,801,413 and for the period from February 19, 2013 (commencement of trading operations) to December 31, 2013 were $1,209,244. The increase in brokerage, clearing and transaction fees for the year ended December 31, 2014 is due to higher average net assets as compared to the corresponding period in 2013.

 

Advisory fees are calculated as a percentage of the Fund’s net asset value as of the end of each month and are affected by trading performance, subscriptions and redemptions.

 

Advisory fees of the Fund for the year ended December 31, 2014 and the period from February 19, 2013 (commencement of trading operations) to December 31, 2013 were $1,164,404 and $501,620, respectively.  The calculation of advisory fees for the year ended December 31, 2014 and the period from February 19, 2013 (commencement of trading operations) to December 31, 2013 was based on a monthly average net asset value of $77,626,959 and $37,988,858, respectively.  The increase in advisory fees for the year ended December 31, 2014 as compared to the corresponding period in 2013 is due to an increase in the average net assets.

 

Administrative fees are paid to Sydling for administering the business and affairs of the Fund.  These fees are calculated as a percentage of the Fund’s net asset value as of the end of each month and are affected by trading performance, subscriptions and redemptions.

 

Administrative fees of the Fund for the year ended December 31, 2014 and the period from February 19, 2013 (commencement of trading operations) to December 31, 2013 were $388,135 and $167,207, respectively.  The calculation of administrative fees for the year ended December 31, 2014 and the period from February 19, 2013 (commencement of trading operations) to December 31, 2013 was based on a monthly average net asset value of $77,626,959 and $37,988,858, respectively.  The increase in administrative fees for the year ended December 31, 2014 as compared to the corresponding period in 2013 is due to an increase in the average net assets.

 

Incentive fees to the Advisor are based on the new trading profits generated by the Advisor, paid at the end of each quarter, as defined in the Trading Advisory Agreement between the Fund, Sydling and the Advisor. Incentive fees of $4,172,680 and $449,717, were earned for the year

 

18


 

ended December 31, 2014 and for the period from February 19, 2013 (commencement of trading operations) to December 31, 2013, respectively.

 

The Fund pays professional fees, which generally include legal and accounting expenses, and other expenses, which generally include filing and printing fees. Professional fees and other expenses for the year ended December 31, 2014 were $442,478 and $207,500 for the period ended December 31, 2013.

 

Commodity markets are highly volatile. Broad price fluctuations and rapid inflation increase the risks involved in commodity trading, but also increase the possibility of profit. The profitability of the Master Fund and the Fund depends on the Advisor’s ability to forecast changes in energy and energy-related commodities. Such price changes 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 the Advisor correctly makes such forecasts, the Master Fund and the Fund expect to increase capital through operations.

 

In allocating substantially all of the assets of the Fund to the Master Fund, the Member Designee considered the Advisor’s past performance, trading style, volatility of markets traded and fee requirements. The Member Designee may modify or terminate the allocation of assets to the Advisor at any time. The Advisor’s trading program is described in the “Overview” section of this Item 7.

 

(d) Off-Balance Sheet Arrangements. None.

 

(e) Contractual Obligations. None.

 

(f) Operational Risk.

 

The Fund, through its investment in the Master Fund, is directly exposed to market risk and credit risk, which arise in the normal course of its business activities. Slightly less direct, but of critical importance, are risks pertaining to operational and back office support. This is particularly the case in a rapidly changing and increasingly global environment with increasing transaction volumes and an expansion in the number and complexity of products in the marketplace.

 

Such risks include:

 

Operational/Settlement Risk — the risk of financial and opportunity loss and legal liability attributable to operational problems, such as inaccurate pricing of transactions, untimely trade execution, clearance and/or settlement, or the inability to process large volumes of transactions. The Fund/Master Fund is subject to increased risks with respect to their trading activities in emerging market securities, where clearance, settlement, and custodial risks are often greater than in more established markets. Additionally, the Member Designee’s computer systems may be vulnerable to unauthorized access, mishandling or misuse, computer viruses or malware, cyber attacks and other events that could have a security impact on such systems. If one or more of such events occur, this potentially could jeopardize a member’s personal, confidential, proprietary or other information processed and stored in, and transmitted through, the Member Designee’s computer systems, and adversely affect the Fund’s business, financial condition or results of operations.

 

Technological Risk — the risk of loss attributable to technological limitations or hardware failure that constrain the Fund/Master Fund’s ability to gather, process, and communicate information efficiently and securely, without interruption, to customers and in the markets where the Fund/Master Fund participates.

 

19


 

Legal/Documentation Risk — the risk of loss attributable to deficiencies in the documentation of transactions (such as trade confirmations) and customer relationships (such as Master Fund netting agreements) or errors that result in noncompliance with applicable legal and regulatory requirements.

 

Financial Control Risk — the risk of loss attributable to limitations in financial systems and controls. Strong financial systems and controls ensure that assets are safeguarded, that transactions are executed in accordance with management’s authorization, and that financial information utilized by management and communicated to external parties, including the Fund’s Redeemable Unit holders, creditors, and regulators, is free of material errors.

 

(g) Critical Accounting Policies.

 

Fund’s Investments. The Fund values its investment in the Master Fund at fair value and is represented by the Fund’s proportionate interest in the members’ capital of the Master Fund.

 

Fund’s and Master Fund’s Fair Value Measurements. The Master Fund values its investments at fair value, in accordance with U.S. GAAP, which is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.  The Master Fund uses the trade date to record purchases and sales of futures contracts.

 

Various inputs are used in determining the fair value of the Master Fund’s investments which are summarized in the three broad levels listed below.

 

Level 1—quoted prices (unadjusted) in active markets for identical assets.

 

Level 2—other significant observable inputs (including quoted prices for similar assets.)

 

Level 3—significant unobservable inputs (including the Master Fund’s own assumptions and indicative non-binding broker quotes.)

 

The Master Fund recognizes transfers into and out of the levels indicated above at the end of the reporting period.  During the years ended December 31, 2014 and the period ended December 31, 2013, there were no transfers amongst Levels 1, 2 and 3 of the valuation hierarchy.

 

U.S. GAAP provides guidance in determining whether there has been a significant decrease in the volume and level of activity for an asset or liability when compared with normal market activity for such asset or liability (or similar assets or liabilities).  U.S. GAAP also provides guidance on identifying circumstances that indicate a transaction with regards to such an asset or liability is not orderly.  In its consideration, the Master Fund must consider inputs and valuation techniques used for each class of assets and liabilities.  Judgment is used to determine the appropriate classes of assets and liabilities for which disclosures about fair value measurements are provided.

 

Fair value measurement disclosure for each class of assets and liabilities requires greater disaggregation than the Master Fund’s line items in the Statement of Financial Condition.  The Master Fund determines the appropriate classes for those disclosures on the basis of the nature and risks of the assets and liabilities and their classification in the fair value hierarchy (i.e., Level 1, Level 2, and Level 3).

 

For assets and liabilities measured at fair value on a recurring basis during the period, the Master Fund provides quantitative disclosures about the fair value measurements separately for each class of assets and liabilities, as well as a reconciliation of beginning and ending balances of Level 3 assets and liabilities broken down by class.

 

20


 

The Master Fund considers prices for exchange-traded commodity futures, forwards and options contracts to be based on unadjusted quoted prices in active markets for identical assets (Level 1).  The values of non exchange-traded forward, swap and certain options contracts for which market quotations are not readily available are priced by broker-dealers who derive fair values for those assets from observable inputs (Level 2) and for those contracts that are priced using unobservable inputs through the application of management’s assumptions and internal valuation pricing models (Level 3). As of and for the year ended December 31, 2014 and the period ended December 31, 2013, the Master Fund did not hold any derivative instruments for which market quotations are not readily available and which are priced by broker-dealers who derive fair values for these assets from observable inputs (Level 2) or that are priced at fair value using unobservable inputs through the application of management’s assumptions and internal valuation pricing models (Level 3).

 

Futures Contracts. The Master Fund trades futures contracts. A futures contract is a firm commitment to buy or sell a specified quantity of investments, currency or a standardized amount of a deliverable grade commodity, at a specified price on a specified future date, unless the contract is closed before the delivery date or if the delivery quantity is something where physical delivery cannot occur (such as the S&P 500 Index), whereby such contract is settled in cash. Payments (“variation margin”) may be made or received by the Master Fund 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 Fund. When the contract is closed, the Master Fund 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 changes in net unrealized gains (losses) on futures contracts are included in the Statements of Operations.

 

Options. The Master Fund may purchase and write (sell) both exchange-listed and OTC options on commodities or financial instruments. An option is a contract allowing, but not requiring, its holder to buy (call) or sell (put) a specific or standard commodity or financial instrument at a specified price during a specified time period. The option premium is the total price paid or received for the option contract. When the Master Fund writes an option, the premium received is recorded as a liability in the Statements of Financial Condition and marked to market daily. When the Master Fund purchases an option, the premium paid is recorded as an asset in the Statements of Financial Condition and marked to market daily. Net realized gains (losses) and changes in net unrealized gains (losses) on options contracts are included in the Statements of Operations.

 

Item 7A. Quantitative and Qualitative Disclosures About Market Risk.

 

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

 

The risk to the members that have purchased Redeemable Units is limited to the amount of their capital contributions to the Fund and their share of the Fund’s assets and undistributed profits. This limited liability is a result of the organization of the Fund as a limited liability company under applicable law.

 

Market movements result in frequent changes in the fair market value of the Master Fund’s open positions and, consequently, in its earnings and cash flow. The Master Fund’s and the

 

21


 

Fund’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 results among the Master Fund’s open positions and the liquidity of the markets in which it trades.

 

The Master Fund 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 Fund’s past performance is not necessarily indicative of its future results.

 

“Value at Risk” is a measure of the maximum amount which the Master Fund could reasonably be expected to lose in a given market sector. However, the inherent uncertainty of the Master Fund’s speculative trading and the recurrence in the markets traded by the Master Fund 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 Fund’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 included in this section should not be considered to constitute any assurance or representation that the Master Fund’s losses in any market sector will be limited to Value at Risk or by the Master Fund’s attempts to manage its market risk.

 

Quantifying the Fund’s Trading Value at Risk

 

The following quantitative disclosures regarding the Master Fund’s and the Fund’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 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 (such as the terms of particular contracts and the number of market risk sensitive instruments held during or at the end of the reporting period).

 

The Master Fund’s and the Fund’s risk exposure in the various market sectors traded by the Advisor is quantified below in terms of Value at Risk. Due to the Master Fund’s mark-to-market accounting, any loss in the fair value of the Master Fund’s open positions is directly reflected in the Master Fund’s earnings (realized or unrealized).

 

Maintenance margin requirements have been used by the Master Fund as the measure of its Value at Risk. Maintenance 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 intervals. The maintenance 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. Maintenance margin has been used rather than the more generally available initial margin, because initial margin includes a credit risk component which is not relevant to Value at Risk.

 

In the case of market sensitive instruments which are not exchange-traded, the margin requirements for the equivalent futures positions have been used as Value at Risk. In those rare cases in which a futures-equivalent margin is not available, dealers’ margins have been used.

 

The fair value of the Master Fund’s futures and forward positions does not have any optionality component. However, the Advisor does trade commodity options. The Value at Risk associated with options is reflected in the following table as the margin requirement attributable to the instrument underlying each option. Where this instrument is a futures contract, the futures margin has been used, and where this instrument is a physical commodity, the futures-equivalent

 

22


 

maintenance margin has been used. This calculation is conservative in that it assumes that the fair value of an option will decline by the same amount as the fair value of the underlying instrument, whereas, in fact, the fair values of the options traded by the Master Fund in almost all cases fluctuate to a lesser extent than those of the underlying instruments.

 

In quantifying the Master Fund’s Value at Risk, 100% positive correlation in the different positions held in each market risk category has been assumed. Consequently, the margin requirements applicable to the open contracts have simply been added to determine each trading category’s aggregate Value at Risk. The diversification effects resulting from the fact that the Master Fund’s positions are rarely, if ever, 100% positively correlated have not been reflected.

 

The Master Fund’s Trading Value at Risk in Different Market Sectors

 

Value at Risk tables represent a probabilistic assessment of the risk of loss in the market risk sensitive instruments. The following tables indicates the trading Value at Risk associated with the Master Fund’s open positions by market category as of December 31, 2014 and 2013, and the highest, lowest and average value at any point during the year/period. All open position trading risk exposures of the Master Fund have been included in calculating the figures set forth below. As of December 31, 2014, the Master Fund’s total capitalization was $105,608,724 and the Fund owned approximately 100% of the Master Fund. The Fund invests substantially all of its assets in the Master Fund. The Master Fund’s Value at Risk as of December 31, 2014 was as follows:

 

December 31, 2014

(Unaudited)

 

Market Sector

 

Value
at Risk

 

% of Total
Capitalization

 

High Value
at Risk 

 

Low Value
at Risk 

 

Average Value
at Risk*

 

Currencies

 

$

1,458,554

 

1.38

%

$

1,665,541

 

$

861,809

 

$

1,285,835

 

Energy

 

$

353,802

 

0.34

%

$

528,352

 

$

104,006

 

$

281,776

 

Grains

 

$

384,627

 

0.36

%

$

708,335

 

$

259,298

 

$

434,700

 

Index

 

$

1,695,276

 

1.61

%

$

2,679,134

 

$

869,800

 

$

1,706,797

 

Interest Rate Non-U.S.

 

$

2,581,922

 

2.44

%

$

3,180,143

 

$

1,071,640

 

$

2,332,233

 

Interest Rate U.S.

 

$

3,337,784

 

3.16

%

$

4,140,880

 

$

1,064,136

 

$

2,747,830

 

Livestock

 

$

110,448

 

0.10

%

$

138,483

 

$

29,017

 

$

101,681

 

Lumber

 

$

1,872

 

—

%**

$

1,872

 

$

—

 

$

1,468

 

Metals

 

$

355,681

 

0.34

%

$

462,623

 

$

95,376

 

$

241,850

 

Softs

 

$

265,804

 

0.25

%

$

290,703

 

$

158,380

 

$

221,572

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

$

10,545,772

 

9.99

%

 

 

 

 

 

 

 

*              Annual average month-end Values at Risk

 

**           Due to rounding

 

23


 

As of December 31, 2013, the Master Fund’s total capitalization was $47,033,777 and the Fund owned approximately 100% of the Master Fund. The Fund invests substantially all of its assets in the Master Fund. The Master Fund’s Value at Risk as of December 31, 2013 was as follows:

 

December 31, 2013

(unaudited)

 

Market Sector

 

Value
at Risk

 

% of Total
Capitalization

 

High Value
at Risk

 

Low Value
at Risk

 

Average Value
at Risk*

 

Currencies

 

$

921,660

 

1.96

%

$

2,076,715

 

$

346,254

 

$

689,344

 

Energy

 

$

105,011

 

0.22

%

$

382,760

 

$

45,760

 

$

126,256

 

Grains

 

$

368,970

 

0.79

%

$

816,748

 

$

89,001

 

$

287,419

 

Index

 

$

1,226,103

 

2.61

%

$

2,459,122

 

$

535,522

 

$

923,784

 

Interest Rate Non-U.S.

 

$

1,190,997

 

2.53

%

$

1,341,315

 

$

368,043

 

$

824,713

 

Interest Rate U.S.

 

$

1,242,389

 

2.64

%

$

1,635,799

 

$

166,420

 

$

859,595

 

Livestock

 

$

44,371

 

0.09

%

$

67,013

 

$

24,161

 

$

36,826

 

Lumber

 

$

1,479

 

0

% **

$

4,907

 

$

0

 

$

1,072

 

Metals

 

$

102,053

 

0.22

%

$

353,317

 

$

14,560

 

$

123,795

 

Softs

 

$

149,895

 

0.32

%

$

462,350

 

$

74,287

 

$

136,586

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

$

5,352,928

 

11.38

%

 

 

 

 

 

 

 

*    Annual average of month-end Values at Risk

 

24


 

Material Limitations on Value at Risk as an Assessment of Market Risk

 

The face value of the market sector instruments held by the Master Fund is typically many times the applicable margin requirement (margin requirements generally range between 1% and 25% of contract face value) as well as many times the capitalization of the Master Fund. The magnitude of the Master Fund’s open positions creates a “risk of ruin” not typically found in most other investment vehicles. Because of the size of its positions, certain market conditions  unusual, but historically recurring from time to time could cause the Master Fund to incur severe losses over a short period of time. The foregoing Value at Risk tables as well as the past performance of the Fund give no indication of this “risk of ruin.”

 

Materiality as used in this section, “Qualitative and Quantitative Disclosures About Market Risk,” is based on an assessment of reasonably possible market movements and the potential losses caused by such movements, taking into account the leverage, optionality and multiplier features of the Master Fund’s market sensitive instruments.

 

Qualitative Disclosures Regarding Primary Trading Risk Exposures

 

The following qualitative disclosures regarding the Master Fund’s market risk exposures except for (i) those disclosures that are statements of historical fact and (ii) the descriptions of how the Master Fund manages its primary market risk exposures constitute forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act.

 

The Master Fund’s primary market risk exposures as well as the strategies used and to be used by the Member Designee and the Advisor for managing such exposures are subject to numerous uncertainties, contingencies and risks, any one of which could cause the actual results of the Master Fund’s risk control to differ materially from the objectives of such strategies. Government interventions, defaults and expropriations, illiquid markets, the emergence of dominant fundamental factors, political upheavals, changes in historical price relationships, an influx of new market participants, increased regulation and many other factors could result in material losses as well as in material changes to the risk exposures and the management strategies of the Master Fund. There can be no assurance that the Master Fund’s current market exposure and/or risk management strategies will not change materially or that any such strategies will be effective in either the short or long term. Investors must be prepared to lose all or substantially all of their investment in the Fund.

 

The following were the primary trading risk exposures of the Master Fund as of December 31, 2014, by market sector.

 

Interest Rates.  Interest rate movements directly affect the price of the futures positions held by the Master Fund and indirectly the value of its stock index and currency positions.  Interest rate movements in one country as well as relative interest rate movements between countries materially impact the Master Fund’s profitability.  The Master Fund’s primary interest rate exposure is to interest rate fluctuations in the United States and the other G-8 countries.  However, at times the Master Fund could take futures positions on the government debt of smaller nations — e.g., Australia.

 

Currencies.  The Master Fund’s currency exposure is to exchange rate fluctuations, primarily fluctuations which disrupt the historical pricing relationships between different currencies and currency pairs.  These fluctuations are influenced by interest rate changes as well as political and general economic conditions. Sydling does not anticipate that the risk profile of the Master Fund’s currency sector will change significantly in the future.  The currency trading Value at Risk figure includes foreign margin amounts converted into U.S. dollars with an incremental

 

25


 

adjustment to reflect the exchange rate risk inherent to the dollar-based Master Fund in expressing Value at Risk in a functional currency other than U.S. dollars.

 

Stock Indices.  The Master Fund’s primary equity exposure is to equity price risk in the G-8 countries.  The stock index futures traded by the Master Fund are limited to futures on broadly based indices.  As of December 31, 2014, the Master Fund’s primary exposures were in the CME stock indices.  Sydling anticipates little, if any, trading in non-G-8 stock indices.  The Master Fund is primarily exposed to the risk of adverse price trends or static markets in the major U.S., European and Japanese indices.  (Static markets would not cause major market changes but would make it difficult for the Master Fund to avoid being “whipsawed” into numerous small losses.)

 

Metals. The Master Fund’s primary metal market exposure was to fluctuations in the prices of gold, aluminum, silver and copper.

 

Energy.  The Master Fund’s primary energy market exposure is to gas and oil price movements, often resulting from political developments in the Middle East.  Oil prices can be volatile and substantial profits and losses have been and are expected to continue to be experienced in this market.

 

Softs.  The Master Fund’s primary commodities exposure is to subject to agricultural price movements which are often directly affected by severe or unexpected weather conditions.  Coffee, cocoa and sugar accounted for the substantial bulk of the Master Fund’s commodity exposure.

 

Grains.  The Master Fund’s commodities exposure is to agricultural price movements which are often directly affected by severe or unexpected weather conditions.

 

Qualitative Disclosures Regarding Means of Managing Risk Exposure

 

The Member Designee monitors and attempts to control the Fund’s, through its investment in the Master Fund, 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 Master Fund may be subject.

 

The Member Designee monitors the Master Fund’s performance and the concentration of its open positions, and consults with the Advisor concerning the Master Fund’s overall risk profile. If the Member Designee felt it necessary to do so, the Member Designee could require the Advisor to close out individual positions as well as enter programs traded on behalf of the Master Fund. However, any such intervention would be a highly unusual event. The Member Designee primarily relies on the Advisor’s own risk control policies while maintaining a general supervisory overview of the Master Fund’s market risk exposures.

 

The Advisor applies its own risk management policies to its trading. The Advisor often follows diversification guidelines, margin limits and stop loss points to exit a position. The Advisor’s research of risk management often suggests ongoing modifications to its trading programs.

 

As part of the Member Designee’s risk management, the Member Designee periodically meets with the Advisor to discuss its risk management and to look for any material changes to the Advisor’s portfolio balance and trading techniques. The Advisor is required to notify the Member Designee of any material changes to its programs.

 

26


 

Item 8. Financial Statements and Supplementary Data.

 

Cavendish Futures Fund LLC

 

The following financial statements and related items of the Fund are filed under this Item 8: Oath or Affirmation, Report of Independent Registered Public Accounting Firm, for the years ended December 31, 2014 and the period from February 19, 2013 (commencement of trading operations) to December 31, 2013; Statements of Financial Condition at December 31, 2014 and 2013; Statements of Operations for the year ended December 31, 2014 and the period from February 19, 2013 (commencement of trading operations) to December 31, 2013; Statements of Changes in Members’ Capital for the year ended December 31, 2014 and the period from February 19, 2013 (commencement of trading operations) to December 31, 2013; and Notes to Financial Statements.

 

27


 

CAVENDISH FUTURES FUND LLC

Financial Statements
with Report of Independent Registered Public Accounting Firm

 

For the year ended December 31, 2014
and for the period from February 19, 2013
(commencement of trading operations) to December 31, 2013

 

28


 

Cavendish Futures Fund LLC

 

Affirmation of the Commodity Pool Operator

 

IN WITNESS WHEREOF, the undersigned has made and signed this document, and affirms that to the best of his knowledge and belief, the information contained on the attached statement is accurate and complete.

 

 

 

By:

/s/ Jerry Pascucci

 

 

Jerry Pascucci

 

 

President and Director

 

 

Sydling Futures Management LLC

 

 

Trading Manager, Cavendish Futures Fund LLC

 

 

29


 

CAVENDISH FUTURES FUND LLC

Financial Statements
with Report of Independent Registered Public Accounting Firm

 

For the year ended December 31, 2014
and for the period from February 19, 2013
(commencement of trading operations) to December 31, 2013

 

Contents

 

 

 

Report of Independent Registered Public Accounting Firm

31

 

 

Management’s Report on Internal Control Over Financial Reporting

32

 

 

Statements of Financial Condition

33

 

 

Statements of Operations

34

 

 

Statements of Changes in Members’ Capital

35

 

 

Financial Highlights

36

 

 

Notes to Financial Statements

37

 

Financial statements of Sydling WNT Master Fund LLC for the year ended December 31, 2014 and for the period from February 19, 2013 (commencement of trading operations) to December 31, 2013 are attached to these financial statements and are an integral part thereof.

 

30


 

GRAPHIC

 

Ernst & Young LLP

5 Times Square

New York, New York 10036-6530

 

 

Tel: +1 212 773 3000

www.ey.com

 

Report of Independent Registered Public Accounting Firm

 

To the Members of

Cavendish Futures Fund LLC

 

We have audited the accompanying statement of financial condition Cavendish Fund LLC (the “Feeder Fund”) as of December 31, 2014, and the related statement of operations, changes in members’ capital and the financial highlights for the year ended December 31, 2014, and the period from February 19, 2013 (commencement of trading operations) through December 31, 2013. These financial statements and financial highlights are the responsibility of the Feeder Fund’s management. Our responsibility is to express an opinion on these financial statements based on our audits.

 

We conducted our audits in accordance with standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. We were not engaged to perform an audit of the Feeder Fund’s internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Feeder Fund’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

 

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Cavendish Futures Fund LLC at December 31, 2013, and the results of its operations, the changes in its members’ capital and the financial highlights for the year ending December 31, 2014, and for the period from February 19, 2013 (commencement of trading operations) through December 31, 2013, in conformity with U.S. generally accepted accounting principles.

 

 

GRAPHIC

 

New York, New York

 

March 16, 2015

 

31


 

Management’s Report on Internal Control Over Financial Reporting

 

The management of Cavendish Futures Fund LLC (the “Fund”), Sydling Futures Management LLC, is responsible for establishing and maintaining adequate internal control over financial reporting as defined in Rules 13a - 15(f) and 15d - 15(f) under the Securities Exchange Act of 1934 and for our assessment of internal control over financial reporting. The Fund’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with accounting principles generally accepted in the United States of America. The Fund’s internal control over financial reporting includes those policies and procedures that:

 

(i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Fund;

 

(ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with accounting principles generally accepted in the United States of America, and that receipts and expenditures of the Fund are being made only in accordance with authorizations of management and directors of the Fund; and

 

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

 

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

 

The management of Cavendish Futures Fund LLC has assessed the effectiveness of the Fund’s internal control over financial reporting as of December 31, 2014. In making this assessment, management used the criteria set forth in the Internal Control—Integrated Framework (1992) issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on our assessment, management concluded that the Fund maintained effective internal control over financial reporting as of December 31, 2014 based on the criteria referred to above.

 

 

/s/ Jerry Pascucci

 

/s/ Jennifer Magro

Jerry Pascucci

President and Director

Sydling Futures Management LLC

Trading Manager,

Cavendish Futures Fund LLC

 

Jennifer Magro

Chief Financial Officer

Sydling Futures Management LLC

Trading Manager,

Cavendish Futures Fund LLC

 

32


 

Cavendish Futures Fund LLC

 

Statements of Financial Condition

 

December 31, 2014 and 2013

(Expressed in U.S. Dollars)

 

 

 

 

2014

 

2013

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

Investment in Sydling WNT Master Fund LLC, at fair value (cost $83,859,327 and $44,508,580, respectively)

 

$

105,608,724

 

$

47,033,777

 

Cash (Note 3e)

 

5,973,766

 

3,617,100

 

Receivable from Sydling WNT Master Fund LLC

 

3,381,488

 

649,774

 

Total Assets

 

$

114,963,978

 

$

51,300,651

 

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

 

 

 

 

 

 

Subscriptions received in advance (Note 3e)

 

$

5,911,500

 

$

3,537,500

 

Redemption payable

 

58,880

 

98,738

 

Incentive fee payable (Note 4b)

 

3,027,080

 

449,717

 

Accrued expenses:

 

 

 

 

 

Advisory fees (Note 4b)

 

136,095

 

59,577

 

Administrative fees (Notes 4a and 4c)

 

45,365

 

19,859

 

Professional fees and other expenses

 

168,768

 

93,917

 

Organizational costs (Note 5)

 

15,131

 

105,915

 

Total Liabilities

 

9,362,819

 

4,365,223

 

 

 

 

 

 

 

MEMBERS’ CAPITAL

 

 

 

 

 

 

 

 

 

 

 

Member Designee (25.000 units)

 

30,159

 

25,714

 

Non-Managing Members (87,511.813 units and 45,606.512 units)

 

105,571,000

 

46,909,714

 

Total Members’ Capital

 

105,601,159

 

46,935,428

 

Total Liabilities and Members’ Capital

 

$

114,963,978

 

$

51,300,651

 

Members’ Capital per unit (based on 87,536.813 units and 45,631.512 units)

 

$

1,206.36

 

$

1,028.57

 

 

See accompanying notes to financial statements and attached financial statements of Sydling WNT Master Fund LLC.

 

33


 

Cavendish Futures Fund LLC

 

Statements of Operations

 

For the year ended December 31, 2014 and for the period from
February 19, 2013 (commencement of trading operations) to December 31, 2013

(Expressed in U.S. Dollars)

 

 

 

2014

 

2013

 

INVESTMENT INCOME

 

 

 

 

 

 

 

 

 

 

 

Interest allocated from Sydling WNT Master Fund LLC

 

$

19,485

 

$

11,371

 

 

 

 

 

 

 

EXPENSES

 

 

 

 

 

 

 

 

 

 

 

Expenses allocated from Sydling WNT Master Fund LLC

 

2,891,426

 

1,306,199

 

Incentive fee (Note 4b)

 

4,172,680

 

449,717

 

Advisory fees (Note 4b)

 

1,164,404

 

501,620

 

Administrative fees (Notes 4a and 4c)

 

388,135

 

167,207

 

Professional fees and other expenses

 

442,478

 

207,500

 

Organizational costs (Note 5)

 

—

 

181,566

 

Total Expenses

 

9,059,123

 

2,813,809

 

 

 

 

 

 

 

NET INVESTMENT (LOSS)

 

(9,039,638

)

(2,802,438

)

 

 

 

 

 

 

TRADING RESULTS

 

 

 

 

 

 

 

 

 

 

 

Net realized gain allocated from Sydling WNT Master Fund LLC

 

20,608,567

 

1,772,152

 

Net change in unrealized appreciation allocated from Sydling WNT Master Fund LLC

 

2,894,622

 

2,096,940

 

Total Trading Results

 

23,503,189

 

3,869,092

 

 

 

 

 

 

 

Net income

 

14,463,551

 

1,066,654

 

Net income per unit

 

$

177.79

 

$

28.57

 

 

See accompanying notes to financial statements and attached financial statements of Sydling WNT Master Fund LLC.

 

34


 

Cavendish Futures Fund LLC

 

Statements of Changes in Members’ Capital

 

For the year ended December 31, 2014 and for the period from
February 19, 2013 (commencement of trading operations) to December 31, 2013

(Expressed in U.S. Dollars)

 

 

 

 

Non-Managing
Members

 

Member
Designee

 

Total

 

 

 

 

 

 

 

 

 

Initial capital contributions, 26,182.375 Units of Non-Managing Member interest and the Member Designee’s contribution representing 25.000 units

 

$

26,182,375

 

$

25,000

 

$

26,207,375

 

 

 

 

 

 

 

 

 

Subscriptions, 20,677.739 Units of Non-Managing Member interest

 

20,890,109

 

—

 

20,890,109

 

 

 

 

 

 

 

 

 

Redemptions, 1,253.602 Units of Non-Managing Member interest

 

(1,228,710

)

—

 

(1,228,710

)

 

 

 

 

 

 

 

 

Net Income

 

1,065,940

 

714

 

1,066,654

 

 

 

 

 

 

 

 

 

Members’ Capital at December 31, 2013

 

$

46,909,714

 

$

25,714

 

$

46,935,428

 

 

 

 

 

 

 

 

 

Subscriptions, 43,735.258 Units of Non-Managing Member interest

 

46,124,770

 

—

 

46,124,770

 

 

 

 

 

 

 

 

 

Redemptions, 1,829.957 Units of Non-Managing Member interest

 

(1,922,590

)

—

 

(1,922,590

)

 

 

 

 

 

 

 

 

Net Income

 

14,459,106

 

4,445

 

14,463,551

 

 

 

 

 

 

 

 

 

Members’ Capital at December 31, 2014

 

$

105,571,000

 

$

30,159

 

$

105,601,159

 

 

See accompanying notes to financial statements and attached financial statements of Sydling WNT Master Fund LLC.

 

35


 

Cavendish Futures Fund LLC

 

Financial Highlights

 

For the year ended December 31, 2014 and for the period from
February 19, 2013 (commencement of trading operations) to December 31, 2013

(Expressed in U.S. Dollars)

 

The following represents the ratios to average members’ capital and other supplemental information for the period indicated:

 

 

 

Year Ended
December 31, 
2014

 

Period Ended
December 31, 
2013

 

Per share operating performance: (a)

 

 

 

 

 

Members’ capital per unit, beginning of year/period

 

$

1,028.57

 

$

1,000.00

 

Income from investment operations:

 

 

 

 

 

Net investment income/(loss)

 

(120.41

)

(76.37

)

Net realized and unrealized gain/(loss) from investment activities (b)

 

298.20

 

104.94

 

Total from investment operations

 

177.79

 

28.57

 

Members’ capital per unit, end of year/period

 

$

1,206.36

 

$

1,028.57

 

 

 

 

 

 

 

Ratio/Supplemental Data: (c)

 

 

 

 

 

Ratio of net investment loss to average Members’ capital

 

(12.18

)%

(8.35

)%

Ratio of operating expenses to average Members’ capital before incentive fee

 

6.58

%

7.05

%

Ratio of incentive fee to average Members’ capital

 

5.62

%

1.34

%

Ratio of operating expenses to average Members’ capital after incentive fee

 

12.20

%

8.39

%

 

 

 

 

 

 

Total return before incentive fee (d)

 

22.91

%

4.09

%

Incentive fee

 

(5.62

)%

(1.23

)%

Total return after incentive fee

 

17.29

%

2.86

%

Members’ capital at end of year/period

 

$

105,601,159

 

$

46,935,428

 

 

The computation of ratios to average members’ capital and total return based on the amount of expenses and incentive allocation assessed to an individual investor’s capital may vary from these ratios and total return based on the timing of capital transactions.

 

(a)    Per share operating performance is calculated on a monthly basis by dividing each line item by the outstanding units at month-end prior to the reduction of redeemed units.

 

(b)    Net realized and unrealized gain/(loss) from investment activities has been adjusted to reflect organization costs amortized over 24 months for the purpose of subscriptions and redemptions (Note 5).

 

(c)     The ratios to average members’ capital are annualized.  The average members’ capital used in the above ratios are calculated by using members’ capital after period-end withdrawals.

 

(d)    Total return assumes a purchase of an interest in the Fund at the beginning of the period and a sale of the Fund interest on the last day of the period noted.  For the period from February 19, 2013 (commencement of trading operations) through December 31, 2013, where the period is less than the fiscal year, total return has not been annualized.

 

See accompanying notes to financial statements and attached financial statements of Sydling WNT Master Fund LLC.

 

36


 

Cavendish Futures Fund LLC

 

Notes to Financial Statements

 

December 31, 2014 and 2013

(Expressed in U.S. Dollars)

 

1.                                      Organization

 

Cavendish Futures Fund LLC (the “Fund”) is a Delaware limited liability company formed on August 7, 2012.  Trading operations of the Fund commenced on February 19, 2013.  The Fund’s investment objective is to seek to achieve capital appreciation through speculative trading in U.S. and international futures, options on futures and forward markets.  The Fund may also engage in swap and other derivative transactions upon approval of Sydling.  The Fund invests substantially all of its assets in Sydling WNT Master Fund LLC (the “Master Fund”), also a Delaware limited liability company, that has the same investment objective as the Fund.  The financial statements of the Master Fund, including the condensed schedule of investments, are included elsewhere in this report and should be read with the Fund’s financial statements.  The percentage of the Master Fund’s capital owned by the Fund at December 31, 2014 and 2013 was 100%.  The performance of the Fund is directly affected by the performance of the Master Fund.

 

The Fund is member managed for purposes of Delaware law.  Pursuant to the limited liability company agreement of the Fund, as may be amended from time to time (the “LLC Agreement”), the members of the Fund have appointed Sydling Futures Management LLC (“Sydling”) to act as the Fund’s trading manager and commodity pool operator.  Sydling is registered as a commodity pool operator and a commodity trading advisor and is a member of the National Futures Association (“NFA”) effective August 10, 2011.  Sydling, a wholly owned subsidiary of UBS Alternatives LLC, was formed on August 4, 2011.  UBS Alternatives LLC is a wholly owned subsidiary of UBS Americas Inc. which ultimately is a subsidiary of UBS AG.

 

Winton Capital Management Limited (the “Advisor” or “WNT”) serves as the trading advisor to the Fund and the Master Fund.

 

BNY Mellon Investment Servicing (US) Inc. serves as administrator (the “Administrator”) of the Fund.

 

The Fund privately and continually offers units of limited liability company interest in the Fund to qualified investors and are generally accepted monthly.  There is no maximum number of units that may be sold in the Fund.  Sydling may reject any subscription for any reason for a reasonable period of time after receipt.  Generally, units may be redeemed on the last day of any month with five days written notice provided that such units are held for three full months.  In general, the Fund will make payment for redeemed units within ten business days following the redemption date.

 

37


 

Cavendish Futures Fund LLC

 

Notes to Financial Statements (continued)

 

December 31, 2014 and 2013

(Expressed in U.S. Dollars)

 

 

2.                                      Recent Accounting Pronouncements

 

In June 2013, the Financial Standards Accounting Board (“FASB”) issued Accounting Standards Update 2013-08, Financial Services — Investment Companies (Topic 946): Amendments to the Scope, Measurement, and Disclosure Requirements (“ASU 2013-08”).  ASU 2013-08 clarifies the characteristics of an investment company and requires an investment company to measure non-controlling ownership interests in other investment companies at fair value and requires additional disclosures relating to investment company status, any changes thereto and information about financial support provided or contractually required to be provided to any of the investment company’s investees.  The Master Fund adopted ASU 2013-08 effective January 1, 2014, and carries its investments at fair value, and therefore, was considered to be an investment company as of and throughout the period ending December 31, 2014.  Further, the Master Fund does not hold ownership interests in other investment companies, and therefore, there is no further impact on the Master Fund’s financial statements.

 

3.                                      Significant Accounting Policies

 

a.              Use of Estimates

 

The preparation of financial statements and accompanying notes in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in members’ capital from operations during the reporting period.  Actual results could differ from those estimates.

 

b.              Statements of Cash Flows

 

The Fund is not required to provide a Statements of Cash Flows in accordance with Accounting Standard Codification (“ASC”) 230, Statement of Cash Flows.

 

c.               Fair Value Measurements

 

The Fund values its investments at fair value, in accordance with U.S. GAAP, which is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

 

38


 

Cavendish Futures Fund LLC

 

Notes to Financial Statements (continued)

 

December 31, 2014 and 2013

(Expressed in U.S. Dollars)

 

3.                                      Significant Accounting Policies (continued)

 

c.               Fair Value Measurements (continued)

 

Various inputs are used in determining the fair value of the Fund’s investments which are summarized in the three broad levels listed below.

 

Level 1 — quoted prices (unadjusted) in active markets for identical securities.

Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment spreads, credit risk, etc.)

Level 3 — significant unobservable inputs (including the Master Fund’s own assumptions and indicative non-binding broker quotes.)

 

Fair value measurement disclosure for each class of assets and liabilities requires greater disaggregation than the Fund’s line items in the Statements of Financial Condition.  The Fund determines the appropriate classes for those disclosures on the basis of the nature and risks of the assets and liabilities and their classification in the fair value hierarchy (i.e., Level 1, Level 2, and Level 3).

 

The Fund values its investment in the Master Fund, where there are no other rights or obligations inherent within the ownership interest held by the Fund, based on the end of the day net asset value of the Master Fund (Level 2).  The value of the Fund’s investment in the Master Fund reflects its proportional interest in the Master Fund.  As of and for the year ended December 31, 2014 and the period from February 19, 2013 (commencement of trading operations) to December 31, 2013, the Fund did not hold any derivative instruments that are based on unadjusted quoted prices in active markets for identical assets (Level 2) or priced at fair value using unobservable inputs through the application of management’s assumptions and internal valuation pricing models (Level 3).

 

For disclosures regarding the Master Fund’s investments and fair value measurements, see Note 3, “Significant Accounting Policies” on the attached Master Fund’s financial statements.

 

d.              Investment in Master Fund

 

The Fund records its investment in the Master Fund at fair value and is represented by the Fund’s proportionate interest in the members’ capital of the Master Fund at December 31, 2014 and 2013.  Valuation of securities held by the Master Fund is discussed in the notes to the Master Fund’s financial statements.  The Fund records its pro rata share of the Master Fund’s income, expenses and realized and unrealized gains and losses.  The performance of the Fund is directly attributable to the performance of the Master Fund.  The Fund records its subscription and redemption of the capital

 

39


 

Cavendish Futures Fund LLC

 

Notes to Financial Statements (continued)

 

December 31, 2014 and 2013

(Expressed in U.S. Dollars)

 

3.                                      Significant Accounting Policies (continued)

 

d.              Investment in Master Fund (continued)

 

account related to its investment in the Master Fund on the transaction date.  The Master Fund will adjust the capital account of the Fund.  Brokerage, clearing and transaction fees are incurred by the Master Fund and are reflected in the pro rata allocation received by the Fund from the Master Fund.

 

e.               Subscriptions Received in Advance

 

Subscriptions received in advance represent amount paid by the non-managing members for a percentage ownership into the Fund which have not yet been added as members’ capital as of December 31, 2014 and 2013.  The amount paid is held as cash in the Fund’s escrow account and represents the cash on the Statements of Financial Condition.

 

f.                Redemptions Payable

 

Pursuant to ASC Topic 480, Distinguishing Liabilities from Equity, capital withdrawals effective December 31, 2014 and 2013 have been reflected as redemptions payable in the Statements of Financial Condition.

 

g.              Income Taxes

 

The Fund is classified as a partnership for U.S. federal income tax purposes, and the Fund will not pay U.S. federal income tax.  As a result, no income tax liability or expense has been recorded in the financial statements.

 

U.S. GAAP provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements and requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Master Fund’s financial statements to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority.

 

Tax positions with respect to tax at the Master Fund level not deemed to meet the “more-likely-than-not” threshold would be recorded as a tax benefit or expense in the current year. Management has analyzed the Master Fund’s tax positions for the open tax period and has concluded that no provision is required in the Master Fund’s financial statements.  The Master Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations.  For the year ended December 31, 2014 and for the period from February 19, 2013 (commencement of trading operations) to December 31, 2013, the Master Fund did not incur any interest or penalties.

 

40


 

Cavendish Futures Fund LLC

 

Notes to Financial Statements (continued)

 

December 31, 2014 and 2013

(Expressed in U.S. Dollars)

 

4.                                      Related Party Transactions and Other Agreements

 

a.              Limited Liability Company Agreement

 

Sydling administers the business affairs of the Fund including selecting one or more advisors to make trading decisions for the Fund.  The Fund will pay Sydling a monthly administration fee in return for its services equal to 1/12 of 0.50% (0.50% per year) of month-end adjusted members’ capital of the Fund.  Month-end members’ capital, for the purpose of calculating administration fees are members’ capital, as defined in the Limited Liability Company Agreement, prior to the reduction of the current month’s incentive allocation accrual, the monthly advisory fee, Sydling’s administration fee and any redemptions or distributions as of the end of such month.  For the year ended December 31, 2014 and for the period from February 19, 2013 (commencement of trading operations) to December 31, 2013, the Fund incurred administrative fees of $388,135 and $167,207, respectively, of which $45,365, and $19,859 remained payable and is reflected on the Statements of Financial Condition as of December 31, 2014 and 2013, respectively.

 

Each unit, when purchased by a member, shall be fully paid and non-assessable.  No member shall be liable for Fund obligations in excess of the capital contributed by the member, plus such member’s share of undistributed profits, if any.

 

b.              Trading Advisory Agreement

 

Sydling, on behalf of the Fund, has entered into an advisory agreement (the “Trading Advisory Agreement”) with the Advisor, a registered commodity trading advisor.  The Advisor is not affiliated with Sydling or UBS Securities LLC or its affiliates and is not responsible for the organization or operation of the Fund.  The Trading Advisory Agreement provides that the Advisor has sole discretion in determining the investment of the assets of the Fund.  During the year ended December 31, 2014 and for the period from February 19, 2013 (commencement of trading operations) to December 31, 2013, the Fund paid the Advisor a monthly advisory fee equal to 1/12 of 1.5% (1.5% per year) of month-end members’ capital of the Fund.  Month-end members’ capital, for the purpose of calculating advisory fees are members’ capital, as defined in the Limited Liability Company Agreement, prior to the reduction of the current month’s incentive allocation accrual, the monthly advisory fee, Sydling’s administration fee and any redemptions or distributions as of the end of such month.  The Trading Advisory Agreement may be terminated upon notice by either party.  For the year ended December 31, 2014 and for the period from February 19, 2013 (commencement of trading operations) to December 31, 2013, the Fund incurred advisory fees of $1,164,404 and $501,620, respectively of which $136,095 and $59,577 remained payable and is reflected on the Statements of Financial Condition as of December 31, 2014 and 2013, respectively.

 

41


 

Cavendish Futures Fund LLC

 

Notes to Financial Statements (continued)

 

December 31, 2014 and 2013

(Expressed in U.S. Dollars)

 

4.                                      Related Party Transactions and Other Agreements (continued)

 

b.              Trading Advisory Agreement (continued)

 

In addition, the Advisor of the Fund receives a quarterly incentive fee equal to 20% of New Trading Profits, as defined in the Trading Advisory Agreement, earned on behalf of the Fund during each calendar quarter and are issued as special member units.  Pursuant to the Trading Advisory Agreement, the first incentive fee shall be made at end of the first full calendar quarter of trading or June 30, 2013.  The amounts of $4,172,680 and $449,717 represent the incentive fees earned on new trading profits earned for the year ended December 31, 2014 and for the period ended December 31, 2013, respectively.

 

In allocating substantially all of the assets of the Fund to the Master Fund, Sydling considered the Advisor’s past performance, trading style, volatility of markets traded and fee requirements.  Sydling may modify or terminate the allocation of assets to the Advisor at any time.

 

c.               Administration Agreement

 

Sydling, on behalf of the Fund, has entered into an administration agreement with the Administrator.  The Administrator will assist Sydling in performing certain day-to-day tasks on behalf of the Fund, including but not limited to, calculating daily or periodic portfolio valuations, reconciling cash and portfolio positions, providing portfolio reporting, maintaining books and records and calculating all fund fees.  Sydling will pay a portion of the administrative fee it receives from the Fund to the Administrator.

 

5.                                      Organization Costs

 

In 2013, organization costs of $181,566 relating to the issuance and marketing of the Fund’s units offered were initially paid by UBS Financial Services Inc. (“UBSFSI”).  These costs have been recorded as organization costs in the Statements of Financial Condition and represent the amount due to UBSFSI.  These costs are being reimbursed to UBSFSI by the Fund in 24 monthly installments.  The monthly installments will reduce the members’ capital for the purpose of calculating administrative and advisory fees and the incentive allocation.

 

As of December 31, 2014 and 2013, $166,435 and $75,651, respectively of these costs have been reimbursed to UBSFSI by the Fund.  The remaining liability due to UBSFSI will not reduce the net asset value per unit (“NAV”) for any purpose other than financial reporting, including calculation of administrative and advisory fees, incentive allocation and the redemption/subscription value of units.

 

42


 

Cavendish Futures Fund LLC

 

Notes to Financial Statements (continued)

 

December 31, 2014 and 2013

(Expressed in U.S. Dollars)

 

6.                                      Subscriptions, Distributions and Redemptions

 

The Fund will offer units privately through its selling agent, UBSFSI.  UBS Securities LLC will pay a portion of its brokerage commissions to UBSFSI financial advisors who have sold units in the Fund.  The Fund may engage additional selling agents in the future, including selling agents affiliated or unaffiliated with Sydling.  The minimum initial subscription in the Fund is $25,000 (or $10,000 in the case of ERISA Plans).  The minimum additional investment for those who are current members and are qualified investors is $10,000.  Sydling may, in its sole discretion, lower these amounts.  Subscriptions for units are made five business days prior to the end of a month and are made at the NAV on the first day of the following month.  Sydling may reject any subscription for any reason for a reasonable period of time after receipt.

 

Distributions, if any, will be made at the sole discretion of Sydling.

 

Contingent upon 5 days’ prior notice to the trading manager, redemptions of the Fund’s units are made at the NAV as of the end of any month, provided that such units were held for three full months.  The units are classified as a liability when a member elects to redeem and informs the trading manager.  Sydling may, in its sole discretion, modify the length of required notices or other restrictions.

 

7.                                      Subsequent Events

 

Management has evaluated the impact of all subsequent events on the Fund through March 16, 2015, the date these financial statements were available to be issued.  Subsequent to year end additional subscriptions were received from the non-managing members totaling $19,214,590.  Subsequent to year end redemptions were paid to the non-managing members totaling $174,011.  Management has determined that there were no additional subsequent events requiring recognition or disclosure in the financial statements.

 

43


 

SYDLING WNT MASTER FUND LLC

Financial Statements
with Report of Independent Registered Public Accounting Firm

 

For the year ended December 31, 2014
and for the period from February 19, 2013
(commencement of trading operations) to December 31, 2013

 

Pursuant to Commodity Futures Trading Commission Rule 4.7 Sydling Futures Management LLC has claimed an exemption with respect to Sydling WNT Master Fund LLC from certain reporting requirements.

 

44


 

Sydling WNT Master Fund LLC

 

Affirmation of the Commodity Pool Operator

 

IN WITNESS WHEREOF, the undersigned has made and signed this document, and affirms that to the best of his knowledge and belief, the information contained on the attached statement is accurate and complete.

 

 

 

By:

/s/ Jerry Pascucci

 

 

Jerry Pascucci

 

 

President and Director

 

 

Sydling Futures Management LLC

 

 

Trading Manager, Sydling WNT Master Fund LLC

 

 

45


 

SYDLING WNT MASTER FUND LLC

Financial Statements
with Report of Independent Registered Public Accounting Firm

 

For the year ended December 31, 2014
and for the period from February 19, 2013
(commencement of trading operations) to December 31, 2013

 

Contents

 

Report of Independent Registered Public Accounting Firm

47

 

 

Statements of Financial Condition

48

 

 

Condensed Schedule of Investments

49

 

 

Statements of Operations

51

 

 

Statements of Changes in Member’s Capital

52

 

 

Financial Highlights

53

 

 

Notes to Financial Statements

54

 

46


 

GRAPHIC

 

 

Ernst & Young LLP

5 Times Square

New York, New York 10036-6530

 

 

 

Tel: +1 212 773 3000

www.ey.com

 

Report of Independent Registered Public Accounting Firm

 

To the Member of

Sydling WNT Master Fund LLC

 

We have audited the accompanying statement of financial condition of Sydling WNT Master Fund LLC (the “Master Fund”), including the condensed schedules of investments, as of December 31, 2014 and 2013, and the related statement of operations, changes in member’s capital and the financial highlights for the year ended December 31, 2014, and the period from February 19, 2013 (commencement of trading operations) through December 31, 2013. These financial statements and financial highlights are the responsibility of the Master Fund’s management. Our responsibility is to express an opinion on these financial statements based on our audits.

 

We conducted our audits in accordance with standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. We were not engaged to perform an audit of the Master Fund’s internal control over financial reporting. Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Master Fund’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

 

In our opinion, the financial statement and the financial highlights referred to above present fairly, in all material respects, the financial position of Sydling WNT Master Fund LLC at December 31, 2014, and the results of its operations, the changes in its member’s capital and the financial highlights for the year ending December 31, 2014, and for the period from February 19, 2013 (commencement of trading operations) through December 31, 2013, in conformity with U.S. generally accepted accounting principles.

 

GRAPHIC

 

New York, New York

 

March 16, 2015

 

47


 

Sydling WNT Master Fund LLC

 

Statements of Financial Condition

 

December 31, 2014 and 2013

(Expressed in U.S. Dollars)

 

 

 

2014

 

2013

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

Cash (including restricted cash of $10,545,800 and $5,352,928, respectively)

 

$

104,413,436

 

$

45,760,991

 

Net unrealized appreciation on open futures contracts

 

4,991,562

 

2,096,940

 

Interest receivable

 

3,879

 

434

 

Total Assets

 

$

109,408,877

 

$

47,858,365

 

 

 

 

 

 

 

LIABILITIES AND MEMBER’S CAPITAL

 

 

 

 

 

 

 

 

 

 

 

Redemptions payable

 

$

3,381,488

 

$

649,774

 

Accrued expenses:

 

 

 

 

 

Brokerage commissions

 

318,818

 

139,484

 

Professional fees and other expenses

 

99,847

 

35,330

 

Total Liabilities

 

3,800,153

 

824,588

 

 

 

 

 

 

 

MEMBER’S CAPITAL

 

 

 

 

 

 

 

 

 

 

 

Non-Managing Member

 

105,608,724

 

47,033,777

 

Total Member’s Capital

 

105,608,724

 

47,033,777

 

Total Liabilities and Member’s Capital

 

$

109,408,877

 

$

47,858,365

 

 

The accompanying notes are an integral part of these financial statements.

 

48


 

Sydling WNT Master Fund LLC

 

Condensed Schedule of Investments

 

December 31, 2014

(Expressed in U.S. Dollars)

 

 

 

 

 

 

 

Percent of

 

Number of

 

 

 

 

 

Member’s

 

Contracts

 

 

 

Fair Value

 

Capital

 

 

 

FUTURES CONTRACTS OWNED

 

 

 

 

 

7

 

CURRENCIES

 

$

13,550

 

0.01

%

53

 

ENERGY

 

(485,510

)

(0.46

)%

4,186

 

FINANCIALS

 

2,088,606

 

1.98

%

210

 

GRAINS

 

(67,454

)

(0.06

)%

684

 

INDEX

 

1,106,120

 

1.05

%

23

 

MEATS

 

(63,853

)

(0.06

)%

55

 

METALS

 

(255,118

)

(0.25

)%

 

 

TOTAL FUTURES CONTRACTS OWNED

 

2,336,341

 

2.21

%

 

 

 

 

 

 

 

 

 

 

FUTURES CONTRACTS SOLD

 

 

 

 

 

(779)

 

CURRENCIES

 

1,134,845

 

1.08

%

(142)

 

ENERGY

 

1,058,034

 

1.00

%

(31)

 

FINANCIALS

 

(2,701

)

(0.00

)%

(139)

 

GRAINS

 

142,842

 

0.14

%

(48)

 

INDEX

 

(79,855

)

(0.08

)%

(1)

 

INDUSTRIALS

 

693

 

0.00

%

(17)

 

MATERIALS

 

1,055

 

0.00

%

(36)

 

MEATS

 

72,730

 

0.07

%

(135)

 

METALS

 

327,578

 

0.31

%

 

 

TOTAL FUTURES CONTRACTS SOLD

 

2,655,221

 

2.52

%

 

 

TOTAL FUTURES CONTRACTS

 

4,991,562

 

4.73

%

 

 

OTHER ASSETS IN EXCESS OF OTHER LIABILITIES

 

100,617,162

 

95.27

%

 

 

TOTAL MEMBER’S CAPITAL

 

$

105,608,724

 

100.00

%

 

Percentages shown represent a percentage of member’s capital as of December 31, 2014.

 

The accompanying notes are an integral part of these financial statements.

 

49


 

Sydling WNT Master Fund LLC

 

Condensed Schedule of Investments

 

December 31, 2013

(Expressed in U.S. Dollars)

 

 

 

 

 

 

 

Percent of

 

Number of

 

 

 

 

 

Member’s

 

Contracts

 

 

 

Fair Value

 

Capital

 

 

 

FUTURES CONTRACTS OWNED

 

 

 

 

 

360

 

CURRENCIES

 

$

229,915

 

0.49

%

50

 

ENERGY

 

38,510

 

0.08

%

1,399

 

FINANCIALS

 

(426,526

)

(0.91

)%

99

 

GRAINS

 

(55,735

)

(0.12

)%

583

 

INDEX

 

1,610,343

 

3.42

%

1

 

INDUSTRIALS

 

(396

)

0.00

%

19

 

MEATS

 

(18,890

)

(0.04

)%

17

 

METALS

 

(26,527

)

(0.06

)%

 

 

TOTAL FUTURES CONTRACTS OWNED

 

1,350,694

 

2.86

%

 

 

 

 

 

 

 

 

 

 

FUTURES CONTRACTS SOLD

 

 

 

 

 

(266)

 

CURRENCIES

 

287,677

 

0.61

%

(21)

 

ENERGY

 

(29,917

)

(0.06

)%

(115)

 

FINANCIALS

 

44,050

 

0.09

%

(236)

 

GRAINS

 

273,141

 

0.58

%

(3)

 

INDEX

 

(250

)

0.00

%

(4)

 

MATERIALS

 

(10,675

)

(0.02

)%

(11)

 

MEATS

 

(5,920

)

(0.01

)%

(52)

 

METALS

 

188,140

 

0.40

%

 

 

TOTAL FUTURES CONTRACTS SOLD

 

746,246

 

1.59

%

 

 

TOTAL FUTURES CONTRACTS

 

2,096,940

 

4.45

%

 

 

OTHER ASSETS IN EXCESS OF OTHER LIABILITIES

 

44,936,837

 

95.55

%

 

 

TOTAL MEMBER’S CAPITAL

 

$

47,033,777

 

100.00

%

 

Percentages shown represent a percentage of member’s capital as of December 31, 2013.

 

The accompanying notes are an integral part of these financial statements.

 

50


 

Sydling WNT Master Fund LLC

 

Statements of Operations

 

For the year ended December 31, 2014 and for the period from
February 19, 2013 (commencement of trading operations) to December 31, 2013

(Expressed in U.S. Dollars)

 

 

 

2014

 

2013

 

INVESTMENT INCOME

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

$

19,485

 

$

11,371

 

Total Investment Income

 

19,485

 

11,371

 

 

 

 

 

 

 

EXPENSES

 

 

 

 

 

 

 

 

 

 

 

Brokerage, clearing and transaction fees

 

2,801,413

 

1,209,244

 

Professional fees

 

90,013

 

85,000

 

Organizational expenses

 

—

 

11,955

 

Total Expenses

 

2,891,426

 

1,306,199

 

Net Investment (Loss)

 

(2,871,941

)

(1,294,828

)

 

 

 

 

 

 

NET REALIZED AND UNREALIZED GAIN/(LOSS) FROM DERIVATIVE INSTRUMENTS

 

 

 

 

 

 

 

 

 

 

 

Net realized gain/(loss) from futures

 

20,608,567

 

1,772,152

 

Net change in unrealized appreciation/(depreciation) on futures

 

2,894,622

 

2,096,940

 

Net Realized and Change in Unrealized Gain/(Loss) from Derivative Instruments

 

23,503,189

 

3,869,092

 

Net Income

 

$

20,631,248

 

$

2,574,264

 

 

The accompanying notes are an integral part of these financial statements.

 

51


 

Sydling WNT Master Fund LLC

Statements of Changes in Member’s Capital

 

For the year ended December 31, 2014 and for the period from
February 19, 2013 (commencement of trading operations) to December 31, 2013

(Expressed in U.S. Dollars)

 

 

 

2014

 

2013

 

INCREASE (DECREASE) IN MEMBER’S CAPITAL FROM OPERATIONS

 

 

 

 

 

Net investment (loss)

 

$

(2,871,941

)

$

(1,294,828

)

Net realized gain/(loss) from derivative instruments

 

20,608,567

 

1,772,152

 

Net change in unrealized appreciation/(depreciation) on derivative instruments

 

2,894,622

 

2,096,940

 

Net Income

 

20,631,248

 

2,574,264

 

 

 

 

 

 

 

INCREASE (DECREASE) IN MEMBER’S CAPITAL FROM CAPITAL TRANSACTIONS

 

 

 

 

 

Subscriptions

 

46,124,770

 

47,097,484

 

Redemptions

 

(8,181,071

)

(2,637,971

)

Net Increase (Decrease) in Member’s Capital Derived from Capital Transactions

 

37,943,699

 

44,459,513

 

Net Increase (Decrease) in Member’s Capital

 

58,574,947

 

47,033,777

 

Member’s Capital at Beginning of Period/Year

 

47,033,777

 

—

 

Member’s Capital at End of Period/Year

 

$

105,608,724

 

$

47,033,777

 

 

The accompanying notes are an integral part of these financial statements.

 

52


 

Sydling WNT Master Fund LLC

Financial Highlights

 

For the year ended December 31, 2014 and for the period from
February 19, 2013 (commencement of trading operations) to December 31, 2013

(Expressed in U.S. Dollars)

 

The following represents the ratios to average member’s capital and other supplemental information for the period indicated:

 

 

 

Year Ended
December 31, 2014

 

Period Ended
December 31, 2013

 

Ratio/Supplemental Data:

 

 

 

 

 

Ratio of net investment loss to average member’s capital (a)

 

(3.85

)%

(3.84

)%

Ratio of total expenses to average member’s capital (a)

 

3.87

%

3.87

%

Total return (b)

 

25.73

%

6.99

%

Member’s capital at end of period/year

 

$

105,608,724

 

$

47,033,777

 

 

Total return and the ratios to average member’s capital are calculated for investor’s capital taken as a whole.  An individual investor’s capital may vary from these ratios and total return based on the timing of capital transactions.

 

(a)         The ratios to average member’s capital are annualized.  The average member’s capital used in the above ratios are calculated by using member’s capital after period-end withdrawals.

 

(b)         Total return assumes a purchase of an interest in the Master Fund at the beginning of the period and a sale of the Master Fund interest on the last day of the period noted.  For the period from February 19, 2013 (commencement of trading operations) to December 31, 2013, where the period is less than the fiscal year, total return has not been annualized.

 

The accompanying notes are an integral part of these financial statements.

 

53


 

Sydling WNT Master Fund LLC

Notes to Financial Statements

 

December 31, 2014 and 2013

(Expressed in U.S. Dollars)

 

1.                                      Organization

 

Sydling WNT Master Fund LLC (the “Master Fund”) is a Delaware limited liability company formed on August 7, 2012.  Trading operations of the Master Fund commenced on February 19, 2013.  The Master Fund’s investment objective is to seek to achieve capital appreciation through speculative trading in U.S. and international futures, options on futures and forward markets.  The Fund may also engage in swap and other derivate transactions upon approval of Sydling.

 

The member of the Master Fund appointed Sydling Futures Management LLC (“Sydling”) as the member designee (the “Member Designee”) to manage the business and affairs of the Master Fund and to act as the Master Fund’s commodity pool operator.  Sydling is registered as a commodity pool operator and a commodity trading advisor and is a member of the National Futures Association (“NFA”) effective August 10, 2011.  Sydling, a wholly owned subsidiary of UBS Alternatives LLC, was formed on August 4, 2011.  UBS Alternatives LLC is a wholly owned subsidiary of UBS Americas Inc. which ultimately is a subsidiary of UBS AG.

 

The Master Fund’s investors consist exclusively of Cavendish Futures Fund LLC (the “Feeder”).  The Feeder invests substantially all of its assets in the Master Fund.

 

Winton Capital Management Limited (the “Advisor” or “WNT”) serves as the trading advisor to the Master Fund and the Feeder.

 

BNY Mellon Investment Servicing (US) Inc. serves as administrator (the “Administrator”) of the Master Fund.

 

UBS Securities LLC (“UBS”) is the commodity broker (the “Commodity Broker”) for the Master Fund.  UBS is also an affiliate of Sydling.

 

2.                                      Recent Accounting Pronouncements

 

In June 2013, the Financial Standards Accounting Board (“FASB”) issued Accounting Standards Update 2013-08, Financial Services — Investment Companies (Topic 946): Amendments to the Scope, Measurement, and Disclosure Requirements (“ASU 2013-08”).  ASU 2013-08 clarifies the characteristics of an investment company and requires an investment company to measure non-controlling ownership interests in other investment companies at fair value and requires additional disclosures relating to investment company status, any changes thereto and information about financial support provided or contractually required to be provided to any of the investment company’s investees.  The Master Fund adopted ASU 2013-08 effective January 1, 2014, and carries its investments at fair value, and therefore, was considered to be an investment company as of and

 

54


 

Sydling WNT Master Fund LLC

Notes to Financial Statements (continued)

 

December 31, 2014 and 2013

(Expressed in U.S. Dollars)

 

2.                                      Recent Accounting Pronouncements (continued)

 

throughout the period ending December 31, 2014.  Further, the Master Fund does not hold ownership interests in other investment companies, and therefore, there is no further impact on the Master Fund’s financial statements.

 

3.                                      Significant Accounting Policies

 

a.              Use of Estimates

 

The preparation of financial statements and accompanying notes in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in member’s capital from operations during the reporting period.  Actual results could differ from those estimates.

 

b.              Statement of Cash Flows

 

The Master Fund is not required to provide a Statement of Cash Flows in accordance with Accounting Standard Codification (“ASC”) 230, Statement of Cash Flows.

 

c.               Fair Value Measurements

 

The Master Fund values its investments at fair value, in accordance with U.S. GAAP, which is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

 

Various inputs are used in determining the fair value of the Master Fund’s investments which are summarized in the three broad levels listed below.

 

Level 1 — quoted prices (unadjusted) in active markets for identical assets.

Level 2 — other significant observable inputs (including quoted prices for similar assets.)

Level 3 — significant unobservable inputs (including the Master Fund’s own assumptions and indicative non-binding broker quotes.)

 

The Master Fund recognizes transfers into and out of the levels indicated above at the end of the reporting period.  During the year ended December 31, 2014 and for the period from February 19, 2013 (commencement of trading operations) to December 31, 2013, there were no transfers amongst Levels 1, 2 and 3 of the valuation hierarchy.

 

55


 

Sydling WNT Master Fund LLC

Notes to Financial Statements (continued)

 

December 31, 2014 and 2013

(Expressed in U.S. Dollars)

 

3.                                      Significant Accounting Policies (continued)

 

c.               Fair Value Measurements (continued)

 

U.S. GAAP provides guidance in determining whether there has been a significant decrease in the volume and level of activity for an asset or liability when compared with normal market activity for such asset or liability (or similar assets or liabilities).  U.S. GAAP also provides guidance on identifying circumstances that indicate a transaction with regards to such an asset or liability is not orderly.  In its consideration, the Master Fund must consider inputs and valuation techniques used for each class of assets and liabilities.  Judgment is used to determine the appropriate classes of assets and liabilities for which disclosures about fair value measurements are provided.

 

Fair value measurement disclosure for each class of assets and liabilities requires greater disaggregation than the Master Fund’s line items in the Statements of Financial Condition.  The Master Fund determines the appropriate classes for those disclosures on the basis of the nature and risks of the assets and liabilities and their classification in the fair value hierarchy (i.e., Level 1, Level 2, and Level 3).

 

For assets and liabilities measured at fair value on a recurring basis during the year, the Master Fund provides quantitative disclosures about the fair value measurements separately for each class of assets and liabilities, as well as a reconciliation of beginning and ending balances of Level 3 assets and liabilities broken down by class.

 

The Master Fund considers prices for exchange-traded commodity futures, forwards and options contracts to be based on unadjusted quoted prices in active markets for identical assets (Level 1).  The values of non exchange-traded forwards, swaps and certain options contracts for which market quotations are not readily available are priced by broker-dealers who derive fair values for those assets from observable inputs (Level 2) and for those contracts that are priced using unobservable inputs through the application of management’s assumptions and internal valuation pricing models (Level 3).  As of and for the year ended December 31, 2014 and for the period from February 19, 2013 (commencement of trading operations) to December 31, 2013, the Master Fund did not hold any derivative instruments for which market quotations are not readily available and which are priced by broker-dealers who derive fair values for these assets from observable inputs (Level 2) or that are priced at fair value using unobservable inputs through the application of management’s assumptions and internal valuation pricing models (Level 3).  The gross presentation of the fair value of the Master Fund’s derivatives by instrument type is shown in Note 6, “Trading Activities”.

 

56


 

Sydling WNT Master Fund LLC

Notes to Financial Statements (continued)

 

December 31, 2014 and 2013

(Expressed in U.S. Dollars)

 

3.                                      Significant Accounting Policies (continued)

 

c.               Fair Value Measurements (continued)

 

The following is a summary of the Master Fund’s investments at fair value.  The inputs or methodology used for valuing derivative instruments are not necessarily an indication of the risk associated with investing in those derivative instruments.

 

ASSET TABLE

 

Description

 

Total Fair Value at
December 31, 2014

 

Level 1

 

Level 2

 

Level 3

 

Futures Contracts

 

$

4,991,562

 

$

4,991,562

 

$

—

 

$

—

 

Total Assets

 

$

4,991,562

 

$

4,991,562

 

$

—

 

$

—

 

 

ASSET TABLE

 

Description

 

Total Fair Value at
December 31, 2013

 

Level 1

 

Level 2

 

Level 3

 

Futures Contracts

 

$

2,096,940

 

$

2,096,940

 

$

—

 

$

—

 

Total Assets

 

$

2,096,940

 

$

2,096,940

 

$

—

 

$

—

 

 

The Master Fund 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 derivable grade commodity, at a specified price on a specified future date, unless the contract is closed before the delivery date or if the delivery quantity is something where physical delivery cannot occur (such as the S&P 500 Index), whereby such contract is settled in cash.  Payments (“variation margin”) may be made or received by the Master Fund 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 Fund.  When the contract is closed, the Master Fund 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 changes in net unrealized gains (losses) on futures contracts are included in the Statements of Operations.

 

The fair value of the Master Fund’s assets and liabilities which qualify as financial instruments approximates the carrying amounts presented in the Statements of Financial Condition.

 

57


 

Sydling WNT Master Fund LLC

Notes to Financial Statements (continued)

 

December 31, 2014 and 2013

(Expressed in U.S. Dollars)

 

3.                                      Significant Accounting Policies (continued)

 

d.              Redemptions Payable

 

Pursuant to ASC Topic 480, Distinguishing Liabilities from Equity, capital withdrawals effective December 31, 2014 and 2013 have been reflected as redemptions payable in the Statements of Financial Condition.

 

e.               Cash

 

Cash represents cash held on deposit and in segregated accounts with UBS.  The Master Fund considers all cash and short term deposits with original maturity of three months or less when purchased to be cash or cash equivalents.  There are no cash equivalents held as at December 31, 2014 and 2013.  Cash includes cash margin of $10,545,800 and $5,352,928 held by UBS against open derivative positions at December 31, 2014 and 2013, respectively.

 

f.                Income and Expenses Recognition

 

All of the income and expenses and realized and unrealized gains and losses on trading of commodity interests are determined on each valuation day and allocated to the Feeder at the time of such determination.

 

g.              Master Fund Expenses

 

The Master Fund bears all expenses incurred in its business, including, but not limited to, the following: all costs and expenses related to portfolio transactions and positions for the Master Fund’s account; legal fees; accounting and auditing fees; custodial fees; costs of computing the Master Fund’s member’s capital value, including valuation services provided by third parties; all costs with respect to communications to investors; and other types of expenses approved by the member.

 

h.              Member’s Capital Value

 

Member’s capital of the Master Fund is calculated by the Administrator as of the close of business at the end of any fiscal period in accordance with the valuation principles set forth below or as may be determined from time to time pursuant to policies established by the member.

 

Profits and losses from trading in the Master Fund, net of transaction fees, will be allocated pro rata to the capital account of the Feeder based on the member’s capital in the capital account compared to the aggregate member’s capital of all other capital accounts in the Master Fund.  The Master Fund’s expenses will be charged pro rata to the capital accounts of the Feeder.

 

58


 

Sydling WNT Master Fund LLC

Notes to Financial Statements (continued)

 

December 31, 2014 and 2013

(Expressed in U.S. Dollars)

 

3.                                      Significant Accounting Policies (continued)

 

i.                 Income Taxes

 

The Master Fund is classified as a partnership for U.S. federal income tax purposes and will not pay U.S. federal income tax.  As a result, no income tax liability or expense has been recorded in the financial statements.

 

U.S. GAAP provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements and requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Master Fund’s financial statements to determine whether the tax positions are “more-likely-than not” to be sustained by the applicable tax authority.

 

Tax positions with respect to tax at the Master Fund level not deemed to meet the “more-likely-than not” threshold would be recorded as a tax benefit or expense in the current year.  Management has analyzed the Master Fund’s tax positions for the open tax period and has concluded that no provision is required in the Master Fund’s financial statements.  The Master Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations.  For the year ended December 31, 2014 and for the period from February 19, 2013 (commencement of trading operations) to December 31, 2013, the Master Fund did not incur any interest or penalties.

 

4.                                      Related Party Transactions and Other Agreements

 

a.              Limited Liability Company Agreement

 

The Member Designee administers the business affairs of the Master Fund including selecting one or more advisors to make trading decisions for the Master Fund.

 

b.              Trading Advisory Agreement

 

The Member Designee, on behalf of the Master Fund, has entered into an advisory agreement (the “Trading Advisory Agreement”) with the Advisor, a registered commodity trading advisor.  The Advisor is not affiliated with the Member Designee or UBS and is not responsible for the organization or operation of the Master Fund.  The Trading Advisory Agreement provides that the Advisor has sole discretion in determining the investment of the assets of the Master Fund.  All advisory fees in connection with the Trading Advisory Agreement shall be borne by the Feeder.  The Trading Advisory Agreement may be terminated upon notice by either party.

 

59


 

Sydling WNT Master Fund LLC

Notes to Financial Statements (continued)

 

December 31, 2014 and 2013

(Expressed in U.S. Dollars)

 

4.                                      Related Party Transactions and Other Agreements (continued)

 

c.               Customer Agreement

 

The Master Fund has entered into a customer agreement (the “Customer Agreement”) with UBS whereby UBS provides services which include, among other things, the execution of transactions for the Master Fund’s account in accordance with orders placed by the Advisor.

 

With respect to transactions in the Master Fund that are allocable to the Feeder, the Feeder will pay UBS a monthly brokerage fee equal to 3.5% per year of adjusted member’s capital allocated pro rata from the Master Fund.  In addition, the Feeder will pay or reimburse UBS its allocable share of all actual transaction fees (including floor brokerage, exchange, clearing, give-up, user and NFA fees) estimated at approximately 0.50% of member’s capital per year.

 

For the year ended December 31, 2014 and for the period from February 19, 2013 (commencement of trading operations) to December 31, 2013, the Master Fund incurred brokerage commissions and trading fees of $2,801,413 and $1,209,244, respectively, of which the brokerage commissions of $318,818 and $139,484 remained payable and are reflected on the Statements of Financial Condition as of December 31, 2014 and 2013, respectively.

 

5.                                      Organization Costs

 

In 2013, organization costs of $11,955 relating to the formation of the Master Fund were initially paid by UBS Financial Services Inc., an affiliate of Sydling and a selling agent for the Feeder.

 

6.                                      Trading Activities

 

The Master Fund was formed for the purpose of trading contacts in a variety of commodity interests, including derivative financial instruments and derivative commodity instruments.  The results of the Master Fund’s trading activities are shown in the Statements of Operations.

 

The Customer Agreement between the Master Fund and UBS gives the Master Fund the legal right to net unrealized gains and losses on open futures contracts.  Futures contracts are executed on exchanges and are typically liquidated by entering into offsetting contracts.  The Master Fund nets, for financial reporting purposes, the unrealized gains and losses on open futures contracts on the Statements of Financial Condition.

 

All of the commodity interests owned by the Master Fund are held for trading purposes.  The average number of futures contracts traded for the year ended December 31, 2014 and for the period from February 19, 2013 (commencement of trading operations) to December 31, 2013, based on a monthly calculation, was 2,651 and 1,149, respectively.

 

60


 

Sydling WNT Master Fund LLC

Notes to Financial Statements (continued)

 

December 31, 2014 and 2013

(Expressed in U.S. Dollars)

 

6.                                      Trading Activities (continued)

 

The Master Fund follows authoritative standards of accounting for derivative instruments, which establish disclosure requirements for entities to present enhanced information in order to provide users of financial statements with an improved degree of transparency and understanding of how and why an entity uses derivative instruments, how derivative instruments are accounted for, and how derivative instruments affect an entity’s financial position, results of operations and its cash flows.  In order to provide such information to financial statement users, the Master Fund provides qualitative disclosures about an entity’s associated risk exposures, quantitative disclosures about fair value amounts of derivative instruments and the gains and losses from derivative instruments.

 

61


 

Sydling WNT Master Fund LLC

Notes to Financial Statements (continued)

 

December 31, 2014 and 2013

(Expressed in U.S. Dollars)

 

6.                                      Trading Activities (continued)

 

The following table indicated the gross fair values of derivative instruments of futures contracts as separate assets and liabilities as of December 31, 2014 and 2013.

 

 

 

December 31, 2014

 

December 31, 2013

 

ASSETS

 

 

 

 

 

Futures Contracts

 

 

 

 

 

Currencies

 

$

1,153,935

 

$

527,958

 

Energy

 

1,058,034

 

53,283

 

Financials

 

2,418,331

 

128,028

 

Grains

 

191,418

 

280,638

 

Index

 

1,337,472

 

1,611,382

 

Industrials

 

693

 

—

 

Materials

 

1,385

 

—

 

Meats

 

72,730

 

1,150

 

Metals

 

329,744

 

191,061

 

Total unrealized appreciation on open futures contracts

 

$

6,563,742

 

$

2,793,500

 

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

Futures Contracts

 

 

 

 

 

Currencies

 

$

(5,540

)

$

(10,366

)

Energy

 

(485,510

)

(44,690

)

Financials

 

(332,427

)

(510,504

)

Grains

 

(116,030

)

(63,231

)

Index

 

(311,207

)

(1,288

)

Industrials

 

—

 

(396

)

Materials

 

(330

)

(10,675

)

Meats

 

(63,853

)

(25,960

)

Metals

 

(257,283

)

(29,450

)

Total unrealized depreciation on open futures contracts

 

$

(1,572,180

)

$

(696,560

)

 

 

 

 

 

 

Net unrealized appreciation on open futures contracts*

 

$

4,991,562

 

$

2,096,940

 

 

* These amounts are shown in “Net unrealized appreciation on open futures contracts” on the Statements of Financial Condition.

 

62


 

Sydling WNT Master Fund LLC

Notes to Financial Statements (continued)

 

December 31, 2014 and 2013

(Expressed in U.S. Dollars)

 

6.                                      Trading Activities (continued)

 

The following table indicates the trading gains and losses, by market sector, on derivative instruments for the year ended December 31, 2014 and for the period from February 19, 2013 (commencement of trading operations) to December 31, 2013.

 

 

 

For the year ended

 

For the period ended

 

 

 

December 31, 2014

 

December 31, 2013

 

 

 

Gain (loss)

 

Gain (loss)

 

Sector

 

from trading

 

from trading

 

Currencies

 

$

4,729,007

 

$

808,460

 

Energy

 

6,768,173

 

(1,016,108

)

Financials

 

13,315,461

 

(2,394,770

)

Grains

 

(2,109,878

)

848,011

 

Index

 

(332,006

)

4,549,702

 

Industrials

 

(3,740

)

(20,075

)

Materials

 

(82,840

)

(44,605

)

Meats

 

865,117

 

32,135

 

Metals

 

353,895

 

1,106,342

 

 

 

$

23,503,189

**

$

3,869,092

**

 

** These amounts are shown in “Net Realized and Unrealized Gain from Derivative Instruments” on the Statements of Operations.

 

The volume of activity of futures contracts that are presented in the Condensed Schedule of Investments is consistent with the average daily activity during the year ended December 31, 2014 and the period ended December 31, 2013.

 

7.                                      Financial Instruments Risks

 

In the normal course of business, the Master Fund, 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 and options on futures 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 are standardized and include futures and

 

63


 

Sydling WNT Master Fund LLC

Notes to Financial Statements (continued)

 

December 31, 2014 and 2013

(Expressed in U.S. Dollars)

 

7.                                      Financial Instruments Risks (continued)

 

certain forward and options contracts.  OTC contracts are negotiated between contracting parties and include certain swaps, forwards and options contracts.  Specific market movements of commodities or futures contracts underlying an option cannot accurately be predicted.  The purchaser of an option may lose the entire premium paid for the option.  The writer, or seller, of an option has unlimited risk.  Each of these instruments is subject to various risks similar to those related to the underlying financial instruments including market and credit risk.  In general, the risks associated with OTC contracts are greater than those associated with exchange-traded instruments because of the greater risk of default by the counterparty to an OTC contract.  For the year ended December 31, 2014 and for the period from February 19, 2013 (commencement of trading operations) to December 31, 2013, the Master Fund traded futures contracts only.

 

The risk to the members that have purchased interests in the Master Fund is limited to the amount of their capital contributions to the Master Fund and their share of the Master Fund’s assets and undistributed profits.  This limited liability is a consequence of the organization of the Master Fund as a limited liability company under applicable law.

 

Market risk is the potential for changes in the value of the financial instruments traded by the Master Fund 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 Fund is exposed to a market risk equal to the value of futures contracts purchased and unlimited liability on such contracts sold short.

 

Credit risk is the possibility that a loss may occur due to the failure of a counterparty to perform according to the terms of a contract.  The Master Fund’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 not represented by the contract or notional amounts of the instruments.  The Master Fund has credit risk and concentration risk because the sole counterparty or broker with respect to the Master Fund’s assets is UBS or a UBS affiliate.  Credit risk with respect to exchange-traded instruments is reduced to the extent that through UBS, the Master Fund’s counterparty is an exchange or clearing organization.  Futures contracts are conducted through regulated exchanges which have margin requirements, and are settled in cash on a daily basis, thereby minimizing credit risk.

 

64


 

Sydling WNT Master Fund LLC

Notes to Financial Statements (continued)

 

December 31, 2014 and 2013

(Expressed in U.S. Dollars)

 

8.                                      Subsequent Events

 

Management has evaluated the impact of all subsequent events on the Master Fund through March 16, 2015, the date these financial statements were available to be issued.  Subsequent to year end additional subscriptions were received from the Fund totaling $25,126,090.  Subsequent to year end redemptions were paid to the Fund totaling $670,025.  Management has determined that there were no additional subsequent events requiring recognition or disclosure in the financial statements.

 

65


 

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.

 

Not Applicable.

 

Item 9A. Controls and Procedures.

 

The Fund’s disclosure controls and procedures are designed to ensure that information required to be disclosed by the Fund 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 Securities and Exchange Commission’s (the “SEC”) rules and forms. Disclosure controls and procedures include controls and procedures designed to ensure that information required to be disclosed by the Fund in the reports it files is accumulated and communicated to management, including the President and Chief Financial Officer (“CFO”) of the Member Designee, to allow for timely decisions regarding required disclosure and appropriate SEC filings.

 

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

 

The Member Designee’s President and CFO have evaluated the effectiveness of the Fund’s disclosure controls and procedures (as defined in Rule 13a-15(e) and 15d-15(e) under the Exchange Act) as of December 31, 2014 and, based on that evaluation, the President and CFO have concluded that at that date the Fund’s disclosure controls and procedures were effective.

 

·

 

The Fund’s internal control over financial reporting is a process under the supervision of the Member Designee’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 Fund;

 

 

 

·

 

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

 

 

 

·

 

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

 

The report included in “Item 8. Financial Statements and Supplementary Data.” includes management’s report on internal control over financial reporting (“Management’s Report”).

 

There were no changes in the Fund’s internal control over financial reporting during the fiscal quarter ended December 31, 2014 that materially affected, or are reasonably likely to materially affect, the Fund’s internal control over financial reporting.

 

Item 9B. Other Information.

 

None

 

66


 

PART III

 

Item 10. Directors, Executive Officers and Corporate Governance.

 

The Fund has no officers, directors or employees and its affairs are managed by Sydling. Investment decisions are made by the Advisor.

 

The officers and directors of the Member Designee are Jerry Pascucci (President and Director), Daryl Dewbrey (Senior Vice President, Secretary and Director), Michael Perry (Senior Vice President and Director), Jennifer Magro (Chief Financial Officer and Director) William Frey (Director) and John J. Brown (Director). Each director of the Member Designee holds office until the earlier of his or her death, resignation or removal. Vacancies on the board of directors may be filled by either (i) the majority vote of the remaining directors or (ii) UBS Alternatives LLC, as the sole member of the Member Designee. The officers of the Member Designee are designated by the Member Designee’s board of directors. Each officer will hold office until his or her successor is designated and qualified or until his or her death, resignation or removal.

 

The Fund has not adopted a code of ethics that applies to officers because it has no officers. In addition, the Fund has not adopted any procedures by which investors may recommend nominees to the Fund’s board of directors, and has not established an audit committee because it has no board of directors.

 

Item 11. Executive Compensation.

 

The Fund has no directors or officers. Its affairs are managed by the Member Designee, which receives compensation for its services, as set forth under “Item 1. Business.” UBS Securities, an affiliate of the Member Designee, is the commodity broker for the Fund and receives brokerage commissions for such services, as described under “Item 1. Business.” During the year ended December 31, 2014 and the period from February 19, 2013 (commencement of trading operations) to December 31, 2013, UBS Securities earned $2,801,413 and $1,209,244, respectively, in brokerage commissions and clearing fees from the Master Fund. The Advisor earned $1,164,404 and $501,620 in advisory fees during 2014 and 2013, respectively. The Member Designee earned $388,135 and $167,207 in administrative fees during 2014 and 2013, respectively. The Advisor earned an incentive fee of $4,172,680 and $449,717 for the year ended December 31, 2014 and for the period ended December 31, 2013, respectively.

 

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.

 

(a) Security ownership of certain beneficial owners. As of February 28, 2015, there was one beneficial owner of more than 5% of the Redeemable Units outstanding.

 

Title of Class

 

Name and Address
of Beneficial Owner

 

Amount and Nature of
Beneficial Ownership

 

Percent
of
Class

 

Redeemable Units

 

 

 

Redeemable Units

 

%

 

 

 

 

 

 

 

 

 

Limited Liability

 

Platinum Business Investment Company

 

10,657.675

 

12.18%

 

 

67


 

(b) Security ownership of management. Under the terms of the LLC Agreement, the Fund’s affairs are managed by the Member Designee. The following table indicates securities owned by management as of December 31, 2013:

 

(1) Title of Class

 

(2) Name
of
Beneficial
Owner

 

(3)
Amount
and
Nature of
Beneficial
Ownership

 

(4) Percent of
Class

 

Member Designee unit equivalents

 

Member Designee

 

25.000

 

0.03%

 

 

(c) Changes in control. None.

 

Item 13. Certain Relationships and Related Transactions, and Director Independence.

 

(a) Transactions with related persons. None.

 

(b) Review, approval or ratification of transactions with related persons. Not applicable.

 

(c) Promoters and certain control persons. UBS Financial Services and the Member Designee would be considered promoters for purposes of item 404(d) of Regulation S-K. The nature and the amounts of compensation each promoter will receive, if any, from the Fund are set forth under “Item 1. Business” and “Item 11. Executive Compensation.”

 

Item 14. Principal Accountant Fees and Services.

 

(1) Audit Fees. The aggregate fees billed and accrued for each of the last two fiscal years for professional services rendered by Ernst & Young LLP (“E&Y”) in the year ended December 31, 2014 and the period ended December 31, 2013 for the audit of the Fund’s annual financial statements, review of financial statements included in the Fund’s Forms 10-Q and 10-K and other services normally provided in connection with regulatory filings or engagements were:

 

2014

 

$

36,656

 

2013

 

$

26,523

 

 

(2) Audit-Related Fees. None

 

(3) Tax Fees. The aggregate fees billed for each of the last two fiscal years for professional services rendered by E&Y for tax compliance and tax advice given in the preparation of the Fund’s Schedule K1s, the preparation of the Fund’s Form 1065 and preparation of State Tax Returns were:

 

2014

 

$

60,000

 

2013

 

$

60,000

 

 

(4) All Other Fees. None.

 

(5) Not Applicable.

 

(6) Not Applicable.

 

68


 

PART IV

 

Item 15. Exhibits, Financial Statement Schedules.

 

(a)(1)

 

Financial Statements:

 

 

 

 

 

 

 

Statements of Financial Condition at December 31, 2014 and 2013

 

 

 

 

 

 

 

Statements of Operations for the year ended December 31, 2014 and the period from February 19, 2013 (commencement of trading operations) through December 31, 2013

 

 

 

 

 

 

 

Statements of Changes in Members’ Capital for the year ended December 31, 2014 and the period from February 19, 2013 (commencement of trading operations) through December 31, 2013

 

 

 

 

 

 

 

Notes to Financial Statements

 

 

 

 

 

(2)

 

Exhibits

 

 

 

 

 

 

 

Exhibit 3.1

 

Certificate of Formation (filed as Exhibit 3.1 to the general form for registration of securities on Form 10 filed on May 29, 2014 and incorporated herein by reference).

 

 

 

 

 

 

 

(a)

 

Certificate of Amendment of the Certificate of Formation (filed as Exhibit 3.1(a) to the general form for registration of securities on Form 10 filed on May 29, 2014 and incorporated herein by reference).

 

 

 

 

 

 

 

Exhibit 3.2

 

Application for Authority (filed as Exhibit 3.2 to the general form for registration of securities on Form 10 filed on May 29, 2014 and incorporated herein by reference).

 

 

 

 

 

 

 

Exhibit 3.3

 

LLC Agreement (filed as Exhibit 3.3 to the general form for registration of securities on Form 10 filed on May 29, 2014 and incorporated herein by reference).

 

 

 

 

 

 

 

Exhibit 10.1

 

Customer Agreement between the Master Fund and UBS Securities (filed as Exhibit 10.1 to the general form for registration of securities on Form 10 filed on May 29, 2014 and incorporated herein by reference).

 

 

 

 

 

 

 

Exhibit 10.2

 

Agency Agreement between the Fund and UBS Financial Services (filed as Exhibit 10.2 to the general form for registration of securities on Form 10 filed on May 29, 2014 and incorporated herein by reference).

 

 

 

 

 

 

 

Exhibit 10.3

 

Trading Manager Agreement among the Fund, the Master Fund and Sydling (filed as Exhibit 10.3 to the general form for registration of securities on Form 10 filed on May 29, 2014 and

 

69


 

 

 

 

 

incorporated herein by reference).

 

 

 

 

 

 

 

Exhibit 10.4

 

Trading Advisory Agreement between the Fund and the Advisor (filed as Exhibit 10.4 to the general form for registration of securities on Form 10 filed on May 29, 2014 and incorporated herein by reference).

 

 

 

 

 

 

 

(a)

 

Letter from Sydling extending the Trading Advisory Agreement for 2015, dated June 29, 2014 (filed as Exhibit 10.4(a) to the Form 10-Q filed on August 14, 2014 and incorporated herein by reference).

 

 

 

 

 

 

 

Exhibit 10.5

 

Fee Arrangement Agreement among Sydling, the Master Fund and UBS Securities (filed as Exhibit 10.5 to the general form for registration of securities on Form 10 filed on May 29, 2014 and incorporated herein by reference).

 

The exhibits required to be filed by Item 601 of regulation S-K are incorporated herein by reference.

 

31.1 — Rule 13a-14(a)/15d-14(a) Certification (Certification of President and Director).

 

31.2 — Rule 13a-14(a)/15d-14(a) Certification (Certification of Chief Financial Officer).

 

32.1 — Section 1350 Certification (Certification of President and Director).

 

32.2 — Section 1350 Certification (Certification of Chief Financial Officer).

 

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 Document.

 

70


 

SIGNATURES

 

Pursuant to the requirements of Section 13 or 15(d) 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.

 

 

CAVENDISH FUTURES FUND LLC

 

 

 

 

 

 

 

By:

Sydling Futures Managment LLC

 

 

 

 

 

 

 

By:

/s/ Jerry Pascucci

 

 

Jerry Pascucci,

 

 

President & Director

 

 

Date: March 27, 2015

 

 

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the date indicated.

 

 

/s/Jerry Pascucci

 

/s/ Daryl Dewbrey

 

/s/ Michael Perry

Jerry Pascucci

President and Director

Sydling Futures Management LLC

Date: March 27, 2015

 

Daryl Dewbrey

Director

Sydling Futures Management LLC

Date: March 27, 2015

 

Michael Perry

Director

Sydling Futures Management LLC

Date: March 27, 2015

 

 

 

 

 

/s/ Jennifer Magro

 

/s/ John Brown

 

/s/ William Frey

Jennifer Magro

Chief Financial Officer

Sydling Futures Management LLC

Date: March 27, 2015

 

John Brown

Director

Sydling Futures Management LLC

Date: March 27, 2015

 

William Frey

Director

Sydling Futures Management LLC

Date: March 27, 2015

 

71


 

Supplemental Information to be Furnished With Reports Filed Pursuant to Section 15(d) of the Act by Registrants Which Have Not Registered Securities Pursuant to Section 12 of the Act.

 

Annual Report to Members

 

No proxy material has been sent to Members.

 

72

 EX-31.1 2 a15-7313_1ex31d1.htm EX-31.1

Exhibit 31.1

 

CERTIFICATION

 

I, Jerry Pascucci, certify that:

 

1.                   I have reviewed this annual report on Form 10-K of Cavendish Futures Fund LLC;

 

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: March 27, 2015

 

 

 

/s/ Jerry Pascucci

 

Jerry Pascucci

 

Sydling Futures Management LLC

 

President and Director

 

 EX-31.2 3 a15-7313_1ex31d2.htm EX-31.2

Exhibit 31.2

 

CERTIFICATION

 

I, Jennifer Magro, certify that:

 

1.                   I have reviewed this annual report on Form 10-K of Cavendish Futures Fund LLC;

 

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: March 27, 2015

 

 

 

/s/ Jennifer Magro

 

Jennifer Magro

 

Sydling Futures Management LLC

 

Chief Financial Officer

 

 EX-32.1 4 a15-7313_1ex32d1.htm 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 Annual Report of Cavendish Futures Fund LLC (the “Fund”) on Form 10-K for the year ended December 31, 2014 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Jerry Pascucci, President and Director of Sydling Futures Management 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 Fund.

 

 

/s/ Jerry Pascucci

 

Jerry Pascucci

 

Sydling Futures Management LLC

 

President and Director

 

 

 

Date: March 27, 2015

 

 

 EX-32.2 5 a15-7313_1ex32d2.htm 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 Annual Report of Cavendish Futures Fund LLC (the “Fund”) on Form 10-K for the year ended December 31, 2014 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Jennifer Magro, Chief Financial Officer of Sydling Futures Management 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 Fund.

 

/s/ Jennifer Magro

 

Jennifer Magro

 

Sydling Futures Management LLC

 

Chief Financial Officer

 

 

 

Date: March 27, 2015

 

 

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10pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"></font><font style="display: inline;font-weight:bold;font-size:3pt;"></font><font style="display: inline;font-weight:bold;font-size:10pt;">Subscriptions Received in Advance</font> </p> <p style="margin:0pt 0pt 0pt 54pt;text-indent: -18pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Subscriptions received in advance represent amount paid by the non-managing members for a percentage ownership into the Fund which have not yet been added as members&#x2019; capital as of December&nbsp;31, 2014 and 2013.&nbsp;&nbsp;The amount paid is held as cash in the Fund&#x2019;s escrow account and represents the cash on the Statements of Financial Condition.</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p><font size="1"> </font></p> </div> </div> 0.005 0.015 0.035 0.0839 0.1220 0.0705 0.0658 0.0050 47033777 58574947 44459513 37943699 45760991 104413436 1149 2651 69004256 1306199 2891426 0.0387 0.0387 0 0 28.57 177.79 0.0134 0.0562 -0.0123 -0.0562 0.2 449717 3027080 <div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:0pt 0pt 0pt 54pt;text-indent: -18pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-size:10pt;">f.</font><font style="display: inline;font-weight:bold;font-size:10pt;;font-size: 10pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"></font><font style="display: inline;font-weight:bold;font-size:3pt;"></font><font style="display: inline;font-weight:bold;font-size:10pt;">Income and Expenses Recognition</font> </p> <p style="margin:0pt 0pt 0pt 54pt;text-indent: -18pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">All of the income and expenses and realized and unrealized gains and losses on trading of commodity interests are determined on each valuation day and allocated to the Feeder at the time of such determination.</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p><font size="1"> </font></p> </div> </div> 0.0286 0.1729 1066654 714 1065940 14463551 4445 14459106 0.0699 0.2573 26207375 25000 26182375 11371 19485 501620 501620 1164404 1164404 -0.0835 -0.0384 -0.1218 -0.0385 44508580 83859327 47033777 105608724 <div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:0pt 0pt 0pt 36pt;text-indent: -36pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-size:10pt;">4.</font><font style="display: inline;font-weight:bold;font-size:10pt;;font-size: 10pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 30pt 0pt 0pt;"></font><font style="display: inline;font-weight:bold;font-size:3pt;"></font><font style="display: inline;font-weight:bold;font-size:10pt;">Related Party Transactions and Other Agreements</font> </p> <p style="margin:0pt 0pt 0pt 36pt;text-indent: -36pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 54pt;text-indent: -18pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-size:10pt;">a.</font><font style="display: inline;font-weight:bold;font-size:10pt;;font-size: 10pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"></font><font style="display: inline;font-weight:bold;font-size:3pt;"></font><font style="display: inline;font-weight:bold;font-size:10pt;">Limited Liability Company Agreement</font> </p> <p style="margin:0pt 0pt 0pt 54pt;text-indent: -18pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Sydling administers the business affairs of the Fund including selecting one or more advisors to make trading decisions for the Fund.&nbsp;&nbsp;The Fund will pay Sydling a monthly administration fee in return for its services equal to 1/12 of 0.50% (0.50% per year) of month-end adjusted members&#x2019; capital of the Fund.&nbsp;&nbsp;Month-end members&#x2019; capital, for the purpose of calculating administration fees are members&#x2019; capital, as defined in the Limited Liability Company Agreement, prior to the reduction of the current month&#x2019;s incentive allocation accrual, the monthly advisory fee, Sydling&#x2019;s administration fee and any redemptions or distributions as of the end of such month.&nbsp;&nbsp;For the year ended December&nbsp;31, 2014 and for the period from February&nbsp;19, 2013 (commencement of trading operations) to December&nbsp;31, 2013, the Fund incurred administrative fees of $388,135 and $167,207, respectively, of which $45,365, and $19,859 remained payable and is reflected on the Statements of Financial Condition as of December&nbsp;31, 2014 and 2013, respectively.</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Each unit, when purchased by a member, shall be fully paid and non-assessable.&nbsp;&nbsp;No member shall be liable for Fund obligations in excess of the capital contributed by the member, plus such member&#x2019;s share of undistributed profits, if any.</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 54pt;text-indent: -18pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-size:10pt;">b.</font><font style="display: inline;font-weight:bold;font-size:10pt;;font-size: 10pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"></font><font style="display: inline;font-weight:bold;font-size:3pt;"></font><font style="display: inline;font-weight:bold;font-size:10pt;">Trading Advisory Agreement</font> </p> <p style="margin:0pt 0pt 0pt 54pt;text-indent: -18pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Sydling, on behalf of the Fund, has entered into an advisory agreement (the &#x201C;Trading Advisory Agreement&#x201D;) with the Advisor, a registered commodity trading advisor.&nbsp;&nbsp;The Advisor is not affiliated with Sydling or UBS Securities LLC or its affiliates and is not responsible for the organization or operation of the Fund.&nbsp;&nbsp;The Trading Advisory Agreement provides that the Advisor has sole discretion in determining the investment of the assets of the Fund.&nbsp;&nbsp;During the year ended December&nbsp;31, 2014 and for the period from February&nbsp;19, 2013 (commencement of trading operations) to December&nbsp;31, 2013, the Fund paid the Advisor a monthly advisory fee equal to 1/12 of 1.5% (1.5% per year) of month-end members&#x2019; capital of the Fund.&nbsp;&nbsp;Month-end members&#x2019; capital, for the purpose of calculating advisory fees are members&#x2019; capital, as defined in the Limited Liability Company Agreement, prior to the reduction of the current month&#x2019;s incentive allocation accrual, the monthly advisory fee, Sydling&#x2019;s administration fee and any redemptions or distributions as of the end of such month.&nbsp;&nbsp;The Trading Advisory Agreement may be terminated upon notice by either party.&nbsp;&nbsp;For the year ended December&nbsp;31, 2014 and for the period from February&nbsp;19, 2013 (commencement of trading operations) to December&nbsp;31, 2013, the Fund incurred advisory fees of $1,164,404 and $501,620, respectively of which $136,095 and $59,577 remained payable and is reflected on the Statements of Financial Condition as of December&nbsp;31, 2014 and 2013, respectively.</font> </p> <p style="margin:0pt 0pt 0pt 54pt;text-indent: -18pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">In addition, the Advisor of the Fund receives a quarterly incentive fee equal to 20% of New&nbsp;Trading Profits, as defined in the Trading Advisory Agreement, earned on behalf of the Fund during each calendar quarter and are issued as special member units.&nbsp;&nbsp;Pursuant to the Trading Advisory Agreement, the first incentive fee shall be made at end of the first full calendar quarter of trading or June&nbsp;30, 2013.&nbsp;&nbsp;The amounts of $4,172,680 and $449,717 represent the incentive fees earned on new trading profits earned for the year ended December&nbsp;31, 2014 and for the period ended December&nbsp;31, 2013, respectively.</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">In allocating substantially all of the assets of the Fund to the Master Fund, Sydling considered the Advisor&#x2019;s past performance, trading style, volatility of markets traded and fee requirements.&nbsp;&nbsp;Sydling may modify or terminate the allocation of assets to the Advisor at any time.</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 54pt;text-indent: -18pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-size:10pt;">c.</font><font style="display: inline;font-weight:bold;font-size:10pt;;font-size: 10pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"></font><font style="display: inline;font-weight:bold;font-size:3pt;"></font><font style="display: inline;font-weight:bold;font-size:10pt;">Administration Agreement</font> </p> <p style="margin:0pt 0pt 0pt 54pt;text-indent: -18pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Sydling, on behalf of the Fund, has entered into an administration agreement with the Administrator.&nbsp;&nbsp;The Administrator will assist Sydling in performing certain day-to-day tasks on behalf of the Fund, including but not limited to, calculating daily or periodic portfolio valuations, reconciling cash and portfolio positions, providing portfolio reporting, maintaining books and records and calculating all fund fees.&nbsp;&nbsp;Sydling will pay a portion of the administrative fee it receives from the Fund to the Administrator.</font> </p> <p><font size="1"> </font></p> </div> </div> <div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:0pt 0pt 0pt 36pt;text-indent: -36pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-size:10pt;">4.</font><font style="display: inline;font-weight:bold;font-size:10pt;;font-size: 10pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 30pt 0pt 0pt;"></font><font style="display: inline;font-weight:bold;font-size:3pt;"></font><font style="display: inline;font-weight:bold;font-size:10pt;">Related Party Transactions and Other Agreements</font> </p> <p style="margin:0pt 0pt 0pt 36pt;text-indent: -36pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 54pt;text-indent: -18pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-size:10pt;">a.</font><font style="display: inline;font-weight:bold;font-size:10pt;;font-size: 10pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"></font><font style="display: inline;font-weight:bold;font-size:3pt;"></font><font style="display: inline;font-weight:bold;font-size:10pt;">Limited Liability Company Agreement</font> </p> <p style="margin:0pt 0pt 0pt 54pt;text-indent: -18pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">The Member Designee administers the business affairs of the Master Fund including selecting one or more advisors to make trading decisions for the Master Fund.</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 54pt;text-indent: -18pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-size:10pt;">b.</font><font style="display: inline;font-weight:bold;font-size:10pt;;font-size: 10pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"></font><font style="display: inline;font-weight:bold;font-size:3pt;"></font><font style="display: inline;font-weight:bold;font-size:10pt;">Trading Advisory Agreement</font> </p> <p style="margin:0pt 0pt 0pt 54pt;text-indent: -18pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">The Member Designee, on behalf of the Master Fund, has entered into an advisory agreement (the &#x201C;Trading Advisory Agreement&#x201D;) with the Advisor, a registered commodity trading advisor.&nbsp;&nbsp;The Advisor is not affiliated with the Member Designee or UBS and is not responsible for the organization or operation of the Master Fund.&nbsp;&nbsp;The Trading Advisory Agreement provides that the Advisor has sole discretion in determining the investment of the assets of the Master Fund.&nbsp;&nbsp;All advisory fees in connection with the Trading Advisory Agreement shall be borne by the Feeder.&nbsp;&nbsp;The Trading Advisory Agreement may be terminated upon notice by either party.</font> </p> <p style="margin:0pt 0pt 0pt 36pt;text-indent: -36pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 54pt;text-indent: -18pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-size:10pt;">c.</font><font style="display: inline;font-weight:bold;font-size:10pt;;font-size: 10pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"></font><font style="display: inline;font-weight:bold;font-size:3pt;"></font><font style="display: inline;font-weight:bold;font-size:10pt;">Customer Agreement</font> </p> <p style="margin:0pt 0pt 0pt 54pt;text-indent: -18pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">The Master Fund has entered into a customer agreement (the &#x201C;Customer Agreement&#x201D;) with UBS whereby UBS provides services which include, among other things, the execution of transactions for the Master Fund&#x2019;s account in accordance with orders placed by the Advisor.</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">With respect to transactions in the Master Fund that are allocable to the Feeder, the Feeder will pay UBS a monthly brokerage fee equal to 3.5% per year of adjusted member&#x2019;s capital allocated pro rata from the Master Fund.&nbsp;&nbsp;In addition, the Feeder will pay or reimburse UBS its allocable share of all actual transaction fees (including floor brokerage, exchange, clearing, give-up, user and NFA fees) estimated at approximately 0.50% of member&#x2019;s capital per year.</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">For the year ended December&nbsp;31, 2014 and for the period from February&nbsp;19, 2013 (commencement of trading operations) to December&nbsp;31, 2013, the Master Fund incurred brokerage commissions and trading fees of $2,801,413 and $1,209,244, respectively, of which the brokerage commissions of $318,818 and $139,484 remained payable and are reflected on the Statements of Financial Condition as of December&nbsp;31, 2014 and 2013, respectively.</font> </p> <p style="margin:0pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 14pt 36pt;text-align:justify;text-justify:inter-ideograph;line-height:100%;font-family:Times New Roman;font-size: 12pt"> <font style="display: inline;">&nbsp;</font> </p> <p><font size="1"> </font></p> </div> </div> <div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:0pt 0pt 0pt 54pt;text-indent: -18pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-size:10pt;">g.</font><font style="display: inline;font-weight:bold;font-size:10pt;;font-size: 10pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"></font><font style="display: inline;font-weight:bold;font-size:3pt;"></font><font style="display: inline;font-weight:bold;font-size:10pt;">Master Fund Expenses</font> </p> <p style="margin:0pt 0pt 0pt 54pt;text-indent: -18pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">The Master Fund bears all expenses incurred in its business, including, but not limited to, the following: all costs and expenses related to portfolio transactions and positions for the Master Fund&#x2019;s account; legal fees; accounting and auditing fees; custodial fees; costs of computing the Master Fund&#x2019;s member&#x2019;s capital value, including valuation services provided by third parties; all costs with respect to communications to investors; and other types of expenses approved by the member.</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 14pt 36pt;text-align:justify;text-justify:inter-ideograph;line-height:100%;font-family:Times New Roman;font-size: 12pt"> <font style="display: inline;">&nbsp;</font> </p> <p><font size="1"> </font></p> </div> </div> 1 1 0 P10D 1.0000 0.0445 0.0286 0.0159 -0.0091 0.0009 -0.0012 0.0058 0.0000 -0.0002 -0.0004 -0.0001 -0.0006 0.0040 0.0008 -0.0006 0.0342 0.0000 0.0049 0.0061 1.0000 0.0473 0.0221 0.0252 0.0198 0.0000 -0.0006 0.0014 0.0000 0.0000 -0.0006 0.0007 -0.0025 0.0031 -0.0046 0.0100 0.0105 -0.0008 0.0001 0.0108 1000.00 1028.57 1206.36 -1228710 -1228710 -1922590 -1922590 1253.602 1829.957 <div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:0pt 0pt 0pt 54pt;text-indent: -18pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-size:10pt;">h.</font><font style="display: inline;font-weight:bold;font-size:10pt;;font-size: 10pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"></font><font style="display: inline;font-weight:bold;font-size:3pt;"></font><font style="display: inline;font-weight:bold;font-size:10pt;">Member&#x2019;s Capital Value</font> </p> <p style="margin:0pt 0pt 0pt 54pt;text-indent: -18pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Member&#x2019;s capital of the Master Fund is calculated by the Administrator as of the close of business at the end of any fiscal period in accordance with the valuation principles set forth below or as may be determined from time to time pursuant to policies established by the member.</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Profits and losses from trading in the Master Fund, net of transaction fees, will be allocated pro rata to the capital account of the Feeder based on the member&#x2019;s capital in the capital account compared to the aggregate member&#x2019;s capital of all other capital accounts in the Master Fund.&nbsp;&nbsp;The Master Fund&#x2019;s expenses will be charged pro rata to the capital accounts of the Feeder.</font> </p> <p style="margin:0pt;text-align:center;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 14pt 36pt;text-align:justify;text-justify:inter-ideograph;line-height:100%;font-family:Times New Roman;font-size: 12pt"> <font style="display: inline;">&nbsp;</font> </p> <p><font size="1"> </font></p> </div> </div> 20890109 20890109 46124770 46124770 20677.739 43735.258 10000 25000 10000 P5D 0.00042 0.0017 0.0017 0.0017 0.0409 0.2291 -76.37 -120.41 104.94 298.20 -2637971 -8181071 174011 670025 47097484 46124770 19214590 25126090 P5D 1 1 24 181566 11955 <div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:0pt 0pt 0pt 36pt;text-indent: -36pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-size:10pt;">5.</font><font style="display: inline;font-weight:bold;font-size:10pt;;font-size: 10pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 30pt 0pt 0pt;"></font><font style="display: inline;font-weight:bold;font-size:3pt;"></font><font style="display: inline;font-weight:bold;font-size:10pt;">Organization Costs</font> </p> <p style="margin:0pt 0pt 0pt 36pt;text-indent: -36pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">In 2013, organization costs of $181,566 relating to the issuance and marketing of the Fund&#x2019;s units offered were initially paid by UBS Financial Services Inc. (&#x201C;UBSFSI&#x201D;).&nbsp;&nbsp;These costs have been recorded as organization costs in the Statements of Financial Condition and represent the amount due to UBSFSI.&nbsp;&nbsp;These costs are being reimbursed to UBSFSI by the Fund in 24&nbsp;monthly installments.&nbsp;&nbsp;The monthly installments will reduce the members&#x2019; capital for the purpose of calculating administrative and advisory fees and the incentive allocation.</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">As of December&nbsp;31, 2014 and 2013, $166,435 and $75,651, respectively of these costs have been reimbursed to UBSFSI by the Fund.&nbsp;&nbsp;The remaining liability due to UBSFSI will not reduce the net asset value per unit (&#x201C;NAV&#x201D;) for any purpose other than financial reporting, including calculation of administrative and advisory fees, incentive allocation and the redemption/subscription value of units.</font> </p> <p style="margin:0pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p><font size="1"> </font></p> </div> </div> <div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:0pt 0pt 0pt 36pt;text-indent: -36pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-size:10pt;">5.</font><font style="display: inline;font-weight:bold;font-size:10pt;;font-size: 10pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 30pt 0pt 0pt;"></font><font style="display: inline;font-weight:bold;font-size:3pt;"></font><font style="display: inline;font-weight:bold;font-size:10pt;">Organization Costs</font> </p> <p style="margin:0pt 0pt 0pt 36pt;text-indent: -36pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">In 2013, organization costs of $11,955 relating to the formation of the Master Fund were initially paid by UBS Financial Services Inc., an affiliate of Sydling and a selling agent for the Feeder.</font> </p> <p style="margin:0pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p><font size="1"> </font></p> </div> </div> 75651 166435 44936837 100617162 0.9555 0.9527 207500 442478 25.000 26182.375 <div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:0pt 0pt 0pt 54pt;text-indent: -18pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-size:10pt;">f.</font><font style="display: inline;font-weight:bold;font-size:10pt;;font-size: 10pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"></font><font style="display: inline;font-weight:bold;font-size:3pt;"></font><font style="display: inline;font-weight:bold;font-size:10pt;">Redemptions Payable</font> </p> <p style="margin:0pt 0pt 0pt 54pt;text-indent: -18pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Pursuant to ASC Topic&nbsp;480, </font><font style="display: inline;font-style:italic;font-size:10pt;">Distinguishing Liabilities from Equity</font><font style="display: inline;font-size:10pt;">, capital withdrawals effective December&nbsp;31, 2014 and 2013 have been reflected as redemptions payable in the Statements of Financial Condition.</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p><font size="1"> </font></p> </div> </div> <div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:0pt 0pt 0pt 54pt;text-indent: -18pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-size:10pt;">d.</font><font style="display: inline;font-weight:bold;font-size:10pt;;font-size: 10pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"></font><font style="display: inline;font-weight:bold;font-size:3pt;"></font><font style="display: inline;font-weight:bold;font-size:10pt;">Redemptions Payable</font> </p> <p style="margin:0pt 0pt 0pt 54pt;text-indent: -18pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Pursuant to ASC Topic 480, </font><font style="display: inline;font-style:italic;font-size:10pt;">Distinguishing Liabilities from Equity</font><font style="display: inline;font-size:10pt;">, capital withdrawals effective December&nbsp;31, 2014 and 2013 have been reflected as redemptions payable in the Statements of Financial Condition.</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 14pt 36pt;text-align:justify;text-justify:inter-ideograph;line-height:100%;font-family:Times New Roman;font-size: 12pt"> <font style="display: inline;">&nbsp;</font> </p> <p><font size="1"> </font></p> </div> </div> P3M <div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:0pt 0pt 0pt 36pt;text-indent: -36pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-size:10pt;">7.</font><font style="display: inline;font-weight:bold;font-size:10pt;;font-size: 10pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 30pt 0pt 0pt;"></font><font style="display: inline;font-weight:bold;font-size:3pt;"></font><font style="display: inline;font-weight:bold;font-size:10pt;">Financial Instruments Risks</font> </p> <p style="margin:0pt 0pt 0pt 36pt;text-indent: -36pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">In the normal course of business, the Master Fund, is party to financial instruments with off-balance sheet risk, including derivative financial instruments and derivative commodity instruments.&nbsp;&nbsp;These financial instruments may include futures, forwards and options on futures 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.&nbsp;&nbsp;These instruments may be traded on an exchange, a swap execution facility or over-the-counter (&#x201C;OTC&#x201D;).&nbsp;&nbsp;Exchange-traded instruments are standardized and include futures and certain forward and options contracts.&nbsp;&nbsp;OTC contracts are negotiated between contracting parties and include certain swaps, forwards and options contracts.&nbsp;&nbsp;Specific market movements of commodities or futures contracts underlying an option cannot accurately be predicted.&nbsp;&nbsp;The purchaser of an option may lose the entire premium paid for the option.&nbsp;&nbsp;The writer, or seller, of an option has unlimited risk.&nbsp;&nbsp;Each of these instruments is subject to various risks similar to those related to the underlying financial instruments including market and credit risk.&nbsp;&nbsp;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.&nbsp;&nbsp;For the year ended December&nbsp;31, 2014 and for the period from February&nbsp;19, 2013 (commencement of trading operations) to December&nbsp;31, 2013, the Master Fund traded futures contracts only.</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">The risk to the members that have purchased interests in the Master Fund is limited to the amount of their capital contributions to the Master Fund and their share of the Master Fund&#x2019;s assets and undistributed profits.&nbsp;&nbsp;This limited liability is a consequence of the organization of the Master Fund as a limited liability company under applicable law.</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Market risk is the potential for changes in the value of the financial instruments traded by the Master Fund due to market changes, including interest and foreign exchange rate movements and fluctuations in commodity or security prices.&nbsp;&nbsp;Market risk is directly impacted by the volatility and liquidity in the markets in which the related underlying assets are traded.&nbsp;&nbsp;The Master Fund is exposed to a market risk equal to the value of futures contracts purchased and unlimited liability on such contracts sold short.</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">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.&nbsp;&nbsp;The Master Fund&#x2019;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 not represented by the contract or notional amounts of the instruments.&nbsp;&nbsp;The Master Fund has credit risk and concentration risk because the sole counterparty or broker with respect to the Master Fund&#x2019;s assets is UBS or a UBS affiliate.&nbsp;&nbsp;Credit risk with respect to exchange-traded instruments is reduced to the extent that through UBS, the Master Fund&#x2019;s counterparty is an exchange or clearing organization.&nbsp;&nbsp;Futures contracts are conducted through regulated exchanges which have margin requirements, and are settled in cash on a daily basis, thereby minimizing credit risk.</font> </p> <p style="margin:0pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p><font size="1"> </font></p> </div> </div> <div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;margin-left:36pt;"> <tr> <td valign="bottom" style="width:67.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-weight:bold;font-size:8pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-weight:bold;font-size:8pt;">December&nbsp;31,&nbsp;2014</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-weight:bold;font-size:8pt;">December&nbsp;31,&nbsp;2013</font></p> </td> <td valign="bottom" style="width:01.02%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:67.90%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-size:10pt;">ASSETS</font></p> </td> <td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.86%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.86%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td valign="bottom" style="width:01.02%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:67.90%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;text-decoration:underline;">Futures Contracts</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.86%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.86%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td valign="bottom" style="width:01.02%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:67.90%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Currencies</font></p> </td> <td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">$</font></p> </td> <td valign="bottom" style="width:11.56%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,153,935 </td> <td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">$</font></p> </td> <td valign="bottom" style="width:11.56%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>527,958 </td> <td valign="bottom" style="width:01.02%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:67.90%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Energy</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.86%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,058,034 </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.86%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>53,283 </td> <td valign="bottom" style="width:01.02%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:67.90%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Financials</font></p> </td> <td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.86%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,418,331 </td> <td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.86%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>128,028 </td> <td valign="bottom" style="width:01.02%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:67.90%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Grains</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.86%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>191,418 </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.86%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>280,638 </td> <td valign="bottom" style="width:01.02%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:67.90%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Index</font></p> </td> <td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.86%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,337,472 </td> <td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.86%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,611,382 </td> <td valign="bottom" style="width:01.02%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:67.90%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Industrials</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.86%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>693 </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.86%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&#x2014;</font></p> </td> <td valign="bottom" style="width:01.02%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:67.90%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Materials</font></p> </td> <td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.86%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,385 </td> <td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.86%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&#x2014;</font></p> </td> <td valign="bottom" style="width:01.02%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:67.90%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Meats</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.86%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>72,730 </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.86%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,150 </td> <td valign="bottom" style="width:01.02%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:67.90%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Metals</font></p> </td> <td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>329,744 </td> <td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>191,061 </td> <td valign="bottom" style="width:01.02%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:67.90%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Total unrealized appreciation on open futures contracts</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">$</font></p> </td> <td valign="bottom" style="width:11.56%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,563,742 </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">$</font></p> </td> <td valign="bottom" style="width:11.56%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,793,500 </td> <td valign="bottom" style="width:01.02%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:67.90%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.86%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.86%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td valign="bottom" style="width:01.02%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:67.90%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-size:10pt;">LIABILITIES</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.86%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.86%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td valign="bottom" style="width:01.02%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:67.90%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;text-decoration:underline;">Futures Contracts</font></p> </td> <td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.86%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.86%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td valign="bottom" style="width:01.02%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:67.90%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Currencies</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td valign="bottom" style="width:01.30%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">$</font></p> </td> <td valign="bottom" style="width:11.56%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(5,540 </td> <td valign="bottom" style="width:02.68%;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">)</font></p> </td> <td valign="bottom" style="width:01.30%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">$</font></p> </td> <td valign="bottom" style="width:11.56%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(10,366 </td> <td valign="bottom" style="width:01.02%;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">)</font></p> </td> </tr> <tr> <td valign="bottom" style="width:67.90%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Energy</font></p> </td> <td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.86%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(485,510 </td> <td valign="bottom" style="width:02.68%;background-color: #CCEEFF;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">)</font></p> </td> <td colspan="2" valign="bottom" style="width:12.86%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(44,690 </td> <td valign="bottom" style="width:01.02%;background-color: #CCEEFF;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">)</font></p> </td> </tr> <tr> <td valign="bottom" style="width:67.90%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Financials</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.86%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(332,427 </td> <td valign="bottom" style="width:02.68%;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">)</font></p> </td> <td colspan="2" valign="bottom" style="width:12.86%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(510,504 </td> <td valign="bottom" style="width:01.02%;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">)</font></p> </td> </tr> <tr> <td valign="bottom" style="width:67.90%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Grains</font></p> </td> <td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.86%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(116,030 </td> <td valign="bottom" style="width:02.68%;background-color: #CCEEFF;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">)</font></p> </td> <td colspan="2" valign="bottom" style="width:12.86%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(63,231 </td> <td valign="bottom" style="width:01.02%;background-color: #CCEEFF;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">)</font></p> </td> </tr> <tr> <td valign="bottom" style="width:67.90%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Index</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.86%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(311,207 </td> <td valign="bottom" style="width:02.68%;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">)</font></p> </td> <td colspan="2" valign="bottom" style="width:12.86%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,288 </td> <td valign="bottom" style="width:01.02%;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">)</font></p> </td> </tr> <tr> <td valign="bottom" style="width:67.90%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Industrials</font></p> </td> <td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.86%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&#x2014;</font></p> </td> <td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.86%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(396 </td> <td valign="bottom" style="width:01.02%;background-color: #CCEEFF;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">)</font></p> </td> </tr> <tr> <td valign="bottom" style="width:67.90%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Materials</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.86%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(330 </td> <td valign="bottom" style="width:02.68%;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">)</font></p> </td> <td colspan="2" valign="bottom" style="width:12.86%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(10,675 </td> <td valign="bottom" style="width:01.02%;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">)</font></p> </td> </tr> <tr> <td valign="bottom" style="width:67.90%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Meats</font></p> </td> <td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.86%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(63,853 </td> <td valign="bottom" style="width:02.68%;background-color: #CCEEFF;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">)</font></p> </td> <td colspan="2" valign="bottom" style="width:12.86%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(25,960 </td> <td valign="bottom" style="width:01.02%;background-color: #CCEEFF;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">)</font></p> </td> </tr> <tr> <td valign="bottom" style="width:67.90%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Metals</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(257,283 </td> <td valign="bottom" style="width:02.68%;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">)</font></p> </td> <td colspan="2" valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(29,450 </td> <td valign="bottom" style="width:01.02%;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">)</font></p> </td> </tr> <tr> <td valign="bottom" style="width:67.90%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Total unrealized depreciation on open futures contracts</font></p> </td> <td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">$</font></p> </td> <td valign="bottom" style="width:11.56%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,572,180 </td> <td valign="bottom" style="width:02.68%;background-color: #CCEEFF;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">)</font></p> </td> <td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">$</font></p> </td> <td valign="bottom" style="width:11.56%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(696,560 </td> <td valign="bottom" style="width:01.02%;background-color: #CCEEFF;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">)</font></p> </td> </tr> <tr> <td valign="bottom" style="width:67.90%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.86%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.86%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td valign="bottom" style="width:01.02%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:67.90%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Net unrealized appreciation on open futures contracts*</font></p> </td> <td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">$</font></p> </td> <td valign="bottom" style="width:11.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,991,562 </td> <td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">$</font></p> </td> <td valign="bottom" style="width:11.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,096,940 </td> <td valign="bottom" style="width:01.02%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> </tr> </table></div> <p style="margin:0pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">* These amounts are shown in &#x201C;Net unrealized appreciation on open futures contracts&#x201D; on the Statements of Financial Condition.</font> </p> <p style="margin:0pt 0pt 0pt 36pt;text-indent: -36pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p><font size="1"> </font></p> </div> </div> <div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:0pt 0pt 0pt 54pt;text-indent: -18pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-size:10pt;">b.</font><font style="display: inline;font-weight:bold;font-size:10pt;;font-size: 10pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"></font><font style="display: inline;font-weight:bold;font-size:3pt;"></font><font style="display: inline;font-weight:bold;font-size:10pt;">Statements of Cash Flows</font> </p> <p style="margin:0pt 0pt 0pt 54pt;text-indent: -18pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">The Fund is not required to provide a Statements of Cash Flows in accordance with Accounting Standard Codification (&#x201C;ASC&#x201D;) 230, </font><font style="display: inline;font-style:italic;font-size:10pt;">Statement of Cash Flows</font><font style="display: inline;font-size:10pt;">.</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p><font size="1"> </font></p> </div> </div> <div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:0pt 0pt 0pt 54pt;text-indent: -18pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-size:10pt;">b.</font><font style="display: inline;font-weight:bold;font-size:10pt;;font-size: 10pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"></font><font style="display: inline;font-weight:bold;font-size:3pt;"></font><font style="display: inline;font-weight:bold;font-size:10pt;">Statement of Cash Flows</font> </p> <p style="margin:0pt 0pt 0pt 54pt;text-indent: -18pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">The Master Fund is not required to provide a Statement of Cash Flows in accordance with Accounting Standard Codification (&#x201C;ASC&#x201D;) 230, </font><font style="display: inline;font-style:italic;font-size:10pt;">Statement of Cash Flows</font><font style="display: inline;font-size:10pt;">.</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p><font size="1"> </font></p> </div> </div> <div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:0pt 0pt 0pt 36pt;text-indent: -36pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-size:10pt;">6.</font><font style="display: inline;font-weight:bold;font-size:10pt;;font-size: 10pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 30pt 0pt 0pt;"></font><font style="display: inline;font-weight:bold;font-size:3pt;"></font><font style="display: inline;font-weight:bold;font-size:10pt;">Subscriptions, Distributions and Redemptions</font> </p> <p style="margin:0pt 0pt 0pt 36pt;text-indent: -36pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">The Fund will offer units privately through its selling agent, UBSFSI.&nbsp;&nbsp;UBS Securities LLC will pay a portion of its brokerage commissions to UBSFSI financial advisors who have sold units in the Fund.&nbsp;&nbsp;The Fund may engage additional selling agents in the future, including selling agents affiliated or unaffiliated with Sydling.&nbsp;&nbsp;The minimum initial subscription in the Fund is $25,000 (or $10,000 in the case of ERISA Plans).&nbsp;&nbsp;The minimum additional investment for those who are current members and are qualified investors is $10,000.&nbsp;&nbsp;Sydling may, in its sole discretion, lower these amounts.&nbsp;&nbsp;Subscriptions for units are made five business days prior to the end of a month and are made at the NAV on the first day of the following month.&nbsp;&nbsp;Sydling may reject any subscription for any reason for a reasonable period of time after receipt.</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Distributions, if any, will be made at the sole discretion of Sydling.</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Contingent upon 5&nbsp;days&#x2019; prior notice to the trading manager, redemptions of the Fund&#x2019;s units are made at the NAV as of the end of any month, provided that such units were held for three full months.&nbsp;&nbsp;The units are classified as a liability when a member elects to redeem and informs the trading manager.&nbsp;&nbsp;Sydling may, in its sole discretion, modify the length of required notices or other restrictions.</font> </p> <p style="margin:0pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p><font size="1"> </font></p> </div> </div> <div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:0pt 0pt 0pt 36pt;text-indent: -36pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-size:10pt;">6.</font><font style="display: inline;font-weight:bold;font-size:10pt;;font-size: 10pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 30pt 0pt 0pt;"></font><font style="display: inline;font-weight:bold;font-size:3pt;"></font><font style="display: inline;font-weight:bold;font-size:10pt;">Trading Activities</font> </p> <p style="margin:0pt 0pt 0pt 36pt;text-indent: -36pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">The Master Fund was formed for the purpose of trading contacts in a variety of commodity interests, including derivative financial instruments and derivative commodity instruments.&nbsp;&nbsp;The results of the Master Fund&#x2019;s trading activities are shown in the Statements of Operations.</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">The Customer Agreement between the Master Fund and UBS gives the Master Fund the legal right to net unrealized gains and losses on open futures contracts.&nbsp;&nbsp;Futures contracts are executed on exchanges and are typically liquidated by entering into offsetting contracts.&nbsp;&nbsp;The Master Fund nets, for financial reporting purposes, the unrealized gains and losses on open futures contracts on the Statements of Financial Condition.</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">All of the commodity interests owned by the Master Fund are held for trading purposes.&nbsp;&nbsp;The average number of futures contracts traded for the year ended December&nbsp;31, 2014 and for the period from February&nbsp;19, 2013 (commencement of trading operations) to December&nbsp;31, 2013, based on a monthly calculation, was 2,651 and 1,149, respectively.</font> </p> <p style="margin:0pt 0pt 0pt 36pt;text-indent: -36pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">The Master Fund follows authoritative standards of accounting for derivative instruments, which establish disclosure requirements for entities to present enhanced information in order to provide users of financial statements with an improved degree of transparency and understanding of how and why an entity uses derivative instruments, how derivative instruments are accounted for, and how derivative instruments affect an entity&#x2019;s financial position, results of operations and its cash flows.&nbsp;&nbsp;In order to provide such information to financial statement users, the Master Fund provides qualitative disclosures about an entity&#x2019;s associated risk exposures, quantitative disclosures about fair value amounts of derivative instruments and the gains and losses from derivative instruments.</font> </p> <p style="margin:0pt 0pt 0pt 36pt;text-indent: -36pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">The following table indicated the gross fair values of derivative instruments of futures contracts as separate assets and liabilities as of December&nbsp;31, 2014 and 2013.</font> </p> <p style="margin:0pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;margin-left:36pt;"> <tr> <td valign="bottom" style="width:67.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-weight:bold;font-size:8pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-weight:bold;font-size:8pt;">December&nbsp;31,&nbsp;2014</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-weight:bold;font-size:8pt;">December&nbsp;31,&nbsp;2013</font></p> </td> <td valign="bottom" style="width:01.02%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:67.90%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-size:10pt;">ASSETS</font></p> </td> <td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.86%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.86%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td valign="bottom" style="width:01.02%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:67.90%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;text-decoration:underline;">Futures Contracts</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.86%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.86%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td valign="bottom" style="width:01.02%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:67.90%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Currencies</font></p> </td> <td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">$</font></p> </td> <td valign="bottom" style="width:11.56%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,153,935 </td> <td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">$</font></p> </td> <td valign="bottom" style="width:11.56%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>527,958 </td> <td valign="bottom" style="width:01.02%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:67.90%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Energy</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.86%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,058,034 </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.86%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>53,283 </td> <td valign="bottom" style="width:01.02%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:67.90%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Financials</font></p> </td> <td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.86%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,418,331 </td> <td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.86%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>128,028 </td> <td valign="bottom" style="width:01.02%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:67.90%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Grains</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.86%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>191,418 </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.86%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>280,638 </td> <td valign="bottom" style="width:01.02%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:67.90%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Index</font></p> </td> <td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.86%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,337,472 </td> <td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.86%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,611,382 </td> <td valign="bottom" style="width:01.02%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:67.90%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Industrials</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.86%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>693 </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.86%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&#x2014;</font></p> </td> <td valign="bottom" style="width:01.02%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:67.90%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Materials</font></p> </td> <td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.86%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,385 </td> <td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.86%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&#x2014;</font></p> </td> <td valign="bottom" style="width:01.02%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:67.90%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Meats</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.86%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>72,730 </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.86%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,150 </td> <td valign="bottom" style="width:01.02%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:67.90%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Metals</font></p> </td> <td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>329,744 </td> <td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>191,061 </td> <td valign="bottom" style="width:01.02%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:67.90%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Total unrealized appreciation on open futures contracts</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">$</font></p> </td> <td valign="bottom" style="width:11.56%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,563,742 </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">$</font></p> </td> <td valign="bottom" style="width:11.56%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,793,500 </td> <td valign="bottom" style="width:01.02%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:67.90%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.86%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.86%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td valign="bottom" style="width:01.02%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:67.90%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-size:10pt;">LIABILITIES</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.86%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.86%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td valign="bottom" style="width:01.02%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:67.90%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;text-decoration:underline;">Futures Contracts</font></p> </td> <td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.86%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.86%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td valign="bottom" style="width:01.02%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:67.90%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Currencies</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td valign="bottom" style="width:01.30%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">$</font></p> </td> <td valign="bottom" style="width:11.56%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(5,540 </td> <td valign="bottom" style="width:02.68%;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">)</font></p> </td> <td valign="bottom" style="width:01.30%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">$</font></p> </td> <td valign="bottom" style="width:11.56%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(10,366 </td> <td valign="bottom" style="width:01.02%;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">)</font></p> </td> </tr> <tr> <td valign="bottom" style="width:67.90%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Energy</font></p> </td> <td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.86%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(485,510 </td> <td valign="bottom" style="width:02.68%;background-color: #CCEEFF;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">)</font></p> </td> <td colspan="2" valign="bottom" style="width:12.86%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(44,690 </td> <td valign="bottom" style="width:01.02%;background-color: #CCEEFF;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">)</font></p> </td> </tr> <tr> <td valign="bottom" style="width:67.90%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Financials</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.86%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(332,427 </td> <td valign="bottom" style="width:02.68%;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">)</font></p> </td> <td colspan="2" valign="bottom" style="width:12.86%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(510,504 </td> <td valign="bottom" style="width:01.02%;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">)</font></p> </td> </tr> <tr> <td valign="bottom" style="width:67.90%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Grains</font></p> </td> <td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.86%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(116,030 </td> <td valign="bottom" style="width:02.68%;background-color: #CCEEFF;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">)</font></p> </td> <td colspan="2" valign="bottom" style="width:12.86%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(63,231 </td> <td valign="bottom" style="width:01.02%;background-color: #CCEEFF;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">)</font></p> </td> </tr> <tr> <td valign="bottom" style="width:67.90%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Index</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.86%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(311,207 </td> <td valign="bottom" style="width:02.68%;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">)</font></p> </td> <td colspan="2" valign="bottom" style="width:12.86%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,288 </td> <td valign="bottom" style="width:01.02%;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">)</font></p> </td> </tr> <tr> <td valign="bottom" style="width:67.90%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Industrials</font></p> </td> <td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.86%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&#x2014;</font></p> </td> <td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.86%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(396 </td> <td valign="bottom" style="width:01.02%;background-color: #CCEEFF;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">)</font></p> </td> </tr> <tr> <td valign="bottom" style="width:67.90%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Materials</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.86%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(330 </td> <td valign="bottom" style="width:02.68%;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">)</font></p> </td> <td colspan="2" valign="bottom" style="width:12.86%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(10,675 </td> <td valign="bottom" style="width:01.02%;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">)</font></p> </td> </tr> <tr> <td valign="bottom" style="width:67.90%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Meats</font></p> </td> <td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.86%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(63,853 </td> <td valign="bottom" style="width:02.68%;background-color: #CCEEFF;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">)</font></p> </td> <td colspan="2" valign="bottom" style="width:12.86%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(25,960 </td> <td valign="bottom" style="width:01.02%;background-color: #CCEEFF;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">)</font></p> </td> </tr> <tr> <td valign="bottom" style="width:67.90%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Metals</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(257,283 </td> <td valign="bottom" style="width:02.68%;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">)</font></p> </td> <td colspan="2" valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(29,450 </td> <td valign="bottom" style="width:01.02%;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">)</font></p> </td> </tr> <tr> <td valign="bottom" style="width:67.90%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Total unrealized depreciation on open futures contracts</font></p> </td> <td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">$</font></p> </td> <td valign="bottom" style="width:11.56%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,572,180 </td> <td valign="bottom" style="width:02.68%;background-color: #CCEEFF;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">)</font></p> </td> <td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">$</font></p> </td> <td valign="bottom" style="width:11.56%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(696,560 </td> <td valign="bottom" style="width:01.02%;background-color: #CCEEFF;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">)</font></p> </td> </tr> <tr> <td valign="bottom" style="width:67.90%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.86%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.86%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td valign="bottom" style="width:01.02%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:67.90%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Net unrealized appreciation on open futures contracts*</font></p> </td> <td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">$</font></p> </td> <td valign="bottom" style="width:11.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,991,562 </td> <td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">$</font></p> </td> <td valign="bottom" style="width:11.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,096,940 </td> <td valign="bottom" style="width:01.02%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> </tr> </table></div> <p style="margin:0pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">* These amounts are shown in &#x201C;Net unrealized appreciation on open futures contracts&#x201D; on the Statements of Financial Condition.</font> </p> <p style="margin:0pt 0pt 0pt 36pt;text-indent: -36pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">The following table indicates the trading gains and losses, by market sector, on derivative instruments for the year ended December&nbsp;31, 2014 and for the period from February&nbsp;19, 2013 (commencement of trading operations) to December&nbsp;31, 2013.</font> </p> <p style="margin:0pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;margin-left:36pt;"> <tr> <td valign="bottom" style="width:64.44%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-weight:bold;font-size:8pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.86%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-weight:bold;font-size:8pt;">For&nbsp;the&nbsp;year&nbsp;ended</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:15.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-weight:bold;font-size:8pt;">For&nbsp;the&nbsp;period&nbsp;ended</font></p> </td> <td valign="bottom" style="width:02.34%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:64.44%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-weight:bold;font-size:8pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.86%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-weight:bold;font-size:8pt;">December&nbsp;31,&nbsp;2014</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:15.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-weight:bold;font-size:8pt;">December&nbsp;31,&nbsp;2013</font></p> </td> <td valign="bottom" style="width:02.34%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:64.44%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-weight:bold;font-size:8pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.86%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-weight:bold;font-size:8pt;">Gain&nbsp;(loss)</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:15.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-weight:bold;font-size:8pt;">Gain&nbsp;(loss)</font></p> </td> <td valign="bottom" style="width:02.34%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:64.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-weight:bold;font-size:8pt;">Sector</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-weight:bold;font-size:8pt;">from&nbsp;trading</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:15.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-weight:bold;font-size:8pt;">from&nbsp;trading</font></p> </td> <td valign="bottom" style="width:02.34%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:64.44%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Currencies</font></p> </td> <td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">$</font></p> </td> <td valign="bottom" style="width:11.56%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,729,007 </td> <td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">$</font></p> </td> <td valign="bottom" style="width:13.70%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>808,460 </td> <td valign="bottom" style="width:02.34%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:64.44%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Energy</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.86%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,768,173 </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:15.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,016,108 </td> <td valign="bottom" style="width:02.34%;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">)</font></p> </td> </tr> <tr> <td valign="bottom" style="width:64.44%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Financials</font></p> </td> <td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.86%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>13,315,461 </td> <td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:15.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2,394,770 </td> <td valign="bottom" style="width:02.34%;background-color: #CCEEFF;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">)</font></p> </td> </tr> <tr> <td valign="bottom" style="width:64.44%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Grains</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.86%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2,109,878 </td> <td valign="bottom" style="width:02.68%;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">)</font></p> </td> <td colspan="2" valign="bottom" style="width:15.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>848,011 </td> <td valign="bottom" style="width:02.34%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:64.44%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Index</font></p> </td> <td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.86%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(332,006 </td> <td valign="bottom" style="width:02.68%;background-color: #CCEEFF;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">)</font></p> </td> <td colspan="2" valign="bottom" style="width:15.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,549,702 </td> <td valign="bottom" style="width:02.34%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:64.44%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Industrials</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.86%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(3,740 </td> <td valign="bottom" style="width:02.68%;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">)</font></p> </td> <td colspan="2" valign="bottom" style="width:15.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(20,075 </td> <td valign="bottom" style="width:02.34%;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">)</font></p> </td> </tr> <tr> <td valign="bottom" style="width:64.44%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Materials</font></p> </td> <td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.86%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(82,840 </td> <td valign="bottom" style="width:02.68%;background-color: #CCEEFF;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">)</font></p> </td> <td colspan="2" valign="bottom" style="width:15.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(44,605 </td> <td valign="bottom" style="width:02.34%;background-color: #CCEEFF;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">)</font></p> </td> </tr> <tr> <td valign="bottom" style="width:64.44%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Meats</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.86%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>865,117 </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:15.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>32,135 </td> <td valign="bottom" style="width:02.34%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:64.44%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Metals</font></p> </td> <td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>353,895 </td> <td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:15.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,106,342 </td> <td valign="bottom" style="width:02.34%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:64.44%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">$</font></p> </td> <td valign="bottom" style="width:11.56%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>23,503,189 </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">**</font></p> </td> <td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">$</font></p> </td> <td valign="bottom" style="width:13.70%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,869,092 </td> <td valign="bottom" style="width:02.34%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">**</font></p> </td> </tr> </table></div> <p style="margin:0pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">** These amounts are shown in &#x201C;Net Realized and Unrealized Gain from Derivative Instruments&#x201D; on the Statements of Operations.</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">The volume of activity of futures contracts that are presented in the Condensed Schedule of Investments is consistent with the average daily activity during the year ended December&nbsp;31, 2014 and the period ended December&nbsp;31, 2013.</font> </p> <p style="margin:0pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p><font size="1"> </font></p> </div> </div> 1772152 20608567 2096940 2894622 false --12-31 FY 2014 2014-12-31 10-K 0001562622 101486786 Yes Non-accelerated Filer 73028340 CAVENDISH FUTURES FUND LLC No No 649774 3381488 51300651 47858365 114963978 109408877 45631.512 87536.813 3617100 5973766 <div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:0pt 0pt 0pt 54pt;text-indent: -18pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-size:10pt;">e.</font><font style="display: inline;font-weight:bold;font-size:10pt;;font-size: 10pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"></font><font style="display: inline;font-weight:bold;font-size:3pt;"></font><font style="display: inline;font-weight:bold;font-size:10pt;">Cash</font> </p> <p style="margin:0pt 0pt 0pt 54pt;text-indent: -18pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Cash represents cash held on deposit and in segregated accounts with UBS.&nbsp;&nbsp;The Master Fund considers all cash and short term deposits with original maturity of three months or less when purchased to be cash or cash equivalents.&nbsp;&nbsp;There are no cash equivalents held as at December&nbsp;31, 2014 and 2013.&nbsp;&nbsp;Cash includes cash margin of $10,545,800 and $5,352,928 held by UBS against open derivative positions at December&nbsp;31, 2014 and 2013, respectively.</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 14pt 36pt;text-align:justify;text-justify:inter-ideograph;line-height:100%;font-family:Times New Roman;font-size: 12pt"> <font style="display: inline;">&nbsp;</font> </p> <p><font size="1"> </font></p> </div> </div> 0 0 139484 1209244 318818 139484 -25.000 45606.512 -25.000 87511.813 3537500 5911500 746246 44050 273141 -10675 -5920 188140 -29917 -250 287677 2655221 -2701 142842 693 1055 72730 327578 1058034 -79855 1134845 2096940 4991562 2793500 128028 280638 1150 191061 53283 1611382 527958 6563742 2418331 191418 693 1385 72730 329744 1058034 1337472 1153935 2096940 2096940 2096940 2096940 4991562 4991562 4991562 4991562 696560 510504 63231 396 10675 25960 29450 44690 1288 10366 1572180 332427 116030 330 63853 257283 485510 311207 5540 2096940 2894622 1350694 -426526 -55735 -396 -18890 -26527 38510 1610343 229915 2336341 2088606 -67454 -63853 -255118 -485510 1106120 13550 28.57 177.79 <div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:0pt 0pt 0pt 54pt;text-indent: -18pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-size:10pt;">c.</font><font style="display: inline;font-weight:bold;font-size:10pt;;font-size: 10pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"></font><font style="display: inline;font-weight:bold;font-size:3pt;"></font><font style="display: inline;font-weight:bold;font-size:10pt;">Fair Value Measurements</font> </p> <p style="margin:0pt 0pt 0pt 54pt;text-indent: -18pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">The Fund values its investments at fair value, in accordance with U.S. GAAP, which is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.</font> </p> <p style="margin:0pt 0pt 0pt 54pt;text-indent: -18pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Various inputs are used in determining the fair value of the Fund&#x2019;s investments which are summarized in the three broad levels listed below.</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-size:10pt;">Level&nbsp;1</font><font style="display: inline;font-size:10pt;">&nbsp;&#x2014;&nbsp;quoted prices (unadjusted) in active markets for identical securities.</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-size:10pt;">Level&nbsp;2</font><font style="display: inline;font-size:10pt;">&nbsp;&#x2014;&nbsp;other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment spreads, credit risk,&nbsp;etc.)</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-size:10pt;">Level&nbsp;3</font><font style="display: inline;font-size:10pt;">&nbsp;&#x2014;&nbsp;significant unobservable inputs (including the Master Fund&#x2019;s own assumptions and indicative non-binding broker quotes.)</font> </p> <p style="margin:0pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Fair value measurement disclosure for each class of assets and liabilities requires greater disaggregation than the Fund&#x2019;s line items in the Statements of Financial Condition.&nbsp;&nbsp;The Fund determines the appropriate classes for those disclosures on the basis of the nature and risks of the assets and liabilities and their classification in the fair value hierarchy (i.e., Level&nbsp;1, Level&nbsp;2, and Level&nbsp;3).</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">The Fund values its investment in the Master Fund, where there are no other rights or obligations inherent within the ownership interest held by the Fund, based on the end of the day net asset value of the Master Fund (Level&nbsp;2).&nbsp;&nbsp;The value of the Fund&#x2019;s investment in the Master Fund reflects its proportional interest in the Master Fund.&nbsp;&nbsp;As of and for the year ended December&nbsp;31, 2014 and the period from February&nbsp;19, 2013 (commencement of trading operations) to December&nbsp;31, 2013, the Fund did not hold any derivative instruments that are based on unadjusted quoted prices in active markets for identical assets (Level&nbsp;2) or priced at fair value using unobservable inputs through the application of management&#x2019;s assumptions and internal valuation pricing models (Level&nbsp;3).</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">For disclosures regarding the Master Fund&#x2019;s investments and fair value measurements, see Note&nbsp;3, &#x201C;Significant Accounting Policies&#x201D; on the attached Master Fund&#x2019;s financial statements.</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p><font size="1"> </font></p> </div> </div> <div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:0pt 0pt 0pt 54pt;text-indent: -18pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-size:10pt;">c.</font><font style="display: inline;font-weight:bold;font-size:10pt;;font-size: 10pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"></font><font style="display: inline;font-weight:bold;font-size:3pt;"></font><font style="display: inline;font-weight:bold;font-size:10pt;">Fair Value Measurements</font> </p> <p style="margin:0pt 0pt 0pt 54pt;text-indent: -18pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">The Master Fund values its investments at fair value, in accordance with U.S. GAAP, which is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Various inputs are used in determining the fair value of the Master Fund&#x2019;s investments which are summarized in the three broad levels listed below.</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-size:10pt;">Level&nbsp;1</font><font style="display: inline;font-size:10pt;">&nbsp;&#x2014;&nbsp;quoted prices (unadjusted) in active markets for identical assets.</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-size:10pt;">Level&nbsp;2</font><font style="display: inline;font-size:10pt;">&nbsp;&#x2014;&nbsp;other significant observable inputs (including quoted prices for similar assets.)</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-size:10pt;">Level&nbsp;3</font><font style="display: inline;font-size:10pt;">&nbsp;&#x2014;&nbsp;significant unobservable inputs (including the Master Fund&#x2019;s own assumptions and indicative non-binding broker quotes.)</font> </p> <p style="margin:0pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">The Master Fund recognizes transfers into and out of the levels indicated above at the end of the reporting period.&nbsp;&nbsp;During the year ended December&nbsp;31, 2014 and for the period from February&nbsp;19, 2013 (commencement of trading operations) to December&nbsp;31, 2013, there were no transfers amongst Levels&nbsp;1, 2 and 3 of the valuation hierarchy.</font> </p> <p style="margin:0pt 0pt 0pt 54pt;text-indent: -18pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">U.S. GAAP provides guidance in determining whether there has been a significant decrease in the volume and level of activity for an asset or liability when compared with normal market activity for such asset or liability (or similar assets or liabilities).&nbsp;&nbsp;U.S. GAAP also provides guidance on identifying circumstances that indicate a transaction with regards to such an asset or liability is not orderly.&nbsp;&nbsp;In its consideration, the Master Fund must consider inputs and valuation techniques used for each class of assets and liabilities.&nbsp;&nbsp;Judgment is used to determine the appropriate classes of assets and liabilities for which disclosures about fair value measurements are provided.</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Fair value measurement disclosure for each class of assets and liabilities requires greater disaggregation than the Master Fund&#x2019;s line items in the Statements of Financial Condition.&nbsp;&nbsp;The Master Fund determines the appropriate classes for those disclosures on the basis of the nature and risks of the assets and liabilities and their classification in the fair value hierarchy (i.e., Level&nbsp;1, Level&nbsp;2, and Level&nbsp;3).</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">For assets and liabilities measured at fair value on a recurring basis during the year, the Master Fund provides quantitative disclosures about the fair value measurements separately for each class of assets and liabilities, as well as a reconciliation of beginning and ending balances of Level&nbsp;3 assets and liabilities broken down by class.</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">The Master Fund considers prices for exchange-traded commodity futures, forwards and options contracts to be based on unadjusted quoted prices in active markets for identical assets (Level&nbsp;1).&nbsp;&nbsp;The values of non exchange-traded forwards, swaps and certain options contracts for which market quotations are not readily available are priced by broker-dealers who derive fair values for those assets from observable inputs (Level&nbsp;2) and for those contracts that are priced using unobservable inputs through the application of management&#x2019;s assumptions and internal valuation pricing models (Level 3).&nbsp;&nbsp;As of and for the year ended December&nbsp;31, 2014 and for the period from February&nbsp;19, 2013 (commencement of trading operations) to December&nbsp;31, 2013, the Master Fund did not hold any derivative instruments for which market quotations are not readily available and which are priced by broker-dealers who derive fair values for these assets from observable inputs (Level&nbsp;2) or that are priced at fair value using unobservable inputs through the application of management&#x2019;s assumptions and internal valuation pricing models (Level&nbsp;3).&nbsp;&nbsp;The gross presentation of the fair value of the Master Fund&#x2019;s derivatives by instrument type is shown in Note&nbsp;6, &#x201C;Trading Activities&#x201D;.</font> </p> <p style="margin:0pt 0pt 0pt 54pt;text-indent: -18pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">The following is a summary of the Master Fund&#x2019;s investments at fair value.&nbsp;&nbsp;The inputs or methodology used for valuing derivative instruments are not necessarily an indication of the risk associated with investing in those derivative instruments.</font> </p> <p style="margin:0pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-size:10pt;">ASSET TABLE</font> </p> <p style="margin:0pt;line-height:normal;font-family:Times New Roman;font-size: 12pt"> <font style="display: inline;">&nbsp;</font> </p> <div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;margin-left:36pt;"> <tr> <td valign="bottom" style="width:35.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-weight:bold;font-size:8pt;">Description</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-weight:bold;font-size:8pt;">Total&nbsp;Fair&nbsp;Value&nbsp;at</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">December&nbsp;31,&nbsp;2014</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-weight:bold;font-size:8pt;">Level&nbsp;1</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-weight:bold;font-size:8pt;">Level&nbsp;2</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-weight:bold;font-size:8pt;">Level&nbsp;3</font></p> </td> <td valign="bottom" style="width:01.08%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:35.72%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 20pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Futures Contracts</font></p> </td> <td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td valign="bottom" style="width:01.38%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">$</font></p> </td> <td valign="bottom" style="width:12.54%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,991,562&nbsp; </td> <td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td valign="bottom" style="width:01.38%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">$</font></p> </td> <td valign="bottom" style="width:11.46%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,991,562&nbsp; </td> <td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td valign="bottom" style="width:01.38%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">$</font></p> </td> <td valign="bottom" style="width:11.46%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&#x2014;</font></p> </td> <td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td valign="bottom" style="width:01.38%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">$</font></p> </td> <td valign="bottom" style="width:11.46%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&#x2014;</font></p> </td> <td valign="bottom" style="width:01.08%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:35.72%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-size:10pt;">Total Assets</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td valign="bottom" style="width:01.38%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">$</font></p> </td> <td valign="bottom" style="width:12.54%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,991,562&nbsp; </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td valign="bottom" style="width:01.38%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">$</font></p> </td> <td valign="bottom" style="width:11.46%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,991,562&nbsp; </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td valign="bottom" style="width:01.38%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">$</font></p> </td> <td valign="bottom" style="width:11.46%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&#x2014;</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td valign="bottom" style="width:01.38%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">$</font></p> </td> <td valign="bottom" style="width:11.46%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&#x2014;</font></p> </td> <td valign="bottom" style="width:01.08%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> </tr> </table></div> <p style="margin:0pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-size:10pt;">ASSET TABLE</font> </p> <p style="margin:0pt;line-height:normal;font-family:Times New Roman;font-size: 12pt"> <font style="display: inline;">&nbsp;</font> </p> <div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;margin-left:36pt;"> <tr> <td valign="bottom" style="width:35.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-weight:bold;font-size:8pt;">Description</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-weight:bold;font-size:8pt;">Total&nbsp;Fair&nbsp;Value&nbsp;at</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">December&nbsp;31,&nbsp;2013</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-weight:bold;font-size:8pt;">Level&nbsp;1</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-weight:bold;font-size:8pt;">Level&nbsp;2</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-weight:bold;font-size:8pt;">Level&nbsp;3</font></p> </td> <td valign="bottom" style="width:00.98%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:35.80%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 20pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Futures Contracts</font></p> </td> <td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">$</font></p> </td> <td valign="bottom" style="width:12.62%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,096,940&nbsp; </td> <td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">$</font></p> </td> <td valign="bottom" style="width:11.56%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,096,940&nbsp; </td> <td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">$</font></p> </td> <td valign="bottom" style="width:11.56%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&#x2014;</font></p> </td> <td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">$</font></p> </td> <td valign="bottom" style="width:11.56%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&#x2014;</font></p> </td> <td valign="bottom" style="width:00.98%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:35.80%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-size:10pt;">Total Assets</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">$</font></p> </td> <td valign="bottom" style="width:12.62%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,096,940&nbsp; </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">$</font></p> </td> <td valign="bottom" style="width:11.56%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,096,940&nbsp; </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">$</font></p> </td> <td valign="bottom" style="width:11.56%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&#x2014;</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">$</font></p> </td> <td valign="bottom" style="width:11.56%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&#x2014;</font></p> </td> <td valign="bottom" style="width:00.98%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> </tr> </table></div> <p style="margin:0pt 0pt 0pt 36pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">The Master Fund trades futures contracts.&nbsp;&nbsp;A futures contract is a firm commitment to buy or sell a specified quantity of investments, currency or a standardized amount of a derivable grade commodity, at a specified price on a specified future date, unless the contract is closed before the delivery date or if the delivery quantity is something where physical delivery cannot occur (such as the S&amp;P 500 Index), whereby such contract is settled in cash.&nbsp;&nbsp;Payments (&#x201C;variation margin&#x201D;) may be made or received by the Master Fund 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 Fund.&nbsp;&nbsp;When the contract is closed, the Master Fund 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.&nbsp;&nbsp;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.&nbsp;&nbsp;Net realized gains (losses) and changes in net unrealized gains (losses) on futures contracts are included in the Statements of Operations.</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">The fair value of the Master Fund&#x2019;s assets and liabilities which qualify as financial instruments approximates the carrying amounts presented in the Statements of Financial Condition.</font> </p> <p style="margin:0pt 0pt 0pt 36pt;text-indent: -36pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 54pt;text-indent: -18pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 36pt;text-indent: -36pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p style="margin:0pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p><font size="1"> </font></p> </div> </div> 2096940 4991562 3869092 -2394770 848011 -20075 -44605 32135 1106342 -1016108 4549702 808460 23503189 13315461 -2109878 -3740 -82840 865117 353895 6768173 -332006 4729007 449717 4172680 0 0 0 0 <div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:0pt 0pt 0pt 54pt;text-indent: -18pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-size:10pt;">g.</font><font style="display: inline;font-weight:bold;font-size:10pt;;font-size: 10pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"></font><font style="display: inline;font-weight:bold;font-size:3pt;"></font><font style="display: inline;font-weight:bold;font-size:10pt;">Income Taxes</font> </p> <p style="margin:0pt 0pt 0pt 54pt;text-indent: -18pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">The Fund is classified as a partnership for U.S. federal income tax purposes, and the Fund will not pay U.S. federal income tax.&nbsp;&nbsp;As a result, no income tax liability or expense has been recorded in the financial statements.</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">U.S. GAAP provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements and requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Master Fund&#x2019;s financial statements to determine whether the tax positions are &#x201C;more-likely-than-not&#x201D; to be sustained by the applicable tax authority.</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Tax positions with respect to tax at the Master Fund level not deemed to meet the &#x201C;more-likely-than-not&#x201D; threshold would be recorded as a tax benefit or expense in the current year. Management has analyzed the Master Fund&#x2019;s tax positions for the open tax period and has concluded that no provision is required in the Master Fund&#x2019;s financial statements.&nbsp;&nbsp;The Master Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations.&nbsp;&nbsp;For the year ended December&nbsp;31, 2014 and for the period from February&nbsp;19, 2013 (commencement of trading operations) to December&nbsp;31, 2013, the Master Fund did not incur any interest or penalties.</font> </p> <p style="margin:0pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p><font size="1"> </font></p> </div> </div> <div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:0pt 0pt 0pt 54pt;text-indent: -18pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-size:10pt;">i.</font><font style="display: inline;font-weight:bold;font-size:10pt;;font-size: 10pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"></font><font style="display: inline;font-weight:bold;font-size:3pt;"></font><font style="display: inline;font-weight:bold;font-size:10pt;">Income Taxes</font> </p> <p style="margin:0pt 0pt 0pt 54pt;text-indent: -18pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">The Master Fund is classified as a partnership for U.S. federal income tax purposes and will not pay U.S. federal income tax.&nbsp;&nbsp;As a result, no income tax liability or expense has been recorded in the financial statements.</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">U.S. GAAP provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements and requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Master Fund&#x2019;s financial statements to determine whether the tax positions are &#x201C;more-likely-than not&#x201D; to be sustained by the applicable tax authority.</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Tax positions with respect to tax at the Master Fund level not deemed to meet the &#x201C;more-likely-than not&#x201D; threshold would be recorded as a tax benefit or expense in the current year.&nbsp;&nbsp;Management has analyzed the Master Fund&#x2019;s tax positions for the open tax period and has concluded that no provision is required in the Master Fund&#x2019;s financial statements.&nbsp;&nbsp;The Master Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations.&nbsp;&nbsp;For the year ended December&nbsp;31, 2014 and for the period from February&nbsp;19, 2013 (commencement of trading operations) to December&nbsp;31, 2013, the Master Fund did not incur any interest or penalties.</font> </p> <p style="margin:0pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p><font size="1"> </font></p> </div> </div> 11371 19485 11371 19485 434 3879 -2802438 -1294828 -9039638 -2871941 1399 115 99 236 1 4 19 11 17 52 50 21 583 3 360 266 4186 31 210 139 1 17 23 36 55 135 53 142 684 48 7 779 <div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:0pt 0pt 0pt 54pt;text-indent: -18pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-size:10pt;">d.</font><font style="display: inline;font-weight:bold;font-size:10pt;;font-size: 10pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"></font><font style="display: inline;font-weight:bold;font-size:3pt;"></font><font style="display: inline;font-weight:bold;font-size:10pt;">Investment in Master Fund</font> </p> <p style="margin:0pt 0pt 0pt 54pt;text-indent: -18pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">The Fund records its investment in the Master Fund at fair value and is represented by the Fund&#x2019;s proportionate interest in the members&#x2019; capital of the Master Fund at December&nbsp;31, 2014 and 2013.&nbsp;&nbsp;Valuation of securities held by the Master Fund is discussed in the notes to the Master Fund&#x2019;s financial statements.&nbsp;&nbsp;The Fund records its pro rata share of the Master Fund&#x2019;s income, expenses and realized and unrealized gains and losses.&nbsp;&nbsp;The performance of the Fund is directly attributable to the performance of the Master Fund.&nbsp;&nbsp;The Fund records its subscription and redemption of the capital account related to its investment in the Master Fund on the transaction date.&nbsp;&nbsp;The Master Fund will adjust the capital account of the Fund.&nbsp;&nbsp;Brokerage, clearing and transaction fees are incurred by the Master Fund and are reflected in the pro rata allocation received by the Fund from the Master Fund.</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p><font size="1"> </font></p> </div> </div> 4365223 824588 9362819 3800153 51300651 47858365 114963978 109408877 59577 59577 136095 136095 46935428 25714 46909714 47033777 47033777 105601159 30159 105571000 105608724 105608724 1066654 2574264 14463551 20631248 -1294828 -2871941 3869092 23503189 <div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:0pt 0pt 0pt 36pt;text-indent: -36pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-size:10pt;">2.</font><font style="display: inline;font-weight:bold;font-size:10pt;;font-size: 10pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 30pt 0pt 0pt;"></font><font style="display: inline;font-weight:bold;font-size:3pt;"></font><font style="display: inline;font-weight:bold;font-size:10pt;">Recent Accounting Pronouncements</font> </p> <p style="margin:0pt 0pt 0pt 36pt;text-indent: -36pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">In June&nbsp;2013, the Financial Standards Accounting Board (&#x201C;FASB&#x201D;) issued Accounting Standards Update 2013-08, </font><font style="display: inline;font-style:italic;font-size:10pt;">Financial Services &#x2014; Investment Companies (Topic 946): Amendments to the Scope, Measurement, and Disclosure Requirements</font><font style="display: inline;font-size:10pt;"> (&#x201C;ASU 2013-08&#x201D;).&nbsp;&nbsp;ASU 2013-08 clarifies the characteristics of an investment company and requires an investment company to measure non-controlling ownership interests in other investment companies at fair value and requires additional disclosures relating to investment company status, any changes thereto and information about financial support provided or contractually required to be provided to any of the investment company&#x2019;s investees.&nbsp;&nbsp;The Master Fund adopted ASU 2013-08 effective January&nbsp;1, 2014, and carries its investments at fair value, and therefore, was considered to be an investment company as of and throughout the period ending December&nbsp;31, 2014.&nbsp;&nbsp;Further, the Master Fund does not hold ownership interests in other investment companies, and therefore, there is no further impact on the Master Fund&#x2019;s financial statements.</font> </p> <p style="margin:0pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p><font size="1"> </font></p> </div> </div> <div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:0pt 0pt 0pt 36pt;text-indent: -36pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-size:10pt;">2.</font><font style="display: inline;font-weight:bold;font-size:10pt;;font-size: 10pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 30pt 0pt 0pt;"></font><font style="display: inline;font-weight:bold;font-size:3pt;"></font><font style="display: inline;font-weight:bold;font-size:10pt;">Recent Accounting Pronouncements</font> </p> <p style="margin:0pt 0pt 0pt 36pt;text-indent: -36pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">In June&nbsp;2013, the Financial Standards Accounting Board (&#x201C;FASB&#x201D;) issued Accounting Standards Update 2013-08, </font><font style="display: inline;font-style:italic;font-size:10pt;">Financial Services &#x2014; Investment Companies (Topic 946): Amendments to the Scope, Measurement, and Disclosure Requirements</font><font style="display: inline;font-size:10pt;"> (&#x201C;ASU 2013-08&#x201D;).&nbsp;&nbsp;ASU 2013-08 clarifies the characteristics of an investment company and requires an investment company to measure non-controlling ownership interests in other investment companies at fair value and requires additional disclosures relating to investment company status, any changes thereto and information about financial support provided or contractually required to be provided to any of the investment company&#x2019;s investees.&nbsp;&nbsp;The Master Fund adopted ASU 2013-08 effective January&nbsp;1, 2014, and carries its investments at fair value, and therefore, was considered to be an investment company as of and throughout the period ending December&nbsp;31, 2014.&nbsp;&nbsp;Further, the Master Fund does not hold ownership interests in other investment companies, and therefore, there is no further impact on the Master Fund&#x2019;s financial statements.</font> </p> <p style="margin:0pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p><font size="1"> </font></p> </div> </div> 2813809 1306199 9059123 2891426 <div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-size:10pt;">1.</font><font style="display: inline;font-weight:bold;font-size:10pt;;font-size: 10pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-weight:bold;font-size:3pt;"></font><font style="display: inline;font-weight:bold;font-size:10pt;">Organization</font> </p> <p style="margin:0pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Cavendish Futures Fund LLC (the &#x201C;Fund&#x201D;) is a Delaware limited liability company formed on August&nbsp;7, 2012.&nbsp;&nbsp;Trading operations of the Fund commenced on February&nbsp;19, 2013.&nbsp;&nbsp;The Fund&#x2019;s investment objective is to seek to achieve capital appreciation through speculative trading in U.S. and international futures, options on futures and forward markets.&nbsp;&nbsp;The Fund may also engage in swap and other derivative transactions upon approval of Sydling.&nbsp;&nbsp;The Fund invests substantially all of its assets in Sydling WNT Master Fund LLC (the &#x201C;Master Fund&#x201D;), also a Delaware limited liability company, that has the same investment objective as the Fund.&nbsp;&nbsp;The financial statements of the Master Fund, including the condensed schedule of investments, are included elsewhere in this report and should be read with the Fund&#x2019;s financial statements.&nbsp;&nbsp;The percentage of the Master Fund&#x2019;s capital owned by the Fund at December&nbsp;31, 2014 and 2013 was 100%.&nbsp;&nbsp;The performance of the Fund is directly affected by the performance of the Master Fund.</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">The Fund is member managed for purposes of Delaware law.&nbsp;&nbsp;Pursuant to the limited liability company agreement of the Fund, as may be amended from time to time (the &#x201C;LLC Agreement&#x201D;), the members of the Fund have appointed Sydling Futures Management LLC (&#x201C;Sydling&#x201D;) to act as the Fund&#x2019;s trading manager and commodity pool operator.&nbsp;&nbsp;Sydling is registered as a commodity pool operator and a commodity trading advisor and is a member of the National Futures Association (&#x201C;NFA&#x201D;) effective August&nbsp;10, 2011.&nbsp;&nbsp;Sydling, a wholly owned subsidiary of UBS Alternatives LLC, was formed on August&nbsp;4, 2011.&nbsp;&nbsp;UBS Alternatives LLC is a wholly owned subsidiary of UBS Americas Inc. which ultimately is a subsidiary of UBS AG.</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Winton Capital Management Limited (the &#x201C;Advisor&#x201D; or &#x201C;WNT&#x201D;) serves as the trading advisor to the Fund and the Master Fund.</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">BNY Mellon Investment Servicing (US) Inc. serves as administrator (the &#x201C;Administrator&#x201D;) of the Fund.</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">The Fund privately and continually offers units of limited liability company interest in the Fund to qualified investors and are generally accepted monthly.&nbsp;&nbsp;There is no maximum number of units that may be sold in the Fund.&nbsp;&nbsp;Sydling may reject any subscription for any reason for a reasonable period of time after receipt.&nbsp;&nbsp;Generally, units may be redeemed on the last day of any month with five&nbsp;days written notice provided that such units are held for three full months.&nbsp;&nbsp;In general, the Fund will make payment for redeemed units within ten business days following the redemption date.</font> </p> <p style="margin:0pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p><font size="1"> </font></p> </div> </div> <div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-size:10pt;">1.</font><font style="display: inline;font-weight:bold;font-size:10pt;;font-size: 10pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-weight:bold;font-size:3pt;"></font><font style="display: inline;font-weight:bold;font-size:10pt;">Organization</font> </p> <p style="margin:0pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Sydling WNT Master Fund LLC (the &#x201C;Master Fund&#x201D;) is a Delaware limited liability company formed on August&nbsp;7, 2012.&nbsp;&nbsp;Trading operations of the Master Fund commenced on February&nbsp;19, 2013.&nbsp;&nbsp;The Master Fund&#x2019;s investment objective is to seek to achieve capital appreciation through speculative trading in U.S. and international futures, options on futures and forward markets.&nbsp;&nbsp;The Fund may also engage in swap and other derivate transactions upon approval of Sydling.</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">The member of the Master Fund appointed Sydling Futures Management LLC (&#x201C;Sydling&#x201D;) as the member designee (the &#x201C;Member Designee&#x201D;) to manage the business and affairs of the Master Fund and to act as the Master Fund&#x2019;s commodity pool operator.&nbsp;&nbsp;Sydling is registered as a commodity pool operator and a commodity trading advisor and is a member of the National Futures Association (&#x201C;NFA&#x201D;) effective August&nbsp;10, 2011.&nbsp;&nbsp;Sydling, a wholly owned subsidiary of UBS Alternatives LLC, was formed on August&nbsp;4, 2011.&nbsp;&nbsp;UBS Alternatives LLC is a wholly owned subsidiary of UBS Americas Inc. which ultimately is a subsidiary of UBS AG.</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">The Master Fund&#x2019;s investors consist exclusively of Cavendish Futures Fund LLC (the &#x201C;Feeder&#x201D;).&nbsp;&nbsp;The Feeder invests substantially all of its assets in the Master Fund.</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Winton Capital Management Limited (the &#x201C;Advisor&#x201D; or &#x201C;WNT&#x201D;) serves as the trading advisor to the Master Fund and the Feeder.</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">BNY Mellon Investment Servicing (US) Inc. serves as administrator (the &#x201C;Administrator&#x201D;) of the Master Fund.</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">UBS Securities LLC (&#x201C;UBS&#x201D;) is the commodity broker (the &#x201C;Commodity Broker&#x201D;) for the Master Fund.&nbsp;&nbsp;UBS is also an affiliate of Sydling.</font> </p> <p style="margin:0pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p><font size="1"> </font></p> </div> </div> 167207 167207 388135 388135 98738 649774 58880 3381488 -1209244 -318818 -2801413 -2801413 85000 90013 5352928 10545800 <div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;margin-left:36pt;"> <tr> <td valign="bottom" style="width:64.44%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-weight:bold;font-size:8pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.86%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-weight:bold;font-size:8pt;">For&nbsp;the&nbsp;year&nbsp;ended</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:15.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-weight:bold;font-size:8pt;">For&nbsp;the&nbsp;period&nbsp;ended</font></p> </td> <td valign="bottom" style="width:02.34%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:64.44%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-weight:bold;font-size:8pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.86%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-weight:bold;font-size:8pt;">December&nbsp;31,&nbsp;2014</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:15.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-weight:bold;font-size:8pt;">December&nbsp;31,&nbsp;2013</font></p> </td> <td valign="bottom" style="width:02.34%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:64.44%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-weight:bold;font-size:8pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.86%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-weight:bold;font-size:8pt;">Gain&nbsp;(loss)</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:15.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-weight:bold;font-size:8pt;">Gain&nbsp;(loss)</font></p> </td> <td valign="bottom" style="width:02.34%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:64.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-weight:bold;font-size:8pt;">Sector</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-weight:bold;font-size:8pt;">from&nbsp;trading</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:15.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-weight:bold;font-size:8pt;">from&nbsp;trading</font></p> </td> <td valign="bottom" style="width:02.34%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:64.44%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Currencies</font></p> </td> <td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">$</font></p> </td> <td valign="bottom" style="width:11.56%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,729,007 </td> <td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">$</font></p> </td> <td valign="bottom" style="width:13.70%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>808,460 </td> <td valign="bottom" style="width:02.34%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:64.44%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Energy</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.86%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,768,173 </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:15.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,016,108 </td> <td valign="bottom" style="width:02.34%;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">)</font></p> </td> </tr> <tr> <td valign="bottom" style="width:64.44%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Financials</font></p> </td> <td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.86%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>13,315,461 </td> <td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:15.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2,394,770 </td> <td valign="bottom" style="width:02.34%;background-color: #CCEEFF;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">)</font></p> </td> </tr> <tr> <td valign="bottom" style="width:64.44%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Grains</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.86%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2,109,878 </td> <td valign="bottom" style="width:02.68%;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">)</font></p> </td> <td colspan="2" valign="bottom" style="width:15.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>848,011 </td> <td valign="bottom" style="width:02.34%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:64.44%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Index</font></p> </td> <td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.86%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(332,006 </td> <td valign="bottom" style="width:02.68%;background-color: #CCEEFF;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">)</font></p> </td> <td colspan="2" valign="bottom" style="width:15.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,549,702 </td> <td valign="bottom" style="width:02.34%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:64.44%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Industrials</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.86%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(3,740 </td> <td valign="bottom" style="width:02.68%;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">)</font></p> </td> <td colspan="2" valign="bottom" style="width:15.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(20,075 </td> <td valign="bottom" style="width:02.34%;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">)</font></p> </td> </tr> <tr> <td valign="bottom" style="width:64.44%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Materials</font></p> </td> <td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.86%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(82,840 </td> <td valign="bottom" style="width:02.68%;background-color: #CCEEFF;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">)</font></p> </td> <td colspan="2" valign="bottom" style="width:15.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(44,605 </td> <td valign="bottom" style="width:02.34%;background-color: #CCEEFF;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">)</font></p> </td> </tr> <tr> <td valign="bottom" style="width:64.44%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Meats</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.86%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>865,117 </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:15.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>32,135 </td> <td valign="bottom" style="width:02.34%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:64.44%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Metals</font></p> </td> <td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>353,895 </td> <td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:15.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,106,342 </td> <td valign="bottom" style="width:02.34%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:64.44%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">$</font></p> </td> <td valign="bottom" style="width:11.56%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>23,503,189 </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">**</font></p> </td> <td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">$</font></p> </td> <td valign="bottom" style="width:13.70%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,869,092 </td> <td valign="bottom" style="width:02.34%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">**</font></p> </td> </tr> </table></div> <p style="margin:0pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">** These amounts are shown in &#x201C;Net Realized and Unrealized Gain from Derivative Instruments&#x201D; on the Statements of Operations.</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p><font size="1"> </font></p> </div> </div> <div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:0pt 0pt 0pt 36pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-size:10pt;">ASSET TABLE</font> </p> <p style="margin:0pt;line-height:normal;font-family:Times New Roman;font-size: 12pt"> <font style="display: inline;">&nbsp;</font> </p> <div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;margin-left:36pt;"> <tr> <td valign="bottom" style="width:35.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-weight:bold;font-size:8pt;">Description</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-weight:bold;font-size:8pt;">Total&nbsp;Fair&nbsp;Value&nbsp;at</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">December&nbsp;31,&nbsp;2014</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-weight:bold;font-size:8pt;">Level&nbsp;1</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-weight:bold;font-size:8pt;">Level&nbsp;2</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-weight:bold;font-size:8pt;">Level&nbsp;3</font></p> </td> <td valign="bottom" style="width:01.08%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:35.72%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 20pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Futures Contracts</font></p> </td> <td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td valign="bottom" style="width:01.38%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">$</font></p> </td> <td valign="bottom" style="width:12.54%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,991,562&nbsp; </td> <td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td valign="bottom" style="width:01.38%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">$</font></p> </td> <td valign="bottom" style="width:11.46%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,991,562&nbsp; </td> <td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td valign="bottom" style="width:01.38%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">$</font></p> </td> <td valign="bottom" style="width:11.46%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&#x2014;</font></p> </td> <td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td valign="bottom" style="width:01.38%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">$</font></p> </td> <td valign="bottom" style="width:11.46%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&#x2014;</font></p> </td> <td valign="bottom" style="width:01.08%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:35.72%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-size:10pt;">Total Assets</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td valign="bottom" style="width:01.38%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">$</font></p> </td> <td valign="bottom" style="width:12.54%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,991,562&nbsp; </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td valign="bottom" style="width:01.38%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">$</font></p> </td> <td valign="bottom" style="width:11.46%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,991,562&nbsp; </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td valign="bottom" style="width:01.38%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">$</font></p> </td> <td valign="bottom" style="width:11.46%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&#x2014;</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td valign="bottom" style="width:01.38%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">$</font></p> </td> <td valign="bottom" style="width:11.46%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&#x2014;</font></p> </td> <td valign="bottom" style="width:01.08%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> </tr> </table></div> <p style="margin:0pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-size:10pt;">ASSET TABLE</font> </p> <p style="margin:0pt;line-height:normal;font-family:Times New Roman;font-size: 12pt"> <font style="display: inline;">&nbsp;</font> </p> <div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;margin-left:36pt;"> <tr> <td valign="bottom" style="width:35.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-weight:bold;font-size:8pt;">Description</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-weight:bold;font-size:8pt;">Total&nbsp;Fair&nbsp;Value&nbsp;at</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">December&nbsp;31,&nbsp;2013</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-weight:bold;font-size:8pt;">Level&nbsp;1</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-weight:bold;font-size:8pt;">Level&nbsp;2</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-weight:bold;font-size:8pt;">Level&nbsp;3</font></p> </td> <td valign="bottom" style="width:00.98%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:35.80%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 20pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Futures Contracts</font></p> </td> <td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">$</font></p> </td> <td valign="bottom" style="width:12.62%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,096,940&nbsp; </td> <td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">$</font></p> </td> <td valign="bottom" style="width:11.56%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,096,940&nbsp; </td> <td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">$</font></p> </td> <td valign="bottom" style="width:11.56%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&#x2014;</font></p> </td> <td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">$</font></p> </td> <td valign="bottom" style="width:11.56%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&#x2014;</font></p> </td> <td valign="bottom" style="width:00.98%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:35.80%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-size:10pt;">Total Assets</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">$</font></p> </td> <td valign="bottom" style="width:12.62%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,096,940&nbsp; </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">$</font></p> </td> <td valign="bottom" style="width:11.56%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,096,940&nbsp; </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">$</font></p> </td> <td valign="bottom" style="width:11.56%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&#x2014;</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">$</font></p> </td> <td valign="bottom" style="width:11.56%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&#x2014;</font></p> </td> <td valign="bottom" style="width:00.98%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> </tr> </table></div> <p style="margin:0pt 0pt 0pt 36pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p><font size="1"> </font></p> </div> </div> <div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:0pt 0pt 0pt 36pt;text-indent: -36pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-size:10pt;">3.</font><font style="display: inline;font-weight:bold;font-size:10pt;;font-size: 10pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 30pt 0pt 0pt;"></font><font style="display: inline;font-weight:bold;font-size:3pt;"></font><font style="display: inline;font-weight:bold;font-size:10pt;">Significant Accounting Policies</font> </p> <p style="margin:0pt 0pt 0pt 36pt;text-indent: -36pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 54pt;text-indent: -18pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-size:10pt;">a.</font><font style="display: inline;font-weight:bold;font-size:10pt;;font-size: 10pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"></font><font style="display: inline;font-weight:bold;font-size:3pt;"></font><font style="display: inline;font-weight:bold;font-size:10pt;">Use of Estimates</font> </p> <p style="margin:0pt 0pt 0pt 54pt;text-indent: -18pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">The preparation of financial statements and accompanying notes in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in members&#x2019; capital from operations during the reporting period.&nbsp;&nbsp;Actual results could differ from those estimates.</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 54pt;text-indent: -18pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-size:10pt;">b.</font><font style="display: inline;font-weight:bold;font-size:10pt;;font-size: 10pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"></font><font style="display: inline;font-weight:bold;font-size:3pt;"></font><font style="display: inline;font-weight:bold;font-size:10pt;">Statements of Cash Flows</font> </p> <p style="margin:0pt 0pt 0pt 54pt;text-indent: -18pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">The Fund is not required to provide a Statements of Cash Flows in accordance with Accounting Standard Codification (&#x201C;ASC&#x201D;) 230, </font><font style="display: inline;font-style:italic;font-size:10pt;">Statement of Cash Flows</font><font style="display: inline;font-size:10pt;">.</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 54pt;text-indent: -18pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-size:10pt;">c.</font><font style="display: inline;font-weight:bold;font-size:10pt;;font-size: 10pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"></font><font style="display: inline;font-weight:bold;font-size:3pt;"></font><font style="display: inline;font-weight:bold;font-size:10pt;">Fair Value Measurements</font> </p> <p style="margin:0pt 0pt 0pt 54pt;text-indent: -18pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">The Fund values its investments at fair value, in accordance with U.S. GAAP, which is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.</font> </p> <p style="margin:0pt 0pt 0pt 54pt;text-indent: -18pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Various inputs are used in determining the fair value of the Fund&#x2019;s investments which are summarized in the three broad levels listed below.</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-size:10pt;">Level&nbsp;1</font><font style="display: inline;font-size:10pt;">&nbsp;&#x2014;&nbsp;quoted prices (unadjusted) in active markets for identical securities.</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-size:10pt;">Level&nbsp;2</font><font style="display: inline;font-size:10pt;">&nbsp;&#x2014;&nbsp;other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment spreads, credit risk,&nbsp;etc.)</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-size:10pt;">Level&nbsp;3</font><font style="display: inline;font-size:10pt;">&nbsp;&#x2014;&nbsp;significant unobservable inputs (including the Master Fund&#x2019;s own assumptions and indicative non-binding broker quotes.)</font> </p> <p style="margin:0pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Fair value measurement disclosure for each class of assets and liabilities requires greater disaggregation than the Fund&#x2019;s line items in the Statements of Financial Condition.&nbsp;&nbsp;The Fund determines the appropriate classes for those disclosures on the basis of the nature and risks of the assets and liabilities and their classification in the fair value hierarchy (i.e., Level&nbsp;1, Level&nbsp;2, and Level&nbsp;3).</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">The Fund values its investment in the Master Fund, where there are no other rights or obligations inherent within the ownership interest held by the Fund, based on the end of the day net asset value of the Master Fund (Level&nbsp;2).&nbsp;&nbsp;The value of the Fund&#x2019;s investment in the Master Fund reflects its proportional interest in the Master Fund.&nbsp;&nbsp;As of and for the year ended December&nbsp;31, 2014 and the period from February&nbsp;19, 2013 (commencement of trading operations) to December&nbsp;31, 2013, the Fund did not hold any derivative instruments that are based on unadjusted quoted prices in active markets for identical assets (Level&nbsp;2) or priced at fair value using unobservable inputs through the application of management&#x2019;s assumptions and internal valuation pricing models (Level&nbsp;3).</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">For disclosures regarding the Master Fund&#x2019;s investments and fair value measurements, see Note&nbsp;3, &#x201C;Significant Accounting Policies&#x201D; on the attached Master Fund&#x2019;s financial statements.</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 54pt;text-indent: -18pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-size:10pt;">d.</font><font style="display: inline;font-weight:bold;font-size:10pt;;font-size: 10pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"></font><font style="display: inline;font-weight:bold;font-size:3pt;"></font><font style="display: inline;font-weight:bold;font-size:10pt;">Investment in Master Fund</font> </p> <p style="margin:0pt 0pt 0pt 54pt;text-indent: -18pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">The Fund records its investment in the Master Fund at fair value and is represented by the Fund&#x2019;s proportionate interest in the members&#x2019; capital of the Master Fund at December&nbsp;31, 2014 and 2013.&nbsp;&nbsp;Valuation of securities held by the Master Fund is discussed in the notes to the Master Fund&#x2019;s financial statements.&nbsp;&nbsp;The Fund records its pro rata share of the Master Fund&#x2019;s income, expenses and realized and unrealized gains and losses.&nbsp;&nbsp;The performance of the Fund is directly attributable to the performance of the Master Fund.&nbsp;&nbsp;The Fund records its subscription and redemption of the capital account related to its investment in the Master Fund on the transaction date.&nbsp;&nbsp;The Master Fund will adjust the capital account of the Fund.&nbsp;&nbsp;Brokerage, clearing and transaction fees are incurred by the Master Fund and are reflected in the pro rata allocation received by the Fund from the Master Fund.</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 54pt;text-indent: -18pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-size:10pt;">e.</font><font style="display: inline;font-weight:bold;font-size:10pt;;font-size: 10pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"></font><font style="display: inline;font-weight:bold;font-size:3pt;"></font><font style="display: inline;font-weight:bold;font-size:10pt;">Subscriptions Received in Advance</font> </p> <p style="margin:0pt 0pt 0pt 54pt;text-indent: -18pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Subscriptions received in advance represent amount paid by the non-managing members for a percentage ownership into the Fund which have not yet been added as members&#x2019; capital as of December&nbsp;31, 2014 and 2013.&nbsp;&nbsp;The amount paid is held as cash in the Fund&#x2019;s escrow account and represents the cash on the Statements of Financial Condition.</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 54pt;text-indent: -18pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-size:10pt;">f.</font><font style="display: inline;font-weight:bold;font-size:10pt;;font-size: 10pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"></font><font style="display: inline;font-weight:bold;font-size:3pt;"></font><font style="display: inline;font-weight:bold;font-size:10pt;">Redemptions Payable</font> </p> <p style="margin:0pt 0pt 0pt 54pt;text-indent: -18pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Pursuant to ASC Topic&nbsp;480, </font><font style="display: inline;font-style:italic;font-size:10pt;">Distinguishing Liabilities from Equity</font><font style="display: inline;font-size:10pt;">, capital withdrawals effective December&nbsp;31, 2014 and 2013 have been reflected as redemptions payable in the Statements of Financial Condition.</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 54pt;text-indent: -18pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-size:10pt;">g.</font><font style="display: inline;font-weight:bold;font-size:10pt;;font-size: 10pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"></font><font style="display: inline;font-weight:bold;font-size:3pt;"></font><font style="display: inline;font-weight:bold;font-size:10pt;">Income Taxes</font> </p> <p style="margin:0pt 0pt 0pt 54pt;text-indent: -18pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">The Fund is classified as a partnership for U.S. federal income tax purposes, and the Fund will not pay U.S. federal income tax.&nbsp;&nbsp;As a result, no income tax liability or expense has been recorded in the financial statements.</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">U.S. GAAP provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements and requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Master Fund&#x2019;s financial statements to determine whether the tax positions are &#x201C;more-likely-than-not&#x201D; to be sustained by the applicable tax authority.</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Tax positions with respect to tax at the Master Fund level not deemed to meet the &#x201C;more-likely-than-not&#x201D; threshold would be recorded as a tax benefit or expense in the current year. Management has analyzed the Master Fund&#x2019;s tax positions for the open tax period and has concluded that no provision is required in the Master Fund&#x2019;s financial statements.&nbsp;&nbsp;The Master Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations.&nbsp;&nbsp;For the year ended December&nbsp;31, 2014 and for the period from February&nbsp;19, 2013 (commencement of trading operations) to December&nbsp;31, 2013, the Master Fund did not incur any interest or penalties.</font> </p> <p style="margin:0pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p><font size="1"> </font></p> </div> </div> <div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:0pt 0pt 0pt 36pt;text-indent: -36pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-size:10pt;">3.</font><font style="display: inline;font-weight:bold;font-size:10pt;;font-size: 10pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 30pt 0pt 0pt;"></font><font style="display: inline;font-weight:bold;font-size:3pt;"></font><font style="display: inline;font-weight:bold;font-size:10pt;">Significant Accounting Policies</font> </p> <p style="margin:0pt 0pt 0pt 36pt;text-indent: -36pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 54pt;text-indent: -18pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-size:10pt;">a.</font><font style="display: inline;font-weight:bold;font-size:10pt;;font-size: 10pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"></font><font style="display: inline;font-weight:bold;font-size:3pt;"></font><font style="display: inline;font-weight:bold;font-size:10pt;">Use of Estimates</font> </p> <p style="margin:0pt 0pt 0pt 54pt;text-indent: -18pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">The preparation of financial statements and accompanying notes in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in member&#x2019;s capital from operations during the reporting period.&nbsp;&nbsp;Actual results could differ from those estimates.</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 54pt;text-indent: -18pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-size:10pt;">b.</font><font style="display: inline;font-weight:bold;font-size:10pt;;font-size: 10pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"></font><font style="display: inline;font-weight:bold;font-size:3pt;"></font><font style="display: inline;font-weight:bold;font-size:10pt;">Statement of Cash Flows</font> </p> <p style="margin:0pt 0pt 0pt 54pt;text-indent: -18pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">The Master Fund is not required to provide a Statement of Cash Flows in accordance with Accounting Standard Codification (&#x201C;ASC&#x201D;) 230, </font><font style="display: inline;font-style:italic;font-size:10pt;">Statement of Cash Flows</font><font style="display: inline;font-size:10pt;">.</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 54pt;text-indent: -18pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-size:10pt;">c.</font><font style="display: inline;font-weight:bold;font-size:10pt;;font-size: 10pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"></font><font style="display: inline;font-weight:bold;font-size:3pt;"></font><font style="display: inline;font-weight:bold;font-size:10pt;">Fair Value Measurements</font> </p> <p style="margin:0pt 0pt 0pt 54pt;text-indent: -18pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">The Master Fund values its investments at fair value, in accordance with U.S. GAAP, which is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Various inputs are used in determining the fair value of the Master Fund&#x2019;s investments which are summarized in the three broad levels listed below.</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-size:10pt;">Level&nbsp;1</font><font style="display: inline;font-size:10pt;">&nbsp;&#x2014;&nbsp;quoted prices (unadjusted) in active markets for identical assets.</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-size:10pt;">Level&nbsp;2</font><font style="display: inline;font-size:10pt;">&nbsp;&#x2014;&nbsp;other significant observable inputs (including quoted prices for similar assets.)</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-size:10pt;">Level&nbsp;3</font><font style="display: inline;font-size:10pt;">&nbsp;&#x2014;&nbsp;significant unobservable inputs (including the Master Fund&#x2019;s own assumptions and indicative non-binding broker quotes.)</font> </p> <p style="margin:0pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">The Master Fund recognizes transfers into and out of the levels indicated above at the end of the reporting period.&nbsp;&nbsp;During the year ended December&nbsp;31, 2014 and for the period from February&nbsp;19, 2013 (commencement of trading operations) to December&nbsp;31, 2013, there were no transfers amongst Levels&nbsp;1, 2 and 3 of the valuation hierarchy.</font> </p> <p style="margin:0pt 0pt 0pt 54pt;text-indent: -18pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">U.S. GAAP provides guidance in determining whether there has been a significant decrease in the volume and level of activity for an asset or liability when compared with normal market activity for such asset or liability (or similar assets or liabilities).&nbsp;&nbsp;U.S. GAAP also provides guidance on identifying circumstances that indicate a transaction with regards to such an asset or liability is not orderly.&nbsp;&nbsp;In its consideration, the Master Fund must consider inputs and valuation techniques used for each class of assets and liabilities.&nbsp;&nbsp;Judgment is used to determine the appropriate classes of assets and liabilities for which disclosures about fair value measurements are provided.</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Fair value measurement disclosure for each class of assets and liabilities requires greater disaggregation than the Master Fund&#x2019;s line items in the Statements of Financial Condition.&nbsp;&nbsp;The Master Fund determines the appropriate classes for those disclosures on the basis of the nature and risks of the assets and liabilities and their classification in the fair value hierarchy (i.e., Level&nbsp;1, Level&nbsp;2, and Level&nbsp;3).</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">For assets and liabilities measured at fair value on a recurring basis during the year, the Master Fund provides quantitative disclosures about the fair value measurements separately for each class of assets and liabilities, as well as a reconciliation of beginning and ending balances of Level&nbsp;3 assets and liabilities broken down by class.</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">The Master Fund considers prices for exchange-traded commodity futures, forwards and options contracts to be based on unadjusted quoted prices in active markets for identical assets (Level&nbsp;1).&nbsp;&nbsp;The values of non exchange-traded forwards, swaps and certain options contracts for which market quotations are not readily available are priced by broker-dealers who derive fair values for those assets from observable inputs (Level&nbsp;2) and for those contracts that are priced using unobservable inputs through the application of management&#x2019;s assumptions and internal valuation pricing models (Level 3).&nbsp;&nbsp;As of and for the year ended December&nbsp;31, 2014 and for the period from February&nbsp;19, 2013 (commencement of trading operations) to December&nbsp;31, 2013, the Master Fund did not hold any derivative instruments for which market quotations are not readily available and which are priced by broker-dealers who derive fair values for these assets from observable inputs (Level&nbsp;2) or that are priced at fair value using unobservable inputs through the application of management&#x2019;s assumptions and internal valuation pricing models (Level&nbsp;3).&nbsp;&nbsp;The gross presentation of the fair value of the Master Fund&#x2019;s derivatives by instrument type is shown in Note&nbsp;6, &#x201C;Trading Activities&#x201D;.</font> </p> <p style="margin:0pt 0pt 0pt 54pt;text-indent: -18pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">The following is a summary of the Master Fund&#x2019;s investments at fair value.&nbsp;&nbsp;The inputs or methodology used for valuing derivative instruments are not necessarily an indication of the risk associated with investing in those derivative instruments.</font> </p> <p style="margin:0pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-size:10pt;">ASSET TABLE</font> </p> <p style="margin:0pt;line-height:normal;font-family:Times New Roman;font-size: 12pt"> <font style="display: inline;">&nbsp;</font> </p> <div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;margin-left:36pt;"> <tr> <td valign="bottom" style="width:35.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-weight:bold;font-size:8pt;">Description</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-weight:bold;font-size:8pt;">Total&nbsp;Fair&nbsp;Value&nbsp;at</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">December&nbsp;31,&nbsp;2014</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-weight:bold;font-size:8pt;">Level&nbsp;1</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-weight:bold;font-size:8pt;">Level&nbsp;2</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-weight:bold;font-size:8pt;">Level&nbsp;3</font></p> </td> <td valign="bottom" style="width:01.08%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:35.72%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 20pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Futures Contracts</font></p> </td> <td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td valign="bottom" style="width:01.38%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">$</font></p> </td> <td valign="bottom" style="width:12.54%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,991,562&nbsp; </td> <td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td valign="bottom" style="width:01.38%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">$</font></p> </td> <td valign="bottom" style="width:11.46%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,991,562&nbsp; </td> <td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td valign="bottom" style="width:01.38%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">$</font></p> </td> <td valign="bottom" style="width:11.46%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&#x2014;</font></p> </td> <td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td valign="bottom" style="width:01.38%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">$</font></p> </td> <td valign="bottom" style="width:11.46%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&#x2014;</font></p> </td> <td valign="bottom" style="width:01.08%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:35.72%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-size:10pt;">Total Assets</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td valign="bottom" style="width:01.38%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">$</font></p> </td> <td valign="bottom" style="width:12.54%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,991,562&nbsp; </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td valign="bottom" style="width:01.38%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">$</font></p> </td> <td valign="bottom" style="width:11.46%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,991,562&nbsp; </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td valign="bottom" style="width:01.38%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">$</font></p> </td> <td valign="bottom" style="width:11.46%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&#x2014;</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td valign="bottom" style="width:01.38%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">$</font></p> </td> <td valign="bottom" style="width:11.46%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&#x2014;</font></p> </td> <td valign="bottom" style="width:01.08%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> </tr> </table></div> <p style="margin:0pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-size:10pt;">ASSET TABLE</font> </p> <p style="margin:0pt;line-height:normal;font-family:Times New Roman;font-size: 12pt"> <font style="display: inline;">&nbsp;</font> </p> <div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;margin-left:36pt;"> <tr> <td valign="bottom" style="width:35.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-weight:bold;font-size:8pt;">Description</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-weight:bold;font-size:8pt;">Total&nbsp;Fair&nbsp;Value&nbsp;at</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">December&nbsp;31,&nbsp;2013</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-weight:bold;font-size:8pt;">Level&nbsp;1</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-weight:bold;font-size:8pt;">Level&nbsp;2</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-weight:bold;font-size:8pt;">Level&nbsp;3</font></p> </td> <td valign="bottom" style="width:00.98%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:35.80%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 20pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Futures Contracts</font></p> </td> <td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">$</font></p> </td> <td valign="bottom" style="width:12.62%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,096,940&nbsp; </td> <td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">$</font></p> </td> <td valign="bottom" style="width:11.56%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,096,940&nbsp; </td> <td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">$</font></p> </td> <td valign="bottom" style="width:11.56%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&#x2014;</font></p> </td> <td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">$</font></p> </td> <td valign="bottom" style="width:11.56%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&#x2014;</font></p> </td> <td valign="bottom" style="width:00.98%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:35.80%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-size:10pt;">Total Assets</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">$</font></p> </td> <td valign="bottom" style="width:12.62%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,096,940&nbsp; </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">$</font></p> </td> <td valign="bottom" style="width:11.56%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,096,940&nbsp; </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">$</font></p> </td> <td valign="bottom" style="width:11.56%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&#x2014;</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> <td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">$</font></p> </td> <td valign="bottom" style="width:11.56%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&#x2014;</font></p> </td> <td valign="bottom" style="width:00.98%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 12pt"> &nbsp;</p> </td> </tr> </table></div> <p style="margin:0pt 0pt 0pt 36pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">The Master Fund trades futures contracts.&nbsp;&nbsp;A futures contract is a firm commitment to buy or sell a specified quantity of investments, currency or a standardized amount of a derivable grade commodity, at a specified price on a specified future date, unless the contract is closed before the delivery date or if the delivery quantity is something where physical delivery cannot occur (such as the S&amp;P 500 Index), whereby such contract is settled in cash.&nbsp;&nbsp;Payments (&#x201C;variation margin&#x201D;) may be made or received by the Master Fund 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 Fund.&nbsp;&nbsp;When the contract is closed, the Master Fund 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.&nbsp;&nbsp;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.&nbsp;&nbsp;Net realized gains (losses) and changes in net unrealized gains (losses) on futures contracts are included in the Statements of Operations.</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 54pt;text-indent: -18pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">The fair value of the Master Fund&#x2019;s assets and liabilities which qualify as financial instruments approximates the carrying amounts presented in the Statements of Financial Condition.</font><font style="display: inline;font-weight:bold;font-size:10pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 54pt;text-indent: -18pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-size:10pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 54pt;text-indent: -18pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-size:10pt;">d.</font><font style="display: inline;font-weight:bold;font-size:10pt;;font-size: 10pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"></font><font style="display: inline;font-weight:bold;font-size:3pt;"></font><font style="display: inline;font-weight:bold;font-size:10pt;">Redemptions Payable</font> </p> <p style="margin:0pt 0pt 0pt 54pt;text-indent: -18pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Pursuant to ASC Topic 480, </font><font style="display: inline;font-style:italic;font-size:10pt;">Distinguishing Liabilities from Equity</font><font style="display: inline;font-size:10pt;">, capital withdrawals effective December&nbsp;31, 2014 and 2013 have been reflected as redemptions payable in the Statements of Financial Condition.</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 54pt;text-indent: -18pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-size:10pt;">e.</font><font style="display: inline;font-weight:bold;font-size:10pt;;font-size: 10pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"></font><font style="display: inline;font-weight:bold;font-size:3pt;"></font><font style="display: inline;font-weight:bold;font-size:10pt;">Cash</font> </p> <p style="margin:0pt 0pt 0pt 54pt;text-indent: -18pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Cash represents cash held on deposit and in segregated accounts with UBS.&nbsp;&nbsp;The Master Fund considers all cash and short term deposits with original maturity of three months or less when purchased to be cash or cash equivalents.&nbsp;&nbsp;There are no cash equivalents held as at December&nbsp;31, 2014 and 2013.&nbsp;&nbsp;Cash includes cash margin of $10,545,800 and $5,352,928 held by UBS against open derivative positions at December&nbsp;31, 2014 and 2013, respectively.</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 54pt;text-indent: -18pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-size:10pt;">f.</font><font style="display: inline;font-weight:bold;font-size:10pt;;font-size: 10pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"></font><font style="display: inline;font-weight:bold;font-size:3pt;"></font><font style="display: inline;font-weight:bold;font-size:10pt;">Income and Expenses Recognition</font> </p> <p style="margin:0pt 0pt 0pt 54pt;text-indent: -18pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">All of the income and expenses and realized and unrealized gains and losses on trading of commodity interests are determined on each valuation day and allocated to the Feeder at the time of such determination.</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 54pt;text-indent: -18pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-size:10pt;">g.</font><font style="display: inline;font-weight:bold;font-size:10pt;;font-size: 10pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"></font><font style="display: inline;font-weight:bold;font-size:3pt;"></font><font style="display: inline;font-weight:bold;font-size:10pt;">Master Fund Expenses</font> </p> <p style="margin:0pt 0pt 0pt 54pt;text-indent: -18pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">The Master Fund bears all expenses incurred in its business, including, but not limited to, the following: all costs and expenses related to portfolio transactions and positions for the Master Fund&#x2019;s account; legal fees; accounting and auditing fees; custodial fees; costs of computing the Master Fund&#x2019;s member&#x2019;s capital value, including valuation services provided by third parties; all costs with respect to communications to investors; and other types of expenses approved by the member.</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 54pt;text-indent: -18pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-size:10pt;">h.</font><font style="display: inline;font-weight:bold;font-size:10pt;;font-size: 10pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"></font><font style="display: inline;font-weight:bold;font-size:3pt;"></font><font style="display: inline;font-weight:bold;font-size:10pt;">Member&#x2019;s Capital Value</font> </p> <p style="margin:0pt 0pt 0pt 54pt;text-indent: -18pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Member&#x2019;s capital of the Master Fund is calculated by the Administrator as of the close of business at the end of any fiscal period in accordance with the valuation principles set forth below or as may be determined from time to time pursuant to policies established by the member.</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Profits and losses from trading in the Master Fund, net of transaction fees, will be allocated pro rata to the capital account of the Feeder based on the member&#x2019;s capital in the capital account compared to the aggregate member&#x2019;s capital of all other capital accounts in the Master Fund.&nbsp;&nbsp;The Master Fund&#x2019;s expenses will be charged pro rata to the capital accounts of the Feeder.</font> </p> <p style="margin:0pt;text-align:center;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 54pt;text-indent: -18pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-size:10pt;">i.</font><font style="display: inline;font-weight:bold;font-size:10pt;;font-size: 10pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"></font><font style="display: inline;font-weight:bold;font-size:3pt;"></font><font style="display: inline;font-weight:bold;font-size:10pt;">Income Taxes</font> </p> <p style="margin:0pt 0pt 0pt 54pt;text-indent: -18pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">The Master Fund is classified as a partnership for U.S. federal income tax purposes and will not pay U.S. federal income tax.&nbsp;&nbsp;As a result, no income tax liability or expense has been recorded in the financial statements.</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">U.S. GAAP provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements and requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Master Fund&#x2019;s financial statements to determine whether the tax positions are &#x201C;more-likely-than not&#x201D; to be sustained by the applicable tax authority.</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Tax positions with respect to tax at the Master Fund level not deemed to meet the &#x201C;more-likely-than not&#x201D; threshold would be recorded as a tax benefit or expense in the current year.&nbsp;&nbsp;Management has analyzed the Master Fund&#x2019;s tax positions for the open tax period and has concluded that no provision is required in the Master Fund&#x2019;s financial statements.&nbsp;&nbsp;The Master Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations.&nbsp;&nbsp;For the year ended December&nbsp;31, 2014 and for the period from February&nbsp;19, 2013 (commencement of trading operations) to December&nbsp;31, 2013, the Master Fund did not incur any interest or penalties.</font> </p> <p style="margin:0pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 36pt;text-indent: -36pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p><font size="1"> </font></p> </div> </div> <div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:0pt 0pt 0pt 36pt;text-indent: -36pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-size:10pt;">7.</font><font style="display: inline;font-weight:bold;font-size:10pt;;font-size: 10pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 30pt 0pt 0pt;"></font><font style="display: inline;font-weight:bold;font-size:3pt;"></font><font style="display: inline;font-weight:bold;font-size:10pt;">Subsequent Events</font> </p> <p style="margin:0pt 0pt 0pt 36pt;text-indent: -36pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Management has evaluated the impact of all subsequent events on the Fund through March&nbsp;16, 2015, the date these financial statements were available to be issued.&nbsp;&nbsp;Subsequent to year end additional subscriptions were received from the non-managing members totaling $19,214,590.&nbsp;&nbsp;Subsequent to year end redemptions were paid to the non-managing members totaling $174,011.&nbsp;&nbsp;Management has determined that there were no additional subsequent events requiring recognition or disclosure in the financial statements.</font> </p> <p style="margin:0pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p><font size="1"> </font></p> </div> </div> <div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:0pt 0pt 0pt 36pt;text-indent: -36pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-size:10pt;">8.</font><font style="display: inline;font-weight:bold;font-size:10pt;;font-size: 10pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 30pt 0pt 0pt;"></font><font style="display: inline;font-weight:bold;font-size:3pt;"></font><font style="display: inline;font-weight:bold;font-size:10pt;">Subsequent Events</font> </p> <p style="margin:0pt 0pt 0pt 36pt;text-indent: -36pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Management has evaluated the impact of all subsequent events on the Master Fund through March&nbsp;16, 2015, the date these financial statements were available to be issued.&nbsp;&nbsp;Subsequent to year end additional subscriptions were received from the Fund totaling $25,126,090.&nbsp;&nbsp;Subsequent to year end redemptions were paid to the Fund totaling $670,025.&nbsp;&nbsp;Management has determined that there were no additional subsequent events requiring recognition or disclosure in the financial statements.</font> </p> <p style="margin:0pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p><font size="1"> </font></p> </div> </div> 1772152 20608567 <div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:0pt 0pt 0pt 54pt;text-indent: -18pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-size:10pt;">a.</font><font style="display: inline;font-weight:bold;font-size:10pt;;font-size: 10pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"></font><font style="display: inline;font-weight:bold;font-size:3pt;"></font><font style="display: inline;font-weight:bold;font-size:10pt;">Use of Estimates</font> </p> <p style="margin:0pt 0pt 0pt 54pt;text-indent: -18pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">The preparation of financial statements and accompanying notes in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in members&#x2019; capital from operations during the reporting period.&nbsp;&nbsp;Actual results could differ from those estimates.</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p><font size="1"> </font></p> </div> </div> <div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:0pt 0pt 0pt 54pt;text-indent: -18pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-size:10pt;">a.</font><font style="display: inline;font-weight:bold;font-size:10pt;;font-size: 10pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"></font><font style="display: inline;font-weight:bold;font-size:3pt;"></font><font style="display: inline;font-weight:bold;font-size:10pt;">Use of Estimates</font> </p> <p style="margin:0pt 0pt 0pt 54pt;text-indent: -18pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">The preparation of financial statements and accompanying notes in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in member&#x2019;s capital from operations during the reporting period.&nbsp;&nbsp;Actual results could differ from those estimates.</font> </p> <p style="margin:0pt 0pt 0pt 36pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p><font size="1"> </font></p> </div> </div> The ratios to average members’ capital are annualized. The average members’ capital used in the above ratios are calculated by using members’ capital after periodend withdrawals. Per share operating performance is calculated on a monthly basis by dividing each line item by the outstanding units at monthend prior to the reduction of redeemed units. Total return assumes a purchase of an interest in the Fund at the beginning of the period and a sale of the Fund interest on the last day of the period noted. For the period from February 19, 2013 (commencement of trading operations) through December 31, 2013, where the period is less than the fiscal year, total return has not been annualized. Net realized and unrealized gain/(loss) from investment activities has been adjusted to reflect organization costs amortized over 24 months for the purpose of subscriptions and redemptions (Note 5). 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Significant Accounting Policies (Details) - Sydling (USD $)
 1 Months Ended 9 Months Ended 12 Months Ended 10 Months Ended
Mar. 31, 2013
Dec. 31, 2013
Dec. 31, 2014
Dec. 31, 2013
ASSET        
Income tax liability or expense $ 0us-gaap_IncomeTaxExpenseBenefit $ 0us-gaap_IncomeTaxExpenseBenefit $ 0us-gaap_IncomeTaxExpenseBenefit  
Sydling WNT Master Fund LLC        
ASSET        
Amount of transfers amongst levels 1, 2 and 3 of the valuation hierarchy     0cavf_FairValueAssetsAndLiabilitiesTransfersAmount
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember		 0cavf_FairValueAssetsAndLiabilitiesTransfersAmount
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Cash equivalents   0us-gaap_CashEquivalentsAtCarryingValue
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= cavf_SydlingWNTMasterFundLLCMember
Cash margin   5,352,928us-gaap_RestrictedCashAndCashEquivalents
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember		 10,545,800us-gaap_RestrictedCashAndCashEquivalents
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= cavf_SydlingWNTMasterFundLLCMember		 5,352,928us-gaap_RestrictedCashAndCashEquivalents
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= cavf_SydlingWNTMasterFundLLCMember
Income tax liability or expense     0us-gaap_IncomeTaxExpenseBenefit
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= cavf_SydlingWNTMasterFundLLCMember		  
Sydling WNT Master Fund LLC | Recurring Basis | Total Fair Value        
ASSET        
Total Assets   2,096,940us-gaap_DerivativeFairValueOfDerivativeAssetAmountNotOffsetAgainstCollateral
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Sydling WNT Master Fund LLC | Recurring Basis | Total Fair Value | Futures Contracts        
ASSET        
Total Assets   2,096,940us-gaap_DerivativeFairValueOfDerivativeAssetAmountNotOffsetAgainstCollateral
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Sydling WNT Master Fund LLC | Recurring Basis | Level 1        
ASSET        
Total Assets   2,096,940us-gaap_DerivativeFairValueOfDerivativeAssetAmountNotOffsetAgainstCollateral
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Sydling WNT Master Fund LLC | Recurring Basis | Level 1 | Futures Contracts        
ASSET        
Total Assets   $ 2,096,940us-gaap_DerivativeFairValueOfDerivativeAssetAmountNotOffsetAgainstCollateral
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Trading Activities - Sydling (Sydling WNT Master Fund LLC)
 12 Months Ended
Dec. 31, 2014
Sydling WNT Master Fund LLC
  
Trading Activities  
Trading Activities

6.Trading Activities

 

The Master Fund was formed for the purpose of trading contacts in a variety of commodity interests, including derivative financial instruments and derivative commodity instruments.  The results of the Master Fund’s trading activities are shown in the Statements of Operations.

 

The Customer Agreement between the Master Fund and UBS gives the Master Fund the legal right to net unrealized gains and losses on open futures contracts.  Futures contracts are executed on exchanges and are typically liquidated by entering into offsetting contracts.  The Master Fund nets, for financial reporting purposes, the unrealized gains and losses on open futures contracts on the Statements of Financial Condition.

 

All of the commodity interests owned by the Master Fund are held for trading purposes.  The average number of futures contracts traded for the year ended December 31, 2014 and for the period from February 19, 2013 (commencement of trading operations) to December 31, 2013, based on a monthly calculation, was 2,651 and 1,149, respectively.

 

The Master Fund follows authoritative standards of accounting for derivative instruments, which establish disclosure requirements for entities to present enhanced information in order to provide users of financial statements with an improved degree of transparency and understanding of how and why an entity uses derivative instruments, how derivative instruments are accounted for, and how derivative instruments affect an entity’s financial position, results of operations and its cash flows.  In order to provide such information to financial statement users, the Master Fund provides qualitative disclosures about an entity’s associated risk exposures, quantitative disclosures about fair value amounts of derivative instruments and the gains and losses from derivative instruments.

 

The following table indicated the gross fair values of derivative instruments of futures contracts as separate assets and liabilities as of December 31, 2014 and 2013.

 

 

 

December 31, 2014

 

December 31, 2013

 

ASSETS

 

 

 

 

 

Futures Contracts

 

 

 

 

 

Currencies

 

$
1,153,935

 

$
527,958

 

Energy

 
1,058,034

 
53,283

 

Financials

 
2,418,331

 
128,028

 

Grains

 
191,418

 
280,638

 

Index

 
1,337,472

 
1,611,382

 

Industrials

 
693

 

—

 

Materials

 
1,385

 

—

 

Meats

 
72,730

 
1,150

 

Metals

 
329,744

 
191,061

 

Total unrealized appreciation on open futures contracts

 

$
6,563,742

 

$
2,793,500

 

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

Futures Contracts

 

 

 

 

 

Currencies

 

$
(5,540

)

$
(10,366

)

Energy

 
(485,510

)
(44,690

)

Financials

 
(332,427

)
(510,504

)

Grains

 
(116,030

)
(63,231

)

Index

 
(311,207

)
(1,288

)

Industrials

 

—

 
(396

)

Materials

 
(330

)
(10,675

)

Meats

 
(63,853

)
(25,960

)

Metals

 
(257,283

)
(29,450

)

Total unrealized depreciation on open futures contracts

 

$
(1,572,180

)

$
(696,560

)

 

 

 

 

 

 

Net unrealized appreciation on open futures contracts*

 

$
4,991,562

 

$
2,096,940

 

 

* These amounts are shown in “Net unrealized appreciation on open futures contracts” on the Statements of Financial Condition.

 

The following table indicates the trading gains and losses, by market sector, on derivative instruments for the year ended December 31, 2014 and for the period from February 19, 2013 (commencement of trading operations) to December 31, 2013.

 

 

 

For the year ended

 

For the period ended

 

 

 

December 31, 2014

 

December 31, 2013

 

 

 

Gain (loss)

 

Gain (loss)

 

Sector

 

from trading

 

from trading

 

Currencies

 

$
4,729,007

 

$
808,460

 

Energy

 
6,768,173

 
(1,016,108

)

Financials

 
13,315,461

 
(2,394,770

)

Grains

 
(2,109,878

)
848,011

 

Index

 
(332,006

)
4,549,702

 

Industrials

 
(3,740

)
(20,075

)

Materials

 
(82,840

)
(44,605

)

Meats

 
865,117

 
32,135

 

Metals

 
353,895

 
1,106,342

 

 

 

$
23,503,189

**

$
3,869,092

**

 

** These amounts are shown in “Net Realized and Unrealized Gain from Derivative Instruments” on the Statements of Operations.

 

The volume of activity of futures contracts that are presented in the Condensed Schedule of Investments is consistent with the average daily activity during the year ended December 31, 2014 and the period ended December 31, 2013.

 

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XML 22 R42.htm IDEA: XBRL DOCUMENT v2.4.1.9
Trading Activities (Details) - Sydling (Sydling WNT Master Fund LLC, USD $)
 10 Months Ended 12 Months Ended
Dec. 31, 2013
Dec. 31, 2014
Trading gains and losses, by market sector, on derivative instruments    
Gain/(loss) from trading $ 3,869,092us-gaap_GainLossOnDerivativeInstrumentsHeldForTradingPurposesNet $ 23,503,189us-gaap_GainLossOnDerivativeInstrumentsHeldForTradingPurposesNet
CURRENCIES
    
Trading gains and losses, by market sector, on derivative instruments    
Gain/(loss) from trading 808,460us-gaap_GainLossOnDerivativeInstrumentsHeldForTradingPurposesNet
/ invest_InvestmentSectorAxis
= us-gaap_ForeignExchangeContractMember
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember		 4,729,007us-gaap_GainLossOnDerivativeInstrumentsHeldForTradingPurposesNet
/ invest_InvestmentSectorAxis
= us-gaap_ForeignExchangeContractMember
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember
ENERGY
    
Trading gains and losses, by market sector, on derivative instruments    
Gain/(loss) from trading (1,016,108)us-gaap_GainLossOnDerivativeInstrumentsHeldForTradingPurposesNet
/ invest_InvestmentSectorAxis
= us-gaap_EnergyRelatedDerivativeMember
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember		 6,768,173us-gaap_GainLossOnDerivativeInstrumentsHeldForTradingPurposesNet
/ invest_InvestmentSectorAxis
= us-gaap_EnergyRelatedDerivativeMember
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember
FINANCIALS
    
Trading gains and losses, by market sector, on derivative instruments    
Gain/(loss) from trading (2,394,770)us-gaap_GainLossOnDerivativeInstrumentsHeldForTradingPurposesNet
/ invest_InvestmentSectorAxis
= cavf_FinancialsMember
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember		 13,315,461us-gaap_GainLossOnDerivativeInstrumentsHeldForTradingPurposesNet
/ invest_InvestmentSectorAxis
= cavf_FinancialsMember
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember
GRAINS
    
Trading gains and losses, by market sector, on derivative instruments    
Gain/(loss) from trading 848,011us-gaap_GainLossOnDerivativeInstrumentsHeldForTradingPurposesNet
/ invest_InvestmentSectorAxis
= cavf_GrainMember
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember		 (2,109,878)us-gaap_GainLossOnDerivativeInstrumentsHeldForTradingPurposesNet
/ invest_InvestmentSectorAxis
= cavf_GrainMember
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember
INDEX
    
Trading gains and losses, by market sector, on derivative instruments    
Gain/(loss) from trading 4,549,702us-gaap_GainLossOnDerivativeInstrumentsHeldForTradingPurposesNet
/ invest_InvestmentSectorAxis
= us-gaap_ExchangeTradedFundsMember
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember		 (332,006)us-gaap_GainLossOnDerivativeInstrumentsHeldForTradingPurposesNet
/ invest_InvestmentSectorAxis
= us-gaap_ExchangeTradedFundsMember
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember
INDUSTRIALS
    
Trading gains and losses, by market sector, on derivative instruments    
Gain/(loss) from trading (20,075)us-gaap_GainLossOnDerivativeInstrumentsHeldForTradingPurposesNet
/ invest_InvestmentSectorAxis
= cavf_IndustrialMember
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember		 (3,740)us-gaap_GainLossOnDerivativeInstrumentsHeldForTradingPurposesNet
/ invest_InvestmentSectorAxis
= cavf_IndustrialMember
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember
MATERIALS
    
Trading gains and losses, by market sector, on derivative instruments    
Gain/(loss) from trading (44,605)us-gaap_GainLossOnDerivativeInstrumentsHeldForTradingPurposesNet
/ invest_InvestmentSectorAxis
= cavf_MaterialsMember
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember		 (82,840)us-gaap_GainLossOnDerivativeInstrumentsHeldForTradingPurposesNet
/ invest_InvestmentSectorAxis
= cavf_MaterialsMember
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember
MEATS
    
Trading gains and losses, by market sector, on derivative instruments    
Gain/(loss) from trading 32,135us-gaap_GainLossOnDerivativeInstrumentsHeldForTradingPurposesNet
/ invest_InvestmentSectorAxis
= cavf_MeatMember
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember		 865,117us-gaap_GainLossOnDerivativeInstrumentsHeldForTradingPurposesNet
/ invest_InvestmentSectorAxis
= cavf_MeatMember
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember
METALS
    
Trading gains and losses, by market sector, on derivative instruments    
Gain/(loss) from trading 1,106,342us-gaap_GainLossOnDerivativeInstrumentsHeldForTradingPurposesNet
/ invest_InvestmentSectorAxis
= cavf_MetalMember
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember		 353,895us-gaap_GainLossOnDerivativeInstrumentsHeldForTradingPurposesNet
/ invest_InvestmentSectorAxis
= cavf_MetalMember
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember
Futures Contracts
    
Gross fair values of derivative instruments of futures and options contracts as separate assets and liabilities    
Monthly average number of derivative contracts traded 1,149cavf_DerivativeAverageNumberOfInstrumentsTraded
/ us-gaap_DerivativeByNatureAxis
= us-gaap_FutureMember
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember		 2,651cavf_DerivativeAverageNumberOfInstrumentsTraded
/ us-gaap_DerivativeByNatureAxis
= us-gaap_FutureMember
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember
ASSETS    
Total unrealized appreciation on open futures contracts 2,793,500us-gaap_DerivativeFairValueOfDerivativeAsset
/ us-gaap_DerivativeByNatureAxis
= us-gaap_FutureMember
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember		 6,563,742us-gaap_DerivativeFairValueOfDerivativeAsset
/ us-gaap_DerivativeByNatureAxis
= us-gaap_FutureMember
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember
LIABILITIES    
Total unrealized depreciation on open futures contracts (696,560)us-gaap_DerivativeFairValueOfDerivativeLiability
/ us-gaap_DerivativeByNatureAxis
= us-gaap_FutureMember
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember		 (1,572,180)us-gaap_DerivativeFairValueOfDerivativeLiability
/ us-gaap_DerivativeByNatureAxis
= us-gaap_FutureMember
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember
TOTAL FUTURES CONTRACTS 2,096,940us-gaap_DerivativeAssetsLiabilitiesAtFairValueNet
/ us-gaap_DerivativeByNatureAxis
= us-gaap_FutureMember
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember		 4,991,562us-gaap_DerivativeAssetsLiabilitiesAtFairValueNet
/ us-gaap_DerivativeByNatureAxis
= us-gaap_FutureMember
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember
Futures Contracts | CURRENCIES
    
ASSETS    
Total unrealized appreciation on open futures contracts 527,958us-gaap_DerivativeFairValueOfDerivativeAsset
/ us-gaap_DerivativeByNatureAxis
= us-gaap_FutureMember
/ invest_InvestmentSectorAxis
= us-gaap_ForeignExchangeContractMember
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember		 1,153,935us-gaap_DerivativeFairValueOfDerivativeAsset
/ us-gaap_DerivativeByNatureAxis
= us-gaap_FutureMember
/ invest_InvestmentSectorAxis
= us-gaap_ForeignExchangeContractMember
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember
LIABILITIES    
Total unrealized depreciation on open futures contracts (10,366)us-gaap_DerivativeFairValueOfDerivativeLiability
/ us-gaap_DerivativeByNatureAxis
= us-gaap_FutureMember
/ invest_InvestmentSectorAxis
= us-gaap_ForeignExchangeContractMember
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember		 (5,540)us-gaap_DerivativeFairValueOfDerivativeLiability
/ us-gaap_DerivativeByNatureAxis
= us-gaap_FutureMember
/ invest_InvestmentSectorAxis
= us-gaap_ForeignExchangeContractMember
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember
Futures Contracts | ENERGY
    
ASSETS    
Total unrealized appreciation on open futures contracts 53,283us-gaap_DerivativeFairValueOfDerivativeAsset
/ us-gaap_DerivativeByNatureAxis
= us-gaap_FutureMember
/ invest_InvestmentSectorAxis
= us-gaap_EnergyRelatedDerivativeMember
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember		 1,058,034us-gaap_DerivativeFairValueOfDerivativeAsset
/ us-gaap_DerivativeByNatureAxis
= us-gaap_FutureMember
/ invest_InvestmentSectorAxis
= us-gaap_EnergyRelatedDerivativeMember
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember
LIABILITIES    
Total unrealized depreciation on open futures contracts (44,690)us-gaap_DerivativeFairValueOfDerivativeLiability
/ us-gaap_DerivativeByNatureAxis
= us-gaap_FutureMember
/ invest_InvestmentSectorAxis
= us-gaap_EnergyRelatedDerivativeMember
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember		 (485,510)us-gaap_DerivativeFairValueOfDerivativeLiability
/ us-gaap_DerivativeByNatureAxis
= us-gaap_FutureMember
/ invest_InvestmentSectorAxis
= us-gaap_EnergyRelatedDerivativeMember
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember
Futures Contracts | FINANCIALS
    
ASSETS    
Total unrealized appreciation on open futures contracts 128,028us-gaap_DerivativeFairValueOfDerivativeAsset
/ us-gaap_DerivativeByNatureAxis
= us-gaap_FutureMember
/ invest_InvestmentSectorAxis
= cavf_FinancialsMember
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember		 2,418,331us-gaap_DerivativeFairValueOfDerivativeAsset
/ us-gaap_DerivativeByNatureAxis
= us-gaap_FutureMember
/ invest_InvestmentSectorAxis
= cavf_FinancialsMember
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember
LIABILITIES    
Total unrealized depreciation on open futures contracts (510,504)us-gaap_DerivativeFairValueOfDerivativeLiability
/ us-gaap_DerivativeByNatureAxis
= us-gaap_FutureMember
/ invest_InvestmentSectorAxis
= cavf_FinancialsMember
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember		 (332,427)us-gaap_DerivativeFairValueOfDerivativeLiability
/ us-gaap_DerivativeByNatureAxis
= us-gaap_FutureMember
/ invest_InvestmentSectorAxis
= cavf_FinancialsMember
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember
Futures Contracts | GRAINS
    
ASSETS    
Total unrealized appreciation on open futures contracts 280,638us-gaap_DerivativeFairValueOfDerivativeAsset
/ us-gaap_DerivativeByNatureAxis
= us-gaap_FutureMember
/ invest_InvestmentSectorAxis
= cavf_GrainMember
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember		 191,418us-gaap_DerivativeFairValueOfDerivativeAsset
/ us-gaap_DerivativeByNatureAxis
= us-gaap_FutureMember
/ invest_InvestmentSectorAxis
= cavf_GrainMember
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember
LIABILITIES    
Total unrealized depreciation on open futures contracts (63,231)us-gaap_DerivativeFairValueOfDerivativeLiability
/ us-gaap_DerivativeByNatureAxis
= us-gaap_FutureMember
/ invest_InvestmentSectorAxis
= cavf_GrainMember
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember		 (116,030)us-gaap_DerivativeFairValueOfDerivativeLiability
/ us-gaap_DerivativeByNatureAxis
= us-gaap_FutureMember
/ invest_InvestmentSectorAxis
= cavf_GrainMember
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember
Futures Contracts | INDEX
    
ASSETS    
Total unrealized appreciation on open futures contracts 1,611,382us-gaap_DerivativeFairValueOfDerivativeAsset
/ us-gaap_DerivativeByNatureAxis
= us-gaap_FutureMember
/ invest_InvestmentSectorAxis
= us-gaap_ExchangeTradedFundsMember
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember		 1,337,472us-gaap_DerivativeFairValueOfDerivativeAsset
/ us-gaap_DerivativeByNatureAxis
= us-gaap_FutureMember
/ invest_InvestmentSectorAxis
= us-gaap_ExchangeTradedFundsMember
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember
LIABILITIES    
Total unrealized depreciation on open futures contracts (1,288)us-gaap_DerivativeFairValueOfDerivativeLiability
/ us-gaap_DerivativeByNatureAxis
= us-gaap_FutureMember
/ invest_InvestmentSectorAxis
= us-gaap_ExchangeTradedFundsMember
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember		 (311,207)us-gaap_DerivativeFairValueOfDerivativeLiability
/ us-gaap_DerivativeByNatureAxis
= us-gaap_FutureMember
/ invest_InvestmentSectorAxis
= us-gaap_ExchangeTradedFundsMember
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember
Futures Contracts | INDUSTRIALS
    
ASSETS    
Total unrealized appreciation on open futures contracts   693us-gaap_DerivativeFairValueOfDerivativeAsset
/ us-gaap_DerivativeByNatureAxis
= us-gaap_FutureMember
/ invest_InvestmentSectorAxis
= cavf_IndustrialMember
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember
LIABILITIES    
Total unrealized depreciation on open futures contracts (396)us-gaap_DerivativeFairValueOfDerivativeLiability
/ us-gaap_DerivativeByNatureAxis
= us-gaap_FutureMember
/ invest_InvestmentSectorAxis
= cavf_IndustrialMember
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember		  
Futures Contracts | MATERIALS
    
ASSETS    
Total unrealized appreciation on open futures contracts   1,385us-gaap_DerivativeFairValueOfDerivativeAsset
/ us-gaap_DerivativeByNatureAxis
= us-gaap_FutureMember
/ invest_InvestmentSectorAxis
= cavf_MaterialsMember
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember
LIABILITIES    
Total unrealized depreciation on open futures contracts (10,675)us-gaap_DerivativeFairValueOfDerivativeLiability
/ us-gaap_DerivativeByNatureAxis
= us-gaap_FutureMember
/ invest_InvestmentSectorAxis
= cavf_MaterialsMember
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember		 (330)us-gaap_DerivativeFairValueOfDerivativeLiability
/ us-gaap_DerivativeByNatureAxis
= us-gaap_FutureMember
/ invest_InvestmentSectorAxis
= cavf_MaterialsMember
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember
Futures Contracts | MEATS
    
ASSETS    
Total unrealized appreciation on open futures contracts 1,150us-gaap_DerivativeFairValueOfDerivativeAsset
/ us-gaap_DerivativeByNatureAxis
= us-gaap_FutureMember
/ invest_InvestmentSectorAxis
= cavf_MeatMember
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember		 72,730us-gaap_DerivativeFairValueOfDerivativeAsset
/ us-gaap_DerivativeByNatureAxis
= us-gaap_FutureMember
/ invest_InvestmentSectorAxis
= cavf_MeatMember
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember
LIABILITIES    
Total unrealized depreciation on open futures contracts (25,960)us-gaap_DerivativeFairValueOfDerivativeLiability
/ us-gaap_DerivativeByNatureAxis
= us-gaap_FutureMember
/ invest_InvestmentSectorAxis
= cavf_MeatMember
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember		 (63,853)us-gaap_DerivativeFairValueOfDerivativeLiability
/ us-gaap_DerivativeByNatureAxis
= us-gaap_FutureMember
/ invest_InvestmentSectorAxis
= cavf_MeatMember
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember
Futures Contracts | METALS
    
ASSETS    
Total unrealized appreciation on open futures contracts 191,061us-gaap_DerivativeFairValueOfDerivativeAsset
/ us-gaap_DerivativeByNatureAxis
= us-gaap_FutureMember
/ invest_InvestmentSectorAxis
= cavf_MetalMember
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember		 329,744us-gaap_DerivativeFairValueOfDerivativeAsset
/ us-gaap_DerivativeByNatureAxis
= us-gaap_FutureMember
/ invest_InvestmentSectorAxis
= cavf_MetalMember
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember
LIABILITIES    
Total unrealized depreciation on open futures contracts $ (29,450)us-gaap_DerivativeFairValueOfDerivativeLiability
/ us-gaap_DerivativeByNatureAxis
= us-gaap_FutureMember
/ invest_InvestmentSectorAxis
= cavf_MetalMember
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember		 $ (257,283)us-gaap_DerivativeFairValueOfDerivativeLiability
/ us-gaap_DerivativeByNatureAxis
= us-gaap_FutureMember
/ invest_InvestmentSectorAxis
= cavf_MetalMember
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember
XML 23 R37.htm IDEA: XBRL DOCUMENT v2.4.1.9
Significant Accounting Policies (Tables) - Sydling (Sydling WNT Master Fund LLC)
 12 Months Ended
Dec. 31, 2014
Sydling WNT Master Fund LLC
  
Significant Accounting Policies  
Summary of the Master Fund's investments at fair value

ASSET TABLE

 

Description

 

Total Fair Value at
December 31, 2014

 

Level 1

 

Level 2

 

Level 3

 

Futures Contracts

 

$
4,991,562 

 

$
4,991,562 

 

$

—

 

$

—

 

Total Assets

 

$
4,991,562 

 

$
4,991,562 

 

$

—

 

$

—

 

 

ASSET TABLE

 

Description

 

Total Fair Value at
December 31, 2013

 

Level 1

 

Level 2

 

Level 3

 

Futures Contracts

 

$
2,096,940 

 

$
2,096,940 

 

$

—

 

$

—

 

Total Assets

 

$
2,096,940 

 

$
2,096,940 

 

$

—

 

$

—

 

 

XML 24 R9.htm IDEA: XBRL DOCUMENT v2.4.1.9
Recent Accounting Pronouncements
 12 Months Ended
Dec. 31, 2014
Recent Accounting Pronouncements  
Recent Accounting Pronouncements

2.Recent Accounting Pronouncements

 

In June 2013, the Financial Standards Accounting Board (“FASB”) issued Accounting Standards Update 2013-08, Financial Services — Investment Companies (Topic 946): Amendments to the Scope, Measurement, and Disclosure Requirements (“ASU 2013-08”).  ASU 2013-08 clarifies the characteristics of an investment company and requires an investment company to measure non-controlling ownership interests in other investment companies at fair value and requires additional disclosures relating to investment company status, any changes thereto and information about financial support provided or contractually required to be provided to any of the investment company’s investees.  The Master Fund adopted ASU 2013-08 effective January 1, 2014, and carries its investments at fair value, and therefore, was considered to be an investment company as of and throughout the period ending December 31, 2014.  Further, the Master Fund does not hold ownership interests in other investment companies, and therefore, there is no further impact on the Master Fund’s financial statements.

 

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Subsequent Events (Details) - Sydling (USD $)
 10 Months Ended 12 Months Ended 3 Months Ended
Dec. 31, 2013
Dec. 31, 2014
Mar. 31, 2015
Sydling WNT Master Fund LLC      
Subsequent Events      
Additional subscription received $ 47,097,484cavf_NonManagingMembersSubscriptionsContributedCapital
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember		 $ 46,124,770cavf_NonManagingMembersSubscriptionsContributedCapital
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember		  
Subsequent event | Non-Managing Members      
Subsequent Events      
Additional subscription received     19,214,590cavf_NonManagingMembersSubscriptionsContributedCapital
/ us-gaap_StatementEquityComponentsAxis
= cavf_NonManagingMember
/ us-gaap_SubsequentEventTypeAxis
= us-gaap_SubsequentEventMember
Redemptions to be paid     174,011cavf_NonManagingMembersCapitalRedemptionsPaid
/ us-gaap_StatementEquityComponentsAxis
= cavf_NonManagingMember
/ us-gaap_SubsequentEventTypeAxis
= us-gaap_SubsequentEventMember
Subsequent event | Sydling WNT Master Fund LLC      
Subsequent Events      
Additional subscription received     25,126,090cavf_NonManagingMembersSubscriptionsContributedCapital
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember
/ us-gaap_SubsequentEventTypeAxis
= us-gaap_SubsequentEventMember
Redemptions to be paid     $ 670,025cavf_NonManagingMembersCapitalRedemptionsPaid
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember
/ us-gaap_SubsequentEventTypeAxis
= us-gaap_SubsequentEventMember
XML 27 R29.htm IDEA: XBRL DOCUMENT v2.4.1.9
Recent Accounting Pronouncements - Sydling
 12 Months Ended
Dec. 31, 2014
Recent Accounting Pronouncements  
Recent Accounting Pronouncements

2.Recent Accounting Pronouncements

 

In June 2013, the Financial Standards Accounting Board (“FASB”) issued Accounting Standards Update 2013-08, Financial Services — Investment Companies (Topic 946): Amendments to the Scope, Measurement, and Disclosure Requirements (“ASU 2013-08”).  ASU 2013-08 clarifies the characteristics of an investment company and requires an investment company to measure non-controlling ownership interests in other investment companies at fair value and requires additional disclosures relating to investment company status, any changes thereto and information about financial support provided or contractually required to be provided to any of the investment company’s investees.  The Master Fund adopted ASU 2013-08 effective January 1, 2014, and carries its investments at fair value, and therefore, was considered to be an investment company as of and throughout the period ending December 31, 2014.  Further, the Master Fund does not hold ownership interests in other investment companies, and therefore, there is no further impact on the Master Fund’s financial statements.

 

Sydling WNT Master Fund LLC  
Recent Accounting Pronouncements  
Recent Accounting Pronouncements

2.Recent Accounting Pronouncements

 

In June 2013, the Financial Standards Accounting Board (“FASB”) issued Accounting Standards Update 2013-08, Financial Services — Investment Companies (Topic 946): Amendments to the Scope, Measurement, and Disclosure Requirements (“ASU 2013-08”).  ASU 2013-08 clarifies the characteristics of an investment company and requires an investment company to measure non-controlling ownership interests in other investment companies at fair value and requires additional disclosures relating to investment company status, any changes thereto and information about financial support provided or contractually required to be provided to any of the investment company’s investees.  The Master Fund adopted ASU 2013-08 effective January 1, 2014, and carries its investments at fair value, and therefore, was considered to be an investment company as of and throughout the period ending December 31, 2014.  Further, the Master Fund does not hold ownership interests in other investment companies, and therefore, there is no further impact on the Master Fund’s financial statements.

 

XML 28 R28.htm IDEA: XBRL DOCUMENT v2.4.1.9
Organization - Sydling
 12 Months Ended
Dec. 31, 2014
Organization  
Organization

1.Organization

 

Cavendish Futures Fund LLC (the “Fund”) is a Delaware limited liability company formed on August 7, 2012.  Trading operations of the Fund commenced on February 19, 2013.  The Fund’s investment objective is to seek to achieve capital appreciation through speculative trading in U.S. and international futures, options on futures and forward markets.  The Fund may also engage in swap and other derivative transactions upon approval of Sydling.  The Fund invests substantially all of its assets in Sydling WNT Master Fund LLC (the “Master Fund”), also a Delaware limited liability company, that has the same investment objective as the Fund.  The financial statements of the Master Fund, including the condensed schedule of investments, are included elsewhere in this report and should be read with the Fund’s financial statements.  The percentage of the Master Fund’s capital owned by the Fund at December 31, 2014 and 2013 was 100%.  The performance of the Fund is directly affected by the performance of the Master Fund.

 

The Fund is member managed for purposes of Delaware law.  Pursuant to the limited liability company agreement of the Fund, as may be amended from time to time (the “LLC Agreement”), the members of the Fund have appointed Sydling Futures Management LLC (“Sydling”) to act as the Fund’s trading manager and commodity pool operator.  Sydling is registered as a commodity pool operator and a commodity trading advisor and is a member of the National Futures Association (“NFA”) effective August 10, 2011.  Sydling, a wholly owned subsidiary of UBS Alternatives LLC, was formed on August 4, 2011.  UBS Alternatives LLC is a wholly owned subsidiary of UBS Americas Inc. which ultimately is a subsidiary of UBS AG.

 

Winton Capital Management Limited (the “Advisor” or “WNT”) serves as the trading advisor to the Fund and the Master Fund.

 

BNY Mellon Investment Servicing (US) Inc. serves as administrator (the “Administrator”) of the Fund.

 

The Fund privately and continually offers units of limited liability company interest in the Fund to qualified investors and are generally accepted monthly.  There is no maximum number of units that may be sold in the Fund.  Sydling may reject any subscription for any reason for a reasonable period of time after receipt.  Generally, units may be redeemed on the last day of any month with five days written notice provided that such units are held for three full months.  In general, the Fund will make payment for redeemed units within ten business days following the redemption date.

 

Sydling WNT Master Fund LLC  
Organization  
Organization

1.Organization

 

Sydling WNT Master Fund LLC (the “Master Fund”) is a Delaware limited liability company formed on August 7, 2012.  Trading operations of the Master Fund commenced on February 19, 2013.  The Master Fund’s investment objective is to seek to achieve capital appreciation through speculative trading in U.S. and international futures, options on futures and forward markets.  The Fund may also engage in swap and other derivate transactions upon approval of Sydling.

 

The member of the Master Fund appointed Sydling Futures Management LLC (“Sydling”) as the member designee (the “Member Designee”) to manage the business and affairs of the Master Fund and to act as the Master Fund’s commodity pool operator.  Sydling is registered as a commodity pool operator and a commodity trading advisor and is a member of the National Futures Association (“NFA”) effective August 10, 2011.  Sydling, a wholly owned subsidiary of UBS Alternatives LLC, was formed on August 4, 2011.  UBS Alternatives LLC is a wholly owned subsidiary of UBS Americas Inc. which ultimately is a subsidiary of UBS AG.

 

The Master Fund’s investors consist exclusively of Cavendish Futures Fund LLC (the “Feeder”).  The Feeder invests substantially all of its assets in the Master Fund.

 

Winton Capital Management Limited (the “Advisor” or “WNT”) serves as the trading advisor to the Master Fund and the Feeder.

 

BNY Mellon Investment Servicing (US) Inc. serves as administrator (the “Administrator”) of the Master Fund.

 

UBS Securities LLC (“UBS”) is the commodity broker (the “Commodity Broker”) for the Master Fund.  UBS is also an affiliate of Sydling.

 

XML 29 R30.htm IDEA: XBRL DOCUMENT v2.4.1.9
Significant Accounting Policies - Sydling
 12 Months Ended
Dec. 31, 2014
Significant Accounting Policies  
Significant Accounting Policies

3.Significant Accounting Policies

 

a.Use of Estimates

 

The preparation of financial statements and accompanying notes in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in members’ capital from operations during the reporting period.  Actual results could differ from those estimates.

 

b.Statements of Cash Flows

 

The Fund is not required to provide a Statements of Cash Flows in accordance with Accounting Standard Codification (“ASC”) 230, Statement of Cash Flows.

 

c.Fair Value Measurements

 

The Fund values its investments at fair value, in accordance with U.S. GAAP, which is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

 

Various inputs are used in determining the fair value of the Fund’s investments which are summarized in the three broad levels listed below.

 

Level 1 — quoted prices (unadjusted) in active markets for identical securities.

Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment spreads, credit risk, etc.)

Level 3 — significant unobservable inputs (including the Master Fund’s own assumptions and indicative non-binding broker quotes.)

 

Fair value measurement disclosure for each class of assets and liabilities requires greater disaggregation than the Fund’s line items in the Statements of Financial Condition.  The Fund determines the appropriate classes for those disclosures on the basis of the nature and risks of the assets and liabilities and their classification in the fair value hierarchy (i.e., Level 1, Level 2, and Level 3).

 

The Fund values its investment in the Master Fund, where there are no other rights or obligations inherent within the ownership interest held by the Fund, based on the end of the day net asset value of the Master Fund (Level 2).  The value of the Fund’s investment in the Master Fund reflects its proportional interest in the Master Fund.  As of and for the year ended December 31, 2014 and the period from February 19, 2013 (commencement of trading operations) to December 31, 2013, the Fund did not hold any derivative instruments that are based on unadjusted quoted prices in active markets for identical assets (Level 2) or priced at fair value using unobservable inputs through the application of management’s assumptions and internal valuation pricing models (Level 3).

 

For disclosures regarding the Master Fund’s investments and fair value measurements, see Note 3, “Significant Accounting Policies” on the attached Master Fund’s financial statements.

 

d.Investment in Master Fund

 

The Fund records its investment in the Master Fund at fair value and is represented by the Fund’s proportionate interest in the members’ capital of the Master Fund at December 31, 2014 and 2013.  Valuation of securities held by the Master Fund is discussed in the notes to the Master Fund’s financial statements.  The Fund records its pro rata share of the Master Fund’s income, expenses and realized and unrealized gains and losses.  The performance of the Fund is directly attributable to the performance of the Master Fund.  The Fund records its subscription and redemption of the capital account related to its investment in the Master Fund on the transaction date.  The Master Fund will adjust the capital account of the Fund.  Brokerage, clearing and transaction fees are incurred by the Master Fund and are reflected in the pro rata allocation received by the Fund from the Master Fund.

 

e.Subscriptions Received in Advance

 

Subscriptions received in advance represent amount paid by the non-managing members for a percentage ownership into the Fund which have not yet been added as members’ capital as of December 31, 2014 and 2013.  The amount paid is held as cash in the Fund’s escrow account and represents the cash on the Statements of Financial Condition.

 

f.Redemptions Payable

 

Pursuant to ASC Topic 480, Distinguishing Liabilities from Equity, capital withdrawals effective December 31, 2014 and 2013 have been reflected as redemptions payable in the Statements of Financial Condition.

 

g.Income Taxes

 

The Fund is classified as a partnership for U.S. federal income tax purposes, and the Fund will not pay U.S. federal income tax.  As a result, no income tax liability or expense has been recorded in the financial statements.

 

U.S. GAAP provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements and requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Master Fund’s financial statements to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority.

 

Tax positions with respect to tax at the Master Fund level not deemed to meet the “more-likely-than-not” threshold would be recorded as a tax benefit or expense in the current year. Management has analyzed the Master Fund’s tax positions for the open tax period and has concluded that no provision is required in the Master Fund’s financial statements.  The Master Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations.  For the year ended December 31, 2014 and for the period from February 19, 2013 (commencement of trading operations) to December 31, 2013, the Master Fund did not incur any interest or penalties.

 

Sydling WNT Master Fund LLC  
Significant Accounting Policies  
Significant Accounting Policies

3.Significant Accounting Policies

 

a.Use of Estimates

 

The preparation of financial statements and accompanying notes in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in member’s capital from operations during the reporting period.  Actual results could differ from those estimates.

 

b.Statement of Cash Flows

 

The Master Fund is not required to provide a Statement of Cash Flows in accordance with Accounting Standard Codification (“ASC”) 230, Statement of Cash Flows.

 

c.Fair Value Measurements

 

The Master Fund values its investments at fair value, in accordance with U.S. GAAP, which is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

 

Various inputs are used in determining the fair value of the Master Fund’s investments which are summarized in the three broad levels listed below.

 

Level 1 — quoted prices (unadjusted) in active markets for identical assets.

Level 2 — other significant observable inputs (including quoted prices for similar assets.)

Level 3 — significant unobservable inputs (including the Master Fund’s own assumptions and indicative non-binding broker quotes.)

 

The Master Fund recognizes transfers into and out of the levels indicated above at the end of the reporting period.  During the year ended December 31, 2014 and for the period from February 19, 2013 (commencement of trading operations) to December 31, 2013, there were no transfers amongst Levels 1, 2 and 3 of the valuation hierarchy.

 

U.S. GAAP provides guidance in determining whether there has been a significant decrease in the volume and level of activity for an asset or liability when compared with normal market activity for such asset or liability (or similar assets or liabilities).  U.S. GAAP also provides guidance on identifying circumstances that indicate a transaction with regards to such an asset or liability is not orderly.  In its consideration, the Master Fund must consider inputs and valuation techniques used for each class of assets and liabilities.  Judgment is used to determine the appropriate classes of assets and liabilities for which disclosures about fair value measurements are provided.

 

Fair value measurement disclosure for each class of assets and liabilities requires greater disaggregation than the Master Fund’s line items in the Statements of Financial Condition.  The Master Fund determines the appropriate classes for those disclosures on the basis of the nature and risks of the assets and liabilities and their classification in the fair value hierarchy (i.e., Level 1, Level 2, and Level 3).

 

For assets and liabilities measured at fair value on a recurring basis during the year, the Master Fund provides quantitative disclosures about the fair value measurements separately for each class of assets and liabilities, as well as a reconciliation of beginning and ending balances of Level 3 assets and liabilities broken down by class.

 

The Master Fund considers prices for exchange-traded commodity futures, forwards and options contracts to be based on unadjusted quoted prices in active markets for identical assets (Level 1).  The values of non exchange-traded forwards, swaps and certain options contracts for which market quotations are not readily available are priced by broker-dealers who derive fair values for those assets from observable inputs (Level 2) and for those contracts that are priced using unobservable inputs through the application of management’s assumptions and internal valuation pricing models (Level 3).  As of and for the year ended December 31, 2014 and for the period from February 19, 2013 (commencement of trading operations) to December 31, 2013, the Master Fund did not hold any derivative instruments for which market quotations are not readily available and which are priced by broker-dealers who derive fair values for these assets from observable inputs (Level 2) or that are priced at fair value using unobservable inputs through the application of management’s assumptions and internal valuation pricing models (Level 3).  The gross presentation of the fair value of the Master Fund’s derivatives by instrument type is shown in Note 6, “Trading Activities”.

 

The following is a summary of the Master Fund’s investments at fair value.  The inputs or methodology used for valuing derivative instruments are not necessarily an indication of the risk associated with investing in those derivative instruments.

 

ASSET TABLE

 

Description

 

Total Fair Value at
December 31, 2014

 

Level 1

 

Level 2

 

Level 3

 

Futures Contracts

 

$
4,991,562 

 

$
4,991,562 

 

$

—

 

$

—

 

Total Assets

 

$
4,991,562 

 

$
4,991,562 

 

$

—

 

$

—

 

 

ASSET TABLE

 

Description

 

Total Fair Value at
December 31, 2013

 

Level 1

 

Level 2

 

Level 3

 

Futures Contracts

 

$
2,096,940 

 

$
2,096,940 

 

$

—

 

$

—

 

Total Assets

 

$
2,096,940 

 

$
2,096,940 

 

$

—

 

$

—

 

 

The Master Fund 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 derivable grade commodity, at a specified price on a specified future date, unless the contract is closed before the delivery date or if the delivery quantity is something where physical delivery cannot occur (such as the S&P 500 Index), whereby such contract is settled in cash.  Payments (“variation margin”) may be made or received by the Master Fund 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 Fund.  When the contract is closed, the Master Fund 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 changes in net unrealized gains (losses) on futures contracts are included in the Statements of Operations.

 

The fair value of the Master Fund’s assets and liabilities which qualify as financial instruments approximates the carrying amounts presented in the Statements of Financial Condition. 

 

d.Redemptions Payable

 

Pursuant to ASC Topic 480, Distinguishing Liabilities from Equity, capital withdrawals effective December 31, 2014 and 2013 have been reflected as redemptions payable in the Statements of Financial Condition.

 

e.Cash

 

Cash represents cash held on deposit and in segregated accounts with UBS.  The Master Fund considers all cash and short term deposits with original maturity of three months or less when purchased to be cash or cash equivalents.  There are no cash equivalents held as at December 31, 2014 and 2013.  Cash includes cash margin of $10,545,800 and $5,352,928 held by UBS against open derivative positions at December 31, 2014 and 2013, respectively.

 

f.Income and Expenses Recognition

 

All of the income and expenses and realized and unrealized gains and losses on trading of commodity interests are determined on each valuation day and allocated to the Feeder at the time of such determination.

 

g.Master Fund Expenses

 

The Master Fund bears all expenses incurred in its business, including, but not limited to, the following: all costs and expenses related to portfolio transactions and positions for the Master Fund’s account; legal fees; accounting and auditing fees; custodial fees; costs of computing the Master Fund’s member’s capital value, including valuation services provided by third parties; all costs with respect to communications to investors; and other types of expenses approved by the member.

 

h.Member’s Capital Value

 

Member’s capital of the Master Fund is calculated by the Administrator as of the close of business at the end of any fiscal period in accordance with the valuation principles set forth below or as may be determined from time to time pursuant to policies established by the member.

 

Profits and losses from trading in the Master Fund, net of transaction fees, will be allocated pro rata to the capital account of the Feeder based on the member’s capital in the capital account compared to the aggregate member’s capital of all other capital accounts in the Master Fund.  The Master Fund’s expenses will be charged pro rata to the capital accounts of the Feeder.

 

i.Income Taxes

 

The Master Fund is classified as a partnership for U.S. federal income tax purposes and will not pay U.S. federal income tax.  As a result, no income tax liability or expense has been recorded in the financial statements.

 

U.S. GAAP provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements and requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Master Fund’s financial statements to determine whether the tax positions are “more-likely-than not” to be sustained by the applicable tax authority.

 

Tax positions with respect to tax at the Master Fund level not deemed to meet the “more-likely-than not” threshold would be recorded as a tax benefit or expense in the current year.  Management has analyzed the Master Fund’s tax positions for the open tax period and has concluded that no provision is required in the Master Fund’s financial statements.  The Master Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations.  For the year ended December 31, 2014 and for the period from February 19, 2013 (commencement of trading operations) to December 31, 2013, the Master Fund did not incur any interest or penalties.

 

 

 

XML 30 R31.htm IDEA: XBRL DOCUMENT v2.4.1.9
Related Party Transactions and Other Agreements - Sydling
 12 Months Ended
Dec. 31, 2014
Related Party Transactions and Other Agreements  
Related Party Transactions and Other Agreements

4.Related Party Transactions and Other Agreements

 

a.Limited Liability Company Agreement

 

Sydling administers the business affairs of the Fund including selecting one or more advisors to make trading decisions for the Fund.  The Fund will pay Sydling a monthly administration fee in return for its services equal to 1/12 of 0.50% (0.50% per year) of month-end adjusted members’ capital of the Fund.  Month-end members’ capital, for the purpose of calculating administration fees are members’ capital, as defined in the Limited Liability Company Agreement, prior to the reduction of the current month’s incentive allocation accrual, the monthly advisory fee, Sydling’s administration fee and any redemptions or distributions as of the end of such month.  For the year ended December 31, 2014 and for the period from February 19, 2013 (commencement of trading operations) to December 31, 2013, the Fund incurred administrative fees of $388,135 and $167,207, respectively, of which $45,365, and $19,859 remained payable and is reflected on the Statements of Financial Condition as of December 31, 2014 and 2013, respectively.

 

Each unit, when purchased by a member, shall be fully paid and non-assessable.  No member shall be liable for Fund obligations in excess of the capital contributed by the member, plus such member’s share of undistributed profits, if any.

 

b.Trading Advisory Agreement

 

Sydling, on behalf of the Fund, has entered into an advisory agreement (the “Trading Advisory Agreement”) with the Advisor, a registered commodity trading advisor.  The Advisor is not affiliated with Sydling or UBS Securities LLC or its affiliates and is not responsible for the organization or operation of the Fund.  The Trading Advisory Agreement provides that the Advisor has sole discretion in determining the investment of the assets of the Fund.  During the year ended December 31, 2014 and for the period from February 19, 2013 (commencement of trading operations) to December 31, 2013, the Fund paid the Advisor a monthly advisory fee equal to 1/12 of 1.5% (1.5% per year) of month-end members’ capital of the Fund.  Month-end members’ capital, for the purpose of calculating advisory fees are members’ capital, as defined in the Limited Liability Company Agreement, prior to the reduction of the current month’s incentive allocation accrual, the monthly advisory fee, Sydling’s administration fee and any redemptions or distributions as of the end of such month.  The Trading Advisory Agreement may be terminated upon notice by either party.  For the year ended December 31, 2014 and for the period from February 19, 2013 (commencement of trading operations) to December 31, 2013, the Fund incurred advisory fees of $1,164,404 and $501,620, respectively of which $136,095 and $59,577 remained payable and is reflected on the Statements of Financial Condition as of December 31, 2014 and 2013, respectively.

 

In addition, the Advisor of the Fund receives a quarterly incentive fee equal to 20% of New Trading Profits, as defined in the Trading Advisory Agreement, earned on behalf of the Fund during each calendar quarter and are issued as special member units.  Pursuant to the Trading Advisory Agreement, the first incentive fee shall be made at end of the first full calendar quarter of trading or June 30, 2013.  The amounts of $4,172,680 and $449,717 represent the incentive fees earned on new trading profits earned for the year ended December 31, 2014 and for the period ended December 31, 2013, respectively.

 

In allocating substantially all of the assets of the Fund to the Master Fund, Sydling considered the Advisor’s past performance, trading style, volatility of markets traded and fee requirements.  Sydling may modify or terminate the allocation of assets to the Advisor at any time.

 

c.Administration Agreement

 

Sydling, on behalf of the Fund, has entered into an administration agreement with the Administrator.  The Administrator will assist Sydling in performing certain day-to-day tasks on behalf of the Fund, including but not limited to, calculating daily or periodic portfolio valuations, reconciling cash and portfolio positions, providing portfolio reporting, maintaining books and records and calculating all fund fees.  Sydling will pay a portion of the administrative fee it receives from the Fund to the Administrator.

Sydling WNT Master Fund LLC  
Related Party Transactions and Other Agreements  
Related Party Transactions and Other Agreements

4.Related Party Transactions and Other Agreements

 

a.Limited Liability Company Agreement

 

The Member Designee administers the business affairs of the Master Fund including selecting one or more advisors to make trading decisions for the Master Fund.

 

b.Trading Advisory Agreement

 

The Member Designee, on behalf of the Master Fund, has entered into an advisory agreement (the “Trading Advisory Agreement”) with the Advisor, a registered commodity trading advisor.  The Advisor is not affiliated with the Member Designee or UBS and is not responsible for the organization or operation of the Master Fund.  The Trading Advisory Agreement provides that the Advisor has sole discretion in determining the investment of the assets of the Master Fund.  All advisory fees in connection with the Trading Advisory Agreement shall be borne by the Feeder.  The Trading Advisory Agreement may be terminated upon notice by either party.

 

c.Customer Agreement

 

The Master Fund has entered into a customer agreement (the “Customer Agreement”) with UBS whereby UBS provides services which include, among other things, the execution of transactions for the Master Fund’s account in accordance with orders placed by the Advisor.

 

With respect to transactions in the Master Fund that are allocable to the Feeder, the Feeder will pay UBS a monthly brokerage fee equal to 3.5% per year of adjusted member’s capital allocated pro rata from the Master Fund.  In addition, the Feeder will pay or reimburse UBS its allocable share of all actual transaction fees (including floor brokerage, exchange, clearing, give-up, user and NFA fees) estimated at approximately 0.50% of member’s capital per year.

 

For the year ended December 31, 2014 and for the period from February 19, 2013 (commencement of trading operations) to December 31, 2013, the Master Fund incurred brokerage commissions and trading fees of $2,801,413 and $1,209,244, respectively, of which the brokerage commissions of $318,818 and $139,484 remained payable and are reflected on the Statements of Financial Condition as of December 31, 2014 and 2013, respectively.

 

 

XML 31 R8.htm IDEA: XBRL DOCUMENT v2.4.1.9
Organization
 12 Months Ended
Dec. 31, 2014
Organization  
Organization

1.Organization

 

Cavendish Futures Fund LLC (the “Fund”) is a Delaware limited liability company formed on August 7, 2012.  Trading operations of the Fund commenced on February 19, 2013.  The Fund’s investment objective is to seek to achieve capital appreciation through speculative trading in U.S. and international futures, options on futures and forward markets.  The Fund may also engage in swap and other derivative transactions upon approval of Sydling.  The Fund invests substantially all of its assets in Sydling WNT Master Fund LLC (the “Master Fund”), also a Delaware limited liability company, that has the same investment objective as the Fund.  The financial statements of the Master Fund, including the condensed schedule of investments, are included elsewhere in this report and should be read with the Fund’s financial statements.  The percentage of the Master Fund’s capital owned by the Fund at December 31, 2014 and 2013 was 100%.  The performance of the Fund is directly affected by the performance of the Master Fund.

 

The Fund is member managed for purposes of Delaware law.  Pursuant to the limited liability company agreement of the Fund, as may be amended from time to time (the “LLC Agreement”), the members of the Fund have appointed Sydling Futures Management LLC (“Sydling”) to act as the Fund’s trading manager and commodity pool operator.  Sydling is registered as a commodity pool operator and a commodity trading advisor and is a member of the National Futures Association (“NFA”) effective August 10, 2011.  Sydling, a wholly owned subsidiary of UBS Alternatives LLC, was formed on August 4, 2011.  UBS Alternatives LLC is a wholly owned subsidiary of UBS Americas Inc. which ultimately is a subsidiary of UBS AG.

 

Winton Capital Management Limited (the “Advisor” or “WNT”) serves as the trading advisor to the Fund and the Master Fund.

 

BNY Mellon Investment Servicing (US) Inc. serves as administrator (the “Administrator”) of the Fund.

 

The Fund privately and continually offers units of limited liability company interest in the Fund to qualified investors and are generally accepted monthly.  There is no maximum number of units that may be sold in the Fund.  Sydling may reject any subscription for any reason for a reasonable period of time after receipt.  Generally, units may be redeemed on the last day of any month with five days written notice provided that such units are held for three full months.  In general, the Fund will make payment for redeemed units within ten business days following the redemption date.

 

XML 32 R32.htm IDEA: XBRL DOCUMENT v2.4.1.9
Organization Costs - Sydling
 12 Months Ended
Dec. 31, 2014
Organization Costs  
Organization Costs

5.Organization Costs

 

In 2013, organization costs of $181,566 relating to the issuance and marketing of the Fund’s units offered were initially paid by UBS Financial Services Inc. (“UBSFSI”).  These costs have been recorded as organization costs in the Statements of Financial Condition and represent the amount due to UBSFSI.  These costs are being reimbursed to UBSFSI by the Fund in 24 monthly installments.  The monthly installments will reduce the members’ capital for the purpose of calculating administrative and advisory fees and the incentive allocation.

 

As of December 31, 2014 and 2013, $166,435 and $75,651, respectively of these costs have been reimbursed to UBSFSI by the Fund.  The remaining liability due to UBSFSI will not reduce the net asset value per unit (“NAV”) for any purpose other than financial reporting, including calculation of administrative and advisory fees, incentive allocation and the redemption/subscription value of units.

 

Sydling WNT Master Fund LLC  
Organization Costs  
Organization Costs

5.Organization Costs

 

In 2013, organization costs of $11,955 relating to the formation of the Master Fund were initially paid by UBS Financial Services Inc., an affiliate of Sydling and a selling agent for the Feeder.

 

XML 33 R40.htm IDEA: XBRL DOCUMENT v2.4.1.9
Related Party Transactions and Other Agreements (Details) - Sydling (Sydling WNT Master Fund LLC, USD $)
 10 Months Ended 12 Months Ended
Dec. 31, 2013
Dec. 31, 2014
Related Party Transactions and Other Agreements    
Brokerage, clearing and transaction fees $ 1,209,244us-gaap_PaymentsForBrokerageFees $ 2,801,413us-gaap_PaymentsForBrokerageFees
Brokerage commissions payable 139,484us-gaap_CommissionsPayableToBrokerDealersAndClearingOrganizations 318,818us-gaap_CommissionsPayableToBrokerDealersAndClearingOrganizations
Limited Liability Company Agreement | Minimum
    
Related Party Transactions and Other Agreements    
Number of advisors selected to make trading decisions   1cavf_NumberOfAdvisorsSelectedToMakeTradingDecisions
/ us-gaap_RangeAxis
= us-gaap_MinimumMember
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember
/ us-gaap_TypeOfArrangementAxis
= cavf_LimitedLiabilityCompanyAgreementMember
Customer Agreement
    
Related Party Transactions and Other Agreements    
Annual brokerage fee payable by Feeder as a percentage of adjusted member's capital   3.50%cavf_AnnualBrokerageFeesAsPercentageOfAdjustedMembersCapital
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember
/ us-gaap_TypeOfArrangementAxis
= cavf_CustomerAgreementMember
Annual transaction fees as a percentage of member's capital   0.50%cavf_AnnualTransactionFeesAsPercentageOfMembersCapital
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember
/ us-gaap_TypeOfArrangementAxis
= cavf_CustomerAgreementMember
Brokerage, clearing and transaction fees 318,818us-gaap_PaymentsForBrokerageFees
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember
/ us-gaap_TypeOfArrangementAxis
= cavf_CustomerAgreementMember		 2,801,413us-gaap_PaymentsForBrokerageFees
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember
/ us-gaap_TypeOfArrangementAxis
= cavf_CustomerAgreementMember
Brokerage commissions payable $ 1,209,244us-gaap_CommissionsPayableToBrokerDealersAndClearingOrganizations
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember
/ us-gaap_TypeOfArrangementAxis
= cavf_CustomerAgreementMember		 $ 139,484us-gaap_CommissionsPayableToBrokerDealersAndClearingOrganizations
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember
/ us-gaap_TypeOfArrangementAxis
= cavf_CustomerAgreementMember
XML 34 R2.htm IDEA: XBRL DOCUMENT v2.4.1.9
Statements of Financial Condition (USD $)
Dec. 31, 2014
Dec. 31, 2013
ASSETS    
Investment in Sydling WNT Master Fund LLC, at fair value (cost $83,859,327 and $44,508,580, respectively) $ 105,608,724cavf_InvestmentInMasterFundFairValue $ 47,033,777cavf_InvestmentInMasterFundFairValue
Cash (Note 3e) 5,973,766us-gaap_Cash 3,617,100us-gaap_Cash
Receivable from Sydling WNT Master Fund LLC 3,381,488us-gaap_AccountsReceivableNet 649,774us-gaap_AccountsReceivableNet
Total Assets 114,963,978us-gaap_Assets 51,300,651us-gaap_Assets
LIABILITIES    
Subscriptions received in advance (Note 3e) 5,911,500us-gaap_CustomerAdvancesAndDeposits 3,537,500us-gaap_CustomerAdvancesAndDeposits
Redemptions payable 58,880us-gaap_PayablesToCustomers 98,738us-gaap_PayablesToCustomers
Incentive fee payable (Note 4b) 3,027,080cavf_IncentiveFeePayable 449,717cavf_IncentiveFeePayable
Accrued expenses:    
Advisory fees (Note 4b) 136,095us-gaap_ManagementFeePayable 59,577us-gaap_ManagementFeePayable
Administrative fees (Notes 4a and 4c) 45,365cavf_AccruedAdministrativeFeesCurrentAndNoncurrent 19,859cavf_AccruedAdministrativeFeesCurrentAndNoncurrent
Professional fees and other expenses 168,768cavf_AccruedProfessionalFeesAndOtherExpense 93,917cavf_AccruedProfessionalFeesAndOtherExpense
Organizational costs (Note 5) 15,131cavf_AccruedOrganizationalCostsCurrentAndNoncurrent 105,915cavf_AccruedOrganizationalCostsCurrentAndNoncurrent
Total Liabilities 9,362,819us-gaap_Liabilities 4,365,223us-gaap_Liabilities
MEMBERS' CAPITAL    
Total Members' Capital 105,601,159us-gaap_MembersEquity 46,935,428us-gaap_MembersEquity
Total Liabilities and Members' Capital 114,963,978us-gaap_LiabilitiesAndStockholdersEquity 51,300,651us-gaap_LiabilitiesAndStockholdersEquity
Members' Capital per unit (based on 87,536.813 units and 45,631.512 units) $ 1,206.36cavf_MembersCapitalPerUnit [1] $ 1,028.57cavf_MembersCapitalPerUnit [1]
Member Designee    
MEMBERS' CAPITAL    
Total Members' Capital 30,159us-gaap_MembersEquity
/ us-gaap_StatementEquityComponentsAxis
= cavf_DesigneeMember		 25,714us-gaap_MembersEquity
/ us-gaap_StatementEquityComponentsAxis
= cavf_DesigneeMember
Non-Managing Members    
MEMBERS' CAPITAL    
Total Members' Capital $ 105,571,000us-gaap_MembersEquity
/ us-gaap_StatementEquityComponentsAxis
= cavf_NonManagingMember		 $ 46,909,714us-gaap_MembersEquity
/ us-gaap_StatementEquityComponentsAxis
= cavf_NonManagingMember
[1] Per share operating performance is calculated on a monthly basis by dividing each line item by the outstanding units at monthend prior to the reduction of redeemed units.
XML 35 R6.htm IDEA: XBRL DOCUMENT v2.4.1.9
Statements of Changes in Members' Capital (Parenthetical)
 12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Non-Managing Members    
Initial capital contributions (in units)   26,182.375cavf_RedeemableUnitsIssuedAttributableToInitialCapitalContributions
/ us-gaap_StatementEquityComponentsAxis
= cavf_NonManagingMember
Subscriptions, Units of Non-Managing Member interest (in units) 43,735.258cavf_MembersSubscriptionsContributedCapitalUnits
/ us-gaap_StatementEquityComponentsAxis
= cavf_NonManagingMember		 20,677.739cavf_MembersSubscriptionsContributedCapitalUnits
/ us-gaap_StatementEquityComponentsAxis
= cavf_NonManagingMember
Redemptions of Non-Managing Member Interest (in units) 1,829.957cavf_MembersCapitalRedemptionsUnits
/ us-gaap_StatementEquityComponentsAxis
= cavf_NonManagingMember		 1,253.602cavf_MembersCapitalRedemptionsUnits
/ us-gaap_StatementEquityComponentsAxis
= cavf_NonManagingMember
Member Designee    
Initial capital contributions (in units)   25.000cavf_RedeemableUnitsIssuedAttributableToInitialCapitalContributions
/ us-gaap_StatementEquityComponentsAxis
= cavf_DesigneeMember
XML 36 R35.htm IDEA: XBRL DOCUMENT v2.4.1.9
Subsequent Events - Sydling
 12 Months Ended
Dec. 31, 2014
Subsequent Events  
Subsequent Events

7.Subsequent Events

 

Management has evaluated the impact of all subsequent events on the Fund through March 16, 2015, the date these financial statements were available to be issued.  Subsequent to year end additional subscriptions were received from the non-managing members totaling $19,214,590.  Subsequent to year end redemptions were paid to the non-managing members totaling $174,011.  Management has determined that there were no additional subsequent events requiring recognition or disclosure in the financial statements.

 

Sydling WNT Master Fund LLC  
Subsequent Events  
Subsequent Events

8.Subsequent Events

 

Management has evaluated the impact of all subsequent events on the Master Fund through March 16, 2015, the date these financial statements were available to be issued.  Subsequent to year end additional subscriptions were received from the Fund totaling $25,126,090.  Subsequent to year end redemptions were paid to the Fund totaling $670,025.  Management has determined that there were no additional subsequent events requiring recognition or disclosure in the financial statements.

 

XML 37 R22.htm IDEA: XBRL DOCUMENT v2.4.1.9
Statements of Financial Condition - Sydling (USD $)
Dec. 31, 2014
Dec. 31, 2013
ASSETS    
Total Assets $ 114,963,978us-gaap_Assets $ 51,300,651us-gaap_Assets
LIABILITIES AND MEMBER'S CAPITAL    
Redemptions payable 58,880us-gaap_PayablesToCustomers 98,738us-gaap_PayablesToCustomers
Accrued expenses:    
Professional fees and other expenses 168,768cavf_AccruedProfessionalFeesAndOtherExpense 93,917cavf_AccruedProfessionalFeesAndOtherExpense
Total Liabilities 9,362,819us-gaap_Liabilities 4,365,223us-gaap_Liabilities
MEMBER'S CAPITAL    
Total Members' Capital 105,601,159us-gaap_MembersEquity 46,935,428us-gaap_MembersEquity
Total Liabilities and Members' Capital 114,963,978us-gaap_LiabilitiesAndStockholdersEquity 51,300,651us-gaap_LiabilitiesAndStockholdersEquity
Non-Managing Members    
MEMBER'S CAPITAL    
Total Members' Capital 105,571,000us-gaap_MembersEquity
/ us-gaap_StatementEquityComponentsAxis
= cavf_NonManagingMember		 46,909,714us-gaap_MembersEquity
/ us-gaap_StatementEquityComponentsAxis
= cavf_NonManagingMember
Sydling WNT Master Fund LLC    
ASSETS    
Cash (including restricted cash of $10,545,800 and $5,352,928, respectively) 104,413,436cavf_CashAndRestrictedCash
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember		 45,760,991cavf_CashAndRestrictedCash
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember
Net unrealized appreciation on open futures contracts 4,991,562us-gaap_FinancialInstrumentsOwnedPhysicalCommoditiesAtFairValue
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember		 2,096,940us-gaap_FinancialInstrumentsOwnedPhysicalCommoditiesAtFairValue
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember
Interest receivable 3,879us-gaap_InterestReceivable
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember		 434us-gaap_InterestReceivable
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember
Total Assets 109,408,877us-gaap_Assets
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember		 47,858,365us-gaap_Assets
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember
LIABILITIES AND MEMBER'S CAPITAL    
Redemptions payable 3,381,488us-gaap_PayablesToCustomers
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember		 649,774us-gaap_PayablesToCustomers
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember
Accrued expenses:    
Brokerage commissions 318,818us-gaap_CommissionsPayableToBrokerDealersAndClearingOrganizations
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember		 139,484us-gaap_CommissionsPayableToBrokerDealersAndClearingOrganizations
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember
Professional fees and other expenses 99,847cavf_AccruedProfessionalFeesAndOtherExpense
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember		 35,330cavf_AccruedProfessionalFeesAndOtherExpense
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember
Total Liabilities 3,800,153us-gaap_Liabilities
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember		 824,588us-gaap_Liabilities
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember
MEMBER'S CAPITAL    
Total Members' Capital 105,608,724us-gaap_MembersEquity
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember		 47,033,777us-gaap_MembersEquity
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember
Total Liabilities and Members' Capital 109,408,877us-gaap_LiabilitiesAndStockholdersEquity
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember		 47,858,365us-gaap_LiabilitiesAndStockholdersEquity
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember
Sydling WNT Master Fund LLC | Non-Managing Members    
MEMBER'S CAPITAL    
Total Members' Capital $ 105,608,724us-gaap_MembersEquity
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember
/ us-gaap_StatementEquityComponentsAxis
= cavf_NonManagingMember		 $ 47,033,777us-gaap_MembersEquity
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember
/ us-gaap_StatementEquityComponentsAxis
= cavf_NonManagingMember
XML 38 R36.htm IDEA: XBRL DOCUMENT v2.4.1.9
Significant Accounting Policies (Policies) - Sydling
 12 Months Ended
Dec. 31, 2014
Statements of Cash Flows  
Use of Estimates

a.Use of Estimates

 

The preparation of financial statements and accompanying notes in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in members’ capital from operations during the reporting period.  Actual results could differ from those estimates.

 

Statements of Cash Flows

b.Statements of Cash Flows

 

The Fund is not required to provide a Statements of Cash Flows in accordance with Accounting Standard Codification (“ASC”) 230, Statement of Cash Flows.

 

Fair Value Measurements

c.Fair Value Measurements

 

The Fund values its investments at fair value, in accordance with U.S. GAAP, which is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

 

Various inputs are used in determining the fair value of the Fund’s investments which are summarized in the three broad levels listed below.

 

Level 1 — quoted prices (unadjusted) in active markets for identical securities.

Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment spreads, credit risk, etc.)

Level 3 — significant unobservable inputs (including the Master Fund’s own assumptions and indicative non-binding broker quotes.)

 

Fair value measurement disclosure for each class of assets and liabilities requires greater disaggregation than the Fund’s line items in the Statements of Financial Condition.  The Fund determines the appropriate classes for those disclosures on the basis of the nature and risks of the assets and liabilities and their classification in the fair value hierarchy (i.e., Level 1, Level 2, and Level 3).

 

The Fund values its investment in the Master Fund, where there are no other rights or obligations inherent within the ownership interest held by the Fund, based on the end of the day net asset value of the Master Fund (Level 2).  The value of the Fund’s investment in the Master Fund reflects its proportional interest in the Master Fund.  As of and for the year ended December 31, 2014 and the period from February 19, 2013 (commencement of trading operations) to December 31, 2013, the Fund did not hold any derivative instruments that are based on unadjusted quoted prices in active markets for identical assets (Level 2) or priced at fair value using unobservable inputs through the application of management’s assumptions and internal valuation pricing models (Level 3).

 

For disclosures regarding the Master Fund’s investments and fair value measurements, see Note 3, “Significant Accounting Policies” on the attached Master Fund’s financial statements.

 

Redemptions Payable

f.Redemptions Payable

 

Pursuant to ASC Topic 480, Distinguishing Liabilities from Equity, capital withdrawals effective December 31, 2014 and 2013 have been reflected as redemptions payable in the Statements of Financial Condition.

 

Income Taxes

g.Income Taxes

 

The Fund is classified as a partnership for U.S. federal income tax purposes, and the Fund will not pay U.S. federal income tax.  As a result, no income tax liability or expense has been recorded in the financial statements.

 

U.S. GAAP provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements and requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Master Fund’s financial statements to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority.

 

Tax positions with respect to tax at the Master Fund level not deemed to meet the “more-likely-than-not” threshold would be recorded as a tax benefit or expense in the current year. Management has analyzed the Master Fund’s tax positions for the open tax period and has concluded that no provision is required in the Master Fund’s financial statements.  The Master Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations.  For the year ended December 31, 2014 and for the period from February 19, 2013 (commencement of trading operations) to December 31, 2013, the Master Fund did not incur any interest or penalties.

 

Sydling WNT Master Fund LLC  
Statements of Cash Flows  
Use of Estimates

a.Use of Estimates

 

The preparation of financial statements and accompanying notes in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in member’s capital from operations during the reporting period.  Actual results could differ from those estimates.

 

Statements of Cash Flows

b.Statement of Cash Flows

 

The Master Fund is not required to provide a Statement of Cash Flows in accordance with Accounting Standard Codification (“ASC”) 230, Statement of Cash Flows.

 

Fair Value Measurements

c.Fair Value Measurements

 

The Master Fund values its investments at fair value, in accordance with U.S. GAAP, which is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

 

Various inputs are used in determining the fair value of the Master Fund’s investments which are summarized in the three broad levels listed below.

 

Level 1 — quoted prices (unadjusted) in active markets for identical assets.

Level 2 — other significant observable inputs (including quoted prices for similar assets.)

Level 3 — significant unobservable inputs (including the Master Fund’s own assumptions and indicative non-binding broker quotes.)

 

The Master Fund recognizes transfers into and out of the levels indicated above at the end of the reporting period.  During the year ended December 31, 2014 and for the period from February 19, 2013 (commencement of trading operations) to December 31, 2013, there were no transfers amongst Levels 1, 2 and 3 of the valuation hierarchy.

 

U.S. GAAP provides guidance in determining whether there has been a significant decrease in the volume and level of activity for an asset or liability when compared with normal market activity for such asset or liability (or similar assets or liabilities).  U.S. GAAP also provides guidance on identifying circumstances that indicate a transaction with regards to such an asset or liability is not orderly.  In its consideration, the Master Fund must consider inputs and valuation techniques used for each class of assets and liabilities.  Judgment is used to determine the appropriate classes of assets and liabilities for which disclosures about fair value measurements are provided.

 

Fair value measurement disclosure for each class of assets and liabilities requires greater disaggregation than the Master Fund’s line items in the Statements of Financial Condition.  The Master Fund determines the appropriate classes for those disclosures on the basis of the nature and risks of the assets and liabilities and their classification in the fair value hierarchy (i.e., Level 1, Level 2, and Level 3).

 

For assets and liabilities measured at fair value on a recurring basis during the year, the Master Fund provides quantitative disclosures about the fair value measurements separately for each class of assets and liabilities, as well as a reconciliation of beginning and ending balances of Level 3 assets and liabilities broken down by class.

 

The Master Fund considers prices for exchange-traded commodity futures, forwards and options contracts to be based on unadjusted quoted prices in active markets for identical assets (Level 1).  The values of non exchange-traded forwards, swaps and certain options contracts for which market quotations are not readily available are priced by broker-dealers who derive fair values for those assets from observable inputs (Level 2) and for those contracts that are priced using unobservable inputs through the application of management’s assumptions and internal valuation pricing models (Level 3).  As of and for the year ended December 31, 2014 and for the period from February 19, 2013 (commencement of trading operations) to December 31, 2013, the Master Fund did not hold any derivative instruments for which market quotations are not readily available and which are priced by broker-dealers who derive fair values for these assets from observable inputs (Level 2) or that are priced at fair value using unobservable inputs through the application of management’s assumptions and internal valuation pricing models (Level 3).  The gross presentation of the fair value of the Master Fund’s derivatives by instrument type is shown in Note 6, “Trading Activities”.

 

The following is a summary of the Master Fund’s investments at fair value.  The inputs or methodology used for valuing derivative instruments are not necessarily an indication of the risk associated with investing in those derivative instruments.

 

ASSET TABLE

 

Description

 

Total Fair Value at
December 31, 2014

 

Level 1

 

Level 2

 

Level 3

 

Futures Contracts

 

$
4,991,562 

 

$
4,991,562 

 

$

—

 

$

—

 

Total Assets

 

$
4,991,562 

 

$
4,991,562 

 

$

—

 

$

—

 

 

ASSET TABLE

 

Description

 

Total Fair Value at
December 31, 2013

 

Level 1

 

Level 2

 

Level 3

 

Futures Contracts

 

$
2,096,940 

 

$
2,096,940 

 

$

—

 

$

—

 

Total Assets

 

$
2,096,940 

 

$
2,096,940 

 

$

—

 

$

—

 

 

The Master Fund 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 derivable grade commodity, at a specified price on a specified future date, unless the contract is closed before the delivery date or if the delivery quantity is something where physical delivery cannot occur (such as the S&P 500 Index), whereby such contract is settled in cash.  Payments (“variation margin”) may be made or received by the Master Fund 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 Fund.  When the contract is closed, the Master Fund 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 changes in net unrealized gains (losses) on futures contracts are included in the Statements of Operations.

 

The fair value of the Master Fund’s assets and liabilities which qualify as financial instruments approximates the carrying amounts presented in the Statements of Financial Condition.

 

 

 

 

 

 

Redemptions Payable

d.Redemptions Payable

 

Pursuant to ASC Topic 480, Distinguishing Liabilities from Equity, capital withdrawals effective December 31, 2014 and 2013 have been reflected as redemptions payable in the Statements of Financial Condition.

 

 

Cash

e.Cash

 

Cash represents cash held on deposit and in segregated accounts with UBS.  The Master Fund considers all cash and short term deposits with original maturity of three months or less when purchased to be cash or cash equivalents.  There are no cash equivalents held as at December 31, 2014 and 2013.  Cash includes cash margin of $10,545,800 and $5,352,928 held by UBS against open derivative positions at December 31, 2014 and 2013, respectively.

 

 

Income and Expenses Recognition

f.Income and Expenses Recognition

 

All of the income and expenses and realized and unrealized gains and losses on trading of commodity interests are determined on each valuation day and allocated to the Feeder at the time of such determination.

 

Master Fund Expenses

g.Master Fund Expenses

 

The Master Fund bears all expenses incurred in its business, including, but not limited to, the following: all costs and expenses related to portfolio transactions and positions for the Master Fund’s account; legal fees; accounting and auditing fees; custodial fees; costs of computing the Master Fund’s member’s capital value, including valuation services provided by third parties; all costs with respect to communications to investors; and other types of expenses approved by the member.

 

 

Member's Capital Value

h.Member’s Capital Value

 

Member’s capital of the Master Fund is calculated by the Administrator as of the close of business at the end of any fiscal period in accordance with the valuation principles set forth below or as may be determined from time to time pursuant to policies established by the member.

 

Profits and losses from trading in the Master Fund, net of transaction fees, will be allocated pro rata to the capital account of the Feeder based on the member’s capital in the capital account compared to the aggregate member’s capital of all other capital accounts in the Master Fund.  The Master Fund’s expenses will be charged pro rata to the capital accounts of the Feeder.

 

 

Income Taxes

i.Income Taxes

 

The Master Fund is classified as a partnership for U.S. federal income tax purposes and will not pay U.S. federal income tax.  As a result, no income tax liability or expense has been recorded in the financial statements.

 

U.S. GAAP provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements and requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Master Fund’s financial statements to determine whether the tax positions are “more-likely-than not” to be sustained by the applicable tax authority.

 

Tax positions with respect to tax at the Master Fund level not deemed to meet the “more-likely-than not” threshold would be recorded as a tax benefit or expense in the current year.  Management has analyzed the Master Fund’s tax positions for the open tax period and has concluded that no provision is required in the Master Fund’s financial statements.  The Master Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations.  For the year ended December 31, 2014 and for the period from February 19, 2013 (commencement of trading operations) to December 31, 2013, the Master Fund did not incur any interest or penalties.

 

XML 39 R24.htm IDEA: XBRL DOCUMENT v2.4.1.9
Condensed Schedule of Investments - Sydling (USD $)
Dec. 31, 2014
Dec. 31, 2013
Total Members' Capital $ 105,601,159us-gaap_MembersEquity $ 46,935,428us-gaap_MembersEquity
Sydling WNT Master Fund LLC    
OTHER ASSETS IN EXCESS OF OTHER LIABILITIES 100,617,162cavf_OtherAssetLiabilityNet
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember		 44,936,837cavf_OtherAssetLiabilityNet
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember
Total Members' Capital 105,608,724us-gaap_MembersEquity
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember		 47,033,777us-gaap_MembersEquity
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember
Percent of Member's Capital 100.00%cavf_MembersCapitalAsPercentOfNetAssets
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember		 100.00%cavf_MembersCapitalAsPercentOfNetAssets
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember
OTHER ASSETS IN EXCESS OF OTHER LIABILITIES AS PERCENT OF MEMBER'S CAPITAL 95.27%cavf_OtherAssetLiabilityNetAsPercentOfNetAssets
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember		 95.55%cavf_OtherAssetLiabilityNetAsPercentOfNetAssets
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember
Sydling WNT Master Fund LLC | Futures Contracts    
TOTAL FUTURES CONTRACTS 4,991,562us-gaap_DerivativeAssetsLiabilitiesAtFairValueNet
/ us-gaap_DerivativeByNatureAxis
= us-gaap_FutureMember
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember		 2,096,940us-gaap_DerivativeAssetsLiabilitiesAtFairValueNet
/ us-gaap_DerivativeByNatureAxis
= us-gaap_FutureMember
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember
Percent of Member's Capital 4.73%cavf_MembersCapitalAsPercentOfNetAssets
/ us-gaap_DerivativeByNatureAxis
= us-gaap_FutureMember
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember		 4.45%cavf_MembersCapitalAsPercentOfNetAssets
/ us-gaap_DerivativeByNatureAxis
= us-gaap_FutureMember
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember
Sydling WNT Master Fund LLC | CONTRACTS OWNED | Futures Contracts    
TOTAL FUTURES CONTRACTS OWNED 2,336,341us-gaap_DerivativeLiabilities
/ us-gaap_DerivativeByNatureAxis
= us-gaap_FutureMember
/ us-gaap_PositionAxis
= us-gaap_LongMember
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember		 1,350,694us-gaap_DerivativeLiabilities
/ us-gaap_DerivativeByNatureAxis
= us-gaap_FutureMember
/ us-gaap_PositionAxis
= us-gaap_LongMember
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember
Percent of Member's Capital 2.21%cavf_MembersCapitalAsPercentOfNetAssets
/ us-gaap_DerivativeByNatureAxis
= us-gaap_FutureMember
/ us-gaap_PositionAxis
= us-gaap_LongMember
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember		 2.86%cavf_MembersCapitalAsPercentOfNetAssets
/ us-gaap_DerivativeByNatureAxis
= us-gaap_FutureMember
/ us-gaap_PositionAxis
= us-gaap_LongMember
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember
Sydling WNT Master Fund LLC | CONTRACTS OWNED | Futures Contracts | CURRENCIES    
Number of Contracts 7us-gaap_InvestmentOwnedBalanceContracts
/ us-gaap_DerivativeByNatureAxis
= us-gaap_FutureMember
/ invest_InvestmentSectorAxis
= us-gaap_ForeignExchangeContractMember
/ us-gaap_PositionAxis
= us-gaap_LongMember
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember		 360us-gaap_InvestmentOwnedBalanceContracts
/ us-gaap_DerivativeByNatureAxis
= us-gaap_FutureMember
/ invest_InvestmentSectorAxis
= us-gaap_ForeignExchangeContractMember
/ us-gaap_PositionAxis
= us-gaap_LongMember
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember
TOTAL FUTURES CONTRACTS OWNED 13,550us-gaap_DerivativeLiabilities
/ us-gaap_DerivativeByNatureAxis
= us-gaap_FutureMember
/ invest_InvestmentSectorAxis
= us-gaap_ForeignExchangeContractMember
/ us-gaap_PositionAxis
= us-gaap_LongMember
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember		 229,915us-gaap_DerivativeLiabilities
/ us-gaap_DerivativeByNatureAxis
= us-gaap_FutureMember
/ invest_InvestmentSectorAxis
= us-gaap_ForeignExchangeContractMember
/ us-gaap_PositionAxis
= us-gaap_LongMember
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember
Percent of Member's Capital 0.01%cavf_MembersCapitalAsPercentOfNetAssets
/ us-gaap_DerivativeByNatureAxis
= us-gaap_FutureMember
/ invest_InvestmentSectorAxis
= us-gaap_ForeignExchangeContractMember
/ us-gaap_PositionAxis
= us-gaap_LongMember
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember		 0.49%cavf_MembersCapitalAsPercentOfNetAssets
/ us-gaap_DerivativeByNatureAxis
= us-gaap_FutureMember
/ invest_InvestmentSectorAxis
= us-gaap_ForeignExchangeContractMember
/ us-gaap_PositionAxis
= us-gaap_LongMember
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember
Sydling WNT Master Fund LLC | CONTRACTS OWNED | Futures Contracts | ENERGY    
Number of Contracts 53us-gaap_InvestmentOwnedBalanceContracts
/ us-gaap_DerivativeByNatureAxis
= us-gaap_FutureMember
/ invest_InvestmentSectorAxis
= us-gaap_EnergyRelatedDerivativeMember
/ us-gaap_PositionAxis
= us-gaap_LongMember
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember		 50us-gaap_InvestmentOwnedBalanceContracts
/ us-gaap_DerivativeByNatureAxis
= us-gaap_FutureMember
/ invest_InvestmentSectorAxis
= us-gaap_EnergyRelatedDerivativeMember
/ us-gaap_PositionAxis
= us-gaap_LongMember
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember
TOTAL FUTURES CONTRACTS OWNED (485,510)us-gaap_DerivativeLiabilities
/ us-gaap_DerivativeByNatureAxis
= us-gaap_FutureMember
/ invest_InvestmentSectorAxis
= us-gaap_EnergyRelatedDerivativeMember
/ us-gaap_PositionAxis
= us-gaap_LongMember
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember		 38,510us-gaap_DerivativeLiabilities
/ us-gaap_DerivativeByNatureAxis
= us-gaap_FutureMember
/ invest_InvestmentSectorAxis
= us-gaap_EnergyRelatedDerivativeMember
/ us-gaap_PositionAxis
= us-gaap_LongMember
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember
Percent of Member's Capital (0.46%)cavf_MembersCapitalAsPercentOfNetAssets
/ us-gaap_DerivativeByNatureAxis
= us-gaap_FutureMember
/ invest_InvestmentSectorAxis
= us-gaap_EnergyRelatedDerivativeMember
/ us-gaap_PositionAxis
= us-gaap_LongMember
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember		 0.08%cavf_MembersCapitalAsPercentOfNetAssets
/ us-gaap_DerivativeByNatureAxis
= us-gaap_FutureMember
/ invest_InvestmentSectorAxis
= us-gaap_EnergyRelatedDerivativeMember
/ us-gaap_PositionAxis
= us-gaap_LongMember
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember
Sydling WNT Master Fund LLC | CONTRACTS OWNED | Futures Contracts | FINANCIALS    
Number of Contracts 4,186us-gaap_InvestmentOwnedBalanceContracts
/ us-gaap_DerivativeByNatureAxis
= us-gaap_FutureMember
/ invest_InvestmentSectorAxis
= cavf_FinancialsMember
/ us-gaap_PositionAxis
= us-gaap_LongMember
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember		 1,399us-gaap_InvestmentOwnedBalanceContracts
/ us-gaap_DerivativeByNatureAxis
= us-gaap_FutureMember
/ invest_InvestmentSectorAxis
= cavf_FinancialsMember
/ us-gaap_PositionAxis
= us-gaap_LongMember
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember
TOTAL FUTURES CONTRACTS OWNED 2,088,606us-gaap_DerivativeLiabilities
/ us-gaap_DerivativeByNatureAxis
= us-gaap_FutureMember
/ invest_InvestmentSectorAxis
= cavf_FinancialsMember
/ us-gaap_PositionAxis
= us-gaap_LongMember
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember		 (426,526)us-gaap_DerivativeLiabilities
/ us-gaap_DerivativeByNatureAxis
= us-gaap_FutureMember
/ invest_InvestmentSectorAxis
= cavf_FinancialsMember
/ us-gaap_PositionAxis
= us-gaap_LongMember
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember
Percent of Member's Capital 1.98%cavf_MembersCapitalAsPercentOfNetAssets
/ us-gaap_DerivativeByNatureAxis
= us-gaap_FutureMember
/ invest_InvestmentSectorAxis
= cavf_FinancialsMember
/ us-gaap_PositionAxis
= us-gaap_LongMember
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember		 (0.91%)cavf_MembersCapitalAsPercentOfNetAssets
/ us-gaap_DerivativeByNatureAxis
= us-gaap_FutureMember
/ invest_InvestmentSectorAxis
= cavf_FinancialsMember
/ us-gaap_PositionAxis
= us-gaap_LongMember
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember
Sydling WNT Master Fund LLC | CONTRACTS OWNED | Futures Contracts | GRAINS    
Number of Contracts 210us-gaap_InvestmentOwnedBalanceContracts
/ us-gaap_DerivativeByNatureAxis
= us-gaap_FutureMember
/ invest_InvestmentSectorAxis
= cavf_GrainMember
/ us-gaap_PositionAxis
= us-gaap_LongMember
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember		 99us-gaap_InvestmentOwnedBalanceContracts
/ us-gaap_DerivativeByNatureAxis
= us-gaap_FutureMember
/ invest_InvestmentSectorAxis
= cavf_GrainMember
/ us-gaap_PositionAxis
= us-gaap_LongMember
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember
TOTAL FUTURES CONTRACTS OWNED (67,454)us-gaap_DerivativeLiabilities
/ us-gaap_DerivativeByNatureAxis
= us-gaap_FutureMember
/ invest_InvestmentSectorAxis
= cavf_GrainMember
/ us-gaap_PositionAxis
= us-gaap_LongMember
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember		 (55,735)us-gaap_DerivativeLiabilities
/ us-gaap_DerivativeByNatureAxis
= us-gaap_FutureMember
/ invest_InvestmentSectorAxis
= cavf_GrainMember
/ us-gaap_PositionAxis
= us-gaap_LongMember
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember
Percent of Member's Capital (0.06%)cavf_MembersCapitalAsPercentOfNetAssets
/ us-gaap_DerivativeByNatureAxis
= us-gaap_FutureMember
/ invest_InvestmentSectorAxis
= cavf_GrainMember
/ us-gaap_PositionAxis
= us-gaap_LongMember
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember		 (0.12%)cavf_MembersCapitalAsPercentOfNetAssets
/ us-gaap_DerivativeByNatureAxis
= us-gaap_FutureMember
/ invest_InvestmentSectorAxis
= cavf_GrainMember
/ us-gaap_PositionAxis
= us-gaap_LongMember
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember
Sydling WNT Master Fund LLC | CONTRACTS OWNED | Futures Contracts | INDEX    
Number of Contracts 684us-gaap_InvestmentOwnedBalanceContracts
/ us-gaap_DerivativeByNatureAxis
= us-gaap_FutureMember
/ invest_InvestmentSectorAxis
= us-gaap_ExchangeTradedFundsMember
/ us-gaap_PositionAxis
= us-gaap_LongMember
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember		 583us-gaap_InvestmentOwnedBalanceContracts
/ us-gaap_DerivativeByNatureAxis
= us-gaap_FutureMember
/ invest_InvestmentSectorAxis
= us-gaap_ExchangeTradedFundsMember
/ us-gaap_PositionAxis
= us-gaap_LongMember
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember
TOTAL FUTURES CONTRACTS OWNED 1,106,120us-gaap_DerivativeLiabilities
/ us-gaap_DerivativeByNatureAxis
= us-gaap_FutureMember
/ invest_InvestmentSectorAxis
= us-gaap_ExchangeTradedFundsMember
/ us-gaap_PositionAxis
= us-gaap_LongMember
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember		 1,610,343us-gaap_DerivativeLiabilities
/ us-gaap_DerivativeByNatureAxis
= us-gaap_FutureMember
/ invest_InvestmentSectorAxis
= us-gaap_ExchangeTradedFundsMember
/ us-gaap_PositionAxis
= us-gaap_LongMember
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember
Percent of Member's Capital 1.05%cavf_MembersCapitalAsPercentOfNetAssets
/ us-gaap_DerivativeByNatureAxis
= us-gaap_FutureMember
/ invest_InvestmentSectorAxis
= us-gaap_ExchangeTradedFundsMember
/ us-gaap_PositionAxis
= us-gaap_LongMember
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember		 3.42%cavf_MembersCapitalAsPercentOfNetAssets
/ us-gaap_DerivativeByNatureAxis
= us-gaap_FutureMember
/ invest_InvestmentSectorAxis
= us-gaap_ExchangeTradedFundsMember
/ us-gaap_PositionAxis
= us-gaap_LongMember
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember
Sydling WNT Master Fund LLC | CONTRACTS OWNED | Futures Contracts | INDUSTRIALS    
Number of Contracts   1us-gaap_InvestmentOwnedBalanceContracts
/ us-gaap_DerivativeByNatureAxis
= us-gaap_FutureMember
/ invest_InvestmentSectorAxis
= cavf_IndustrialMember
/ us-gaap_PositionAxis
= us-gaap_LongMember
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember
TOTAL FUTURES CONTRACTS OWNED   (396)us-gaap_DerivativeLiabilities
/ us-gaap_DerivativeByNatureAxis
= us-gaap_FutureMember
/ invest_InvestmentSectorAxis
= cavf_IndustrialMember
/ us-gaap_PositionAxis
= us-gaap_LongMember
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember
Percent of Member's Capital   0.00%cavf_MembersCapitalAsPercentOfNetAssets
/ us-gaap_DerivativeByNatureAxis
= us-gaap_FutureMember
/ invest_InvestmentSectorAxis
= cavf_IndustrialMember
/ us-gaap_PositionAxis
= us-gaap_LongMember
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember
Sydling WNT Master Fund LLC | CONTRACTS OWNED | Futures Contracts | MEATS    
Number of Contracts 23us-gaap_InvestmentOwnedBalanceContracts
/ us-gaap_DerivativeByNatureAxis
= us-gaap_FutureMember
/ invest_InvestmentSectorAxis
= cavf_MeatMember
/ us-gaap_PositionAxis
= us-gaap_LongMember
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember		 19us-gaap_InvestmentOwnedBalanceContracts
/ us-gaap_DerivativeByNatureAxis
= us-gaap_FutureMember
/ invest_InvestmentSectorAxis
= cavf_MeatMember
/ us-gaap_PositionAxis
= us-gaap_LongMember
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember
TOTAL FUTURES CONTRACTS OWNED (63,853)us-gaap_DerivativeLiabilities
/ us-gaap_DerivativeByNatureAxis
= us-gaap_FutureMember
/ invest_InvestmentSectorAxis
= cavf_MeatMember
/ us-gaap_PositionAxis
= us-gaap_LongMember
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember		 (18,890)us-gaap_DerivativeLiabilities
/ us-gaap_DerivativeByNatureAxis
= us-gaap_FutureMember
/ invest_InvestmentSectorAxis
= cavf_MeatMember
/ us-gaap_PositionAxis
= us-gaap_LongMember
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember
Percent of Member's Capital (0.06%)cavf_MembersCapitalAsPercentOfNetAssets
/ us-gaap_DerivativeByNatureAxis
= us-gaap_FutureMember
/ invest_InvestmentSectorAxis
= cavf_MeatMember
/ us-gaap_PositionAxis
= us-gaap_LongMember
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember		 (0.04%)cavf_MembersCapitalAsPercentOfNetAssets
/ us-gaap_DerivativeByNatureAxis
= us-gaap_FutureMember
/ invest_InvestmentSectorAxis
= cavf_MeatMember
/ us-gaap_PositionAxis
= us-gaap_LongMember
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember
Sydling WNT Master Fund LLC | CONTRACTS OWNED | Futures Contracts | METALS    
Number of Contracts 55us-gaap_InvestmentOwnedBalanceContracts
/ us-gaap_DerivativeByNatureAxis
= us-gaap_FutureMember
/ invest_InvestmentSectorAxis
= cavf_MetalMember
/ us-gaap_PositionAxis
= us-gaap_LongMember
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember		 17us-gaap_InvestmentOwnedBalanceContracts
/ us-gaap_DerivativeByNatureAxis
= us-gaap_FutureMember
/ invest_InvestmentSectorAxis
= cavf_MetalMember
/ us-gaap_PositionAxis
= us-gaap_LongMember
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember
TOTAL FUTURES CONTRACTS OWNED (255,118)us-gaap_DerivativeLiabilities
/ us-gaap_DerivativeByNatureAxis
= us-gaap_FutureMember
/ invest_InvestmentSectorAxis
= cavf_MetalMember
/ us-gaap_PositionAxis
= us-gaap_LongMember
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember		 (26,527)us-gaap_DerivativeLiabilities
/ us-gaap_DerivativeByNatureAxis
= us-gaap_FutureMember
/ invest_InvestmentSectorAxis
= cavf_MetalMember
/ us-gaap_PositionAxis
= us-gaap_LongMember
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember
Percent of Member's Capital (0.25%)cavf_MembersCapitalAsPercentOfNetAssets
/ us-gaap_DerivativeByNatureAxis
= us-gaap_FutureMember
/ invest_InvestmentSectorAxis
= cavf_MetalMember
/ us-gaap_PositionAxis
= us-gaap_LongMember
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember		 (0.06%)cavf_MembersCapitalAsPercentOfNetAssets
/ us-gaap_DerivativeByNatureAxis
= us-gaap_FutureMember
/ invest_InvestmentSectorAxis
= cavf_MetalMember
/ us-gaap_PositionAxis
= us-gaap_LongMember
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember
Sydling WNT Master Fund LLC | CONTRACTS SOLD | Futures Contracts    
TOTAL FUTURES CONTRACTS SOLD 2,655,221us-gaap_DerivativeAssets
/ us-gaap_DerivativeByNatureAxis
= us-gaap_FutureMember
/ us-gaap_PositionAxis
= us-gaap_ShortMember
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember		 746,246us-gaap_DerivativeAssets
/ us-gaap_DerivativeByNatureAxis
= us-gaap_FutureMember
/ us-gaap_PositionAxis
= us-gaap_ShortMember
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember
Percent of Member's Capital 2.52%cavf_MembersCapitalAsPercentOfNetAssets
/ us-gaap_DerivativeByNatureAxis
= us-gaap_FutureMember
/ us-gaap_PositionAxis
= us-gaap_ShortMember
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember		 1.59%cavf_MembersCapitalAsPercentOfNetAssets
/ us-gaap_DerivativeByNatureAxis
= us-gaap_FutureMember
/ us-gaap_PositionAxis
= us-gaap_ShortMember
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember
Sydling WNT Master Fund LLC | CONTRACTS SOLD | Futures Contracts | CURRENCIES    
Number of Contracts 779us-gaap_InvestmentOwnedBalanceContracts
/ us-gaap_DerivativeByNatureAxis
= us-gaap_FutureMember
/ invest_InvestmentSectorAxis
= us-gaap_ForeignExchangeContractMember
/ us-gaap_PositionAxis
= us-gaap_ShortMember
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember		 266us-gaap_InvestmentOwnedBalanceContracts
/ us-gaap_DerivativeByNatureAxis
= us-gaap_FutureMember
/ invest_InvestmentSectorAxis
= us-gaap_ForeignExchangeContractMember
/ us-gaap_PositionAxis
= us-gaap_ShortMember
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember
TOTAL FUTURES CONTRACTS SOLD 1,134,845us-gaap_DerivativeAssets
/ us-gaap_DerivativeByNatureAxis
= us-gaap_FutureMember
/ invest_InvestmentSectorAxis
= us-gaap_ForeignExchangeContractMember
/ us-gaap_PositionAxis
= us-gaap_ShortMember
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember		 287,677us-gaap_DerivativeAssets
/ us-gaap_DerivativeByNatureAxis
= us-gaap_FutureMember
/ invest_InvestmentSectorAxis
= us-gaap_ForeignExchangeContractMember
/ us-gaap_PositionAxis
= us-gaap_ShortMember
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember
Percent of Member's Capital 1.08%cavf_MembersCapitalAsPercentOfNetAssets
/ us-gaap_DerivativeByNatureAxis
= us-gaap_FutureMember
/ invest_InvestmentSectorAxis
= us-gaap_ForeignExchangeContractMember
/ us-gaap_PositionAxis
= us-gaap_ShortMember
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember		 0.61%cavf_MembersCapitalAsPercentOfNetAssets
/ us-gaap_DerivativeByNatureAxis
= us-gaap_FutureMember
/ invest_InvestmentSectorAxis
= us-gaap_ForeignExchangeContractMember
/ us-gaap_PositionAxis
= us-gaap_ShortMember
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember
Sydling WNT Master Fund LLC | CONTRACTS SOLD | Futures Contracts | ENERGY    
Number of Contracts 142us-gaap_InvestmentOwnedBalanceContracts
/ us-gaap_DerivativeByNatureAxis
= us-gaap_FutureMember
/ invest_InvestmentSectorAxis
= us-gaap_EnergyRelatedDerivativeMember
/ us-gaap_PositionAxis
= us-gaap_ShortMember
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember		 21us-gaap_InvestmentOwnedBalanceContracts
/ us-gaap_DerivativeByNatureAxis
= us-gaap_FutureMember
/ invest_InvestmentSectorAxis
= us-gaap_EnergyRelatedDerivativeMember
/ us-gaap_PositionAxis
= us-gaap_ShortMember
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember
TOTAL FUTURES CONTRACTS SOLD 1,058,034us-gaap_DerivativeAssets
/ us-gaap_DerivativeByNatureAxis
= us-gaap_FutureMember
/ invest_InvestmentSectorAxis
= us-gaap_EnergyRelatedDerivativeMember
/ us-gaap_PositionAxis
= us-gaap_ShortMember
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember		 (29,917)us-gaap_DerivativeAssets
/ us-gaap_DerivativeByNatureAxis
= us-gaap_FutureMember
/ invest_InvestmentSectorAxis
= us-gaap_EnergyRelatedDerivativeMember
/ us-gaap_PositionAxis
= us-gaap_ShortMember
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember
Percent of Member's Capital 1.00%cavf_MembersCapitalAsPercentOfNetAssets
/ us-gaap_DerivativeByNatureAxis
= us-gaap_FutureMember
/ invest_InvestmentSectorAxis
= us-gaap_EnergyRelatedDerivativeMember
/ us-gaap_PositionAxis
= us-gaap_ShortMember
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember		 (0.06%)cavf_MembersCapitalAsPercentOfNetAssets
/ us-gaap_DerivativeByNatureAxis
= us-gaap_FutureMember
/ invest_InvestmentSectorAxis
= us-gaap_EnergyRelatedDerivativeMember
/ us-gaap_PositionAxis
= us-gaap_ShortMember
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember
Sydling WNT Master Fund LLC | CONTRACTS SOLD | Futures Contracts | FINANCIALS    
Number of Contracts 31us-gaap_InvestmentOwnedBalanceContracts
/ us-gaap_DerivativeByNatureAxis
= us-gaap_FutureMember
/ invest_InvestmentSectorAxis
= cavf_FinancialsMember
/ us-gaap_PositionAxis
= us-gaap_ShortMember
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember		 115us-gaap_InvestmentOwnedBalanceContracts
/ us-gaap_DerivativeByNatureAxis
= us-gaap_FutureMember
/ invest_InvestmentSectorAxis
= cavf_FinancialsMember
/ us-gaap_PositionAxis
= us-gaap_ShortMember
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember
TOTAL FUTURES CONTRACTS SOLD (2,701)us-gaap_DerivativeAssets
/ us-gaap_DerivativeByNatureAxis
= us-gaap_FutureMember
/ invest_InvestmentSectorAxis
= cavf_FinancialsMember
/ us-gaap_PositionAxis
= us-gaap_ShortMember
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember		 44,050us-gaap_DerivativeAssets
/ us-gaap_DerivativeByNatureAxis
= us-gaap_FutureMember
/ invest_InvestmentSectorAxis
= cavf_FinancialsMember
/ us-gaap_PositionAxis
= us-gaap_ShortMember
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember
Percent of Member's Capital 0.00%cavf_MembersCapitalAsPercentOfNetAssets
/ us-gaap_DerivativeByNatureAxis
= us-gaap_FutureMember
/ invest_InvestmentSectorAxis
= cavf_FinancialsMember
/ us-gaap_PositionAxis
= us-gaap_ShortMember
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember		 0.09%cavf_MembersCapitalAsPercentOfNetAssets
/ us-gaap_DerivativeByNatureAxis
= us-gaap_FutureMember
/ invest_InvestmentSectorAxis
= cavf_FinancialsMember
/ us-gaap_PositionAxis
= us-gaap_ShortMember
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember
Sydling WNT Master Fund LLC | CONTRACTS SOLD | Futures Contracts | GRAINS    
Number of Contracts 139us-gaap_InvestmentOwnedBalanceContracts
/ us-gaap_DerivativeByNatureAxis
= us-gaap_FutureMember
/ invest_InvestmentSectorAxis
= cavf_GrainMember
/ us-gaap_PositionAxis
= us-gaap_ShortMember
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember		 236us-gaap_InvestmentOwnedBalanceContracts
/ us-gaap_DerivativeByNatureAxis
= us-gaap_FutureMember
/ invest_InvestmentSectorAxis
= cavf_GrainMember
/ us-gaap_PositionAxis
= us-gaap_ShortMember
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember
TOTAL FUTURES CONTRACTS SOLD 142,842us-gaap_DerivativeAssets
/ us-gaap_DerivativeByNatureAxis
= us-gaap_FutureMember
/ invest_InvestmentSectorAxis
= cavf_GrainMember
/ us-gaap_PositionAxis
= us-gaap_ShortMember
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember		 273,141us-gaap_DerivativeAssets
/ us-gaap_DerivativeByNatureAxis
= us-gaap_FutureMember
/ invest_InvestmentSectorAxis
= cavf_GrainMember
/ us-gaap_PositionAxis
= us-gaap_ShortMember
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember
Percent of Member's Capital 0.14%cavf_MembersCapitalAsPercentOfNetAssets
/ us-gaap_DerivativeByNatureAxis
= us-gaap_FutureMember
/ invest_InvestmentSectorAxis
= cavf_GrainMember
/ us-gaap_PositionAxis
= us-gaap_ShortMember
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember		 0.58%cavf_MembersCapitalAsPercentOfNetAssets
/ us-gaap_DerivativeByNatureAxis
= us-gaap_FutureMember
/ invest_InvestmentSectorAxis
= cavf_GrainMember
/ us-gaap_PositionAxis
= us-gaap_ShortMember
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember
Sydling WNT Master Fund LLC | CONTRACTS SOLD | Futures Contracts | INDEX    
Number of Contracts 48us-gaap_InvestmentOwnedBalanceContracts
/ us-gaap_DerivativeByNatureAxis
= us-gaap_FutureMember
/ invest_InvestmentSectorAxis
= us-gaap_ExchangeTradedFundsMember
/ us-gaap_PositionAxis
= us-gaap_ShortMember
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember		 3us-gaap_InvestmentOwnedBalanceContracts
/ us-gaap_DerivativeByNatureAxis
= us-gaap_FutureMember
/ invest_InvestmentSectorAxis
= us-gaap_ExchangeTradedFundsMember
/ us-gaap_PositionAxis
= us-gaap_ShortMember
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember
TOTAL FUTURES CONTRACTS SOLD (79,855)us-gaap_DerivativeAssets
/ us-gaap_DerivativeByNatureAxis
= us-gaap_FutureMember
/ invest_InvestmentSectorAxis
= us-gaap_ExchangeTradedFundsMember
/ us-gaap_PositionAxis
= us-gaap_ShortMember
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember		 (250)us-gaap_DerivativeAssets
/ us-gaap_DerivativeByNatureAxis
= us-gaap_FutureMember
/ invest_InvestmentSectorAxis
= us-gaap_ExchangeTradedFundsMember
/ us-gaap_PositionAxis
= us-gaap_ShortMember
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember
Percent of Member's Capital (0.08%)cavf_MembersCapitalAsPercentOfNetAssets
/ us-gaap_DerivativeByNatureAxis
= us-gaap_FutureMember
/ invest_InvestmentSectorAxis
= us-gaap_ExchangeTradedFundsMember
/ us-gaap_PositionAxis
= us-gaap_ShortMember
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember		 0.00%cavf_MembersCapitalAsPercentOfNetAssets
/ us-gaap_DerivativeByNatureAxis
= us-gaap_FutureMember
/ invest_InvestmentSectorAxis
= us-gaap_ExchangeTradedFundsMember
/ us-gaap_PositionAxis
= us-gaap_ShortMember
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember
Sydling WNT Master Fund LLC | CONTRACTS SOLD | Futures Contracts | INDUSTRIALS    
Number of Contracts 1us-gaap_InvestmentOwnedBalanceContracts
/ us-gaap_DerivativeByNatureAxis
= us-gaap_FutureMember
/ invest_InvestmentSectorAxis
= cavf_IndustrialMember
/ us-gaap_PositionAxis
= us-gaap_ShortMember
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember		  
TOTAL FUTURES CONTRACTS SOLD 693us-gaap_DerivativeAssets
/ us-gaap_DerivativeByNatureAxis
= us-gaap_FutureMember
/ invest_InvestmentSectorAxis
= cavf_IndustrialMember
/ us-gaap_PositionAxis
= us-gaap_ShortMember
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember		  
Percent of Member's Capital 0.00%cavf_MembersCapitalAsPercentOfNetAssets
/ us-gaap_DerivativeByNatureAxis
= us-gaap_FutureMember
/ invest_InvestmentSectorAxis
= cavf_IndustrialMember
/ us-gaap_PositionAxis
= us-gaap_ShortMember
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember		  
Sydling WNT Master Fund LLC | CONTRACTS SOLD | Futures Contracts | MATERIALS    
Number of Contracts 17us-gaap_InvestmentOwnedBalanceContracts
/ us-gaap_DerivativeByNatureAxis
= us-gaap_FutureMember
/ invest_InvestmentSectorAxis
= cavf_MaterialsMember
/ us-gaap_PositionAxis
= us-gaap_ShortMember
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember		 4us-gaap_InvestmentOwnedBalanceContracts
/ us-gaap_DerivativeByNatureAxis
= us-gaap_FutureMember
/ invest_InvestmentSectorAxis
= cavf_MaterialsMember
/ us-gaap_PositionAxis
= us-gaap_ShortMember
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember
TOTAL FUTURES CONTRACTS SOLD 1,055us-gaap_DerivativeAssets
/ us-gaap_DerivativeByNatureAxis
= us-gaap_FutureMember
/ invest_InvestmentSectorAxis
= cavf_MaterialsMember
/ us-gaap_PositionAxis
= us-gaap_ShortMember
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember		 (10,675)us-gaap_DerivativeAssets
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/ invest_InvestmentSectorAxis
= cavf_MaterialsMember
/ us-gaap_PositionAxis
= us-gaap_ShortMember
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember
Percent of Member's Capital 0.00%cavf_MembersCapitalAsPercentOfNetAssets
/ us-gaap_DerivativeByNatureAxis
= us-gaap_FutureMember
/ invest_InvestmentSectorAxis
= cavf_MaterialsMember
/ us-gaap_PositionAxis
= us-gaap_ShortMember
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember		 (0.02%)cavf_MembersCapitalAsPercentOfNetAssets
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Sydling WNT Master Fund LLC | CONTRACTS SOLD | Futures Contracts | MEATS    
Number of Contracts 36us-gaap_InvestmentOwnedBalanceContracts
/ us-gaap_DerivativeByNatureAxis
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/ invest_InvestmentSectorAxis
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= cavf_MeatMember
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= cavf_MeatMember
/ us-gaap_PositionAxis
= us-gaap_ShortMember
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/ us-gaap_DerivativeByNatureAxis
= us-gaap_FutureMember
/ invest_InvestmentSectorAxis
= cavf_MeatMember
/ us-gaap_PositionAxis
= us-gaap_ShortMember
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= cavf_SydlingWNTMasterFundLLCMember		 (0.01%)cavf_MembersCapitalAsPercentOfNetAssets
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Sydling WNT Master Fund LLC | CONTRACTS SOLD | Futures Contracts | METALS    
Number of Contracts 135us-gaap_InvestmentOwnedBalanceContracts
/ us-gaap_DerivativeByNatureAxis
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/ invest_InvestmentSectorAxis
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= us-gaap_ShortMember
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= cavf_SydlingWNTMasterFundLLCMember
TOTAL FUTURES CONTRACTS SOLD $ 327,578us-gaap_DerivativeAssets
/ us-gaap_DerivativeByNatureAxis
= us-gaap_FutureMember
/ invest_InvestmentSectorAxis
= cavf_MetalMember
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Percent of Member's Capital 0.31%cavf_MembersCapitalAsPercentOfNetAssets
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Financial Highlight (USD $)
 12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Per share operating performance:    
Members' capital per unit, beginning of year/period (in dollars per unit) $ 1,028.57cavf_MembersCapitalPerUnit [1] $ 1,000.00cavf_MembersCapitalPerUnit [1]
Income/(loss) from investment operations:    
Net investment (loss) (in dollars per unit) $ (120.41)cavf_NetInvestmentIncomeAndIncentiveDistributionPerUnit [1] $ (76.37)cavf_NetInvestmentIncomeAndIncentiveDistributionPerUnit [1]
Net realized and unrealized gain/(loss) from investment activities (in dollars per unit) $ 298.20cavf_NetRealizedAndChangesInUnrealizedIncomeLossFromTradingPerUnit [1],[2] $ 104.94cavf_NetRealizedAndChangesInUnrealizedIncomeLossFromTradingPerUnit [1],[2]
Total from investment operations (in dollars per unit) $ 177.79cavf_GainLossOnDerivativeInstrumentsHeldForTradingPurposesNetPerUnit [1] $ 28.57cavf_GainLossOnDerivativeInstrumentsHeldForTradingPurposesNetPerUnit [1]
Members' capital per unit, end of year/period $ 1,206.36cavf_MembersCapitalPerUnit [1] $ 1,028.57cavf_MembersCapitalPerUnit [1]
Ratio/Supplemental Data:    
Ratio of net investment loss to average Members' capital (as a percent) (12.18%)cavf_InvestmentIncomeNetAsPercentOfAverageMembersEquity [3] (8.35%)cavf_InvestmentIncomeNetAsPercentOfAverageMembersEquity [3]
Ratio of operating expenses to average Members' capital (as a percent) 6.58%cavf_AnnualizedExpensesPriorToIncentiveFeesAsPercentOfAverageMembersEquity [3] 7.05%cavf_AnnualizedExpensesPriorToIncentiveFeesAsPercentOfAverageMembersEquity [3]
Ratio of incentive fee to average Members' capital (as a percent) 5.62%cavf_IncentiveAllocationAsPercentOfAverageMembersEquity [3] 1.34%cavf_IncentiveAllocationAsPercentOfAverageMembersEquity [3]
Ratio of operating expenses and incentive fee to average Members' capital (as a percent) 12.20%cavf_AnnualizedExpensesAndIncentiveAllocationAsPercentOfAverageMembersEquity [3] 8.39%cavf_AnnualizedExpensesAndIncentiveAllocationAsPercentOfAverageMembersEquity [3]
Total return before incentive fee (as a percent) 22.91%cavf_NetIncomeBeforeIncentiveAllocationAsPercentOfMembersEquity [3],[4] 4.09%cavf_NetIncomeBeforeIncentiveAllocationAsPercentOfMembersEquity [3],[4]
Incentive fee (as a percent) (5.62%)cavf_IncentiveAllocationAsPercentOfMembersEquity [3] (1.23%)cavf_IncentiveAllocationAsPercentOfMembersEquity [3]
Total return after incentive fee (as a percent) 17.29%cavf_IncomeLossAllocatedToMembersAsPercentOfMembersEquity [3] 2.86%cavf_IncomeLossAllocatedToMembersAsPercentOfMembersEquity [3]
Members' Capital, at End of Period/Year $ 105,601,159us-gaap_MembersEquity $ 46,935,428us-gaap_MembersEquity
[1] Per share operating performance is calculated on a monthly basis by dividing each line item by the outstanding units at monthend prior to the reduction of redeemed units.
[2] Net realized and unrealized gain/(loss) from investment activities has been adjusted to reflect organization costs amortized over 24 months for the purpose of subscriptions and redemptions (Note 5).
[3] The ratios to average members’ capital are annualized. The average members’ capital used in the above ratios are calculated by using members’ capital after periodend withdrawals.
[4] Total return assumes a purchase of an interest in the Fund at the beginning of the period and a sale of the Fund interest on the last day of the period noted. For the period from February 19, 2013 (commencement of trading operations) through December 31, 2013, where the period is less than the fiscal year, total return has not been annualized.
XML 42 R3.htm IDEA: XBRL DOCUMENT v2.4.1.9
Statements of Financial Condition (Parenthetical) (USD $)
Dec. 31, 2014
Dec. 31, 2013
Investment in Sydling WNT Master Fund LLC, at fair value (cost $83,859,327 and 44,508,580, respectively) $ 83,859,327cavf_InvestmentInMasterFundCost $ 44,508,580cavf_InvestmentInMasterFundCost
Redeemable Units (in units) 87,536.813us-gaap_CapitalUnitsOutstanding 45,631.512us-gaap_CapitalUnitsOutstanding
Member Designee    
Redeemable Units (in units) (25.000)us-gaap_CommonUnitOutstanding
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= cavf_DesigneeMember		 (25.000)us-gaap_CommonUnitOutstanding
/ us-gaap_StatementEquityComponentsAxis
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Non-Managing Members    
Redeemable Units (in units) 87,511.813us-gaap_CommonUnitOutstanding
/ us-gaap_StatementEquityComponentsAxis
= cavf_NonManagingMember		 45,606.512us-gaap_CommonUnitOutstanding
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XML 43 R17.htm IDEA: XBRL DOCUMENT v2.4.1.9
Significant Accounting Policies (Details) (USD $)
 1 Months Ended 9 Months Ended 12 Months Ended
Mar. 31, 2013
Dec. 31, 2013
Dec. 31, 2014
Significant Accounting Policies      
Income tax liability or expense $ 0us-gaap_IncomeTaxExpenseBenefit $ 0us-gaap_IncomeTaxExpenseBenefit $ 0us-gaap_IncomeTaxExpenseBenefit
XML 44 R1.htm IDEA: XBRL DOCUMENT v2.4.1.9
Document and Entity Information (USD $)
 12 Months Ended
Dec. 31, 2014
Feb. 28, 2015
Jun. 30, 2014
Document and Entity Information      
Entity Registrant Name CAVENDISH FUTURES FUND LLC    
Entity Central Index Key 0001562622    
Document Type 10-K    
Document Period End Date Dec. 31, 2014    
Amendment Flag false    
Current Fiscal Year End Date --12-31    
Entity Well-known Seasoned Issuer No    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Filer Category Non-accelerated Filer    
Entity Common Stock Shares Outstanding At Public Float Date     69,004,256cavf_EntityCommonStockSharesOutstandingAtPublicFloatDate
Entity Public Float     $ 73,028,340dei_EntityPublicFloat
Entity Common Stock, Shares Outstanding   101,486,786dei_EntityCommonStockSharesOutstanding  
Document Fiscal Year Focus 2014    
Document Fiscal Period Focus FY    
XML 45 R18.htm IDEA: XBRL DOCUMENT v2.4.1.9
Related Party Transactions and Other Agreements (Details) (USD $)
 1 Months Ended 9 Months Ended 10 Months Ended 12 Months Ended
Mar. 31, 2013
Dec. 31, 2013
Dec. 31, 2013
Dec. 31, 2014
Dec. 31, 2013
Related Party Transactions and Other Agreements          
Administrative fees     $ 167,207us-gaap_OtherGeneralAndAdministrativeExpense $ 388,135us-gaap_OtherGeneralAndAdministrativeExpense  
Administrative Fees remained payable   19,859cavf_AccruedAdministrativeFeesCurrentAndNoncurrent 19,859cavf_AccruedAdministrativeFeesCurrentAndNoncurrent 45,365cavf_AccruedAdministrativeFeesCurrentAndNoncurrent 19,859cavf_AccruedAdministrativeFeesCurrentAndNoncurrent
Advisory fees (     501,620cavf_InvestmentAdvisoryFeeExpense 1,164,404cavf_InvestmentAdvisoryFeeExpense  
Advisory Fees remained payable   59,577us-gaap_ManagementFeePayable 59,577us-gaap_ManagementFeePayable 136,095us-gaap_ManagementFeePayable 59,577us-gaap_ManagementFeePayable
Incentive Fee Expense     449,717us-gaap_IncentiveFeeExpense 4,172,680us-gaap_IncentiveFeeExpense  
Limited Liability Company Agreement | Sydling Futures Management LLC          
Related Party Transactions and Other Agreements          
Monthly administration fee as a percentage of members' capital       0.042%cavf_MonthlyAdministrationFeesAsPercentageOfMembersCapital
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
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/ us-gaap_TypeOfArrangementAxis
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Annual administration fee as a percentage of members' capital       0.50%cavf_AnnualAdministrationFeesAsPercentageOfMembersCapital
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingFuturesManagementLLCMember
/ us-gaap_TypeOfArrangementAxis
= cavf_LimitedLiabilityCompanyAgreementMember		  
Administrative fees     167,207us-gaap_OtherGeneralAndAdministrativeExpense
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
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/ us-gaap_TypeOfArrangementAxis
= cavf_LimitedLiabilityCompanyAgreementMember		 388,135us-gaap_OtherGeneralAndAdministrativeExpense
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/ us-gaap_TypeOfArrangementAxis
= cavf_LimitedLiabilityCompanyAgreementMember		  
Administrative Fees remained payable   19,859cavf_AccruedAdministrativeFeesCurrentAndNoncurrent
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
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/ us-gaap_TypeOfArrangementAxis
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/ us-gaap_TypeOfArrangementAxis
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= cavf_SydlingFuturesManagementLLCMember
/ us-gaap_TypeOfArrangementAxis
= cavf_LimitedLiabilityCompanyAgreementMember
Limited Liability Company Agreement | Sydling Futures Management LLC | Minimum          
Related Party Transactions and Other Agreements          
Number of advisors selected to make trading decisions       1cavf_NumberOfAdvisorsSelectedToMakeTradingDecisions
/ us-gaap_RangeAxis
= us-gaap_MinimumMember
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingFuturesManagementLLCMember
/ us-gaap_TypeOfArrangementAxis
= cavf_LimitedLiabilityCompanyAgreementMember		  
Trading Advisory Agreement          
Related Party Transactions and Other Agreements          
Monthly advisory fee as a percentage of members' capital 0.17%cavf_MonthlyAdvisoryFeesAsPercentageOfMembersCapital
/ us-gaap_TypeOfArrangementAxis
= cavf_TradingAdvisoryAgreementMember		 0.17%cavf_MonthlyAdvisoryFeesAsPercentageOfMembersCapital
/ us-gaap_TypeOfArrangementAxis
= cavf_TradingAdvisoryAgreementMember		   0.17%cavf_MonthlyAdvisoryFeesAsPercentageOfMembersCapital
/ us-gaap_TypeOfArrangementAxis
= cavf_TradingAdvisoryAgreementMember		  
Advisory fees (     501,620cavf_InvestmentAdvisoryFeeExpense
/ us-gaap_TypeOfArrangementAxis
= cavf_TradingAdvisoryAgreementMember		 1,164,404cavf_InvestmentAdvisoryFeeExpense
/ us-gaap_TypeOfArrangementAxis
= cavf_TradingAdvisoryAgreementMember		  
Advisory Fees remained payable   $ 59,577us-gaap_ManagementFeePayable
/ us-gaap_TypeOfArrangementAxis
= cavf_TradingAdvisoryAgreementMember		 $ 59,577us-gaap_ManagementFeePayable
/ us-gaap_TypeOfArrangementAxis
= cavf_TradingAdvisoryAgreementMember		 $ 136,095us-gaap_ManagementFeePayable
/ us-gaap_TypeOfArrangementAxis
= cavf_TradingAdvisoryAgreementMember		 $ 59,577us-gaap_ManagementFeePayable
/ us-gaap_TypeOfArrangementAxis
= cavf_TradingAdvisoryAgreementMember
Annual advisory fee as a percentage of members' capital         1.50%cavf_AnnualAdvisoryFeesAsPercentageOfMembersCapital
/ us-gaap_TypeOfArrangementAxis
= cavf_TradingAdvisoryAgreementMember
Trading Advisory Agreement | Special Member          
Related Party Transactions and Other Agreements          
Quarterly incentive fee as a percentage of new trading profits       20.00%cavf_IncentiveAllocationToSpecialMembersAsPercentageOfNewTradingProfits
/ us-gaap_StatementEquityComponentsAxis
= cavf_SpecialMember
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= cavf_TradingAdvisoryAgreementMember		  
XML 46 R4.htm IDEA: XBRL DOCUMENT v2.4.1.9
Statements of Operations (USD $)
 10 Months Ended 12 Months Ended
Dec. 31, 2013
Dec. 31, 2014
INVESTMENT INCOME    
Interest allocated from Sydling WNT Master Fund LLC $ 11,371cavf_InterestIncomeOperatingAllocatedFromMasterFund $ 19,485cavf_InterestIncomeOperatingAllocatedFromMasterFund
EXPENSES    
Expenses allocated from Sydling WNT Master Fund LLC 1,306,199cavf_ExpensesAllocatedFromMasterFund 2,891,426cavf_ExpensesAllocatedFromMasterFund
Incentive fee (Note 4b) 449,717us-gaap_IncentiveFeeExpense 4,172,680us-gaap_IncentiveFeeExpense
Advisory fees (Note 4b) 501,620cavf_InvestmentAdvisoryFeeExpense 1,164,404cavf_InvestmentAdvisoryFeeExpense
Administrative fees (Notes 4a and 4c) 167,207us-gaap_OtherGeneralAndAdministrativeExpense 388,135us-gaap_OtherGeneralAndAdministrativeExpense
Professional fees and other expenses 207,500cavf_ProfessionalFeesAndOtherExpenses 442,478cavf_ProfessionalFeesAndOtherExpenses
Organizational expenses (Note 5) 181,566cavf_OrganizationalCosts  
Total Expenses 2,813,809us-gaap_OperatingExpenses 9,059,123us-gaap_OperatingExpenses
NET INVESTMENT INCOME (LOSS) (2,802,438)us-gaap_InvestmentIncomeNet (9,039,638)us-gaap_InvestmentIncomeNet
TRADING RESULTS    
Net realized gain allocated from Sydling WNT Master Fund LLC 1,772,152cavf_TradingSecuritiesRealizedGainLossAllocatedFromMasterFund 20,608,567cavf_TradingSecuritiesRealizedGainLossAllocatedFromMasterFund
Net change in unrealized appreciation allocated from Sydling WNT Master Fund LLC 2,096,940cavf_TradingSecuritiesUnrealizedHoldingGainLossAllocatedFromMasterFund 2,894,622cavf_TradingSecuritiesUnrealizedHoldingGainLossAllocatedFromMasterFund
Total Trading Results 3,869,092us-gaap_NetRealizedOrUnrealizedGainLossOnTradingSecurities 23,503,189us-gaap_NetRealizedOrUnrealizedGainLossOnTradingSecurities
Net income 1,066,654us-gaap_NetIncomeLoss 14,463,551us-gaap_NetIncomeLoss
Members' Capital, at Beginning of Period/Year   46,935,428us-gaap_MembersEquity
Members' Capital, at End of Period/Year $ 46,935,428us-gaap_MembersEquity $ 105,601,159us-gaap_MembersEquity
Net income per unit (in dollars per unit) $ 28.57us-gaap_EarningsPerShareBasicAndDiluted $ 177.79us-gaap_EarningsPerShareBasicAndDiluted
XML 47 R12.htm IDEA: XBRL DOCUMENT v2.4.1.9
Organization Costs
 12 Months Ended
Dec. 31, 2014
Organization Costs  
Organization Costs

5.Organization Costs

 

In 2013, organization costs of $181,566 relating to the issuance and marketing of the Fund’s units offered were initially paid by UBS Financial Services Inc. (“UBSFSI”).  These costs have been recorded as organization costs in the Statements of Financial Condition and represent the amount due to UBSFSI.  These costs are being reimbursed to UBSFSI by the Fund in 24 monthly installments.  The monthly installments will reduce the members’ capital for the purpose of calculating administrative and advisory fees and the incentive allocation.

 

As of December 31, 2014 and 2013, $166,435 and $75,651, respectively of these costs have been reimbursed to UBSFSI by the Fund.  The remaining liability due to UBSFSI will not reduce the net asset value per unit (“NAV”) for any purpose other than financial reporting, including calculation of administrative and advisory fees, incentive allocation and the redemption/subscription value of units.

 

XML 48 R11.htm IDEA: XBRL DOCUMENT v2.4.1.9
Related Party Transactions and Other Agreements
 12 Months Ended
Dec. 31, 2014
Related Party Transactions and Other Agreements  
Related Party Transactions and Other Agreements

4.Related Party Transactions and Other Agreements

 

a.Limited Liability Company Agreement

 

Sydling administers the business affairs of the Fund including selecting one or more advisors to make trading decisions for the Fund.  The Fund will pay Sydling a monthly administration fee in return for its services equal to 1/12 of 0.50% (0.50% per year) of month-end adjusted members’ capital of the Fund.  Month-end members’ capital, for the purpose of calculating administration fees are members’ capital, as defined in the Limited Liability Company Agreement, prior to the reduction of the current month’s incentive allocation accrual, the monthly advisory fee, Sydling’s administration fee and any redemptions or distributions as of the end of such month.  For the year ended December 31, 2014 and for the period from February 19, 2013 (commencement of trading operations) to December 31, 2013, the Fund incurred administrative fees of $388,135 and $167,207, respectively, of which $45,365, and $19,859 remained payable and is reflected on the Statements of Financial Condition as of December 31, 2014 and 2013, respectively.

 

Each unit, when purchased by a member, shall be fully paid and non-assessable.  No member shall be liable for Fund obligations in excess of the capital contributed by the member, plus such member’s share of undistributed profits, if any.

 

b.Trading Advisory Agreement

 

Sydling, on behalf of the Fund, has entered into an advisory agreement (the “Trading Advisory Agreement”) with the Advisor, a registered commodity trading advisor.  The Advisor is not affiliated with Sydling or UBS Securities LLC or its affiliates and is not responsible for the organization or operation of the Fund.  The Trading Advisory Agreement provides that the Advisor has sole discretion in determining the investment of the assets of the Fund.  During the year ended December 31, 2014 and for the period from February 19, 2013 (commencement of trading operations) to December 31, 2013, the Fund paid the Advisor a monthly advisory fee equal to 1/12 of 1.5% (1.5% per year) of month-end members’ capital of the Fund.  Month-end members’ capital, for the purpose of calculating advisory fees are members’ capital, as defined in the Limited Liability Company Agreement, prior to the reduction of the current month’s incentive allocation accrual, the monthly advisory fee, Sydling’s administration fee and any redemptions or distributions as of the end of such month.  The Trading Advisory Agreement may be terminated upon notice by either party.  For the year ended December 31, 2014 and for the period from February 19, 2013 (commencement of trading operations) to December 31, 2013, the Fund incurred advisory fees of $1,164,404 and $501,620, respectively of which $136,095 and $59,577 remained payable and is reflected on the Statements of Financial Condition as of December 31, 2014 and 2013, respectively.

 

In addition, the Advisor of the Fund receives a quarterly incentive fee equal to 20% of New Trading Profits, as defined in the Trading Advisory Agreement, earned on behalf of the Fund during each calendar quarter and are issued as special member units.  Pursuant to the Trading Advisory Agreement, the first incentive fee shall be made at end of the first full calendar quarter of trading or June 30, 2013.  The amounts of $4,172,680 and $449,717 represent the incentive fees earned on new trading profits earned for the year ended December 31, 2014 and for the period ended December 31, 2013, respectively.

 

In allocating substantially all of the assets of the Fund to the Master Fund, Sydling considered the Advisor’s past performance, trading style, volatility of markets traded and fee requirements.  Sydling may modify or terminate the allocation of assets to the Advisor at any time.

 

c.Administration Agreement

 

Sydling, on behalf of the Fund, has entered into an administration agreement with the Administrator.  The Administrator will assist Sydling in performing certain day-to-day tasks on behalf of the Fund, including but not limited to, calculating daily or periodic portfolio valuations, reconciling cash and portfolio positions, providing portfolio reporting, maintaining books and records and calculating all fund fees.  Sydling will pay a portion of the administrative fee it receives from the Fund to the Administrator.

XML 49 R23.htm IDEA: XBRL DOCUMENT v2.4.1.9
Statements of Financial Condition (Parenthetical) - Sydling (Sydling WNT Master Fund LLC, USD $)
Dec. 31, 2014
Dec. 31, 2013
Sydling WNT Master Fund LLC
    
Restricted cash $ 10,545,800us-gaap_RestrictedCashAndCashEquivalents
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember		 $ 5,352,928us-gaap_RestrictedCashAndCashEquivalents
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember
XML 50 R19.htm IDEA: XBRL DOCUMENT v2.4.1.9
Organization Costs (Details) (USD $)
 10 Months Ended 12 Months Ended
Dec. 31, 2013
Dec. 31, 2014
item
Organization Costs    
Organizational costs paid by UBS Financial Services Inc. $ 181,566cavf_OrganizationalCosts  
Number of monthly installments for reimbursement   24cavf_NumberOfMonthlyInstallments
Organizational costs reimbursed to UBS Financial Services Inc. $ 75,651cavf_OrganizationalCostsReimbursed $ 166,435cavf_OrganizationalCostsReimbursed
XML 51 R15.htm IDEA: XBRL DOCUMENT v2.4.1.9
Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2014
Significant Accounting Policies  
Use of Estimates

a.Use of Estimates

 

The preparation of financial statements and accompanying notes in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in members’ capital from operations during the reporting period.  Actual results could differ from those estimates.

 

Statements of Cash Flows

b.Statements of Cash Flows

 

The Fund is not required to provide a Statements of Cash Flows in accordance with Accounting Standard Codification (“ASC”) 230, Statement of Cash Flows.

 

Fair Value Measurements

c.Fair Value Measurements

 

The Fund values its investments at fair value, in accordance with U.S. GAAP, which is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

 

Various inputs are used in determining the fair value of the Fund’s investments which are summarized in the three broad levels listed below.

 

Level 1 — quoted prices (unadjusted) in active markets for identical securities.

Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment spreads, credit risk, etc.)

Level 3 — significant unobservable inputs (including the Master Fund’s own assumptions and indicative non-binding broker quotes.)

 

Fair value measurement disclosure for each class of assets and liabilities requires greater disaggregation than the Fund’s line items in the Statements of Financial Condition.  The Fund determines the appropriate classes for those disclosures on the basis of the nature and risks of the assets and liabilities and their classification in the fair value hierarchy (i.e., Level 1, Level 2, and Level 3).

 

The Fund values its investment in the Master Fund, where there are no other rights or obligations inherent within the ownership interest held by the Fund, based on the end of the day net asset value of the Master Fund (Level 2).  The value of the Fund’s investment in the Master Fund reflects its proportional interest in the Master Fund.  As of and for the year ended December 31, 2014 and the period from February 19, 2013 (commencement of trading operations) to December 31, 2013, the Fund did not hold any derivative instruments that are based on unadjusted quoted prices in active markets for identical assets (Level 2) or priced at fair value using unobservable inputs through the application of management’s assumptions and internal valuation pricing models (Level 3).

 

For disclosures regarding the Master Fund’s investments and fair value measurements, see Note 3, “Significant Accounting Policies” on the attached Master Fund’s financial statements.

 

Investment in Master Fund

d.Investment in Master Fund

 

The Fund records its investment in the Master Fund at fair value and is represented by the Fund’s proportionate interest in the members’ capital of the Master Fund at December 31, 2014 and 2013.  Valuation of securities held by the Master Fund is discussed in the notes to the Master Fund’s financial statements.  The Fund records its pro rata share of the Master Fund’s income, expenses and realized and unrealized gains and losses.  The performance of the Fund is directly attributable to the performance of the Master Fund.  The Fund records its subscription and redemption of the capital account related to its investment in the Master Fund on the transaction date.  The Master Fund will adjust the capital account of the Fund.  Brokerage, clearing and transaction fees are incurred by the Master Fund and are reflected in the pro rata allocation received by the Fund from the Master Fund.

 

Subscriptions Received in Advance

e.Subscriptions Received in Advance

 

Subscriptions received in advance represent amount paid by the non-managing members for a percentage ownership into the Fund which have not yet been added as members’ capital as of December 31, 2014 and 2013.  The amount paid is held as cash in the Fund’s escrow account and represents the cash on the Statements of Financial Condition.

 

Redemptions Payable

f.Redemptions Payable

 

Pursuant to ASC Topic 480, Distinguishing Liabilities from Equity, capital withdrawals effective December 31, 2014 and 2013 have been reflected as redemptions payable in the Statements of Financial Condition.

 

Income Taxes

g.Income Taxes

 

The Fund is classified as a partnership for U.S. federal income tax purposes, and the Fund will not pay U.S. federal income tax.  As a result, no income tax liability or expense has been recorded in the financial statements.

 

U.S. GAAP provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements and requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Master Fund’s financial statements to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority.

 

Tax positions with respect to tax at the Master Fund level not deemed to meet the “more-likely-than-not” threshold would be recorded as a tax benefit or expense in the current year. Management has analyzed the Master Fund’s tax positions for the open tax period and has concluded that no provision is required in the Master Fund’s financial statements.  The Master Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations.  For the year ended December 31, 2014 and for the period from February 19, 2013 (commencement of trading operations) to December 31, 2013, the Master Fund did not incur any interest or penalties.

 

XML 52 R13.htm IDEA: XBRL DOCUMENT v2.4.1.9
Subscriptions, Distributions and Redemptions
 12 Months Ended
Dec. 31, 2014
Subscriptions, Distributions and Redemptions  
Subscriptions, Distributions and Redemptions

6.Subscriptions, Distributions and Redemptions

 

The Fund will offer units privately through its selling agent, UBSFSI.  UBS Securities LLC will pay a portion of its brokerage commissions to UBSFSI financial advisors who have sold units in the Fund.  The Fund may engage additional selling agents in the future, including selling agents affiliated or unaffiliated with Sydling.  The minimum initial subscription in the Fund is $25,000 (or $10,000 in the case of ERISA Plans).  The minimum additional investment for those who are current members and are qualified investors is $10,000.  Sydling may, in its sole discretion, lower these amounts.  Subscriptions for units are made five business days prior to the end of a month and are made at the NAV on the first day of the following month.  Sydling may reject any subscription for any reason for a reasonable period of time after receipt.

 

Distributions, if any, will be made at the sole discretion of Sydling.

 

Contingent upon 5 days’ prior notice to the trading manager, redemptions of the Fund’s units are made at the NAV as of the end of any month, provided that such units were held for three full months.  The units are classified as a liability when a member elects to redeem and informs the trading manager.  Sydling may, in its sole discretion, modify the length of required notices or other restrictions.

 

XML 53 R14.htm IDEA: XBRL DOCUMENT v2.4.1.9
Subsequent Events
 12 Months Ended
Dec. 31, 2014
Subsequent Events  
Subsequent Events

7.Subsequent Events

 

Management has evaluated the impact of all subsequent events on the Fund through March 16, 2015, the date these financial statements were available to be issued.  Subsequent to year end additional subscriptions were received from the non-managing members totaling $19,214,590.  Subsequent to year end redemptions were paid to the non-managing members totaling $174,011.  Management has determined that there were no additional subsequent events requiring recognition or disclosure in the financial statements.

 

XML 54 R16.htm IDEA: XBRL DOCUMENT v2.4.1.9
Organization (Details)
 12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Organization    
Ownership percentage in Master fund 100.00%cavf_MasterFundOwnershipPercentage 100.00%cavf_MasterFundOwnershipPercentage
Maximum number of Redeemable Units that may be sold by the Fund 0cavf_MaximumCommonUnitNumberThatMayBeSoldByFund  
Notice period for redemption of units 5 days  
Period for which units are required to be held for redemptions at the NAV on the last day of any month 3 months  
Maximum number of business days from redemption date within which the entity will make payment for redeemed units 10 days  
XML 55 R34.htm IDEA: XBRL DOCUMENT v2.4.1.9
Financial Instruments Risks - Sydling (Sydling WNT Master Fund LLC)
 12 Months Ended
Dec. 31, 2014
Sydling WNT Master Fund LLC
  
Financial Instruments Risks  
Financial Instruments Risks

7.Financial Instruments Risks

 

In the normal course of business, the Master Fund, 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 and options on futures 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 are standardized and include futures and certain forward and options contracts.  OTC contracts are negotiated between contracting parties and include certain swaps, forwards and options contracts.  Specific market movements of commodities or futures contracts underlying an option cannot accurately be predicted.  The purchaser of an option may lose the entire premium paid for the option.  The writer, or seller, of an option has unlimited risk.  Each of these instruments is subject to various risks similar to those related to the underlying financial instruments including market and credit risk.  In general, the risks associated with OTC contracts are greater than those associated with exchange-traded instruments because of the greater risk of default by the counterparty to an OTC contract.  For the year ended December 31, 2014 and for the period from February 19, 2013 (commencement of trading operations) to December 31, 2013, the Master Fund traded futures contracts only.

 

The risk to the members that have purchased interests in the Master Fund is limited to the amount of their capital contributions to the Master Fund and their share of the Master Fund’s assets and undistributed profits.  This limited liability is a consequence of the organization of the Master Fund as a limited liability company under applicable law.

 

Market risk is the potential for changes in the value of the financial instruments traded by the Master Fund 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 Fund is exposed to a market risk equal to the value of futures contracts purchased and unlimited liability on such contracts sold short.

 

Credit risk is the possibility that a loss may occur due to the failure of a counterparty to perform according to the terms of a contract.  The Master Fund’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 not represented by the contract or notional amounts of the instruments.  The Master Fund has credit risk and concentration risk because the sole counterparty or broker with respect to the Master Fund’s assets is UBS or a UBS affiliate.  Credit risk with respect to exchange-traded instruments is reduced to the extent that through UBS, the Master Fund’s counterparty is an exchange or clearing organization.  Futures contracts are conducted through regulated exchanges which have margin requirements, and are settled in cash on a daily basis, thereby minimizing credit risk.

 

XML 56 R21.htm IDEA: XBRL DOCUMENT v2.4.1.9
Subsequent Events (Details) (Subsequent event, Non-Managing Members, USD $)
 3 Months Ended
Mar. 31, 2015
Subsequent event | Non-Managing Members
  
Subsequent events  
Additional subscription received $ 19,214,590cavf_NonManagingMembersSubscriptionsContributedCapital
/ us-gaap_StatementEquityComponentsAxis
= cavf_NonManagingMember
/ us-gaap_SubsequentEventTypeAxis
= us-gaap_SubsequentEventMember
Redemptions to be paid $ 174,011cavf_NonManagingMembersCapitalRedemptionsPaid
/ us-gaap_StatementEquityComponentsAxis
= cavf_NonManagingMember
/ us-gaap_SubsequentEventTypeAxis
= us-gaap_SubsequentEventMember
XML 57 R26.htm IDEA: XBRL DOCUMENT v2.4.1.9
Statements of Changes in Member's Capital - Sydling (USD $)
 10 Months Ended 12 Months Ended
Dec. 31, 2013
Dec. 31, 2014
INCREASE (DECREASE) IN MEMBER'S CAPITAL FROM OPERATIONS    
Net investment (loss) $ (2,802,438)us-gaap_InvestmentIncomeNet $ (9,039,638)us-gaap_InvestmentIncomeNet
Net income 1,066,654us-gaap_NetIncomeLoss 14,463,551us-gaap_NetIncomeLoss
INCREASE/(DECREASE) IN MEMBER'S CAPITAL FROM CAPITAL TRANSACTIONS    
Members' Capital, at Beginning of Period/Year   46,935,428us-gaap_MembersEquity
Members' Capital, at End of Period/Year 46,935,428us-gaap_MembersEquity 105,601,159us-gaap_MembersEquity
Sydling WNT Master Fund LLC    
INCREASE (DECREASE) IN MEMBER'S CAPITAL FROM OPERATIONS    
Net investment (loss) (1,294,828)us-gaap_InvestmentIncomeNet
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember		 (2,871,941)us-gaap_InvestmentIncomeNet
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember
Net realized gain/(loss) from derivative instruments 1,772,152us-gaap_TradingSecuritiesRealizedGainLoss
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember		 20,608,567us-gaap_TradingSecuritiesRealizedGainLoss
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember
Net change in unrealized appreciation/(depreciation) on derivative instruments 2,096,940us-gaap_DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember		 2,894,622us-gaap_DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember
Net income 2,574,264us-gaap_NetIncomeLoss
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember		 20,631,248us-gaap_NetIncomeLoss
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember
INCREASE/(DECREASE) IN MEMBER'S CAPITAL FROM CAPITAL TRANSACTIONS    
Subscriptions 47,097,484cavf_NonManagingMembersSubscriptionsContributedCapital
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember		 46,124,770cavf_NonManagingMembersSubscriptionsContributedCapital
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember
Redemptions (2,637,971)cavf_NonManagingMembersCapitalRedemptions
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember		 (8,181,071)cavf_NonManagingMembersCapitalRedemptions
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember
Net Increase (Decrease) in Member's Capital Derived from Capital Transactions 44,459,513cavf_CapitalAccountPeriodIncreaseDecreaseInCapitalTransactions
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember		 37,943,699cavf_CapitalAccountPeriodIncreaseDecreaseInCapitalTransactions
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember
Net Increase (Decrease) in Members' Capital 47,033,777cavf_CapitalAccountPeriodIncreaseDecrease
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember		 58,574,947cavf_CapitalAccountPeriodIncreaseDecrease
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember
Members' Capital, at Beginning of Period/Year   47,033,777us-gaap_MembersEquity
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember
Members' Capital, at End of Period/Year $ 47,033,777us-gaap_MembersEquity
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember		 $ 105,608,724us-gaap_MembersEquity
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember
XML 58 R41.htm IDEA: XBRL DOCUMENT v2.4.1.9
Organization Costs (Details) - Sydling (USD $)
 10 Months Ended
Dec. 31, 2013
Organization Costs  
Organization costs $ 181,566cavf_OrganizationalCosts
Sydling WNT Master Fund LLC  
Organization Costs  
Organization costs $ 11,955cavf_OrganizationalCosts
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember
XML 59 R5.htm IDEA: XBRL DOCUMENT v2.4.1.9
Statements of Changes in Members' Capital (USD $)
 12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Increase/Decrease in Members' Capital    
Members' Capital, at Beginning of Period/Year $ 46,935,428us-gaap_MembersEquity  
Initial capital contributions, 26,182.375 Units of Non-Managing Member interest and the Member Designee's contribution representing 25.000 units   26,207,375cavf_InitialCapitalContributionByMembers
Subscriptions,20,677.739 Units and 43,735.258 Units of Non-Managing Member interest for the period ended December 31, 2014 and 2013, respectively 46,124,770cavf_MembersSubscriptionsContributedCapital 20,890,109cavf_MembersSubscriptionsContributedCapital
Redemptions, 1,253.602 and 1,829.957 Units of Non-Managing Member interest for the period ended December 31, 2014 and 2013, respectively (1,922,590)cavf_MembersCapitalRedemptions (1,228,710)cavf_MembersCapitalRedemptions
Net Income 14,463,551cavf_IncomeLossAllocatedToNonManagingMembers 1,066,654cavf_IncomeLossAllocatedToNonManagingMembers
Members' Capital, at End of Period/Year 105,601,159us-gaap_MembersEquity 46,935,428us-gaap_MembersEquity
Non-Managing Members    
Increase/Decrease in Members' Capital    
Members' Capital, at Beginning of Period/Year 46,909,714us-gaap_MembersEquity
/ us-gaap_StatementEquityComponentsAxis
= cavf_NonManagingMember		  
Initial capital contributions, 26,182.375 Units of Non-Managing Member interest and the Member Designee's contribution representing 25.000 units   26,182,375cavf_InitialCapitalContributionByMembers
/ us-gaap_StatementEquityComponentsAxis
= cavf_NonManagingMember
Subscriptions,20,677.739 Units and 43,735.258 Units of Non-Managing Member interest for the period ended December 31, 2014 and 2013, respectively 46,124,770cavf_MembersSubscriptionsContributedCapital
/ us-gaap_StatementEquityComponentsAxis
= cavf_NonManagingMember		 20,890,109cavf_MembersSubscriptionsContributedCapital
/ us-gaap_StatementEquityComponentsAxis
= cavf_NonManagingMember
Redemptions, 1,253.602 and 1,829.957 Units of Non-Managing Member interest for the period ended December 31, 2014 and 2013, respectively (1,922,590)cavf_MembersCapitalRedemptions
/ us-gaap_StatementEquityComponentsAxis
= cavf_NonManagingMember		 (1,228,710)cavf_MembersCapitalRedemptions
/ us-gaap_StatementEquityComponentsAxis
= cavf_NonManagingMember
Net Income 14,459,106cavf_IncomeLossAllocatedToNonManagingMembers
/ us-gaap_StatementEquityComponentsAxis
= cavf_NonManagingMember		 1,065,940cavf_IncomeLossAllocatedToNonManagingMembers
/ us-gaap_StatementEquityComponentsAxis
= cavf_NonManagingMember
Members' Capital, at End of Period/Year 105,571,000us-gaap_MembersEquity
/ us-gaap_StatementEquityComponentsAxis
= cavf_NonManagingMember		 46,909,714us-gaap_MembersEquity
/ us-gaap_StatementEquityComponentsAxis
= cavf_NonManagingMember
Member Designee    
Increase/Decrease in Members' Capital    
Members' Capital, at Beginning of Period/Year 25,714us-gaap_MembersEquity
/ us-gaap_StatementEquityComponentsAxis
= cavf_DesigneeMember		  
Initial capital contributions, 26,182.375 Units of Non-Managing Member interest and the Member Designee's contribution representing 25.000 units   25,000cavf_InitialCapitalContributionByMembers
/ us-gaap_StatementEquityComponentsAxis
= cavf_DesigneeMember
Net Income 4,445cavf_IncomeLossAllocatedToNonManagingMembers
/ us-gaap_StatementEquityComponentsAxis
= cavf_DesigneeMember		 714cavf_IncomeLossAllocatedToNonManagingMembers
/ us-gaap_StatementEquityComponentsAxis
= cavf_DesigneeMember
Members' Capital, at End of Period/Year $ 30,159us-gaap_MembersEquity
/ us-gaap_StatementEquityComponentsAxis
= cavf_DesigneeMember		 $ 25,714us-gaap_MembersEquity
/ us-gaap_StatementEquityComponentsAxis
= cavf_DesigneeMember
XML 60 R10.htm IDEA: XBRL DOCUMENT v2.4.1.9
Significant Accounting Policies
 12 Months Ended
Dec. 31, 2014
Significant Accounting Policies  
Significant Accounting Policies

3.Significant Accounting Policies

 

a.Use of Estimates

 

The preparation of financial statements and accompanying notes in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in members’ capital from operations during the reporting period.  Actual results could differ from those estimates.

 

b.Statements of Cash Flows

 

The Fund is not required to provide a Statements of Cash Flows in accordance with Accounting Standard Codification (“ASC”) 230, Statement of Cash Flows.

 

c.Fair Value Measurements

 

The Fund values its investments at fair value, in accordance with U.S. GAAP, which is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

 

Various inputs are used in determining the fair value of the Fund’s investments which are summarized in the three broad levels listed below.

 

Level 1 — quoted prices (unadjusted) in active markets for identical securities.

Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment spreads, credit risk, etc.)

Level 3 — significant unobservable inputs (including the Master Fund’s own assumptions and indicative non-binding broker quotes.)

 

Fair value measurement disclosure for each class of assets and liabilities requires greater disaggregation than the Fund’s line items in the Statements of Financial Condition.  The Fund determines the appropriate classes for those disclosures on the basis of the nature and risks of the assets and liabilities and their classification in the fair value hierarchy (i.e., Level 1, Level 2, and Level 3).

 

The Fund values its investment in the Master Fund, where there are no other rights or obligations inherent within the ownership interest held by the Fund, based on the end of the day net asset value of the Master Fund (Level 2).  The value of the Fund’s investment in the Master Fund reflects its proportional interest in the Master Fund.  As of and for the year ended December 31, 2014 and the period from February 19, 2013 (commencement of trading operations) to December 31, 2013, the Fund did not hold any derivative instruments that are based on unadjusted quoted prices in active markets for identical assets (Level 2) or priced at fair value using unobservable inputs through the application of management’s assumptions and internal valuation pricing models (Level 3).

 

For disclosures regarding the Master Fund’s investments and fair value measurements, see Note 3, “Significant Accounting Policies” on the attached Master Fund’s financial statements.

 

d.Investment in Master Fund

 

The Fund records its investment in the Master Fund at fair value and is represented by the Fund’s proportionate interest in the members’ capital of the Master Fund at December 31, 2014 and 2013.  Valuation of securities held by the Master Fund is discussed in the notes to the Master Fund’s financial statements.  The Fund records its pro rata share of the Master Fund’s income, expenses and realized and unrealized gains and losses.  The performance of the Fund is directly attributable to the performance of the Master Fund.  The Fund records its subscription and redemption of the capital account related to its investment in the Master Fund on the transaction date.  The Master Fund will adjust the capital account of the Fund.  Brokerage, clearing and transaction fees are incurred by the Master Fund and are reflected in the pro rata allocation received by the Fund from the Master Fund.

 

e.Subscriptions Received in Advance

 

Subscriptions received in advance represent amount paid by the non-managing members for a percentage ownership into the Fund which have not yet been added as members’ capital as of December 31, 2014 and 2013.  The amount paid is held as cash in the Fund’s escrow account and represents the cash on the Statements of Financial Condition.

 

f.Redemptions Payable

 

Pursuant to ASC Topic 480, Distinguishing Liabilities from Equity, capital withdrawals effective December 31, 2014 and 2013 have been reflected as redemptions payable in the Statements of Financial Condition.

 

g.Income Taxes

 

The Fund is classified as a partnership for U.S. federal income tax purposes, and the Fund will not pay U.S. federal income tax.  As a result, no income tax liability or expense has been recorded in the financial statements.

 

U.S. GAAP provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements and requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Master Fund’s financial statements to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority.

 

Tax positions with respect to tax at the Master Fund level not deemed to meet the “more-likely-than-not” threshold would be recorded as a tax benefit or expense in the current year. Management has analyzed the Master Fund’s tax positions for the open tax period and has concluded that no provision is required in the Master Fund’s financial statements.  The Master Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations.  For the year ended December 31, 2014 and for the period from February 19, 2013 (commencement of trading operations) to December 31, 2013, the Master Fund did not incur any interest or penalties.

 

XML 61 R27.htm IDEA: XBRL DOCUMENT v2.4.1.9
Financial Highlights - Sydling (USD $)
 12 Months Ended 10 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Ratio/Supplemental Data:    
Ratio of net investment loss to average member's capital (as a percent) (12.18%)cavf_InvestmentIncomeNetAsPercentOfAverageMembersEquity [1]  
Members' capital at end of period/year $ 105,601,159us-gaap_MembersEquity $ 46,935,428us-gaap_MembersEquity
Sydling WNT Master Fund LLC    
Ratio/Supplemental Data:    
Ratio of net investment loss to average member's capital (as a percent) (3.85%)cavf_InvestmentIncomeNetAsPercentOfAverageMembersEquity
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember		 (3.84%)cavf_InvestmentIncomeNetAsPercentOfAverageMembersEquity
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember
Ratio of total expenses to average member's capital (as a percent) 3.87%cavf_ExpensesIncludingIncentiveFeesAsPercentOfAverageMembersEquity
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember		 3.87%cavf_ExpensesIncludingIncentiveFeesAsPercentOfAverageMembersEquity
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember
Total return (as a percent) 25.73%cavf_IncomeLossAllocatedToNonManagingMembersAsPercentOfMembersEquity
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember		 6.99%cavf_IncomeLossAllocatedToNonManagingMembersAsPercentOfMembersEquity
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember
Members' capital at end of period/year $ 105,608,724us-gaap_MembersEquity
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember		 $ 47,033,777us-gaap_MembersEquity
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember
[1] The ratios to average members’ capital are annualized. The average members’ capital used in the above ratios are calculated by using members’ capital after periodend withdrawals.
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Trading Activities (Tables) - Sydling (Sydling WNT Master Fund LLC)
 12 Months Ended
Dec. 31, 2014
Sydling WNT Master Fund LLC
  
Trading Activities  
Schedule of gross fair values of derivative instruments of futures contracts as separate assets and liabilities

 

 

 

December 31, 2014

 

December 31, 2013

 

ASSETS

 

 

 

 

 

Futures Contracts

 

 

 

 

 

Currencies

 

$
1,153,935

 

$
527,958

 

Energy

 
1,058,034

 
53,283

 

Financials

 
2,418,331

 
128,028

 

Grains

 
191,418

 
280,638

 

Index

 
1,337,472

 
1,611,382

 

Industrials

 
693

 

—

 

Materials

 
1,385

 

—

 

Meats

 
72,730

 
1,150

 

Metals

 
329,744

 
191,061

 

Total unrealized appreciation on open futures contracts

 

$
6,563,742

 

$
2,793,500

 

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

Futures Contracts

 

 

 

 

 

Currencies

 

$
(5,540

)

$
(10,366

)

Energy

 
(485,510

)
(44,690

)

Financials

 
(332,427

)
(510,504

)

Grains

 
(116,030

)
(63,231

)

Index

 
(311,207

)
(1,288

)

Industrials

 

—

 
(396

)

Materials

 
(330

)
(10,675

)

Meats

 
(63,853

)
(25,960

)

Metals

 
(257,283

)
(29,450

)

Total unrealized depreciation on open futures contracts

 

$
(1,572,180

)

$
(696,560

)

 

 

 

 

 

 

Net unrealized appreciation on open futures contracts*

 

$
4,991,562

 

$
2,096,940

 

 

* These amounts are shown in “Net unrealized appreciation on open futures contracts” on the Statements of Financial Condition.

 

Schedule of trading gains and losses, by market sector, on derivative instruments

 

 

 

For the year ended

 

For the period ended

 

 

 

December 31, 2014

 

December 31, 2013

 

 

 

Gain (loss)

 

Gain (loss)

 

Sector

 

from trading

 

from trading

 

Currencies

 

$
4,729,007

 

$
808,460

 

Energy

 
6,768,173

 
(1,016,108

)

Financials

 
13,315,461

 
(2,394,770

)

Grains

 
(2,109,878

)
848,011

 

Index

 
(332,006

)
4,549,702

 

Industrials

 
(3,740

)
(20,075

)

Materials

 
(82,840

)
(44,605

)

Meats

 
865,117

 
32,135

 

Metals

 
353,895

 
1,106,342

 

 

 

$
23,503,189

**

$
3,869,092

**

 

** These amounts are shown in “Net Realized and Unrealized Gain from Derivative Instruments” on the Statements of Operations.

 

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Subscriptions, Distributions and Redemptions (Details) (USD $)
 12 Months Ended
Dec. 31, 2014
Subscriptions, Distributions and Redemptions  
Minimum initial subscription $ 25,000cavf_MinimumInitialSubscriptionRequirement
Minimum initial subscription in case of ERISA Plans 10,000cavf_MinimumInitialSubscriptionRequirementForERISAPlans
Minimum additional investment requirement for current members and are qualified investors $ 10,000cavf_MinimumAdditionalInvestmentRequirementForCurrentMembersAndQualifiedInvestors
Minimum number of business days prior to the month end up to which subscriptions are made 5 days
Notice period for redemption of units 5 days
Period for which units are required to be held for redemptions at the NAV on the last day of any month 3 months

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Statements of Operations - Sydling (USD $)
 10 Months Ended 12 Months Ended
Dec. 31, 2013
Dec. 31, 2014
EXPENSES    
Organizational expenses $ 181,566cavf_OrganizationalCosts  
Total Expenses 2,813,809us-gaap_OperatingExpenses 9,059,123us-gaap_OperatingExpenses
Net change in unrealized appreciation/(depreciation) on:    
Net income 1,066,654us-gaap_NetIncomeLoss 14,463,551us-gaap_NetIncomeLoss
Sydling WNT Master Fund LLC    
INVESTMENT INCOME    
Interest income 11,371us-gaap_InterestIncomeOperating
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember		 19,485us-gaap_InterestIncomeOperating
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember
Total Investment Income 11,371us-gaap_InterestAndDividendIncomeOperating
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember		 19,485us-gaap_InterestAndDividendIncomeOperating
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember
EXPENSES    
Brokerage, clearing and transaction fees 1,209,244us-gaap_PaymentsForBrokerageFees
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember		 2,801,413us-gaap_PaymentsForBrokerageFees
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember
Professional fees 85,000us-gaap_ProfessionalFees
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember		 90,013us-gaap_ProfessionalFees
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember
Organizational expenses 11,955cavf_OrganizationalCosts
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember		  
Total Expenses 1,306,199us-gaap_OperatingExpenses
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember		 2,891,426us-gaap_OperatingExpenses
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember
NET INVESTMENT (LOSS) (1,294,828)us-gaap_NetInvestmentIncome
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember		 (2,871,941)us-gaap_NetInvestmentIncome
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember
Net realized gain/(loss) from:    
Futures 1,772,152us-gaap_TradingSecuritiesRealizedGainLoss
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember		 20,608,567us-gaap_TradingSecuritiesRealizedGainLoss
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember
Net change in unrealized appreciation/(depreciation) on:    
Futures 2,096,940us-gaap_DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember		 2,894,622us-gaap_DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember
Net Realized and Change in Unrealized Gain/(Loss) from Derivative Instruments 3,869,092us-gaap_GainLossOnDerivativeInstrumentsHeldForTradingPurposesNet
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember		 23,503,189us-gaap_GainLossOnDerivativeInstrumentsHeldForTradingPurposesNet
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember
Net income $ 2,574,264us-gaap_NetIncomeLoss
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember		 $ 20,631,248us-gaap_NetIncomeLoss
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= cavf_SydlingWNTMasterFundLLCMember