Altegris Winton Futures Fund, L.P. 10-K

 true 2023 FY To include audit report 0001198415

 2023-06-30

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 UNITED STATES

 SECURITIES AND EXCHANGE COMMISSION

 Washington, D.C. 20549

 FORM 10-K/A

 Amendment No. 1

 (Mark One)

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

 For the fiscal year ended December 31, 2023

 or

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

 Commission file number: 000-53348

 (Exact name of registrant as specified in its charter)

 colorado

 (State or other jurisdiction of incorporation or organization)

 84-1496732

 (I.R.S. Employer Identification No.)

 c/o ALTEGRIS ADVISORS, L.L.C.

 1200 Prospect Street, Suite 400

 La Jolla, CA 92037

 (Address of principal executive offices) (zip code)

 (858) 459-7040

 (Registrant's telephone number, including area code)

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

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

 Indicate by check mark if the registrant is a well-known
seasoned issuer, as defined in Rule 405 of the Securities Act.

 Indicate by check mark if the registrant is not required
to file reports pursuant to Section 13 or Section 15(d) of the Act.

 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.

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

 Indicate by check mark if the disclosure of delinquent
filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of the 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.

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

 Large accelerated filer

 Accelerated filer

 Non-accelerated filer

 Smaller reporting company

 Emerging growth company

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

 Indicate by check mark whether
the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control
over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm
that prepared or issued its audit report.

 Indicate by check mark whether the financial statements
of the registrant included in the filing reflect the correction of an error to previously issued financial statements.

 Indicate by check mark whether any of those error
corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's
executive officers during the relevant recovery period pursuant to §240.10D-1(b).

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

 State the aggregate market value
of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was last
sold, or the average bid and asked price of such common equity, as of the last business day of the registrant's most recently completed
second fiscal quarter. 0

 Not Applicable. 0

 DOCUMENTS INCORPORATED BY REFERENCE

 None.

 EXPLANATORY NOTE

 Altegris Winton Futures Fund, L.P. (the "Partnership",
"we", or "our") is filing this Amendment No. 1 (this "Amendment") to our Annual Report on Form 10-K
for the year ended December 31, 2023, originally filed with the Securities and Exchange Commission (the "SEC") on March 29,
2024 (the "Original Filing"), to incorporate the Report of Independent Registered Public Accounting Firm of the Partnership's
predecessor accounting firm, Deloitte & Touche LLP, into Part IV. Item 15. Deloitte & Touche LLP served as the Partnership's
auditor for the year-ended December 31, 2021.

 For convenience and ease of reference, the Partnership is filing
the annual report in its entirety with applicable changes. Unless otherwise stated, all information contained in this Form 10-K Amendment
is as of March 29, 2024, the filing date of the original Annual Report. Except as stated herein, this Form 10-K Amendment does not reflect
events or transactions occurring after such filing date and does not contain any modifications or updates to the disclosure in the Annual
Report that may have been affected by events or transactions occurring subsequent to such filing date. No information in the Annual Report
other than as set forth above is amended hereby.

 Page

 Item 1

 Business

 Item 1A

 Risk Factors

 Item 1B

 Unresolved Staff Comments

 Item 2

 Properties

 Item 3

 Legal Proceedings

 Item 4

 Mine Safety Disclosures

 Item 5

 Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

 Item 6

 Selected Financial Data

 Item 7

 Management's Discussion and Analysis of Financial Condition and Results of Operations

 Item 7A

 Quantitative and Qualitative Disclosures About Market Risk

 Item 8

 Financial Statements and Supplementary Data

 Item 9

 Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

 Item 9A

 Controls and Procedures

 Item 9B

 Other Information

 Item 10

 Directors, Executive Officers and Corporate Governance

 Item 11

 Executive Compensation

 Item 12

 Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

 Item 13

 Certain Relationships and Related Transactions, and Director Independence

 Item 14

 Principal Accounting Fees and Services

 Item 15

 Exhibits, Financial Statement Schedules

 Signatures

 Financial Statements

 i

 ITEM 1: BUSINESS

 (a)

 General Development of Business

 Altegris Winton Futures Fund,
L.P. (the "Partnership") is a limited partnership organized under the Colorado Uniform Limited Partnership Act in March 1999.
The Partnership's business is the speculative trading and investment in international futures, options and forward markets ("Commodity
Interests"). The Partnership commenced its trading and investment operations in November 1999.

 On December 31, 2014, pursuant
to an internal reorganization of Altegris Portfolio Management, Inc., then the general partner of the Partnership, and certain affiliated
entities, Altegris Portfolio Management, Inc. ("APM") merged with and into its affiliate, Altegris Advisors, L.L.C., a Delaware
limited liability company (the "Transaction"). By operation of law and pursuant to Paragraph 12 of the Partnership's
Second Amended Agreement of Limited Partnership, effective as of April 14, 2011, as amended, Altegris Advisors, L.L.C. then became, and
was admitted as, the general partner of the Partnership (the "General Partner").

 The General Partner has sole responsibility
for management and administration of all aspects of the Partnership's business. Investors purchasing limited partnership interests
(the "Interests") in the Partnership ("Limited Partners" and together with the General Partner, "Partners")
have no rights to participate in the management of the Partnership.

 The General Partner is registered
with the Commodity Futures Trading Commission ("CFTC") as a Commodity Pool Operator ("CPO") and is a member of
National Futures Association ("NFA"). Winton Capital Management Limited, a United Kingdom Company, acts as the Partnership's
trading advisor ("Advisor"). The Advisor is registered with the CFTC as a Commodity Trading Advisor and is authorized and
regulated by the United Kingdom's Financial Conduct Authority.

 Effective September 27, 2021,
as part of an internal reorganization, the General Partner became wholly-owned by its affiliate Altegris Services, L.L.C. ("Services")
which in turn became wholly-owned by Better Outcome, LLC ("Better Outcome"), a newly formed affiliated entity owned and controlled
by Continuum Capital Managers LLC ("Continuum") and AV5 Acquisition, LLC ("AV5"). Continuum is owned by Douglas
C. Grip and Stephen E. Vanourny. AV5 is owned solely by Matthew Osborne, the General Partner's Chief Executive Officer and Chief
Investment Officer. This internal reorganization resulted in no change in actual direct or indirect control and ultimate ownership of
the General Partner, and had no impact on the Partnership's financial position or results of operations.

 There was an internal structural
change in July 2023 as part of an internal reorganization. The following internal restructuring resulted in no change in actual indirect
and ultimate ownership and control of the General Partner. The General Partner's and Altegris Clearing Solutions L.L.C. ("Altegris
Clearing Solutions), an affiliate of the General Partner's direct parent company, Altegris Services ("Services") which was
an administrative services affiliate of the General Partner, was dissolved. The General Partner is now wholly-owned by Better Outcome,
LLC (Better Outcome), an entity owned and controlled by Continuum Capital Managers LLC (Continuum) and by AV5 Acquisition, LLC (AV5).
Continuum is owned by Douglas C. Grip and Steven E. Vanourny. AV5 is owned solely by Matthew Osborne, The General Partner's Chief
Executive Officer and Chief Investment Officer. This internal reorganization resulted in no change in actual indirect and ultimate ownership
and control of the General Partner, and had no impact on the Partnership's financial position or results of operations.

 AlphaMax Distributors, L.L.C.
("AlphaMax"), filed to withdraw its regulatory registrations in November 2023. Prior to November 2023, AlphaMax was an affiliate
of the General Partner (previously known as Altegris Investments, L.L.C and as Altegris Distributors LLC), which served as a selling agent
of the Interests and acted as the Partnership's introducing broker until January 1, 2011, when Altegris Futures L.L.C. ("Altegris
Futures") replaced AlphaMax as the Partnership's introducing broker. On December 31, 2014, Altegris Futures merged with and
into its affiliate, Altegris Clearing Solutions, L.L.C. Altegris Clearing Solutions, L.L.C. is registered with the CFTC as an Introducing
Broker ("Clearing Solutions" or the "Introducing Broker").

 The Partnership's term will
end upon the first to occur of the following: December 31, 2035; receipt by the General Partner of an election to dissolve the Partnership
at a specified time by Limited Partners owning more than 50% of the Interests then outstanding, notice of which is sent by registered
mail to the General Partner not less than ninety (90) days prior to the effective date of such dissolution; withdrawal (including withdrawal
after suspension of trading), admitted or court decreed insolvency or dissolution of the General Partner; termination of the Partnership
pursuant to the terms of the Limited Partnership Agreement; or any event that makes it unlawful for the existence of the Partnership to
be continued or requiring termination of the Partnership.

 The Partnership is not required
to be, and is not, registered under the Investment Company Act of 1940, as amended

 As of January 31, 2024, the
aggregate net asset value of the Interests in the Partnership before redemptions was $15,981,772. The Partnership operates on a calendar
fiscal year and has no subsidiaries.

 The Partnership offers three "classes"
of Interests: Class A, Class B and Institutional Interests (each, a "Class of Interest"). The Classes of Interests differ
from each other only in the fees that they pay and the applicable investment minimums. The Partnership also issues Special Class Interests,
pursuant to the Limited Partnership Agreement, but Special Class Interests are not generally offered.

 (b)

 Financial Information About Segments

 The Partnership's business
constitutes only one segment for financial reporting purposes — i.e., a speculative "commodity pool." The Partnership
does not engage in sales of goods or services. Financial information regarding the Partnership's business is set forth in the Partnership's
financial statements, included herewith.

 (c)

 Narrative Description of Business

 The Partnership is designed to
produce long-term capital appreciation through growth, and not current income. The General Partner has selected the Advisor to trade one
of the Advisor's proprietary trading models, the Winton Futures SMA Program (the "Program"), on behalf of the Partnership.
The Advisor currently has the authority to trade the Program on behalf of the Partnership in all the easily accessible and liquid commodity
interests (comprising international futures, options and forward markets) that it practically can, which currently consists mainly of
commodity interests that are futures, options and forward contracts and certain OTC products, such as swaps in the following areas: stock
indices, bonds, short term interest rates, currencies, precious and base metals, grains, livestock, energy and agricultural products.

 The Advisor's investment
technique in trading the Program consists of trading a broadly diversified portfolio of highly liquid financial instruments across numerous
futures markets, and may also include certain OTC instruments and government securities, employing a computerized, technical, principally
trend-following trading system. This system tracks the daily price movements and other data from these markets around the world, and carries
out certain computations to determine each day how long or short the portfolio should be to maximize profit within a certain range of
risk. If rising prices are anticipated, a long position will be established; a short position will be established if prices are expected
to fall.

 The trading methods applied by
the Advisor to trade the Program on behalf of the Partnership are proprietary, complex and confidential. As a result, the following explanation
is of necessity general in nature and not intended to be exhaustive. The Advisor plans to continue the research and development of its
trading methodology and, therefore, retains the right to revise any methods or strategy, including the technical trading factors used,
the commodity interests traded and/or the money management principles applied.

 The Program traded by the Advisor
pursues a technical trend-following system. Technical analysis refers to analysis based on data intrinsic to a market, such as price and
volume. This is to be contrasted with fundamental analysis which relies on factors external to a market, such as supply and demand. The
Program uses no fundamental factors.

 A trend-following system is one
that attempts to take advantage of the observable tendency of the markets to trend (that is, to move from one price point to another,
either higher or lower over a period of time), and to tend to make exaggerated movements in both upward and downward directions as a result
of such trends. These exaggerated movements are largely explained as a result of the influence of crowd psychology or the herd instinct,
amongst market participants.

 The Advisor developed the Program
by relating the probability of the size and direction of future price movements with certain indicators derived from past price movements
which characterize the degree of trending of each market at any time.

 The Program follows a primarily
non-discretionary system. This means that trading signals are automatically generated by its models and, except in extreme situations,
are followed to the letter. The Advisor has found that the absence of discretion promotes greater consistency in performance and lessens
the opportunity for less reliable anecdotal evidence and personal judgment to influence decision-making. In unusual market situations,
the Advisor reserves the right to deviate from its automatic system.

 The Advisor will select the type
of order to be used in executing each trade on behalf of the Partnership and may use any type of order permitted by the exchange on which
the order is placed. The Advisor may place individual orders for each account it trades, or a block order for all accounts it trades,
in which the same commodity interest is being cleared through the same clearing broker. In the latter instance, the Advisor will allocate
trades to individual accounts using a proprietary algorithm. The aim of this algorithm is to achieve an average price for transactions
as close as mathematically possible for each account. This takes the form of an optimization process where the objective is to minimize
the variation in the average traded price for each account. On occasion, it may direct the clearing broker for the accounts to employ
a neutral order allocation system to assign trades. Partial fills will be allocated in proportion to account size.

 The trading strategy and account
management principles of the Program described above are factors upon which the Advisor will base its trading decisions. Such principles
may be revised from time to time by the Advisor as it deems advisable or necessary. Accordingly, no assurance is given that all of these
factors will be considered with respect to every trade or recommendation made on behalf of the Partnership or that consideration of any
of these factors in a particular situation will lessen the risk of loss or increase the potential for profits.

 It is expected that between 5%
and 50% of the Partnership's assets generally will be held as initial margin or option premiums (in cash or United States ("U.S.")
Treasury Department ("Treasury") securities) in the Partnership's brokerage accounts at its clearing broker, SG Americas
Securities, LLC ("SGAS"), a futures commission merchant ("FCM"), and available for trading by the Advisor in Commodity
Interests on behalf of the Partnership, or at Societe General SA (an affiliate of SGAS) which may from time to time execute spot or other
over-the-counter foreign exchange transactions as a counterparty to the Partnership. Interest on Partnership assets held at SGAS or an
affiliate in cash or Treasury securities will be credited to the Partnership as described under "Charges." Depending on market
factors, the amount of margin or option premiums held at SGAS could change significantly, and all of the Partnership's assets are
available for use as margin. The Partnership may also retain other brokers and/or dealers from time to time to clear or execute a portion
of Partnership trades made by the Advisor.

 With respect to Partnership assets
not held at SGAS as described above, such proceeds were deposited with JPMorgan Chase Bank, N.A. from January through early December 2021.
Effective December 13, 2021, such proceeds were deposited with U.S. Bank N.A. which at that time began serving as the Partnership's
custodian (the "Custodian"). Such proceeds are held in cash or U.S. Treasury securities or held in other bank cash accounts
(and used to pay Partnership operating expenses). The Partnership's custody agreement allows the Custodian to use sub-advisers to
attempt to increase yield enhancement, and if so utilized, the Custodian and/or sub-adviser(s) will receive fees for cash management services.
The General Partner may direct that a portion of Partnership assets be deposited with other custodians and retain other sub-advisers for
the purpose of attempting to increase yield enhancement via other cash management arrangements.

 The percentage of the Partnership's
assets deposited with these firms is also subject to change in the General Partner's sole discretion. The Partnership's assets
will not be commingled with the assets of any other person. Depositing the Partnership's assets with banks or SGAS, or other clearing
brokers, as segregated funds is not commingling for these purposes.

 The Partnership pays all of its
ongoing liabilities, expenses and costs. The General Partner receives a management fee of 0.104% of the month-end net asset value, before
deduction for any accrued incentive fees related to the current quarter (the "management fee net asset value"), of all Class
A Interests (1.25% per annum), 0.104% of the month-end management fee net asset value of all Class B Interests (1.25% per annum) and 0.0625%
of the month-end management fee net asset value of all Institutional Interests (0.75% per annum), 0.0625% (0.75%) of all Original Class
A Interests, 0.146% (1.75%) of all Original Class B Interests, and currently 0.0417% to 0.0625% (0.50% to 0.75% annually) of all Special
Class Interests of the Partnership's management fee net asset value. The Advisor receives a management fee of 0.083% of the management
fee net asset value of the month-end capital account balances of all Interests (1.0% per annum) and 20% of quarterly trading profits applicable
to each Class of Interest.

 Each selling agent selling Class
A Interests receives 0.166% of the month-end net asset value of the Partnership apportioned to each Class A Interest sold by such selling
agent (2% per annum) and may elect to receive 0.0417% of the month-end net asset value apportioned to any Institutional Interest sold
by such selling agent (0.50% per annum).

 SGAS paid, during 2023, to the
Introducing Broker a portion of the brokerage commissions and transaction fees received from the Partnership as well as a portion of the
interest income received on the Partnership's assets. Monthly brokerage charges equal to the greater of (A) actual commissions of
$9.75 per round-turn (higher for certain exchanges or commodities) multiplied by number of round-turn trades, which amount includes other
transaction costs; or (B) an amount equal to 0.125% of the management fee net asset value of all Interest holders' month-end capital
account balances (1.50% annually). A round-turn is both the purchase, or sale, of a commodity interest contract and the subsequent offsetting
sale, or purchase, of the contract. If actual monthly commissions and transaction costs in (A) above are less than the amount in (B) above,
the Partnership will pay the difference to the Introducing Broker as payment for brokerage-related services. In any month when the amount
in (A) is greater than the amount in (B) above, the Partnership pays only the amount described in (A) above.

 The Partnership generally pays
its operating expenses as they are incurred. A fixed administrative fee is charged to Class A and Class B Interests and paid to the General
Partner equal to 0.0275% of the management fee net asset value of the month-end capital account balance of all such Class A and Class
B Interests (0.333% per annum).

 (d)

 Regulation

 The CFTC has delegated to NFA
responsibility for the registration of "commodity trading advisors," "commodity pool operators," "futures
commission merchants," "introducing brokers," "swap dealers," "major swap participants" and,
in most cases, their respective associated persons, as well as "floor brokers" and "floor traders." The Commodity
Exchange Act requires commodity pool operators such as the General Partner, commodity trading advisors such as the Advisor and commodity
brokers or FCMs such as SGAS and introducing brokers such as the Introducing Broker to be registered and to comply with various reporting
and record keeping requirements. CFTC regulations also require FCMs and certain introducing brokers to maintain a minimum level of net
capital. In addition, the CFTC and certain commodities exchanges have established limits referred to as "speculative position limits"
on the maximum net long or net short speculative positions that any person may hold or control in any particular futures or options contracts
traded on U.S. commodities exchanges. Similar position limits may in the future be put in place with respect to swaps that are exchange-
traded or are economically equivalent to exchange-traded swaps or futures contracts. All accounts owned or managed by the Advisor will
be combined for position limit purposes. The Advisor could be required to liquidate positions held for the Partnership in order to comply
with such limits. Any such liquidation could result in substantial costs to the Partnership. In addition, many futures exchanges impose
limits beyond which the price of a futures contract may not trade during the course of a trading day, and there is a potential for a futures
contract to hit its daily price limit for several days in a row, making it impossible for the Advisor to liquidate a position and thereby
experiencing a dramatic loss. Certain deliverable currency forward contracts are subject to limited regulation in the United States, including
reporting and recordkeeping requirements.

 In addition to the registration
requirements described above, the CFTC and certain commodity exchanges have established limits on the maximum net long or net short position
which any person may hold or control in particular commodities. Most exchanges also limit the changes in futures contract prices that
may occur during a single trading day. The CFTC may in the future also implement position limits for certain exempt commodity contracts,
including metals and energy contracts, with respect to futures, options on futures, and economically equivalent swaps. If such position
limits are adopted, they could materially affect the Partnership's trading strategy.

 Deliverable currency forward contracts
are currently subject to only limited regulation in the United States. The Dodd-Frank Wall Street Reform and Consumer Protection Act (the
"Reform Act") was enacted in July 2010, and gave the CFTC jurisdiction over non-deliverable currency forward contracts. The
Reform Act mandates that a substantial portion of over-the-counter derivatives must be executed in regulated markets and submitted for
clearing to regulated clearinghouses, and the CFTC may impose such a requirement on non- deliverable currency forward contracts. The mandates
imposed by the Reform Act may result in the Partnership bearing higher upfront and mark-to-market margin, less favorable trade pricing,
and the possible imposition of new or increased fees with respect to any swaps entered into by the Partnership.

 The Partnership has no employees.

 Financial Information About Geographic Areas

 The Partnership has no operations
in foreign countries although it trades on foreign exchanges and other non-U.S. markets. The Partnership does not engage in sales of goods
or services.

 ITEM 1A: RISK FACTORS

 Set forth below are the principal
risks associated with an investment in the Partnership.

 Disruption and Stress in Global
Markets May Affect Partnership Returns

 During 2007-2009, the global financial
markets experienced a period of unprecedented disruption and stress. Markets previously thought to be uncorrelated were shown to be correlated,
credit markets in some cases ceased functioning, many markets experienced record levels of volatility and governments have intervened
in extraordinary and unpredictable ways, at times on an emergency basis, to the detriment of certain market participants. There can be
no assurance that similar market disruptions will not occur in the future or that the Partnership will be profitable in such market environments
or that it will avoid substantial (or total) losses.

 Partnership Performance is
Dependent on General Economic Conditions, which the Advisor has no Ability to Control

 The success of any investment
activity is affected by general economic conditions that affect the level and volatility of prices as well as the liquidity of the markets.
From time to time, the economic viability of an entire strategy may deteriorate, due to general economic events that disrupt the source
of profits that the strategy seeks to exploit. There may be certain general market conditions in which the investment program pursued
by the Advisor is unlikely to be profitable, and the Advisor has no ability to control or predict such market conditions.

 Commodity Interests Trading
Is Speculative and May Affect Partnership Performance

 Commodity Interest prices are
highly volatile. Price movements for futures contracts, for example, which may fluctuate substantially during a short period of time,
are influenced by numerous factors that affect the commodities markets, including, but not limited to: changing supply and demand relationships;
government programs and policies; national and international political and economic events and changes in interest rates.

 Commodity Interests Trading
Is Highly Leveraged and May Affect Partnership Performance

 The low margin deposits normally
required in trading Commodity Interests permit an extremely high degree of leverage. Accordingly, a relatively small price movement in
a Commodity Interest may result in an immediate and substantial loss to the investor. Like other leveraged investments, any Commodity
Interest trade may result in losses in excess of the amount invested. Although the Partnership may lose more than its initial margin on
a trade, the Partnership, and not any Limited Partner personally, will be subject to margin calls.

 Commodity Interests Trading
May Be Illiquid and May Affect Partnership Liquidity

 Most U.S. commodity futures exchanges
impose daily limits regulating the maximum amount above or below the previous day's settlement price within which a futures contract
price may fluctuate during a single day. During a single trading day no trades may be executed at prices beyond the daily limit. Once
the price of a particular futures contract has increased or decreased to the limit point, it may be difficult, costly or impossible to
liquidate a position. Futures prices in particular contracts have occasionally moved the daily limit for several consecutive days with
little or no trading. If this occurs, the Partnership might be prevented from promptly liquidating unfavorable positions which could result
in substantial losses. Those losses could significantly exceed the margin initially committed to the trades involved. In addition, even
if prices have not moved the daily limit, or if there are no limits for the contracts traded by the Partnership, the Partnership may not
be able to execute trades at favorable prices if little trading in the contracts is taking place. It is also possible that an exchange
or the CFTC may suspend trading in a particular contract, order immediate settlement of a contract or order that trading be to the liquidation
of open positions only.

 Trading Decisions Based on
Technical Analysis May Affect Partnership Performance

 The Advisor uses trading programs
that use "technical" factors in identifying price moves. The success of technical analysis depends upon the occurrence in
the future of price movements. Technical systems will not be profitable and may in fact produce losses if there are no market moves of
the kind the system seeks to follow. Any factor that would make it more difficult to execute the trades identified, such as a reduction
of liquidity, also would reduce profitability. There is no assurance that the Advisor's trading systems will generate profits under
all or any market conditions.

 The Similarity of Commodity
Trading Systems May Limit Performance of the Partnership

 Commodity trading systems which
use signals like the Advisor's are not new. If many traders follow similar systems, these systems may generate similar buy and sell
orders at the same time. Depending on the liquidity of a market, this could cause difficulty in executing orders. The General Partner
believes that although there has been an increase in the number of trading systems in recent years, there also has been an increase in
the overall trading volume and liquidity in the futures markets.

 Reliance on Key Personnel Could
Adversely Affect the Advisor and the Partnership

 The Advisor has exclusive responsibility
for trading Commodity Interests for the Partnership. The Advisor depends on the services of one or two key persons. If they cannot or
will not provide those services, it could adversely affect the Advisor's ability to trade for the Partnership. If this occurs, the
General Partner may terminate the contract.

 There are No Assurances of
the Advisor's Continued Services to the Partnership

 Either the Advisor or the Partnership
can terminate the advisory contract on written notice.

 Any Changes in Trading Strategies
May Adversely Affect Partnership Performance

 The Advisor can make any changes
in its trading strategies if it believes that they will be in the Partnership's best interests. A change in Commodity Interests
traded is not a change in trading strategy.

 There are Possible Negative
Effects of Speculative Position Limits and Accountability Levels

 The CFTC and U.S. exchanges have
established speculative position limits and accountability levels. Position limits control the number of net long or net short speculative
futures or option (on futures) positions any person may hold or control in futures or option contracts traded on U.S. exchanges. Position
accountability levels are position levels established by an exchange that, if reached by a person, cause such person to be subject to
instructions by such exchange to reduce or not increase such position. Most trading advisors control the commodity trading of other accounts.
All positions and accounts owned or controlled by the Advisor and its principals are combined with the Partnership's positions established
by it for position limit and accountability level purposes. In order to comply with position limits or exchange limitations arising out
of having positions subject to accountability levels, it is possible that the Advisor will have to modify its trading instructions, and
that positions held by the Partnership will have to be liquidated. That could have a negative effect on the Partnership's profitability.
In addition, all commodity accounts of the General Partner and its affiliates may also be combined with the Partnership for position limit
and accountability level purposes.

 An Increase in Amount of Funds
Managed by the Advisor May Affect Partnership Performance

 If the Advisor manages more money
in the future, such additional funds could affect its performance or trading strategies. There is no guarantee that the Partnership's
investment results will be similar to the Advisor's past performance.

 Trading in Options May Result
in Significant Losses for the Partnership

 Part of the Partnership's
trading may be in options and options on futures contracts. Although successful commodity options trading and futures trading require
many of the same skills, the risks involved are somewhat different. For example, if the Partnership buys an option (either to sell or
purchase a contract), it will pay a "premium" representing the market value of the option. Unless it becomes profitable to
exercise or offset the option before it expires, the Partnership will lose the entire amount of the premium. On the other hand, if the
Partnership sells an option (either to sell or purchase a futures contract), its broker credits the premium, but the Partnership must
deposit margin in case the option is exercised. Traders who sell options are subject to the entire loss that may occur in the underlying
futures position (less any premium received). Commodity options trading on exchanges is regulated by both the CFTC and those exchanges.
The Partnership did not engage in the trading of options and options on futures contracts during the fiscal years ended December 31, 2023
and December 31, 2022.

 Changes in the Number of Available
Futures Contracts and Related Options May Reduce Partnership Performance

 U.S. and foreign exchanges have
established new futures and options contracts in the past few years. This trend could continue. The Advisor's trading strategy might
not be successful trading those new contracts.

 Competition for Trades with
Other Clients of the Advisor May Limit Partnership Performance

 The Advisor manages other accounts.
This increases the competition for the same trades which the Partnership makes. The Advisor may manage other accounts that pay fees that
are different than those the Partnership pays. Therefore, it has a potential conflict of interest. There is no assurance that the Partnership's
trading will generate the same results as any other accounts the Advisor manages.

 Failure of Clearing Brokers,
Counterparties, Banks, Custodians and other Financial Firms May Subject the Partnership to Significant Losses

 Commodity brokers must maintain
the Partnership's assets (other than assets used to trade foreign futures or options on foreign markets) in a segregated account.
If SGAS goes bankrupt, the Partnership could lose money as it may only be able to recover a pro rata share of the property available for
distribution to all of SGAS's customers. In addition, even if SGAS adequately segregates the Partnership's assets, the Partnership
may still be subject to risk of loss of funds on deposit with SGAS should another customer of SGAS fail to satisfy deficiencies in such
other customer's account.

 Other institutions will have custody
of the assets of the Partnership, including the Custodian and various other banks or financial institutions whose services are utilized
by the Partnership. Such institutions may encounter financial difficulties that impair the Partnership's operating capabilities
or capital position. The General Partner will attempt to limit the Partnership's deposits and transactions to only well-capitalized
institutions in an effort to mitigate such risks, but there can be no assurance that even a well-capitalized, major institution will not
become bankrupt or otherwise fail.

 Past Results of the Partnership
Are Not Necessarily Indicative of Future Performance

 Although some of the Advisor's
client accounts have been profitable in the past, prospective Limited Partners should take seriously the required CFTC and the NFA warning
that past results are not necessarily indicative of future performance, and an investment in the Partnership is speculative and involves
a substantial risk of loss.

 FOREIGN INSTRUMENTS

 Trading on Foreign Exchanges
and Currency Exchange Rate Fluctuations May Reduce Partnership Performance

 The Partnership trades on foreign
exchanges and other non-U.S. markets. Neither existing CFTC regulations nor regulations of any other U.S. governmental agency apply to
transactions on foreign markets. The Partnership is at risk for fluctuations in the exchange rate between the currencies in which it trades
and U.S. dollars. It also is possible that exchange controls could be imposed in the future. There is no restriction on how much of the
Partnership's trading might be on foreign markets. Although trading on behalf of the Partnership may occur on foreign exchanges
or in non-U.S. markets, assets of the Partnership will not be held in custody outside of the U.S.

 Forward and Cash Trading May
Increase Volatility and Reduce Partnership Performance

 The Partnership may trade in spot
and forward contracts on currencies. For this purpose, the Partnership will contract with or through SGAS to make or take future delivery
of a particular currency. SGAS or its affiliates may extend the Partnership a credit line to enable it to engage in such trading. The
Partnership may also trade options on currencies. Although the currency market is not believed to be necessarily more volatile than the
market in other commodities, there is less protection against defaults in the forward trading of currencies because such contracts are
not effected on or through an exchange or clearinghouse. Trading in forward currencies and over-the-counter derivatives, including swaps
and options, among sophisticated market participants is not generally regulated by any regulatory body. Therefore, with respect to this
trading, the Partnership is not afforded the protections provided by trading on regulated exchanges, including segregation of funds. In
any principal contract, the Partnership must rely on the creditworthiness of its counterparty.

 The trading of over-the-counter
instruments subjects the Partnership to a variety of risks including: 1) counterparty risk; 2) basis risk; 3) interest rate risk; 4) settlement
risk; 5) legal risk; and 6) operational risk. Counterparty risk is the risk that the Partnership's counterparties might default
on their obligation to pay or perform generally on their obligations. The over-the-counter markets and some foreign markets are "principals'
markets." That means that performance of the contract is the responsibility only of the individual firm or member on the other side
of the trade and not any exchange or clearing corporation. Such "counterparty risk" is accentuated for contracts with longer
maturities where events may intervene to prevent settlement, or where the Partnership has concentrated its transactions with a single
or small group of counterparties. Basis risk is the risk attributable to the movements in the spread between the derivative contract price
and the future price of the underlying instrument. Interest rate risk is the general risk associated with movements in interest rates.
Settlement risk is the risk that a settlement in a transfer system does not take place as expected. Legal risk is the risk that a transaction
proves unenforceable in law or because it has been inadequately documented. Operational risk is the risk of unexpected losses arising
from deficiencies in a firm's management information, support and control systems and procedures. Transactions in over-the-counter
derivatives may involve other risks as well, as there is no exchange market on which to close out an open position. It may be impossible
to liquidate an existing position, to assess the value of a position or to assess the exposure to risk.

 Exchange for Physicals May
Increase Counter-Party Credit Risk for the Partnership

 The Advisor may exchange a cash,
forward or spot market position outside of regular trading hours for a comparable futures position. Such transactions are subject to counterparty
creditworthiness risk. The CFTC has permitted the futures exchanges to expand the types of over-the-counter positions that can be part
of an exchange for physicals position.

 LIMITED PARTNERSHIP ISSUES

 Substantial Charges to Partnership
May Limit Returns to Limited Partners

 The Partnership pays substantial
fees and charges. As a result, the Partnership must make substantial profits for the Interests to increase in value.

 Potential Cross Liability May
Increase Exposure to Risks for the Partnership

 The Partnership offers Class A,
Class B and Institutional Interests. The only difference between the Interests is the investment minimum and fees. Capital contributions
by a single subscriber for a Class of Interest upon acceptance of the subscriber as a Limited Partner will represent a single Interest
in the Partnership for that subscriber's respective Class of Interest. An Interest in any Class reflects a Partner's percentage
of the Partnership's net assets with respect to the Class of Interest owned by the Partner. Interests are not issued in certificate
form. Although separate Classes of Interests are offered, the proceeds from the sale of Interests will be pooled by the Partnership and
traded as a single account. Although the Classes of Interests differ with respect to investment minimum and fees, all Partnership Interests
are equally subject (in proportion to the size of their respective Interest) to the Partnership's debts, liabilities and obligations
as set out in the Partnership Agreement – regardless of Class designation. Class designation does not offer protection against the
general creditors of the Partnership or any other Class of Interest.

 There Is No Intrinsic Value
to the Partnership's Investments

 The Partnership must make profits
for it to provide beneficial diversification to its investors' portfolio. Trading is a "zero-sum" activity in which
for every gain there is an equal and offsetting loss (disregarding transaction costs). This differs from a typical securities investment,
in which there is an expectation of consistent yields (in the case of bonds) or participation over time in general economic growth (in
the case of stocks). The Partnership could lose money while stock and bond prices rise. Stocks and bonds (except penny stocks) generally
have some intrinsic value. You generally can realize some value for your stocks or bonds even if you sell in a down market. In trading
Commodity Interests, on the other hand, you risk losing all of your investment if prices move against you. In general, performance statistics
do not reflect the different risk profiles or tax treatment of traditional and managed Commodity Interest investments.

 Partnership Trading Is Not
Transparent

 The Advisor makes the Partnership's
trading decisions. While the General Partner receives daily trade confirmations from the commodity broker and foreign exchange dealers,
the Partnership's trading results are reported to Limited Partners monthly. Accordingly, an investment in the Partnership does not
offer Limited Partners the same transparency, i.e., an ability to review all investment positions daily, that a personal trading account
offers.

 A Non-correlated, Not Negatively
Correlated, Performance Objective may Result in Losses for the Partnership

 Historically, managed futures
have been generally non-correlated to the performance of other asset classes such as stocks and bonds. Non-correlation means that there
is no statistically valid relationship between the past performance of futures and forward contracts on the one hand and stocks or bonds
on the other hand (as opposed to negative correlation, where the performance would be exactly opposite between two asset classes). Because
of this non-correlation, the Partnership cannot be expected to be automatically profitable during unfavorable periods for the stock market,
or vice versa. The futures and forward markets are fundamentally different from the securities markets in that for every gain in futures
and forward trading, there is an equal and offsetting loss. If the Partnership does not perform in a manner non-correlated with the general
financial markets or does not perform successfully, Limited Partners will obtain no diversification benefits by investing in an Interest
and the Partnership may have no gains to offset Limited Partners' losses from other investments.

 No Participation in Management
of the Partnership

 Limited Partners do not participate
in the management of the Partnership.

 Indemnification of the Partnership
May Increase Participation Costs

 Under the Partnership Agreement,
a Limited Partner will be required to indemnify the Partnership for any liability that it incurs as a result of such Limited Partner's
actions.

 Partnership Indemnification
of Other Parties May Increase Costs for Limited Partners and Adversely Affect Partnership Performance

 The Partnership had entered into
agreements with various service providers pursuant to which it may be required to indemnify such service providers for losses they incur
in providing services to the Partnership.

 LIQUIDITY

 The Limited Ability to Liquidate
Interests May Lead to Unforeseeable Losses for Limited Partners

 Limited Partners may not be able
immediately to liquidate their Interests. There is no market for the Interests and none is likely to develop. Limited Partners may, however,
redeem Interests, without penalty, on the last day of any month, subject to certain limitations. In order to redeem, a Limited Partner
is required to give the General Partner at least fifteen (15) days' written notice. Because of the time delay between the notice
to the General Partner and the end of the month when an investment is redeemed, the value of an investment on the date of redemption may
be substantially less than at the time a request to redeem was submitted.

 Redemptions of Interests May
Subject Limited Partners to Possible Adverse Effects and Losses

 The Partnership will lose money
if it has to sell positions at a loss in order to raise money to pay substantial redemptions. If many redemptions occur simultaneously,
the need to liquidate positions could continue even after the redemption date. The Partnership would have fewer assets to trade after
a high level of redemptions. This might make it more difficult for the Partnership to recover losses or generate trading profits. Market
illiquidity could make it difficult to liquidate positions on favorable terms, and may also result in losses to the Partnership.

 No Automatic Trading Suspensions
May Lead to Substantial Losses for the Partnership

 The Partnership does not have
an automatic Trading Suspension Level which requires it to suspend or terminate trading as a result of losses. Therefore, Limited Partners
will be required to monitor the value of their investment and determine whether the Partnership's performance warrants continued
investment. Because Limited Partners will receive performance reports monthly, it is possible that the Partnership could incur substantial
losses before a Limited Partner could redeem his Interest.

 Any Mandatory Redemptions Required
by the General Partner May Subject Limited Partners to Substantial Losses

 The General Partner may require
a Limited Partner to redeem at any time and for any reason. It generally will only require redemptions in order for the Partnership to
comply with certain regulations.

 ITEM 1B: UNRESOLVED STAFF COMMENTS

 ITEM 2: PROPERTIES

 The Partnership does not own or
use any physical properties in the conduct of its business. Employees of the General Partner perform all administrative services for the
Partnership from offices located at 1200 Prospect Street, Suite 400, La Jolla, CA 92037.

 ITEM 3: LEGAL PROCEEDINGS

 The Partnership is not aware of
any pending legal proceedings to which either the Partnership is a party or to which any of its assets are subject. The Partnership is
not aware of any material legal proceedings involving the General Partner or its principals in an adverse position to the Partnership
or in which the Partnership has adverse interests. The Partnership has no subsidiaries.

 ITEM 4: MINE SAFETY DISCLOSURES

 ITEM 5: MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED
STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

 (a)

 Market information

 There is no trading market for
the Interests, and none is likely to develop. Interests may be redeemed or transferred subject to the conditions imposed by the Limited
Partnership Agreement.

 (b)

 Holders

 As of January 31, 2024 the Partnership
had 319 holders of Interests.

 (c)

 Dividends

 The General Partner has sole discretion
in determining what distributions, if any, the Partnership will make to its investors. To date no distributions or dividends have been
paid on the Interests, and the General Partner has no present intention to make any.

 (d)

 Securities Authorized for Issuance under Equity Compensation Plans

 None.

 (e)

 Recent Sales of Unregistered Securities; Use of Proceeds from Registered Securities

 The Partnership did not sell any
unregistered securities within the past three years which have not previously been included in the Partnership's Quarterly Reports
on Form 10-Q.

 (f)

 Issuer Purchases of Equity Securities

 Pursuant to the Limited Partnership
Agreement, Limited Partners may redeem their Interests in the Partnership as of the end of any calendar month upon fifteen (15) days'
written notice to the General Partner. The redemption of capital from capital accounts by Limited Partners has no impact on the value
of the capital accounts of other Limited Partners.

 The following table summarizes
Limited Partner redemptions during the fourth calendar quarter of 2023:

 Month Ended

 Amount Redeemed

 October 31, 2023

 $
 138,611

 November 30, 2023

 $
 178,899

 $
 83,090

 Total

 $
 400,600

 ITEM 6: SELECTED FINANCIAL DATA

 Revenue:

 Ended

 2023

 Ended
 2022

 Ended
 2021

 Ended
 2020

 Ended
 2019

 Ended
 2018

 Total net realized and unrealized gains (losses)

 $
 1,213,261

 $
 3,347,658

 $
 2,402,092

 $
 (14,550,091
)

 $
 2,673,076

 $
 (2,193,035
)

 Interest Income

 740,136

 227,692

 298,451

 2,252,803

 2,660,453

 Expenses:

 Management fee

 189,533

 221,398

 292,645

 673,925

 1,112,335

 1,598,989

 Advisory fee

 152,340

 179,765

 241,892

 645,964

 1,025,526

 1,449,919

 Administrative fee

 44,662

 51,465

 65,387

 130,564

 228,982

 330,996

 Service fees

 156,180

 186,665

 250,299

 552,827

 1,069,725

 1,558,070

 Incentive fee

 145,792

 102,565

 5,069

 –

 122,089

 111,204

 Professional fees

 85,054

 83,479

 84,105

 217,310

 569,540

 805,372

 Brokerage commissions

 243,725

 289,841

 387,225

 1,027,303

 1,624,810

 2,290,596

 Offering expense (1)

 –

 –

 –

 –

 –

 –

 Interest expense

 1,715

 7,349

 27,789

 26,860

 10,719

 16,999

 Other expenses

 12,266

 23,318

 12,271

 33,661

 133,137

 139,036

 Net income (loss)

 922,130

 2,429,505

 1,035,465

 (17,560,054
)

 (970,984
)

 (7,833,763
)

 Total assets

 $
 15,847,430

 $
 17,615,950

 $
 20,510,384

 $
 38,625,784

 $
 95,213,072

 $
 130,732,759

 Total Net Asset Value

 $
 15,622,566

 $
 17,415,221

 $
 19,579,503

 $
 32,495,249

 $
 91,763,009

 $
 126,006,040

 ITEM 7: MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS

 Reference is made to "Item
8. Financial Statements and Supplementary Data." The information contained therein is essential to, and should be read in conjunction
with, the following analysis.

 (a)

 Liquidity

 The Partnership's assets
are generally held as cash or cash equivalents, which are used to margin the Partnership's futures positions and are sold to pay
redemptions and expenses as needed. Other than any potential market-imposed limitations on liquidity, the Partnership's assets are
highly liquid and are expected to remain so. Market-imposed limitations, when they occur, can be due to limited open interest in certain
futures markets or to daily price fluctuation limits, which are inherent in the Partnership's futures trading. A portion of the
Partnership's assets not used for margin and held with the Custodian are invested in liquid, high quality securities. Through December
31, 2023 the Partnership experienced no meaningful periods of illiquidity in any of the markets traded by the Advisor on behalf of the
Partnership.

 (b)

 Capital Resources

 The Partnership raises additional
capital only through the sale of Interests and capital is increased through trading profits (if any) and interest income. The Partnership
does not engage in borrowing.

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

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

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

 The Partnership bears the risk
of financial failure by SGAS and/or other clearing brokers or counterparties with which the Partnership trades.

 (c)

 Results of Operations

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

 Performance Summary

 2023

 During 2023, the Partnership reported a net realized and unrealized gain
of $969,536 from all trading; gains of $972,033 from trading of derivatives including brokerage commissions of $243,725. The Partnership
accrued total expenses of $787,542, including $145,792 in incentive fees, $189,533 in management fees paid to the General Partner,
and $452,217 in service and professional fees. The Partnership earned $740,136 in interest income during 2023. An analysis of the profits
and losses generated from the Partnership's commodity futures trading activities for each quarter during 2023 is set forth below.

 Fourth Quarter 2023. The Partnership generated gains for calendar
year 2023 despite a decline in the benchmark SG Trend Index. The Partnership's diversifying signals, effective risk management during
the March bond reversal, and a tilt to slower models in most sectors helped drive the outperformance. Against this backdrop, diversifying
systematic macro signals provided valuable diversification and drove profits over the year, despite a modest 25% risk allocation. Most
styles of non-trend signal contributed positively, with commodities mean reversion, systems based on market dynamics and fundamental models
leading the way. Results in trend following, on the other hand, were negative overall as gains in agriculture and energies were cancelled
out by losses in fixed income and metals.

 From a sector perspective, agricultural commodities were the top-performing
sector over the year. Long cocoa and sugar positions – along with short exposure to hogs and wheat drove the gains in the sector.
Signs of improving demand and the expectations of poor harvests across growing regions sent the price of several soft commodities soaring
in 2023. US natural gas was the top individual contributor in the energy sector and downtrends in power, coal and other regional gas markets
drove the profits in trend following. Currencies were another bright spot as short exposure to the Japanese yen versus 16 different pairs
- most notably, the euro, US dollar and British pound - explained most of the fund's profits in currencies. Other positive
contributors in currencies included the Chinese yuan, Mexican peso and Brazilian real.

 At the other end of the spectrum, fixed income was the most notable detractor,
as the downtrend in fixed income since 2022 ended abruptly in March, with fears of a US regional banking crisis. The incorporation of
correlation risk measures meant that the Partnership avoided the industry's historic losses across March 10 and 13. The longer-term
downtrend in bonds resumed over the subsequent six months, with the Partnership benefiting as it maintained net short exposure to the
sector. However, the Partnership gave back profits in the final quarter amid renewed optimism for interest rate cuts. Elsewhere, mostly
range-bound trading in metals and industrials weighed on returns. Trend-following generated profits in stock indices, due to long positions
in Japan and short positions in China. Japan's Nikkei 225 index climbed to a 33-year high in 2023, buoyed by the country's
easy monetary policy and corporate governance reforms.

 Third Quarter 2023. The Partnership was up
during the third quarter of 2023, providing diversification alongside declines in global bond and equity indices. Higher interest rate
signaling from central bankers put upward pressure on government bond yields and led to declines across most regional stock indices. US
10-year Treasury yields rose to 4.5%, a 16 year high. The US dollar strengthened against other major currencies, most notably versus the
Japanese yen, British pound, and euro as a response to the ongoing Fed hawkishness.

 Saudi Arabia and Russia surprised markets by cutting
oil production through to the end of year and oil and oil product prices rallied between 20% and 45%. Industrial commodities were boosted
by Chinese government rate cuts and property sector support, and crops in regions where yields are likely to be negatively because of
this year's El Ni o weather pattern continued to rally.

 Diversifying signals drove the Partnership's
performance in the third quarter. Sectors where positioning across both trend following and systematic macro was on the right side of
price action were the biggest contributors to performance, namely fixed income, energies, and agriculture. At the same time, non-trend
signals provided valuable diversification across currencies, precious metals, base metals, and stock indices. Carry and signals based
on market dynamics were notable contributors in currencies and precious metals.

 Second Quarter 2023. The Partnership was up
in the second quarter of 2023. In markets, currencies were among the biggest market movers during the quarter in risk-adjusted terms,
with the Chinese yuan, Japanese yen, and Turkish lira weakening against the U.S. dollar. As the People's Bank of China and Bank
of Japan maintained a loose monetary policy, the lira fell to new record lows versus the dollar after the president's re-election.
Yields on developed market government bonds resumed their 2022 uptrend as U.S. policymakers signaled the hiking cycle may continue, and
commodity prices mostly fell as prospects of a global economic slowdown loomed. Mega-cap technology stocks, boosted by hype around generative
A.I., led global equity markets higher during the quarter.

 Trend-following systems rebounded in the second quarter
as longer-term trends across most sectors resumed, particularly in financials. Systematic macro signals also made a notable contribution,
enhancing returns across the financials and agricultural commodities sectors. Carry and mean reversion were the top-performing signals
within the systematic macro component.

 Currencies, agricultural commodities, and fixed income
led the Partnership's gains due to favorable positioning across our trend-following and systematic macro clusters. Stock indices,
base metals, and credit were other sources of profits, due mainly to trend following. Short Japanese yen positions accounted for most
of the gains in F.X. The yen is trending towards its October 2022 lows versus the U.S. dollar, as the Bank of Japan's easy policy
stance continues to contrast with the U.S. Federal Reserve. Further profits accrued from short exposure to the Chinese yuan and long British
pound and Mexican peso positioning. Softs and livestock drove the strategy's positive performance in agriculture, where long cocoa,
sugar, and cattle positions were among the most significant contributors.

 First Quarter 2023. The Partnership experienced
losses during the first quarter of 2023. Speculation around the global rate trajectory in 2023 drove financial markets for most of the
first quarter, as equity and bond prices moved up and down in tandem. The demise of Silicon Valley Bank, however, interrupted this dynamic
and triggered declines in stocks and the largest two-day rally in short-dated US Treasuries since the 1980s. Commodities were mixed during
the quarter: gold, copper and softs rallied, while energies, grains and oilseeds declined.

 The partnership's net short exposure to fixed
income, combined with positioning on the wrong side of market movements in metals, drove negative performance during the quarter. A long
and steady uptrend in yields, which began at the end of 2021 and continued through to February 2023, abruptly reversed across March 10
and 13 notably at the shorter end of the US curve. The Partnership was whipsawed in base metals and precious metals, with net positioning
scaling up before reducing and switching direction in both sectors during the quarter. Gold, platinum, and lead were the top detractors.
The Partnership made money in agricultural commodities and energies over the quarter, due to a combination of systematic macro and trend
following signals. Long sugar and cocoa positions and short hogs and wheat positions led the gains in agricultural commodities, where
a wide range of systems were profitable, particularly those based on mean reversion, carry and fundamentals. Trend-following also made
money in the sector overall. A small profit in energies, meanwhile, accrued mostly from mean reversion in major energy markets and trend
following on natural gas and power markets.

 The SG Trend Index fell 9.2% across Friday, March
10, 2023, and Monday, March 13, 2023, the worst two-day performance since its 2000 inception. It was a similar story for the SG CTA Index,
which lost a record 7.5% across the two days. The Partnership was not immune to the sharp reversal in bond yields, as previously described.
Yet industry returns across those two days and the month suggest that the Partnership has held up well, even when accounting for different
"typical" risk levels. We believe this resilience is testament to the risk management framework developed over the past 25
years.

 2022

 During 2022, the Partnership reported
a net realized and unrealized gain of $3,057,817 from all trading; gains of $3,057,949 from trading of derivatives including brokerage
commissions of $289,841. The Partnership accrued total expenses of $856,004, including $102,565 in incentive fees, $221,398 in management
fees paid to the General Partner, and $532,041 in service and professional fees. The Partnership earned $227,692 in interest income
during 2022. An analysis of the profits and losses generated from the Partnership's commodity futures trading activities for each
quarter during 2022 is set forth below.

 Fourth Quarter 2022. The
Partnership generated gains for the year as it was on the right side of soaring commodity prices in the first half of the year and uptrends
in bond yields and the US dollar through the middle of the year. Policymakers began to unwind more than a decade of easy monetary policy
and central banks hiked rates in most of the world's major economies. Global government bond yields trended higher, particularly
at the short end, and the yield on the US 10-year Treasury note broke the 4% barrier for the first time since 2008. Currency trends emerged
as policymakers responded differently to the twin challenges of resurgent inflation and fading economic growth. The Japanese yen, euro
and British pound all weakened significantly versus the dollar.

 Trend-following systems fared
well in this environment, generating returns across both major and alternative markets. Fixed income markets trended downwards in 2022
after range-bound trading in 2021 and represented the top performing sector. FX generated profits as well with trend following, carry,
and other systems profiting from the Japanese yen and euro trading down to multi-decade lows versus the US dollar. The down move in stock
indices during 2022 was less pronounced than the moves in other sectors and trend-following systems were whipsawed over the course of
the year. Commodities were positive as the Partnership entered the year positioned long commodities in a year which saw strong trends
on the back of pandemic and war-related supply shocks.

 Third Quarter 2022. The Partnership generated
gains during the third quarter of 2022. US dollar strength was the main story in financial markets over the quarter. The US Federal Reserve's
hawkish approach to the pace of interest rate hikes clashed with that of other global central banks, particularly Japan, where policy
remains dovish. As a result, the dollar climbed to a 24-year high against the Japanese yen, crossed parity with the euro for the first
time in two decades, and rose to a record high versus the British pound. Global equity and bond markets continued to slide as investors
grappled with the effects of tighter monetary policy and a potential global economic slowdown. Concerns around slowing economic growth
weighed on base metals, oil and oil products, and Chinese industrial commodities, while a strong US dollar put downward pressure on precious
metal prices.

 From a signal perspective, trend-following shorts
in fixed income, non-USD currencies, and metals drove the strategy's positive performance in the third quarter. Profits from short
trend-following positions in fixed income were somewhat offset by the strategy's diversifying systematic macro strategy, where seasonal
and carry systems are net long. Losses were driven by fixed income seasonal and carry systems which were more than offset by profits in
currency carry and a range of precious metals systems.

 Short fixed income and non-USD currency positions
at the asset class level drove the strategy's performance in the third quarter. Exposures at the short end of the US curve and in
the UK were the top fixed income contributors. The UK government surprised markets by announcing an aggressive fiscal easing while the
country's central bank tightened monetary policy to rein in inflation. In addition, longstanding short positions in the euro and
Japanese yen drove gains in FX. Short positions in the Chinese yuan led gains in the non-G10 currency portfolio, which was also profitable,
as the People's Bank of China surprised markets with an interest rate cut in August.

 While the Partnership made money in metals and alternative
commodities during the quarter, these profits were offset by losses in agricultural and energy markets. Gold and silver positions benefited
from a strengthening US dollar, while long positions in European power drove the returns in alternative commodities and short positions
in base metals generated gains. Major agriculture and energy markets led the losses in commodities, with long oil and oil products, cotton,
and sugar positions representing the top detractors in the two sectors, as trend-following and systematic macro strategies were on the
wrong side of reversals in these markets.

 The portfolio enters the year's final quarter with
net short exposure to fixed income, precious, and base metals. The Partnership's stock index exposure turned net short in August
and increased short exposure over September. The strategy remains short in most non-USD currencies. Positioning in agriculture is the
strategy's only notable long exposure heading into the fourth quarter. Energy positioning flattened through the quarter as oil and
oil products gave back their gains from the year's first half.

 Second Quarter 2022. The Partnership generated
gains during the second quarter of 2022. Equities continued their slide from the first quarter as investors feared the inflation-driven
rate hike cycle would lead the U.S. into a recession. Energies, meanwhile, continued to trend upwards alongside supply concerns, but industrial
metals and most other commodity sectors experienced waning momentum or trend reversals. The Bloomberg Global Aggregate Index was down
8.3%, marking the second consecutive quarter in which bonds and equities were simultaneously down. The U.S. dollar, meanwhile, strengthened
against most major currencies, particularly the Japanese yen, which fell to its weakest level against the dollar in 24 years as the Bank
of Japan maintained its dovish stance. Trend following continued to account for most of the strategy's profits in the second quarter,
with the largest gains in fixed income, currencies, and energies. Seasonal systems were profitable across various sectors, including carry
in currencies and energies. The Japanese yen and euro drove profits in currencies. Both weakened relative to the U.S. dollar over the
quarter, and carry systems are short due to low rates in Japan and the eurozone. Fixed income was another notable contributor, as trend-following
drove the returns. Stock indices were flat, as losses in trend following canceled out gains from short positions in cross-sector and seasonal
systems. Directional trend-following systems made money on the short side in stock indices towards the end of the period, but cross-sectional
systems were lossmaking as previous relative performance trends faded. Commodities were mixed after an exceptionally strong first quarter.
Uptrends in energies continued - long positions in heating oil, gas oil, and gasoline were among the top contributors in the sector, with
all three markets reaching all-time highs. Losses from trend-following in base metals and agricultural commodities resulted from waning
upward momentum during the second quarter. The Partnership heads into the third quarter of the year with long positions in energies, long
– albeit reduced – agricultural positions, and net short exposure to base metals. In the financial sectors, short, fixed income
positions have pared somewhat, while net short positioning in stock indices and credit has gradually increased.

 First Quarter 2022. The Partnership delivered
positive results during the first quarter of 2022. Energy, crop, and metal prices soared during the period, as Russia's invasion
of Ukraine reverberated across global commodity markets. The buoyant environment for commodities contrasted with falls for global equities,
bonds, and most major currencies versus the US dollar. Rising energy and food prices contributed to the highest US inflation print in
40 years and central banks continued to hike interest rates around the world. Commodities were the main source of profits in the portfolio
during the quarter, with exposure positioned on the right side of the extreme price moves that followed Russia's invasion of Ukraine
on February 24. On the day of the invasion and over the next two weeks, three of the largest up days in the strategy's commodity
trading universe since 1971 occurred. At the market level, oil-related markets, coal, and European power drove gains in energies; nickel
and aluminum were the top contributors in base metals; and soybeans, cotton, and corn led the way in crops. Returns in currencies were
split between trend following and carry systems, both of which were on the right side of Japanese yen and euro weakness during the three
months. A rallying Brazilian real, meanwhile, was the top contributor to performance in the OTC currency portfolio. Short, fixed income
positions increased during the quarter, with exposure having turned short in the sector towards the end of 2021. Short-dated exposures
were among the top contributors, including US and European short-term interest rate futures and US 2-year Treasury notes. Performance
in credit was a small, albeit negative, contributor as spreads widened. Losses from North American and European indices, where positioning
only turned short in February, outpaced profits from a short position in an emerging market index. Stock indices were the only notable
detractor from performance during the quarter, as positioning was largely whipsawed. Exposure had turned net short in the sector by the
end of January; increased the short position in March; before reducing it heading into quarter end as markets recovered. The Partnership's
only direct exposure to Russia – a small, long position in the ruble – was halved at the end of January amid heightened volatility
and removed altogether on February 25.

 2021

 During 2021, the Partnership reported
a net realized and unrealized gain of $2,014,846 from all trading; gains of $2,024,752 from trading of derivatives including brokerage
commissions of $387,255. The Partnership accrued total expenses of $979,507, including $5,069 in incentive fees, $292,695 in management
fees paid to the General Partner, and $681,743 in service and professional fees. The Partnership earned $126 in interest income
during 2021. An analysis of the profits and losses generated from the Partnership's commodity futures trading activities for each
quarter during 2021 is set forth below.

 Fourth Quarter 2021. 2021
delivered positive results for the year as uptrends in equities and cyclical commodities that emerged in the second quarter of 2020 continued
through much of 2021. Oil and technology stocks led the MSCI World Index to a 21.8% gain, while energies, crops and base metals climbed
to multi-year highs as global economic activity recovered. The biggest market movements in Winton's trading universe were in the European
energy complex, where electricity and natural gas markets surged between 370% and 660%, alongside supply disruptions, lackluster renewable
power generation and increased demand. The market environment was less favorable for fixed income, China-related equities and precious
metals. Government bond yields rose as central banks started to hike interest rates and wind down quantitative easing programs; Chinese
stock indices fell alongside government interventions and the default of property developer Evergrande; and gold traded sideways, ending
the year lower despite signs of increasing inflation.

 Commodities accounted for most
of the Partnership's profits over the year, with trend following and a range of non-trend systems positioned on the right side of
rallying markets. Energies was the dominant performance driver, with contributions to returns that were split between the coal, natural
gas, electricity and oil/oil products subsectors. The financials sectors weighed on returns in 2021, as profits from trend following in
stock indices were insufficient to offset losses in fixed income, where positioning was mostly whipsawed over the course of the year.

 Overall, the Partnership was well
positioned for this buoyant market environment as trend-following drove the lion's share of positive performance. The Partnership heads
into the first quarter of 2022 with a muted "risk-on" construct.

 Third Quarter 2021. Outperforming
US and Japanese stocks lifted global equity indices to record highs during the quarter. These gains were, however, erased in September,
amid concerns about tightening monetary policy and the default of Evergrande, a heavily indebted Chinese property developer. Fixed income
markets mostly fell, and the US Dollar Index rose to a one-year high on the prospect of tighter policy in the US. Natural gas, electricity
and coal prices soared during the quarter, amid supply disruptions, lackluster renewable power generation and increased demand. Aluminum,
meanwhile, climbed to a decade high after a coup in Guinea and iron prices fell sharply alongside curbs on Chinese steel production.

 Most of the Partnership's profits
came from energies for the second quarter in a row, with long positions benefitting from a buoyant market environment. Performance was
more subdued elsewhere in commodities. While trend-following and mean-reversion systems made money in agriculture, the Partnership's
other systems were slightly negative overall. The financial sectors were negative overall, due to losses in currencies and fixed income,
combined with slightly positive performance in stock indices and credit. Trend-following systems accounted for most of the negative performance
in currencies, with long exposure to the Canadian dollar and British pound representing the biggest detractors.

 Overall, the Partnership was well
positioned for this buoyant market environment as trend-following drove the lion's share of positive performance. The Partnership heads
into the fourth quarter of 2021 with a muted "risk-on" construct.

 Second Quarter 2021. Uptrends
in equity and commodity markets continued into the second quarter of the year, with the reflation trade remaining the dominant market
narrative. Global stock indices were led to new record highs by technology and real estate stocks; WTI crude oil rose past $70 a
barrel for the first time since October 2018; and LME copper prices rallied above $10,000 per ton to an all-time high. At the same time,
the US dollar resumed its 2020 downtrend, while fixed income returns were mixed, with yields generally falling at the long-end of the
curve and rising on shorter-dated maturities. Most of the price action in fixed income occurred in June after US policymakers signaled
an increase in interest rates in 2023, one year earlier than previously expected.

 Most of the Partnership's profits
came from energies, where long positions were driven by trend following and a range of systematic macro signals. Trend following in more
novel energy markets made a notable contribution to returns over the three months. Markets were similarly buoyant in the other commodity
sectors. Sugar, corn and soybean oil drove positive performance in agriculture, where trend-following systems profited. However, performance
was mixed in metals as returns from trend-following systems were cancelled out by mean reversion and seasonal systems. Beyond commodities,
stock indices were positive, currencies were broadly flat and fixed income weighed on returns. Trend following continued to make money
in stock indices as equity markets built on their first quarter gains, although performance was reduced by losses from a long-term macro
value system. The flat performance in currencies, meanwhile, was due to losses in a range of G10 markets cancelling out profits from a
short position in the Japanese yen. Short exposure to long-dated government bonds and long positions in short-term interest rates accounted
for most of the losses in fixed income.

 Overall, the Partnership was well
positioned for this buoyant market environment as trend-following drove the lion's share of positive performance. The Partnership heads
into the third quarter of 2021 with a moderate "risk-on" construct.

 First Quarter 2021. Market
movements in the first quarter were driven by hopes for a rebound in global economic growth and the prospect of rising inflation. An uptrend
in commodity prices, rising government bond yields and a sector rotation within equities continued into the new year. WTI crude prices
briefly rose past $65 a barrel for the first time since 2018, the US 10-year Treasury yield crossed 1.7%, and the MSCI World climbed to
new record highs. At the same time, the US dollar, which trended downwards against most major currencies in 2020, reversed direction and
strengthened over the three months, most notably against the Japanese yen and euro. An uptrend in commodity prices, which started during
the second quarter of 2020, continued through the first quarter of 2021, accounting for most of the Partnership's profits. The gains
were driven by long positions resulting from a range of signals, with several non-trend signals making notable contributions in agriculture
and energies. Lean hogs, gasoline, copper and soybeans were all among the top contributors. Trend-following systems benefited from long
positions in stock indices, with global equity markets climbing to new record highs, although these profits were reduced by losses from
a long-term macro value signal. A short position in the Japanese yen led the profits in currencies, where carry systems accounted for
most of the gains. Fixed income was the only notable detractor during the quarter. Yields rose across the board over the three months,
alongside concerns about the effect of rising inflation. While the Partnership's overall beta to fixed income has been negative
since January, positioning in the sector only turned net short in government bonds in March and remains long in short-term interest rates.
Overall, the Partnership was well positioned for this buoyant market environment as both trend-following and systematic macro signals
contributed positively to performance. The Partnership heads into the second quarter of 2021 with a moderate "risk-on" construct.

 (d)

 Off-Balance Sheet Arrangements

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

 (e)

 Contractual Obligations

 The Partnership does not enter
into any contractual obligations or commercial commitments to make future payments of a type that would be typical for an operating company
or that would affect its liquidity or capital resources. The Partnership's sole business is trading futures, related option and
forward currency contracts, both long (contracts to buy) and short (contracts to sell). All such contracts are settled by offset, not
delivery. Substantially all such contracts are for settlement within four months of the trade date and substantially all such contracts
are held by the Partnership for less than four months before being offset or rolled over into new contracts with similar maturities. The
Partnership's financial statements, included in this report, present a Condensed Schedule of Investments setting forth net unrealized
appreciation (depreciation) of the Partnership's open future and forward currency contracts, both long and short, at December 31,
2023.

 (f)

 Critical Accounting Estimates

 The General Partner believes that
the Partnership's most critical accounting estimates relate to the valuation of the Partnership's assets. Futures and options
on futures contracts are valued using the primary exchange's closing price. Foreign currency exchange contracts and foreign cross
currency exchange contracts are valued at the mean between the bid and ask prices, which approximates fair value. Interpolated values
are derived when the settlement date of the contract is an interim date for which quotations are not available. U.S. government agency
securities are generally valued based on quoted prices in active markets. Corporate notes are generally valued at fair value. Security
transactions are recorded on the trade date. Realized gains and losses from security transactions are determined using the specific identification
cost method. Assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars at the rates
in effect at the date of the statement of financial condition. Income and expense items denominated in currencies other than the U.S.
dollar are translated into U.S. dollars at the rates in effect during the period. Gains and losses resulting from the translation to U.S.
dollars are reported in income currently.

 The Partnership's financial
statements are presented in accordance with U.S. generally accepted accounting principles (U.S. GAAP), which require the use of certain
estimates made by the Partnership's management. Actual results could differ from those estimates. Based on the nature of the business
and operations of the Partnership, the General Partner believes that the estimates utilized in preparing the Partnership's financial
statements are appropriate and reasonable, however actual results could differ from these estimates. The estimates used do not provide
a range of possible results that would require the exercise of subjective judgment. The General Partner further believes that, based on
the nature of the business and operations of the Partnership, no other reasonable assumptions relating to the application of the Partnership's
critical accounting estimates other than those currently used would likely result in materially different amounts from those reported.

 ITEM 7A: QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

 Introduction

 Past Results Not Necessarily Indicative of Future Performance

 The Partnership is a speculative
commodity pool. The market sensitive instruments held by it are acquired for speculative trading purposes, and all or a substantial amount
of the Partnership's assets are subject to the risk of trading loss. Unlike an operating company, the risk of market sensitive instruments
is integral, not incidental, to the Partnership's main line of business.

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

 The Partnership 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 Partnership's past performance is not necessarily indicative of its future
results.

 Standard of Materiality

 Materiality as used in this section,
"Quantitative and Qualitative 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 and multiplier features of the Partnership's
market sensitive instruments.

 Quantifying the Partnership's Trading Value at Risk

 Quantitative Forward-Looking Statements

 The following quantitative
disclosures regarding the Partnership's market risk exposures contain "forward-looking statements" within the meaning
of the safe harbor from civil liability provided for such statements by the Private Securities Litigation Reform Act of 1995 (set forth
in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934). 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 dollar amount of maintenance margin required for market risk sensitive instruments held at the end of the reporting period).

 The Partnership's risk exposure
in the various market sectors traded is estimated in terms of Value at Risk (VaR). The Partnership estimates VaR using a model based upon
historical simulation (with a confidence level of 99%) which involves constructing a distribution of hypothetical daily changes in the
value of a trading portfolio. The VaR model takes into account linear exposures to risks, including equity and commodity prices, interest
rates, foreign exchange rates, and correlation among these variables. The hypothetical changes in portfolio value are based on daily percentage
changes observed in key market indices or other market factors to which the portfolio is sensitive. This expected daily percentage change
is then expanded to four days, providing an expected four-day percentage change. The Partnership's VaR at a four-day 99% confidence
level of the Partnership's VaR corresponds to the negative change in portfolio value that, based on observed market risk factors,
would have been exceeded once in 100 four-day trading periods. VaR typically does not represent the worst-case outcome.

 The Partnership uses approximately
three years of daily market data and revalues its portfolio for each of the historical market moves that occurred over this time period.
This generates a probability distribution of daily "simulated profit and loss" outcomes. The VaR is the 1 percentile of this
distribution.

 The VaR for a sector represents
the four-day downside risk for the aggregate exposures associated with this sector. The current methodology used to calculate the aggregate
VaR represents the VaR of the Partnership's open positions across all market sectors, and is less than the sum of the VaRs for all
such market sectors due to the diversification benefit across asset classes.

 The Partnership's VaR computations
are based on the risk representation of the underlying benchmark for each instrument or contract and does not distinguish between exchange
and non-exchange dealer-based instruments. It is also not based on exchange and/or dealer-based maintenance margin requirements.

 VaR models, including the Partnership's,
are continually evolving as trading portfolios become more diverse and modeling techniques and systems capabilities improve. Please note
that the VaR model is used to numerically quantify market risk for historic reporting purposes only and is not utilized by the Partnership
in its daily risk management activities. Please further note that VaR as described above may not be comparable to similarly titled measures
used by other entities.

 Because the business of the Partnership
is the speculative trading of futures, forwards and options, the composition of the Partnership's trading portfolio can change significantly
over any given time period, or even within a single trading day, which could positively or negatively materially impact market risk as
measured by VaR.

 The Partnership's Trading Value at Risk in Different Market
Sectors

 The following table indicates
the average, highest and lowest amount of trading VaR associated with the Partnership's open positions by market category for the
year ended December 31, 2023. During 2023, the Partnership's average capitalization was $15,988,721.

 Fiscal Year 2023

 Market Sector

 Average Value

 % of Average Capitalization

 Highest Value

 Lowest Value

 $

 284,261

 1.78%

 $

 513,679

 $

 54,844

 Commodities

 $

 282,151

 1.76%

 $

 315,899

 $

 248,403

 $

 236,152

 1.48%

 $

 319,442

 $

 152,861

 Equities

 $

 308,668

 1.93%

 $

 340,331

 $

 277,005

 Total

 $

 1,111,232

 *4.41%

 *Percentage total does not foot
due to rounding.

 Average, highest and lowest Value
at Risk amounts relate to the quarter-end amounts during the fiscal year. Average capitalization is the average of the Partnership's
capitalization at the end of each quarter during the fiscal year 2023.

 The following table indicates
the average, highest and lowest amount of trading VaR associated with the Partnership's open positions by market category for the
year ended December 31, 2022. During 2022, the Partnership's average capitalization was $18,719,570.

 Fiscal Year 2022

 Market Sector

 Average Value

 % of Average Capitalization

 Highest Value

 Lowest Value

 $

 64,283

 0.34%

 $

 79,193

 $

 57,099

 Commodities

 $

 72,421

 0.39%

 $

 118,525

 $

 39,289

 $

 77,397

 0.41%

 $

 91,631

 $

 52,446

 Equities

 $

 32,777

 0.18%

 $

 51,902

 $

 14,622

 Total

 $

 246,878

 *1.32%

 *Percentage total does not foot
due to rounding.

 Average, highest and lowest Value
at Risk amounts relate to the quarter-end amounts during the fiscal year. Average capitalization is the average of the Partnership's
capitalization at the end of each quarter during the fiscal year 2022.

 The following table indicates
the average, highest and lowest amount of trading VaR associated with the Partnership's open positions by market category for the
year ended December 31, 2021. During 2021, the Partnership's average capitalization was $23,853,415.

 Fiscal Year 2021

 Market Sector

 Average Value

 % of Average Capitalization

 Highest Value

 Lowest Value

 $

 27,852

 0.12%

 $

 46,301

 $

 14,812

 Commodities

 $

 197,190

 0.83%

 $

 425,605

 $

 94,420

 $

 94,273

 0.40%

 $

 143,457

 $

 50,697

 Equities

 $

 92,921

 0.39%

 $

 196,724

 $

 48,280

 Total

 $

 412,236

 *1.73%

 *Percentage total does not foot
due to rounding.

 Average, highest and lowest Value
at Risk amounts relate to the quarter-end amounts during the fiscal year. Average capitalization is the average of the Partnership's
capitalization at the end of each quarter during the fiscal year 2021.

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

 The following limitations of VaR
as an assessment of market risk should be noted:

 1)

 Past changes in market risk factors will not always result in accurate predictions of the distributions and correlations of future market movements;

 2)

 Changes in portfolio value caused by market movements may differ from those of the VaR model;

 3)

 VaR results reflect past trading positions while future risk depends on future positions;

 4)

 VaR using a one day time horizon that is then expanded to four days does not fully capture the market risk of positions that cannot be liquidated or hedged within the time period; and

 5)

 The historical market risk factor data for VaR estimation may provide only limited insight into losses that could be incurred under certain unusual market movements.

 VaR is not necessarily representative
of historic risk nor should it be used to predict the Partnership's future financial performance or its ability to manage and monitor
risk. There can be no assurance that the Partnership's actual losses on a particular day will not exceed the VaR amounts indicated
or that such losses will not occur more than once in 100 four day trading periods.

 Qualitative Disclosures Regarding Primary Trading Risk Exposures

 The following qualitative disclosures
regarding the Partnership's market risk exposures — except for (i) those disclosures that are statements of historical fact
and (ii) the descriptions of how the Partnership 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 Securities Exchange Act. The Partnership's primary
market risk exposures as well as the strategies used and to be used by the Trading Advisor for managing such exposures are subject to
numerous uncertainties, contingencies and risks, any one of which could cause the actual results of the Partnership's risk controls
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 risk management strategies of the Partnership. There can be no assurance that the Partnership'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 Partnership.

 The following were the primary
trading risk exposures of the Partnership as of December 31, 2023, by market sector.

 Exchange rate risk can be a significant
market exposure of the Partnership. The Partnership's currency exposure is to foreign 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.

 Interest rate risk can be a significant
market exposure of the Partnership. Interest rate movements directly affect the price of the sovereign bond positions held by the Partnership
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 may materially impact the Partnership's profitability. The Partnership's primary interest
rate exposure is to interest rate fluctuations in the United States and the other G-7 countries. Changes in the interest rate environment
will have the most impact on longer dated fixed income positions.

 The Partnership has equity exposure
to equity price risk in the countries in which it invests. The stock index futures traded by the Partnership are by law limited to futures
on broadly based indices. The Partnership is exposed to the risk of adverse price trends or static markets in the major U.S., European
and Japanese indices.

 Energy

 The Partnership is exposed to
energy market risk in relation to natural gas, crude oil and derivative product price movements, often resulting from international political
developments and ongoing conflicts in the Middle East and the perceived outcome. Oil and gas prices can be volatile and substantial profits
and losses have been experienced in this market.

 The Partnership's metals
market exposure is subject to fluctuations in the price of each of the metals futures contracts in which the Partnership invests.

 Agricultural

 The Partnership's agricultural
exposure is subject to the fluctuations of the price of each of the agricultural commodity futures contracts that it holds.

 Qualitative Disclosures Regarding Non-Trading Risk Exposure

 The following were the non-trading
risk exposures of the Partnership as of December 31, 2023.

 Fixed Income Securities

 The Partnership has market exposure
in instruments (other than treasury positions) held other than for trading in its fixed income portfolio.

 Qualitative Disclosures Regarding Means of Managing Risk Exposure

 Winton's focus within risk
management is on targeting, measuring and managing risk. Owing to the leverage inherent in futures trading, position sizes are set according
to Winton's expectation of the risk that such positions will provide, rather than the amount of capital required to fund such positions,
and Winton's Futures SMA Program ("the Program") strives to maintain a diversified portfolio because holding positions
in a variety of unrelated markets has been shown, over time, to decrease system volatility.

 Each day, Winton's trading
systems sets volatility parameters (known as the "instantaneous forecast standard deviation") for each position held in the
portfolio. The purpose of these parameters is to estimate the likely size of a market shift (whether up or down), in much the same way
as the futures exchanges estimate the likely market shift when deciding how to set the initial margin for a future or the daily price
limits for a market. The primary determinant of the daily volatility parameters is the amount of leverage or level of gearing used by
the Program. The derivatives positions' leverage or gearing may be measured in terms of the Program's margin-to-equity ratio
in respect of its derivatives positions. This ratio is calculated by dividing the amount of margin posted with the futures commission
merchant by the value of the portfolio. The Program's long-term annualized volatility target is currently approximately 10%. However,
it should be noted that the Program's instantaneous forecast standard deviation (defined as the instantaneous risk Winton expects
within the 24 hours following that particular instant) may vary outside these limits. In order to target a given level of long-term risk
the instantaneous risk is allowed to fluctuate within a range around the long-term risk target. In order to achieve the long-term risk
target the correlation between different markets is estimated by the Program, and is employed in the calculation of the overall level
of gearing which is regularly reset, typically on a daily basis. Additionally, from time to time, the long-term standard deviation (defined
as the long-term average risk that Winton expects over a number of months) may also be above or below these limits, thereby having an
impact upon the level of gearing used by the Program. For example, in the event that exceptional market conditions arise, such as the
threat of closure of an exchange or other loss of liquidity, it may be determined to operate the Program at a lower level of gearing.

 ITEM 8: FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

 Financial statements required
by this item are included herewith following the Index to Financial Statements and are incorporated by reference into this Item 8.

 The following information presented
on a quarterly basis is unaudited.

 Fourth Quarter

 Third Quarter

 Second Quarter

 First Quarter

 2023

 2023

 2023

 2023

 Interest Income:

 $
 210,984

 $
 201,085

 $
 173,083

 $
 154,984

 Net realized and unrealized gains (losses):

 (505,905
)

 452,769

 1,236,603

 (213,931
)

 Expenses:

 153,940

 251,796

 215,310

 166,496

 Net Income (Loss):

 (448,862
)

 402,059

 1,194,376

 (225,443
)

 Fourth Quarter

 Third Quarter

 Second Quarter

 First Quarter

 2022

 2022

 2022

 2022

 Interest Income:

 $
 136,097

 $
 71,382

 $
 20,213

 $
 –

 Net realized and unrealized gains (losses):

 (840,563
)

 463,942

 993,693

 2,440,745

 Expenses:

 169,751

 265,401

 210,922

 209,930

 Net Income (Loss):

 (874,217
)

 269,923

 802,984

 2,230,815

 ITEM 9: CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING
AND FINANCIAL DISCLOSURE

 None.

 ITEM 9A: CONTROLS AND PROCEDURES

 (a)

 The General Partner, with the participation of the General Partner's principal executive officer and principal financial officer, has evaluated the effectiveness of the design and operation of its disclosure controls and procedures with respect to the Partnership as of the end of the period covered by this annual report, and, based on their evaluation, has concluded that these disclosure controls and procedures are effective.

 (b)

 Management's Annual Report on Internal Control over Financial Reporting

 Altegris Advisors, L.L.C., the
general partner of the Partnership, is responsible for the management of the Partnership. Management of the General Partner ("Management")
is responsible for establishing and maintaining adequate internal control over financial reporting. The internal control over financial
reporting is designed 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.

 The Partnership's internal
control over financial reporting includes those policies and procedures that:

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

 Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that the Partnership's transactions are being made only in accordance with authorizations of Management; and

 Provide reasonable assurance regarding prevention or timely detection of
 unauthorized

 acquisition, use or disposition of the Partnership'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.

 Management assessed the effectiveness
of the Partnership's internal control over financial reporting as of December 31, 2023. In making this assessment, Management used
the criteria set forth in Internal Control — Integrated Framework issued in 2013 by the Committee of Sponsoring Organizations of
the Treadway Commission ("COSO"). As a result of this assessment and based on the criteria in the COSO framework, management
has concluded that, as of December 31, 2023, the Partnership's internal control over financial reporting was effective.

 (c)

 Changes in Internal Control over Financial Reporting

 There were no changes in the Partnership's
internal control over financial reporting during the quarter and year ended December 31, 2023 that have materially affected, or are reasonably
likely to materially affect, its internal control over financial reporting.

 ITEM 9B: OTHER INFORMATION

 The Partnership has no employees,
officers or directors and is managed by the General Partner. The General Partner has adopted insider trading policies and procedures governing
the purchase, sale, and/or other dispositions of securities by directors, officers and employees, that are considered reasonably designed
to promote compliance with insider trading laws, rules and regulations. There were no changes in the General Partner's insider trading
policies and procedures during the quarter and year ended December 31, 2023.

 During the year ended December
31, 2023, no director or officer adopted or terminated (i) any contract, instruction or written plan for the purchase or sale of securities
of the Company intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or (ii) any "non-Rule 10b5-1 trading arrangement"
as defined in paragraph (c) of item 408 of Regulation S-K.

 ITEM 10: DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

 (a)

 Identification of Directors and Executive Officers

 (i) The
Partnership has no officers, directors, or employees. The Partnership's affairs are managed by the General Partner (although it
has delegated trading and investment authority to the Advisor and administrative duties to affiliates of the General Partner). During
the fiscal year ended December 31, 2023: (a) the General Partner was an indirect subsidiary (through intermediate holding companies) of
Continuum Capital Managers LLC ("Continuum") and AV5 Acquisition, LLC ("AV5"). Continuum is owned by Douglas C.
Grip and Stephen E. Vanourny. AV5 is owned solely by Mathew C. Osborne, the General Partner's sole Manager, Chief Executive Officer
and Chief Investment Officer.

 Matthew C. Osborne (born
1964) was appointed Chief Executive Officer of the General Partner in February 2021, and Chief Investment Officer of the General Partner
in January 2016. Mr. Osborne has served as a manager of the General Partner (or a director of the General Partner's predecessor
entity, APM) since July 2002. He has also served as a Vice President of APM (July 2002 to January 2011), an Executive Vice President of
the General Partner (January 2011 to June 2015) and as Co- President of the General Partner (June 2015 to January 2016). Mr. Osborne since
February 2021 serves as the Chief Executive Officer of Clearing Solutions. He has also been (1) Executive Vice President (December 2008
to June 2015), Co-President (June 2015 to January 2016), and Chief Investment Officer of Clearing Solutions (January 2016 to present (2)
a manager Better Outcome (September 2021 to present).

 None of the individuals listed above currently serves as a director of a public company.

 (ii)

 Identification of Certain Significant Employees

 None.

 (iii)

 Family Relationships

 None.

 (iv)

 Business Experience

 None.

 (v)

 Involvement in Certain Legal Proceedings

 None.

 (vi)

 Promoters and Control Persons

 Not Applicable.

 (b)

 Section 16(a) Beneficial Ownership Reporting Compliance

 (c)

 Code of Ethics

 The Partnership has no employees,
officers or directors and is managed by the General Partner. The General Partner has adopted a Code of Ethics that applies to its principal
executive officers and certain other persons associated with the General Partner. A copy of this Code of Ethics may be obtained at no
charge by written request to Altegris Advisors, L.L.C., 1200 Prospect Street, Suite 400, La Jolla, CA 92037.

 (d)

 Corporate Governance

 ITEM 11: EXECUTIVE COMPENSATION

 The Partnership has no officers,
directors, or employees. None of the principals, officers, or employees of the General Partner or previously AlphaMax receives or received
compensation from the Partnership. All persons serving in the capacity of officers or executives of the General Partner, the general partner
of the Partnership, are or were compensated by AlphaMax and/or an affiliate in respect of their respective positions with such entities.
The General Partner receives a monthly management fee equal to 1/12 of 1.25% of the management fee net asset value of the month-end capital
account balances attributable to Class A and Class B Interests and equal to 1/12 of 0.75% of the management fee net asset value of the
month-end capital account balances attributable to Institutional Interests; as well as, 0.0625% (0.75% annually) of all Original Class
A Interests, 0.146% (1.75% annually) of all Original Class B Interests, and currently 0.0417% to 0.0625% (0.50% to 0.75% annually) of
all Special Class Interests of the Partnership's management net asset value. The General Partner also receives a monthly administrative
fee equal to 1/12 of 0.333% of the management fee net asset value of the month-end capital account balances attributable to Class A and
Class B Interests.

 AlphaMax filed to withdraw
its regulatory registrations in November 2023. Prior to November 2023, AlphaMax received continuing monthly compensation from the
Partnership equal to 1/12 of 2% of the month-end net asset value of Class A Interests sold by AlphaMax.

 Clearing Solutions, in its capacity
as Introducing Broker to the Partnership, receives compensation for brokerage-related services. The Partnership will pay monthly brokerage
charges equal to the greater of (A) actual commissions of $9.75 per round-turn (higher for certain exchanges or commodities) multiplied
by number of round-turn trades, which amount includes other transaction costs; or (B) an amount equal to 0.125% of the management fee
net asset value of all Interest holders' month-end capital account balances (1.50% annually). If actual monthly commissions and
transaction costs in (A) above are less than the amount in (B) above, the Partnership will pay the difference to the Introducing Broker
as payment for brokerage-related services. In any month when the amount in (A) is greater than the amount in (B) above, the Partnership
will pay only the amount described in (A) above.

 The Partnership has no other compensation
arrangements. There are no compensation plans or arrangements relating to a change in control of the Partnership or the General Partner.

 ITEM 12: SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT
AND RELATED STOCKHOLDER MATTERS

 (a)

 Security ownership of certain beneficial owners

 (b)

 Security Ownership of Management

 The Partnership has no officers
or directors. Under the terms of the Limited Partnership Agreement, the Partnership's affairs are managed by the General Partner,
which has delegated discretionary authority over the Partnership's trading to the Advisor. As of January 31, 2024, the General
Partner's general partner interest in the Partnership was valued at $3,750 which constituted 0% of the Partnership's total
assets. As of January 31, 2024, the following managers and executive officers of the General Partner owned Interests in the Partnership:
None. The direct and indirect holding of Interests of each manager and executive officer and their total aggregate ownership of Interests
is 0% of the Partnership's total assets.

 (c)

 Changes in Control

 None.

 ITEM 13: CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS,
AND DIRECTOR INDEPENDENCE

 The Partnership does not engage
in any transactions with the General Partner or its affiliates other than in respect of the services and payment of fees therefor described
above in Item 1.

 The Partnership paid to the General
Partner monthly management fees totaling $189,533 for the year ended December 31, 2023. The Partnership paid to the General Partner administrative
fees totaling $ 44,662 for the year ended December 31, 2023.

 The Partnership paid to AlphaMax
monthly continuing compensation of $71 for the year ended December 31, 2023. Clearing Solutions, in its capacity as the Introducing Broker
for the Partnership, received from the Partnership's clearing broker (i.e., SGAS) the following compensation: a portion of the brokerage
commissions paid by the Partnership to SGAS, and of the interest income earned on Partnership's assets held at SGAS, equal to $98,081
and $81,120 respectively for the year ended December 31, 2023. In addition, Clearing Solutions, in its capacity as Introducing Broker,
receives from the Partnership, monthly brokerage charges as described in Item 11. For the year ended December 31, 2023 the Partnership
paid monthly brokerage charges of $202,660.

 The Partnership has not and does
not make any loans to the General Partner, its affiliates, their respective officers, directors or employees or the immediate family members
of any of the foregoing, or to any entity, trust or other estate in which any of the foregoing has any interest, or to any other person.

 None of the General Partner, its
affiliates, their respective officers, directors and employees or the immediate family members of any of the foregoing, or any entity
trust or other estate in which any of the foregoing has any interest has, to date, sold any asset, directly or indirectly, to the Partnership.

 The Partnership has no directors,
officers or employees and is managed by the General Partner. The General Partner is managed by certain of its principals, none of whom
is independent of the General Partner.

 ITEM 14: PRINCIPAL ACCOUNTING FEES AND SERVICES

 The following table sets forth
(a) the fees billed to the Partnership for professional audit services provided by Spicer Jefferies LLP, the Partnership's
independent registered public accountant, for the audit of the Partnership's annual financial statements for the year ended December
31, 2022 and (b) the fees expected to be billed to the Partnership for professional audit services provided by Spicer Jeffries LLP for
the audit of the Partnership's annual financial statements for the year ended December 31, 2023.

 FEE CATEGORY

 2023

 2022

 Audit Fees

 $
 19,500

 $
 19,500

 Audit-Related Fees

 7,500

 7,500

 Tax Fees

 22,500

 22,500

 All Other Fees

 –

 –

 TOTAL FEES

 $
 49,500

 $
 49,500

 Audit Fees and Audit-Related Fees
consist of fees paid for (i) the audit of Altegris Winton Futures Fund, L.P.'s annual financial statements included in the annual
report on Form 10-K, and review of financial statements included in the quarterly reports on Form 10-Q and (ii) services that are normally
provided by the Independent Registered Public Accountants in connection with statutory and regulatory filings of registration statements.
2022 Audit Fees and Audit-Related Fees were paid to Spicer Jeffries LLP.

 Tax Fees for 2023 consist of non-audit
fees paid to Fleming Fund Services for professional services rendered in connection with tax compliance and Partnership income tax return
filings. Tax Fees for 2022 were paid to Fleming Fund Services.

 The managers of the General Partner
pre-approve the engagement of the Partnership's auditor for all services to be provided by the auditor.

 ITEM 15: EXHIBITS, FINANCIAL STATEMENT SCHEDULES

 Financial Statements

 The financial statements and balance
sheets required by this Item are included herewith, beginning after the signature page hereof, and are incorporated into this Item 15.

 Exhibits

 The following documents (unless
otherwise indicated) are filed herewith and made part of this registration statement.

 Exhibit

 Designation

 *3.1

 Certificate of Formation of Altegris Winton Futures Fund, L.P.

 * **4.1

 Third Amended and Restated Agreement of Limited Partnership of Altegris Winton Futures Fund, L.P.

 * *10.1

 Advisory Contract between Altegris Winton Futures Fund, L.P., Rockwell Futures Management, Inc. **** and Winton Capital Management Limited and Amendment thereto dated June 1, 2008

 * *10.2

 Introducing Broker Clearing Agreement between Fimat USA, LLC ***** and Altegris Investments, Inc.

 * *10.3

 Form of Selling Agency Agreement

 *10.4

 Insider Trading Policy

 31.01

 Rule 13a-14(a)/15d-14(a) Certification of Principal Executive Officer

 31.02

 Rule 13a-14(a)/15d-14(a) Certification of Financial Executive Officer

 32.01

 Section 1350 Certification of Principal Executive Officer

 32.02

 Section 1350 Certification of Principal Financial Officer

 ******101.INS

 ******101.SCH

 ******101.CAL

 ******101.DEF

 ******101.LAB

 ******101.PRE

 ******104

 ____________________

 * This exhibit is incorporated by reference to the exhibit of the
same number and description filed with the registrant's Annual Report on Form 10-K (File No. 000-53348) filed on March 29, 2024.

 ** These exhibits are incorporated by reference to the exhibits of the same
numbers and descriptions filed with the Partnership's Registration Statement (File No. 000-53348) filed on July 30, 2008 on Form
10-12G under the Securities Exchange Act of 1934.

 *** This exhibit is incorporated by reference to the exhibit of the same
number and description filed with the registrant's Annual Report on Form 10-K (File No. 000-53348) filed on March 31, 2015.

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

 ***** Fimat USA, LLC became Newedge USA, LLC, which merged with and into
SG Americas Securities, LLC.

 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.

 Dated: April 11, 2024

 Altegris WINTON FUTURES FUND, L.P.

 By: ALTEGRIS ADVISORS, L.L.C.

 By: /s/ Matthew C. Osborne

 Name: Matthew C. Osborne

 Title: Principal Executive Officer

 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 General Partner of the
Registrant and in the capacities and on the date indicated.

 Signature

 Title with General Partner

 Date

 /s/ Matthew C. Osborne

 Matthew C. Osborne

 Principal Executive, Financial & Accounting Officer

 April 11, 2024

 (Being the principal executive
officer, the principal financial officer and principal accounting officer, and a majority of the managers of Altegris Advisors, L.L.C.)

 FINANCIAL STATEMENTS

 FOR THE YEARS ENDED DECEMBER 31, 2023, 2022 AND
2021

 F- 1

 FINANCIAL STATEMENTS

 YEARS ENDED DECEMBER 31, 2023, 2022 AND 2021

 PAGES

 Affirmation of the Commodity Pool Operator

 Report of Independent Registered Public Accounting
 Firm (Spicer Jeffries LLP (PCAOB ID No. 349))

 Report of Independent Registered Public Accounting
 Firm (Deloitte
 & Touche LLP) (PCAOB ID No. 34))

 Financial Statements

 Statements of Financial Condition

 Condensed Schedules of Investments

 F-7 – F-8

 Statements of Income (Loss)

 Statements of Changes in Partners' Capital (Net Asset Value)

 F-10 – F-11

 Notes to Financial Statements

 F-12 – F-30

 F- 2

 AFFIRMATION OF THE COMMODITY POOL OPERATOR

 To the Partners of

 Altegris Winton Futures Fund, L.P.

 To the best of the knowledge and belief of the undersigned,
the information contained in this Annual Report for the years ended December 31, 2023, 2022 and 2021 is accurate and complete.

 /s/ Matthew C. Osborne

 Altegris Advisors, L.L.C.

 Commodity Pool Operator for

 Altegris Winton Futures Fund, L.P.

 By: Matthew C. Osborne, Chief Executive Officer

 F- 3

 SPICER
JEFFRIES LLP

 Certified Public Accountants

 4601 DTC BOULEVARD • SUITE 700

 DENVER, COLORADO 80237

 TELEPHONE: (303) 753-1959

 FAX: (303) 753-0338

 www.spicerjeffries.com

 REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM

 To the Partners of

 Altegris Winton Futures Fund, L.P.

 Opinions on the Financial Statements

 We have audited the accompanying
statements of financial condition of Altegris Winton Futures Fund, L.P. (the "Partnership"), including the condensed schedules
of investments as of December 31, 2023, and 2022, and the related statements of income (loss) and the changes in partners' capital
(net asset value) for the years then ended, and the related notes (collectively referred to as the "financial statements").
In our opinion, the financial statements present fairly, in all material respects, the financial position of the Partnership as of December
31, 2023, and 2022, and the results of its operations and changes in its partners' capital (net asset value) for the years then
ended in conformity with accounting principles generally accepted in the United States of America. The statement of financial condition,
including the condensed schedule of investments, as of December 31, 2021, and the related statements of income (loss) and the changes
in partners' capital (net asset value) for the years ended December 31, 2021, for the Partnership, were audited by other auditors
whose report, dated March 29, 2022, expressed an unqualified opinion on those statements.

 Basis for Opinion

 These financial statements are the
responsibility of the Partnership's management. Our responsibility is to express an opinion on the Partnership's financial
statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United
States) (PCAOB) and are required to be independent with respect to the Partnership in accordance with the U.S. federal securities laws
and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

 We conducted our audits in accordance
with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement, whether due to error or fraud. The Partnership is not required to have, nor
were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit, we are required to obtain
an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of
the Partnership's internal control over financial reporting. Accordingly, we express no such opinion.

 Our audit included performing
procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures
that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the
financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management,
as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for
our opinions.

 Critical Audit Matters

 Critical audit matters are matters
arising from the current period audit of the financial statements that were communicated or required to be communicated to the audit committee
and that: (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging,
subjective, or complex judgments. We determined that there are no critical audit matters.

 /s/ Spice Jeffries LLP

 We have served as the Partnership's auditor since 2022.

 Denver, Colorado

 March 29, 2024

 F- 4

 REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

 The General
Partner and Limited Partners of Altegris Winton Futures Fund, L.P.

 Opinion
on the Financial Statements

 We have
audited the accompanying statements income (loss) and changes in partners' capital (net asset value), of Altegris Winton Futures
Fund, L.P. (the "Fund") for the year ended December 31, 2021 and the related notes. In our opinion, the financial statements
present fairly, in all material respects, the results of its operations and changes in its partners' capital (net asset value)
for year then ended in conformity with accounting principles generally accepted in the United States of America.

 Basis
for Opinion

 These financial
statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial
statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United
States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the
applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

 We conducted
our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Fund is not required
to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit we are required
to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness
of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

 Our audit
included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud,
and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts
and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates
made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation
of securities owned as of December 31, 2021, by correspondence with the custodian and brokers. We believe that our audit provides a reasonable
basis for our opinion.

 /s/ Deloitte
& Touche LLP

 Costa
Mesa, California

 March 29, 2022

 We
began serving as the Fund's auditor in 2020. In 2022 we became the predecessor auditor.

 F- 5

 STATEMENTS OF FINANCIAL CONDITION

 DECEMBER 31, 2023 AND DECEMBER 31, 2022

 2023

 2022

 ASSETS

 Equity in commodity broker account:

 Cash deposit with broker

 $
 3,882,471

 $
 3,651,929

 Segregated cash

 654,879

 943,336

 Segregated foreign currency (cost - $ 243,314 and $ 126,967)

 248,240

 126,106

 Net unrealized gain on open forward contracts

 –

 Net unrealized gain on open futures contracts

 62,896

 289,211

 Total assets in commodity broker account

 4,848,486

 5,025,062

 Investment securities, at fair value (cost - $ 10,754,640 and $ 12,366,052)

 10,782,617

 12,375,933

 Cash

 216,327

 214,955

 Total assets

 $
 15,847,430

 $
 17,615,950

 LIABILITIES

 Equity in commodity broker account:

 Net unrealized loss on open forward contracts

 $
 15,788

 $
 –

 Total liabilities in commodity broker account

 15,788

 –

 Redemptions payable

 83,090

 80,306

 Commissions payable

 19,133

 21,757

 Management fee payable

 15,532

 16,935

 Service fees payable

 26,559

 16,409

 Advisory fee payable

 12,436

 13,813

 Administrative fee payable

 3,661

 3,935

 Other liabilities

 48,665

 47,574

 Total liabilities

 224,864

 200,729

 PARTNERS' CAPITAL (NET ASSET VALUE)

 General Partner

 3,661

 3,412

 Limited Partners

 15,618,905

 17,411,809

 Total partners' capital (Net Asset Value)

 15,622,566

 17,415,221

 Total liabilities and partners' capital

 $
 15,847,430

 $
 17,615,950

 F- 6

 CONDENSED SCHEDULES OF INVESTMENTS

 DECEMBER 31, 2023

 Range of

 Expiration Dates

 Number of

 Contracts

 Fair

 Value

 % of Partners' Capital

 LONG FUTURES CONTRACTS:

 Mar 24 - May 24

 $
 108,140

 0.69
 %

 Mar 24

 18,198

 0.12
 %

 Apr 24 - Dec 24

 ( 21,265
)

 ( 0.14
)%

 Mar 24 - Sep 26

 8,927

 0.06
 %

 Feb 24 - Apr 24

 35,878

 0.23
 %

 Jan 24- Mar 24

 41,883

 0.27
 %

 Total long futures contracts

 191,761

 1.23
 %

 SHORT FUTURES CONTRACTS:

 Feb 24- June 24

 19,881

 0.13
 %

 Mar 24

 ( 35,696
)

 ( 0.23
)%

 Mar 24- Dec 24

 1,389

 0.01
 %

 Mar 24- Sep 25

 ( 54,374
)

 ( 0.35
)%

 Mar 24

 ( 22,651
)

 ( 0.14
)%

 Jan 24- Mar 24

 ( 37,414
)

 ( 0.24
)%

 Total short futures contracts

 ( 128,865
)

 ( 0.82
)%

 Total futures contracts

 $
 62,896

 0.41
 %

 UNREALIZED GAIN ON FORWARD CONTRACTS:

 Jan 24 - Mar 24

 $
 7,872

 0.05
 %

 UNREALIZED LOSS ON FORWARD CONTRACTS:

 Jan 24 - Mar 24

)

 ( 0.15
)%

 Total forward currency contracts

 $
 ( 15,788
)

 ( 0.10
)%

 INVESTMENT SECURITIES

 Face Value

 Maturity Date

 % of Partners' Capital

 U.S. Government Securities

 $

 10,800,000

 Jan-24

 Treasury bills

 $
 10,782,617

 69.02
 %

 F- 7

 CONDENSED SCHEDULES OF INVESTMENTS (continued)

 DECEMBER 31, 2022

 Range of

 Expiration Dates

 Number of Contracts

 Fair

 Value

 % of Partners' Capital

 LONG FUTURES CONTRACTS:

 Feb 23 - May 23

 $
 160,798

 0.92
 %

 Mar 23

 ( 2,619
)

 ( 0.02
)%

 June 23 - Dec 23

 ( 16,006
)

 ( 0.09
)%

 Mar 23 - Jun 23

 0.00
 %

 Jan 23 - Apr 23

 45,840

 0.27
 %

 Jan 23 - Mar 23

 ( 34,192
)

 ( 0.20
)%

 Total long futures contracts

 154,233

 0.88
 %

 SHORT FUTURES CONTRACTS:

 Feb 23 - May 23

 ( 15,473
)

 ( 0.09
)%

 Mar 23

 ( 77,390
)

 ( 0.44
)%

 Feb 23 - Mar 23

 33,180

 0.19
 %

 Mar 23 - Dec 25

 196,672

 1.13
 %

 Jan 23 - Feb 23

 ( 14,888
)

 ( 0.09
)%

 Jan 23 - Mar 23

 12,877

 0.08
 %

 Total short futures contracts

 134,978

 0.78
 %

 Total futures contracts

 $
 289,211

 1.66
 %

 UNREALIZED GAIN ON FORWARD CONTRACTS:

 Jan 23 - Mar 23

 $

 0.12
 %

 UNREALIZED LOSS ON FORWARD CONTRACTS:

 Jan 23 - Mar 23

)

 ( 0.04
)%

 Total forward currency contracts

 $

 0.08
 %

 INVESTMENT SECURITIES

 Face Value

 Maturity Date

 % of Partners' Capital

 U.S. Government Securities

 $

 12,400,000

 Jan-23

 Treasury bills

 $
 12,375,933

 71.06
 %

 F- 8

 STATEMENTS OF INCOME (LOSS)

 YEAR ENDED DECEMBER 31, 2023, 2022 AND 2021

 2023

 2022

 2021

 TRADING GAINS (LOSSES)

 Gain (loss) on trading of derivatives contracts

 Net realized

 $
 1,472,341

 $
 3,051,811

 $
 3,587,942

 Net change in unrealized

 ( 256,583
)

 295,979

 ( 1,175,965
)

 Brokerage commissions

 ( 243,725
)

 ( 289,841
)

 ( 387,225
)

 Net gain from trading derivatives contracts

 972,033

 3,057,949

 2,024,752

 Gain (loss) on trading of foreign currency

 Net realized

 ( 8,284
)

 1,483

 11,433

 Net change in unrealized

 5,787

 ( 1,615
)

 ( 21,339
)

 Net loss from trading of foreign currency

 ( 2,497
)

 ( 132
)

 ( 9,906
)

 Total trading gains

 969,536

 3,057,817

 2,014,846

 NET INVESTMENT LOSS

 Income

 Interest income

 740,136

 227,692

 Expenses

 Management fee

 189,533

 221,398

 292,695

 Service fee

 156,180

 186,665

 250,299

 Advisory fee

 152,340

 179,765

 241,892

 Professional fees

 85,054

 83,479

 84,105

 Administrative fee

 44,662

 51,465

 65,387

 Incentive fee

 145,792

 102,565

 5,069

 Interest expense

 1,715

 7,349

 27,789

 Other expenses

 12,266

 23,318

 12,271

 Total expenses

 787,542

 856,004

 979,507

 Net investment loss

 ( 47,406
)

 ( 628,312
)

 ( 979,381
)

 NET INCOME

 $
 922,130

 $
 2,429,505

 $
 1,035,465

 F- 9

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

 YEARS ENDED DECEMBER 31, 2023, 2022 AND 2021

 Limited
 Partners

 General

 Class
 A

 Class
 B

 Class
 A

 Class
 B

 Partner

 Total

 Balances at December 31, 2020

 $
 2,777,153

 $
 155,990

 $
 16,445,631

 $
 7,582,715

 $
 5,530,827

 $
 2,933

 $
 32,495,249

 Transfers

 ( 1,057,136
)

 1,057,136

 ( 1,680,816
)

 1,680,816

 –

 –

 –

 Capital withdrawals

 ( 610,189
)

 ( 344,258
)

 ( 5,171,193
)

 ( 3,534,578
)

 ( 4,290,993
)

 –

 ( 13,951,211
)

 From operations:

 Net investment loss

 ( 43,421
)

 ( 19,920
)

 ( 617,375
)

 ( 220,352
)

 ( 78,214
)

 ( 99
)

 ( 979,381
)

 Net realized gain from investments (net of brokerage commissions)

 238,969

 49,639

 1,585,100

 809,463

 528,663

 3,212,150

 Net change in unrealized loss from investments

 ( 102,237
)

 ( 12,605
)

 ( 619,835
)

 ( 258,841
)

 ( 203,656
)

 ( 130
)

 ( 1,197,304
)

 Net income for the year ended December 31, 2021

 93,311

 17,114

 347,890

 330,270

 246,793

 1,035,465

 Balances at December 31, 2021

 $
 1,203,139

 $
 885,982

 $
 9,941,512

 $
 6,059,223

 $
 1,486,627

 $
 3,020

 $
 19,579,503

 Balances at December 31, 2021

 $
 1,203,139

 $
 885,982

 $
 9,941,512

 $
 6,059,223

 $
 1,486,627

 $
 3,020

 $
 19,579,503

 Transfers

 –

 –

 ( 163,609
)

 163,609

 –

 –

 –

 Capital withdrawals

 ( 389,804
)

 ( 219,255
)

 ( 3,043,064
)

 ( 727,118
)

 ( 214,546
)

 –

 ( 4,593,787
)

 From operations:

 Net investment loss

 ( 29,654
)

 ( 15,221
)

 ( 394,781
)

 ( 162,495
)

 ( 26,073
)

 ( 88
)

 ( 628,312
)

 Net realized gain from investments (net of brokerage commissions)

 168,197

 122,580

 1,345,529

 918,764

 207,926

 2,763,453

 Net change in unrealized gain from investments

 21,904

 10,832

 182,675

 56,789

 22,141

 294,364

 Net income for the year ended December 31, 2022

 160,447

 118,191

 1,133,423

 813,058

 203,994

 2,429,505

 Balances at December 31, 2022

 $
 973,782

 $
 784,918

 $
 7,868,262

 $
 6,308,772

 $
 1,476,075

 $
 3,412

 $
 17,415,221

 F- 10

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

 YEARS ENDED DECEMBER 31, 2023, 2022 AND 2021

 Limited
 Partners

 General

 Class
 A

 Class
 B

 Class
 A

 Class
 B

 Partner

 Total

 Balances at December 31, 2022

 $
 973,782

 $
 784,918

 $
 7,868,262

 $
 6,308,772

 $
 1,476,075

 $
 3,412

 $
 17,415,221

 Capital withdrawals

 –

 ( 193,086
)

 ( 1,394,236
)

 ( 514,447
)

 ( 613,016
)

 –

 ( 2,714,785
)

 From operations:

 Net investment gain (loss)

 2,723

 8,837

 ( 101,629
)

 29,319

 13,304

 ( 47,406
)

 Net realized gain from investments
 (net of brokerage commissions)

 76,871

 51,184

 548,269

 470,827

 72,911

 1,220,332

 Net change in unrealized loss from
 investments

 ( 17,217
)

 ( 9,300
)

 ( 114,313
)

 ( 100,290
)

 ( 9,615
)

 ( 61
)

 ( 250,796
)

 Net income for the year ended December
 31, 2023

 62,377

 50,721

 332,327

 399,856

 76,600

 922,130

 Balances at December 31, 2023

 $
 1,036,159

 $
 642,553

 $
 6,806,353

 $
 6,194,181

 $
 939,659

 $
 3,661

 $
 15,622,566

 F- 11

 NOTES TO FINANCIAL STATEMENTS

 NOTE 1 - ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

 A. General Description
of the Partnership

 Altegris Winton Futures Fund, L.P. (the "Partnership")
was organized as a Colorado limited partnership in March 1999, and will continue until December 31, 2035, unless sooner terminated as
provided for in the Agreement of Limited Partnership (the "Agreement"), as amended and restated from time to time. The Partnership's
general partner is Altegris Advisors, L.L.C. (the "General Partner"). The General Partner has the overall responsibility for
the management, operation and administration of the Partnership, including the selection of its commodity trading adviser. The Partnership's
trading activities are conducted pursuant to an advisor contract with Winton Capital Management Limited (the "Advisor"). The
Partnership speculatively trades commodity futures contracts, options on futures contracts, forward contracts and other commodity interests.
The objective of the Partnership's business is appreciation of its assets. The Partnership is subject to the regulations of the
Commodity Futures Trading Commission (the "CFTC"), an agency of the United States ("U.S.") government that regulates
most aspects of the commodity futures industry; rules of the National Futures Association, an industry self-regulatory organization; and
the requirements of commodity exchanges and futures commission merchants (brokers) through which the Partnership trades.

 The General Partner is registered with the U.S. Securities
and Exchange Commission under the U.S. Investment Advisers Act of 1940, as amended, as an investment adviser and is registered with the
Commodity Futures Trading Commission ("CFTC") as a commodity pool operator, and is a member of the National Futures Association,
an industry self-regulatory organization.

 Effective September 27, 2021, as part of an internal
reorganization, the General Partner and Altegris Clearing Solutions L.L.C. ("Altegris Clearing Solutions), an affiliate of the
General Partner, became wholly-owned by their affiliate Altegris Services, L.L.C. ("Services") (replacing their affiliate
Altegris Holdings, L.L.C. as their immediate parent company). Services in turn became wholly-owned by Better Outcome, LLC ("Better
Outcome"), a newly formed affiliated entity owned and controlled by Continuum Capital Managers LLC ("Continuum") and
by AV5 Acquisition, LLC ("AV5"). Continuum is owned by Douglas C. Grip and Stephen E. Vanourny. AV5 is owned solely by Matthew
Osborne, the General Partner's Chief Executive Officer and Chief Investment Officer. This internal reorganization resulted in no
change in actual direct or indirect control and ultimate ownership of the General Partner, and had no impact on the Partnership's
financial position or results of operations.

 There was an internal structural change in July 2023 as part of an internal reorganization.
The following internal restructuring resulted in no change in actual indirect and ultimate ownership and control of the General Partner.
The General Partner's and Altegris Clearing Solutions L.L.C. ("Altegris Clearing Solutions), an affiliate of the General
Partner's direct parent company, Altegris Services ("Services") which was an administrative services affiliate of the General
Partner, was dissolved. The General Partner is now wholly-owned by Better Outcome, LLC (Better Outcome), an entity owned and controlled
by Continuum Capital Managers LLC (Continuum) and by AV5 Acquisition, LLC (AV5). Continuum is owned by Douglas C. Grip and Steven E.
Vanourny. AV5 is owned solely by Matthew Osborne, The General Partner's Chief Executive Officer and Chief Investment Officer. This
internal reorganization resulted in no change in actual indirect and ultimate ownership and control of the General Partner, and had no
impact on the Partnership's financial position or results of operations.

 F- 12

 NOTES

 NOTE 1 - ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

 B. Method of Reporting

 The Partnership's financial statements are presented
in accordance with U.S. generally accepted accounting principles ("U.S. GAAP"). Therefore, the Partnership follows the accounting
and reporting guidelines for investment companies. The preparation of the financial statements in conformity with U.S. GAAP requires management
to make estimates and assumptions that affect the reported fair value of assets and liabilities, disclosures of contingent assets and
liabilities as of December 31, 2023, 2022 and 2021 and reported amounts of income and expenses for the years ended December 31, 2023,
2022 and 2021, respectively. Management believes that the estimates utilized in preparing the Partnership's financial statements
are reasonable; however, actual results could differ from these estimates and it is reasonably possible that differences could be material.

 C. Fair Value

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

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

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

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

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

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

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

 F- 13

 NOTES

 NOTE 1 - ORGANIZATION AND SIGNIFICANT ACCOUNTING
POLICIES (CONTINUED)

 C. Fair Value (continued)

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

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

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

 The fair value of U.S. government securities is based
on quoted prices in active markets. When quoted prices are not available, fair value is determined based on a valuation model that uses
inputs that include interest-rate yield curves, cross-currency-basis index spreads, and country credit spreads similar to the bond in
terms of issue, maturity and seniority. U.S. government securities are generally categorized in Levels 1 or 2 of the fair value hierarchy.

 The fair value of corporate notes is determined using
recently executed transactions, market price quotations (where observable), notes spreads or credit default swap spreads. The spread data
used are for the same maturity as that of the notes. If the spread data does not reference the issuer, data that references a comparable
issuer is used. When observable price quotations are not available, fair value is determined based on cash flow models with yield curves,
bond, or single-name credit default swap spreads and recovery rates based on collateral values as key inputs. These valuation methods
represent both a market and income approach to fair value measurement. Corporate notes are categorized in Level 2 of the fair value hierarchy;
however, in instances where significant inputs are unobservable, they are categorized in Level 3 of the hierarchy. As of December 31,
2023 and 2022, the Partnership did not hold corporate notes.

 The fair value of certificates of deposit is determined
based on a constant maturity curve for comparable instruments denominated in USD. This valuation method represents both a market and income
approach to fair value measurement. Certificates of deposit are categorized in Level 2 of the fair value hierarchy.

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

 There were no changes to the Partnership's valuation
methodology during the years December 31, 2023 and 2022.

 F- 14

 NOTES

 NOTE 1 - ORGANIZATION AND SIGNIFICANT ACCOUNTING
POLICIES (CONTINUED)

 C. Fair Value (continued)

 The following table presents information about
the Partnership's assets and liabilities measured at fair value as December 31, 2023 and 2022:

 Schedule of assets and liabilities measured at fair value

 Level 1

 Level 2

 Level 3

 Balance as of

 Assets:

 Futures contracts (1)

 $
 346,095

 $
 –

 $
 –

 $
 346,095

 Forward currency contracts (1)

 –

 7,872

 –

 7,872

 US Government securities

 10,782,617

 –

 –

 10,782,617

 $
 11,128,712

 $
 7,872

 $
 –

 $
 11,136,584

 Liabilities:

 Futures contracts (1)

 $
 ( 283,199
)

 $
 –

 $
 –

 $
 ( 283,199
)

 Forward currency contracts (1)

 –

)

 –

)

 $
 ( 283,199
)

 $
)

 $
 –

 $
 ( 306,859
)

 Balance as of

 December 31, 2022

 Level 1

 Level 2

 Level 3

 December 31, 2022

 Assets:

 Futures contracts (1)

 $
 513,674

 $
 –

 $
 –

 $
 513,674

 Forward currency contracts (1)

 –

 –

 U.S. Government securities

 12,375,933

 –

 –

 12,375,933

 $
 12,889,607

 $

 $
 –

 $
 12,911,308

 Liabilities:

 Futures contracts (1)

 $
 ( 224,463
)

 $
 –

 $
 –

 $
 ( 224,463
)

 Forward currency contracts (1)

 –

)

 –

)

 $
 ( 224,463
)

 $
)

 $
 –

 $
 ( 231,684
)

 (1)

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

 For the years ended December 31, 2023 and 2022, there were no Level 3 securities.

 F- 15

 NOTES

 NOTE 1 - ORGANIZATION AND SIGNIFICANT ACCOUNTING
POLICIES (CONTINUED)

 D. Investment Transactions and Investment
Income

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

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

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

 U.S. Bank, N.A. serves as the Partnership's
custodian (the "Custodian"). SG Americas Securities, LLC (the "Clearing Broker") is the Partnership's commodity
broker. A portion of the Partnership's assets are held as initial margin or option premiums (in cash or Treasury securities) in
the Partnership's brokerage accounts at the Clearing Broker. The Clearing Broker may convert the Partnership's cash in U.S.
dollar to foreign currency to facilitate the Partnership's commodity trading activities. At times, the Partnership may carry foreign
cash on loan with the Clearing Broker. Any net foreign currency on loan will be recognized in Foreign Currency Due to Broker on the Statements
of Financial Condition.

 The Partnership's Clearing Broker
holds margin balances in a single currency, in which all margin requirements can be satisfied in U.S. dollars. Foreign currency balances
can also be used to satisfy margin requirements. As of December 31, 2023 and 2022, the Partnership's segregated cash balance on
the Statements of Financial Condition of $ 654,879 and $ 943,336, respectively, represents the collateral pledged by the Partnership to
satisfy the Clearing Broker's margin requirements in US Dollars. As of December 31, 2023 and 2022, the Partnership's segregated
foreign currency balance on the Statements of Financial Condition of $ 248,240 and $ 126,106, respectively, represents the collateral pledged
by the Partnership to satisfy the Clearing Broker's margin requirements in foreign currency. The Partnership's assets not
deposited at the Clearing Broker are deposited with either the Custodian or held in bank cash accounts at First Republic Bank (and used
to pay Partnership operating expenses). Effective May 1, 2023, J.P. Morgan Chase Bank assumed all of the deposits and substantially all
of the assets of First Republic Bank.

 F- 16

 NOTES

 NOTE 1 - ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

 E.
 Option Contracts

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

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

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

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

 As of December 31, 2023 and 2022, the Partnership
did not hold any option contracts.

 F. Futures Contracts

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

 There are several risks in connection with the use
of futures contracts as an investment option. The change in value of futures contracts primarily corresponds with the value of their underlying
instruments. In addition, there is the risk that the Partnership may not be able to enter into a closing transaction because of an illiquid
secondary market. Open positions in futures contracts at December 31, 2023 and 2022 are reflected within the Condensed Schedules of Investments.

 F- 17

 NOTES

 NOTE 1 - ORGANIZATION AND SIGNIFICANT ACCOUNTING
POLICIES (CONTINUED)

 G. Forward Currency Contracts

 Forward currency contracts are entered into
as an economic hedge against foreign currency exchange rate risk related to portfolio positions. A forward currency contract is an obligation
to purchase or sell a currency against another currency at a future date at an agreed upon price and quantity. Forward currency contracts
are traded over-the-counter and not on an organized exchange. Forward currency contracts help to manage the overall exposure to the foreign
currency backing some of the investments held by the Partnership. Each contract is marked-to-market daily and the change in market value
is recorded by the Partnership as an unrealized gain or loss. When the contract is closed, the Partnership records a realized gain or
loss equal to the difference between the value at the time it was opened and the value at the time it was closed. The use of forward currency
contracts involves the risk that counterparties may not meet the terms of the agreement or unfavorable movements in the value of a foreign
currency relative to the U.S. dollar. Open forward currency contracts at December 31, 2023 and 2022 are reflected within the Condensed
Schedules of Investments.

 H. Foreign Currency Transactions

 The Partnership's functional currency is the
U.S. dollar; however, it may transact business in currencies other than the U.S. dollar. Assets and liabilities denominated in currencies
other than the U.S. dollar are translated into U.S. dollars at the rates in effect at the date of the Statements of Financial Condition.
Income and expense items denominated in currencies other than the U.S. dollar are translated into U.S. dollars at the rates in effect
during the period. Gains and losses resulting from the translation to U.S. dollars are reported in the Statements of Income (Loss).

 I. Cash

 The Partnership maintains a custody account with U.S.
Bank, N.A. and First Republic Bank. Effective May 1, 2023, J.P. Morgan Chase Bank assumed all of the deposits and substantially all of
the assets of First Republic Bank. At times, the Partnership's cash balance could exceed the insured amount under the Federal Deposit
Insurance Corporation ("FDIC"). The Partnership has not experienced any losses in such accounts and believes it is not subject
to any significant counterparty risk related to its cash account.

 Both segregated cash and segregated foreign currency
are held at the Clearing Broker as margin collateral for futures transactions.

 J. Income Taxes

 The Partnership is treated as a partnership for U.S.
federal income tax purposes. As such, the partners are individually liable for their own distributable share of taxable income or loss.
No provision has been made in the accompanying financial statements for U.S., federal, state, or local income taxes.

 The Partnership is required to determine
whether its tax positions are more likely than not to be sustained upon examination by the applicable taxing authority, including resolution
of any related appeals or litigation processes, based on the technical merits of the position. The tax benefit recognized is measured
as the largest amount of benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement with the
relevant taxing authority. De-recognition of a tax benefit previously recognized results in the Partnership recording a tax liability
that reduces ending partners' capital. Based on its tax analysis, the Partnership has determined that it has not incurred any liability
for unrecognized tax benefits for any of the Partnership's open tax years. However, the Partnership's conclusions may be subject
to review and adjustment at a later date based on factors including, but not limited to, on-going analyses of and changes to tax laws,
regulations and interpretations thereof. The Partnership's tax returns remain open for examination by United States federal tax
authorities for a period of three years and by state tax authorities for a period of three years from the date they are filed. Taxes associated
with foreign tax jurisdictions remain subject to examination based on varying statutes of limitations, if any. The Partnership is additionally
not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially
in the next twelve months. As a result, no other income tax liability or expense has been recorded in the accompanying financial statements.

 F- 18

 NOTES

 NOTE 2 - PARTNERS' CAPITAL

 A. Capital Accounts and Allocation of
Income and Losses

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

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

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

 B. Subscriptions, Distributions and Redemptions

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

 The Partnership is not required to make distributions
but may do so at the sole discretion of the General Partner. A Limited Partner may request and receive redemption of capital, subject
to restrictions set forth in the Agreement. The General Partner may request and receive redemption of capital, subject to the same terms
as any Limited Partner. The partners may withdraw their interests on a monthly basis upon at least 15 days' prior written notice,
subject to the discretion of the General Partner. No distributions were made for the years ended December 31, 2023, 2022 and 2021.

 NOTE 3 - RELATED PARTY TRANSACTIONS

 A. General Partner Management Fee

 The General Partner receives a monthly management
fee from the Partnership equal to 0.0625 % ( 0.75 % annually) for Original Class A and 0.146 % ( 1.75 % annually) for Original Class B of the
Partnership's net asset value apportioned to each Partner's capital account at the beginning of the month, before deduction of any
accrued incentive fees related to the current quarter (the "management fee net asset value"). The General Partner receives
a monthly management fee from the Partnership equal to 0.104 % ( 1.25 % annually) for Class A and Class B, and 0.0625 % ( 0.75 % annually) for
Institutional Interests of the Partnership's management fee net asset value. The General Partner may declare any Limited Partner a "Special
Limited Partner" and the management fees or incentive fees charged to any such partner may be different than those charged to other
Limited Partners.

 Total Management Fees earned by the General Partner,
for the years ended December 31, 2023, 2022 and 2021 are shown on the Statements of Income (Loss) as a Management Fee.

 F- 19

 NOTES

 NOTE 3 - RELATED PARTY TRANSACTIONS

 B. Administrative Fee

 The General Partner receives a monthly administrative
fee from the Partnership equal to 0.0275 % ( 0.33 % annually) of the Partnership's management fee net asset value attributable to Class A
and Class B Interests. For the years ended December 31, 2023, 2022 and 2021 administrative fees for Class A Interests were $ 24,083, $ 29,900
and $ 41,688, respectively and administrative fees for Class B Interests were $ 20,579, $ 21,565 and $ 23,699 respectively. General Partner's
Interest, Original Class A, Original Class B and Institutional Interests did not get charged the administrative fee.

 C. AlphaMax Distributors,
L.L.C. and Altegris Clearing Solutions, L.L.C.

 AlphaMax Distributors, L.L.C. ("AlphaMax"),
filed to withdraw its regulatory registrations in November 2023. Prior to November 2023, AlphaMax was an affiliate of the General Partner
(previously known as Altegris Investments, L.L.C. and Altegris Distributors, L.L.C.), is a registered broker-dealer with the SEC and a
Delaware limited liability company. Altegris Clearing Solutions, L.L.C. (Altegris Clearing Solutions), an affiliate of the General Partner
and an introducing broker registered with the CFTC, is the Partnership's introducing broker. In May 2021, Altegris Investments,
L.L.C. changed its name to Altegris Distributors, L.L.C. and in December 2021, changed its name to AlphaMax Distributors, L.L.C.

 Prior to November 2023, AlphaMax had entered into
a selling agreement with the Partnership whereby it received 2% per annum as continuing compensation for Class A Interests sold by AlphaMax
that are outstanding at month end. The Partnership's introducing broker receives a portion of the commodity brokerage commissions
paid by the Partnership to the Clearing Broker and interest income retained by the Clearing Broker. Additionally, the Partnership pays
to its clearing brokers and its introducing broker, at a minimum, brokerage charges at a flat rate of 0.125% (1.5% annually) of the Partnership's
management fee net asset value. Brokerage charges may exceed the flat rate described above, depending on commission and trading volume
levels, which may vary.

 At December 31, 2023 and 2022, the Partnership had
commissions and brokerage fees payable to its introducing broker of $ 16,985 and $ 18,865, respectively, and service fees payable to AlphaMax
of $ 0 and $ 0, respectively. These amounts are included in commissions payable and service fees payable on the Statements of Financial
Condition, respectively. The amounts shown on the Statements of Financial Condition include fees payable to non-related parties.

 The following tables show the fees paid to AlphaMax
and Altegris Clearing Solutions for the years ended December 31, 2023, 2022 and 2021:

 Schedule of fees paid to altegris investments and altegris futures

 Year ended

 Year ended

 Year ended

 December 31, 2022

 December 31, 2021

 Altegris Clearing Solutions - Brokerage Commission fees

 $
 202,784

 $
 251,245

 $
 322,021

 AlphaMax - Service fees

 Total

 $
 202,855

 $
 251,426

 $
 322,203

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

 F- 20

 NOTES

 NOTE 4 - ADVISORY CONTRACT

 The Partnership's trading activities are conducted
pursuant to an advisory contract with Winton Capital Management, Ltd. ("Advisor"). The Partnership pays the Advisor a quarterly
incentive fee of 20% of the trading profits (as defined in the Agreement). However, the quarterly incentive fee is payable only on cumulative
profits achieved from commodity trading (as defined in the Agreement), calculated separately for each partner's interest (as defined
in the Agreement). The incentive fee is accrued on a monthly basis and paid quarterly. Total incentive fees earned by the Advisor for
the years ended December 31, 2023, 2022 and 2021 are shown on the Statements of Income (Loss).

 Interest holders will be assessed a monthly advisory
fee paid to the Advisor of 0.083 % of the management fee net asset value of each holder's month-end capital account balance ( 1.00 %
annually), with the exception of Original Class A Interests. In addition, the General Partner has assigned a portion of its management
fees earned to the Advisor. For the years ended December 31, 2023, 2022 and 2021 advisory fees for Class A were $ 72,978, $ 90,607 and $ 126,327,
respectively, advisory fee for Class B Interests were $ 62,362, $ 65,349 and $ 71,814, respectively, advisory fee for Original Class B Interests
were $ 6,827, $ 8,731 and $ 7,945, respectively, advisory fee for Institutional Interests were $ 10,143, $ 15,078 and $ 35,806, respectively
and advisory fee for General Partner's Interest were $ 30, $ 0 and $ 0, respectively. Original Class A Interests did not get charged
the advisory fee.

 NOTE 5 - SERVICE FEES

 Original Class A Interests and Class A Interests pay
selling agents an ongoing monthly payment of 0.166 % of the month-end net asset value ( 2 % annually) of the value of interests sold by them
which are outstanding at month-end as compensation for their continuing services to the Limited Partners. Institutional Interests may
pay selling agents, if the selling agent so elects, an ongoing monthly payment of 0.0417 % ( 0.50 % annually) of the value of Institutional
Interests sold by them which are outstanding at month-end as compensation for their continuing services to the Limited Partners holding
Institutional Interests. For the years ended December 31, 2023, 2022 and 2021, service fees for General Partner's Interest, were
$ 11, $ 251 and $ 55, respectively, service fees for Class A Interests were $ 135,741, $ 164,320 and $ 225,880, respectively, service fees for
Original Class A Interests were $ 20,428, $ 22,094 and $ 24,364, respectively. Class B, Original Class B and Institutional Interests did
not get charged the service fees.

 NOTE 6 - BROKERAGE COMMISSIONS

 The Partnership is subject to monthly brokerage charges
equal to the greater of: (A) actual commissions and expenses paid to the Clearing Broker by the Partnership; or (B) an amount equal to
0.125% of the management fee net asset value of all Limited Partners' month-end capital account balances (1.50% annually) (the "Minimum
Amount").

 If actual commissions and expenses paid to the Clearing
Broker in a month (in (A) above) are less than the Minimum Amount, the Partnership will pay to the Introducing Broker the difference as
payment for brokerage-related services, including, but not limited to, monitoring trade, execution, clearing, custodial and distribution
services provided to the Partnership. If actual commissions and expenses paid to the Clearing Broker in a month (in (A) above) are greater
than the Minimum Amount, the Partnership pays only the amounts described in (A) above. The Partnership's payment of brokerage commissions
to the Clearing Broker for clearing trades on its behalf, and payments to the Introducing Broker for brokerage-related services, if any,
are reflected on the Statements of Income (Loss) as Brokerage Commissions.

 F- 21

 NOTES

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

 The following presents the fair value of derivatives
contracts at December 31, 2023 and 2022. The fair value of derivatives contracts is presented as an asset if in a gain position and a
liability if in a loss position. Fair value is presented on a gross basis in the table below even though the futures and forward contracts
qualify for net presentation in the Statements of Financial Condition.

 Schedule of fair value of derivative contracts

 Assets

 Liability

 Derivatives

 Derivatives

 Net

 $
 171,417

 $
 ( 43,396
)

 $
 128,021

 19,038

 ( 36,536
)

 ( 17,498
)

 14,100

 ( 33,976
)

 ( 19,876
)

 9,078

 ( 54,525
)

 ( 45,447
)

 82,003

 ( 68,776
)

 13,227

 50,459

 ( 45,990
)

 4,469

 $
 346,095

 $
 ( 283,199
)

 $
 62,896

 $
 7,872

 $
)

 $
 ( 15,788
)

 Total Gross Fair Value of Derivatives Contracts

 $
 353,967

 $
 ( 306,859
)

 $
 47,108

 F- 22

 NOTES

 December 31, 2022

 Assets

 Liability

 Derivatives

 Derivatives

 Net

 $
 179,097

 $
 ( 33,772
)

 $
 145,325

 6,043

 ( 86,052
)

 ( 80,009
)

 Energy

 44,450

 ( 27,276
)

 17,174

 204,350

 ( 7,266
)

 197,084

 59,119

 ( 28,167
)

 30,952

 20,615

 ( 41,930
)

 ( 21,315
)

 $
 513,674

 $
 ( 224,463
)

 $
 289,211

 $

 $
)

 $

 Total Gross Fair Value of Derivatives Contracts

 $
 535,375

 $
 ( 231,684
)

 $
 303,691

 The following presents the trading results of the
Partnership's derivative trading and information related to the volume of the Partnership's derivative activity for the years
ended December 31, 2023, 2022 and 2021.

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

 F- 23

 NOTES

 Schedule of realized and unrealized gain (loss) on derivatives

 Year Ended December 31, 2023

 Change in

 Average Notional

 Realized

 Unrealized

 Value of Contracts

 $
 886,515

 $
 ( 17,304
)

 140,276

 62,511

 215,437

 ( 37,050
)

 128,510

 ( 242,531
)

 ( 160,628
)

 ( 17,725
)

 164,321

 25,784

 $
 1,374,431

 $
 ( 226,315
)

 $
 45,880,739
 (1)

 $
 97,910

 $
 ( 30,268
)

 $
 3,191,100
 (2)

 Total Gain (loss) from Derivatives Contracts

 $
 1,472,341

 $
 ( 256,583
)

 Year Ended December 31, 2022

 Realized

 Change in Unrealized

 Average Notional Value of Contracts

 $
 35,442

 $
 161,839

 1,176,414

 ( 69,083
)

 879,081

 10,116

 1,414,280

 195,928

 140,257

 65,510

 ( 495,282
)

 ( 74,281
)

 $
 3,150,192

 $
 290,029

 $
 42,530,145
 (1)

 $
 ( 98,381
)

 $
 5,950

 $
 4,398,771
 (2)

 Total Gain from Derivatives Contracts

 $
 3,051,811

 $
 295,979

 F- 24

 NOTES

 Year Ended December 31, 2021

 Change in

 Average Notional

 Realized

 Unrealized

 Value of Contracts

 $
 1,426,339

 $
 ( 349,582
)

 264,845

 ( 141,651
)

 1,409,280

 ( 50,116
)

 ( 1,048,470
)

 ( 76,327
)

 486,869

 ( 381,615
)

 1,052,890

 ( 125,821
)

 $
 3,591,753

 $
 ( 1,125,112
)

 $
 66,363,208
 (1)

 $
 ( 3,811
)

 $
 ( 50,853
)

 $
 7,666,999
 (2)

 Total Gain (loss) from Derivatives Contracts

 $
 3,587,942

 $
 ( 1,175,965
)

 1)
 The average notional value of futures contracts are representative of the Partnership's
volume of derivative activity for futures contracts during the respective years.

 2)
 The average notional value of forward currency contracts are representative of the
Partnership's volume of derivative activity for forward currency contracts during the respective years.

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

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

 F- 25

 NOTES

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

 Offsetting the Financial Assets and Derivative
Assets

 Schedule of offsetting the financial assets and derivative assets

 As of December 31, 2023

 Gross Amounts Not Offset in the Statements of Financial Condition

 Gross Amounts of Recognized Assets

 Gross Amounts Offset in the Statements of Financial Condition

 Net Amounts of Assets Presented in the Statements of Financial Condition

 Financial Instruments

 Cash Collateral Received (1)

 Net Amount

 Forward Contracts

 $
 7,872

 $
 ( 7,872
)

 $
 –

 $
 –

 $
 –

 $
 –

 Total

 $
 7,872

 $
 ( 7,872
)

 $
 –

 $
 –

 $
 –

 $
 –

 Offsetting the Financial Liabilities and Derivative Liabilities

 As of December 31, 2023

 Gross Amounts Not Offset in the Statements of Financial Condition

 Gross Amounts of Recognized Liabilities

 Gross Amounts Offset in the Statements of Financial Condition

 Net Amounts of Liabilities Presented in the Statements of Financial Condition

 Financial Instruments

 Cash Collateral Pledged (1)

 Net Amount

 Forward Contracts

 $
 23,660

 $
 ( 7,872
)

 $
 15,788

 $
 –

 $
 ( 15,788
)

 $
 –

 Total

 $
 23,660

 $
 ( 7,872
)

 $
 15,788

 $
 –

 $
 ( 15,788
)

 $
 –

 F- 26

 NOTES

 Offsetting the Financial Assets and
Derivative Assets

 As of December 31, 2022

 Gross Amounts Not Offset in the Statements of Financial Condition

 Gross Amounts of Recognized Assets

 Gross Amounts Offset in the Statements of Financial Condition

 Net Amounts of Assets Presented in the Statements of Financial Condition

 Financial Instruments

 Cash Collateral Received (1)

 Net Amount

 Forward Contracts

 $

 $
)

 $

 $
 –

 $
 –

 $

 Total

 $

 $
)

 $

 $
 –

 $
 –

 $

 Offsetting the Financial Liabilities and Derivative Liabilities

 As of December 31, 2022

 Gross Amounts Not Offset in the Statements of Financial Condition

 Gross Amounts of Recognized Liabilities

 Gross Amounts Offset in the Statements of Financial Condition

 Net Amounts of Liabilities Presented in the Statements of Financial Condition

 Financial Instruments

 Cash Collateral Pledged (1)

 Net Amount

 Forward Contracts

 $
 7,221

 $
)

 $
 –

 $
 –

 $
 –

 $
 –

 Total

 $
 7,221

 $
)

 $
 –

 $
 –

 $
 –

 $
 –

 (1)

 The Partnership posted additional collateral of $62,019 as of December 31, 2023 and $108,370 for December 31, 2022 with the Clearing
Broker. The Partnership may post collateral due to a variety of factors that may include, without limitation, initial margin or other
requirements that are based on notional amounts which may exceed the fair value of the derivative contract.

 F- 27

 NOTES

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

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

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

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

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

 NOTE 9 - INDEMNIFICATIONS

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

 F- 28

 NOTES

 NOTE 10 - FINANCIAL
HIGHLIGHTS

 The following information presents the financial highlights
of the Partnership for the years ended December 31, 2023, 2022 and 2021.

 This information has been derived from information
presented in the financial statements.

 Schedule of financial highlights of partnership

 Year ended December 31, 2023

 Total return for Limited Partners

 Return prior to incentive fees

 7.36
 %

 8.47
 %

 5.62
 %

 7.58
 %

 8.47
 %

 ( 0.95
)%

 ( 0.97
)%

 ( 0.94
)%

 ( 0.96
)%

 ( 0.97
)%

 Total return after incentive fees

 6.41
 %

 7.50
 %

 4.68
 %

 6.62
 %

 7.50
 %

 Ratio to average net asset value

 Expenses prior to incentive fees

 3.39
 %

 2.36
 %

 5.05
 %

 3.19
 %

 2.36
 %

 0.92
 %

 0.89
 %

 0.89
 %

 0.91
 %

 0.83
 %

 Total expenses

 4.31
 %

 3.25
 %

 5.94
 %

 4.10
 %

 3.19
 %

 Net investment income (loss) (1)

 1.19
 %

 2.19
 %

 ( 0.50
)%

 1.38
 %

 2.15
 %

 Year ended December 31, 2022

 Total return for Limited Partners

 Return prior to incentive fees

 13.70
 %

 14.69
 %

 11.72
 %

 13.75
 %

 14.69
 %

 ( 0.65
)%

 ( 0.71
)%

 ( 0.58
)%

 ( 0.63
)%

 ( 0.72
)%

 Total return after incentive fees

 13.05
 %

 13.98
 %

 11.14
 %

 13.12
 %

 13.97
 %

 Ratio to average net asset value

 Expenses prior to incentive fees

 3.22
 %

 2.34
 %

 5.00
 %

 3.17
 %

 2.34
 %

 0.55
 %

 0.61
 %

 0.50
 %

 0.55
 %

 0.62
 %

 Total expenses

 3.77
 %

 2.95
 %

 5.50
 %

 3.72
 %

 2.96
 %

 Net investment (loss) (1)

 ( 2.05
)%

 ( 1.13
)%

 ( 3.86
)%

 ( 1.93
)%

 ( 1.11
)%

 F- 29

 NOTES

 NOTE
10 - FINANCIAL HIGHLIGHTS (CONTINUED)

 Year ended December 31, 2021

 Total return for Limited Partners

 Return prior to incentive fees

 3.36
 %

 3.98
 %

 1.29
 %

 3.13
 %

 3.98
 %

 ( 0.00
)%

 ( 0.00
)%

 ( 0.04
)%

 ( 0.00
)%

 ( 0.00
)%

 Total return after incentive fees

 3.36
 %

 3.98
 %

 1.25
 %

 3.13
 %

 3.98
 %

 Ratio to average net asset value

 Expenses prior to incentive fees

 2.67
 %

 2.30
 %

 4.85
 %

 3.07
 %

 2.23
 %

 0.00
 %

 0.00
 %

 0.04
 %

 0.00
 %

 0.00
 %

 Total expenses

 2.67
 %

 2.30
 %

 4.89
 %

 3.07
 %

 2.23
 %

 Net investment (loss) (1)

 ( 2.67
)%

 ( 2.30
)%

 ( 4.89
)%

 ( 3.07
)%

 ( 2.23
)%

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

 (1)

 Excludes incentive fee.

 NOTE 11 - SUBSEQUENT EVENTS

 Management of the Partnership evaluated subsequent
events through the date these financial statements were issued, and concluded that no events subsequent to December 31, 2023 have occurred
that would require recognition or disclosure, except as noted below.

 From January 1, 2024 through March 29, 2024, the Partnership
had $0 subscriptions and had redemptions of $684,537.

 F- 30