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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

______________________________

FORM 10-Q

______________________________

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

For the quarterly period ended March 31, 2025

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

For the transition period from ________ to ________

Commission File Number: 000-53348

______________________________

ALTEGRIS WINTON FUTURES FUND, L.P.

(Exact name of registrant as specified in its charter)

______________________________

colorado

(State or other jurisdiction

of incorporation or organization)

84-1496732

(I.R.S. Employer

Identification No.)

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

31103 Rancho Viejo Rd. Ste. D3 PMB 312

San Juan Capistrano, CA 92675

(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

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
None	N/A	N/A

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

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

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

Large accelerated filer ☐		Accelerated filer ☐
Non-accelerated filer ☒		Smaller reporting company ☒
		Emerging Growth Company ☐

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

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

TABLE OF CONTENTS

		Page

PART I – FINANCIAL INFORMATION		1

Item 1.	Financial Statements	1

	Statements of Financial Condition	1

	Condensed Schedules of Investments	2

	Statements of Income (Loss)	4

	Statements of Changes in Partners’ Capital (Net Asset Value)	5

	Notes to Financial Statements	6

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	24

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	26

Item 4.	Controls and Procedures	26

PART II – OTHER INFORMATION		27

Item 1.	Legal Proceedings	27

Item 1A.	Risk Factors	27

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	27

Item 3.	Defaults Upon Senior Securities	27

Item 4.	Mine Safety Disclosure	27

Item 5.	Other Information	27

Item 6.	Exhibits	28

Signatures		29

Rule 13a–14(a)/15d–14(a) Certifications

Section 1350 Certifications

PART I – FINANCIAL INFORMATION

Item 1: Financial Statements.

ALTEGRIS WINTON FUTURES FUND, L.P.

STATEMENTS OF FINANCIAL CONDITION

MARCH 31, 2025 (Unaudited) AND DECEMBER 31, 2024 (Audited)

___________________


	2025		2024
ASSETS
Equity in commodity broker account:
Cash deposit with broker	$	2,569,421	$	2,588,640
Segregated cash		904,211		1,052,978
Segregated foreign currency (cost - $150,518 and $81,043)		150,902		78,283
Net unrealized gain on open forward contracts		37,587		–
Net unrealized gain on open futures contracts		105,565		343,719
Total assets in commodity broker account		3,767,686		4,063,620

Investment securities, at fair value (cost - $8,336,875 and $8,783,468)		8,352,091		8,810,590
Cash		305,126		178,868

Total assets	$	12,424,903	$	13,053,078

LIABILITIES
Equity in commodity broker account:
Net unrealized loss on open forward contracts	$	–	$	25,307
Total liabilities in commodity broker account		–		25,307

Redemptions payable		154,788		21,341
Commissions payable		13,553		15,585
Management fee payable		12,005		12,439
Service fees payable		21,183		22,656
Advisory fee payable		9,505		9,849
Administrative fee payable		2,865		2,975
Other liabilities		41,079		48,488

Total liabilities		254,978		158,640

PARTNERS’ CAPITAL (NET ASSET VALUE)
General Partner		3,685		3,774
Limited Partners		12,166,240		12,890,664

Total partners’ capital (Net Asset Value)		12,169,925		12,894,438

Total liabilities and partners’ capital	$	12,424,903	$	13,053,078

See accompanying notes.

ALTEGRIS WINTON FUTURES FUND, L.P.

CONDENSED SCHEDULES OF INVESTMENTS

MARCH 31, 2025 (Unaudited)

___________________


	Range of Expiration Dates	Number of Contracts		Fair Value			% of Partners’ Capital
LONG FUTURES CONTRACTS:
Agriculture	May 25- Dec 25		37	$	27,499			0.23%
Currencies	June 25		40		(8,800	)		(0.07%	)
Energies	June 25- Dec 26		17		10,085			0.08%
Interest Rates	June 25- Sep 25		7		(1,973	)		(0.02%	)
Metals	May 25 - July 25		33		45,628			0.37%
Stock Indices	Apr 25- June 25		16		(15,113	)		(0.12%	)

Total long futures contracts			150		57,326			0.47%

SHORT FUTURES CONTRACTS:
Agriculture	May 25 - Dec 25		64		44,948			0.37%
Currencies	June 25		77		19,887			0.16%
Energies	May 25 - July 25		6		(21,715	)		(0.18%	)
Interest Rates	June 25 - Dec 27		86		(11,903	)		(0.10%	)
Metals	June 25 - July 25		22		(7,714	)		(0.06%	)
Stock Indices	Apr 25 - June 25		12		24,736			0.20%

Total short futures contracts			267		48,239			0.39%

Total futures contracts				$	105,565			0.86%

UNREALIZED GAIN ON FORWARD CONTRACTS:
Currencies	Apr 25 - June 25			$	49,218			0.40%

UNREALIZED LOSS ON FORWARD CONTRACTS:
Currencies	Apr 25 - June 25				(11,631	)		(0.10%	)

Total forward currency contracts				$	37,587			0.30%

INVESTMENT SECURITIES

Maturity Date

Description

Fair Value

% of Partners’ Capital

Face Value

U.S. Government Securities

$ 8,360,000

Apr-25

Treasury bills

8,352,091

68.63%

See accompanying notes.

ALTEGRIS WINTON FUTURES FUND, L.P.

CONDENSED SCHEDULES OF INVESTMENTS

DECEMBER 31, 2024 (Audited)

___________________

	Range of Expiration Dates	Number of Contracts		Fair Value			% of Partners’ Capital
LONG FUTURES CONTRACTS:
Agriculture	Feb 25- June 25		70	$	139,387			1.08%
Currencies	Mar 25		39		(53,844	)		(0.42%	)
Energies	June 25- Dec 25		2		(2,130	)		(0.02%	)
Interest Rates	Mar 25- Dec 27		31		(11,822	)		(0.09%	)
Metals	Feb 25 - Mar 25		19		(16,459	)		(0.13%	)
Stock Indices	Jan 25- Mar 25		12		(31,101	)		(0.24%	)

Total long futures contracts			173		24,031			0.18%

SHORT FUTURES CONTRACTS:
Agriculture	Mar 25- May 25		50		36,819			0.29%
Currencies	Mar 25		110		202,014			1.57%
Energies	Feb 25- Apr 25		17		(49,107	)		(0.38%	)
Interest Rates	Mar 25- Dec 27		159		64,675			0.50%
Metals	Feb 25- Apr 25		26		50,164			0.39%
Stock Indices	Jan 25- Mar 25		15		15,123			0.12%

Total short futures contracts			377		319,688			2.49%

Total futures contracts				$	343,719			2.67%

UNREALIZED GAIN ON FORWARD CONTRACTS:
Currencies	Jan 25 - Mar 25			$	13,804			0.11%

UNREALIZED LOSS ON FORWARD CONTRACTS:
Currencies	Jan 25 - Mar 25				(39,111	)		(0.30%	)

Total forward currency contracts				$	(25,307	)		(0.19%	)

INVESTMENT SECURITIES

Maturity Date

Description

Fair Value

% of Partners’ Capital

Face Value

U.S. Government Securities

$ 8,820,000

Jan-25

Treasury bills

8,810,590

68.33%

See accompanying notes.

ALTEGRIS WINTON FUTURES FUND, L.P.

STATEMENTS OF INCOME (LOSS)

FOR THE THREE MONTHS ENDED MARCH 31, 2025 AND 2024 (Unaudited)

___________________


	2025			2024
TRADING GAINS (LOSSES)
Gain (loss) on trading of derivatives contracts
Net realized	$	(130,397	)	$	1,251,957
Net change in unrealized		(175,260	)		333,480
Brokerage commissions		(47,233	)		(59,261	)

Net gain (loss) from trading of derivatives contracts		(352,890	)		1,526,176

Gain (loss) on trading of foreign currency
Net realized		2,497			(3,169	)
Net change in unrealized		3,144			(9,029	)

Net gain (loss) from trading of foreign currency		5,641			(12,198	)

Total trading gains (losses)		(347,249	)		1,513,978

NET INVESTMENT INCOME
Income
Interest income		125,832			196,804

Expenses
Incentive fee		–			203,238
Management fee		37,005			45,972
Service fee		29,208			36,912
Advisory fee		29,299			36,871
Professional fees		18,545			21,048
Administrative fee		8,837			10,818
Interest expense		398			415
Other expenses		3,746			1,751

Total expenses		127,038			357,025

Net investment loss		(1,206	)		(160,221	)

NET INCOME (LOSS)	$	(348,455	)	$	1,353,757

See accompanying notes.

ALTEGRIS WINTON FUTURES FUND, L.P.

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

FOR THE THREE MONTHS ENDED MARCH 31, 2025 AND 2024 (Unaudited)

___________________


	Limited Partners
	Original			Original									Institutional			General
	Class A			Class B			Class A			Class B			Interests			Partner			Total

Balances at December 31, 2023	$	1,036,159		$	642,553		$	6,806,353		$	6,194,181		$	939,659		$	3,661		$	15,622,566

Transfers		–			–			(40,818	)		40,818			–			–			–

Capital withdrawals		(180,319	)		–			(445,988	)		(374,385	)		–			–			(1,000,692	)

From operations:
Net investment loss		(9,100	)		(4,241	)		(88,641	)		(52,014	)		(6,201	)		(24	)		(160,221	)
Net realized gain from investments (net of brokerage commissions)		75,105			50,884			518,540			470,298			74,410			290			1,189,527
Net change in unrealized gain from investments		23,868			12,821			139,881			129,057			18,751			73			324,451
Net income for the three months ended March 31, 2024		89,873			59,464			569,780			547,341			86,960			339			1,353,757

Balances at March 31, 2024	$	945,713		$	702,017		$	6,889,327		$	6,407,955		$	1,026,619		$	4,000		$	15,975,631


Balances at December 31, 2024	$	885,625		$	595,488		$	5,699,969		$	5,289,406		$	420,176		$	3,774		$	12,894,438

Capital withdrawals		–			–			(61,681	)		(217,631	)		(96,746	)		–			(376,058	)

From operations:
Net investment income (loss)		1,179			2,245			(15,153	)		8,925			1,584			14			(1,206	)
Net realized (loss) from investments (net of brokerage commissions)		(12,208	)		(8,218	)		(77,709	)		(71,147	)		(5,799	)		(52	)		(175,133	)
Net change in unrealized gain from investments		(12,012	)		(8,076	)		(76,556	)		(69,724	)		(5,697	)		(51	)		(172,116	)
Net (loss) for the three months ended March 31, 2025		(23,041	)		(14,049	)		(169,418	)		(131,946	)		(9,912	)		(89	)		(348,455	)

Balances at March 31, 2025	$	862,584		$	581,439		$	5,468,870		$	4,939,829		$	313,518		$	3,685		$	12,169,925

See accompanying notes.

ALTEGRIS Winton Futures Fund, L.P.

NOTES TO FINANCIAL STATEMENTS

___________________

NOTE 1 - ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

A. General Description of the Partnership

Altegris Winton Futures Fund, L.P. (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.

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

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 March 31, 2025, and December 31, 2024 and reported amounts of income and expenses for the three months ended March 31, 2025, and 2024, respectively. Management believes that the estimates utilized in preparing the Partnership’s financial statements are reasonable; however, actual results could differ from these estimates and it is reasonably possible that differences could be material.

The Company has identified its Chief Executive Officer as the chief operating decision maker (“CODM”), who uses net income to evaluate the results of the business, predominantly in the forecasting process, to manage the Company. Additionally, the CODM uses excess net capital (see Note 2), which is not a measure of profit and loss, to make operational decisions while maintaining capital adequacy, such as whether to reinvest profits or pay distributions. The Company’s operations constitute a single operating segment and therefore, a single reportable segment, because the CODM manages to business activities using information of the Company as a whole. The accounting policies used to measure the profit and loss of the segment are the same as those described in the summary of significant accounting policies.

ALTEGRIS Winton Futures Fund, L.P.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

___________________

NOTE 1 - ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

C. Fair Value

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

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

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

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

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

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

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

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

ALTEGRIS Winton Futures Fund, L.P.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

___________________

NOTE 1 - ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

C. Fair Value (continued)

The Partnership values futures and options on futures contracts at the closing price of the contract’s primary exchange. The Partnership 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 March 31, 2025 and December 31, 2024, 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 three months ended March 31, 2025 and year ended December 31, 2024.

ALTEGRIS Winton Futures Fund, L.P.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

___________________

NOTE 1 - ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

C. Fair Value (continued)

The following table presents information about the Partnership’s assets and liabilities measured at fair value as on March 31, 2025 and December 31, 2024:


									Balance as of
March 31, 2025	Level 1			Level 2			Level 3		March 31, 2025
Assets:
Futures contracts (1)	$	309,022		$	–		$	–	$	309,022
Forward currency contracts (1)		–			49,218			–		49,218
US Government securities		8,352,091			–			–		8,352,091

	$	8,661,113		$	49,218		$	–	$	8,710,331

Liabilities:
Futures contracts (1)	$	(203,457	)	$	–		$	–	$	(203,457	)
Forward currency contracts (1)		–			(11,631	)		–		(11,631	)

	$	(203,457	)	$	(11,631	)	$	–	$	(215,088	)

									Balance as of
December 31, 2024	Level 1			Level 2			Level 3		December 31, 2024
Assets:
Futures contracts (1)	$	580,690		$	–		$	–	$	580,690
Forward currency contracts (1)		–			13,804			–		13,804
U.S. Government securities		8,810,590			–			–		8,810,590

	$	9,391,280		$	13,804		$	–	$	9,405,084

Liabilities:
Futures contracts (1)	$	(236,971	)	$	–		$	–	$	(236,971	)
Forward currency contracts (1)		–			(39,111	)		–		(39,111	)

	$	(236,971	)	$	(39,111	)	$	–	$	(276,082	)

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

For the period ended March 31, 2025 and year ended December 31, 2024, there were no Level 3 securities.

ALTEGRIS Winton Futures Fund, L.P.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

___________________

NOTE 1 - ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

D. Investment Transactions and Investment Income

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 change in 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 quarter 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 March 31, 2025 and December 31, 2024, the Partnership’s segregated cash balance on the Statements of Financial Condition of $904,211 and $1,052,978, respectively, represents the collateral pledged by the Partnership to satisfy the Clearing Broker’s margin requirements in US Dollars. As of March 31, 2025 and December 31, 2024, the Partnership’s segregated foreign currency balance on the Statements of Financial Condition of $150,902 and $78,283, 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.

ALTEGRIS Winton Futures Fund, L.P.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

___________________

NOTE 1 - ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

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 March 31, 2025 and December 31, 2024, 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 March 31, 2025 and December 31, 2024 are reflected within the Condensed Schedules of Investments.

ALTEGRIS Winton Futures Fund, L.P.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

___________________

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 March 31, 2025 and December 31, 2024 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 J.P. Morgan Chase Bank. The J.P. Morgan Chase Bank cash accounts were formerly with 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.

ALTEGRIS Winton Futures Fund, L.P.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

___________________

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 fee, administrative fee, service fee and incentive fee in accordance with the Agreement.

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

B. Subscriptions, Distributions and Redemptions

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

The Partnership is not required to make distributions but may do so at the sole discretion of the General Partner. A Limited Partner may request and receive redemption of capital, subject to restrictions set forth in the Agreement. The General Partner may request and receive redemption of capital, subject to the same terms as any Limited Partner. The partners may withdraw their interests on a monthly basis upon at least 15 days’ prior written notice, subject to the discretion of the General Partner. No distributions were made for the three months ended March 31, 2025 and 2024.

ALTEGRIS Winton Futures Fund, L.P.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

___________________

NOTE 3 - RELATED PARTY TRANSACTIONS

A. General Partner Management Fee

The General Partner receives a monthly management fee from the Partnership equal to 0.0625% (0.75% annually) for Original Class A 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 fee 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 fee or incentive fee charged to any such partner may be different than those charged to other Limited Partners.

Total management fee earned by the General Partner, for the three months ended March 31, 2025 and 2024 are shown on the Statements of Income (Loss) as a management fee.

B. Administrative Fee

The General Partner receives a monthly administrative fee from the Partnership equal to 0.0275% (0.33% annually) of the Partnership’s management fee net asset value attributable to Class A and Class B Interests. For the three months ended March 31, 2025 administrative fees for Class A Interests and Class B Interests were $4,609, and $4,228 respectively. For the three months ended March 31, 2024 administrative fees for Class A Interests and Class B Interests were $5,665, and $5,153 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 March 31, 2025 and December 31, 2024, the Partnership had commissions and brokerage fees payable to its introducing broker of $11,051 and $12,285, respectively. These amounts are included in commissions payable on the Statements of Financial Condition, respectively. The amounts shown on the Statements of Financial Condition include fees payable to non-related parties.

ALTEGRIS Winton Futures Fund, L.P.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

___________________

NOTE 3 - RELATED PARTY TRANSACTIONS (CONTINUED)

C. AlphaMax Distributors, L.L.C. and Altegris Clearing Solutions, L.L.C. (continued)

The following tables show the fees paid to Altegris Clearing Solutions for the three months ended March 31, 2025 and 2024:


	Three months ended		Three months ended
	March 31, 2025		March 31, 2024

Altegris Clearing Solutions - Brokerage Commission fees	$	37,509	$	45,258

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

NOTE 4 - ADVISORY CONTRACT

The Partnership’s trading activities are conducted pursuant to an advisory contract with Winton Capital Management, 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 fee earned by the Advisor for the three months ended March 31, 2025 and 2024 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 fee earned to the Advisor. For the three months ended March 31, 2025, advisory fees for Class A, Class B, Original Class B, Institutional Interests and General Partner’s Interest were $13,966, $12,812, $1,473, $1,039 and $9, respectively. For the three months ended March 31, 2024, advisory fees for Class A, Class B, Original Class B, Institutional Interests and General Partner’s Interest were $17,166, $15,615, $1,657, $2,430 and $3, 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 three months ended March 31, 2025, service fees for General Partner’s Interest, Original Class A and Class A were $0, $4,346 and $24,862, respectively. For the three months ended March 31, 2024, service fees for General Partner’s Interest, Original Class A and Class A were $0, $5,322 and $31,590, respectively. Class B, Original Class B and Institutional Interests did not get charged the service fees.

ALTEGRIS Winton Futures Fund, L.P.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

___________________

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.

NOTE 7 - FINANCIAL DERIVATIVE INSTRUMENTS

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 March 31, 2025 and December 31, 2024. 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.


March 31, 2025

	Assets		Liability
Type of	Derivatives		Derivatives			Net
Derivatives Contracts	Fair Value		Fair Value			Fair Value

Futures Contracts
Agriculture	$	91,093	$	(18,646	)	$	72,447
Currencies		24,322		(13,235	)		11,087
Energies		18,985		(30,615	)		(11,630	)
Interest Rates		24,923		(38,799	)		(13,876	)
Metals		120,775		(82,861	)		37,914
Stock Indices		28,924		(19,301	)		9,623

Total Futures Contracts	$	309,022	$	(203,457	)	$	105,565

Forward Currency Contracts	$	49,218	$	(11,631	)	$	37,587

Total Gross Fair Value of Derivatives Contracts	$	358,240	$	(215,088	)	$	143,152

ALTEGRIS Winton Futures Fund, L.P.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

___________________

NOTE 7 - FINANCIAL DERIVATIVE INSTRUMENTS (CONTINUED)


December 31, 2024

	Assets		Liability
Type of	Derivatives		Derivatives			Net
Derivatives Contracts	Fair Value		Fair Value			Fair Value

Futures Contracts
Agriculture	$	218,672	$	(42,466	)	$	176,206
Currencies		202,383		(54,213	)		148,170
Energies		–		(51,237	)		(51,237	)
Interest Rates		76,252		(23,399	)		52,853
Metals		62,902		(29,197	)		33,705
Stock Indices		20,481		(36,459	)		(15,978	)

Total Futures Contracts	$	580,690	$	(236,971	)	$	343,719

Forward Currency Contracts	$	13,804	$	(39,111	)	$	(25,307	)

Total Gross Fair Value of Derivatives Contracts	$	594,494	$	(276,082	)	$	318,412

The following presents the trading results of the Partnership’s derivative trading and information related to the volume of the Partnership’s derivative activity for the three months ended March 31, 2025 and 2024.

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


Three Months Ended March 31, 2025

Type of				Change in			Average Notional
Derivatives Contracts	Realized			Unrealized			Value of Contracts
Futures Contracts
Agriculture	$	190,709		$	(103,759	)
Currencies		(29,501	)		(137,083	)
Energies		(164,835	)		39,607
Interest Rates		(101,360	)		(66,729	)
Metals		38,691			4,209
Stock Indices		(62,878	)		25,601

Total Futures Contracts	$	(129,174	)	$	(238,154	)	$	44,522,352	(1)

Forward Currency Contracts	$	(1,223	)	$	62,894		$	5,193,911	(2)

Total (loss) from Derivatives Contracts	$	(130,397	)	$	(175,260	)

ALTEGRIS Winton Futures Fund, L.P.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

___________________

NOTE 7 - FINANCIAL DERIVATIVE INSTRUMENTS (CONTINUED)


Three Months Ended March 31, 2024

Type of				Change in			Average Notional
Derivatives Contracts	Realized			Unrealized			Value of Contracts
Futures Contracts
Agriculture	$	810,997		$	37,345
Currencies		85,986			123,946
Energies		73,952			103,424
Interest Rates		(43,459	)		48,871
Metals		(154,497	)		(58,777	)
Stock Indices		483,252			62,348

Total Futures Contracts	$	1,256,231		$	317,157		$	50,861,434	(1)

Forward Currency Contracts	$	(4,274	)	$	16,323		$	3,794,892	(2)

Total Gain from Derivatives Contracts	$	1,251,957		$	333,480

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

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.

ALTEGRIS Winton Futures Fund, L.P.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

___________________

NOTE 7 - FINANCIAL DERIVATIVE INSTRUMENTS (CONTINUED)

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

Offsetting the Financial Assets and Derivative Assets


As of March 31, 2025								Gross Amounts Not Offset in the Statements of Financial Condition
Description	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	$	49,218	$	(11,631	)	$	37,587	$	–	$	–	$	37,587

Total	$	49,218	$	(11,631	)	$	37,587	$	–	$	–	$	37,587

Offsetting the Financial Liabilities and Derivative Liabilities


As of March 31, 2025								Gross Amounts Not Offset in the Statements of Financial Condition
Description	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	$	11,631	$	(11,631	)	$	–	$	–	$	–	$	–

Total	$	11,631	$	(11,631	)	$	–	$	–	$	–	$	–

ALTEGRIS Winton Futures Fund, L.P.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

___________________

NOTE 7 - FINANCIAL DERIVATIVE INSTRUMENTS (CONTINUED)

Offsetting the Financial Assets and Derivative Assets


As of December 31, 2024								Gross Amounts Not Offset in the Statements of Financial Condition
Description	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	$	13,804	$	(13,804	)	$	–	$	–	$	–	$	–

Total	$	13,804	$	(13,804	)	$	–	$	–	$	–	$	–

Offsetting the Financial Liabilities and Derivative Liabilities


As of December 31, 2024								Gross Amounts Not Offset in the Statements of Financial Condition
Description	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	$	39,111	$	(13,804	)	$	25,307	$	–	$	(25,307	)	$	–

Total	$	39,111	$	(13,804	)	$	25,307	$	–	$	(25,307	)	$	–

(1)

The Partnership posted additional collateral of $165,978 as of March 31, 2025 and $121,833 for December 31, 2024 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.

ALTEGRIS Winton Futures Fund, L.P.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

___________________

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.

ALTEGRIS Winton Futures Fund, L.P.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

___________________

NOTE 10 - FINANCIAL HIGHLIGHTS

The following information presents the financial highlights of the Partnership for the three months ended March 31, 2025 and 2024. This information has been derived from information presented in the financial statements.


	Three months ended March 31, 2025
	Original			Original									Institutional
	Class A			Class B			Class A			Class B			Interests

Total return for Limited Partners (3)
Return prior to incentive fees		(2.60	)%		(2.36	)%		(3.00	)%		(2.56	)%		(2.36	)%
Incentive fees		(0.00	)%		(0.00	)%		(0.00	)%		(0.00	)%		(0.00	)%

Total return after incentive fees		(2.60	)%		(2.36	)%		(3.00	)%		(2.56	)%		(2.36	)%

Ratios to average net asset value
Expenses prior to incentive fees (2)		3.46	%		2.47	%		5.08	%		3.30	%		2.47	%
Incentive fees (3)		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%

Total expenses		3.46	%		2.47	%		5.08	%		3.30	%		2.47	%

Net investment income (loss) (1) (2)		0.54	%		1.52	%		(1.08	)%		0.70	%		1.52	%

	Three months ended March 31, 2024
	Original			Original									Institutional
	Class A			Class B			Class A			Class B			Interests

Total return for Limited Partners (3)
Return prior to incentive fees		10.31	%		10.60	%		9.89	%		10.38	%		10.60	%
Incentive fees		(1.34	)%		(1.35	)%		(1.34	)%		(1.35	)%		(1.35	)%

Total return after incentive fees		8.97	%		9.25	%		8.55	%		9.03	%		9.25	%

Ratios to average net asset value
Expenses prior to incentive fees (2)		3.41	%		2.34	%		5.02	%		3.18	%		2.34	%
Incentive fees (3)		1.28	%		1.31	%		1.29	%		1.29	%		1.31	%

Total expenses		4.69	%		3.65	%		6.31	%		4.47	%		3.65	%

Net investment income (loss) (1) (2)		1.58	%		2.66	%		(0.02	)%		1.83	%		2.66	%

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

(1)	Excludes incentive fee.
(2)	Annualized.
(3)	Not annualized.

ALTEGRIS Winton Futures Fund, L.P.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

___________________

NOTE 11 - SUBSEQUENT EVENTS

Management of the Partnership evaluated subsequent events through the date these financial statements were issued, and concluded that no events subsequent to March 31, 2025 have occurred that would require recognition or disclosure, except as noted below.

From April 1, 2025 through May 14 , 2025, the Partnership had redemptions of $109,428.74.

PART I – FINANCIAL INFORMATION (continued)

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

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

Liquidity

The Partnership’s assets are generally held as cash or cash equivalents, which are used to margin the Partnership’s futures positions and are sold to pay redemptions and expenses as needed. Other than any potential market-imposed limitations on liquidity, the Partnership’s assets are highly liquid and are expected to remain so. Market-imposed limitations, when they occur, can be due to limited open interest in certain futures markets or to daily price fluctuation limits, which are inherent in the Partnership’s futures trading. A portion of the Partnership’s assets not used for margin and held with the Custodian are invested in liquid, high quality securities. Through March 31, 2025, the Partnership experienced no meaningful periods of illiquidity in any of the markets traded by the Advisor on behalf of the Partnership.

Capital Resources

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

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

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

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

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

Results of Operations

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

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

Performance Summary

Three Months Ended March 31, 2025

During the first quarter of 2025, the Partnership achieved net realized and unrealized losses of $347,249 from its trading activities, and net of brokerage commissions of 47,233. The Partnership accrued total expenses of $127,038 including $37,005 in management fee paid to the General Partner, $0 in incentive fee, and $90,033 in service, professional fees and all other expenses. The Partnership earned $125,832 in interest income during the first quarter of 2025. An analysis of the profits and losses generated from the Partnership’s commodity futures trading activities for the first quarter of 2025 is set forth below.

The partnership ended the first quarter of 2025 with negative performance over the quarter. The first quarter of 2025 was marked by a great deal of regional variation in the returns of equity indices. Regional dispersion was also evident in fixed income and currencies. Government bonds delivered positive returns in the United States and Australia, yet were mostly lossmaking elsewhere, particularly in Germany and Japan. The US dollar weakened against most major currencies over the three months, although returns were more diverse among the other major currencies. The Japanese yen, for example, weakened against the US dollar and strengthened against the Canadian dollar and Chinese yuan.

Some of the largest risk-adjusted moves in commodities during the quarter were in Comex copper and gold. Copper prices rose past $10,000 a tonne, and the US contract outperformed the London contract as traders sought to secure supplies in anticipation of tariffs. At the same time, gold prices trended to new record highs amid concerns about global trade and geopolitical tensions more generally.

Profits concentrated in the precious metals and agriculture sectors were insufficient to offset losses elsewhere in the portfolio during the first quarter. Diversifying signals provided valuable diversification in agriculture and currencies, mitigating losses from the core trend-following strategy. Trend following on gold was the most notable positive contributor in the first quarter, but was challenging in the other sectors overall as range-bound trading whipsawed the strategy’s positioning.

The strategy’s commodities positioning switched from net short to net long in energies and base metals during the quarter and from net short to net long and back again in crops. Elsewhere, net long exposure to precious metals and net short exposure to industrials increased, while long positions in livestock reduced.

The financial sectors were also difficult for performance overall as longstanding trends in fixed income, currencies and equity indices reversed.

Long positions in the large-cap US indices were the biggest detractors from performance in stock indices, where both cross-sectional and directional trend-following models lost money. The losses were mitigated by the strategy’s tilt to faster models in stock indices, which meant that long US and Japanese positions and short Hong Kong positions were quickly reduced, with net leverage in the sector falling from 20% in the middle of February to just 3% at quarter end.

Overall, diversification has improved within the portfolio, with reduced net leverage and portfolio sensitivities concealing a healthy balance of longs and shorts within each sector. The strategy will continue to adapt its positioning in order to capitalise on any trends that emerge over the remainder of this year.

Three Months Ended March 31, 2024

During the first quarter of 2024, the Partnership achieved net realized and unrealized gains of $1,513,978 from its trading activities, and net of brokerage commissions of $59,261. The Partnership accrued total expenses of $357,025 including $45,972 in management fee paid to the General Partner, $203,238 in incentive fee, and $107,815 in service, professional fees and all other expenses. The Partnership earned $196,804 in interest income during the first quarter of 2024. An analysis of the profits and losses generated from the Partnership’s commodity futures trading activities for the first quarter of 2024 is set forth below.

The Partnership was up during the first quarter of 2024. Global equities rose to all-time highs during the quarter amid optimism around corporate earnings growth and lower inflation. Yields on government bonds generally rose over the three months as investors scaled back expectations for rate cuts in 2024, and the US dollar strengthened against most major currencies, particularly the Japanese yen. The interest rate differential between the United States and Japan put continued pressure on the yen as the Bank of Japan hiked rates into positive territory for the first time in eight years. Lastly, commodity market performance was mixed. Gold and oil prices saw healthy increases, and cocoa prices doubled after a weather-induced shortage. On the other hand, grain prices fell after better-than-expected harvests, and commodities sensitive to demand from the Chinese property sector – such as iron ore, glass, and steel – declined.

Partnership profits were split between the core trend-following component and the diversifying signals, which continue to contribute positively to the Partnership’s returns despite a lower risk allocation than the trend-following component. Trend following performed strongly as equity indices continued to trend higher. Diversifying signals in agricultural commodities, energies, and currencies boosted returns. Elsewhere, losses from trend-following in fixed income were mitigated by solid performance from diversifying signals.

Off-Balance Sheet Arrangements

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

Contractual Obligations

The Partnership does not enter into contractual obligations or commercial commitments to make future payments of a type that would be typical for an operating company or that would affect its liquidity or capital resources. The Partnership’s sole business is trading futures, related option and forward currency contracts, both long (contracts to buy) and short (contracts to sell). All such contracts are settled by offset, not delivery. Substantially all such contracts are for settlement within four months of the trade date and substantially all such contracts are held by the Partnership for less than four months before being offset or rolled over into new contracts with similar maturities. The Partnership’s financial statements present a Condensed Schedule of Investments setting forth net unrealized appreciation (depreciation) of the Partnership’s open futures and forward currency contracts, both long and short, at March 31, 2025.

Item 3: Quantitative and Qualitative Disclosures About Market Risk.

Due to the nature of the Partnership as a speculative commodity pool, changes from December 31, 2024 are not material.

Item 4: Controls and Procedures.

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

PART II – OTHER INFORMATION

Item 1: Legal Proceedings.

None.

Item 1A: Risk Factors.

There have been no material changes to the Partnership’s risk factors since the Partnership filed its annual report on Form 10-K with the Securities and Exchange Commission on March 26, 2025.

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

(a) None.

(b) Not applicable.

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

Month	Amount Redeemed
January 31, 2025	$	221,269.63
February 28, 2025	$	0.00
March 31, 2025	$	154,788.17

Item 3: Defaults Upon Senior Securities.

(a) None.

(b) None.

Item 4: Mine Safety Disclosure.

Not applicable.

Item 5: Other Information.

During the quarter ended March 31, 2025, no director or officer adopted or terminated any Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement, as each term is defined in Item 408(a) of Regulation S-K.

Item 6: Exhibits.

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

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

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

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

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

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

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

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

The following exhibits are included herewith.

Exhibit Number	Description of Document
31.1	Rule 13a-14(a)/15d-14(a) Certification
31.2	Rule 13a-14(a)/15d-14(a) Certification
32.1	Section 1350 Certification
32.2	Section 1350 Certification
101.INS	Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document)*
101.SCH	Inline XBRL Taxonomy Extension Schema Document*
101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase Document*
101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase Document*
101.LAB	Inline XBRL Taxonomy Extension Label Linkbase Document*
101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase Document*
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)*

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

Dated: May 14, 2025

ALTEGRIS WINTON FUTURES FUND, L.P.

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

/s/ Matthew C. Osborne

Matthew C. Osborne

Principal Executive Officer and Principal Financial Officer

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