Altegris Winton Futures Fund 10-Q 2016 Q3 Quarterly report

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

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

For the quarterly period ended September 30, 2016

OR

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

For the transition period from  ________ to ___________

Commission File Number:    000-53348

ALTEGRIS WINTON FUTURES FUND, L.P.

(Exact name of registrant as specified in its charter)

COLORADO	84-1496732
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

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

1200 Prospect Street, Suite 400

La Jolla, California 92037

(Address of principal executive offices) (zip code)

(858) 459-7040

(Registrant’s telephone number, including area code)

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

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

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

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

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

Large accelerated filer  [  ] Accelerated filer  [  ] Non-accelerated filer  [X] Smaller reporting company  [  ]

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

TABLE OF CONTENTS

		Page
PART I – FINANCIAL INFORMATION		1
Item 1.	Financial Statements	1
	Statements of Financial Condition	1
	Condensed Schedules of Investments	2
	Statements of Income (Loss)	8
	Statements of Changes in Partners’ Capital (Net Asset Value)	9
	Notes to Financial Statements	10
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	31
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	36
Item 4.	Controls and Procedures	36
PART II – OTHER INFORMATION		37
Item 1.	Legal Proceedings	37
Item 1A.	Risk Factors	37
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	37
Item 3.	Defaults Upon Senior Securities	37
Item 4.	Mine Safety Disclosure	37
Item 5.	Other Information	37
Item 6.	Exhibits	37
Signatures		39
Rule 13a–14(a)/15d–14(a) Certifications		40
Section 1350 Certifications		42

PART I – FINANCIAL INFORMATION

ALTEGRIS WINTON FUTURES FUND, L.P.

 FINANCIAL STATEMENTS

SEPTEMBER 30, 2016

ALTEGRIS WINTON FUTURES FUND, L.P.

TABLE OF CONTENTS

	PAGES
Financial Statements
Statements of Financial Condition	1
Condensed Schedules of Investments	2 - 7
Statements of Income (Loss)	8
Statements of Changes in Partners’ Capital (Net Asset Value)	9
Notes to Financial Statements	10 – 30

ALTEGRIS WINTON FUTURES FUND, L.P. STATEMENTS OF FINANCIAL CONDITION

SEPTEMBER 30, 2016 (Unaudited) and DECEMBER 31, 2015 (Audited)

	2016		2015
ASSETS
Equity in commodity broker account
Cash	$	8,915,207	$	8,522,324
Restricted cash		15,603,598		19,281,810
Restricted foreign currency (cost - $15,326,430 and $13,184,580)		15,423,607		13,144,561
Unrealized gain on open commodity futures contracts		1,276,166		2,439,064
Unrealized gain on open forward contracts		659,831		-
		41,878,409		43,387,759
Cash		7,797,220		10,180,294
Investment securities at fair value (cost - $265,725,491 and $290,852,153)		265,754,099		290,838,842
Interest receivable		6,479		57,196
Total assets	$	315,436,207	$	344,464,091
LIABILITIES
Equity in commodity broker account
Foreign currency due to broker (proceeds - $9,760,111 and $7,722,949 )	$	9,821,995	$	7,699,507
Unrealized loss on open forward contracts		-		394,051
		9,821,995		8,093,558
Redemptions payable		8,464,449		8,165,478
Securities purchased payable		7,738,149		-
Subscriptions received in advance		845,801		1,084,493
Brokerage commissions payable		372,464		431,598
Service fees payable		278,886		304,498
Management fee payable		264,376		304,932
Advisory fee payable		233,814		266,280
Administrative fee payable		54,267		63,395
Incentive fee payable		5,112		6,621
Other liabilities		709,435		435,604
Total liabilities		28,788,748		19,156,457
PARTNERS' CAPITAL (NET ASSET VALUE)
General Partner		3,824		3,821
Limited Partners		286,643,635		325,303,813
Total partners' capital (Net Asset Value)		286,647,459		325,307,634
Total liabilities and partners' capital	$	315,436,207	$	344,464,091

See accompanying notes.

-1-

ALTEGRIS WINTON FUTURES FUND, L.P.

 CONDENSED SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2016 (Unaudited)

INVESTMENT SECURITIES

Face Value		Maturity Date	Description	Fair Value		% of Partners' Capital
Fixed Income Investments
U.S. Government Agency Bonds and Notes
$	20,000,000	10/3/2016	Federal Farm Credit Bank Disc Note, 0.15%*	$	19,999,833		6.98	%
	11,714,000	10/3/2016	Federal Home Loan Bank Disc Note, 0.00%*		11,713,935		4.09	%
	7,664,000	10/5/2016	Federal Home Loan Bank Disc Note, 0.08%*		7,663,916		2.67	%
	18,860,000	10/12/2016	Federal Home Loan Bank Disc Note, 0.14%*		18,859,095		6.58	%
	5,000,000	10/21/2016	Federal Home Loan Bank Disc Note, 0.16%*		4,999,525		1.74	%
	15,300,000	11/4/2016	Federal Home Loan Bank Disc Note, 0.20%*		15,297,001		5.34	%
	12,000,000	11/9/2016	Federal Home Loan Bank Disc Note, 0.20%*		11,997,288		4.19	%
	5,200,000	12/20/2016	Federal Home Loan Bank Disc Note, 0.25%*		5,197,072		1.81	%
	15,000,000	3/10/2017	Federal Home Loan Bank Disc Note, 0.38%*		14,974,320		5.22	%
	12,000,000	3/24/2017	Federal Home Loan Bank Disc Note, 0.38%*		11,977,644		4.18	%
	2,896,000	10/3/2016	Federal Home Loan Mortgage Corporation Disc Note, 0.00%*		2,895,968		1.02	%
	5,000,000	12/22/2016	Federal Home Loan Mortgage Corporation Disc Note, 0.25%*		4,997,110		1.74	%
	12,000,000	2/7/2017	Federal Home Loan Mortgage Corporation Disc Note, 0.32%*		11,986,032		4.18	%
	15,000,000	10/3/2016	Federal National Mortgage Association Disc Note, 0.00%*		15,000,000		5.23	%
Total U.S. Government Agency Bonds and Notes (cost - $157,530,131)					157,558,739		54.97	%

* The rate reported is the effective yield at time of purchase.

See accompanying notes.

-2-

ALTEGRIS WINTON FUTURES FUND, L.P.
CONDENSED SCHEDULE OF INVESTMENTS (continued)
SEPTEMBER 30, 2016 (Unaudited)

INVESTMENT SECURITIES (continued)

Face Value		Maturity Date	Description	Fair Value		% of Partners' Capital
Fixed Income Investments (continued)
Corporate Notes
$	7,739,000	10/18/2016	American Honda Finance Corporation, 0.00%*	$	7,736,485		2.70	%
	7,740,000	10/24/2016	Apple Inc., 0.00%*		7,738,149		2.70	%
	7,700,000	10/14/2016	Banco del Estado de Chile, 0.46%		7,700,000		2.69	%
	7,700,000	10/7/2016	CIBC World Markets Corp., 0.00%*		7,697,433		2.68	%
	5,159,000	10/5/2016	DCAT, LLC, 0.00%*		5,156,888		1.80	%
	4,974,000	10/18/2016	Exxon Mobil Corp., 0.00%*		4,973,105		1.73	%
	1,950,000	10/3/2016	GE Capital Treasury Services (U.S.) LLC, 0.00%*		1,949,945		0.68	%
	10,900,000	10/7/2016	GE Capital Treasury Services (U.S.) LLC, 0.00%*		10,896,778		3.80	%
	7,600,000	10/3/2016	Liberty Street Funding LLC, 0.00%*		7,599,873		2.65	%
	5,160,000	10/26/2016	National Rural Utilities Cooperative Finance Corp., 0.00%*		5,158,360		1.80	%
	8,145,000	10/6/2016	Sumitomo Mitsui Banking Corporation, 0.47%*		8,145,000		2.84	%
	7,700,000	10/14/2016	Sumitomo Mitsui Trust Bank, Limited, 0.49%		7,700,000		2.69	%
	5,150,000	10/21/2016	The Chiba Bank, Ltd., 0.54%*		5,150,000		1.80	%
	7,800,000	10/6/2016	Victory Receivables Corporation, 0.00%*		7,796,100		2.71	%
	7,700,000	11/10/2016	Wal-Mart Stores Inc., 0.00%*		7,697,690		2.69	%
	5,100,000	10/6/2016	Working Capital Management Co. L.P., 0.00%*		5,099,554		1.78	%
Total Corporate Notes (cost - $108,195,360)					108,195,360		37.74	%
Total investment securities (cost - $265,725,491)				$	265,754,099		92.71	%

* The rate reported is the effective yield at time of purchase.

See accompanying notes.

-3-

ALTEGRIS WINTON FUTURES FUND, L.P.
CONDENSED SCHEDULE OF INVESTMENTS (continued)
SEPTEMBER 30, 2016 (Unaudited)

	Range of Expiration Dates	Number of Contracts			Fair Value			% of Partners' Capital
LONG FUTURES CONTRACTS:
Agriculture	Oct 16 - Apr 17		330		$	19,773			0.01	%
Currencies	Dec-16		534			319,131			0.11	%
Energy	Dec-16		10			1,953			0.00	%
Interest Rates	Dec 16 - Sep 19		6,408			1,538,601			0.54	%
Metals	Nov 16 - Jan 17		450			(440,961	)		(0.16	)%
Stock Indices	Oct 16 - Dec 16		1,873			1,310,223			0.46	%
Treasury Rates	Dec-16		548			(335,562	)		(0.12	)%
Total long futures contracts			10,153			2,413,158			0.84	%
SHORT FUTURES CONTRACTS:
Agriculture	Oct 16 - Mar 17		801			362,532			0.13	%
Currencies	Dec-16		1,045			706,137			0.26	%
Energy	Oct 16 - Dec 16		492			(1,504,929	)		(0.53	)%
Interest Rates	Dec 16 - Mar 17		39			(1,343	)		0.00	%
Metals	Nov 16 - Jan 17		149			(560,154	)		(0.20	)%
Stock Indices	Dec-16		13			(360	)		0.00	%
Treasury Rates	Dec-16		392			(138,875	)		(0.05	)%
Total short futures contracts			2,931			(1,136,992	)		(0.39	)%
Total futures contracts			13,084		$	1,276,166			0.45	%
LONG FORWARD CONTRACTS:
Currencies	Oct 16 - Dec 16	$	139,603,099	(1)	$	652,719			0.22	%
SHORT FORWARD CONTRACTS:
Currencies	Oct 16 - Dec 16	$	138,943,268	(1)		7,112			0.01	%
Total forward currency contracts					$	659,831			0.23	%

(1) Represents the September 30, 2016 U.S. dollar equivalent of the notional amount bought or sold

See accompanying notes.

-4-

ALTEGRIS WINTON FUTURES FUND, L.P.
CONDENSED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2015 (Audited)

INVESTMENT SECURITIES
Face Value		Maturity Date	Description	Fair Value		% of Partners' Capital
Fixed Income Investments
U.S. Government Agency Bonds and Notes
$	3,140,000	1/4/2016	Federal Farm Credit Bank Disc Note, 0.00%*	$	3,139,992		0.97	%
	6,689,000	1/4/2016	Federal Home Loan Bank Disc Note, 0.00%*		6,688,983		2.06	%
	18,000,000	1/8/2016	Federal Home Loan Bank Disc Note, 0.08%*		17,999,694		5.53	%
	18,000,000	1/27/2016	Federal Home Loan Bank Disc Note, 0.13%*		17,998,272		5.53	%
	15,041,000	2/3/2016	Federal Home Loan Bank Disc Note, 0.22%*		15,037,871		4.62	%
	18,000,000	2/5/2016	Federal Home Loan Bank Disc Note, 0.23%*		17,996,004		5.53	%
	10,000,000	2/16/2016	Federal Home Loan Bank Disc Note, 0.23%*		9,997,010		3.07	%
	25,000,000	2/17/2016	Federal Home Loan Bank Disc Note, 0.23%*		24,992,350		7.68	%
	2,000,000	2/24/2016	Federal Home Loan Bank Disc Note, 0.24%*		1,999,292		0.61	%
	13,200,000	4/20/2016	Federal Home Loan Bank Disc Note, 0.34%*		13,186,272		4.05	%
	31,775,000	2/19/2016	Federal Home Loan Bank, 0.38%		31,775,254		9.77	%
	1,500,000	2/29/2016	Federal Home Loan Bank, 0.20%		1,499,763		0.46	%
	12,000,000	4/20/2016	Federal Home Loan Bank, 0.25%		11,994,216		3.70	%
Total U.S. Government Agency Bonds and Notes (cost - $174,318,285)					174,304,973		53.58	%

* The rate reported is the effective yield at time of purchase.

See accompanying notes.

-5-

ALTEGRIS WINTON FUTURES FUND, L.P.

CONDENSED SCHEDULE OF INVESTMENTS (continued)

DECEMBER 31, 2015 (Audited)

INVESTMENT SECURITIES (continued)

Face Value		Maturity Date	Description	Fair Value		% of Partners' Capital
Fixed Income Investments (continued)
Corporate Notes
$	9,000,000	1/13/2016	Apple Inc., 0.30%*	$	8,997,825		2.77	%
	9,000,000	1/22/2016	Banco del Estado de Chile, 0.40%		9,000,000		2.77	%
	12,000,000	1/6/2016	Chevron Corporation, 0.26%*		11,997,350		3.69	%
	6,000,000	1/13/2016	DCAT, LLC, 0.35%*		5,997,750		1.84	%
	11,650,000	1/12/2016	Exxon Mobil Corporation, 0.30%*		11,646,635		3.58	%
	14,000,000	1/4/2016	General Electric, 0.15%*		13,999,767		4.30	%
	6,100,000	1/14/2016	National Rural Utilities Cooperative Finance, 0.29%*		6,098,333		1.87	%
	9,000,000	1/27/2016	Sumitomo Mitsui Trust Bank, Limited, 0.41%		9,000,000		2.77	%
	9,000,000	1/27/2016	Sumitomo Mitsui Banking Corporation, 0.40%		9,000,000		2.77	%
	6,700,000	1/8/2016	The Chiba Bank, Ltd., 0.46%		6,700,000		2.06	%
	9,000,000	1/15/2016	The Norinchukin Bank, 0.39%		9,000,000		2.77	%
	6,000,000	1/20/2016	The Walt Disney Company, 0.30%*		5,999,000		1.84	%
	9,100,000	1/14/2016	Working Capital Management Co. L.P., 0.45%*		9,097,209		2.79	%
Total Corporate Notes (cost - $116,533,868)					116,533,869		35.82	%
Total investment securities (cost - $290,852,153)				$	290,838,842		89.40	%

* The rate reported is the effective yield at time of purchase.

See accompanying notes.

-6-

ALTEGRIS WINTON FUTURES FUND, L.P.

CONDENSED SCHEDULE OF INVESTMENTS (continued)

DECEMBER 31, 2015 (Audited)

	Range of Expiration Dates	Number of Contracts			Fair Value			% of Partners' Capital
LONG FUTURES CONTRACTS:
Agriculture	Jan 16 - May 16		151		$	20,231			0.01	%
Currencies	Mar-16		187			10,596			0.00	%
Energy	Mar-16		4			210			0.00	%
Interest Rates	Mar 16 - Dec 18		7,140			(1,176,722	)		(0.36	)%
Metals	Jan 16 - Mar 16		103			30,278			0.01	%
Stock Indices	Jan 16 - Mar 16		963			341,058			0.10	%
Treasury Rates	Mar-16		225			(224,110	)		(0.07	)%
Total long futures contracts			8,773			(998,459	)		(0.31	)%
SHORT FUTURES CONTRACTS:
Agriculture	Feb 16 - May 16		1,256			433,677			0.13	%
Currencies	Mar-16		1,672			1,510,362			0.46	%
Energy	Jan 16 - Jun 16		858			493,765			0.15	%
Interest Rates	Mar 16 - Sep 16		204			(10,447	)		0.00	%
Metals	Jan 16 - Dec 16		739			1,225,243			0.38	%
Stock Indices	Jan 16 - Mar 16		638			(213,952	)		(0.06	)%
Treasury Rates	Mar-16		45			(1,125	)		0.00	%
Total short futures contracts			5,412			3,437,523			1.06	%
Total futures contracts			14,185		$	2,439,064			0.75	%
LONG FORWARD CONTRACTS:
Currencies	Jan 16 - Jun 16	$	213,007,833	(1)	$	(896,055	)		(0.28	)%
SHORT FORWARD CONTRACTS:
Currencies	Jan 16 - Jun 16	$	212,598,674	(1)		502,004			0.16	%
Total forward currency contracts					$	(394,051	)		(0.12	)%

(1) Represents the December 31, 2015 U.S. dollar equivalent of the notional amount bought or sold

See accompanying notes.

-7-

ALTEGRIS WINTON FUTURES FUND, L.P.

STATEMENTS OF INCOME (LOSS)

FOR THE THREE MONTHS AND NINE MONTHS ENDED SEPTEMBER 30, 2016 AND 2015 (Unaudited)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2016			2015			2016			2015
TRADING GAIN (LOSS)
Gain (loss) on trading of derivatives contracts Realized	$	11,186,360		$	637,373		$	11,212,325		$	11,634,933
Change in unrealized		(14,652,671	)		10,134,820			(109,016	)		(1,627,930	)
Brokerage commissions		(1,153,562	)		(1,312,355	)		(3,560,680	)		(4,155,181	)
Gain (loss) from trading derivatives contracts		(4,619,873	)		9,459,838			7,542,629			5,851,822
Gain (loss) on trading of securities Realized		100,460			27,687			244,440			81,483
Change in unrealized		(7,090	)		12,196			41,919			58,751
Gain (loss) from trading securities		93,370			39,883			286,359			140,234
Gain (loss) on trading of foreign currency Realized		(1,591	)		(85,202	)		21,484			(11,054	)
Change in unrealized		21,611			(47,089	)		51,870			13,217
Gain (loss) from trading foreign currency		20,020			(132,291	)		73,354			2,163
Total trading gain (loss)		(4,506,483	)		9,367,430			7,902,342			5,994,219
NET INVESTMENT INCOME (LOSS)
Income
Interest income		179,409			109,016			589,601			295,913
Expenses
Service fees		822,880			914,233			2,528,606			2,858,169
Management fee		822,747			948,236			2,545,518			3,007,820
Advisory fee		725,025			822,629			2,233,164			2,603,241
Professional fees		273,811			300,281			871,557			918,964
Administrative fee		169,281			199,152			525,823			633,270
Incentive fee		5,112			27,660			178,354			4,366,641
Interest expense		-			9,475			63,638			14,288
Other expenses		131,015			13,503			265,377			124,634
Total expenses		2,949,871			3,235,169			9,212,037			14,527,027
Net investment loss		(2,770,462	)		(3,126,153	)		(8,622,436	)		(14,231,114	)
NET INCOME (LOSS)	$	(7,276,945	)	$	6,241,277		$	(720,094	)	$	(8,236,895	)

See accompanying notes.

-8-

ALTEGRIS WINTON FUTURES FUND, L.P.

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

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2016 AND 2015 (Unaudited)

				Limited Partners
	Total			Original Class A			Original Class B			Special Interests			Class A			Class B			Institutional Interests			General Partner
Balances at December 31, 2014	$	374,794,900		$	22,708,611			4,959,522			15,181,688			169,461,952			90,830,085			71,649,123			3,919
Transfers		-			(139,240	)		139,240			-			(919,182	)		589,288			329,894			-
Capital additions		24,261,951			95,333			-			788,920			15,833,797			5,523,341			2,020,560			-
Capital withdrawals		(49,095,841	)		(1,559,345	)		(328,452	)		(138,596	)		(20,736,681	)		(20,510,242	)		(5,822,525	)		-
From operations:
Net investment loss		(14,231,114	)		(763,858	)		(131,816	)		(383,962	)		(8,134,415	)		(2,905,011	)		(1,911,918	)		(134	)
Net realized gain (loss) from investments (net of brokerage commissions)		7,550,181			455,402			102,080			280,006			3,274,684			1,985,008			1,452,925			76
Net change in unrealized gain (loss) from investments		(1,555,962	)		(82,446	)		(20,303	)		(45,269	)		(648,873	)		(512,393	)		(246,666	)		(12	)
Net income (loss) for the nine months ended September 30, 2015		(8,236,895	)		(390,902	)		(50,039	)		(149,225	)		(5,508,604	)		(1,432,396	)		(705,659	)		(70	)
Balances at September 30, 2015	$	341,724,115		$	20,714,457		$	4,720,271		$	15,682,787		$	158,131,282		$	75,000,076		$	67,471,393		$	3,849
Balances at December 31, 2015	$	325,307,634		$	19,520,525			3,866,836			16,606,040			150,288,448			69,938,089			65,083,875			3,821
Transfers		-			-			-			-			177,456			(177,456	)		-			-
Capital additions		12,855,017			-			5,250			-			9,205,601			1,506,088			2,138,078			-
Capital withdrawals		(50,795,098	)		(4,081,981	)		(1,085,934	)		(501,242	)		(18,672,377	)		(19,405,260	)		(7,048,304	)		-
From operations:
Net investment loss		(8,622,436	)		(422,306	)		(47,080	)		(249,296	)		(5,531,719	)		(1,367,502	)		(1,004,446	)		(87	)
Net realized gain (loss) from investments (net of brokerage commissions)		7,917,569			445,350			87,067			425,543			3,750,602			1,535,823			1,673,084			100
Net change in unrealized gain (loss) from investments		(15,227	)		16,078			15,129			(30,316	)		(38,899	)		158,691			(135,900	)		(10	)
Net income (loss) for the nine months ended September 30, 2016		(720,094	)		39,122			55,116			145,931			(1,820,016	)		327,012			532,738			3
Balances at September 30, 2016	$	286,647,459		$	15,477,666		$	2,841,268		$	16,250,729		$	139,179,112		$	52,188,473		$	60,706,387		$	3,824

See accompanying notes.

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ALTEGRIS WINTON FUTURES FUND, L.P.NOTES TO FINANCIAL STATEMENTS

NOTE 1 - ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

A.  General Description of the Partnership

Altegris Winton Futures Fund, L.P. (f/k/a Winton Futures Fund, L.P. (US)) (the “Partnership”) was organized as a limited partnership in Colorado in March 1999, and will continue until December 31, 2035, unless sooner terminated as provided for in the Agreement of Limited Partnership, as amended and restated from time to time (“Agreement”).  The Partnership's general partner is Altegris Advisors, L.L.C. (“Advisors” or the “General Partner”).  The Partnership speculatively trades commodity futures contracts, options on futures contracts, forward contracts and other commodity interests.  The objective of the Partnership’s business is appreciation of its assets.  The Partnership is subject to the regulations of the Commodity Futures Trading Commission (the “CFTC”), an agency of the United States (“U.S.”) government that regulates most aspects of the commodity futures industry; rules of the National Futures Association, an industry self-regulatory organization; and the requirements of commodity exchanges and futures commission merchants (brokers) through which the Partnership trades.

B. Method of Reporting

The Partnership’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 September 30, 2016 and December 31, 2015, and reported amounts of income and expenses for the three and nine months ended September 30, 2016 and 2015, respectively.  Management believes that the estimates utilized in preparing the Partnership’s financial statements are reasonable; however, actual results could differ from these estimates and it is reasonably possible that differences could be material.

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

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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.

-11-

ALTEGRIS WINTON FUTURES FUND, L.P. NOTES TO FINANCIAL STATEMENTS (CONTINUED)

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 includes futures and options on futures contracts in Level 1 of the fair value hierarchy, as they are exchange traded derivatives.

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

The fair value of U.S. government agency bonds and notes is generally based on quoted prices in active markets. When quoted prices are not available, fair value is determined based on a valuation model that uses inputs that include interest-rate yield curves, cross-currency-basis index spreads, and country credit spreads similar to the bond in terms of issue, maturity and seniority. U.S. government agency bonds and notes are categorized in Levels 1 or 2 of the fair value hierarchy. As of September 30, 2016 and December 31, 2015, none of the Partnership’s holdings in U.S. government agency bonds and notes were fair valued using valuation models.

The fair value of U.S. treasury obligations is generally based on quoted prices in active markets. U.S. treasury obligations are categorized in Level 1 of the fair value hierarchy.

The fair value of corporate notes is determined using recently executed transactions, market price quotations (where observable), notes spreads or credit default swap spreads. The spread data used are for the same maturity as that of the notes. If the spread data does not reference the issuer, data that references a comparable issuer is used. When observable price quotations are not available, fair value is determined based on cash flow models with yield curves, bond, or single-name credit default swap spreads and recovery rates based on collateral values as key inputs. These valuation methods represent both a market and income approach to fair value measurement.  Corporate notes are categorized in Level 2 of the fair value hierarchy; however, in instances where significant inputs are unobservable, they are categorized in Level 3 of the hierarchy. As of September 30, 2016 or December 31, 2015, none of the Partnership’s holdings in corporate notes were fair valued using valuation models.

-12-

ALTEGRIS WINTON FUTURES FUND, L.P.NOTES TO FINANCIAL STATEMENTS (CONTINUED)

NOTE 1 - ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

C.  Fair Value (continued)

The 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 nine month period ended September 30, 2016 and the year ended December 31, 2015.

The following table presents information about the Partnership’s assets and liabilities measured at fair value as September 30, 2016 and December 31, 2015:

September 30, 2016	Level 1			Level 2			Level 3		Balance as ofSeptember 30, 2016
Assets:
Futures contracts (1)	$	5,809,233		$	-		$	-	$	5,809,233
Forward currency contracts (1)		-			996,197			-		996,197
U.S. Government agency bonds and notes		157,558,739			-			-		157,558,739
Corporate notes		-			108,195,360			-		108,195,360
	$	163,367,972		$	109,191,557		$	-	$	272,559,529
Liabilities:
Futures contracts (1)	$	(4,533,067	)	$	-		$	-	$	(4,533,067	)
Forward currency contracts (1)		-			(336,366	)		-		(336,366	)
	$	(4,533,067	)	$	(336,366	)	$	-	$	(4,869,433	)

December 31, 2015	Level 1			Level 2			Level 3		Balance as of December 31, 2015
Assets:
Futures contracts (1)	$	6,760,911		$	-		$	-	$	6,760,911
Forward currency contracts (1)		-			1,272,922			-		1,272,922
U.S. Government agency bonds and notes		174,304,973			-			-		174,304,973
Corporate notes		-			116,533,869			-		116,533,869
	$	181,065,884		$	117,806,791		$	-	$	298,872,675
Liabilities:
Futures contracts (1)	$	(4,321,847	)	$	-		$	-	$	(4,321,847	)
Forward currency contracts (1)		-			(1,666,973	)		-		(1,666,973	)
	$	(4,321,847	)	$	(1,666,973	)	$	-	$	(5,988,820	)

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

For the nine month period ended September 30, 2016 and the year ended December 31, 2015, there were no transfers between Level 1 and Level 2 assets and liabilities. For the nine month period ended September 30, 2016 and the year ended December 31, 2015, there were no Level 3 securities.

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

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

J.P. Morgan Chase Bank, N.A. (the “Custodian”) is the Partnership’s 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 Partnership’s assets not deposited at the Clearing Broker are deposited with either the Custodian or held in bank cash accounts at Northern Trust Company (and used to pay Partnership operating expenses).  For the Partnership’s cash deposited at the Custodian, the Partnership receives cash management services from J.P. Morgan Investment Management Inc. (“JPMIM”).

E. Option Contracts

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

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ALTEGRIS WINTON FUTURES FUND, L.P.NOTES TO FINANCIAL STATEMENTS (CONTINUED)

NOTE 1 - ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

E.Option Contracts (continued)

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

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

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

As of September 30, 2016 and December 31, 2015 the Partnership did not hold any option contracts.

F. Futures Contracts

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

There are several risks in connection with the use of futures contracts as an investment option. The change in value of futures contracts primarily corresponds with the value of their underlying instruments. In addition, there is the risk that the Partnership may not be able to enter into a closing transaction because of an illiquid secondary market. Open positions in futures contracts at September 30, 2016 and December 31, 2015 are reflected within the Condensed Schedules of Investments.

-15-

ALTEGRIS WINTON FUTURES FUND, L.P.NOTES TO FINANCIAL STATEMENTS (CONTINUED)

NOTE 1 - ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

G.Forward currency contracts

Forward currency contracts may be entered into as an economic hedge against foreign currency exchange rate risk related to portfolio positions. A forward currency contract is an obligation to purchase or sell a currency against another currency at a future date at an agreed upon price and quantity. Forward currency contracts are traded over-the-counter and not on an organized exchange. Forward currency contracts help to manage the overall exposure to the foreign currency backing some of the investments held by the Partnership. Each contract is marked-to-market daily and the change in market value is recorded by the Partnership as an unrealized appreciation or depreciation. When the contract is closed, the Partnership records a realized gain or loss equal to the difference between the value at the time it was opened and the value at the time it was closed. The use of forward currency contracts involves the risk that counterparties may not meet the terms of the agreement or unfavorable movements in the value of a foreign currency relative to the U.S. dollar. Open forward currency contracts at September 30, 2016 and December 31, 2015 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

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 restricted cash and restricted foreign currency are held as margin collateral for futures transactions.

J.Offering Costs

Offering costs incurred in connection with the ongoing offering of the Partnership’s interests are borneby the Partnership.  These costs include, but are not limited to, legal fees pertaining to updating thePartnership’s offering documents and materials, accounting and printing costs.  These costs are chargedas an expense when incurred.

-16-

ALTEGRIS WINTON FUTURES FUND, L.P.NOTES TO FINANCIAL STATEMENTS (CONTINUED)

NOTE 1 - ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

K.Income Taxes

As an entity taxable as a partnership for the U.S. Federal Income tax purposes; the Partnership itself is not subject to Federal Income tax. The Partnership prepares and files calendar year U.S. and applicable state information tax returns and reports to the partners their allocable shares of the Partnership’s income and expenses.

The Partnership is required to determine whether its tax positions are more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any related appeals or litigation processes, based on the technical merits of the position.  The tax benefit recognized is measured as the largest amount of benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement with the relevant taxing authority.  De-recognition of a tax benefit previously recognized results in the Partnership recording a tax liability that reduces ending partners’ capital.  Based on its analysis, the Partnership has determined that it has not incurred any liability for unrecognized tax benefits as of September 30, 2016 or December 31, 2015. However, the Partnership’s conclusions may be subject to review and adjustment at a later date based on factors including, but not limited to, on-going analyses of and changes to tax laws, regulations and interpretations thereof. The Partnership is subject to income tax examinations by major taxing authorities for all tax years since 2012.

The Partnership recognizes interest and penalties related to unrecognized tax benefits in interest expense and other expenses, respectively.  No interest expense or penalties have been recognized as of September 30, 2016 and December 31, 2015 and for the three and nine months ended September 30, 2016 and 2015.

NOTE 2 - PARTNERS’ CAPITAL

A.Capital Accounts and Allocation of Income and Losses

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

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

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

-17-

ALTEGRIS WINTON FUTURES FUND, L.P.NOTES TO FINANCIAL STATEMENTS (CONTINUED)

NOTE 2 - PARTNERS’ CAPITAL (CONTINUED)

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 GeneralPartner.  A Limited Partner may request and receive redemption of capital, subject to restrictions setforth 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 nine months ended September 30, 2016 and 2015.

NOTE 3 - RELATED PARTY TRANSACTIONS

A.General Partner Management Fee

The General Partner receives a monthly management fee from the Partnership equal to 0.0625% (0.75% annually) for Original Class A, 0.146% (1.75% annually) for Original Class B, and currently 0.0417% (0.50% annually) for Special Interests of the Partnership's management fee net asset value.  The General Partner receives a monthly management fee from the Partnership equal to 0.104% (1.25% annually) for Class A and Class B, and 0.0625% (0.75% annually) for Institutional Interests of the Partnership's management fee net asset value.  The General Partner may declare any Limited Partner a “Special Limited Partner” and the management fees or incentive fees charged to any such partner may be different than those charged to other Limited Partners.

Total management fees earned by the General Partner, for the three and nine months ended September 30, 2016 and 2015 are shown on the Statements of Income (Loss) as Management Fee.

B.Administrative Fee

The General Partner receives a monthly administrative fee from the Partnership equal to 0.0275% (0.33% annually) of the Partnership's management fee net asset value attributable to Class A and Class B Interests. For the three and nine months ended September 30, 2016, administrative fees for Class A Interests were $121,687 and $370,833, respectively and administrative fees for Class B Interests were $47,594 and $154,990, respectively.  For the three and nine months ended September 30, 2015, administrative fees for Class A Interests were $133,874 and $420,578, respectively and administrative fees for Class B Interests were $65,278 and $212,692, respectively.  General Partner’s Interest, Original Class A, Original Class B, Special Interests and Institutional Interests did not get charged the administrative fee.

-18-

ALTEGRIS WINTON FUTURES FUND, L.P.NOTES TO FINANCIAL STATEMENTS (CONTINUED)

NOTE 3 - RELATED PARTY TRANSACTIONS (CONTINUED)

C.Altegris Investments, L.L.C. and Altegris Clearing Solutions, L.L.C.

Altegris Investments, L.L.C. (“Altegris Investments”), an affiliate of the General Partner, is registered as a broker-dealer with the SEC and effective as of December 31, 2014, was converted from an Arkansas corporation (Altegris Investments, Inc.) to a Delaware limited liability company (Altegris Investments, L.L.C.). For the years ended December 31, 2014 and 2013, Altegris Futures, L.L.C. (“Altegris Futures”), an  affiliate of the General Partner and an introducing broker registered with the CFTC, was the Partnership’s introducing broker. For the year ended December 31, 2015, Altegris Clearing Solutions, L.L.C. (Altegris Clearing Solutions), an affiliate of the General Partner and an introducing broker registered with the CFTC, was the Partnership’s introducing broker. On December 31, 2014, Altegris Futures was merged with and into Altegris Clearing Solutions and thereafter dissolved. Altegris Clearing Solutions was the surviving entity (Altegris Clearing Solutions is referred to as the “introducing broker” of the Partnership).

Altegris Investments has entered into a selling agreement with the Partnership whereby it receives 2% per annum as continuing compensation for Class A Interests sold by Altegris Investments that are outstanding at month end. 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 September 30, 2016 and December 31, 2015, respectively, the Partnership had charges for brokerage-related services payable to its introducing broker of $293,960 and $347,920, and service fees payable to Altegris Investments of $37,430 and $42,997, respectively.

The following tables show the fees paid to Altegris Investments and Altegris Clearing Solutions for the three and nine months ended September 30, 2016 and 2015:

	Three monthsended September 30, 2016		Nine months ended September 30, 2016		Three months ended September 30, 2015		Nine months ended September 30, 2015
Altegris Futures - Brokerage Commission fees	$	974,153	$	2,996,444	$	1,025,667	$	3,355,231
Altegris Investments- Service fees		116,727		366,514		134,835		431,265
Total	$	1,090,880	$	3,362,958	$	1,160,502	$	3,786,496

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

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ALTEGRIS WINTON FUTURES FUND, L.P. NOTES TO FINANCIAL STATEMENTS (CONTINUED)

NOTE 4 - ADVISORY CONTRACT

The Partnership's trading activities are conducted pursuant to an advisory contract with Winton Capital Management, Limited (“Advisor”). The Partnership pays the Advisor a quarterly incentive fee of 20% of the trading profits (as defined in the Agreement). However, the quarterly incentive fee is payable only on cumulative profits achieved from commodity trading (as defined in the Agreement). Total incentive fees earned by the Advisor for the three and nine months ended September 30, 2016 and 2015 are shown on the Statements of Income (Loss).

The Advisor receives a monthly management fee from the Partnership equal to 0.083% (1.00% annually) for Class A, Class B, and Institutional Interests of the Partnership's management fee net asset value. The Advisor receives a monthly management fee from the Partnership equal to 0.0625% (0.75% annually) for Original Class B Interests of the Partnership's management fee net asset value. Advisor receives a monthly management fee from the Partnership equal to 0.042% (0.50% annually) for Special Interests of the Partnership's management fee net asset value. In addition, the General Partner has assigned a portion of its management fees earned to the Advisor. For the three and nine months ended September 30, 2016, management fees for Class A Interests were $368,749 and $1,123,733, respectively, management fees for Class B Interests were $144,223 and $469,666, respectively, management fees for Original Class B Interests were $7,399 and $23,273, respectively, management fees for Special Interests were $42,077 and $126,100, respectively and management fees for Institutional Interests were $162,577 and $490,392, respectively. For the three and nine months ended September 30, 2015, management fees for Class A Interests were $405,679 and $1,274,508, respectively, management fees for Class B Interests were $197,813 and $644,539, respectively, management fees for Original Class B Interests were $11,703 and $36,764, respectively, management fees for Special Interests were $38,771 and $117,095, respectively and management fees for Institutional Interests were $168,663 and $530,335, respectively. General Partner’s Interest and Original Class A Interests did not get charged the management 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 and nine months ended September 30, 2016, service fees for General Partner’s Interest, were $19 and $58, respectively, service fees for Class A Interests were $730,358 and $2,235,943, respectively, service fees for Original Class A Interests were $87,290 and $280,142, respectively and service fees for Institutional Interests were $5,213 and $12,463, respectively. For the three and nine months ended September 30, 2015, service fees for General Partner’s Interest, were $19 and $58, respectively, service fees for Class A Interests were $807,211 and $2,519,032, respectively, service fees for Original Class A Interests were $104,203 and $330,489, respectively and service fees for Institutional Interests were $2,800 and $8,590, respectively. Class B, Original Class B and Special Interests did not get charged the service fees.

-20-

ALTEGRIS WINTON FUTURES FUND, L.P.NOTES TO FINANCIAL STATEMENTS (CONTINUED)

NOTE 6 - BROKERAGE COMMISSIONS AND CHARGES

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, options on futures, 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 September 30, 2016 and December 31, 2015. 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 Statement of Financial Condition.

-21-

ALTEGRIS WINTON FUTURES FUND, L.P.NOTES TO FINANCIAL STATEMENTS (CONTINUED)

NOTE 7 - FINANCIAL DERIVATIVE INSTRUMENTS (CONTINUED)

September 30, 2016
Type of  Derivatives Contracts	Asset DerivativesFair Value		Liability Derivatives Fair Value			NetFair Value
Futures Contracts
Agriculture	$	774,435	$	(392,130	)	$	382,305
Currencies		1,091,459		(66,191	)		1,025,268
Energy		33,263		(1,536,239	)		(1,502,976	)
Interest Rates		1,968,392		(431,134	)		1,537,258
Metals		154,614		(1,155,729	)		(1,001,115	)
Stock Indices		1,666,875		(357,012	)		1,309,863
Treasury Rates		120,195		(594,632	)		(474,437	)
	$	5,809,233	$	(4,533,067	)	$	1,276,166
Forward Currency Contracts	$	996,197	$	(336,366	)	$	659,831
Total Gross Fair Value of Derivatives Contracts	$	6,805,430	$	(4,869,433	)	$	1,935,997

December 31, 2015
Type of Derivatives Contracts	Asset Derivatives Fair Value		Liability Derivatives Fair Value			NetFair Value
Futures Contracts
Agriculture	$	826,890	$	(372,982	)	$	453,908
Currencies		1,639,413		(118,455	)		1,520,958
Energy		1,104,694		(610,719	)		493,975
Interest Rates		989,590		(2,176,759	)		(1,187,169	)
Metals		1,473,464		(217,943	)		1,255,521
Stock Indices		726,860		(599,754	)		127,106
Treasury Rates		-		(225,235	)		(225,235	)
	$	6,760,911	$	(4,321,847	)	$	2,439,064
Forward Currency Contracts	$	1,272,922	$	(1,666,973	)	$	(394,051	)
Total Gross Fair Value of Derivatives Contracts	$	8,033,833	$	(5,988,820	)	$	2,045,013

-22-

ALTEGRIS WINTON FUTURES FUND, L.P.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)

NOTE 7 - FINANCIAL DERIVATIVE INSTRUMENTS (CONTINUED)

The following presents the trading results of the Partnership’s derivative trading and information related to the volume of the Partnership’s derivative activity for the three and nine months ended September 30, 2016 and 2015.

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 September 30, 2016
Type of Derivatives Contracts	Realized			Change in Unrealized			Number of Contracts Closed
Futures Contracts
Agricultural	$	(489,154	)	$	(618,642	)
Currencies		2,145,472			(2,613,308	)
Energy		(787,478	)		(1,325,991	)
Interest Rates		3,840,895			(4,554,392	)
Metals		364,972			(1,607,040	)
Stock Indices		1,335,935			981,174
Treasury Rates		2,471,453			(3,642,944	)
	$	8,882,095		$	(13,381,143	)		17,686
Forward Currency Contracts	$	2,304,265		$	(1,271,528	)	$	127,160,150,314	(1)
Total gain (loss) from derivatives contracts	$	11,186,360		$	(14,652,671	)

Nine Months ended September 30, 2016
Type of Derivatives Contracts	Realized			Change in Unrealized			Number of Contracts Closed
Futures Contracts
Agricultural	$	(1,531,377	)	$	(71,603	)
Currencies		(26,541	)		(495,690	)
Energy		(790,163	)		(1,996,951	)
Interest Rates		15,508,286			2,724,427
Metals		(4,688,033	)		(2,256,636	)
Stock Indices		(4,615,241	)		1,182,757
Treasury Rates		4,763,296			(249,202	)
	$	8,620,227		$	(1,162,898	)		58,550
Forward Currency Contracts	$	2,592,098		$	1,053,882		$	447,861,329,898	(1)
Total gain (loss) from derivatives contracts	$	11,212,325		$	(109,016	)

(1) Represents the notional amount bought or sold during the three and nine months ended September 30, 2016. The number of contracts closed using average cost for long contracts of 424,299 and 472,102 and short contracts of (307,914) and (370,704) for the three and nine months ended September 30, 2016.

-23-

ALTEGRIS WINTON FUTURES FUND, L.P.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)

NOTE 7 - FINANCIAL DERIVATIVE INSTRUMENTS (CONTINUED)

Three Months ended September 30, 2015
Type of Derivatives Contracts	Realized			Change in Unrealized			Number of Contracts Closed
Futures Contracts
Agricultural	$	(293,505	)	$	923,020
Currencies		1,016,228			(836,318	)
Energy		6,453,468			773,496
Interest Rates		1,847,476			8,274,477
Metals		4,687,522			(747,978	)
Stock Indices		(9,865,684	)		2,774,057
Treasury Rates		(1,207,461	)		945,727
	$	2,638,044		$	12,106,481			24,553
Forward Currency Contracts	$	(2,000,671	)	$	(1,971,661	)	$	105,294,581,315	(1)
Total gain (loss) from derivatives contracts	$	637,373		$	10,134,820

Nine Months ended September 30, 2015
Type of Derivatives Contracts	Realized			Change in Unrealized			Number of Contracts Closed
Futures Contracts
Agricultural	$	588,817		$	(487,025	)
Currencies		5,937,035			(2,702,657	)
Energy		3,436,144			(644,568	)
Interest Rates		7,739,775			3,768,555
Metals		1,986,386			(169,229	)
Stock Indices		(1,643,731	)		(2,077,973	)
Treasury Rates		(281,517	)		234,605
	$	17,762,909		$	(2,078,292	)		79,510
Forward Currency Contracts	$	(6,127,976	)	$	450,362		$	463,151,912,297	(1)
Total gain (loss) from derivatives contracts	$	11,634,933		$	(1,627,930	)

(1) Represents the notional amount bought or sold during the three and nine months ended September 30, 2015. The number of contracts closed using average cost for long contracts of 510,804 and 542,034 and short contracts of (537,766) and (515,557) for the three and nine months ended September 30, 2015.

-24-

ALTEGRIS WINTON FUTURES FUND, L.P.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

NOTE 7 - FINANCIAL DERIVATIVE INSTRUMENTS (CONTINUED)

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

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

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

Offsetting the Financial Assets and Derivative Assets

								Gross Amounts Not Offset in the Statement of Financial Condition
As of September 30, 2016
Description	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statement of Financial Condition			Net Amounts of Assets Presented in the Statement of Financial Condition		Financial Instruments		Cash Collateral Received (1)		Net Amount
Forward contracts		996,197		(336,366	)		659,831		-		-		659,831
Commodity futures contracts		5,809,233		(4,533,067	)		1,276,166		-		-		1,276,166
Total		6,805,430		(4,869,433	)		1,935,997		-		-		1,935,997

Offsetting the Financial Liabilities and Derivative Liabilities

								Gross Amounts Not Offset in the Statement of Financial Condition
As of September 30, 2016
Description	Gross Amounts of Recognized Liabilities			Gross Amounts Offset in the Statement of Financial Condition		Net Amounts of Liabilities Presented in the Statement of Financial Condition		Financial Instruments		Cash Collateral Pledged (1)		Net Amount
Forward contracts		(336,366	)		336,366		-		-		-		-
Commodity futures contracts		(4,533,067	)		4,533,067		-		-		-		-
Total		(4,869,433	)		4,869,433		-		-		-		-

-25-

ALTEGRIS WINTON FUTURES FUND, L.P.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

NOTE 7 - FINANCIAL DERIVATIVE INSTRUMENTS (CONTINUED)

Offsetting the Financial Assets and Derivative Assets

								Gross Amounts Not Offset in the Statement of Financial Condition
As of December 31, 2015
Description	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statement of Financial Condition			Net Amounts of Assets Presented in the Statement of Financial Condition		Financial Instruments		Cash Collateral Received (1)		Net Amount
Forward contracts		1,272,922		(1,272,922	)		-		-		-		-
Commodity futures contracts		6,760,911		(4,321,847	)		2,439,064		-		-		2,439,064
Total		8,033,833		(5,594,769	)		2,439,064		-		-		2,439,064

Offsetting the Financial Liabilities and Derivative Liabilities

									Gross Amounts Not Offset in the Statement of Financial Condition
As of December 31, 2015
Description	Gross Amounts of Recognized Liabilities			Gross Amounts Offset in the Statement of Financial Condition		Net Amounts of Liabilities Presented in the Statement of Financial Condition			Financial Instruments		Cash Collateral Pledged (1)		Net Amount
Forward contracts		(1,666,973	)		1,272,922		(394,051	)		-		-		(394,051	)
Commodity futures contracts		(4,321,847	)		4,321,847		-			-		-		-
Total		(5,988,820	)		5,594,769		(394,051	)		-		-		(394,051	)

(1) The  Partnership  posted  additional  collateral  of $31,027,205 for 2016 & $32,426,371 for 2015,  respectively,  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.

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

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

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

-26-

ALTEGRIS WINTON FUTURES FUND, L.P.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

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

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

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

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

NOTE 9 - INDEMNIFICATIONS

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

NOTE 10 - FINANCIAL HIGHLIGHTS

The following information presents the financial highlights of the Partnership for the three and nine months ended September 30, 2016 and 2015.  This information has been derived from information presented in the financial statements.

-27-

ALTEGRIS WINTON FUTURES FUND, L.P.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

NOTE 10 - FINANCIAL HIGHLIGHTS (CONTINUED)

Three months ended September 30, 2016
	Original Class A			Original Class B			Special Interests			Class A			Class B			Institutional Interests
Total return for Limited Partners (3)
Return prior to incentive fees		(2.23	)%		(1.99	)%		(1.93	)%		(2.68	)%		(2.20	)%		(2.00	)%
Incentive fees		(0.00	)%		(0.00	)%		(0.00	)%		(0.00	)%		(0.00	)%		(0.00	)%
Total return after incentive fees		(2.23	)%		(1.99	)%		(1.93	)%		(2.68	)%		(2.20	)%		(2.00	)%
Ratio to average net asset value
Expenses prior to incentive fees (2)		3.23	%		2.29	%		2.03	%		5.09	%		3.08	%		2.31	%
Incentive fees (3)		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
Total expenses		3.23	%		2.29	%		2.03	%		5.09	%		3.08	%		2.31	%
Net investment (loss) (1) (2)		(3.00	)%		(2.05	)%		(1.80	)%		(4.86	)%		(2.84	)%		(2.08	)%

Nine months ended September 30, 2016
	Original Class A			Original Class B			Special Interests			Class A			Class B			Institutional Interests
Total return for Limited Partners (3)
Return prior to incentive fees		0.07	%		0.82	%		1.02	%		(1.29	)%		0.20	%		0.80	%
Incentive fees		(0.00	)%		(0.00	)%		(0.17	)%		(0.07	)%		(0.05	)%		(0.01	)%
Total return after incentive fees		0.07	%		0.82	%		0.85	%		(1.36	)%		0.15	%		0.79	%
Ratio to average net asset value
Expenses prior to incentive fees (2)		3.24	%		2.20	%		2.01	%		5.08	%		3.05	%		2.28	%
Incentive fees (3)		0.00	%		0.01	%		0.16	%		0.07	%		0.05	%		0.01	%
Total expenses		3.24	%		2.21	%		2.17	%		5.15	%		3.10	%		2.29	%
Net investment (loss) (1) (2)		(2.99	)%		(1.96	)%		(1.76	)%		(4.83	)%		(2.80	)%		(2.03	)%

-28-

ALTEGRIS WINTON FUTURES FUND, L.P.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

NOTE 10 - FINANCIAL HIGHLIGHTS (CONTINUED)

Three months ended September 30, 2015
	Original Class A			Original Class B			Special Interests			Class A			Class B			Institutional Interests
Total return for Limited Partners (3)
Return prior to incentive fees		1.96	%		2.22	%		2.28	%		1.50	%		2.01	%		2.21	%
Incentive fees		(0.00	)%		(0.00	)%		(0.00	)%		(0.00	)%		(0.03	)%		(0.00	)%
Total return after incentive fees		1.96	%		2.22	%		2.28	%		1.50	%		1.98	%		2.21	%
Ratio to average net asset value
Expenses prior to incentive fees (2)		3.12	%		2.12	%		1.87	%		5.00	%		3.02	%		2.14	%
Incentive fees (3)		0.00	%		0.00	%		0.00	%		0.00	%		0.03	%		0.00	%
Total expenses		3.12	%		2.12	%		1.87	%		5.00	%		3.05	%		2.14	%
Net investment (loss) (1) (2)		(3.00	)%		(1.99	)%		(1.75	)%		(4.87	)%		(2.90	)%		(2.01	)%

Nine months ended September 30, 2015
	Original Class A			Original Class B			Special Interests			Class A			Class B			Institutional Interests
Total return for Limited Partners (3)
Return prior to incentive fees		(0.63	)%		0.09	%		0.28	%		(1.98	)%		(0.52	)%		0.08	%
Incentive fees		(1.15	)%		(1.15	)%		(1.16	)%		(1.15	)%		(1.18	)%		(1.16	)%
Total return after incentive fees		(1.78	)%		(1.06	)%		(0.88	)%		(3.13	)%		(1.70	)%		(1.08	)%
Ratio to average net asset value
Expenses prior to incentive fees (2)		3.14	%		2.15	%		1.89	%		5.02	%		3.03	%		2.17	%
Incentive fees (3)		1.18	%		1.18	%		1.14	%		1.18	%		1.26	%		1.18	%
Total expenses		4.32	%		3.33	%		3.03	%		6.20	%		4.29	%		3.35	%
Net investment (loss) (1) (2)		(3.03	)%		(2.04	)%		(1.78	)%		(4.91	)%		(2.92	)%		(2.06	)%

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.

-29-

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 available to be issued, and concluded that no events subsequent to September 30, 2016 have occurred that would require recognition or disclosure, except as noted below.

From October 1, 2016 through November 11, 2016, the Partnership had subscriptions of $1,249,281 and redemptions of $6,188,825.

-30-

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 September 30, 2016 the Partnership experienced no meaningful periods of illiquidity in any of the markets traded by Winton Capital Management Limited (the “Advisor”) on behalf of the Partnership.

Capital Resources

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

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

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

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

The Partnership bears the risk of financial failure by the Clearing Broker and Newedge Alternative Strategies, Inc. (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.

-31-

Performance Summary

Three Months Ended September 30, 2016

During the third quarter of 2016, the Partnership incurred net realized and unrealized losses of $4,506,483 from its trading activities, net of brokerage commissions of $1,153,562.  The Partnership accrued total expenses of $2,949,871  including $822,747 in management fees paid to the General Partner, $5,112 in incentive fees, and $1,096,691 in service and professional fees.  The Partnership earned $179,409 in interest income during the third quarter of 2016.  An analysis of the profits and losses generated from the Partnership’s commodity futures trading activities for the third quarter of 2016 is set forth below. 

Third Quarter 2016. The Partnership enjoyed slightly positive returns in July 2016. Government bonds continued to rise as yields on US ten-year Treasuries fell to an all-time low and the German government issued negative yielding ten-year bonds for the first time. Yields bounced back mid-month after positive US data releases and the Bank of England held off on an anticipated cut to interest rates, but the majority of developed sovereign bond markets still ended the month in positive territory.  Currencies’ positive performance was driven by market movements on the final day of the month, due to appreciation in the Japanese yen.  In commodities, oil prices retreated while precious metals continued to appreciate.. The most dramatic event over the course of the month was a failed coup in Turkey, which resulted in the lira falling to a record low against the US dollar and a selloff in the country’s stock market and government bonds. The Partnership benefited in this environment from net long positions in bonds and stock indices, short positions in energies and long positions in precious metals, with equal profits from gold and silver, and also .  Detractors from performance in July 2016 included long positions in crops and short-term interest rates. The Partnership’s performance was negative in August 2016, amid a particularly quiet month in terms of market volatility. Equities edged higher; government bonds lost ground overall, and the US dollar appreciated versus most major currencies. Commodity markets provided more substantial price action as speculation around supply-demand imbalances led to rallies within the energies sector and sharp selloffs in a number of soft commodities.  The Partnership’s negative performance was driven by the fixed income, precious metals and energies sectors. Hawkish comments from the US Federal Reserve increased expectations of a further US rate rise in 2016 and led to losses from long positions in US government bonds and Eurodollar futures, while the strengthening US dollar weighed on the fund’s long positioning in gold and silver as well as the Japanese yen. In the energy sector, the Partnership’s short positions suffered as crude oil rallied during the first half of the month on hopes of a production freeze.  The Partnership experienced flat to negative performance during September 2016, as volatility increased due to the prospect of changes in central bank policies, resulting in early gains in equities, precious metals and bonds, but later offset by losses in the Partnership’s long bond and stock index positions. Within commodities, the Partnership posted a small negative return as losses in the energies, bonds and base metals sectors outweighed profits made in currencies and precious metals. Short positioning detracted from performance in energies, while losses from long positions in US government bonds undid profits earned in German government bonds. In base metals, the Partnership experienced losses from positioning in copper, while long positions in precious metals added value over the month. Performance in currencies was driven by long exposure to the Japanese yen.

Three Months Ended September 30, 2015

During the third quarter of 2015, the Partnership achieved net realized and unrealized gains of $9,367,430 from its trading activities, net of brokerage commissions of $1,312,355. The Partnership accrued total expenses of $3,235,169, including $948,236 in management fees paid to the General Partner, $27,660 in incentive fees, and $1,214,514 in service and professional fees. The Partnership earned $109,016 in interest income during the third quarter of 2015. An analysis of the profits and losses generated from the Partnership’s commodity futures trading activities for the third quarter of 2015 is set forth below.

Third Quarter 2015. The Partnership experienced a gain in July 2015. Large scale intervention by Beijing’s authorities sparked further concerns in Chinese markets as unprecedented selling restrictions were imposed on stocks. At the Federal Market Open Committee meeting, the U.S. Federal Reserve referenced an upbeat labor market, though remained cautious on their inflation outlook. The Partnership benefited from strong performance in futures on light sweet crude oil, Brent crude oil and heating oil. The Partnership’s short positions in gold futures benefitted from the metal’s slide through $1100 and contributed to performance. Long positions in futures on short term interest rates also benefitted performance. The Partnership experienced a loss from long futures positions on Asian indices, particularly the Hang Seng and HSCEI. The Partnership experienced a loss in August 2015. The devaluation of the Chinese yuan at the start of the month soon seemed like a distant memory, as it was overshadowed by equity market moves. The spillover of these concerns sparked a global equity market correction. However, like other such “corrections” in recent history, a quick rebound saw much of the losses reversed. The Partnership’s positions in futures on indices and currencies detracted from performance, especially its positions in the E-Mini S&P, Dow Jones Eurostoxx 50 and the Euro. The Partnership’s positions in gold also detracted from performance. The Partnership experienced a gain in September 2015. It turned out that all the talk of the U.S. Federal Reserve raising rates in September was for nothing, as global growth concerns seemed to leave the decision makers wanting to hold off on acting for a little longer. As has often been the case in recent history, the retracement of stock markets was accompanied by a rise in fixed income. This meant that the Partnership’s long exposure to futures on government bonds and short-term interest rates was the main driver of performance for the month. The Partnership’s performance also benefitted from its short positions in Brent crude oil, light sweet crude oil, and heating oil. Short futures positions in corn and wheat detracted from performance.

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Nine Months Ended September 30, 2016

During the nine months ended September 30, 2016, the Partnership achieved net realized and unrealized gains of $7,902,342 from its trading activities, net of brokerage commissions of $3,560,680.  The Partnership accrued total expenses of $9,212,037, including $2,545,518 in management fees paid to the General Partner, $178,354 in incentive fees, and $3,400,163 in service and professional fees.  The Partnership earned $589,601 in interest income during the nine months ended September 30, 2016.  An analysis of the profits and losses generated from the Partnership’s commodity futures trading activities for the nine months ended September 30, 2016 is set forth below. 

Third Quarter 2016.  The Partnership enjoyed positive returns in July 2016. Government bonds continued to rise as yields on US ten-year Treasuries fell to an all-time low and the German government issued negative yielding ten-year bonds for the first time. Yields bounced back mid-month after positive US data releases and the Bank of England held off on an anticipated cut to interest rates, but the majority of developed sovereign bond markets still ended the month in positive territory.  Currencies’ positive performance was driven by market movements on the final day of the month, due to appreciation in the Japanese yen.  In commodities, oil prices retreated while precious metals continued to appreciate.. The most dramatic event over the course of the month was a failed coup in Turkey, which resulted in the lira falling to a record low against the US dollar and a selloff in the country’s stock market and government bonds. The Partnership benefited in this environment from net long positions in bonds and stock indices, short positions in energies and long positions in precious metals, with equal profits from gold and silver, and also .  Detractors from performance in July 2016 included long positions in crops and short-term interest rates. The Partnership’s performance was negative in August 2016, amid a particularly quiet month in terms of market volatility. Equities edged higher; government bonds lost ground overall, and the US dollar appreciated versus most major currencies. Commodity markets provided more substantial price action as speculation around supply-demand imbalances led to rallies within the energies sector and sharp selloffs in a number of soft commodities.  The Partnership’s negative performance was driven by the fixed income, precious metals and energies sectors. Hawkish comments from the US Federal Reserve increased expectations of a further US rate rise in 2016 and led to losses from long positions in US government bonds and Eurodollar futures, while the strengthening US dollar weighed on the fund’s long positioning in gold and silver as well as the Japanese yen. In the energy sector, the Partnership’s short positions suffered as crude oil rallied during the first half of the month on hopes of a production freeze.  The Partnership also experienced negative overall performance during September 2016, as volatility increased due to the prospect of changes in central bank policies, resulting in early gains in equities, precious metals and bonds, but later offset by losses in the Partnership’s long bond and stock index positions. Within commodities, the Partnership posted a small negative return as losses in the energies, bonds and base metals sectors outweighed profits made in currencies and precious metals. Short positioning detracted from performance in energies, while losses from long positions in US government bonds undid profits earned in German government bonds. In base metals, the Partnership experienced losses from positioning in copper, while long positions in precious metals added value over the month. Performance in currencies was driven by long exposure to the Japanese yen.

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Second Quarter 2016.  The Partnership’s performance was negative in April 2016, as a number of long-term trends continued to reverse.  US and European government bond prices drifted lower, commodities appreciated, while gains in energy and materials stocks lifted global equity markets. Oil prices hit their highest levels since last November.  Performance in this environment was driven by losses from across the portfolio. Fixed income led the detractors as long positions in bonds and short-term interest rates weighed on returns. In energies, rising prices caused short positions to detract, particularly in heating oil futures. The crops sector was another area that cost performance as corn and soybean prices surged in response to exceptionally poor weather conditions in South America.  Currencies offset some of the detractors as the investment system benefited from a long position in a rallying Japanese yen at month-end. Elsewhere, the portfolio also profited from gains in the gold price and positioning across the livestock sector.  The Partnership also experienced a loss for the month of May 2016, as markets reacted to an anticipated US interest rate rise, The US dollar responded by appreciating versus most major currencies and gold gave up its April gains – both moves representing a reversal in year-to-date trends. Meanwhile, global stock markets rose slightly over the month, but with offsetting positions between regions, the sector remained largely flat. Oil prices rose to just under $50 a barrel as the global supply glut finally started to ease following supply disruptions in Nigeria, Libya, Venezuela, and Canada. The value of WTI crude futures contracts climbed to a seven-month high.  Against this backdrop, currencies and precious metals posted losses. Long positioning in the Japanese yen and Australian dollar held back returns, while an increased exposure to gold was responsible for most of the negative performance from the precious metals sector. In fixed income, bunds led bond sector returns, but there were losses in short-term interest rates. Crops performed well, attributable largely to profits from trading in soybeans.  The Partnership enjoyed a reversal of previous-months’ losses, and experienced robust gains for June 2016, after a tumultuous period.  As financial markets gradually absorbed the impact of the momentous decision resulting from the UK referendum to exit the European Union, this led to high levels of volatility in virtually all major markets traded by the Partnership and record levels in some. The referendum also had immediate political ramifications in the UK, contributing to the volatility.  The resultant short-term volatility contributed to the Partnership’s positive performance across most sectors traded by the end of June 2016.

First Quarter 2016.  In January 2016, the Partnership enjoyed modest net gains, despite a rocky start as renewed anxiety around the health of the global economy led to heavy falls in world stock markets. Central bankers responded by hinting at further accommodative policy, and the Bank of Japan surprised markets by cutting interest rates on new bank reserves on the final day of the month. Fixed income was the main driver of fund performance in this environment, most notably in Europe: Euribor and Bunds futures prices both recovered their December losses over the course of the month. Energies were another area of strength as the Partnership continued to follow the crude oil price lower amid rising stockpiles and the removal of sanctions on Iran. These gains, however, were trimmed by other parts of the portfolio, as there were losses in equities, while at the same time, short exposure to a rising gold price detracted from overall performance. The Partnership’s portfolio also experienced net investment gains in February 2016, a period when global stock markets were steadier than in January, while gold and government bond prices resumed their upwards trajectory. One of the most notable developments was the British pound sliding to a seven-year low versus the US dollar, as heightened concerns around “Brexit” took hold (i.e., the possibility of Britain exiting the European Union). The Partnership’s performance was similar to that of January 2016 in terms of sector contributions: fixed income and energies were the biggest contributors, while a reduced short exposure to gold led the precious metals positioning to detract. Within fixed income, the Partnership benefited from gains in bond futures. The Partnership also made modest gains in energies and equities during the period. The Partnership sustained a net loss in March 2016, a month characterized by a lack of meaningful diversifiers materializing within the portfolio and reversals in a number of market trends, many of which were profitable during the opening months of the year. Dovish comments from the US Federal Reserve and easing concerns around China were accompanied by a weakening US dollar and increases in commodity prices. Buoyant global stock markets recovered most of their January and February losses, whereas gold’s advances abated. Against this backdrop, the bulk of the Partnership’s losses occurred in its positioning of currencies (notwithstanding some emerging market currency positive returns) and fixed income (as yields rose for the first half of the month only to fall back to where they started by month end). The Partnership in March gave up its earlier profits in the year due to losses on its short positions in energies, as the WTI crude price recovered from around $34 a barrel to $38. Overall short exposure to stock index and crops futures resulted in the Partnership’s failure to profit from buoyant equity markets and agricultural prices during the month.

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Nine Months Ended September 30, 2015

During the nine months ended September 30, 2015, the Partnership achieved net realized and unrealized gains of $5,994,219 from its trading activities, net of brokerage commissions of $4,155,181. The Partnership accrued total expenses of $14,527,027, including $3,007,820 in management fees paid to the General Partner, $4,366,641 in incentive fees, and $3,777,133 in service and professional fees. The Partnership earned $295,913 in interest income during the nine months ended September 30, 2015. An analysis of the profits and losses generated from the Partnership’s commodity futures trading activities for the nine months ended September 30, 2015 is set forth below.

Third Quarter 2015.  The Partnership experienced a gain in July 2015. Large scale intervention by Beijing’s authorities sparked further concerns in Chinese markets as unprecedented selling restrictions were imposed on stocks. At the Federal Market Open Committee meeting, the U.S. Federal Reserve referenced an upbeat labor market, though remained cautious on their inflation outlook. The Partnership benefited from strong performance in futures on light sweet crude oil, Brent crude oil and heating oil. The Partnership’s short positions in gold futures benefitted from the metal’s slide through $1100 and contributed to performance. Long positions in futures on short term interest rates also benefitted performance. The Partnership experienced a loss from long futures positions on Asian indices, particularly the Hang Seng and HSCEI. The Partnership experienced a loss in August 2015. The devaluation of the Chinese yuan at the start of the month soon seemed like a distant memory, as it was overshadowed by equity market moves. The spillover of these concerns sparked a global equity market correction. However, like other such “corrections” in recent history, a quick rebound saw much of the losses reversed. The Partnership’s positions in futures on indices and currencies detracted from performance, especially its positions in the E-Mini S&P, Dow Jones Eurostoxx 50 and the Euro. The Partnership’s positions in gold also detracted from performance. The Partnership experienced a gain in September 2015. It turned out that all the talk of the U.S. Federal Reserve raising rates in September was for nothing, as global growth concerns seemed to leave the decision makers wanting to hold off on acting for a little longer. As has often been the case in recent history, the retracement of stock markets was accompanied by a rise in fixed income. This meant that the Partnership’s long exposure to futures on government bonds and short-term interest rates was the main driver of performance for the month. The Partnership’s performance also benefitted from its short positions in Brent crude oil, light sweet crude oil, and heating oil. Short futures positions in corn and wheat detracted from performance.

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

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First Quarter 2015.  The Partnership experienced a gain in January 2015. The most dramatic market moving event in January was probably the decision by the Swiss Central Bank to remove the cap on the strength of the Swiss Franc against the Euro. Other market moving events during the month were the European Central Bank affirming their commitment to Quantitative Easing and the election of an anti-austerity government in Greece. The net effect on the Partnership’s futures positions in currencies was a loss in the CHF-USD dollar position being offset by a gain in the EUR-USD dollar position. The Partnership achieved gains in its trading of futures contracts in European bonds and US government bonds. The Partnership also benefited from its short position in futures contracts in the energy sector. The Partnership experienced a slight gain in February 2015. The Partnership’s long futures position in stock indices contributed to the Partnership’s gains. The Partnership experienced losses on its short positions in Brent Crude and RBOB gasoline. Losses were also incurred from long futures positions in U.S. 10-year and 5-year Treasury Notes. The Partnership’s performance was adversely impacted by its short positions in British Pound. The Partnership experienced a gain in March 2015. The European Central Bank initiated their quantitative easing program in March. Economic commentators speculated over the Federal Reserve Chairwoman’s, Janet Yellen, removal of the word “patient”. The change in her language upheld the possibility of U.S. rate rises later in the year, however, the market’s perception was dovish following the Federal Reserve’s downward revision of growth and inflation expectations. Both central banking events contributed to global equity markets oscillating their way through the month. The Partnership achieved gains in its trading in futures contracts in Bunds and Eurodollars. The short futures position on the Euro against the dollar made significant positive contribution to performance. Short positions in Brent Crude Oil and RBOB Gasoline also contributed positively to performance. The Partnership’s short position in futures on copper experienced losses after copper rallied strongly against news of the world’s second largest copper mine halting production over labor disputes.

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 September 30, 2016.

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, 2015 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.

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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 30, 2016.

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

(a) The requested information has been previously reported on Form 8-K.

(b) Not applicable.

(c) Limited Partners may redeem some or all of their Interest in the Partnership as of the end of any calendar month upon fifteen (15) days’ prior written notice to the General Partner.  The Partnership may declare additional redemption dates upon notice to the Limited Partners.  The redemption by a Limited Partner has no impact on the value of the capital accounts of the remaining Limited Partners.  The following table summarizes the redemptions by Limited Partners during the third calendar quarter of 2016:

Month	Amount Redeemed
July 31, 2016	$	5,512,001
August 31, 2016	$	8,683,105
September 30, 2016	$	8,086,903

Item 3:  Defaults Upon Senior Securities.

(a) None.

(b) None.

Item 4:  Mine Safety Disclosure.

Not applicable.

Item 5:  Other Information.

(a) None.

(b) Not applicable.

Item 6: Exhibits.

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

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

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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
31.01	Rule 13a-14(a)/15d-14(a) Certification
32.01	Section 1350 Certification

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

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

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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: November 11, 2016

ALTEGRIS WINTON FUTURES FUND, L.P.

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

/s/ Martin Beaulieu

Martin Beaulieu, Executive Chairman

/s/ Kenneth I. McGuire

Kenneth I. McGuire, Principal Financial Officer

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