Cavendish Futures Fund 10-K 30 Mar 17 2016 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2016	Feb. 28, 2017	Jun. 30, 2016
Document and Entity Information
Entity Registrant Name	CAVENDISH FUTURES FUND LLC
Entity Central Index Key	1,562,622
Document Type	10-K
Document Period End Date	Dec. 31, 2016
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity Common Stock Shares Outstanding At Public Float Date			165,011.578
Entity Public Float			$ 203,561,117
Entity Common Stock, Shares Outstanding		169,195,737
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	FY

Statements of Financial Conditi

Statements of Financial Condition - USD ($)		Dec. 31, 2016	Dec. 31, 2015
ASSETS
Investment in Sydling WNT Master Fund LLC, at fair value		$ 189,623,008	$ 171,511,951
Cash (Note 3f)		1,863,996	3,771,989
Receivable from Sydling WNT Master Fund LLC		1,833,912	1,294,370
Total Assets		193,320,916	176,578,310
LIABILITIES
Subscriptions received in advance (Note 3f)		1,826,000	3,541,000
Redemption payable		1,453,446	1,001,677
Accrued expenses:
Advisory fees (Note 4b)		239,244	216,002
Administrative fees (Notes 4a and 4c)		79,748	72,001
Professional fees and other expenses		99,470	235,679
Total Liabilities		3,697,908	5,066,359
MEMBERS' CAPITAL
Total Member's Capital		189,623,008	171,511,951
Total Liabilities and Members' Capital		$ 193,320,916	$ 176,578,310
Members' Capital per unit (based on 168,252.490 units and 142,666.192 units)	[1]	$ 1,127.01	$ 1,202.19
Member Designee
MEMBERS' CAPITAL
Total Member's Capital		$ 28,175	$ 30,055
Non-managing members
MEMBERS' CAPITAL
Total Member's Capital		$ 189,594,833	$ 171,481,896
[1]	Per share operating performance is calculated on a monthly basis by dividing each line item by the outstanding units at month-end prior to the reduction of redeemed units.

Statements of Financial Condit3

Statements of Financial Condition (Parenthetical) - shares	Dec. 31, 2016	Dec. 31, 2015
Redeemable Units (in units)	168,252.490	142,666.192
Member Designee
Redeemable Units (in units)	25	25
Non-managing members
Redeemable Units (in units)	168,227.490	142,641.192

Statements of Operations

Statements of Operations - USD ($)		12 Months Ended
		Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
INVESTMENT INCOME
Interest income allocated from Sydling WNT Master Fund LLC		$ 473,865	$ 42,256	$ 19,485
EXPENSES
Expenses allocated from Sydling WNT Master Fund LLC		7,151,461	5,549,875	2,891,426
Incentive fees (Note 4b)		410,292	2,112,137	4,172,680
Advisory fees (Note 4b)		2,937,633	2,297,061	1,164,404
Administrative fees (Notes 4a)		979,211	765,687	388,135
Professional fees and other expenses		304,249	416,457	442,478
Total Expenses		11,782,846	11,141,217	9,059,123
NET INVESTMENT INCOME/(LOSS)		(11,308,981)	(11,098,961)	(9,039,638)
TRADING RESULTS
Net realized gain/(loss) allocated from Sydling WNT Master Fund LLC		(2,774,585)	13,310,782	20,608,567
Net change in unrealized appreciation/(depreciation) allocated from Sydling WNT Master Fund LLC		259,264	(3,575,855)	2,894,622
Total Trading Results		(2,515,321)	9,734,927	23,503,189
Net income/(Loss)		$ (13,824,302)	$ (1,364,034)	$ 14,463,551
Net income/(loss) per unit of Members' Capital	[1]	$ (75.18)	$ (4.17)	$ 177.79
[1]	Represents the changes in Members' Capital per unit.

Statements of Changes in Member

Statements of Changes in Members' Capital - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Increase/Decrease in Members' Capital
Member's Capital at Beginning of Year	$ 171,511,951	$ 105,601,159	$ 46,935,428
Subscriptions,42,744.236 units, 59,786.173 units and 43,735.258 units of non-managing member interest for the period ended December 31, 2016, 2015 and 2014, respectively	52,547,971	72,817,016	46,124,770
Redemptions, 17,157.938 units, 4,656.794 units and 1,829.957 units of non-managing member interest for the period ended December 31, 2016, 2015 and 2014, respectively	(20,612,612)	(5,542,190)	(1,922,590)
Net income (loss)	(13,824,302)	(1,364,034)	14,463,551
Member's Capital at End of Year	189,623,008	171,511,951	105,601,159
Non-managing members
Increase/Decrease in Members' Capital
Member's Capital at Beginning of Year	171,481,896	105,571,000	46,909,714
Subscriptions,42,744.236 units, 59,786.173 units and 43,735.258 units of non-managing member interest for the period ended December 31, 2016, 2015 and 2014, respectively	52,547,971	72,817,016	46,124,770
Redemptions, 17,157.938 units, 4,656.794 units and 1,829.957 units of non-managing member interest for the period ended December 31, 2016, 2015 and 2014, respectively	(20,612,612)	(5,542,190)	(1,922,590)
Net income (loss)	(13,822,422)	(1,363,930)	14,459,106
Member's Capital at End of Year	189,594,833	171,481,896	105,571,000
Member Designee
Increase/Decrease in Members' Capital
Member's Capital at Beginning of Year	30,055	30,159	25,714
Net income (loss)	(1,880)	(104)	4,445
Member's Capital at End of Year	$ 28,175	$ 30,055	$ 30,159

Statements of Changes in Membe6

Statements of Changes in Members' Capital (Parenthetical) - Non-managing members - shares	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Subscriptions of Non-Managing Member interest (in units)	42,744.236	59,786.173	43,735.258
Redemptions of Non-Managing Member Interest (in units)	17,157.938	4,656.794	1,829.957

Financial Highlights

Financial Highlights - USD ($)		12 Months Ended
		Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Per share operating performance:
Members' capital per unit, beginning of year (in dollars per unit)	[1]	$ 1,202.19	$ 1,206.36	$ 1,028.57
Income from investment operations:
Net investment income/(loss) (in dollars per unit)	[1]	(70.39)	(92.63)	(120.41)
Net realized and unrealized gain/(loss) from investment activities (in dollars per unit)	[1],[2]	(4.79)	88.46	298.20
Total from investment operations (in dollars per unit)	[1]	(75.18)	(4.17)	177.79
Members' capital per unit, end of year	[1]	$ 1,127.01	$ 1,202.19	$ 1,206.36
Ratio/Supplemental Data:
Ratio of net investment income/(loss) to average Members' capital (as a percent)	[3]	(5.90%)	(7.47%)	(12.18%)
Ratio of operating expenses to average Members' capital before incentive fee (as a percent)	[3]	5.93%	6.08%	6.58%
Ratio of incentive fee to average Members' capital (as a percent)	[3]	0.21%	1.42%	5.62%
Ratio of operating expenses to average Members' capital after incentive fee (as a percentage)	[3]	6.14%	7.50%	12.20%
Total return before incentive fee (as a percent)	[3],[4]	(6.04%)	1.07%	22.91%
Incentive fee (as a percent)	[3]	(0.21%)	(1.42%)	(5.62%)
Total return after incentive fee (as a percent)	[3]	(6.25%)	(0.35%)	17.29%
Member's Capital at End of Year		$ 189,623,008	$ 171,511,951	$ 105,601,159
[1]	Per share operating performance is calculated on a monthly basis by dividing each line item by the outstanding units at month-end prior to the reduction of redeemed units.
[2]	Net realized and unrealized gain/(loss) from investment activities has been adjusted to reflect organization costs amortized over 24 months for the purpose of subscriptions and redemptions (Note 5).
[3]	The average members’ capital used in the above ratios is calculated by using members’ capital after period-end withdrawals.
[4]	Total return assumes a purchase of an interest in the Fund at the beginning of the year and a sale of the Fund interest on the last day of the year noted.

Organization

Organization	12 Months Ended
	Dec. 31, 2016
Organization
Organization	1. Organization Cavendish Futures Fund LLC (the “Fund”) is a Delaware limited liability company formed on August 7, 2012. Trading operations of the Fund commenced on February 19, 2013. The Fund’s investment objective is to seek to achieve capital appreciation through speculative trading in U.S. and international futures, options on futures and forward markets. The Fund may also engage in swap and other derivative transactions upon approval of Sydling. The Fund invests substantially all of its assets in Sydling WNT Master Fund LLC (the “Master Fund”), also a Delaware limited liability company, that has the same investment objective as the Fund. The financial statements of the Master Fund, including the condensed schedule of investments, are included elsewhere in this report and should be read with the Fund’s financial statements. The percentage of the Master Fund’s capital owned by the Fund at December 31, 2016 and 2015 was 100%. The performance of the Fund is directly affected by the performance of the Master Fund. The Fund is member managed for purposes of Delaware law. Pursuant to the limited liability company agreement of the Fund, as may be amended from time to time (the “LLC Agreement”), the members of the Fund have appointed Sydling Futures Management LLC (“Sydling” or “Member Designee”) to act as the Fund’s trading manager and commodity pool operator. Sydling is registered as a commodity pool operator and a commodity trading advisor and is a member of the National Futures Association (“NFA”) effective August 10, 2011. Sydling, a wholly owned subsidiary of UBS Alternatives LLC, was formed on August 4, 2011. UBS Alternatives LLC is a wholly owned subsidiary of UBS Americas Inc. In 2015, UBS AG (“UBS”) transferred its ownership interest in UBS Americas Inc. to UBS Americas Holdings LLC, a wholly owned subsidiary of UBS which is a wholly owned subsidiary of UBS Group AG. UBS Group AG was established as the holding company of UBS in response to evolving regulatory requirements. The term of the Fund shall end upon the first to occur of the following: (i) December 31, 2037; (ii) the vote to dissolve the Fund by members owning more than 50% of the units of limited liability company interest of the Fund; (iii) the withdrawal, removal, bankruptcy or dissolution of the Member Designee; (iv) a decline in net asset value to less than $400 per unit, as such amount may be adjusted for any splits or combinations of units, as of the end of any trading day; or (v) the occurrence of any event which shall make it unlawful for the existence of the Fund to be continued. In addition, the Member Designee may, in its sole discretion, cause the Fund to dissolve if the Fund’s aggregate net assets decline to less than $1,000,000. Winton Capital Management Limited (the “Advisor” or “WNT”) serves as the trading advisor to the Fund and the Master Fund. BNY Mellon Investment Servicing (US) Inc. serves as administrator (the “Administrator”) of the Fund. The Fund privately and continually offers units of limited liability company interest in the Fund to qualified investors and are generally accepted monthly. A qualified investor is an accredited investor as defined in Regulation D under the Securities Exchange Act of 1933. There is no maximum number of units that may be sold in the Fund. Sydling may reject any subscription for any reason for a reasonable period of time after receipt. Generally, units may be redeemed on the last day of any month with five days written notice provided that such units are held for three full months. In general, the Fund will make payment for redeemed units within ten business days following the redemption date.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	12 Months Ended
	Dec. 31, 2016
Recent Accounting Pronouncements
Recent Accounting Pronouncements	2. Recent Accounting Pronouncements In August 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-15, Presentation of Financial Statements — Going Concern (Subtopic ASC 205-40) (“ASU No. 2014-15”). ASU 2014-15 requires management to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued or within one year after the date that the financial statements are available to be issued, when applicable. ASU 2014-15 is effective for fiscal periods ending after December 15, 2016. Management has evaluated relevant conditions and events, which are known and reasonably knowable, and has determined that there are no conditions and events that raise substantial doubt about the Funds’ ability to continue as a going concern.

Significant Accounting Policies

Significant Accounting Policies	12 Months Ended
	Dec. 31, 2016
Significant Accounting Policies
Significant Accounting Policies	3. Significant Accounting Policies a. Basis of Presentation The Fund has determined its status as an investment company and as such, follows the accounting and reporting requirements of ASC 946, Financial Services — Investment Companies. b. Use of Estimates The preparation of financial statements and accompanying notes in conformity with accounting principles generally accepted in the United States (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in members’ capital from operations during the reporting period. Actual results could differ from those estimates. c. Statements of Cash Flows The Fund is not required to provide a Statements of Cash Flows in accordance with Accounting Standard Codification (“ASC”) 230, Statement of Cash Flows . d. Fair Value Measurements In May 2015, the FASB issued ASU 2015-07, Fair Value Measurement (Topic 820) , Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent) . ASU 2015-07 removes the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value per share practical expedient. Accordingly, the Fund’s investment in the Master Fund has not been categorized in the fair value hierarchy. e. Investment in Master Fund The Fund records its investment in the Master Fund at fair value and is represented by the Fund’s proportionate interest in the members’ capital of the Master Fund at December 31, 2016 and 2015. Valuation of securities held by the Master Fund is discussed in the notes to the Master Fund’s financial statements. The Fund records its pro rata share of the Master Fund’s income, expenses and realized and unrealized gains and losses. The performance of the Fund is directly attributable to the performance of the Master Fund. The Fund records its subscription and redemption of the capital account related to its investment in the Master Fund on the transaction date. The Master Fund will adjust the capital account of the Fund. Brokerage, clearing and transaction fees are incurred by the Master Fund and are reflected in the pro rata allocation received by the Fund from the Master Fund. f. Subscriptions Received in Advance Subscriptions received in advance represent the amounts paid by the non-managing members for a percentage ownership into the Fund which have not yet been added as members’ capital as of December 31, 2016 and 2015. The amount paid is held as cash in the Fund’s escrow account and represents the cash on the Statements of Financial Condition. g. Redemptions Payable Pursuant to ASC Topic 480, Distinguishing Liabilities from Equity , capital withdrawals effective December 31, 2016 and 2015 have been reflected as redemptions payable in the Statements of Financial Condition. h. Income Taxes The Fund is classified as a partnership for U.S. federal income tax purposes, and the Fund will not pay U.S. federal income tax. As a result, no income tax liability or expense has been recorded in the financial statements. Each member will be subject to taxation on its share of the Fund’s ordinary income, capital gains and losses. U.S. GAAP provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements and requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Master Fund’s financial statements to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions with respect to tax at the Master Fund level not deemed to meet the “more-likely-than-not” threshold would be recorded as a tax benefit or expense in the current year. Management has analyzed the Master Fund’s tax positions for the open tax period and has concluded that no provision is required in the Master Fund’s financial statements. The Master Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations. For the years ended December 31, 2016, 2015 and 2014, the Master Fund did not incur any interest or penalties.

Related Party Transactions and

Related Party Transactions and Other Agreements	12 Months Ended
	Dec. 31, 2016
Related Party Transactions and Other Agreements
Related Party Transactions and Other Agreements	4. Related Party Transactions and Other Agreements a. Limited Liability Company Agreement Sydling administers the business affairs of the Fund including selecting one or more advisors to make trading decisions for the Fund. The Fund will pay Sydling a monthly administration fee in return for its services equal to 1/12 of 0.50% (0.50% per year) of month-end adjusted members’ capital of the Fund. Month-end members’ capital, for the purpose of calculating administration fees are members’ capital, as defined in the Limited Liability Company Agreement, prior to the reduction of the current month’s incentive allocation accrual, the monthly advisory fee, Sydling’s administration fee and any redemptions or distributions as of the end of such month. For the years ended December 31, 2016, 2015 and 2014, the Fund incurred administrative fees of $979,211, $765,687 and $388,135, respectively, of which $79,748, and $72,001 remained payable and is reflected on the Statements of Financial Condition as of December 31, 2016 and 2015, respectively. Each unit, when purchased by a member, shall be fully paid and non-assessable. No member shall be liable for Fund obligations in excess of the capital contributed by the member, plus such member’s share of undistributed profits, if any. b. Trading Advisory Agreement Sydling, on behalf of the Fund, has entered into an advisory agreement (the “Trading Advisory Agreement”) with the Advisor, a registered commodity trading advisor. The Advisor is not affiliated with Sydling or UBS Securities LLC, the Master Fund’s commodity broker, or its affiliates and is not responsible for the organization or operation of the Fund. The Trading Advisory Agreement provides that the Advisor has sole discretion in determining the investment of the assets of the Fund. During the years ended December 31, 2016, 2015 and 2014, the Fund paid the Advisor a monthly advisory fee equal to 1/12 of 1.5% (1.5% per year) of month-end members’ capital of the Fund. Month-end members’ capital, for the purpose of calculating advisory fees are members’ capital, as defined in the Limited Liability Company Agreement, prior to the reduction of the current month’s incentive allocation accrual, the monthly advisory fee, Sydling’s administration fee and any redemptions or distributions as of the end of such month. The Trading Advisory Agreement may be terminated upon notice by either party. For the years ended December 31, 2016, 2015 and 2014, the Fund incurred advisory fees of $2,937,633, $2,297,061 and $1,164,404, respectively of which $239,244 and $216,002 remained payable and is reflected on the Statements of Financial Condition as of December 31, 2016 and 2015, respectively. In addition, the Advisor receives a quarterly incentive fee equal to 20% of New Trading Profits, as defined in the Trading Advisory Agreement, earned on behalf of the Fund during each calendar quarter and are issued as special member units. The amounts of $410,292, $2,112,137 and $4,172,680 represent the incentive fees earned on new trading profits earned for the years ended December 31, 2016, 2015 and 2014, respectively. In allocating substantially all of the assets of the Fund to the Master Fund, Sydling considered the Advisor’s past performance, trading style, volatility of markets traded and fee requirements. Sydling may modify or terminate the allocation of assets to the Advisor at any time. c. Administration Agreement Sydling, on behalf of the Fund, has entered into an administration agreement with the Administrator. The Administrator will assist Sydling in performing certain day-to-day tasks on behalf of the Fund, including but not limited to, calculating daily or periodic portfolio valuations, reconciling cash and portfolio positions, providing portfolio reporting, maintaining books and records and calculating all fund fees. Sydling will pay a portion of the administrative fee it receives from the Fund to the Administrator in full satisfaction of fees owed to the Administrator.

Organization Costs

Organization Costs	12 Months Ended
	Dec. 31, 2016
Organization Costs
Organization Costs	5. Organization Costs In 2013, organization costs of $181,566 relating to the issuance and marketing of the Fund’s units offered were initially paid by UBS Financial Services Inc. (“UBSFSI”). These costs have been recorded as organization costs in the Statements of Financial Condition and represent the amount due to UBSFSI. These costs are being reimbursed to UBSFSI by the Fund in 24 monthly installments. The monthly installments will reduce the members’ capital for the purpose of calculating administrative and advisory fees and the incentive allocation. All of these costs have been reimbursed to UBSFSI by the Fund in March 2015.

Subscriptions, Distributions an

Subscriptions, Distributions and Redemptions	12 Months Ended
	Dec. 31, 2016
Subscriptions, Distributions and Redemptions
Subscriptions, Distributions and Redemptions	6. Subscriptions, Distributions and Redemptions The Fund will offer units privately through its selling agent, UBSFSI. The Fund may engage additional selling agents in the future, including selling agents affiliated or unaffiliated with Sydling. The minimum initial subscription in the Fund is $25,000 (or $10,000 in the case of ERISA Plans). The minimum additional investment for those who are current members and are qualified investors is $10,000. Sydling may, in its sole discretion, lower these amounts. Subscriptions for units are made five business days prior to the end of a month and are made at the net asset value (“NAV”) on the first day of the following month. Sydling may reject any subscription for any reason for a reasonable period of time after receipt. Distributions, if any, will be made at the sole discretion of Sydling. Contingent upon 5 days’ prior notice to the trading manager, redemptions of the Fund’s units are made at the NAV as of the end of any month, provided that such units were held for three full months. The units are classified as a liability when a member elects to redeem and informs the trading manager. Sydling may, in its sole discretion, modify the length of required notices or other restrictions.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2016
Subsequent Events
Subsequent Events	7. Subsequent Events Management has evaluated the impact of all subsequent events on the Fund through March 22, 2017, the date these financial statements were available to be issued. Subsequent to year end additional subscriptions were received from the non-managing members totaling $7,371,478. Subsequent to year end redemptions were paid to the non-managing members totaling $4,448,893. Management has determined that there were no additional subsequent events requiring recognition or disclosure in the financial statements.

Significant Accounting Polici15

Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2016
Significant Accounting Policies
Basis of Presentation	a. Basis of Presentation The Fund has determined its status as an investment company and as such, follows the accounting and reporting requirements of ASC 946, Financial Services — Investment Companies.
Use of Estimates	b. Use of Estimates The preparation of financial statements and accompanying notes in conformity with accounting principles generally accepted in the United States (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in members’ capital from operations during the reporting period. Actual results could differ from those estimates.
Statement of Cash Flows	c. Statements of Cash Flows The Fund is not required to provide a Statements of Cash Flows in accordance with Accounting Standard Codification (“ASC”) 230, Statement of Cash Flows .
Fair Value Measurements	d. Fair Value Measurements In May 2015, the FASB issued ASU 2015-07, Fair Value Measurement (Topic 820) , Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent) . ASU 2015-07 removes the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value per share practical expedient. Accordingly, the Fund’s investment in the Master Fund has not been categorized in the fair value hierarchy.
Investment in Master Fund	e. Investment in Master Fund The Fund records its investment in the Master Fund at fair value and is represented by the Fund’s proportionate interest in the members’ capital of the Master Fund at December 31, 2016 and 2015. Valuation of securities held by the Master Fund is discussed in the notes to the Master Fund’s financial statements. The Fund records its pro rata share of the Master Fund’s income, expenses and realized and unrealized gains and losses. The performance of the Fund is directly attributable to the performance of the Master Fund. The Fund records its subscription and redemption of the capital account related to its investment in the Master Fund on the transaction date. The Master Fund will adjust the capital account of the Fund. Brokerage, clearing and transaction fees are incurred by the Master Fund and are reflected in the pro rata allocation received by the Fund from the Master Fund.
Subscriptions Received in Advance	f. Subscriptions Received in Advance Subscriptions received in advance represent the amounts paid by the non-managing members for a percentage ownership into the Fund which have not yet been added as members’ capital as of December 31, 2016 and 2015. The amount paid is held as cash in the Fund’s escrow account and represents the cash on the Statements of Financial Condition.
Redemptions Payable	g. Redemptions Payable Pursuant to ASC Topic 480, Distinguishing Liabilities from Equity , capital withdrawals effective December 31, 2016 and 2015 have been reflected as redemptions payable in the Statements of Financial Condition.
Income Taxes	h. Income Taxes The Fund is classified as a partnership for U.S. federal income tax purposes, and the Fund will not pay U.S. federal income tax. As a result, no income tax liability or expense has been recorded in the financial statements. Each member will be subject to taxation on its share of the Fund’s ordinary income, capital gains and losses. U.S. GAAP provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements and requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Master Fund’s financial statements to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions with respect to tax at the Master Fund level not deemed to meet the “more-likely-than-not” threshold would be recorded as a tax benefit or expense in the current year. Management has analyzed the Master Fund’s tax positions for the open tax period and has concluded that no provision is required in the Master Fund’s financial statements. The Master Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations. For the years ended December 31, 2016, 2015 and 2014, the Master Fund did not incur any interest or penalties.

Organization (Details)

Organization (Details)	12 Months Ended
	Dec. 31, 2016USD ($)$ / itemshares	Dec. 31, 2015
Ownership percentage in Master Fund	100.00%	100.00%
Decline in net asset value (per unit) | $ / item	400
Aggregate net assets decline | $	$ 1,000,000
Maximum number of Redeemable Units that may be sold by the Fund | shares	0
Notice period for redemption of units	5 days
Period for which units are required to be held for redemptions at the NAV on the last day of any month	3 months
Maximum number of business days from redemption date within which the entity will make payment for redeemed units	10 days
Minimum
Percentage of interest owned	50.00%

Significant Accounting Polici17

Significant Accounting Policies (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Significant Accounting Policies
Income tax liability or expense	$ 0	$ 0	$ 0

Related Party Transactions an18

Related Party Transactions and Other Agreements (Details)	12 Months Ended
	Dec. 31, 2016USD ($)advisor	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Related Party Transactions and Other Agreements
Administrative fees	$ 979,211	$ 765,687	$ 388,135
Administrative Fees remained payable	79,748	72,001
Advisory fees	2,937,633	2,297,061	1,164,404
Advisory Fees remained payable	239,244	216,002
Incentive Fee Expense	$ 410,292	2,112,137	4,172,680
Limited Liability Company Agreement | Sydling Futures Management LLC
Related Party Transactions and Other Agreements
Monthly administration fee as a percentage of members' capital	0.042%
Annual administration fee as a percentage of members' capital	0.50%
Administrative fees	$ 979,211	765,687	$ 388,135
Administrative Fees remained payable	$ 79,748	$ 72,001
Limited Liability Company Agreement | Sydling Futures Management LLC | Minimum
Related Party Transactions and Other Agreements
Number of advisors selected to make trading decisions | advisor	1
Trading Advisory Agreement
Related Party Transactions and Other Agreements
Monthly advisory fee as a percentage of members' capital	0.125%	0.125%	0.125%
Annual advisory fee as a percentage of members' capital	1.50%	1.50%	1.50%
Advisory fees	$ 2,937,633	$ 2,297,061	$ 1,164,404
Advisory Fees remained payable	$ 239,244	$ 216,002
Trading Advisory Agreement | Special Member
Related Party Transactions and Other Agreements
Quarterly incentive fee as a percentage of new trading profits	20.00%

Organization Costs (Details)

Organization Costs (Details)	12 Months Ended
	Dec. 31, 2016item	Dec. 31, 2013USD ($)
Organization Costs
Organizational costs paid by UBS Financial Services Inc. | $		$ 181,566
Number of monthly installments for reimbursement | item	24

Subscriptions, Distributions 20

Subscriptions, Distributions and Redemptions (Details)	12 Months Ended
	Dec. 31, 2016USD ($)
Subscriptions, Distributions and Redemptions
Minimum initial subscription	$ 25,000
Minimum initial subscription in case of ERISA Plans	10,000
Minimum additional investment requirement for current members and are qualified investors	$ 10,000
Minimum number of business days prior to the month end up to which subscriptions are made	5 days
Notice period for redemption of units	5 days
Period for which units are required to be held for redemptions at the NAV on the last day of any month	3 months

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent events - Non-managing members	Mar. 22, 2017USD ($)
Subsequent events
Additional subscription received	$ 7,371,478
Redemptions to be paid	$ 4,448,893

Statements of Financial Condi22

Statements of Financial Condition - Sydling - USD ($)	Dec. 31, 2016	Dec. 31, 2015
ASSETS
Total Assets	$ 193,320,916	$ 176,578,310
LIABILITIES AND MEMBER'S CAPITAL
Redemption payable	1,453,446	1,001,677
Accrued expenses:
Professional fees and other expenses	99,470	235,679
Total Liabilities	3,697,908	5,066,359
MEMBER'S CAPITAL
Total Member's Capital	189,623,008	171,511,951
Total Liabilities and Members' Capital	193,320,916	176,578,310
Sydling WNT Master Fund LLC
ASSETS
Cash (including restricted cash of $23,311,302 and $20,104,777, respectively)	190,271,646	171,893,278
Net unrealized appreciation on open futures contracts	1,674,971	1,415,707
Interest receivable	118,169	25,725
Total Assets	192,064,786	173,334,710
LIABILITIES AND MEMBER'S CAPITAL
Redemption payable	1,833,912	1,294,370
Accrued expenses:
Selling agent fees payable	560,050
Brokerage commissions		505,493
Professional fees and other expenses	47,816	22,896
Total Liabilities	2,441,778	1,822,759
MEMBER'S CAPITAL
Total Member's Capital	189,623,008	171,511,951
Total Liabilities and Members' Capital	$ 192,064,786	$ 173,334,710

Statements of Financial Condi23

Statements of Financial Condition (Parenthetical) - Sydling - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Sydling WNT Master Fund LLC
Restricted cash	$ 23,311,302	$ 20,104,777

Condensed Schedules of Investme

Condensed Schedules of Investments - Sydling	Dec. 31, 2016USD ($)contract	Dec. 31, 2015USD ($)contract
Total Member's Capital	$ 189,623,008	$ 171,511,951
Sydling WNT Master Fund LLC
Total Member's Capital	$ 189,623,008	$ 171,511,951
Percent of Member's Capital	100.00%	100.00%
Sydling WNT Master Fund LLC | Futures Contracts
TOTAL FUTURES CONTRACTS	$ 1,674,971	$ 1,415,707
OTHER ASSETS IN EXCESS OF OTHER LIABILITIES	$ 187,948,037	$ 170,096,244
OTHER ASSETS IN EXCESS OF OTHER LIABILITIES AS PERCENT OF MEMBER'S CAPITAL	99.12%	99.18%
Percent of Member's Capital	0.88%	0.82%
Sydling WNT Master Fund LLC | CONTRACTS OWNED | Futures Contracts
TOTAL FUTURES CONTRACTS OWNED	$ 364,553	$ (772,440)
Percent of Member's Capital	0.19%	(0.45%)
Sydling WNT Master Fund LLC | CONTRACTS OWNED | Futures Contracts | Currencies
Number of Contracts owned | contract	18	323
TOTAL FUTURES CONTRACTS OWNED	$ 75	$ 140,883
Percent of Member's Capital	0.00%	0.08%
Sydling WNT Master Fund LLC | CONTRACTS OWNED | Futures Contracts | Energy
Number of Contracts owned | contract	170
TOTAL FUTURES CONTRACTS OWNED	$ 185,114
Percent of Member's Capital	0.10%
Sydling WNT Master Fund LLC | CONTRACTS OWNED | Futures Contracts | Financials
Number of Contracts owned | contract	1,237	5,778
TOTAL FUTURES CONTRACTS OWNED	$ 291,766	$ (1,194,580)
Percent of Member's Capital	0.15%	(0.70%)
Sydling WNT Master Fund LLC | CONTRACTS OWNED | Futures Contracts | Grains
Number of Contracts owned | contract	286	94
TOTAL FUTURES CONTRACTS OWNED	$ (398,259)	$ 10,686
Percent of Member's Capital	(0.21%)	0.01%
Sydling WNT Master Fund LLC | CONTRACTS OWNED | Futures Contracts | Index
Number of Contracts owned | contract	2,590	754
TOTAL FUTURES CONTRACTS OWNED	$ 1,127,694	$ 267,181
Percent of Member's Capital	0.59%	0.16%
Sydling WNT Master Fund LLC | CONTRACTS OWNED | Futures Contracts | Industrials
Number of Contracts owned | contract	1
TOTAL FUTURES CONTRACTS OWNED	$ 616
Percent of Member's Capital	0.00%
Sydling WNT Master Fund LLC | CONTRACTS OWNED | Futures Contracts | Materials
Number of Contracts owned | contract	50	24
TOTAL FUTURES CONTRACTS OWNED	$ 50,650	$ 3,430
Percent of Member's Capital	0.03%	0.00%
Sydling WNT Master Fund LLC | CONTRACTS OWNED | Futures Contracts | Meats
Number of Contracts owned | contract	85	1
TOTAL FUTURES CONTRACTS OWNED	$ 82,065	$ (40)
Percent of Member's Capital	0.04%	0.00%
Sydling WNT Master Fund LLC | CONTRACTS OWNED | Futures Contracts | Metals
Number of Contracts owned | contract	180
TOTAL FUTURES CONTRACTS OWNED	$ (975,168)
Percent of Member's Capital	(0.51%)
Sydling WNT Master Fund LLC | CONTRACTS SOLD | Futures Contracts
TOTAL FUTURES CONTRACTS SOLD	$ 1,310,418	$ 2,188,147
Percent of Member's Capital	0.69%	1.27%
Sydling WNT Master Fund LLC | CONTRACTS SOLD | Futures Contracts | Currencies
Number of Contracts owned | contract	929	1,148
TOTAL FUTURES CONTRACTS SOLD	$ (292,988)	$ 732,243
Percent of Member's Capital	(0.15%)	0.43%
Sydling WNT Master Fund LLC | CONTRACTS SOLD | Futures Contracts | Energy
Number of Contracts owned | contract	68	667
TOTAL FUTURES CONTRACTS SOLD	$ (136,329)	$ 350,328
Percent of Member's Capital	(0.07%)	0.20%
Sydling WNT Master Fund LLC | CONTRACTS SOLD | Futures Contracts | Financials
Number of Contracts owned | contract	2,446	196
TOTAL FUTURES CONTRACTS SOLD	$ 286,984	$ (9,629)
Percent of Member's Capital	0.15%	(0.01%)
Sydling WNT Master Fund LLC | CONTRACTS SOLD | Futures Contracts | Grains
Number of Contracts owned | contract	801	869
TOTAL FUTURES CONTRACTS SOLD	$ 1,016,819	$ 520,477
Percent of Member's Capital	0.54%	0.30%
Sydling WNT Master Fund LLC | CONTRACTS SOLD | Futures Contracts | Index
Number of Contracts owned | contract	89	501
TOTAL FUTURES CONTRACTS SOLD	$ (15,362)	$ (154,135)
Percent of Member's Capital	(0.01%)	(0.09%)
Sydling WNT Master Fund LLC | CONTRACTS SOLD | Futures Contracts | Industrials
Number of Contracts owned | contract		3
TOTAL FUTURES CONTRACTS SOLD		$ 3,058
Percent of Member's Capital		0.00%
Sydling WNT Master Fund LLC | CONTRACTS SOLD | Futures Contracts | Meats
Number of Contracts owned | contract	8	114
TOTAL FUTURES CONTRACTS SOLD	$ (28,220)	$ (189,420)
Percent of Member's Capital	(0.01%)	(0.11%)
Sydling WNT Master Fund LLC | CONTRACTS SOLD | Futures Contracts | Metals
Number of Contracts owned | contract	271	496
TOTAL FUTURES CONTRACTS SOLD	$ 479,514	$ 935,225
Percent of Member's Capital	0.24%	0.55%

Statements of Operations - Sydl

Statements of Operations - Sydling - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
EXPENSES
Total Expenses	$ 11,782,846	$ 11,141,217	$ 9,059,123
Net change in unrealized appreciation/(depreciation) on:
Net income/(Loss)	(13,824,302)	(1,364,034)	14,463,551
Sydling WNT Master Fund LLC
INVESTMENT INCOME
Interest income	473,865	42,256	19,485
Total Investment Income	473,865	42,256	19,485
EXPENSES
Brokerage, clearing and transaction fees	3,588,227	5,527,858	2,801,413
Selling agent fees	3,464,734
Professional fees	98,500	22,017	90,013
Total Expenses	7,151,461	5,549,875	2,891,426
Net Investment (Loss)	(6,677,596)	(5,507,619)	(2,871,941)
Net realized gain/(loss) from:
Futures and foreign currency	(2,774,585)	13,310,782	20,608,567
Net change in unrealized appreciation/(depreciation) on:
Futures	259,264	(3,575,855)	2,894,622
Net Realized and Change in Unrealized Gain/(Loss) from Derivative Instruments	(2,515,321)	9,734,927	23,503,189
Net income/(Loss)	$ (9,192,917)	$ 4,227,308	$ 20,631,248

Statements of Changes in Memb26

Statements of Changes in Member's Capital - Sydling - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
INCREASE (DECREASE) IN MEMBER'S CAPITAL FROM OPERATIONS
Net investment income/(loss)	$ (11,308,981)	$ (11,098,961)	$ (9,039,638)
Net income/(Loss)	(13,824,302)	(1,364,034)	14,463,551
INCREASE (DECREASE) IN MEMBER'S CAPITAL FROM CAPITAL TRANSACTIONS
Member's Capital at Beginning of Year	171,511,951	105,601,159	46,935,428
Member's Capital at End of Year	189,623,008	171,511,951	105,601,159
Sydling WNT Master Fund LLC
INCREASE (DECREASE) IN MEMBER'S CAPITAL FROM OPERATIONS
Net investment income/(loss)	(6,677,596)	(5,507,619)	(2,871,941)
Net realized gain/(loss) on futures and foreign currency	(2,774,585)	13,310,782	20,608,567
Net change in unrealized appreciation/(depreciation) on futures and foreign currency	259,264	(3,575,855)	2,894,622
Net income/(Loss)	(9,192,917)	4,227,308	20,631,248
INCREASE (DECREASE) IN MEMBER'S CAPITAL FROM CAPITAL TRANSACTIONS
Subscriptions	52,547,971	72,817,016	46,124,770
Redemptions	(25,243,997)	(11,141,097)	(8,181,071)
Net Increase (Decrease) in Member's Capital Derived from Capital Transactions	27,303,974	61,675,919	37,943,699
Net increase (Decrease) in Member's Capital	18,111,057	65,903,227	58,574,947
Member's Capital at Beginning of Year	171,511,951	105,608,724	47,033,777
Member's Capital at End of Year	$ 189,623,008	$ 171,511,951	$ 105,608,724

Financial Highlights - Sydling

Financial Highlights - Sydling - USD ($)		12 Months Ended
		Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Ratio/Supplemental Data:
Ratio of net investment income/(loss) to average member's capital (as a percent)	[1]	(5.90%)	(7.47%)	(12.18%)
Member's capital at end of year		$ 189,623,008	$ 171,511,951	$ 105,601,159
Sydling WNT Master Fund LLC
Ratio/Supplemental Data:
Ratio of net investment income/(loss) to average member's capital (as a percent)	[2]	(3.48%)	(3.70%)	(3.85%)
Ratio of total expenses to average member's capital (as a percent)	[2]	3.72%	3.73%	3.87%
Total return (as a percent)	[3]	(3.94%)	3.63%	25.73%
Member's capital at end of year		$ 189,623,008	$ 171,511,951	$ 105,608,724
[1]	The average members’ capital used in the above ratios is calculated by using members’ capital after period-end withdrawals.
[2]	The ratios to average member’s capital are annualized. The average member’s capitals used in the above ratios are calculated by using member’s capital after year-end withdrawals.
[3]	Total return assumes a purchase of an interest in the Fund at the beginning of the year and a sale of the Fund interest on the last day of the year noted.

Organization - Sydling

Organization - Sydling	12 Months Ended
	Dec. 31, 2016
Organization
Organization	1. Organization Cavendish Futures Fund LLC (the “Fund”) is a Delaware limited liability company formed on August 7, 2012. Trading operations of the Fund commenced on February 19, 2013. The Fund’s investment objective is to seek to achieve capital appreciation through speculative trading in U.S. and international futures, options on futures and forward markets. The Fund may also engage in swap and other derivative transactions upon approval of Sydling. The Fund invests substantially all of its assets in Sydling WNT Master Fund LLC (the “Master Fund”), also a Delaware limited liability company, that has the same investment objective as the Fund. The financial statements of the Master Fund, including the condensed schedule of investments, are included elsewhere in this report and should be read with the Fund’s financial statements. The percentage of the Master Fund’s capital owned by the Fund at December 31, 2016 and 2015 was 100%. The performance of the Fund is directly affected by the performance of the Master Fund. The Fund is member managed for purposes of Delaware law. Pursuant to the limited liability company agreement of the Fund, as may be amended from time to time (the “LLC Agreement”), the members of the Fund have appointed Sydling Futures Management LLC (“Sydling” or “Member Designee”) to act as the Fund’s trading manager and commodity pool operator. Sydling is registered as a commodity pool operator and a commodity trading advisor and is a member of the National Futures Association (“NFA”) effective August 10, 2011. Sydling, a wholly owned subsidiary of UBS Alternatives LLC, was formed on August 4, 2011. UBS Alternatives LLC is a wholly owned subsidiary of UBS Americas Inc. In 2015, UBS AG (“UBS”) transferred its ownership interest in UBS Americas Inc. to UBS Americas Holdings LLC, a wholly owned subsidiary of UBS which is a wholly owned subsidiary of UBS Group AG. UBS Group AG was established as the holding company of UBS in response to evolving regulatory requirements. The term of the Fund shall end upon the first to occur of the following: (i) December 31, 2037; (ii) the vote to dissolve the Fund by members owning more than 50% of the units of limited liability company interest of the Fund; (iii) the withdrawal, removal, bankruptcy or dissolution of the Member Designee; (iv) a decline in net asset value to less than $400 per unit, as such amount may be adjusted for any splits or combinations of units, as of the end of any trading day; or (v) the occurrence of any event which shall make it unlawful for the existence of the Fund to be continued. In addition, the Member Designee may, in its sole discretion, cause the Fund to dissolve if the Fund’s aggregate net assets decline to less than $1,000,000. Winton Capital Management Limited (the “Advisor” or “WNT”) serves as the trading advisor to the Fund and the Master Fund. BNY Mellon Investment Servicing (US) Inc. serves as administrator (the “Administrator”) of the Fund. The Fund privately and continually offers units of limited liability company interest in the Fund to qualified investors and are generally accepted monthly. A qualified investor is an accredited investor as defined in Regulation D under the Securities Exchange Act of 1933. There is no maximum number of units that may be sold in the Fund. Sydling may reject any subscription for any reason for a reasonable period of time after receipt. Generally, units may be redeemed on the last day of any month with five days written notice provided that such units are held for three full months. In general, the Fund will make payment for redeemed units within ten business days following the redemption date.
Sydling WNT Master Fund LLC
Organization
Organization	1. Organization Sydling WNT Master Fund LLC (the “Master Fund”) is a Delaware limited liability company formed on August 7, 2012. Trading operations of the Master Fund commenced on February 19, 2013. The Master Fund’s investment objective is to seek to achieve capital appreciation through speculative trading in U.S. and international futures, options on futures and forward markets. The Fund may also engage in swap and other derivate transactions upon approval of Sydling Futures Management LLC (“Sydling”). The member of the Master Fund appointed Sydling as the member designee (the “Member Designee”) to manage the business and affairs of the Master Fund and to act as the Master Fund’s commodity pool operator. Sydling is registered as a commodity pool operator and a commodity trading advisor and is a member of the National Futures Association (“NFA”) effective August 10, 2011. Sydling, a wholly owned subsidiary of UBS Alternatives LLC, was formed on August 4, 2011. UBS Alternatives LLC is a wholly owned subsidiary of UBS Americas Inc. In 2015, UBS AG (“UBS”) transferred its ownership interest in UBS Americas Inc. to UBS Americas Holdings LLC, a wholly owned subsidiary of UBS which is a wholly owned subsidiary of UBS Group AG. UBS Group AG was established as the holding company of UBS in response to evolving regulatory requirements. The term of the Master Fund shall end upon the first to occur of the following: (i) December 31, 2037; (ii) the vote to dissolve the Fund by members owning more than 50% of the units of limited liability company interest of the Fund; (iii) the withdrawal, removal, bankruptcy or dissolution of the Member Designee; (iv) a decline in net asset value to less than $400 per unit, as such amount may be adjusted for any splits or combinations of units, as of the end of any trading day; or (v) the occurrence of any event which shall make it unlawful for the existence of the Master Fund to be continued. In addition, the Member Designee may, in its sole discretion, cause the Master Fund to dissolve if the Master Fund’s aggregate net assets decline to less than $1,000,000. The Master Fund’s investor consists exclusively of Cavendish Futures Fund LLC (the “Feeder”). The Feeder invests substantially all of its assets in the Master Fund. Winton Capital Management Limited (the “Advisor” or “WNT”) serves as the trading advisor to the Master Fund and the Feeder. BNY Mellon Investment Servicing (US) Inc. serves as administrator (the “Administrator”) of the Master Fund. UBS Securities LLC (“UBS”) is the commodity broker (the “Commodity Broker”) for the Master Fund. UBS is also an affiliate of Sydling.

Accounting Developments - Sydli

Accounting Developments - Sydling	12 Months Ended
	Dec. 31, 2016
Accounting Developments
Accounting Developments	2. Recent Accounting Pronouncements In August 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-15, Presentation of Financial Statements — Going Concern (Subtopic ASC 205-40) (“ASU No. 2014-15”). ASU 2014-15 requires management to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued or within one year after the date that the financial statements are available to be issued, when applicable. ASU 2014-15 is effective for fiscal periods ending after December 15, 2016. Management has evaluated relevant conditions and events, which are known and reasonably knowable, and has determined that there are no conditions and events that raise substantial doubt about the Funds’ ability to continue as a going concern.
Sydling WNT Master Fund LLC
Accounting Developments
Accounting Developments	2. Accounting Developments In August 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-15, Presentation of Financial Statements — Going Concern (Subtopic ASC 205-40) (“ASU No. 2014-15”). ASU 2014-15 requires management to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued or within one year after the date that the financial statements are available to be issued, when applicable. ASU 2014-15 is effective for fiscal periods ending after December 15, 2016. Management has evaluated relevant conditions and events, which are known and reasonably knowable, and has determined that there are no conditions and events that raise substantial doubt about the Funds’ ability to continue as a going concern.

Significant Accounting Polici30

Significant Accounting Policies - Sydling	12 Months Ended
	Dec. 31, 2016
Significant Accounting Policies
Significant Accounting Policies	3. Significant Accounting Policies a. Basis of Presentation The Fund has determined its status as an investment company and as such, follows the accounting and reporting requirements of ASC 946, Financial Services — Investment Companies. b. Use of Estimates The preparation of financial statements and accompanying notes in conformity with accounting principles generally accepted in the United States (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in members’ capital from operations during the reporting period. Actual results could differ from those estimates. c. Statements of Cash Flows The Fund is not required to provide a Statements of Cash Flows in accordance with Accounting Standard Codification (“ASC”) 230, Statement of Cash Flows . d. Fair Value Measurements In May 2015, the FASB issued ASU 2015-07, Fair Value Measurement (Topic 820) , Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent) . ASU 2015-07 removes the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value per share practical expedient. Accordingly, the Fund’s investment in the Master Fund has not been categorized in the fair value hierarchy. e. Investment in Master Fund The Fund records its investment in the Master Fund at fair value and is represented by the Fund’s proportionate interest in the members’ capital of the Master Fund at December 31, 2016 and 2015. Valuation of securities held by the Master Fund is discussed in the notes to the Master Fund’s financial statements. The Fund records its pro rata share of the Master Fund’s income, expenses and realized and unrealized gains and losses. The performance of the Fund is directly attributable to the performance of the Master Fund. The Fund records its subscription and redemption of the capital account related to its investment in the Master Fund on the transaction date. The Master Fund will adjust the capital account of the Fund. Brokerage, clearing and transaction fees are incurred by the Master Fund and are reflected in the pro rata allocation received by the Fund from the Master Fund. f. Subscriptions Received in Advance Subscriptions received in advance represent the amounts paid by the non-managing members for a percentage ownership into the Fund which have not yet been added as members’ capital as of December 31, 2016 and 2015. The amount paid is held as cash in the Fund’s escrow account and represents the cash on the Statements of Financial Condition. g. Redemptions Payable Pursuant to ASC Topic 480, Distinguishing Liabilities from Equity , capital withdrawals effective December 31, 2016 and 2015 have been reflected as redemptions payable in the Statements of Financial Condition. h. Income Taxes The Fund is classified as a partnership for U.S. federal income tax purposes, and the Fund will not pay U.S. federal income tax. As a result, no income tax liability or expense has been recorded in the financial statements. Each member will be subject to taxation on its share of the Fund’s ordinary income, capital gains and losses. U.S. GAAP provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements and requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Master Fund’s financial statements to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions with respect to tax at the Master Fund level not deemed to meet the “more-likely-than-not” threshold would be recorded as a tax benefit or expense in the current year. Management has analyzed the Master Fund’s tax positions for the open tax period and has concluded that no provision is required in the Master Fund’s financial statements. The Master Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations. For the years ended December 31, 2016, 2015 and 2014, the Master Fund did not incur any interest or penalties.
Sydling WNT Master Fund LLC
Significant Accounting Policies
Significant Accounting Policies	3. Significant Accounting Policies a . Basis of Presentation The Master Fund has determined its status as an investment company and as such, follows the accounting and reporting requirements of ASC 946, Financial Services — Investment Companies . b. Use of Estimates The preparation of financial statements and accompanying notes in conformity with accounting principles generally accepted in the United States (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in member’s capital from operations during the reporting period. Actual results could differ from those estimates. c. Statement of Cash Flows The Master Fund is not required to provide a Statement of Cash Flows in accordance with Accounting Standard Codification (“ASC”) 230, Statement of Cash Flows . d. Fair Value Measurements FASB Accounting Standards Codification (“ASC”) 820, “ Fair Value Measurements ” (“ASC 820”), defines fair value, establishes a framework for measuring fair value, and establishes a fair value hierarchy which prioritizes the inputs to valuation techniques. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A fair value measurement assumes that the transaction to sell the asset or transfer the liability occurs in the principal market for the asset or liability or, in the absence of a principal market, the most advantageous market for the asset or liability. Valuation techniques, as specified by ASC 820, are used to measure fair value. All financial instruments at fair value are categorized into one of three fair value hierarchy levels, based upon the lowest level input that is significant to the financial instrument’s fair value measurement in its entirety: Level 1 — quoted market prices (unadjusted) in active markets for identical assets or liabilities. Level 2 — valuation techniques for which all significant inputs are market observable, either directly or indirectly. Level 3 — valuation techniques which include significant inputs that are not based on observable market data. The Master Fund recognizes transfers into and out of the levels indicated above at the end of the reporting period. During the years ended December 31, 2016, 2015 and 2014, there were no transfers amongst Levels 1, 2 and 3 of the valuation hierarchy. U.S. GAAP provides guidance in determining whether there has been a significant decrease in the volume and level of activity for an asset or liability when compared with normal market activity for such asset or liability (or similar assets or liabilities). U.S. GAAP also provides guidance on identifying circumstances that indicate a transaction with regards to such an asset or liability is not orderly. In its consideration, the Master Fund must consider inputs and valuation techniques used for each class of assets and liabilities. Judgment is used to determine the appropriate classes of assets and liabilities for which disclosures about fair value measurements are provided. Fair value measurement disclosure for each class of assets and liabilities requires greater disaggregation than the Master Fund’s line items in the Statements of Financial Condition. The Master Fund determines the appropriate classes for those disclosures on the basis of the nature and risks of the assets and liabilities and their classification in the fair value hierarchy (i.e., Level 1, Level 2, and Level 3). For assets and liabilities measured at fair value on a recurring basis during the year, the Master Fund provides quantitative disclosures about the fair value measurements separately for each class of assets and liabilities, as well as a reconciliation of beginning and ending balances of Level 3 assets and liabilities broken down by class. The Master Fund considers prices for exchange-traded commodity futures, forwards and options contracts to be based on unadjusted quoted prices in active markets for identical assets (Level 1). The values of non exchange-traded forwards, swaps and certain options contracts for which market quotations are not readily available are priced by broker-dealers who derive fair values for those assets from observable inputs (Level 2) and for those contracts that are priced using unobservable inputs through the application of management’s assumptions and internal valuation pricing models (Level 3). As of and for the years ended December 31, 2016, 2015 and 2014, the Master Fund did not hold any derivative instruments for which market quotations are not readily available and which are priced by broker-dealers who derive fair values for these assets from observable inputs (Level 2) or that are priced at fair value using unobservable inputs through the application of management’s assumptions and internal valuation pricing models (Level 3). The gross presentation of the fair value of the Master Fund’s derivatives by instrument type is shown in Note 5, “Trading Activities”. At December 31, 2016 and 2015, financial instruments recorded at fair value, consisted of the following: ASSET TABLE Description Total Fair Value at Level 1 Level 2 Level 3 Futures Contracts $ $ $ — $ — Total Assets $ $ $ — $ — LIABILITIES TABLE Description Total Fair Value at Level 1 Level 2 Level 3 Futures Contracts $ $ $ — $ — Total Liabilities $ $ $ — $ — Net Assets and Liabilities $ $ $ — $ — ASSET TABLE Description Total Fair Value at Level 1 Level 2 Level 3 Futures Contracts $ $ $ — $ — Total Assets $ $ $ — $ — LIABILITIES TABLE Description Total Fair Value at Level 1 Level 2 Level 3 Futures Contracts $ $ $ — $ — Total Liabilities $ $ $ — $ — Net Assets and Liabilities $ $ $ — $ — The Master Fund trades futures contracts. A futures contract is a firm commitment to buy or sell a specified quantity of investments, currency or a standardized amount of a derivable grade commodity, at a specified price on a specified future date, unless the contract is closed before the delivery date or if the delivery quantity is something where physical delivery cannot occur (such as the S&P 500 Index), whereby such contract is settled in cash. Payments (“variation margin”) may be made or received by the Master Fund each business day, depending on the daily fluctuations in the value of the underlying contracts, and are recorded as unrealized gains or losses by the Master Fund. When the contract is closed, the Master Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Transactions in futures contracts require participants to make both initial margin deposits of cash or other assets and variation margin deposits, through the futures broker, directly with the exchange on which the contracts are traded. Net realized gains (losses) and changes in net unrealized gains (losses) on futures contracts are included in the Statements of Operations. The fair value of the Master Fund’s assets and liabilities which qualify as financial instruments approximates the carrying amounts presented in the Statements of Financial Condition. e. Redemptions Payable Pursuant to ASC Topic 480, Distinguishing Liabilities from Equity , capital withdrawals effective December 31, 2016 and 2015 have been reflected as redemptions payable in the Statements of Financial Condition. f. Cash Cash represents cash held on deposit and in segregated accounts with UBS. The Master Fund considers all cash and short term deposits with original maturity of three months or less to be cash or cash equivalents. There are no cash equivalents held as at December 31, 2016 and 2015. Cash includes the initial cash margin of $23,311,302 and $20,104,777 held by UBS against open derivative positions at December 31, 2016 and 2015, respectively. Cash includes foreign cash balances equal to $5,152,078 (cost $5,342,151) and $4,747,092 (cost $4,769,337) at December 31, 2016 and 2015, respectively. g. Foreign Currency Transactions The Master Fund does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in the market prices of securities held or derivatives traded. Such fluctuations are included within the net realized and unrealized gain or loss on futures and foreign currency. h. Income and Expenses Recognition All of the income and expenses and realized and unrealized gains and losses on trading of commodity interests are determined on each valuation day, the close of business on the last day of each month, and allocated to the Feeder at the time of such determination. i. Master Fund Expenses The Master Fund bears all expenses incurred in its business, including, but not limited to, the following: all costs and expenses related to portfolio transactions and positions for the Master Fund’s account; legal fees; accounting and auditing fees; custodial fees; costs of computing the Master Fund’s member’s capital value, including valuation services provided by third parties; all costs with respect to communications to investors; and other types of expenses approved by the member. j. Member’s Capital Value Member’s capital of the Master Fund is calculated by the Administrator as of the close of business at the end of any fiscal period in accordance with the valuation principles set forth below or as may be determined from time to time pursuant to policies established by the member. Profits and losses from trading in the Master Fund, net of transaction fees, will be allocated pro rata to the capital account of the Feeder based on the member’s capital in the capital account compared to the aggregate member’s capital of all other capital accounts in the Master Fund. The Master Fund’s expenses will be charged pro rata to the capital accounts of the Feeder. k. Income Taxes The Master Fund is classified as a partnership for U.S. federal income tax purposes and will not pay U.S. federal income tax. As a result, no income tax liability or expense has been recorded in the financial statements. Each member will be subject to taxation on its share of the Master Fund’s ordinary income, capital gains and losses. U.S. GAAP provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements and requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Master Fund’s financial statements to determine whether the tax positions are “more-likely-than not” to be sustained by the applicable tax authority. Tax positions with respect to tax at the Master Fund level not deemed to meet the “more-likely-than not” threshold would be recorded as a tax benefit or expense in the current year. Management has analyzed the Master Fund’s tax positions for the open tax period and has concluded that no provision is required in the Master Fund’s financial statements. The Master Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations. For the years ended December 31, 2016, 2015 and 2014, the Master Fund did not incur any interest or penalties.

Related Party Transactions an31

Related Party Transactions and Other Agreements - Sydling	12 Months Ended
	Dec. 31, 2016
Related Party Transactions and Other Agreements
Related Party Transactions and Other Agreements	4. Related Party Transactions and Other Agreements a. Limited Liability Company Agreement Sydling administers the business affairs of the Fund including selecting one or more advisors to make trading decisions for the Fund. The Fund will pay Sydling a monthly administration fee in return for its services equal to 1/12 of 0.50% (0.50% per year) of month-end adjusted members’ capital of the Fund. Month-end members’ capital, for the purpose of calculating administration fees are members’ capital, as defined in the Limited Liability Company Agreement, prior to the reduction of the current month’s incentive allocation accrual, the monthly advisory fee, Sydling’s administration fee and any redemptions or distributions as of the end of such month. For the years ended December 31, 2016, 2015 and 2014, the Fund incurred administrative fees of $979,211, $765,687 and $388,135, respectively, of which $79,748, and $72,001 remained payable and is reflected on the Statements of Financial Condition as of December 31, 2016 and 2015, respectively. Each unit, when purchased by a member, shall be fully paid and non-assessable. No member shall be liable for Fund obligations in excess of the capital contributed by the member, plus such member’s share of undistributed profits, if any. b. Trading Advisory Agreement Sydling, on behalf of the Fund, has entered into an advisory agreement (the “Trading Advisory Agreement”) with the Advisor, a registered commodity trading advisor. The Advisor is not affiliated with Sydling or UBS Securities LLC, the Master Fund’s commodity broker, or its affiliates and is not responsible for the organization or operation of the Fund. The Trading Advisory Agreement provides that the Advisor has sole discretion in determining the investment of the assets of the Fund. During the years ended December 31, 2016, 2015 and 2014, the Fund paid the Advisor a monthly advisory fee equal to 1/12 of 1.5% (1.5% per year) of month-end members’ capital of the Fund. Month-end members’ capital, for the purpose of calculating advisory fees are members’ capital, as defined in the Limited Liability Company Agreement, prior to the reduction of the current month’s incentive allocation accrual, the monthly advisory fee, Sydling’s administration fee and any redemptions or distributions as of the end of such month. The Trading Advisory Agreement may be terminated upon notice by either party. For the years ended December 31, 2016, 2015 and 2014, the Fund incurred advisory fees of $2,937,633, $2,297,061 and $1,164,404, respectively of which $239,244 and $216,002 remained payable and is reflected on the Statements of Financial Condition as of December 31, 2016 and 2015, respectively. In addition, the Advisor receives a quarterly incentive fee equal to 20% of New Trading Profits, as defined in the Trading Advisory Agreement, earned on behalf of the Fund during each calendar quarter and are issued as special member units. The amounts of $410,292, $2,112,137 and $4,172,680 represent the incentive fees earned on new trading profits earned for the years ended December 31, 2016, 2015 and 2014, respectively. In allocating substantially all of the assets of the Fund to the Master Fund, Sydling considered the Advisor’s past performance, trading style, volatility of markets traded and fee requirements. Sydling may modify or terminate the allocation of assets to the Advisor at any time. c. Administration Agreement Sydling, on behalf of the Fund, has entered into an administration agreement with the Administrator. The Administrator will assist Sydling in performing certain day-to-day tasks on behalf of the Fund, including but not limited to, calculating daily or periodic portfolio valuations, reconciling cash and portfolio positions, providing portfolio reporting, maintaining books and records and calculating all fund fees. Sydling will pay a portion of the administrative fee it receives from the Fund to the Administrator in full satisfaction of fees owed to the Administrator.
Sydling WNT Master Fund LLC
Related Party Transactions and Other Agreements
Related Party Transactions and Other Agreements	4. Related Party Transactions and Other Agreements a. Limited Liability Company Agreement The Member Designee administers the business affairs of the Master Fund including selecting one or more advisors to make trading decisions for the Master Fund. b. Trading Advisory Agreement The Member Designee, on behalf of the Master Fund, has entered into an advisory agreement (the “Trading Advisory Agreement”) with the Advisor, a registered commodity trading advisor. The Advisor is not affiliated with the Member Designee or UBS and is not responsible for the organization or operation of the Master Fund. The Trading Advisory Agreement provides that the Advisor has sole discretion in determining the investment of the assets of the Master Fund. All advisory fees in connection with the Trading Advisory Agreement shall be borne by the Feeder. The Trading Advisory Agreement may be terminated upon notice by either party. c. Customer Agreement For the period ended June 30, 2016, with respect to transactions in the Master Fund that are allocable to the Feeder, the Feeder paid UBS a monthly brokerage fee equal to 3.5% per year of adjusted member’s capital (the “Broker Fee”) allocated pro rata from the Master Fund. During the second and third quarter of 2016, the Feeder and the Master Fund amended and restated certain agreements. The purpose of the amendments was to implement and reflect an expense neutral change in the fees paid to certain service providers to the Feeder and the Master Fund. As of July 1, 2016, the Master Fund (and indirectly the Feeder) ceased paying the Broker Fee to the Commodity Broker. In lieu of the Broker Fee, the Feeder will pay (or cause the Master Fund to pay on its behalf) an ongoing selling agent fee to UBS Financial Services Inc. (the “Selling Agent”) at 3.5% per year of adjusted month-end member’s capital. In addition, the Feeder will pay or reimburse the Commodity Broker its allocable share of all actual transaction fees (including floor brokerage, exchange, clearing, give-up, user and NFA fees) estimated at approximately 0.10% of member’s capital per year. For the years ended December 31, 2016, 2015 and 2014, the Master Fund incurred brokerage commissions and trading fees of $3,588,227, $5,527,858 and $2,801,413, respectively, of which the brokerage commissions of $505,493 remained payable and is reflected on the Statements of Financial Condition as of December 31, 2015. For the year ended December 31, 2016, the Master Fund incurred selling agent fees of $3,464,734 of which $560,050 remained payable as of December 31, 2016.

Trading Activities - Sydling

Trading Activities - Sydling	12 Months Ended
	Dec. 31, 2016
Sydling WNT Master Fund LLC
Trading Activities
Trading Activities	5. Trading Activities The Master Fund was formed for the purpose of trading contacts in a variety of commodity interests, including derivative financial instruments and derivative commodity instruments. The results of the Master Fund’s trading activities are shown in the Statements of Operations. The Customer Agreement between the Master Fund and UBS gives the Master Fund the legal right to net unrealized gains and losses on open futures contracts. Futures contracts are executed on exchanges and are typically liquidated by entering into offsetting contracts. The Master Fund nets, for financial reporting purposes, the unrealized gains and losses on open futures contracts on the Statements of Financial Condition. All of the commodity interests owned by the Master Fund are held for trading purposes. The average number of futures contracts traded for the years ended December 31, 2016 and 2015, based on a monthly calculation, was 5,859 and 5,952, respectively. The Master Fund follows authoritative standards of accounting for derivative instruments, which establish disclosure requirements for entities to present enhanced information in order to provide users of financial statements with an improved degree of transparency and understanding of how and why an entity uses derivative instruments, how derivative instruments are accounted for, and how derivative instruments affect an entity’s financial position, results of operations and its cash flows. In order to provide such information to financial statement users, the Master Fund provides qualitative disclosures about an entity’s associated risk exposures, quantitative disclosures about fair value amounts of derivative instruments and the gains and losses from derivative instruments. The following table indicated the gross fair values of derivative instruments of futures contracts as separate assets and liabilities as of December 31, 2016 and 2015. December 31, December 31, ASSETS Futures Contracts Currencies $ $ Energy Financials Grains Index Industrials Materials Meats — Metals Total unrealized appreciation on open futures contracts $ $ LIABILITIES Futures Contracts Currencies $ ) $ ) Energy ) ) Financials ) ) Grains ) ) Index ) ) Meats ) ) Metals ) ) Total unrealized depreciation on open futures contracts $ ) $ ) Net unrealized appreciation on open futures contracts* $ $ * These amounts are shown in “Net unrealized appreciation on open futures contracts” on the Statements of Financial Condition. The following table indicates the trading gains and losses, by market sector, on derivative instruments for the years ended December 31, 2016, 2015 and 2014. For the year ended For the year ended For the year ended December 31, 2016 December 31, 2015 December 31, 2014 Gain (loss) Gain (loss) Gain (loss) Sector from trading from trading from trading Currencies $ $ $ Energy ) Financials Grains ) ) Index ) ) Industrials ) ) Materials ) ) Meats Metals ) $ )** $ ** $ ** ** These amounts are shown in “Net Realized and Change in Unrealized Gain/(Loss) from Derivative Instruments” on the Statements of Operations.

Financial Instruments Risks - S

Financial Instruments Risks - Sydling	12 Months Ended
	Dec. 31, 2016
Sydling WNT Master Fund LLC
Financial Instruments Risks
Financial Instruments Risks	6. Financial Instruments Risks In the normal course of business, the Master Fund, is party to financial instruments with off-balance sheet risk, including derivative financial instruments and derivative commodity instruments. These financial instruments may include futures, forwards and options on futures whose values are based upon an underlying asset, index, or reference rate, and generally represent future commitments to exchange currencies or cash balances, or to purchase or sell other financial instruments at specific terms at specified future dates, or, in the case of derivative commodity instruments, to have a reasonable possibility to be settled in cash, through physical delivery or with another financial instrument. These instruments may be traded on an exchange, a swap execution facility or over-the-counter (“OTC”). Exchange-traded instruments are standardized and include futures and certain forward and options contracts. OTC contracts are negotiated between contracting parties and include certain swaps, forwards and options contracts. Specific market movements of commodities or futures contracts underlying an option cannot accurately be predicted. The purchaser of an option may lose the entire premium paid for the option. The writer, or seller, of an option has unlimited risk. Each of these instruments is subject to various risks similar to those related to the underlying financial instruments including market and credit risk. In general, the risks associated with OTC contracts are greater than those associated with exchange-traded instruments because of the greater risk of default by the counterparty to an OTC contract. For the years ended December 31, 2016 and 2015, the Master Fund traded futures contracts only. The risk to the members that have purchased interests in the Master Fund is limited to the amount of their capital contributions to the Master Fund and their share of the Master Fund’s assets and undistributed profits. This limited liability is a consequence of the organization of the Master Fund as a limited liability company under applicable law. Market risk is the potential for changes in the value of the financial instruments traded by the Master Fund due to market changes, including interest and foreign exchange rate movements and fluctuations in commodity or security prices. Market risk is directly impacted by the volatility and liquidity in the markets in which the related underlying assets are traded. The Master Fund is exposed to a market risk equal to the value of futures contracts purchased and unlimited liability on such contracts sold short. Credit risk is the possibility that a loss may occur due to the failure of a counterparty to perform according to the terms of a contract. The Master Fund’s risk of loss in the event of a counterparty default is typically limited to the amounts recognized in the Statements of Financial Condition and not represented by the contract or notional amounts of the instruments. The Master Fund has credit risk and concentration risk because the sole counterparty or broker with respect to the Master Fund’s assets is UBS. Credit risk with respect to exchange-traded instruments is reduced to the extent that through UBS, the Master Fund’s counterparty is an exchange or clearing organization. There is no collateral posted by UBS and as such, in the event of default by UBS, the Master Fund is exposed to the amount shown in the Statements of Financial Condition. Futures contracts are conducted through regulated exchanges which have margin requirements, and are settled in cash on a daily basis, thereby minimizing credit risk.

Subsequent Events - Sydling

Subsequent Events - Sydling	12 Months Ended
	Dec. 31, 2016
Subsequent Events
Subsequent Events	7. Subsequent Events Management has evaluated the impact of all subsequent events on the Fund through March 22, 2017, the date these financial statements were available to be issued. Subsequent to year end additional subscriptions were received from the non-managing members totaling $7,371,478. Subsequent to year end redemptions were paid to the non-managing members totaling $4,448,893. Management has determined that there were no additional subsequent events requiring recognition or disclosure in the financial statements.
Sydling WNT Master Fund LLC
Subsequent Events
Subsequent Events	7. Subsequent Events Management has evaluated the impact of all subsequent events on the Master Fund through March 22, 2017, the date these financial statements were available to be issued. Subsequent to year end additional subscriptions were received from the Fund totaling $7,371,478. Subsequent to year end redemptions were paid to the Fund totaling $5,134,185. Management has determined that there were no additional subsequent events requiring recognition or disclosure in the financial statements.

Significant Accounting Polici35

Significant Accounting Policies (Policies) - Sydling	12 Months Ended
	Dec. 31, 2016
Significant Accounting Policies
Basis of Presentation	a. Basis of Presentation The Fund has determined its status as an investment company and as such, follows the accounting and reporting requirements of ASC 946, Financial Services — Investment Companies.
Use of Estimates	b. Use of Estimates The preparation of financial statements and accompanying notes in conformity with accounting principles generally accepted in the United States (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in members’ capital from operations during the reporting period. Actual results could differ from those estimates.
Statement of Cash Flows	c. Statements of Cash Flows The Fund is not required to provide a Statements of Cash Flows in accordance with Accounting Standard Codification (“ASC”) 230, Statement of Cash Flows .
Fair Value Measurements	d. Fair Value Measurements In May 2015, the FASB issued ASU 2015-07, Fair Value Measurement (Topic 820) , Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent) . ASU 2015-07 removes the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value per share practical expedient. Accordingly, the Fund’s investment in the Master Fund has not been categorized in the fair value hierarchy.
Redemptions Payable	g. Redemptions Payable Pursuant to ASC Topic 480, Distinguishing Liabilities from Equity , capital withdrawals effective December 31, 2016 and 2015 have been reflected as redemptions payable in the Statements of Financial Condition.
Income Taxes	h. Income Taxes The Fund is classified as a partnership for U.S. federal income tax purposes, and the Fund will not pay U.S. federal income tax. As a result, no income tax liability or expense has been recorded in the financial statements. Each member will be subject to taxation on its share of the Fund’s ordinary income, capital gains and losses. U.S. GAAP provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements and requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Master Fund’s financial statements to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions with respect to tax at the Master Fund level not deemed to meet the “more-likely-than-not” threshold would be recorded as a tax benefit or expense in the current year. Management has analyzed the Master Fund’s tax positions for the open tax period and has concluded that no provision is required in the Master Fund’s financial statements. The Master Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations. For the years ended December 31, 2016, 2015 and 2014, the Master Fund did not incur any interest or penalties.
Sydling WNT Master Fund LLC
Significant Accounting Policies
Basis of Presentation	a . Basis of Presentation The Master Fund has determined its status as an investment company and as such, follows the accounting and reporting requirements of ASC 946, Financial Services — Investment Companies .
Use of Estimates	b. Use of Estimates The preparation of financial statements and accompanying notes in conformity with accounting principles generally accepted in the United States (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in member’s capital from operations during the reporting period. Actual results could differ from those estimates.
Statement of Cash Flows	c. Statement of Cash Flows The Master Fund is not required to provide a Statement of Cash Flows in accordance with Accounting Standard Codification (“ASC”) 230, Statement of Cash Flows .
Fair Value Measurements	d. Fair Value Measurements FASB Accounting Standards Codification (“ASC”) 820, “ Fair Value Measurements ” (“ASC 820”), defines fair value, establishes a framework for measuring fair value, and establishes a fair value hierarchy which prioritizes the inputs to valuation techniques. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A fair value measurement assumes that the transaction to sell the asset or transfer the liability occurs in the principal market for the asset or liability or, in the absence of a principal market, the most advantageous market for the asset or liability. Valuation techniques, as specified by ASC 820, are used to measure fair value. All financial instruments at fair value are categorized into one of three fair value hierarchy levels, based upon the lowest level input that is significant to the financial instrument’s fair value measurement in its entirety: Level 1 — quoted market prices (unadjusted) in active markets for identical assets or liabilities. Level 2 — valuation techniques for which all significant inputs are market observable, either directly or indirectly. Level 3 — valuation techniques which include significant inputs that are not based on observable market data. The Master Fund recognizes transfers into and out of the levels indicated above at the end of the reporting period. During the years ended December 31, 2016, 2015 and 2014, there were no transfers amongst Levels 1, 2 and 3 of the valuation hierarchy. U.S. GAAP provides guidance in determining whether there has been a significant decrease in the volume and level of activity for an asset or liability when compared with normal market activity for such asset or liability (or similar assets or liabilities). U.S. GAAP also provides guidance on identifying circumstances that indicate a transaction with regards to such an asset or liability is not orderly. In its consideration, the Master Fund must consider inputs and valuation techniques used for each class of assets and liabilities. Judgment is used to determine the appropriate classes of assets and liabilities for which disclosures about fair value measurements are provided. Fair value measurement disclosure for each class of assets and liabilities requires greater disaggregation than the Master Fund’s line items in the Statements of Financial Condition. The Master Fund determines the appropriate classes for those disclosures on the basis of the nature and risks of the assets and liabilities and their classification in the fair value hierarchy (i.e., Level 1, Level 2, and Level 3). For assets and liabilities measured at fair value on a recurring basis during the year, the Master Fund provides quantitative disclosures about the fair value measurements separately for each class of assets and liabilities, as well as a reconciliation of beginning and ending balances of Level 3 assets and liabilities broken down by class. The Master Fund considers prices for exchange-traded commodity futures, forwards and options contracts to be based on unadjusted quoted prices in active markets for identical assets (Level 1). The values of non exchange-traded forwards, swaps and certain options contracts for which market quotations are not readily available are priced by broker-dealers who derive fair values for those assets from observable inputs (Level 2) and for those contracts that are priced using unobservable inputs through the application of management’s assumptions and internal valuation pricing models (Level 3). As of and for the years ended December 31, 2016, 2015 and 2014, the Master Fund did not hold any derivative instruments for which market quotations are not readily available and which are priced by broker-dealers who derive fair values for these assets from observable inputs (Level 2) or that are priced at fair value using unobservable inputs through the application of management’s assumptions and internal valuation pricing models (Level 3). The gross presentation of the fair value of the Master Fund’s derivatives by instrument type is shown in Note 5, “Trading Activities”. At December 31, 2016 and 2015, financial instruments recorded at fair value, consisted of the following: ASSET TABLE Description Total Fair Value at Level 1 Level 2 Level 3 Futures Contracts $ $ $ — $ — Total Assets $ $ $ — $ — LIABILITIES TABLE Description Total Fair Value at Level 1 Level 2 Level 3 Futures Contracts $ $ $ — $ — Total Liabilities $ $ $ — $ — Net Assets and Liabilities $ $ $ — $ — ASSET TABLE Description Total Fair Value at Level 1 Level 2 Level 3 Futures Contracts $ $ $ — $ — Total Assets $ $ $ — $ — LIABILITIES TABLE Description Total Fair Value at Level 1 Level 2 Level 3 Futures Contracts $ $ $ — $ — Total Liabilities $ $ $ — $ — Net Assets and Liabilities $ $ $ — $ — The Master Fund trades futures contracts. A futures contract is a firm commitment to buy or sell a specified quantity of investments, currency or a standardized amount of a derivable grade commodity, at a specified price on a specified future date, unless the contract is closed before the delivery date or if the delivery quantity is something where physical delivery cannot occur (such as the S&P 500 Index), whereby such contract is settled in cash. Payments (“variation margin”) may be made or received by the Master Fund each business day, depending on the daily fluctuations in the value of the underlying contracts, and are recorded as unrealized gains or losses by the Master Fund. When the contract is closed, the Master Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Transactions in futures contracts require participants to make both initial margin deposits of cash or other assets and variation margin deposits, through the futures broker, directly with the exchange on which the contracts are traded. Net realized gains (losses) and changes in net unrealized gains (losses) on futures contracts are included in the Statements of Operations. The fair value of the Master Fund’s assets and liabilities which qualify as financial instruments approximates the carrying amounts presented in the Statements of Financial Condition.
Redemptions Payable	e. Redemptions Payable Pursuant to ASC Topic 480, Distinguishing Liabilities from Equity , capital withdrawals effective December 31, 2016 and 2015 have been reflected as redemptions payable in the Statements of Financial Condition.
Cash	f. Cash Cash represents cash held on deposit and in segregated accounts with UBS. The Master Fund considers all cash and short term deposits with original maturity of three months or less to be cash or cash equivalents. There are no cash equivalents held as at December 31, 2016 and 2015. Cash includes the initial cash margin of $23,311,302 and $20,104,777 held by UBS against open derivative positions at December 31, 2016 and 2015, respectively. Cash includes foreign cash balances equal to $5,152,078 (cost $5,342,151) and $4,747,092 (cost $4,769,337) at December 31, 2016 and 2015, respectively.
Foreign Currency Transactions	g. Foreign Currency Transactions The Master Fund does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in the market prices of securities held or derivatives traded. Such fluctuations are included within the net realized and unrealized gain or loss on futures and foreign currency.
Income and Expenses Recognition	h. Income and Expenses Recognition All of the income and expenses and realized and unrealized gains and losses on trading of commodity interests are determined on each valuation day, the close of business on the last day of each month, and allocated to the Feeder at the time of such determination.
Master Fund Expenses	i. Master Fund Expenses The Master Fund bears all expenses incurred in its business, including, but not limited to, the following: all costs and expenses related to portfolio transactions and positions for the Master Fund’s account; legal fees; accounting and auditing fees; custodial fees; costs of computing the Master Fund’s member’s capital value, including valuation services provided by third parties; all costs with respect to communications to investors; and other types of expenses approved by the member.
Member's Capital Value	j. Member’s Capital Value Member’s capital of the Master Fund is calculated by the Administrator as of the close of business at the end of any fiscal period in accordance with the valuation principles set forth below or as may be determined from time to time pursuant to policies established by the member. Profits and losses from trading in the Master Fund, net of transaction fees, will be allocated pro rata to the capital account of the Feeder based on the member’s capital in the capital account compared to the aggregate member’s capital of all other capital accounts in the Master Fund. The Master Fund’s expenses will be charged pro rata to the capital accounts of the Feeder.
Income Taxes	k. Income Taxes The Master Fund is classified as a partnership for U.S. federal income tax purposes and will not pay U.S. federal income tax. As a result, no income tax liability or expense has been recorded in the financial statements. Each member will be subject to taxation on its share of the Master Fund’s ordinary income, capital gains and losses. U.S. GAAP provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements and requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Master Fund’s financial statements to determine whether the tax positions are “more-likely-than not” to be sustained by the applicable tax authority. Tax positions with respect to tax at the Master Fund level not deemed to meet the “more-likely-than not” threshold would be recorded as a tax benefit or expense in the current year. Management has analyzed the Master Fund’s tax positions for the open tax period and has concluded that no provision is required in the Master Fund’s financial statements. The Master Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations. For the years ended December 31, 2016, 2015 and 2014, the Master Fund did not incur any interest or penalties.

Significant Accounting Polici36

Significant Accounting Policies (Tables) - Sydling	12 Months Ended
	Dec. 31, 2016
Sydling WNT Master Fund LLC
Significant Accounting Policies
Summary of financial instruments recorded at fair value	ASSET TABLE Description Total Fair Value at Level 1 Level 2 Level 3 Futures Contracts $ $ $ — $ — Total Assets $ $ $ — $ — LIABILITIES TABLE Description Total Fair Value at Level 1 Level 2 Level 3 Futures Contracts $ $ $ — $ — Total Liabilities $ $ $ — $ — Net Assets and Liabilities $ $ $ — $ — ASSET TABLE Description Total Fair Value at Level 1 Level 2 Level 3 Futures Contracts $ $ $ — $ — Total Assets $ $ $ — $ — LIABILITIES TABLE Description Total Fair Value at Level 1 Level 2 Level 3 Futures Contracts $ $ $ — $ — Total Liabilities $ $ $ — $ — Net Assets and Liabilities $ $ $ — $ —

Trading Activities (Tables) - S

Trading Activities (Tables) - Sydling - Sydling WNT Master Fund LLC	12 Months Ended
	Dec. 31, 2016
Trading Activities
Schedule of gross fair values of derivative instruments of futures contracts as separate assets and liabilities	December 31, December 31, ASSETS Futures Contracts Currencies $ $ Energy Financials Grains Index Industrials Materials Meats — Metals Total unrealized appreciation on open futures contracts $ $ LIABILITIES Futures Contracts Currencies $ ) $ ) Energy ) ) Financials ) ) Grains ) ) Index ) ) Meats ) ) Metals ) ) Total unrealized depreciation on open futures contracts $ ) $ ) Net unrealized appreciation on open futures contracts* $ $ * These amounts are shown in “Net unrealized appreciation on open futures contracts” on the Statements of Financial Condition.
Schedule of trading gains and losses, by market sector, on derivative instruments	For the year ended For the year ended For the year ended December 31, 2016 December 31, 2015 December 31, 2014 Gain (loss) Gain (loss) Gain (loss) Sector from trading from trading from trading Currencies $ $ $ Energy ) Financials Grains ) ) Index ) ) Industrials ) ) Materials ) ) Meats Metals ) $ )** $ ** $ ** ** These amounts are shown in “Net Realized and Change in Unrealized Gain/(Loss) from Derivative Instruments” on the Statements of Operations.

Organization (Details) - Sydlin

Organization (Details) - Sydling	12 Months Ended
	Dec. 31, 2016USD ($)$ / item
Decline in net asset value (per unit) | $ / item	400
Aggregate net assets decline | $	$ 1,000,000
Minimum
Percentage of interest owned	50.00%
Sydling WNT Master Fund LLC
Decline in net asset value (per unit) | $ / item	400
Aggregate net assets decline | $	$ 1,000,000
Sydling WNT Master Fund LLC | Minimum
Percentage of interest owned	50.00%

Significant Accounting Polici39

Significant Accounting Policies (Details) - Sydling - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
ASSET
Income tax liability or expense	$ 0	$ 0	$ 0
Sydling WNT Master Fund LLC
ASSET
Amount of transfers amongst levels 1, 2 and 3 of the valuation hierarchy	0	0	$ 0
Cash equivalents	0	0
Initial cash margin	23,311,302	20,104,777
Foreign cash balances	5,152,078	4,747,092
Foreign cash's cost	5,342,151	4,769,337
Income tax liability or expense	0
Sydling WNT Master Fund LLC | Recurring Basis | Total Fair Value
ASSET
Total Assets	5,064,016	4,787,187
LIABILITIES
Total Liabilities	3,389,045	3,371,480
Net Assets and Liabilities	1,674,971	1,415,707
Sydling WNT Master Fund LLC | Recurring Basis | Total Fair Value | Futures Contracts
ASSET
Total Assets	5,064,016	4,787,187
LIABILITIES
Total Liabilities	3,389,045	3,371,480
Sydling WNT Master Fund LLC | Recurring Basis | Level 1
LIABILITIES
Total Liabilities	3,389,045	3,371,480
Net Assets and Liabilities	1,674,971	1,415,707
Sydling WNT Master Fund LLC | Recurring Basis | Level 1 | Futures Contracts
LIABILITIES
Total Liabilities	3,389,045	3,371,480
Sydling WNT Master Fund LLC | Recurring Basis | Level 1 | Total Fair Value
ASSET
Total Assets	5,064,016	4,787,187
Sydling WNT Master Fund LLC | Recurring Basis | Level 1 | Total Fair Value | Futures Contracts
ASSET
Total Assets	$ 5,064,016	$ 4,787,187

Related Party Transactions an40

Related Party Transactions and Other Agreements (Details) - Sydling - Sydling WNT Master Fund LLC	12 Months Ended
	Dec. 31, 2016USD ($)advisor	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Related Party Transactions and Other Agreements
Brokerage, clearing and transaction fees	$ 3,588,227	$ 5,527,858	$ 2,801,413
Brokerage commissions payable		505,493
Selling agent fees	3,464,734
Selling agent fees payable	$ 560,050
Limited Liability Company Agreement | Minimum
Related Party Transactions and Other Agreements
Number of advisors selected to make trading decisions | advisor	1
Cavendish Futures Fund LLC | Customer Agreement
Related Party Transactions and Other Agreements
Annual brokerage fee payable by Feeder as a percentage of adjusted member's capital	3.50%
Annual transaction fees as a percentage of member's capital	0.10%
Brokerage, clearing and transaction fees	$ 3,588,227	5,527,858	$ 2,801,413
Brokerage commissions payable		$ 505,493
Selling agent fees	3,464,734
Selling agent fees payable	$ 560,050

Trading Activities (Details) -

Trading Activities (Details) - Sydling - Sydling WNT Master Fund LLC	12 Months Ended
	Dec. 31, 2016USD ($)contract	Dec. 31, 2015USD ($)contract	Dec. 31, 2014USD ($)
Trading gains and losses, by market sector, on derivative instruments
Gain/(loss) from trading	$ (2,515,321)	$ 9,734,927	$ 23,503,189
Currencies
Trading gains and losses, by market sector, on derivative instruments
Gain/(loss) from trading	2,664,461	1,487,446	4,729,007
Energy
Trading gains and losses, by market sector, on derivative instruments
Gain/(loss) from trading	(7,069,507)	9,339,097	6,768,173
Financials
Trading gains and losses, by market sector, on derivative instruments
Gain/(loss) from trading	11,982,633	3,143,613	13,315,461
Grains
Trading gains and losses, by market sector, on derivative instruments
Gain/(loss) from trading	(1,838,139)	233,536	(2,109,878)
Index
Trading gains and losses, by market sector, on derivative instruments
Gain/(loss) from trading	318,890	(7,252,769)	(332,006)
Industrials
Trading gains and losses, by market sector, on derivative instruments
Gain/(loss) from trading	(24,200)	11,880	(3,740)
Materials
Trading gains and losses, by market sector, on derivative instruments
Gain/(loss) from trading	95,350	(149,880)	(82,840)
Meats
Trading gains and losses, by market sector, on derivative instruments
Gain/(loss) from trading	82,847	516,381	865,117
Metals
Trading gains and losses, by market sector, on derivative instruments
Gain/(loss) from trading	$ (8,727,656)	$ 2,405,623	$ 353,895
Futures Contracts
Gross fair values of derivative instruments of futures and options contracts as separate assets and liabilities
Monthly average number of derivative contracts traded | contract	5,859	5,952
ASSETS
Total unrealized appreciation on open futures contracts	$ 5,064,016	$ 4,787,187
LIABILITIES
Total unrealized depreciation on open futures contracts	(3,389,045)	(3,371,480)
TOTAL FUTURES CONTRACTS	1,674,971	1,415,707
Futures Contracts | Currencies
ASSETS
Total unrealized appreciation on open futures contracts	202,384	966,615
LIABILITIES
Total unrealized depreciation on open futures contracts	(495,296)	(93,490)
Futures Contracts | Energy
ASSETS
Total unrealized appreciation on open futures contracts	185,114	834,260
LIABILITIES
Total unrealized depreciation on open futures contracts	(136,329)	(483,932)
Futures Contracts | Financials
ASSETS
Total unrealized appreciation on open futures contracts	781,990	695,436
LIABILITIES
Total unrealized depreciation on open futures contracts	(203,240)	(1,899,644)
Futures Contracts | Grains
ASSETS
Total unrealized appreciation on open futures contracts	1,073,984	636,305
LIABILITIES
Total unrealized depreciation on open futures contracts	(455,424)	(105,142)
Futures Contracts | Index
ASSETS
Total unrealized appreciation on open futures contracts	2,068,125	571,447
LIABILITIES
Total unrealized depreciation on open futures contracts	(955,793)	(458,400)
Futures Contracts | Industrials
ASSETS
Total unrealized appreciation on open futures contracts	616	3,058
Futures Contracts | Materials
ASSETS
Total unrealized appreciation on open futures contracts	50,650	3,430
Futures Contracts | Meats
ASSETS
Total unrealized appreciation on open futures contracts	85,540
LIABILITIES
Total unrealized depreciation on open futures contracts	(31,695)	(189,460)
Futures Contracts | Metals
ASSETS
Total unrealized appreciation on open futures contracts	615,613	1,076,636
LIABILITIES
Total unrealized depreciation on open futures contracts	$ (1,111,268)	$ (141,412)

Financial Instruments Risks (De

Financial Instruments Risks (Details) - Sydling	Dec. 31, 2016USD ($)
Sydling WNT Master Fund LLC
Amount of collateral posted by UBS	$ 0

Subsequent Events (Details) - S

Subsequent Events (Details) - Sydling - Sydling WNT Master Fund LLC - USD ($)	Mar. 22, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Subsequent Events
Additional subscription received		$ 52,547,971	$ 72,817,016	$ 46,124,770
Subsequent events
Subsequent Events
Additional subscription received	$ 7,371,478
Redemptions to be paid	$ 5,134,185