##### Table of Contents





UNITED STATES
  SECURITIES AND EXCHANGE COMMISSION
  WASHINGTON, D.C. 20549
  FORM 10-Q
  (X) QUARTERLY REPORT PURSUANT TO SECTION 13 or
    15(d)
  OF THE SECURITIES EXCHANGE ACT OF 1934
  For the
    Quarterly Period endedSeptember 30, 2009
  OR
    ( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR
    15(d)
  OF THE
    SECURITIES EXCHANGE ACT OF 1934
  For the
    transition period from
    
    to
  Commission
    File Number 000-24111
  WESTPORT JWH FUTURES FUND L.P.
     New York

13-3939393(State or other jurisdiction of
    incorporation or organization)

(I.R.S. Employer
    Identification No.)   c/o Ceres
    Managed Futures LLC
    55 East 59th Street  10th Floor
    New York, New York 10022
     (212) 559-2011
       Yes X  No
   Yes   No
    Large
    accelerated filer
    Accelerated filer
    Non-accelerated filer X
    Smaller
reporting company  Rule 12b-2
  Yes   No X




---



##### 



WESTPORT JWH FUTURES FUND L.P.
  FORM 10-Q
  INDEX
  PageNumberPART I  Financial Information:Item
    1.


Financial Statements:Statements of Financial Condition at
    September 30, 2009 and December 31, 2008 (unaudited)

3Schedules of Investments at
    September 30, 2009 and December 31, 2008 (unaudited)

4  5Statements of Income and Expenses and
    Changes in Partners Capital for the three and nine months ended
    September 30, 2009 and 2008 (unaudited)

6Notes to Financial Statements including the Financial Statements of JWH
Master Fund LLC (unaudited)

7  19Item
    2.


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

20 23Item
    3.


Quantitative and Qualitative Disclosures about Market Risk

24   25Item
    4.


Controls and Procedures

26PART II  Other Information

27 - 29Exhibits  3.2(a)
    
    Certificate of Amendment of the Certificate of Limited Partnership, dated October 1, 19993.2(b)
    
    Certificate of Change of the Certificate of Limited Partnership, effective January 31, 20003.2(c)
    
    Certificate of Amendment of the Certificate of Limited Partnership, dated May 21, 20033.2(d)
    
    Certificate of Amendment of the Certificate of Limited Partnership, dated September 21, 20053.2(e)
    
    Certificate of Amendment of the Certificate of Limited Partnership, dated September 19, 200810.1(a)
    
    Amendment to the Customer Agreement, dated March 1, 200010.2(a)
    
    Amendment to the Escrow Agreement and Instructions, dated April 8, 199710.3
    
    Amended and Restated Management Agreement, dated March 1, 200010.3(a)
    
    Amendment to the Amended and Restated Management Agreement, dated September 10, 200010.4
    
    Form of Subscription Agreement10.5
    
    Agency Agreement, dated November 11, 200931.1
    
    Certification31.2
    
    Certification32.1
    
    Certification32.2
    
    Certification
  2




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##### Table of Contents



PART I  Item 1.
    Financial Statements  Westport
JWH Futures Fund L.P.
Statements of Financial Condition
(Unaudited) September 30,
    
    
    December 31,2009
    
    

2008Assets:Investment in JWH Master, at fair value
    
    $
    49,705,063
    
    
    $
    75,781,841Equity in trading account:Cash
    
    
    8,095,562
    
    
    
    11,872,187Cash margin
    
    
    807,510
    
    
    
    771,833Net unrealized appreciation on open futures contracts
    
    
    257,152
    
    
    
    145,299Net unrealized appreciation on open forward contracts
    
    
    
    
    
    
    62,98858,865,287
    
    
    
    88,634,148Interest receivable
    
    
    379
    
    
    
    177Total assets
    
    $
    58,865,666
    
    
    $
    88,634,325Liabilities and Partners CapitalLiabilities:Net unrealized depreciation on open forward contracts
    
    $
    313
    
    
    $
    Accrued expenses:Brokerage commissions
    
    
    269,800
    
    
    
    406,241Management fees
    
    
    97,517
    
    
    
    146,857Incentive fees
    
    
    
    
    
    
    1,908,225Other
    
    
    85,395
    
    
    
    113,634Redemptions payable
    
    
    350,634
    
    
    
    3,668,466Total liabilities
    
    
    803,659
    
    
    
    6,243,423Partners Capital:General Partner 509.1843 and 390.1941 Unit equivalents
outstanding at September 30, 2009 and December 31, 2008, respectively
    
    
    766,322
    
    
    
    711,258Limited
Partners, 38,070.3065 and 44,809.2848 Redeemable
Units of Limited Partnership Interest outstanding at September 30, 2009
and December 31, 2008, respectively
    
    
    57,295,685
    
    
    
    81,679,644Total partners capital
    
    
    58,062,007
    
    
    
    82,390,902Total liabilities and partners capital
    
    $
    58,865,666
    
    
    $
    88,634,325
   3




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##### Table of Contents



Westport JWH Futures Fund L.P.
    Schedule of Investments
    September 30, 2009
    (Unaudited) Number of
    
    
    
    
    
    
    % of PartnersContracts
    
    
    Fair Value
    
    
    CapitalFutures
Contracts PurchasedCurrencies
    
    
    45
    
    
    $
    94,856
    
    
    
    0.16
    %Energy
    
    
    3
    
    
    
    6,750
    
    
    
    0.01Interest Rates U.S.
    
    
    31
    
    
    
    10,553
    
    
    
    0.02Interest Rates Non-U.S.
    
    
    40
    
    
    
    51,249
    
    
    
    0.09Indices
    
    
    31
    
    
    
    21,056
    
    
    
    0.03Metals
    
    
    6
    
    
    
    16,000
    
    
    
    0.03Softs
    
    
    42
    
    
    
    34,273
    
    
    
    0.06Total futures contracts purchased
    
    
    
    
    
    
    234,737
    
    
    
    0.40Futures Contracts SoldEnergy
    
    
    5
    
    
    
    (16,945
    )
    
    
    (0.03
    )Grains
    
    
    25
    
    
    
    35,920
    
    
    
    0.06Livestock
    
    
    8
    
    
    
    3,440
    
    
    
    0.01Total futures contracts sold
    
    
    
    
    
    
    22,415
    
    
    
    0.04Unrealized Appreciation on
Open Forward ContractsMetals
    
    
    5
    
    
    
    17,906
    
    
    
    0.03Total
unrealized appreciation on open forward contracts
    
    
    
    
    
    
    17,906
    
    
    
    0.03Unrealized Depreciation on Open
Forward ContractsMetals
    
    
    11
    
    
    
    (18,219
    )
    
    
    (0.03
    )Total
unrealized depreciation on open forward contracts
    
    
    
    
    
    
    (18,219
    )
    
    
    (0.03
    )Investment in JWH Master
    
    
    
    
    
    
    49,705,063
    
    
    
    85.61Total fair value
    
    
    
    
    
    $
    49,961,902
    
    
    
    86.05
    %
   4




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##### Table of Contents



Westport JWH Futures Fund L.P.
    Schedule of Investments
    December 31, 2008
    (Unaudited)
  Number of





% of PartnersContracts


Fair Value


CapitalFutures Contracts PurchasedCurrencies


19

$
31,587



0.03
%Interest Rates U.S.


27


123,247



0.15Interest Rates Non-U.S.


26


52,507



0.06Total futures contracts purchased





207,341



0.24Futures Contracts SoldCurrencies


14


(11,231
)


(0.01
)Energy


10


(7,254
)


(0.01
)Grains


11


(24,335
)


(0.03
)Indices


26


(19,647
)


(0.02
)Livestock


6


6,800



0.01Metals


6


(15,700
)


(0.02
)Softs


32


9,325



0.01Total futures contracts sold





(62,042
)


(0.07
)Unrealized Appreciation on Open Forward ContractsMetals


6


65,213



0.08Total unrealized appreciation on open forward contracts





65,213



0.08Unrealized Depreciation on Open Forward ContractsMetals


2


(2,225
)


(0.00
)*Total unrealized depreciation on open forward contracts





(2,225
)


(0.00
)*Investment in JWH Master





75,781,841



91.98Total fair value




$
75,990,128



92.23
% 
 *
    
    Due to rounding.   5




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##### Table of Contents



Westport
JWH Futures Fund L.P.Statements of Income and Expenses and Changes in Partners Capital
(Unaudited)
 Three Months Ended
    
    
    Nine Months EndedSeptember 30,
    
    

September 30,2009
    
    
    2008
    
    
    2009
    
    
    2008Income:Net gains (losses) on trading of commodity
interests  and investment in JWH Master:Net realized gains (losses) on closed contracts
    
    $
    60,488
    
    
    $
    (2,390,868
    )
    
    $
    (236,247
    )
    
    $
    269,631Net realized gains (losses) on investment in JWH Master
    
    
    (6,608,823
    )
    
    
    5,942,510
    
    
    
    (9,185,382
    )
    
    
    20,123,417Change in
net unrealized gains (losses) on open contracts
    
    
    324,178
    
    
    
    (103,068
    )
    
    
    48,552
    
    
    
    456,812Change in net unrealized gains (losses) on investment in
JWH Master
    
    
    2,740,574
    
    
    
    1,773,506
    
    
    
    18,510
    
    
    
    2,868,568Gain (loss) from trading, net
    
    
    (3,483,583
    )
    
    
    5,222,080
    
    
    
    (9,354,567
    )
    
    
    23,718,428Interest income
    
    
    2,005
    
    
    
    28,625
    
    
    
    6,635
    
    
    
    104,640Interest income from JWH Master
    
    
    11,350
    
    
    
    140,424
    
    
    
    38,242
    
    
    
    476,730Total income (loss)
    
    
    (3,470,228
    )
    
    
    5,391,129
    
    
    
    (9,309,690
    )
    
    
    24,299,798Expenses:Brokerage
commissions, including clearing fees
    
    
    842,426
    
    
    
    811,827
    
    
    
    2,925,538
    
    
    
    2,532,043Management fees
    
    
    298,718
    
    
    
    285,393
    
    
    
    1,041,092
    
    
    
    892,810Other
    
    
    76,097
    
    
    
    66,162
    
    
    
    240,747
    
    
    
    222,828Total expenses
    
    
    1,217,241
    
    
    
    1,163,382
    
    
    
    4,207,377
    
    
    
    3,647,681Net income (loss)
    
    
    (4,687,469
    )
    
    
    4,227,747
    
    
    
    (13,517,067
    )
    
    
    20,652,117Additions
 Limited Partners
    
    
    450,000
    
    
    
    1,085,000
    
    
    
    3,815,000
    
    
    
    3,929,000Additions
 General Partner
    
    
    
    
    
    
    
    
    
    
    200,000
    
    
    
    Redemptions  Limited Partners
    
    
    (2,970,645
    )
    
    
    (1,814,231
    )
    
    
    (14,826,828
    )
    
    
    (7,776,487
    )Net increase
(decrease) in Partners capital
    
    
    (7,208,114
    )
    
    
    3,498,516
    
    
    
    (24,328,895
    )
    
    
    16,804,630Partners Capital, beginning of period
    
    
    65,270,121
    
    
    
    60,664,063
    
    
    
    82,390,902
    
    
    
    47,357,949Partners Capital, end of period
    
    $
    58,062,007
    
    
    $
    64,162,579
    
    
    $
    58,062,007
    
    
    $
    64,162,579Net asset value per Unit
(38,579.4908 and 46,851.7480 Units outstanding
at September 30, 2009 and 2008, respectively)
    
    $
    1,505.00
    
    
    $
    1,369.48
    
    
    $
    1,505.00
    
    
    $
    1,369.48Net income (loss) per Redeemable Unit of Limited Partnership
Interest and General Partner Unit equivalent
    
    $
    (116.39
    )
    
    $
    89.82
    
    
    $
    (317.83
    )
    
    $
    412.67Weighted
average units outstanding
    
    
    39,569.4517
    
    
    
    47,806.0220
    
    
    
    42,195.2369
    
    
    
    49,401.1303
   6




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##### Table of Contents



Westport JWH Futures Fund L.P.
    Notes to Financial Statements
    September 30, 2009
    (Unaudited)  1.
    General:          Form 10-K
            7




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##### Table of Contents



Westport
JWH Futures Fund L.P.
    Notes to Financial Statements
    September 30, 2009
    (Unaudited)
        Assets
    
    September 30, 2009
    
    
    Assets
    
    September 30, 2009Futures Contracts
    
    
    
    
    
    Forward ContractsCurrencies
    
    $
    113,006
    
    
    Metals
    
    $
    17,906Energy
    
    
    6,750Grains
    
    
    38,620Interest Rates U.S.
    
    
    14,828Interest Rates Non-U.S.
    
    
    55,049Indices
    
    
    32,113Livestock
    
    
    3,440Metals
    
    
    19,800Softs
    
    
    60,710Total unrealized appreciation on
open futures contracts
    
    $
    344,316
    
    
    Total unrealized appreciation on open forward contracts


    
    $
    17,906Liabilities
    
    
    
    
    
    LiabilitiesFutures Contracts
    
    
    
    
    
    Forward ContractsCurrencies
    
    $
    (18,150
    )
    
    Metals
    
    $
    (18,219
    )Energy
    
    
    (16,945
    )Grains
    
    
    (2,700
    )Interest Rates U.S.
    
    
    (4,275
    )Interest Rates Non-U.S.
    
    
    (3,800
    )Indices
    
    
    (11,057
    )Softs
    
    
    (26,437
    )Metals
    
    
    (3,800
    )Total unrealized depreciation on
open futures contracts
    
    $
    (87,164
    )
    
    Total unrealized
depreciation on
open forward contracts
    
    $
    (18,219
    )Net
unrealized appreciation 
on open futures contracts
    
    $
    257,152
    *
    
    Net unrealized
depreciation
on open forward contracts
    
    $
    (313
    )**
 
 *
    
    This amount is included in Net unrealized appreciation on open futures contracts on the Statements of Financial Condition.**
    
    This amount is included in Net unrealized depreciation on open forward contracts on the Statements of Financial Condition. 8




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##### Table of Contents



Westport JWH Futures Fund L.P.
    Notes to Financial Statements
    September 30, 2009 
    (Unaudited)
     Three months ended
    
    
    Nine months endedSeptember 30, 2009
    
    
    September 30, 2009Sector
    
    Gain (loss) from trading
    
    
    Gain (loss) from tradingCurrencies
    
    $
    144,550
    
    
    $
    (195,364
    )Energy
    
    
    (78,118
    )
    
    
    18,793Grains
    
    
    (109,345
    )
    
    
    (109,585
    )Interest Rates U.S.
    
    
    4,761
    
    
    
    (126,900
    )Interest Rates Non-U.S.
    
    
    24,633
    
    
    
    (9,756
    )Indices
    
    
    181,574
    
    
    
    220,970Livestock
    
    
    12,840
    
    
    
    14,470Metals
    
    
    177,965
    
    
    
    65,492Softs
    
    
    25,806
    
    
    
    (65,815
    )Total
    
    $
    384,666
    
    
    $
    (187,695
    )
 2.
    Financial
    Highlights:   Three Months Ended
    
    
    Nine Months EndedSeptember 30,
    
    

September 30,2009
    
    

2008
    
    

2009
    
    

2008Net realized and unrealized gains (losses) *
    
    $
    (107.25
    )
    
    $
    93.64
    
    
    $
    (288.56
    )
    
    $
    423.51Interest income
    
    
    0.33
    
    
    
    3.53
    
    
    
    1.06
    
    
    
    11.73Expenses **
    
    
    (9.47
    )
    
    
    (7.35
    )
    
    
    (30.33
    )
    
    
    (22.57
    )Increase (decrease) for the period
    
    
    (116.39
    )
    
    
    89.82
    
    
    
    (317.83
    )
    
    
    412.67Net Asset Value per Redeemable Unit of Limited
Partnerships Interest, beginning of period
    
    
    1,621.39
    
    
    
    1,279.66
    
    
    
    1,822.83
    
    
    
    956.81Net Asset Value per Redeemable
Unit of Limited
Partnerships Interest, end of period
    
    $
    1,505.00
    
    
    $
    1,369.48
    
    
    $
    1,505.00
    
    
    $
    1,369.48
 
 *
    
    Includes brokerage commissions**
    
    Excludes brokerage commissions  Three Months Ended
    
    

Nine Months EndedSeptember 30,
    
    

September 30,2009
    
    

2008
    
    

2009
    
    

2008Ratios to Average Net Assets:***Net investment income (loss) before incentive fees****
    
    
    (7.9
    )%
    
    
    (6.9
    )%
    
    
    (8.0
    )%
    
    
    (7.1
    )%Operating expense
    
    
    8.0
    %
    
    
    8.1
    %
    
    
    8.1
    %
    
    
    8.5
    %Incentive fees
    
    
    
    %
    
    
    
    %
    
    
    
    %
    
    
    
    %Total expenses
    
    
    8.0
    %
    
    
    8.1
    %
    
    
    8.1
    %
    
    
    8.5
    %Total return:Total return before incentive fees
    
    
    (7.2
    )%
    
    
    7.0
    %
    
    
    (17.4
    )%
    
    
    43.1
    %Incentive fees
    
    
    
    %
    
    
    
    %
    
    
    
    %
    
    
    
    %Total return after incentive fees
    
    
    (7.2
    )%
    
    
    7.0
    %
    
    
    (17.4
    )%
    
    
    43.1
    %
  ***
    
    Annualized (other than incentive fees)****
    
    Interest income less total expenses   9




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##### Table of Contents



Westport
JWH Futures Fund L.P.
    Notes to Financial Statements
    September 30, 2009
    (Unaudited)
 3.
    Trading
    Activities:      4.
    Fair
    Value Measurements:  Investments.
  Fair Value Measurements
 10




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##### Table of Contents



Westport JWH Futures Fund L.P.
    Notes to Financial Statements
   September 30, 2009
    (Unaudited)
    Quoted Prices inActive Markets for


Significant Other


SignificantIdentical Assets


Observable Inputs


Unobservable Inputs9/30/2009


(Level 1)


(Level 2)


(Level 3)AssetsFutures

$
257,152


$
257,152


$



$
Investment in JWH Master


49,705,063







49,705,063



Total assets

$
49,962,215


$
257,152


$
49,705,063


$
LiabilitiesForwards

$
313


$
313


$



$
Total liabilities

$
313


$
313







Total fair value

$
49,961,902


$
256,839


$
49,705,063


$
Quoted Prices inActive Markets for


Significant Other


SignificantIdentical Assets


Observable Inputs


Unobservable Inputs12/31/2008


(Level 1)


(Level 2)


(Level 3)AssetsForwards
    
    $
    62,988
    
    
    $
    62,988
    
    
    $
    
    
    
    $
    Futures
    
    
    145,299
    
    
    
    145,299
    
    
    
    
    
    
    
    Investment in JWH Master
    
    
    75,781,841
    
    
    
    
    
    
    
    75,781,841
    
    
    
    Total assets
    
    
    75,990,128
    
    
    
    208,287
    
    
    
    75,781,841
    
    
    
    Total fair value
    
    $
    75,990,128
    
    
    $
    208,287
    
    
    $
    75,781,841
    
    
    $
     5.   Investment in Partnership:
          give-up,
 11




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##### Table of Contents



Westport JWH Futures Fund L.P.
    Notes to Financial Statements
    September 30, 2009
    (Unaudited)
    JWH Master Fund LLC
Statements of Financial Condition
(Unaudited)
 September 30,
    
    
    December 31,2009
    
    
    2008Assets:Equity in trading account:Cash
    
    $
    50,772,741
    
    
    $
    76,979,380Cash margin
    
    
    6,766,288
    
    
    
    5,941,717Net unrealized appreciation on open futures contracts
    
    
    3,706,187
    
    
    
    3,440,881Total assets
    
    $
    61,245,216
    
    
    $
    86,361,978Liabilities and Members Capital:Liabilities:Accrued expenses:Professional fees
    
    $
    9,945
    
    
    $
    23,720Total liabilities
    
    
    9,945
    
    
    
    23,720Members Capital:Members capital, 23,642.6583 and 28,591.1325 Redeemable
Units of Member Interest outstanding at
September 30, 2009
and December 31, 2008, respectively
    
    
    61,235,271
    
    
    
    86,338,258Total liabilities and members capital
    
    $
    61,245,216
    
    
    $
    86,361,978
  12




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##### Table of Contents



Westport
JWH Futures Fund L.P.Notes to Financial
StatementsSeptember 30, 2009(Unaudited)
  JWH
 Master Fund LLCSchedule of Investments
September 30, 2009(Unaudited)
 Number of
    
    
    
    
    
    
    % of MembersContracts
    
    
    Fair Value
    
    
    CapitalFutures Contracts PurchasedCurrencies
    
    
    412
    
    
    $
    1,064,756
    
    
    
    1.74
    %Indices
    
    
    76
    
    
    
    13,212
    
    
    
    0.02Interest Rates U.S.
    
    
    362
    
    
    
    36,206
    
    
    
    0.06Interest Rates Non-U.S.
    
    
    564
    
    
    
    405,493
    
    
    
    0.66Metals
    
    
    240
    
    
    
    1,210,015
    
    
    
    1.97Softs
    
    
    274
    
    
    
    200,259
    
    
    
    0.33Total futures contracts purchased
    
    
    
    
    
    
    2,929,941
    
    
    
    4.78Futures Contracts SoldCurrencies
    
    
    26
    
    
    
    12,831
    
    
    
    0.02Energy
    
    
    78
    
    
    
    (155,569
    )
    
    
    (0.25
    )Grains
    
    
    410
    
    
    
    922,214
    
    
    
    1.51Softs
    
    
    13
    
    
    
    (3,230
    )
    
    
    (0.01
    )Total futures contracts sold
    
    
    
    
    
    
    776,246
    
    
    
    1.27Total fair value
    
    
    
    
    
    $
    3,706,187
    
    
    
    6.05
    %
 13




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##### Table of Contents



Westport
JWH Futures Fund L.P.
    Notes to Financial Statements
    September 30, 2009
    (Unaudited)
  JWH
Master Fund LLC
    Schedule of Investments
    December 31, 2008
    (Unaudited)
  Number of
    
    
    
    
    
    
    % of MembersContracts
    
    
    Fair Value
    
    
    CapitalFutures
Contracts PurchasedCurrencies
    
    
    267
    
    
    $
    68,088
    
    
    
    0.08
    %Grains
    
    
    31
    
    
    
    (2,825
    )
    
    
    (0.00
    )*Indices
    
    
    1
    
    
    
    110
    
    
    
    0.00
    *Interest Rates Non-U.S.
    
    
    446
    
    
    
    657,723
    
    
    
    0.76Interest Rates U.S.
    
    
    380
    
    
    
    2,079,770
    
    
    
    2.41Metals
    
    
    31
    
    
    
    136,520
    
    
    
    0.16Total futures contracts purchased
    
    
    
    
    
    
    2,939,386
    
    
    
    3.41Futures
Contracts SoldCurrencies
    
    
    80
    
    
    
    46,800
    
    
    
    0.05Energy
    
    
    236
    
    
    
    326,158
    
    
    
    0.38Grains
    
    
    60
    
    
    
    (75,834
    )
    
    
    (0.09
    )Indices
    
    
    26
    
    
    
    (6,832
    )
    
    
    (0.01
    )Softs
    
    
    220
    
    
    
    211,203
    
    
    
    0.25Total futures contracts sold
    
    
    
    
    
    
    501,495
    
    
    
    0.58Total fair value
    
    
    
    
    
    $
    3,440,881
    
    
    
    3.99
    %
 
 *
    
    Due to rounding 14




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##### Table of Contents



Westport
JWH Futures Fund L.P.
    Notes to Financial Statements
    September 30, 2009
    (Unaudited)
 JWH Master Fund LLC
Statements of Income and Expenses and Changes in Members Capital
(Unaudited)
 Three Months Ended
    
    
    Nine Months EndedSeptember 30,
    
    
    September 30,2009
    
    
    2008
    
    
    2009
    
    
    2008Income:Net gains (losses) on trading of commodity interests:Net realized gains (losses) on closed positions
    
    $
    (7,994,245
    )
    
    $
    6,880,039
    
    
    $
    (10,798,223
    )
    
    $
    23,054,277Change in net unrealized  gains (losses) on open positions
    
    
    3,349,457
    
    
    
    2,052,221
    
    
    
    265,306
    
    
    
    3,275,102Gain (loss) from trading, net
    
    
    (4,644,788
    )
    
    
    8,932,260
    
    
    
    (10,532,917
    )
    
    
    26,329,379Interest income
    
    
    14,381
    
    
    
    167,736
    
    
    
    45,985
    
    
    
    565,371Total income (loss)
    
    
    (4,630,407
    )
    
    
    9,099,996
    
    
    
    (10,486,932
    )
    
    
    26,894,750Expenses:Clearing fees
    
    
    17,901
    
    
    
    23,237
    
    
    
    50,427
    
    
    
    60,435Professional fees
    
    
    4,185
    
    
    
    10,440
    
    
    
    31,530
    
    
    
    26,899Total expenses
    
    
    22,086
    
    
    
    33,677
    
    
    
    81,957
    
    
    
    87,334Net income (loss)
    
    
    (4,652,493
    )
    
    
    9,066,319
    
    
    
    (10,568,889
    )
    
    
    26,807,416Additions
    
    
    1,666,000
    
    
    
    868,000
    
    
    
    8,478,500
    
    
    
    41,529,553Redemptions
    
    
    (4,073,470
    )
    
    
    (2,933,110
    )
    
    
    (22,966,613
    )
    
    
    (7,893,703
    )Distribution of interest income to feeder funds
    
    
    (14,381
    )
    
    
    (167,736
    )
    
    
    (45,985
    )
    
    
    (565,371
    )Net increase (decrease) in Members Capital
    
    
    (7,074,344
    )
    
    
    6,833,473
    
    
    
    (25,102,987
    )
    
    
    59,877,895Members Capital, beginning of period
    
    
    68,309,615
    
    
    
    58,436,584
    
    
    
    86,338,258
    
    
    
    5,392,162Members Capital, end of period
    
    $
    61,235,271
    
    
    $
    65,270,057
    
    
    $
    61,235,271
    
    
    $
    65,270,057Net Asset Value per  Unit
(23,642.6583 and 29,831.0617  Units outstanding
at September 30, 2009 and 2008, respectively)
    
    $
    2,590.03
    
    
    $
    2,187.99
    
    
    $
    2,590.03
    
    
    $
    2,187.99Net income
(loss)   per  Unit of Member
Interest

    
    $
    (191.59
    )
    
    $
    307.18
    
    
    $
    (427.87
    )
    
    $
    852.26Weighted
average units outstanding

    
    
    24,471.0597
    
    
    
    30,611.1101
    
    
    
    25,714.9094
    
    
    
    31,866.6882
  15




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##### Table of Contents



Westport JWH Futures Fund L.P.
    Notes to Financial Statements
   September 30, 2009
    (Unaudited)
    Quoted Prices inActive Markets


Significant Other


Significantfor Identical


Observable Inputs


Unobservable9/30/2009


Assets (Level 1)


(Level 2)


Inputs (Level 3)AssetsFutures

$
3,706,187


$
3,706,187


$



$
Total assets


3,706,187



3,706,187







Total fair value

$
3,706,187


$
3,706,187


$



$
Quoted Prices inActive Markets
    
    
    Significant Other
    
    
    Significantfor Identical
    
    
    Observable Inputs
    
    
    Unobservable12/31/2008
    
    
    Assets (Level 1)
    
    
    (Level 2)
    
    

Inputs (Level 3)AssetsFutures
    
    $
    3,440,881
    
    
    $
    3,440,881
    
    
    $
    
    
    
    $
    Total assets
    
    
    3,440,881
    
    
    
    3,440,881
    
    
    
    
    
    
    
    Total fair value
    
    $
    3,440,881
    
    
    $
    3,440,881
    
    
    $
    
    
    
    $
     16




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##### Table of Contents



Westport
JWH Futures Fund L.P.
    Notes to Financial Statements
    September 30, 2009
    (Unaudited)
   Three Months Ended
    
    
    Nine Months EndedSeptember 30,
    
    
    September 30,2009
    
    
    2008
    
    
    2009
    
    
    2008Net realized and unrealized gains (losses) *
    
    $
    (192.01
    )
    
    $
    301.97
    
    
    $
    (428.46
    )
    
    $
    835.17Interest income
    
    
    0.60
    
    
    
    5.57
    
    
    
    1.86
    
    
    
    17.97Expenses **
    
    
    (0.18
    )
    
    
    (0.36
    )
    
    
    (1.27
    )
    
    
    (0.88
    )Increase (decrease) for the period
    
    
    (191.59
    )
    
    
    307.18
    
    
    
    (427.87
    )
    
    
    852.26Distribution of interest income to feeder funds
    
    
    (0.60
    )
    
    
    (5.57
    )
    
    
    (1.86
    )
    
    
    (17.97
    )Net asset Value per Unit of Member Interest, beginning of period
    
    
    2,782.22
    
    
    
    1,886.38
    
    
    
    3,019.76
    
    
    
    1,353.70Net asset value per Unit of Member Interest, end of period
    
    $
    2,590.03
    
    
    $
    2,187.99
    
    
    $
    2,590.03
    
    
    $
    2,187.99
 
 *
    
    Includes clearing fees**
    
    Excludes clearing fees Three Months Ended
    
    Nine Months EndedSeptember 30,
    
    September 30,2009
    
    2008
    
    2009
    
    2008Ratios to Average Net Assets:***Net
investment income (loss)****
    
    
    (0.0)
    %*****
    
    
    0.9
    %
    
    
    (0.1
    )%
    
    
    1.2
    %Operating expense
    
    
    0.1
    %
    
    
    0.2
    %
    
    
    0.2
    %
    
    
    0.2
    %Total return
    
    
    (6.9
    )%
    
    
    16.3
    %
    
    
    (14.2
    )%
    
    
    63.0
    %
 
 ***
    
    Annualized.****
    
    Interest income less total expenses*****
    
    Due to rounding     17




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##### Table of Contents



Westport
JWH Futures Fund L.P.
    Notes to Financial Statements
    September 30, 2009
    (Unaudited)
    September 30, 2009AssetsFutures ContractsCurrencies
    
    $
    1,077,637Energy
    
    
    18,800Grains
    
    
    1,012,688Indices
    
    
    57,438Interest Rates U.S.
    
    
    82,344Interest Rates Non-U.S.
    
    
    434,036Metals
    
    
    1,210,015Softs
    
    
    388,454Total unrealized appreciation on open futures contracts
    
    $
    4,281,412LiabilitiesFutures ContractsCurrencies
    
    $
    (50
    )Energy
    
    
    (174,369
    )Grains
    
    
    (90,474
    )Indices
    
    
    (44,226
    )Interest Rates U.S.
    
    
    (46,138
    )Interest Rates Non-U.S.
    
    
    (28,543
    )Softs
    
    
    (191,425
    )Total unrealized depreciation on open futures contracts
    
    $
    (575,225
    )Net unrealized appreciation on open futures contracts
    
    $
    3,706,187
    *
 
  18




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##### Table of Contents



Westport
JWH Futures Fund L.P.
    Notes to Financial Statements
    September 30, 2009
    (Unaudited)
 
 Three months ended
    
    
    Nine months endedSeptember 30, 2009
    
    
    September 30, 2009Gain (loss) from
    
    
    Gain (loss) fromSector
    
    trading
    
    
    tradingCurrencies
    
    $
    (210,932
    )
    
    $
    (2,659,912
    )Energy
    
    
    (3,333,062
    )
    
    
    (2,848,249
    )Grains
    
    
    (125,172
    )
    
    
    (621,673
    )Indices
    
    
    (21,471
    )
    
    
    403,538Interest Rates U.S.
    
    
    (1,010,666
    )
    
    
    (2,578,687
    )Interest Rates Non-U.S.
    
    
    (483,054
    )
    
    
    (1,626,430
    )Softs
    
    
    26,219
    
    
    
    (101,554
    )Metals
    
    
    513,350
    
    
    
    (499,950
    )Total
    
    $
    (4,644,788
    )
    
    $
    (10,532,917
    )
  6.
    Financial
Instrument Risks:           19




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##### Table of Contents



Item 2.
    Managements
    Discussion and Analysis of Financial Condition and Results of
    Operations.  Liquidity
    and Capital Resources
            Critical
    Accounting Policies
  Use of Estimates.
  Statement of Cash Flows.
  Investments.
  Fair Value Measurements.
  20




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##### Table of Contents



Futures Contracts.
  London Metals Exchange Forward
    Contracts.
  Income Taxes.
      Recent Accounting Pronouncements
 21




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##### Table of Contents



Subsequent Events.
  Results of Operations
        22




---



##### Table of Contents



30-day 3-month and/or 90-day
         23




---



##### Table of Contents



Item 3.
    Quantitative
    and Qualitative Disclosures about Market Risk            one-day
 24




---



##### Table of Contents



Form 10-K
    September 30,
    2009
    (Unaudited)
 Three months ended September 30, 2009% of Total
    
    
    High
    
    
    Low
    
    
    AverageMarket Sector
    
    Value at Risk
    
    
    Capitalization
    
    
    Value at Risk
    
    
    Value at Risk
    
    
    Value at Risk*Currencies
    
    $
    180,900
    
    
    
    0.31
    %
    
    $
    198,507
    
    
    $
    160,920
    
    
    $
    184,980Energy
    
    
    28,105
    
    
    
    0.05
    %
    
    
    88,488
    
    
    
    28,105
    
    
    
    66,318Grains
    
    
    56,565
    
    
    
    0.10
    %
    
    
    56,565
    
    
    
    18,452
    
    
    
    35,650Interest Rates U.S.
    
    
    53,595
    
    
    
    0.09
    %
    
    
    56,025
    
    
    
    16,321
    
    
    
    35,936Interest Rates Non -U.S.
    
    
    125,517
    
    
    
    0.22
    %
    
    
    128,522
    
    
    
    20,415
    
    
    
    73,859Livestock
    
    
    8,640
    
    
    
    0.01
    %
    
    
    9,720
    
    
    
    8,640
    
    
    
    9,000Metals
    
    
    110,077
    
    
    
    0.19
    %
    
    
    130,500
    
    
    
    99,156
    
    
    
    108,835Softs
    
    
    96,080
    
    
    
    0.16
    %
    
    
    98,180
    
    
    
    59,200
    
    
    
    88,270Indices
    
    
    178,032
    
    
    
    0.31
    %
    
    
    180,995
    
    
    
    90,149
    
    
    
    146,534Totals
    
    $
    837,511
    
    
    
    1.44
    %
 *
    
    Average of month-end Values at Risk.    September 30,
    2009
    (Unaudited)
 Three months ended September 30, 2009% of Total
    
    
    High
    
    
    Low
    
    
    AverageMarket Sector
    
    Value at Risk
    
    
    Capital
    
    
    Value at Risk
    
    
    Value at Risk
    
    
    Value at Risk*Currencies
    
    $
    1,719,360
    
    
    
    2.81
    %
    
    $
    1,812,915
    
    
    $
    1,082,689
    
    
    $
    1,541,550Energy
    
    
    328,145
    
    
    
    0.54
    %
    
    
    1,236,605
    
    
    
    220,337
    
    
    
    607,412Grains
    
    
    994,950
    
    
    
    1.62
    %
    
    
    1,165,050
    
    
    
    626,434
    
    
    
    926,768Interest Rates U.S.
    
    
    609,120
    
    
    
    1.00
    %
    
    
    814,050
    
    
    
    68,000
    
    
    
    388,058Interest Rates Non -U.S.
    
    
    1,042,742
    
    
    
    1.70
    %
    
    
    1,044,806
    
    
    
    175,187
    
    
    
    556,244Metals
    
    
    1,151,928
    
    
    
    1.88
    %
    
    
    1,174,334
    
    
    
    162,000
    
    
    
    779,607Softs
    
    
    665,060
    
    
    
    1.09
    %
    
    
    829,360
    
    
    
    469,040
    
    
    
    622,975Indices
    
    
    290,005
    
    
    
    0.47
    %
    
    
    396,540
    
    
    
    24,500
    
    
    
    306,111Total
    
    $
    6,801,310
    
    
    
    11.11
    %
   *
    
    Average of month-end Values at Risk. 25




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##### Table of Contents



Item 4.
    Controls
    and Procedures      Rules 13a-15(e) 15d-15(e)
  internal control over financial
    reporting
  
    pertain to the maintenance of records that in reasonable detail
    accurately and fairly reflect the transactions and dispositions
    of the assets of the Partnership;
    provide reasonable assurance that (i) transactions are
    recorded as necessary to permit preparation of financial
    statements in accordance with GAAP, and (ii) the Partnerships
    receipts are handled and expenditures are made only pursuant to
    authorizations of the General Partner; and
    provide reasonable assurance regarding prevention or timely
    detection of unauthorized acquisition, use or disposition of the
    Partnerships assets that could have a material effect on
    the financial statements.   26




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##### Table of Contents



PART II.
    OTHER INFORMATION  Item 1.
    Legal
    Proceedings  Subprime Mortgage-Related Litigation
 Asher, et al. v. Citigroup Inc., et al. Pellegrini v. Citigroup Inc.,
et al. In re Citigroup Inc. Bond Litigation
 Utah Retirement Systems v. Strauss, et al.
 In Re American Home Mortgage Securities Litigation
 In Re American International Group, Inc. 2008 Securities
Litigation
 Auction Rate SecuritiesRelated Litigation and Other Matters
 K-V Pharmaceutical Co. v. CGMI In Re Citigroup Auction Rate Securities Litigation
 In Re Citigroup Auction Rate Securities Litigation
 Ocwen Financial
Corp., et al. v. CGMI In Re Citigroup Auction Rate Securities Litigation
 Other Matters
 ECA
Acquisitions, Inc., et al. v. MAT Three LLC, et al.
 Adelphia Communications Corporation
  IPO Securities Litigation
  Other Matters
 Terra Securities Asa
Konkursbo, et al. v. Citigroup Inc., et al
 27




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##### Table of Contents



Item 1A.
    Risk
    Factors  Speculative position and trading limits may reduce profitability.
 Regulatory changes could restrict the Partnerships operations.
  Item 2.
    Unregistered
    Sales of Equity Securities and Use of Proceeds        (d) Maximum Number(or Approximate(c) Total Number



Dollar Value) of Sharesof Shares (or Units)



(or Units) that(a) Total Number



(b) Average



Purchased as Part



May Yet Beof Shares



Price Paid per



of Publicly Announced



Purchased Under thePeriod


(or Units) Purchased*



Share (or Unit)**



Plans or Programs



Plans or ProgramsJuly 1, 2009 - 
    July 31, 2009



758.5715



$
1,534.70




N/A




N/AAugust 1, 2009 -
    August 31, 2009



982.5011



$
1,481.76




N/A




N/ASeptember 1, 2009 -
    September 30, 2009



232.9794



$
1,505.00




N/A




N/ATotal



1,974,0520



$
1,504.85   *
    
    Generally, Limited Partners are permitted to redeem their
    Redeemable Units as of the last day of each month on
    10 days notice to the General Partner. Under certain
    circumstances, the General Partner can compel redemption but to
    date the General Partner has not exercised this right. Purchases
    of Redeemable Units by the Partnership reflected in the chart
    above were made in the ordinary course of the Partnerships
    business in connection with effecting redemptions for Limited
    Partners.**
    
    Redemptions of Redeemable Units are effected as of the last day
    of each month at the Net Asset Value per Redeemable Unit as of
    that day. No fee will be charged for redemptions.  Item 3.
    Defaults
    Upon Senior Securities  None  Item 4.
    Submission
    of Matters to a Vote of Security Holders 
    None  Item 5.
    Other
    Information  None 28




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##### Table of Contents



Item 6.
    Exhibits 3.1
    
    Limited Partnership Agreement, dated March 21, 1997 (filed as Exhibit A to
the Registration Statement on Form S-1 filed on April 10, 1997 and incorporated herein
by reference).3.2
    
    Certificate of Limited Partnership of the Partnership as filed in the office
of the Secretary of State of the State of New York, dated March 21, 1997 (filed as
Exhibit 3.2 to the Registration Statement on Form S-1 filed on April 10, 1997 and
incorporated herein by reference).
 (a)
    
    Certificate of Amendment of the Certificate of Limited Partnership as
filed in the office of the Secretary of State of New York, dated October 1, 1999
(filed herein).(b)
    
    Certificate of Change of the Certificate of Limited Partnership as
filed in the office of the Secretary of State of New York, effective January 31,
2000 (filed herein).(c)
    
    Certificate of Amendment of the Certificate of Limited Partnership as
filed in the office of the Secretary of State of New York, dated May 21, 2003
(filed herein).(d)
    
    Certificate of Amendment of the Certificate of Limited Partnership as
filed in the office of the Secretary of State of New York, dated September 21,
2005 (filed herein).(e)
    
    Certificate of Amendment of the Certificate of Limited Partnership as
filed in the office of the Secretary of State of New York, dated September 19,
2008 (filed herein).(f)
    
    Certificate of Amendment of the Certificate of Limited Partnership as
filed in the office of the Secretary of State of New York, dated September 28,
2009 (filed as Exhibit 99.1 to the Form 8-K filed on September 30, 2009).
 10.1
    
    Form of Customer Agreement between the Partnership and Smith Barney Inc.
(filed as Exhibit 10.1 to the Registration Statement on Form S-1 filed on April 10,
1997 and incorporated herein by reference).
 (a)
    
    Amendment No. 1 to the Customer Agreement, dated March 1, 2000 (filed
herein).
 10.2
    
    Form of Escrow Agreement and Instructions relating to escrow of subscription
funds (filed as Exhibit 10.3 to the Registration Statement on Form S-1 filed on April
10, 1997 and incorporated herein by reference).
 (a)
    
    Amendment to the Escrow Agreement and Instructions relating to
escrow of subscription funds, dated April 8, 1997 (filed herein).
 10.3
    
    Amended and Restated Management Agreement among the Partnership, the General
Partner and John W. Henry & Company Inc., dated March 1, 2000 (filed herein).
 (a)
    
    Amendment No. 1 to the Amended and Restated Management Agreement,
dated September 10, 2000 (filed herein).(b)
    
    Letter extending the Amended and Restated Management Agreement among
the Partnership, the General Partner and John W. Henry & Company, Inc. for 2008
(filed as Exhibit 10.14 to the Form 10-K filed on March 31, 2009 and incorporated
herein by reference).
 10.4
    
    Form of Subscription Agreement (filed herein).10.5
    
    Agency Agreement among the Partnership, the General Partner, Morgan Stanley Smith Barney LLC and Citigroup Global Markets Inc., dated November 11, 2009 (filed herein).23.1
    
    Consent from KPMG LLP, dated March 26, 2009 (filed as Exhibit 23.1 to the
Form 10-K filed on March 31, 2009 and incorporated herein by reference).
   
  29




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##### Table of Contents



SIGNATURES
    WESTPORT JWH FUTURES FUND L.P.
  By:
    Ceres Managed Futures LLC    By:
    /s/  Jerry
    Pascucci     Date: November 16, 2009  By:
    /s/  Jennifer
    Magro   
  Date: November 16, 2009 30