Futures Portfolio Fund, Limited Partnership

Condensed Schedule of Investments (continued)

~~March~~December 31, ~~2021 (Unaudited)~~2020

	Description		Fair Value		% of Partners’ Capital (Net Asset Value)
OPEN FUTURES CONTRACTS (continued)
Short Foreign Futures Contracts
	Agricultural commodities	$	(1,367	)	0.00	%
	Currencies		57,417		0.03	%
	Energy		(71,502	)	(0.04	) %
	Equity indices		104,496		0.06	%
	Interest rate instruments		60,025		0.03	%
Net unrealized gain (loss) on open short foreign futures contracts			149,069		0.08	%

Total foreign futures contracts - net unrealized gain (loss) on open foreign futures contracts			2,609,701		1.52	%

Net unrealized gain (loss) on open futures contracts		$	8,169,982		4.74	%

OPEN FUTURE OPTIONS CONTRACTS
Long U.S. Future Options Contracts
	Equity Indices (premium paid $588,413)	$	264,100		0.15	%

Short U.S. Future Options Contracts
	Equity Indices (premium received $279,738)
		$	(113,200	)	(0.07	)%
Net unrealized gain (loss) on open futures options contracts		$	150,900		0.08	%

OPEN FORWARD CURRENCY CONTRACTS
U.S. Forward Currency Contracts
	Long²	$	2,003,451		1.16	%
	Short²		(2,376,232	)	(1.38	)%
Net unrealized gain (loss) on open U.S. forward currency contracts			(372,781	)	(0.22	)%

Foreign Forward Currency Contracts
	Long		189,777		0.11	%
	Short		165,075		0.10	%
Net unrealized gain (loss) on open foreign forward currency contracts			354,852		0.21	%

Net unrealized gain (loss) on open forward currency contracts		$	(17,929	)	(0.01	)%

% of Partners’
Capital (Net
Description Fair Value Asset Value)
Foreign Commercial Paper
Face Value Maturity Date Name Yield ¹
Banks
$ 1,200,000 4/22/21 DBS Bank Ltd. 0.11% $ 1,199,923 0.74 %
1,200,000 4/23/21 KfW 0.10% 1,199,927 0.74 %
1,200,000 5/10/21 National Bank of Canada 0.14% 1,199,818 0.73 %
1,200,000 4/20/21 Nordea Bank Abp 0.14% 1,199,905 0.74 %
1,200,000 6/16/21 Skandinaviska Enskilda Banken AB (publ.) 0.00% 1,199,620 0.73 %
1,200,000 6/2/21 United Overseas Bank Limited 0.10% 1,199,793 0.73 %
1,200,000 4/12/21 Westpac Banking Corporation 0.15% 1,199,941 0.74 %
Chemicals
1,200,000 5/25/21 BASF SE 0.18% 1,199,676 0.73 %
Diversified financial services
1,200,000 4/7/21 Nieuw Amsterdam Receivables Corporation B.V. 0.12% 1,199,972 0.74 %
Energy
1,200,000 4/28/21 Total Capital Canada Ltd. 0.14% 1,199,874 0.74 %
Insurance
1,200,000 4/7/21 Prudential plc 0.06% 1,199,986 0.74 %
Total foreign commercial paper (cost: $13,196,500) 13,198,435 8.10 %
Total commercial paper (cost: $21,594,858) 21,597,973 13.26 %

U.S. Corporate Notes
Face Value Maturity Date Name Yield ¹
Aerospace
$ 4,000,000 5/1/22 Boeing Company 2.70% 4,130,256 2.54 %
1,600,000 8/16/23 Raytheon Technologies Corporation 3.65% 1,716,198 1.05 %
Agriculture
4,850,000 5/5/21 Altria Group, Inc. 4.75% 4,961,569 3.05 %
Banks
4,000,000 5/5/23 Credit Suisse AG, New York Branch 1.00% 4,035,742 2.48 %
5,000,000 4/25/23 JPMorgan Chase & Co. 2.78% 5,178,222 3.18 %
4,000,000 5/17/22 SunTrust Bank 2.80% 4,146,545 2.55 %
4,250,000 1/24/24 Wells Fargo & Company 3.75% 4,625,701 2.84 %
Diversified financial services
4,000,000 1/8/24 Athene Global Funding 0.95% 4,009,209 2.46 %
4,250,000 4/26/22 Goldman Sachs Group, Inc. 3.00% 4,310,200 2.65 %
600,000 12/7/23 The Bank of New York Mellon Corporation 0.35% 599,868 0.37 %
Equipment
3,500,000 4/24/23 Micron Technology, Inc. 2.50% 3,669,035 2.25 %
Food
2,000,000 4/16/21 General Mills, Inc. 3.20% 2,031,105 1.25 %
Healthcare
3,000,000 6/1/21 CVS Health Corporation 2.13% 3,024,700 1.86 %
Pharmaceuticals
3,500,000 6/25/21 Bayer US Finance II LLC 0.83% 3,502,879 2.15 %
4,000,000 5/16/22 Bristol-Myers Squibb Company 2.60% 4,136,084 2.54 %
3,500,000 2/1/23 Zoetis Inc. 3.25% 3,667,323 2.25 %
Telecommunications
4,000,000 2/9/22 Apple Inc. 2.50% 4,083,952 2.51 %
3,500,000 6/30/22 AT&T Inc. 3.00% 3,624,272 2.22 %
Total U.S. corporate notes (cost: $64,852,871) 65,452,860 40.20 %

¹

Represents the annualized yield at date of purchase for discount securities, the stated coupon rate for coupon-bearing securities, or the stated interest rate for certificates of deposit.

²

No individual futures or forward currency contract position constituted one percent or greater of partners’ capital (net asset value). Accordingly, the number of contracts and expiration dates are not presented.

The accompanying notes are an integral part of these financial statements.

11

~~Futures Portfolio Fund, Limited Partnership~~

~~Condensed Schedule of Investments (continued)~~

~~March 31, 2021 (Unaudited)~~

% of Partners’
Capital (Net
Description Fair Value Asset Value)
Foreign Corporate Notes
Face Value Maturity Date Name Yield ¹
Banks
$ 3,000,000 6/9/23 Nordea Bank Abp 1.00% $ 3,035,526 1.86 %
Insurance
4,000,000 9/20/21 AIA Group Limited 0.71% 4,004,273 2.46 %
Total foreign corporate notes (cost: $6,996,910) 7,039,799 4.32 %
Total corporate notes (cost: $71,849,781) 72,492,659 44.52 %

U.S. Asset Backed Securities
Face Value Maturity Date Name Yield ¹
Automotive
$ 190,733 1/18/23 Americredit Automobile Receivables Trust 2019-3 2.17% 191,248 0.12 %
371,000 8/15/28 Ford Credit Auto Owner Trust 2017-Rev1 2.62% 378,828 0.23 %
203,062 6/20/22 Honda Auto Receivables 2019-4 Owner Trust 1.86% 203,830 0.13 %
108,504 5/15/23 Santander Drive Auto Receivables Trust 2020-2 0.62% 108,597 0.07 %
146,319 4/20/22 Santander Retail Auto Lease Trust 2019-B 2.29% 146,731 0.09 %
700,000 3/20/25 TESLA 2021-A A2 0.36% 699,874 0.43 %
276,922 4/20/22 Tesla Auto Lease Trust 2019-A 2.13% 279,172 0.17 %
111,316 8/15/23 World Omni Select Auto Trust 2019-A 2.06% 111,704 0.07 %
427,860 12/15/23 World Omni Auto Receivables Trust 2020-C 0.35% 428,219 0.26 %
462,811 6/17/24 World Omni Select Auto Trust 2020-A 0.47% 463,289 0.27 %
Credit cards
575,000 9/15/21 American Express Credit Account Master Trust 2018 - 8 3.18% 583,615 0.36 %
250,000 9/15/24 Synchrony Card Issuance Trust, Series 2018-1 3.38% 253,915 0.16 %
250,000 5/15/24 Synchrony Credit Card Master Note Trust 2016-2 2.21% 250,848 0.15 %
Equipment
600,000 10/22/24 Dell Equipment Finance Trust 2019-2 1.91% 607,204 0.37 %
604,470 6/22/22 Dell Equipment Finance Trust 2020-1 2.26% 610,155 0.37 %
546,293 6/15/22 GreatAmerica Leasing Receivables Funding, LLC 1.76% 549,543 0.34 %
775,000 7/22/30 HPEFS Equipment Trust 2020-2 0.69% 777,083 0.48 %
1,000,000 3/20/31 HPEFS Equipment Trust 2021-1 0.27% 1,000,060 0.61 %
383,907 4/20/23 Verizon Owner Trust 2018-A 3.23% 388,447 0.24 %
375,000 7/22/24 Verizon Owner Trust 2020-A 1.85% 382,573 0.23 %
Student loans
9,704 11/25/27 SLM Student Loan Trust 2011-2 0.71% 9,710 0.01 %
Total U.S. asset backed securities (cost: $8,446,416) 8,424,645 5.16 %
Total investments in securities (cost: $114,155,430) $ 114,711,526 70.43 %

~~The accompanying notes are an integral part of these financial statements.~~

Futures Portfolio Fund, Limited Partnership
~~Condensed Schedule of Investments (continued)~~
~~March 31, 2021 (Unaudited)~~

Description Fair Value % of Partners’
Capital (Net
Asset Value)
OPEN FUTURES CONTRACTS
Long U.S. Futures Contracts
Agricultural commodities $ 582,708 0.36 %
Currencies (80,825 ) (0.05 )%
Energy (578,310 ) (0.36 )%
Equity indices 291,641 0.18 %
Interest rate instruments (707,270 ) (0.43 )%
Metals² 2,123,542 1.30 %
Net unrealized gain (loss) on open long U.S. futures contracts 1,631,486 1.00 %

Short U.S. Futures Contracts
Agricultural commodities (16,676 ) (0.01 )%
Currencies 98,276 0.06 %
Energy 41,253 0.03 %
Equity indices 122,583 0.08 %
Interest rate instruments 468,909 0.29 %
Metals² (1,846,380 ) (1.14 )%
Net unrealized gain (loss) on open short U.S. futures contracts (1,132,035 ) (0.69 )%

Total U.S. Futures Contracts - net unrealized gain (loss) on open U.S. futures contracts 499,451 0.31 %

Long Foreign Futures Contracts
Agricultural commodities (31,070 ) (0.02 )%
Currencies 33,094 0.02 %
Energy 257,619 0.16 %
Equity indices 550,635 0.34 %
Interest rate instruments (351,726 ) (0.22 )%
Metals 343 0.00 %
Net unrealized gain (loss) on open long foreign futures contracts 458,895 0.28 %

Short Foreign Futures Contracts
Agricultural commodities (1,614 ) 0.00 %
Currencies 27,410 0.02 %
Equity indices (242,218 ) (0.15 )%
Interest rate instruments 80,351 0.05 %
Metals (2,511 ) 0.00 %
Net unrealized gain (loss) on open short foreign futures contracts (138,582 ) (0.08 )%

Total foreign futures contracts - net unrealized gain (loss) on open foreign futures contracts 320,313 0.20 %

Net unrealized gain (loss) on open futures contracts $ 819,764 0.51 %
~~The accompanying notes are an integral part of these financial statements.~~

~~Futures Portfolio Fund, Limited Partnership~~
~~Condensed Schedule of Investments (continued)~~
~~March 31, 2021 (Unaudited)~~
Description Fair Value % of Partners’
Capital (Net
Asset Value)
OPEN FORWARD CURRENCY CONTRACTS
U.S. Forward Currency Contracts
Long² $ (2,463,374 ) (1.51 )%
Short² 2,779,594 1.71 %
Net unrealized gain (loss) on open U.S. forward currency contracts 316,220 0.20 %

Foreign Forward Currency Contracts
Long 179,930 0.11 %
Short 14,144 0.01 %
Net unrealized gain (loss) on open foreign forward currency contracts 194,074 0.12 %

Net unrealized gain (loss) on open forward currency contracts $ 510,294 0.32 %

TOTAL RETURNS SWAP CONTRACTS
Long $ 97 0.00 %
INVESTMENT IN PRIVATE INVESTMENT COMPANY ³
Investment in private investment company (cost :$4,166,667) 3,986,132 2.45 %
¹~~Represents the annualized yield at date of purchase for discount securities or the stated coupon rate for coupon-bearing securities.~~
²No individual futures or forward currency contract position constituted one percent or greater of partners’ capital (net asset value). Accordingly, the number of contracts and expiration dates are not presented.
³Private investment company is managed by a Commodity Trading Advisor (“CTA”) that trades global commodities markets primarily through futures contracts. The CTA is paid a management fee of up to 1.00% and a 20% share of the trading profits. The Fund may redeem any portion of its investment on a daily basis. Any requested redemption will be satisfied within two days. There are no restrictions on liquidity for the Fund.
~~The accompanying notes are an integral part of these financial statements.~~

~~Futures Portfolio Fund, Limited Partnership~~
~~Condensed Schedule of Investments~~
~~December 31, 2020~~
Description Fair Value % of Partners’
Capital (Net
Asset Value)
INVESTMENTS IN SECURITIES
U.S. Treasury Securities

Face Value Maturity Date Name Yield¹
$ 6,000,000 10/31/21 U.S. Treasury 2.00 % $ 6,113,365 3.55 %
6,000,000 1/31/22 U.S. Treasury 1.38 % 6,115,149 3.55 %
Total U.S. Treasury securities (cost:  $12,320,011) 12,228,514 7.10 %

U.S. Commercial Paper
Face Value Maturity Date Name Yield¹
Banks
$ 1,200,000 1/21/21 Mitsubishi UFJ Trust & Banking Corporation (U.S.A.) 0.19 % 1,199,867 0.70 %
1,200,000 2/8/21 Mizuho Bank Ltd. , New York Branch 0.20 % 1,199,734 0.69 %
1,200,000 2/3/21 United Overseas Bank Limited 0.17 % 1,199,802 0.70 %
Diversified financial services
1,200,000 2/1/21 DCAT, LLC 0.15 % 1,199,845 0.70 %
1,200,000 2/5/21 Manhattan Asset Funding Company LLC 0.18 % 1,199,790 0.70 %
Manufacturing
1,200,000 3/2/21 Koch Industries, Inc. 0.18 % 1,199,640 0.69 %
1,200,000 2/3/21 Sheffield Receivables Company LLC’ 0.20 % 1,199,769 0.69 %
Total U.S. commercial paper (cost:  $8,397,259) 8,398,447 4.87 %
~~The accompanying notes are an integral part of these financial statements.~~

~~Futures Portfolio Fund, Limited Partnership~~
~~Condensed Schedule of Investments (continued)~~
~~December 31, 2020~~
Description Fair Value % of Partners’
Capital (Net
Asset Value)
Foreign Commercial Paper
Face Value Maturity Date Name Yield¹
Automotive
$ 1,200,000 1/2/20 Nationwide Building Society 0.14 % $ 1,199,977 0.70 %
Banks
1,200,000 2/11/21 DNB Bank ASA 0.19 % 1,199,740 0.69 %
1,200,000 2/23/21 Commonwealth Bank of America 0.22 % 1,199,611 0.69 %
1,200,000 1/21/21 National Australia Bank Limited 0.16 % 1,199,887 0.70 %
1,200,000 3/1/21 Skandinaviska Enskida Banken AB(publ.) 0.20 % 1,199,597 0.69 %
1,200,000 1/22/21 Standard Chartered Bank 0.17 % 1,199,874 0.70 %
1,200,000 3/24/21 The Toronto- Domomion Bank 0.25 % 1,199,303 0.69 %
1,200,000 1/12/21 Westpac Banking Corporation 0.14 % 1,199,945 0.70 %
Diversified financial services
1,200,000 1/19/21 Anglesea Funding Plc 0.19 % 1,199,880 0.70 %
1,200,000 1/8/21 Longship Funding Designated Activity Company 0.13 % 1,199,965 0.70 %
Energy
1,200,000 1/28/21 Total Capital Canada Ltd. 0.14 % 1,199,874 0.69 %
Telecommunications
Total foreign commercial paper (cost:  $13,195,645) 13,197,653 7.65 %
Total commercial paper (cost:  $21,592,904) 21,596,100 12.52 %

U.S. Corporate Notes
Face Value Maturity Date Name Yield¹
Aerospace
$ 4,000,000 5/1/22 Boeing Company 2.70 % 4,115,948 2.39 %
600,000 8/16/23 Raytheon Technologies Corporation 3.65 % 654,625 0.38 %
Agriculture
4,850,000 5/5/21 Altria Group, Inc. 4.75 % 4,955,274 2.87 %
Banks
4,000,000 5/5/23 Credit Suisse AG, New York Branch 1.00 % 4,069,774 2.36 %
3,000,000 4/25/23 JPMorgan Chase & Co. 2.78 % 5,187,922 3.01 %
4,000,000 5/17/22 SunTrust Bank 2.80 % 4,144,297 2.40 %
4,750,000 1/15/21 Wells Fargo Bank, National Association 2.60 % 4,806,985 2.79 %
Diversified financial services
4,250,000 4/26/22 Goldman Sachs Group, Inc. 3.00 % 4,308,632 2.50 %
600,000 12/7/23 The Bank of New York Mellon Corporation 0.35 % 600,814 0.35 %
Energy
4,850,000 2/15/21 Enterprise Products Operating LLC 2.80 % 4,907,287 2.85 %
Equipment
3,500,000 4/24/23 Micron Technology, Inc. 2.50 % 3,667,014 2.13 %
Food
2,000,000 4/16/21 General Mills, Inc. 3.20 % 2,029,905 1.18 %
Healthcare
5,000,000 9/17/21 Cigna Corporation 3.40 % 5,157,401 2.99 %
3,000,000 6/1/21 CVS Health Corporation 2.13 % 3,024,078 1.75 %
Pharmaceuticals
3,500,000 6/25/21 Bayer US Finance II LLC 0.88 % 3,507,152 2.03 %
4,000,000 5/16/22 Bristol-Myers Squibb Company 2.60 % 4,127,928 2.39 %
3,500,000 2/1/23 Zoetis Inc. 3.25 % 3,731,114 2.16 %
Telecommunications
4,000,000 2/9/22 Apple Inc. 2.50 % 4,132,312 2.40 %
3,500,000 6/30/22 AT&T Inc. 3.00 % 3,621,045 2.10 %
Total U.S. corporate notes (cost:  $69,880,261) 70,749,507 41.03 %
~~The accompanying notes are an integral part of these financial statements.~~

~~Futures Portfolio Fund, Limited Partnership~~
~~Condensed Schedule of Investments (continued)~~
~~December 31, 2020~~
Description Fair Value % of Partners’
Capital (Net
Asset Value)
Foreign Corporate Notes
Face Value Maturity Date Name Yield¹
Banks
$ 3,000,000 6/9/23 Nordea Bank Abp 1.00 % $ 3,038,160 1.76 %
Insurance
4,000,000 9/20/21 AIA Group Limited 0.76 % 4,000,771 2.32 %
Total foreign corporate notes (cost:  $6,996,909) 7,038,931 4.08 %
Total corporate notes (cost:  $76,877,170) 77,788,438 45.11 %

U.S. Asset Backed Securities
Face Value Maturity Date Name Yield¹
Automotive
$ 33,644 9/19/22 Americredit Automobile Receivales Trust 2019-2 2.43 % 33,725 0.02 %
440,163 1/18/23 Americredit Automobile Receivables Trust 2019-3 2.17 % 442,057 0.26 %
86,991 7/20/21 BMW Vehicle Lease Trust 2018-1 3.26 % 87,186 0.05 %
400,000 7/15/22 Carmax Auto Owner Trust 2016-4 2.26 % 400,607 0.23 %
353,042 6/20/22 Honda Auto Receivables 2019-4 Owner Trust 1.86 % 355,128 0.21 %
248,998 4/20/22 Santander Drive Auto Receivables Trust 2019-B 2.29 % 250,474 0.15 %
186,940 5/15/23 Santander Drive Auto Receivables Trust 2020-2 0.62 % 186,689 0.11 %
354,181 4/20/22 Tesla Auto Lease Trust 2019-A 2.13 % 358,011 0.21 %
199,302 8/15/23 World Omni Selecgt Auto Trust 2019-A 2.06 % 200,366 0.12 %
450,000 12/15/23 World Omni Auto Receivables Trust 2020-C 0.35 % 450,177 0.26 %
562,000 6/17/24 World Omni Auto Receivables Trust 2020-A 0.47 % 563,057 0.33 %
Credit cards
575,000 4/15/24 American Express Credit Account Master Trust 2018-8 3.18 % 587,735 0.34 %
250,000 5/15/24 Synchrony Credit Card Master Note Trust 2016-2 2.21 % 251,619 0.15 %
Equipment
600,000 10/22/24 Dell Equipment Finance Trust 2019-2 1.91 % 610,611 0.35 %
826,000 6/22/22 Dell Equipment Finance Trust 2020-1 2.26 % 836,041 0.48 %
84,761 5/20/22 DLL 2019-2 LLC 2.27 % 85,024 0.04 %
752,245 6/15/22 GreatAmerica Leasing Receivables Funding LLC 1.76 % 757,972 0.44 %
775,000 7/22/30 HPEFS EquipmentTrust 2020-2 0.69 % 777,815 0.45 %
585,609 4/20/23 Verizon Owner Trust 2018-A 3.23 % 593,710 0.34 %
375,000 7/22/24 Verizon Owner Trust 2020-A 1.85 % 383,342 0.22 %
Student loans
12,900 11/25/27 SLM Student Loan Trust 2011-2 0.75 % 12,888 0.01 %
Total U.S. asset backed securities (cost:  $8,230,936) 8,224,834 4.77 %
Total investments in securities (cost:  $119,021,021) $ 119,837,286 69.50 %
~~The accompanying notes are an integral part of these financial statements.~~

~~Futures Portfolio Fund, Limited Partnership~~
~~Condensed Schedule of Investments (continued)~~
~~December 31, 2020~~
Description Fair Value % of Partners’
Capital (Net
Asset Value)
OPEN FUTURES CONTRACTS
Long U.S. Futures Contracts
Agricultural commodities $ 2,135,596 1.24 %
Currencies 185,459 0.11 %
Energy 247,270 0.14 %
Equity indices 1,377,249 0.80 %
Interest rate instruments 176,792 0.10 %
Metals 7,267,230 4.21 %
Net unrealized gain (loss) on open long U.S. futures contracts 11,389,596 6.60 %

Short U.S. Futures Contracts
Agricultural commodities (341,526) (0.20) %
Currencies (16,365) (0.01) %
Energy 35,440 0.02 %
Equity indices (230,173) (0.13) %
Interest rate instruments (128,860) (0.07) %
Metals (5,147,830) (2.99) %
Net unrealized gain (loss) on open short U.S. futures contracts (5,829,315) (3.38) %

Total U.S. Futures Contracts - net unrealized gain (loss) on open U.S. futures contracts 5,560,281 3.22 %

Long Foreign Futures Contracts
Agricultural commodities 270,069 0.16 %
Currencies (7,733) 0.00 %
Energy 251,686 0.15 %
Equity indices 14,770,692 0.86 %
Interest rate instruments 466,173 0.27 %
Metals 2,942 0.00 %
Single stock futures 403 0.00 %
Net unrealized gain (loss) on open long foreign futures contracts 2,460,632 1.44 %
~~The accompanying notes are an integral part of these financial statements.~~

~~Futures Portfolio Fund, Limited Partnership~~
~~Condensed Schedule of Investments (continued)~~
~~December 31, 2020~~
Description Fair Value % of Partners’
Capital (Net
Asset Value)
OPEN FUTURES CONTRACTS (continued)
Short Foreign Futures Contracts
Agricultural commodities $ (1,367) 0.00 %
Currencies 57,417 0.03 %
Energy (71,502) (0.04) %
Equity indices 104,496 0.06 %
Interest rate instruments 60,025 0.03 %
Net unrealized gain (loss) on open short foreign futures contracts 149,069 0.08 %

Total foreign futures contracts - net unrealized gain (loss) on open foreign futures contracts 2,609,701 1.52 %

Net unrealized gain (loss) on open futures contracts $ 8,169,982 4.74 %

OPEN FUTURE OPTIONS CONTRACTS
Long U.S. Future Options Contracts
Equity Indices (premium paid $588,413) $ 264,100 0.15 %

Short U.S. Future Options Contracts
Equity Indices (premium paid $279,738)
(113,200) (0.07) %
Net unrealized gain (loss) on open futures options contracts $ 150,900 0.08 %

OPEN FORWARD CURRENCY CONTRACTS
U.S. Forward Currency Contracts
Long² $ 2,003,451 1.16 %
Short² (2,376,232) (1.38) %
Net unrealized gain (loss) on open U.S. forward currency contracts (372,781) (0.22) %

Foreign Forward Currency Contracts
Long 189,777 0.11 %
Short 165,075 0.10 %
Net unrealized gain (loss) on open foreign forward currency contracts 354,852 0.21 %

Net unrealized gain (loss) on open forward currency contracts $ (17,929) (0.01) %
¹~~Represents the annualized yield at date of purchase for discount securities, the stated coupon rate for coupon-bearing securities, or the stated interest rate for certificates of deposit.~~
²No individual futures or forward currency contract position constituted one percent or greater of partners’ capital (net asset value). Accordingly, the number of contracts and expiration dates are not presented.
~~The accompanying notes are an integral part of these financial statements.~~

~~Futures Portfolio Fund, Limited Partnership~~

Statements of Operations

For the Three and Nine Months Ended ~~March 31,~~September 30, 2021 and 2020

(Unaudited)

	Three Months Ended March 31,
	2021			2020			Three Months Ended September 30,						Nine Months Ended September 30,
Realized and Change in Unrealized Gain (Loss) on Investments
							2021			2020			2021			2020
Realized and change in unrealized gain (loss) on investments
Net realized gain (loss) on:
Futures, swaps and forward contracts	$	11,273,818		$	(27,101,585	)
Investments in SMFSF		—			(2,753,150	)
Investments in securities		263,047			278,233
Net change in unrealized gain (loss) on:
Futures, swaps and forward contracts		(6,664,122	)		6,092,379
Futures, futures options, swaps and forward contracts							$	(3,125,251	)	$	3,492,125		$	18,519,421		$	(16,940,382	)
Investments in SMFSF		—			2,882,001			—			—			—			(2,753,150	)
Investment in private investment company		(180,535	)		—			1,952,646			—			1,952,646			—
Investments in securities		(603,832	)		(1,146,766	)		174,076			130,632			414,947			642,814
Net change in unrealized gain (loss) on:
Futures, futures options, swaps and forward contracts								(334,396	)		(2,067,382	)		(7,417,666	)		457,781
Investments in private investment company and SMFSF								1,008,508			—			4,010,239			2,882,001
Investments in securities								(298,371	)		(241,735	)		(952,880	)		80,889
Exchange membership		(5,000	)		17,500			4,750			(3,750	)		14,750			3,000
Brokerage commissions and trading expenses		(269,129	)		(529,032	)		(281,412	)		(350,451	)		(833,626	)		(1,196,755	)
Net realized and change in unrealized gain (loss) on investments		3,814,247			(22,260,420	)
Net realized and changed in unrealized gain (loss) on investments								(899,450	)		959,439			15,707,831			(16,823,802	)

Net Investment Income (Loss)
Net investment income (loss)
Income
Interest income (loss)		328,865			1,083,448			193,609			437,427			754,281			2,109,841

Expenses
Trading Advisor management fee		626,580			889,708			595,425			688,066			1,832,673			2,318,959
Trading Advisor incentive fee		304,999			213,562			405,193			—			1,205,864			213,562
Cash Manager fees		39,491			51,205
Cash manager fees								36,825			39,995			112,720			140,311
General Partner management and performance fees		636,442			875,437			605,298			717,433			1,873,853			2,366,584
Selling agent fees – General Partner		584,079			782,424			551,915			668,372			1,713,453			2,154,202
Broker dealer servicing fees – General Partner		22,340			32,098			21,644			24,393			66,469			84,359
General Partner 1% allocation		17,380			(242,554	)
General Partner 1% allocation								(31,040	)		(9,568	)		90,942			(226,740	)
Administrative expenses – General Partner		191,153			234,010			181,818			215,451			562,835			682,075
Total expenses		2,422,464			2,835,890			2,367,078			2,344,142			7,458,809			7,733,312
Net investment income (loss)		(2,093,599	)		(1,752,442	)		(2,173,469	)		(1,906,715	)		(6,704,528	)		(5,623,471	)
Net Income (Loss)	$	1,720,648		$	(24,012,862	)
Net income (loss)							$	(3,072,919	)	$	(947,276	)	$	9,003,303		$	(22,447,273	)

The accompanying notes are an integral part of these financial statements.

Futures Portfolio Fund, Limited Partnership

Statements of Operations (continued)

For the Three and Nine Months Ended ~~March 31,~~September 30, 2021 and 2020

(unaudited)


	Three Months Ended March 31, 2021												Three Months Ended September 30, 2021
		Class A		Class A2		Class A3		Class B		Class I		Class R	Class A			Class A2			Class A3			Class B			Class I			Class R
Increase (decrease) in net asset value per unit	$	34.68	$	12.60	$	11.86	$	82.78	$	16.36	$	14.30	$	(83.80	)	$	(18.43	)	$	(18.26	)	$	(105.93	)	$	(15.32	)	$	(17.13	)
Net income (loss) per unit†	$	32.59	$	12.25	$	12.67	$	80.28	$	16.36	$	14.26
Net income (loss) per unit^†													$	(83.16	)	$	(18.43	)	$	(18.26	)	$	(104.96	)	$	(15.31	)	$	(17.03	)

Weighted average number of units outstanding		30,085.4184		454.8693		62.0304		7,242.2796		256.4767		7,456.7224		27,110.9034			340.7057			38.0000			6,607.0765			256.4767			6,695.07

Three Months Ended March 31, 2020
Class A Class A2 Class A3 Class B Class I Class R
Increase (decrease) in net asset value per unit $ (413.29 ) $ (103.55 ) $ (101.01 ) $ (622.14 ) $ (101.38 ) $ (102.99 )
Net income (loss) per unit† $ (398.49 ) $ (107.66 ) $ (101.00 ) $ (618.84 ) $ (101.38 ) $ (88.13 )

Weighted average number of units outstanding 40,634.2480 597.4029 86.0607 10,583,8129 1,769.1082 11,556.0472

~~† (based on weighted average number of units outstanding during the period)~~

~~Futures Portfolio Fund, Limited Partnership~~

~~Statements of Cash Flows~~

~~For the Three Months Ended March 31, 2021 and 2020~~

~~(Unaudited)~~

Three Months Ended March 31,
2021 2020
Cash flows from operating activities
Net income (loss) $ 1,720,648 $ (24,012,862 )
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Net change in unrealized (gain) loss from futures and forwards trading 6,972,798 (6,092,379 )
Net realized and change in unrealized (gain) loss on SMFSF, securities and certificates of deposit 521,320 739,682
Purchases of securities, private investment company and certificates of deposit (83,697,426 ) (156,019,995 )
Proceeds from disposition of SMFSF, securities and certificates of deposit 84,315,734 187,974,570
Changes in
Exchange membership 5,000 (17,500 )
Trading Advisor management fee payable 1,049 (115,005 )
Trading Advisor incentive fee payable 304,999 (388,846 )
Commissions and other trading fees payable on open contracts (5,473 ) (32,138 )
Cash Manager fees payable (1,677 ) 51,205
General Partner management and performance fees payable (12,561 ) (50,393 )
General Partner 1% allocation receivable/payable 137,254 (323,031 )
Selling agent fees payable – General Partner (12,725 ) (45,767 )
Broker dealer servicing fees payable – General Partner (345 ) (1,338 )
Administrative fee payable – General Partner (3,819 ) 15,497
Dividend and interest payable 2,510 —
Net cash provided by operating activities 10,247,286 1,681,700

Cash flows from financing activities
Subscriptions 136,000 248,803
Subscriptions received in advance 300,000 121,911
Redemptions (11,831,691 ) (16,710,308 )
Net cash used in financing activities (11,395,691 ) (16,339,594 )

Net increase (decrease) in cash and cash equivalents (1,148,405 ) (14,657,894 )
Cash and cash equivalents, beginning of period 50,569,879 69,988,877
Cash and cash equivalents, end of period $ 49,421,474 $ 55,330,983

End of period cash and cash equivalents consists of
Cash in broker trading accounts $ 40,788,575 $ 37,373,064
Cash and cash equivalents not in broker trading accounts 8,632,899 17,957,919
Total end of period cash and cash equivalents $ 49,421,474 $ 55,330,983

Supplemental disclosure of cash flow information
Prior period redemptions paid $ 5,585,666 $ 4,780,643
Prior period subscriptions received in advance $ 33,000 $ 266,000

Supplemental schedule of non-cash financing activities
Redemptions payable $ 5,191,505 $ 4,442,475


	Three Months Ended September 30, 2020
	Class A			Class A2			Class A3			Class B			Class I			Class R
Increase (decrease) in net asset value per unit	$	(27.22	)	$	(3.82	)	$	(4.06	)	$	(17.57	)	$	(0.69	)	$	(2.45	)
Net income (loss) per unit^†	$	(24.43	)	$	0.74		$	(4.05	)	$	(5.66	)	$	(0.69	)	$	(1.41	)

Weighted average number of units outstanding		36,341.2288			649.5844			86.0607			8,392.2071			256.4767			8,519.9528


	Nine Months Ended September 30, 2021
	Class A		Class A2		Class A3		Class B		Class I		Class R
Increase (decrease) in net asset value per unit	$	192.05	$	61.32	$	58.37	$	392.45	$	73.68	$	67.00
Net income (loss) per unit^†	$	195.48	$	55.60	$	51.62	$	399.94	$	73.69	$	68.67

Weighted average number of units outstanding		28,981.9716		413.9924		52.4182		7,005.1154		256.4767		7,158.00


	Nine Months Ended September 30, 2020
	Class A			Class A2			Class A3			Class B			Class I			Class R
Increase (decrease) in net asset value per unit	$	(404.80	)	$	(94.84	)	$	(93.23	)	$	(558.01	)	$	(86.18	)	$	(91.38	)
Net income (loss) per unit^†	$	(403.66	)	$	(84.65	)	$	(93.22	)	$	(596.47	)	$	(140.69	)	$	(88.56	)

Weighted average number of units outstanding		38,653.3929			648.3118			86.0607			9,647.1662			1,012.7925			9,993.0700

†

(based on weighted average number of units outstanding during the period)

The accompanying notes are an integral part of these financial statements.

13

Futures Portfolio Fund, Limited Partnership

Statements of Cash Flows

For the Nine Months Ended September 30, 2021 and 2020

(Unaudited)

		2021			2020
Cash flows from operating activities
Net income (loss)	$	9,003,303		$	(22,447,273	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Net change in unrealized (gain) loss from futures, futures options, forwards contracts and swap contracts		7,358,760			(457,781	)
Net realized and change in unrealized (gain) loss on SMFSF, private investment company, securities and certificates of deposit		(5,424,952	)		(852,554	)
Purchases of securities		(281,462,505	)		(420,488,074	)
Proceeds from disposition of SMFSF, private investment company, securities and certificates of deposit		295,793,782			477,660,470
Exchange Membership		(14,750	)		(3,000	)
Changes in
Trading Advisor management fee payable		(61,619	)		(321,262	)
Trading Advisor incentive fee payable		864,756			(602,408	)
Commissions and other trading fees payable on open contracts		(8,854	)		(22,302	)
Cash Manager fees payable		(5,474	)		28,469
General Partner management and performance fees payable		(26,087	)		(86,493	)
General Partner 1% allocation receivable/payable		210,815			(307,217	)
Selling agent fees payable – General Partner		(26,302	)		(70,564	)
Broker dealer servicing fees payable – General Partner		(700	)		(3,556	)
Administrative fee payable – General Partner		(7,738	)		9,712
Dividend and interest payable		2,007			--
Net cash provided by (used in) operating activities		26,194,442			32,036,167

Cash flows from financing activities
Subscriptions		653,492			633,656
Subscriptions received in advance		750,000			18,657
Redemptions		(30,399,388	)		(48,320,990	)
Net cash provided by (used in) financing activities		(28,995,896	)		(47,668,677	)

Net increase (decrease) in cash and cash equivalents		(2,801,454	)		(15,632,510	)
Cash and cash equivalents, beginning of period		50,569,879			69,988,877
Cash and cash equivalents, end of period	$	47,768,425		$	54,356,367

End of period cash and cash equivalents consists of
Cash in broker trading accounts	$	40,817,333		$	44,461,686
Cash and cash equivalents not in broker trading accounts		6,951,092			9,894,681
Total end of period cash and cash equivalents	$	47,768,425		$	54,356,367

Supplemental disclosure of cash flow information
Prior period redemptions paid	$	5,585,666		$	4,780,643
Prior period subscriptions received in advance	$	33,000		$	266,000

Supplemental schedule of non-cash financing activities
Redemptions payable	$	1,206,869		$	3,120,444

The accompanying notes are an integral part of these financial statements.

14

Futures Portfolio Fund, Limited Partnership

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

For the ~~Three~~Nine Months Ended ~~March 31,~~September 30, 2021 and 2020

(Unaudited)

Class A Class A2 Class A3 Class B Class I Class R Total
Three Months Ended
March 31, 2021
Balance at December 31, 2020 $ 118,745,248 $ 523,333 $ 83,577 $ 45,043,756 $ 262,500 $ 7,779,218 $ 172,437,632
Net income (loss) 1,006,946 6,418 939 593,906 4,196 108,243 1,720,648
Subscriptions 136,000 — — 33,000 — — 169,000
Redemptions (8,297,140 ) (184,599 ) (47,162 ) (2,362,895 ) — (545,734 ) (11,437,530 )
Transfers (125,790 ) — — 125,790 — — —
Balance at March 31, 2021 $ 111,465,264 $ 345,152 $ 37,354 $ 43,433,557 $ 266,696 $ 7,341,727 $ 162,889,750

Three Months Ended
March 31, 2020
Balance at December 31, 2019 $ 166,191,101 $ 544,240 $ 86,512 $ 66,498,788 $ 1,846,574 $ 13,081,928 $ 248,249,143
Net income (loss) (16,192,422 ) (64,315 ) (8,692 ) (6,549,700 ) (179,354 ) (1,018,379 ) (24,012,862 )
Subscriptions 303,803 98,000 — 113,000 — — 514,803
Redemptions (9,387,547 ) — — (4,207,077 ) — (2,777,516 ) (16,372,140 )
Transfers (219,684 ) — — 219,684 — — —
Balance at March 31, 2020 $ 140,695,251 $ 577,925 $ 77,820 $ 56,074,695 $ 1,667,220 $ 9,286,033 $ 208,378,944

Units

Class A Class A2 Class A3 Class B Class I Class R
Three Months Ended
March 31, 2021
Balance at December 31, 2020 31,093.6903 523.0963 86.0607 7,397.6586 256.4767 7,667.4336
Subscriptions 36.3455 — — 5.4197 — —
Redemptions (2,171.6400 ) (182.39 ) (48.06 ) (386.6001 ) — (531.8037 )
Transfers (33.6170 ) — — 21.0531 — —
Balance at March 31, 2021 28,924.7788 340.7057 38.0000 7,037.5313 256.4767 7,135.6299

Three Months Ended
March 31, 2020
Balance at December 31, 2019 41,522.9804 526.3226 86.0607 10,608.5075 1,769.1082 12,549.5403
Subscriptions 78.0348 94.7737 — 18.1358 — —
Redemptions (2,342.9460 ) — — (731.9210 ) — (2,664.7698 )
Transfers (57.3538 ) — — 36.5057 — —
Balance at March 31, 2020 39,200.7154 621.0963 86.0607 9,931.228 1,769.1082 9,884.7705

Net Asset Value per Unit

Class A Class A2 Class A3 Class B Class I Class R

March 31, 2021 $ 3,853.63 $ 1,013.05 $ 983.01 $ 6,171.70 $ 1,039.85 $ 1,028.88
December 31, 2020 3,818.95 1,000.45 971.15 6,088.92 1,023.49 1,014.58
March 31, 2020 3,589.10 930.49 904.24 5,646.30 942.41 939.43
December 31, 2019 4,002.39 1,034.04 1,005.25 6,268.44 1,043.79 1,042.42

		Class A			Class A2				Class A3			Class B			Class I			Class R			Total
2021
Balance at December 31, 2020	$	118,745,248		$	523,333			$	83,577		$	45,043,756		$	262,500		$	7,779,218		$	172,437,632
Net income (loss)		1,006,946			6,418				939			593,906			4,196			108,243			1,720,648
Subscriptions		136,000			—				—			33,000			—			—			169,000
Redemptions		(8,297,140	)		(184,599	)			(47,162	)		(2,362,895	)		—			(545,734	)		(11,437,530	)
Transfers		(125,790	)		—				—			125,790			—			—			—
Balance at March 31, 2021		111,465,264			345,152				37,354			43,433,557			266,696			7,341,727			162,889,750
Net income (loss)		6,912,990			22,877				2,461			2,901,251			18,630			497,365			10,355,574
Subscriptions		72,492			—				—			300,000			—			—			372,492
Redemptions		(5,789,986	)		—				—			(2,683,935	)		—			(405,815	)		(8,879,736	)
Transfers		(93,729	)		—				—			93,729			—			—			—
Balance at June 30, 2021		112,567,031			368,029				39,815			44,044,602			285,326			7,433,277			164,738,080
Net income (loss)		(2,254,471	)		(6,278	)			(694	)		(693,507	)		(3,927	)		(114,042	)		(3,072,919	)
Subscriptions		75,000			—				—			70,000			—			—			145,000
Redemptions		(4,190,773	)		—				—			(1,282,322	)		—			(230,230	)		(5,703,786	)
Transfers		(60,539	)		—				—			60,539			—			—			—
Balance at September 30, 2021	$	106,136,248		$	361,751			$	39,121		$	42,199,312		$	281,399		$	7,089,005		$	156,106,836

2020
Balance at December 31, 2019	$	166,191,101		$	544,240			$	86,512		$	66,498,788		$	1,846,574		$	13,081,928		$	248,249,143
Net income (loss)		(16,192,422	)		(64,315	)			(8,692	)		(6,549,700	)		(179,354	)		(1,018,379	)		(24,012,862	)
Subscriptions		303,803			98,000				—			113,000			—			—			514,803
Redemptions		(9,387,547	)		—				—			(4,207,077	)		—			(2,777,516	)		(16,372,140	)
Transfers		(219,684	)		—				—			219,684			—			—			—
Balance at March 31, 2020		140,695,251			577,925				77,820			56,074,695			1,667,220			9,286,033			208,378,944
Net income (loss)		1,477,399			8,956				1,018			842,989			37,036			145,467			2,512,865
Subscriptions		34,611			87,300				—			—			—			—			121,911
Redemptions		(7,922,275	)		—				—			(6,946,258	)		(1,458,476	)		(1,108,126	)		(17,435,135	)
Transfers		(296,736	)		—				—			296,736			—			—			—
Balance at June 30, 2020		133,988,250			674,181				78,838			50,268,162			245,780			8,323,374			193,578,585
Net income (loss)		(887,660	)		480				(349	)		(47,531	)		(176	)		(12,040	)		(947,276	)
Subscriptions		262,942			—		��		—			—			—			—			262,942
Redemptions		(6,934,702	)		(95,255	)			—			(5,193,763	)		—			(629,796	)		(12,853,516	)
Transfers		—			—				—			—			—			—			—
Balance at September 30, 2020	$	126,428,830		$	579,406			$	78,489		$	45,026,868		$	245,604		$	7,681,538		$	180,040,735

The accompanying notes are an integral part of these financial statements.

15

Futures Portfolio Fund, Limited Partnership

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

For the Nine Months Ended September 30, 2021 and 2020

(Unaudited)

Units

	Class A		Class A2		Class A3		Class B		Class I		Class R
2021
Balance at December 31, 2020	31,093.6903		523.0963		86.0607		7,397.6586		256.4767		7,667.4336
Subscriptions	36.3455		—		—		5.4197		—		—
Redemptions	(2,171.6400	)	(182.39	)	(48.06	)	(386.6001	)	—		(531.8037	)
Transfers	(33.6170	)	—		—		21.0531		—		—
Balance at March 31, 2021	28,924.7788		340.7057		38.0000		7,037.5313		256.4767		7,135.6299
Subscriptions	18.0915		—		—		48.6089		—		—
Redemptions	(1,429.2377	)	—		—		(414.4382	)	—		(370.1843	)
Transfers	(23.3916	)	—		—		14.5840		—		—
Balance at June 30, 2021	27,490.2410		340.7057		38.0000		6,686.2860		256.4767		6,765.4456
Subscriptions	18.5156		—		—		10.6510		—		—
Redemptions	(1,032.5974	)	—		—		(195.2806	)	—		(211.1318	)
Transfers	(14.8520	)	—		—		9.2108		—		—
Balance at September 30, 2021	26,461.3072		340.7057		38.0000		6,510.8672		256.4767		6,554.3138

2020
Balance at December 31, 2019	41,522.9804		526.3226		86.0607		10,608.5075		1,769.1082		12,549.5403
Subscriptions	78.0348		94.7700		—		18.1358		—		—
Redemptions	(2,342.9460	)	—		—		(731.9210	)	—		(2,664.7698	)
Transfers	(57.3538	)	—		—		36.5057		—		--
Balance at March 31, 2020	39,200.7154		621.0963		86.0607		9,931.2280		1,769.1082		9,884.7705
Subscriptions	9.6434		93.8200		—		—		—		—
Redemptions	(2,165.2172	)	—		—		(1,206.6858	)	(1,512.6315	)	(1,155.4273	)
Transfers	(80.9194	)	—		—		51.3267		—		—
Balance at June 30, 2020	36,964.2222		714.9178		86.0607		8,775.8689		256.4767		8,729.3432
Subscriptions	71.4333		—		—		—		—		—
Redemptions	(1,893.0586	)	(98.0000	)	—		(890.8515	)	—		(652.3659	)
Transfers	—		—		—		—		—		8,076.9773
Balance at September 30, 2020	35,142.5969		616.9178		86.0607		7,885.0174		256.4767		8,076.9773

Net Asset Value per Unit

		Class A		Class A2		Class A3		Class B		Class I		Class R

September 30, 2021	$	4,011.00	$	1,061.77	$	1,029.52	$	6,481.37	$	1,097.17	$	1,081.58
December 31, 2020		3,818.95		1,000.45		971.15		6,088.92		1,023.49		1,014.58
September 30, 2020		3,597.59		939.20		912.02		5,710.43		957.61		951.04
December 31, 2019		4,002.39		1,034.04		1005.25		6,268.44		1,043.79		1,042.42

The accompanying notes are an integral part of these financial statements.

16

Futures Portfolio Fund, Limited Partnership

Notes to Financial Statements

1.

Organization and Summary of Significant Accounting Policies

Description of the Fund

Futures Portfolio Fund, Limited Partnership (“Fund”) is a Maryland limited partnership, which operates as a commodity investment pool that commenced trading operations on January 2, 1990. The Fund issues units of limited partner interests (“Units”) in six classes, Class A, A2, A3, B, I and R, which represent units of fractional undivided beneficial interest in and ownership of the Fund. The Fund will automatically terminate on December 31, 2025, unless terminated earlier as provided in the Third Amended and Restated Limited Partnership Agreement (“Partnership Agreement”).

The Fund uses commodity trading advisors to engage in the speculative trading of futures contracts, forward currency contracts and other financial instruments traded in the United States (“U.S.”) and internationally.

The Fund is a registrant with the U.S. Securities and Exchange Commission (“SEC”) pursuant to the U.S. Securities Exchange Act of 1934, as amended (“1934 Act”). As a registrant, the Fund is subject to the regulations of the SEC and the disclosure requirements of the 1934 Act. As a commodity pool, the Fund is subject to the regulations of the U.S. Commodity Futures Trading Commission (“CFTC”), an agency of the U.S. Government, which regulates most aspects of the commodity futures industry; rules of the National Futures Association (“NFA”), an industry self-regulatory organization; rules of Financial Industry Regulatory Authority (“FINRA”), an industry self-regulatory organization; and the requirements of commodity exchanges where the Fund executes transactions. Additionally, the Fund is subject to the requirements of the futures brokers and interbank market makers through which the Fund trades.

Steben & Company, ~~Inc.~~LLC (“General Partner”), is the general partner of the Fund and a Maryland ~~limited liability company~~corporation registered with the CFTC as a commodity pool operator and a commodities introducing broker, and is also registered with the SEC as a registered investment ~~advisor.~~advisor and a broker dealer. The General Partner is a member of the ~~NFA.~~NFA and FINRA. The General Partner manages all aspects of the Fund’s business and serves as one of the Fund’s selling agents.

The six classes of Units in the Fund differ only in the fees applicable to each class. Class A Units are subject to a 2% per annum selling agent fee. Class A2 Units may pay an up-front sales commission of up to 3% of the offering price and a 0.6% per annum selling agent fee. Class A3 Units may pay an up-front sales commission of up to 2% of the offering price and a 0.75% per annum selling agent fee. Class B Units are subject to a 0.2% per annum broker dealer servicing fee. Class I Units are subject to higher minimum investments requirements and lower General Partner management fees (0.75% per annum instead of 1.50% per annum)class, as ~~well as a General Partner performance fee (7.5% of new profits,~~ described ~~more fully in Footnote 4).~~ below:

●

Class A Units are subject to a 2% per annum selling agent fee.

●

Class A2 Units may pay an up-front sales commission of up to 3% of the offering price and a 0.6% per annum selling agent fee.

●

Class A3 Units may pay an up-front sales commission of up to 2% of the offering price and a 0.75% per annum selling agent fee.

●

Class B Units are subject to a 0.2% per annum broker dealer servicing fee.

●

Class I Units are subject to higher minimum investments requirements and lower General Partner management fees (0.75% per annum instead of 1.50% per annum) as well as a General Partner performance fee (7.5% of new profits, described more fully in Footnote 4).

●

Class R Units do not pay selling compensation or servicing fees to selling agents, and are generally intended for clients of registered investment advisors.

At ~~March 31,~~September 30, 2021, the Fund did not own any Class I shares of the Steben Managed Futures Strategy Fund (“SMFSF”), having fully liquidated its investment induring January 2020. SMFSF was a non-diversified series of shares of beneficial interest of Steben Alternative Investment Funds (the “Trust”), a statutory trust organized under the laws of the State of Delaware, and ~~was~~is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end investment company. SMFSF reorganized into shares of another mutual fund and is no longer operating so the Fund will make no further investments in SMFSF.

Significant Accounting Policies

Accounting Principles

The Fund’s financial statements are prepared in conformity with U.S. generally accepted accounting principles (“GAAP”). Under GAAP, the Fund is an investment company and follows accounting and reporting guidance under the Financial Accounting Standards Board (FASB) Accounting Standard Codification (ASC) Topic 946, Financial Services – Investment Companies.

Use of Estimates

Preparing financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.

Revenue Recognition

Futures, forward currency contracts, investments in securities, certificates of deposit, and the exchange membership are recorded on a trade date basis, and gains or losses are realized when contracts/positions are liquidated. Realized gains and losses on investments in securities and certificates of deposit are determined on a specific identification basis and are included in net realized gain (loss) in the statements of operations. Unrealized gains and losses on open contracts (the difference between contract trade price and fair value) are reported in the statements of financial condition as net unrealized gain or loss, as there exists a right of offset of any unrealized gains or losses. The difference between cost and the fair value of open investments in securities and certificates of deposit is reflected as unrealized gain or loss on investments in securities and certificates of deposit. Any change in net unrealized gain or loss from the preceding period is reported in the statements of operations. Interest income earned on investments in securities, certificates of deposit and other cash and cash equivalent balances is recorded on an accrual basis. Market discounts and premiums on fixed-income securities are amortized daily over the expected life of the security using the effective yield method.

Fair Value of Financial Instruments

Financial instruments are recorded at fair value, the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Assets and liabilities recorded at fair value are classified within a fair value hierarchy based upon the level of judgment associated with the inputs used to measure their value. This fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below:

~~Level 1 –~~

Fair value is based on unadjusted quoted prices for identical instruments in active markets. Financial instruments utilizing Level 1 inputs include futures contracts, U.S. Treasury securities and mutual funds.

Level 1 – Fair value is based on unadjusted quoted prices for identical instruments in active markets. Financial instruments utilizing Level 1 inputs include futures contracts, U.S. Treasury securities and mutual funds.

~~Level 2 –~~

Fair value is based on quoted prices for similar instruments in active markets and inputs other than quoted prices that are observable for the financial instrument, such as interest rates and yield curves that are observable at commonly quoted intervals using a market approach. Financial instruments utilizing Level 2 inputs include forward currency contracts, commercial paper, corporate notes, asset backed securities and the exchange membership.

Level 2 – Fair value is based on quoted prices for similar instruments in active markets and inputs other than quoted prices that are observable for the financial instrument, such as interest rates and yield curves that are observable at commonly quoted intervals using a market approach. Financial instruments utilizing Level 2 inputs include forward currency contracts, commercial paper, corporate notes, asset backed securities and the exchange membership.

~~Level 3 –~~

~~Fair value is based on valuation techniques in which one or more significant inputs are unobservable. The Fund has no financial instruments utilizing Level 3 inputs.~~

Level 3 – Fair value is based on valuation techniques in which one or more significant inputs are unobservable. The Fund has no financial instruments utilizing Level 3 inputs.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Fund’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment.

The Fund assesses the classification of the instruments at each measurement date, and any transfers between levels are recognized on the actual date of the event or change in circumstances that caused the transfer in accordance with the Fund’s accounting policy regarding the recognition of transfers between levels of the fair value hierarchy. For the period ended ~~March 31,~~September 30, 2021 and year ended December 31, 2020, there were no such transfers between levels.

A description of the valuation techniques applied to the Fund’s major categories of assets and liabilities measured at fair value on a recurring basis follows.

U.S. Treasury securities are recorded at fair value based on bid and ask quotes for identical instruments. Commercial paper, certificates of deposit, corporate notes, asset backed securities and the exchange membership are recorded at fair value based on bid and ask quotes for similar, but not identical, instruments. Accordingly, U.S. Treasury securities are classified within Level 1, and commercial paper, certificates of deposit, corporate notes, asset backed securities ~~swaps~~ and exchange memberships are classified within Level 2.

18

The investment in a money market fund and futures contracts are valued using quoted market prices for identical assets in active markets and are classified within Level 1. The money market fund is included in cash and cash equivalents in the statements of financial condition. The fair values of forward currency contracts are based upon third-party quoted dealer values on the interbank market and are classified within Level 2. The Fund’s valuation policy for swaps is that fair value is based on the terms of the contracts (such as the notional amount and the contract maturity) and current market data and counterparty credit risk. Swaps are generally categorized as level 2 in the fair value hierarchy. The Fund’s investment in a private investment company is valued at net asset value as provided by the private fund’s administrator. This use of net asset value as the practical expedient to approximate fair value under ASC 820 is advisable due to the investment not having a readily determinable fair value. Investments measured at fair value using the new asset value practical expedient are not categorized in the fair value hierarchy.

Cash and Cash Equivalents

Cash and cash equivalents may include cash, funds held in money market accounts and short-term investments with maturities of three months or less at the date of acquisition and that are not held for sale in the normal course of business. The Fund maintains deposits with financial institutions in amounts that are in excess of federally insured limits; however, the Fund does not believe it is exposed to any significant credit risk.

Exchange Membership

The Fund incurs reduced fees for transactions on the Chicago Mercantile Exchange (CME) due to a membership interest in the CME. The membership is accounted at its fair value and changes in fair value are reported in net change in unrealized gain (loss) in exchange membership on the statement of operations.

Brokerage Commissions and Trading Expenses

Brokerage commissions and trading expenses include brokerage and other trading fees, and are charged to expense when contracts are opened and closed.

Redemptions Payable

Redemptions payable represent redemptions that meet the requirements of the Fund and have been approved by the General Partner prior to period-end. These redemptions have been recorded using the period-end net asset value per Unit.

Income Taxes

The Fund prepares calendar year U.S. and applicable state and local tax returns. The Fund is not subject to federal income taxes as each partner is individually liable for his or her allocable share of the Fund’s income, expenses and trading gains or losses. The Fund evaluates the tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether the tax positions are more-likely-than-not to be sustained when examined by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense and asset or liability in the current year. Management has determined there are no material uncertain income tax positions through ~~March 31, 2010.~~September 30, 2021. With few exceptions, the Fund is no longer subject to U.S. federal, or state and local income tax examinations by tax authorities for years before ~~2016.~~2017.

Foreign Currency Transactions

The Fund has certain investments denominated in foreign currencies. The purchase and sale of investments, and income and expenses are translated at the rates of exchange prevailing on the respective dates of such transactions. The 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 market prices of investments held. Such fluctuations are included with the net realized and change in unrealized gain or loss on such investments in the statements of operations.

Reclassification

Certain amounts reported in the 2020 financial statements may have been reclassified to conform to the 2021 presentation without affecting previously reported partners’ capital (net asset value) or net income (loss).

New Accounting Pronouncements

~~There are no relevant new accounting pronouncements to note for~~None at this ~~period.~~time.

2.

Fair Value Disclosures

The Fund’s assets and liabilities, measured at fair value on a recurring basis, are summarized in the following tables by the type of inputs applicable to the fair value measurements:

19

At March 31, 2021
Level 1 Level 2 Practical Expedient Total
Equity in broker trading accounts:
Net unrealized gain (loss) on open futures contracts* $ 819,764 $ — $ — $ 819,764
Net unrealized gain (loss) on open forward currency contracts* — 510,294 — 510,294
Net unrealized gain (loss) on swap contracts* — 97 — 97
Cash and cash equivalents:
Money market fund 1,584,834 — — 1,584,834
Investment in private investment company — — 3,986,132 3,986,132
Investments in securities:
U.S. Treasury securities* 12,196,249 — — 12,196,249
Asset backed securities* — 8,424,645 — 8,424,645
Commercial paper* — 21,597,973 — 21,597,973
Corporate notes* — 72,492,659 — 72,492,659
Exchange membership — 46,000 — 46,000
Total $ 18,586,979 $ 103,071,668 $ 3,986,132 $ 121,658,550

Futures Portfolio Fund, Limited Partnership

Footnote 2: Fair Value Disclosure

*See the condensed schedule of investments for further description.

At December 31, 2020
Level 1 Level 2 Total
Equity in broker trading accounts:
    Net unrealized gain (loss) on open futures contracts* $ 8,169,982 $ — $ 8,169,982
    Net open futures options contracts* 150,900 — 150,900
    Net unrealized gain (loss) on open forward currency contracts* — (17,929 ) (17,929 )
Cash and cash equivalents:
    Money market fund 1,413,139 — 1,413,139
Investments in securities:
    U.S. Treasury securities* 12,228,514 — 12,228,514
    Asset backed securities* — 8,224,234 8,224,234
    Commercial paper* — 21,596,100 21,596,100
    Corporate notes* — 77,788,438 77,788,438
Exchange membership — 51,000 51,000
Total $ 21,962,535 $ 107,641,843 $ 129,604,378

*See the condensed schedule of investments for further description.

~~There were no Level 3 holdings at March~~September 31, 2021 and December 31, 2020

At September 30, 2021
	Level 1		Level 2			Valued at NAV		Total
Equity in broker trading accounts:
Net unrealized gain (loss) on open futures contracts*	$	477,086	$	—		$	—	$	477,086
Net open future options contracts*		219,579		—			—		219,579
Net unrealized gain (loss) on open forward currency contracts*		—		(61,147	)		—		(61,147	)
Cash and cash equivalents:
Money market funds		2,869,826		—			—		2,869,826
Investment in private investment company		—		—			5,505,088		5,505,088
Investment in securities:
U.S. Treasury securities*		12,137,942		—			—		12,137,942
Asset backed securities*		—		8,329,556			—		8,329,556
Commercial paper*		—		20,398,671			—		20,398,671
Corporate notes*		—		64,868,379			—		64,868,379
Exchange membership		—		65,750			—		65,750
Total	$	15,704,433	$	93,601,209		$	5,505,088	$	114,810,730

*

See the condensed schedule of investments for further description.

At December 31, 2020
	Level 1		Level 2			Valued at NAV		Total
Equity in broker trading accounts:
Net unrealized gain (loss) on open futures contracts*	$	8,169,982	$	—		$	—	$	8,169,982
Net open futures options contracts*		150,900		—			—		150,900
Net unrealized gain (loss) on open forward currency contracts*		—		(17,929	)		—		(17,929	)
Cash and cash equivalents:
Money market funds		1,413,139		—			—		1,413,139
Investment in securities:
U.S. Treasury securities*		12,228,514		—			—		12,228,514
Asset backed securities*		—		8,224,234			—		8,224,234
Commercial paper*		—		21,596,100			—		21,596,100
Corporate notes*		—		77,788,438			—		77,788,438
Exchange membership		—		51,000			—		51,000
Total	$	21,962,535	$	107,641,843		$	—	$	129,604,378

*

See the condensed schedule of investments for further description.

There were no holdings at December 31, 2020, or during the ~~periods~~period then ~~ended.~~ended, that were valued at NAV.

In addition to the financial instruments listed above, substantially all of the Fund’s other assets and liabilities are considered financial instruments and are reflected at fair value, or at carrying amounts that approximate fair value because of the short maturity of the instruments.

3.

Derivative Instruments Disclosures

The Fund’s derivative contracts are comprised of futures and forward currency contracts, none of which are designated as hedging instruments. At ~~March 31,~~September 30, 2021, the Fund’s derivative contracts had the following impact on the ~~statement~~statements of financial condition:

March 31, 2021
	Derivative Assets and Liabilities, at fair value
At September 30, 2021									Derivative Assets and Liabilities, at fair value
Statements of Financial Condition Location	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statements of Financial Condition			Net Amount of Assets Presented in the Statements of Financial Condition			Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statements of Financial Condition			Net Amount of Assets Presented in the Statements of Financial Condition
Equity in broker trading accounts:
Net unrealized gain (loss) on open futures contracts
Equity in broker trading accounts: Net unrealized gain (loss) on open futures contracts
Agricultural commodities	$	982,109	$	(448,761	)	$	533,348		$	1,215,467	$	(285,760	)	$	929,707
Currencies		339,413		(261,458	)		77,955			542,688		(342,096	)		200,592
Energy		449,122		(728,560	)		(279,438	)		3,575,320		(192,650	)		3,382,670
Equity indices		1,187,033		(464,392	)		722,641			525,100		(2,422,320	)		(1,897,220	)
Interest rate instruments		718,083		(1,227,819	)		(509,736	)		712,266		(3,108,422	)		(2,396,156	)
Metals		7,893,639		(7,618,645	)		274,994			8,235,795		(7,978,302	)		257,493
Net unrealized gain (loss) on open futures contracts	$	11,569,399	$	(10,749,635	)	$	819,764		$	14,806,636	$	(14,329,550	)	$	477,086

Net open futures options contracts
Interest Rate instruments									$	313,332	$	(93,753	)	$	219,579

Net unrealized gain (loss) on open forward currency contracts	$	5,068,028	$	(4,557,734	)	$	510,294		$	3,911,764	$	(3,972,911	)	$	(61,147	)

Net unrealized gain (loss) on swap contracts	$	97	$	—		$	97

At ~~March 31,~~September 30, 2021, there were ~~13,589~~12,235 open futures contracts, 740 open futures options contracts and ~~4,993~~6,280 open forward currency ~~contracts,~~contracts.

The Fund’s financial assets, derivative assets, and cash collateral held by counterparties at ~~March 31,~~September 30, 2021 were:

Net Amount of Assets in the Statements of Gross Amounts Not Offset in the Statements of Financial Condition
Counterparty Financial Condition Financial Instruments Cash Collateral Received Net
Amount
Deutsche Bank AG $ (360,312 ) $ — $ — $ (360,312 )
Deutsche Bank Securities, Inc, 472,182 — — 472,182
SG Americas Securities, LLC 1,218,188 — — 1,218,188
Total $ 1,330,058 $ — $ — $ 1,330,058

				Gross Amounts Not Offset in the Statements of Financial Condition
Counterparty	Net Amount of Assets in the Statements of Financial Condition			Financial Instruments		Cash Collateral Received		Net Amount
Deutsche Bank AG	$	(618,922	)	$	—	$	—	$	(618,922	)
Deutsche Bank Securities, Inc.		595,502			—		—		595,502
JP Morgan Securities, LLC		219,579			—		—		219,579
Société Générale International Limited		439,359			—		—		439,359
Total	$	635,518		$	—	$	—	$	635,518

For the three and nine months ended ~~March 31,~~September 30, 2021, the Fund’s derivative contracts had the following impact on the statements of operations:

	Three Months Ended March 31, 2021						Three Months Ended September 30, 2021						Nine Months Ended September 30, 2021
Types of Exposure	Net realized gain (loss)			Net change in unrealized gain (loss)			Net realized gain (loss)			Net change in unrealized gain (loss)			Net realized gain (loss)			Net change in unrealized gain (loss)
Futures contracts
Agricultural commodities	$	3,651,827		$	(1,529,423	)	$	(584,103	)	$	728,912		$	4,365,731		$	(1,133,067	)
Currencies		328,520			(140,822	)		(294,725	)		260,831			(277,713	)		(18,185	)
Energy		3,100,320			(742,333	)		3,827,948			1,733,873			11,083,141			2,919,774
Equity indices		9,318,414			(2,006,169	)		(411,515	)		(2,078,304	)		14,206,897			(4,626,288	)
Interest rate instruments		(4,822,926	)		(1,083,867	)		(2,410,548	)		(2,356,504	)		(8,887,150	)		(2,970,287	)
Metals		1,434,908			(1,847,347	)		(230,540	)		63,420			2,646,080			(1,864,848	)
Single stock futures		1,166			(257	)
Total futures contracts		13,012,229			(7,350,218	)		(103,483	)		(1,647,772	)		23,136,986			(7,692,901	)

Futures options contracts
Energy								45,100			—			45,100			—
Equity indices								—			—			(435,238	)		157,775
Interest rate instruments								—			160,672			—			160,673
Total futures options contracts								45,100			160,672			(390,138	)		318,448

Forward currency contracts		(1,457,480	)		528,224			(3,015,263	)		1,153,289			(4,329,601	)		(43,218	)

Net open futures options contracts		(308,675	)		157,775

Swap contracts		(2,403	)		97			(36,526	)		(585	)		84,321			5

Total futures and forward currency contracts	$	11,243,671		$	(6,664,122	)
Total futures, futures options, swap and forward contracts							$	(3,110,172	)	$	(334,396	)	$	18,501,568		$	(7,417,666	)

For the three months ended ~~March 31,~~September 30, 2021, the number of futures contracts closed was ~~109,653~~111,391, the number of futures options contracts closed was 820 and the number of forward currency contracts closed was ~~80,422.~~

105,618. For the nine months ended September 30, 2021, the number of futures contracts closed was 330,842, the number of futures options contracts closed was 1,546 and the number of forward currency contracts closed was 290,328.

At December 31, 2020, the Fund’s derivative contracts had the following impact on the statements of financial condition:

December 31, 2020	Derivative Assets and Liabilities, at fair value								Derivative Assets and Liabilities, at fair value
Statements of Financial Condition Location	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statements of Financial Condition			Net Amount of Assets Presented in the Statements of Financial Condition			Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statements of Financial Condition			Net Amount of Assets Presented in the Statements of Financial Condition
Equity in broker trading accounts: Net unrealized gain (loss) on open futures contracts
Agricultural commodities	$	2,470,055	$	(407,283	)	$	2,062,772		$	2,470,055	$	(407,283	)	$	2,062,772
Currencies		361,197		(142,419	)		218,778			361,197		(142,419	)		218,778
Energy		744,460		(281,566	)		462,894			744,460		(281,566	)		462,894
Equity indices		3,161,199		(432,535	)		2,728,664			3,161,199		(432,535	)		2,728,664
Interest rate instruments		1,141,875		(567,745	)		574,130			1,141,875		(567,745	)		574,130
Metals		8,252,934		(6,130,593	)		2,122,341			8,252,934		(6,130,593	)		2,122,341
Single stock futures		403		—			403			403		—			403
Net unrealized gain (loss) on open futures contracts	$	16,132,123	$	(7,962,141	)	$	8,169,982		$	16,132,123	$	(7,962,141	)	$	8,169,982

Net open futures options contracts	$	264,100	$	(113,200	)	$	150,900
Equity indices									$	264,100	$	(113,200	)	$	150,900

Net unrealized gain (loss) on open forward currency contracts	$	3,468,798	$	(3,486,727	)	$	(17,929	)	$	3,468,798	$	(3,486,727	)	$	(17,929	)

At December 31, 2020, there were 15,961 open futures contracts, 476 open futures options contracts and 4,292 open forward currency contracts.

The Fund’s financial assets, derivative assets, and cash collateral held by counterparties at December 31, 2020 were:

	Net Amount of Assets in the Statements of		Gross Amounts Not Offset in the Statements of Financial Condition								Gross Amounts Not Offset in the Statements of Financial Condition
Counterparty	Financial Condition		Financial Instruments		Cash Collateral Received		Net Amount		Net Amount of Assets in the Statements of Financial Condition		Financial Instruments		Cash Collateral Received		Net Amount
Deutsche Bank AG	$	635,784	$	—	$	—	$	635,784	$	635,784	$	—	$	—	$	635,784
Deutsche Bank Securities, Inc,		1,914,073		—		—		1,914,073
Deutsche Bank Securities, Inc.										1,914,073		—		—		1,914,073
JP Morgan Securities, LLC		128,687		—		—		128,687		128,687		—		—		128,687
SG Americas Securities, LLC		5,624,409		—		—		5,624,409		5,624,409		—		—		5,624,409
Total	$	8,302,953	$	—	$	—	$	8,302,953	$	8,302,953	$	—	$	—	$	8,302,953

23

For the three and nine months ended ~~March 31,~~September 30, 2020, the Fund’s derivative contracts had the following impact on the statements of operations:

	Three Months Ended March 31, 2020						Three Months Ended September 30, 2020						Nine Months Ended September 30, 2020
Types of Exposure	Net realized gain (loss)			Net change in unrealized gain (loss)			Net realized gain (loss)			Net change in unrealized gain (loss)			Net realized gain (loss)			Net change in unrealized gain (loss)
Futures contracts
Agricultural commodities	$	(938,879	)	$	534,958		$	(1,631,776	)	$	(215,481	)	$	(2,265,983	)	$	158,657
Currencies		(1,151,820	)		253,725			(511,531	)		88,855			(2,948,361	)		(105,776	)
Energy		12,909,252			927,610			(754,402	)		(206,698	)		11,642,374			(1,303,511	)
Equity indices		(50,708,920	)		(642,511	)		2,771,765			(20,515	)		(40,061,239	)		(306,654	)
Interest rate instruments		13,209,473			3,975,093			(555,327	)		(795,991	)		14,983,708			3,206,501
Metals		1,489,447			87,436			3,266,726			(589,900	)		4,730,396			(652,132	)
Single stock futures		(431,297	)		(113,646	)		764,991			(79,101	)		540,157			(153,392	)
Total futures contracts		(25,622,744	)		5,022,665			3,350,446			(1,818,831	)		(13,378,948	)		843,693

Forward currency contracts		(1,487,948	)		1,069,714			126,543			(248,550	)		(3,619,618	)		(385,911	)

Total futures and forward currency contracts	$	(27,110,692	)	$	6,092,379
Total futures and forward contracts							$	3,476,989		$	(2,067,381	)	$	(16,998,566	)	$	457,782

For the three months ended ~~March 31,~~September 30, 2020, the number of futures contracts closed was ~~227,913~~134,746 and the number of forward currency contracts closed was ~~158,865.~~63,234. For the nine months ended September 30, 2020, the number of futures contracts closed was 465,955 and the number of forward currency contracts closed was 226,695.

4.

General Partner

The General Partner does not maintain a capital balance in the Fund. Pursuant to the terms of the Partnership Agreement, each year the General Partner receives from the Fund 1% of any net income earned by the Fund. Conversely, the General Partner pays to the Fund 1% of any net loss incurred by the Fund. Such amounts are reflected as General Partner 1% allocation receivable or payable in the statements of financial condition and as General Partner 1% allocation in the statements of operations. ~~The~~

At September 30, 2021 and December 31, 2020, the majority shareholder of the General Partner did not have an investment balance in the ~~Fund at March 31, 2021.~~

Fund. The following fees are paid to the General Partner:

▪

General Partner Management Fee – the Fund incurs a monthly fee on Class A, A2, A3, B and R Units equal to 1/12^thof ~~1.5%~~1.5% of the month-end net asset value of the Class A, A2, A3, B and R Units, payable in arrears. The Fund incurs a monthly fee on Class I Units equal to 1/12^th of ~~0.75%~~0.75% of the month-end net asset value of the Class I Units, payable in arrears.

▪

General Partner Performance Fee – the Fund incurs a monthly fee on Class I Units equal to ~~7.5%~~7.5% of any Net New Trading Profits of the Class I Units calculated monthly. In determining Net New Trading Profits, any trading losses incurred by the Class I Units in prior periods is carried forward, so that the incentive fee is assessed only if and to the extent the profits generated by the Class I units exceed any losses from prior periods. The general partner performance fee is payable quarterly in arrears. For the three-month and nine-month periods ended September 30, 2021, the General Partner did not earn a General Partner performance fee.

▪

Selling Agent Fees – the Class A Units incur a monthly fee equal to 1/12^th of 2% of the month-end net asset value of the Class A Units. Class A2 Units may pay an up-front sales commission of up to 3% of the offering price and a 0.6% per annum selling agent ~~fee.~~fee. Class A3 Units may pay an up-front sales commission of up to 2% of the offering price and a 0.75% per annum selling agent ~~fee.~~fee. The General Partner, in turn, pays the selling agent fees to the respective selling agents. If there is no designated selling agent or the General Partner was the selling agent, such portions of the selling agent fees are retained by the General Partner.

24

▪

Broker Dealer Servicing Fees – the Class B Units incur a monthly fee equal to 1/12^thof 0.2% of the month-end net asset value of the Class B Units. The General Partner, in turn, pays the fees to the respective selling agents. If there is no designated selling agent or the General Partner was the selling agent, such portions of the broker dealer servicing fees are retained by the General Partner.

▪

Administrative Expenses – the Fund incurs a monthly fee equal to 1/12^th of 0.45% of the month-end net asset value of the Fund, payable in arrears to the General Partner. In return, the General Partner provides operating and administrative services, including accounting, audit, legal, marketing, and administration (exclusive of extraordinary costs and administrative expenses charged by other funds in which the Fund may have investments).

5.

Trading Advisors and Cash ~~Manager~~Managers

The Fund has advisory agreements with various commodity trading advisors, pursuant to which the Fund incurs a monthly advisor management fee that ranges from 0%0% to 3% 3% per annum of allocated net assets (as defined in each respective advisory agreement as the amount of Fund assets deposited in the account maintained with the broker plus any notional funds which may be allocated to the Trading Advisor, which, in aggregate, is typically greater than the Fund’s net assets)agreement), paid monthly or quarterly in arrears. Additionally, the Fund incurs advisor incentive fees, payable quarterly in arrears, ranging from 0%0% to ~~30%~~30% of net new trading profits (as defined in each respective advisory agreement).

Principal Global Investors, LLC serves as the cash manager for the Fund. The Fund incurs monthly fees, payable in arrears to the Cash Manager, equal to approximately 1/12^th of ~~0.13%~~0.13% and ~~0.15%~~0.13% of the investments in securities and certificates of deposit as of the period ended ~~March 31,~~September 30, 2021 and 2020, respectively.

6.

Deposits with Brokers

To meet margin requirements, the Fund maintains assets, including cash, equity in futures and forward currency contracts, and investments in securities, with brokers, subject to CFTC regulations and various exchange and broker requirements. At ~~March 31,~~September 30, 2021 and December 31, 2020, the Fund had assets totaling ~~$42,118,730~~$41,452,851 and ~~$52,822,150,~~$52,822,150, respectively, with brokers and margin deposit requirements of ~~$20,022,479~~$25,292,004 and ~~$31,615,705,~~$31,615,705, respectively.

7.

Subscriptions, Distributions and Redemptions

Investments in the Fund are made by subscription agreement and must be received within five business days of the end of the month, subject to acceptance by the General Partner. The minimum investment is ~~$10,000~~$10,000 for Class A, A2, A3, B and R units and ~~$2,000,000~~$2,000,000 for Class I units. Units are sold at the respective net asset value per unit for Class A, A2, A3, B, I or R interests as of the close of business on the last day of the month in which the subscription is accepted. Investors whose subscriptions are accepted are admitted as limited partners as of the beginning of the month following the month in which their subscriptions were accepted.

The Fund is not required to make distributions, but may do so at the sole discretion of the General Partner. A limited partner may request and receive redemption of Class A, A2, A3, B, I or R Units owned at the end of any month, subject to five business days’ prior written notice to the General Partner, and in certain circumstances, restrictions in the Partnership Agreement.

The General Partner may require a limited partner to redeem from the Fund if the General Partner deems the redemption (a) necessary to prevent or correct the occurrence of a non-exempt prohibited transaction under the Employee Retirement Income Security Act of 1974, as amended, or the Internal Revenue Code of 1986, as amended, (b) beneficial to the Fund, or (c) necessary to comply with applicable government or other self-regulatory organization regulations.

8.

Trading Activities and Related Risks

The Fund engages in the speculative trading of futures, options and over-the-counter contracts, including forward currency contracts traded in the U.S. and internationally. Trading in derivatives exposes the Fund to both market risk, the risk arising from a change in the fair value of a contract, and credit risk, the risk of failure by another party to perform according to the terms of a contract.

The Portfolios are subject to investment and operational risks associated with financial, economic and other global market developments and disruptions, including those arising from war, terrorism, market manipulation, government interventions, defaults and shutdowns, political changes or diplomatic developments, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics) and natural/environmental disasters, which can all negatively impact the securities markets and cause a Portfolio to lose value. These events can also impair the technology and other operational systems upon which the Portfolios’ service providers rely and could otherwise disrupt the ability of the Portfolios’ service providers to perform essential tasks.

The recent spread of an infectious respiratory illness caused by a novel strain of coronavirus (known as COVID-19) has caused volatility, severe market dislocations and liquidity constraints in many markets, including markets for the securities the Portfolios hold, and may adversely affect the Portfolios’ investments and operations. The transmission of COVID-19 and efforts to contain its spread have resulted in, among other things: quarantines and travel restrictions, including border closings, strained healthcare systems, event cancellations, disruptions to business operations and supply chains, and a reduction in consumer and business spending, as well as general concern and uncertainty that has negatively affected the economy. These disruptions have led to instability in the ~~market place,~~marketplace, including equity and debt market losses and overall volatility, and the jobs market. The impact of COVID-19, and other infectious illness outbreaks, epidemics or pandemics that may arise in the future, could adversely affect the economies of many nations or the entire global economy, the financial well-being and performance of individual issuers, borrowers and sectors and the health of the markets generally in potentially significant and unforeseen ways. In addition, the impact of infectious illnesses, such as COVID-19, in emerging market countries may be greater due to generally less established healthcare systems. This crisis or other public health crises may exacerbate other pre-existing political, social and economic risks in certain countries or globally.

The foregoing could lead to a significant economic downturn or recession, increased market volatility, a greater number of market closures, higher default rates and adverse effects on the values and liquidity of securities or other assets. Such impacts, which may vary across asset classes, may adversely affect the performance of the Portfolios. In certain cases, an exchange or market may close or issue trading halts on specific securities or even the entire market, which may result in the Portfolios being, among other things, unable to buy or sell certain securities or financial instruments or to accurately price their investments.

Purchase and sale of futures contracts requires margin deposits with the futures brokers. Additional deposits may be necessary for any loss of contract value. The Commodity Exchange Act (“CEAct”) requires a broker to segregate all customer transactions and assets from such broker’s proprietary activities. A customer’s cash and other property (for example, U.S. Treasury securities) deposited with a broker are considered commingled with all other customer funds subject to the broker’s segregation requirements. In the event of a broker’s insolvency, recovery may be limited to a pro rata share of segregated funds available. It is possible that the recovered amount could be less than (or none of) the total cash and other property deposited. The Fund uses with SG Americas Securities, LLC, JP Morgan Securities, LLC, RJ O’Brien Securities LLC and Deutsche Bank Securities, Inc. as its futures brokers. The Fund uses Société Générale International Limited and Deutsche Bank ~~AG, and UBS~~ AG as its forward currency counterparties.

For futures contracts, risks arise from changes in the fair value of the contracts. Theoretically, the Fund is exposed to a market risk equal to the value of futures and forward currency contracts purchased, and unlimited liability on such contracts sold short.

In addition to market risk, upon entering into commodity interest contracts there is a credit risk that a counterparty will not be able to meet its obligations to the Fund. The counterparty for futures and options on futures contracts traded in the U.S. and on most non-U.S. futures exchanges is the clearinghouse associated with such exchanges. In general, clearinghouses are backed by the corporate members of the clearinghouse who are required to share any financial burden resulting from the non-performance by one of their members and, as such, should significantly reduce this credit risk. In cases where the clearinghouse is not backed by the clearing members, like some non-U.S. exchanges, it is normally backed by a consortium of banks or other financial institutions.

In the case of forward currency contracts, which are traded on the interbank or other institutional market rather than on exchanges, the counterparty is generally a single bank or other financial institution, rather than a clearinghouse backed by a group of financial institutions; thus, there likely will be greater counterparty credit risk. While the Fund trades only with those counterparties that it believes to be creditworthy, there can be no assurance that any clearing member, clearinghouse or other counterparty will be able to meet its obligations to the Fund.

The Fund trades forward currency contracts in unregulated markets between principals and assumes the risk of loss from counterparty non-performance. Accordingly, the risks associated with forward currency contracts are generally greater than those associated with exchange-traded contracts because of the greater risk of counterparty default. Additionally, the trading of forward currency contracts typically involves delayed cash settlement.

The Fund has a portion of its assets on deposit with interbank market makers and other financial institutions in connection with its trading of forward currency contracts and its cash management activities. In the event of an interbank market maker’s or financial institution’s insolvency, recovery of Fund assets on deposit may be limited to account insurance or other protection afforded such deposits.

The Cash Managers manage the Fund’s cash and excess margin through investments in fixed income instruments, pursuant to investment parameters established by the General Partner. Fluctuations in prevailing interest rates could cause mark-to-market losses on the Fund’s fixed income instruments.

Through its investments in debt securities and certificates of deposit, the Fund has exposure to U.S. and foreign enterprises.

The following table presents the exposure at ~~March 31,~~September 30, 2021.

Country or Region U.S. Treasury
Securities Commercial
Paper Corporate Notes Asset Backed
Securities Total % of Partners’
Capital (Net
Asset Value)
United States $ 12,196,249 $ 8,399,538 $ 65,452,860 $ 8,424,645 $ 94,473,292 58.00 %
Canada — 2,399,692 — — 2,399,692 1.47 %
United Kingdom — 1,199,986 — — 1,199,986 0.74 %
Hong Kong — — 4,004,273 — 4,004,273 2.46 %
Netherlands — 1,199,972 — — 1,199,972 0.74 %
Sweden — 1,199,620 — — 1,199,620 0.74 %
Finland — 1,199,905 3,035,526 — 4,235,431 2.60 %
Australia — 1,199,941 — — 1,199,941 0.74 %
Singapore — 2,399,716 — — 2,399,716 1.47 %
Germany — 2,399,603 — — 2,399,603 1.47 %
Total $ 12,196,249 $ 21,597,973 $ 72,492,659 $ 8,424,645 $ 114,711,526 70.43 %

Country or Region	U.S. Treasury Securities		Commercial Paper		Corporate Notes		Asset Backed Securities		Total		% of Partners’ Capital (Net Asset Value)
United States	$	12,137,942	$	15,598,965	$	61,828,140	$	8,329,556	$	97,894,603		62.70	%
Ireland		—		1,199,949		—		—		1,199,949		0.77	%
Germany		—		1,199,988		—		—		1,199,988		0.77	%
United Kingdom		—		1,199,988		—		—		1,199,988		0.77	%
Finland		—		—		3,040,239		—		3,040,239		1.95	%
Norway		—		1,199,781		—		—		1,199,781		0.77	%
Total	$	12,137,942	$	20,398,671	$	64,868,379	$	8,329,556	$	105,734,548		67.73	%

The following table presents the exposure at December 31, ~~2020,~~2020.

Country or Region	U.S. Treasury Securities		Commercial Paper		Corporate Notes		Asset Backed Securities		Total		% of Partners’ Capital (Net Asset Value)
United States	$	12,228,514	$	8,398,447	$	70,749,507	$	8,224,234	$	99,600,702		57.76	%
Canada		—		2,399,177		—		—		2,399,177		1.39	%
Ireland		—		2,399,845		—		—		2,399,845		1.39	%
United Kingdom		—		2,399,851		—		—		2,399,851		1.39	%
Hong Kong		—		—		4,000,771		—		4,000,771		2.32	%
Sweden		—		1,199,597		—		—		1,199,597		0.70	%
Finland		—		—		3,038,160		—		3,038,160		1.76	%
Australia		—		3,599,443		—				3,599,443		2.09	%
Singapore		—		1,199,740		—				1,199,740		0.70	%
Total	$	12,228,514	$	21,596,100	$	77,788,438	$	8,224,234	$	119,837,286		69.50	%

Country or Region U.S. Treasury
Securities Commercial
Paper Corporate Notes Asset Backed
Securities Total % of Partners’
Capital (Net
Asset Value)
United States $ 12,228,514 $ 8,398,447 $ 70,749,507 $ 8,224,234 $ 99,600,702 57.76 %
Canada — 2,399,177 — — 2,399,177 1.39 %
Ireland — 2,399,845 — — 2,399,845 1.39 %
United Kingdom — 2,399,851 — — 2,399,851 1.39 %
Hong Kong — — 4,000,771 — 4,000,771 2.32 %
Sweden — 1,199,597 — — 1,199,597 0.70 %
Finland — — 3,038,160 — 3,038,160 1.76 %
Australia — 3,599,443 — 3,599,443 2.09 %
Singapore — 1,199,740 — 1,199,740 0.70 %
Total $ 12,228,514 $ 21,596,100 $ 77,788,438 $ 8,224,234 $ 119,837,286 69.50 %

~~9. Indemnifications~~

9.	Indemnifications

In the normal course of business, the Fund may enter into contracts and agreements that contain a variety of representations and warranties, and which provide general indemnifications. The Fund’s maximum exposure under these arrangements cannot be estimated. However, the Fund believes that it is unlikely it will have to make material payments under these arrangements and has not recorded any contingent liability in the financial statements for such indemnifications.

~~10. Interim Financial Statements~~

10.	Interim Financial Statements

The statements of financial condition, including the condensed schedule of investments, at ~~March 31,~~September 30, 2021, the statements of operations for the three and nine months ended September 30, 2021 and 2020, the statements of cash flows and statement of changes in partners’ capital (net asset value) for the ~~three~~nine months ended ~~March 31,~~September 30, 2021 and 2020, and the accompanying notes to the financial statements are unaudited. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP may be omitted pursuant to such rules and regulations. In the opinion of management, such financial statements and accompanying disclosures reflect all adjustments, which were of a normal and recurring nature, necessary to present fairly the financial position at ~~March 31,~~September 30, 2021, results of operations, cash flows and changes in partners’ capital (net asset value) for the three and nine months ended ~~March 31,~~September 30, 2021 and 2020. The results of operations for the three and nine months ended ~~March 31,~~September 30, 2021 and 2020 are not necessarily indicative of the results to be expected for the full year or any other period. These financial statements should be read in conjunction with the audited financial statements and the notes thereto included in the Fund’s Form 10-K as filed with the SEC.

11.

Financial Highlights

The following information presents per unit operating performance data and other ratios for the three and nine months ended ~~March 31,~~September 30, 2021 and 2020, assuming the unit was outstanding throughout the entire period:


	Three Months Ended March 31, 2021																		Three Months Ended September 30, 2021
	Class A			Class A2			Class A3			Class B			Class I			Class R			Class A			Class A2			Class A3			Class B			Class I			Class R
Per Unit Operating Performance									��

Net asset value per unit, beginning of period	$	3,818.95		$	1,000.45		$	971.15		$	6,088.92		$	1,023.49		$	1,014.58		$	4,094.80		$	1,080.20		$	1,047.78		$	6,587.30		$	1,112.49		$	1,098.71

Net realized and change in unrealized gain (loss) on investments ⁽¹⁾		86.56			22.24			21.38			138.94			23.52			23.23			(23.22	)		(6.20	)		(6.01	)		(37.61	)		(6.42	)		(6.27	)
Net investment income (loss) ⁽¹⁾		(51.88	)		(9.64	)		(9.52	)		(56.16	)		(7.16	)		(8.93	)		(60.58	)		(12.23	)		(12.25	)		(68.32	)		(8.90	)		(10.86	)
Total income (loss) from operations		34.68			12.60			11.86			82.78			16.36			14.30			(83.80	)		(18.43	)		(18.26	)		(105.93	)		(15.32	)		(17.13	)

Net asset value per unit, end of period	$	3,853.63		$	1,013.05		$	983.01		$	6,171.70		$	1,039.85		$	1,028.88		$	4,011.00		$	1,061.77		$	1,029.52		$	6,481.37		$	1,097.17		$	1,081.58

Total return ⁽⁴⁾		0.91	%		1.26	%		1.22	%		1.36	%		1.60	%		1.41	%		(2.05	)%		(1.71	)%		(1.74	)%		(1.61	)%		(1.38	)%		(1.56	)%

Other Financial Ratios
Ratios to average net asset value
Expenses prior to General Partner 1% allocation ⁽²⁾⁽³⁾		6.34	%		5.23	%		5.52	%		4.49	%		3.50	%		4.31	%
Expenses prior to General Partner 1% allocation ^{(2) (3)}																				6.62	%		5.11	%		5.26	%		4.77	%		3.75	%		4.57	%
General Partner 1% allocation		0.01	%		0.01	%		0.02	%		0.01	%		0.02	%		0.01	%		(0.02	)%		(0.02	)%		(0.02	)%		(0.02	)%		(0.01	)%		(0.02	)%
Net total expenses		6.35	%		5.24	%		5.54	%		4.50	%		3.52	%		4.32	%		6.60	%		5.09	%		5.24	%		4.75	%		3.74	%		4.55	%

Net investment income (loss) ^{(2)(3) (5)}		(5.55	)%		(4.39	)%		(4.63	)%		(3.71	)%		(2.73	)%		(3.52	)%
Net investment income (loss) ^{(2) (3) (5)}																				(6.14	)%		(4.63	)%		(4.78	)%		(4.28	)%		(3.27	)%		(4.09	)%


	Three Months Ended March 31, 2020																		Three Months Ended September 30, 2020
	Class A			Class A2			Class A3			Class B			Class I			Class R			Class A			Class A2			Class A3			Class B			Class I			Class R
Per Unit Operating Performance

Net asset value per unit, beginning of period	$	4,002.39		$	1,034.04		$	1,005.25		$	6,268.44		$	1,043.79		$	1,042.42		$	3,624.81		$	943.02		$	916.08		$	5,728.00		$	958.30		$	953.49

Net realized and change in unrealized gain (loss) on investments ⁽¹⁾		(378.57	)		(98.03	)		(95.49	)		(595.73	)		(99.40	)		(98.25	)		14.37			3.74			3.58			22.45			3.70			3.72
Net investment income (loss) ⁽¹⁾		(34.72	)		(5.52	)		(5.52	)		(26.41	)		(1.98	)		(4.74	)		(41.59	)		(7.56	)		(7.64	)		(40.02	)		(4.39	)		(6.17	)
Total income (loss) from operations		(413.29	)		(103.55	)		(101.01	)		(622.14	)		(101.38	)		(102.99	)		(27.22	)		(3.82	)		(4.06	)		(17.57	)		(0.69	)		(2.45	)

Net asset value per unit, end of period	$	3,589.10		$	930.49		$	904.24		$	5,646.30		$	942.41		$	939.43		$	3,597.59		$	939.20		$	912.02		$	5,710.43		$	957.61		$	951.04

Total return ⁽⁴⁾		(10.33	)%		(10.01	)%		(10.05	)%		(9.92	)%		(9.71	)%		(9.88	)%		(0.75	)%		(0.41	)%		(0.44	)%		(0.31	)%		(0.07	)%		(0.26	)%

Other Financial Ratios
Ratios to average net asset value
Expenses prior to General Partner 1% allocation ⁽²⁾⁽³⁾		5.89	%		4.53	%		4.50	%		4.03	%		3.01	%		4.25	%
Expenses prior to General Partner 1% allocation ^{(2) (3)}																				5.58	%		4.30	%		4.23	%		3.81	%		2.72	%		3.57	%
General Partner 1% allocation		(0.10	)%		(0.11	)%		(0.10	)%		(0.10	)%		(0.10	)%		(0.09	)%		(0.01	)%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
Net total expenses		5.79	%		4.42	%		4.40	%		3.93	%		2.91	%		4.16	%		5.57	%		4.30	%		4.23	%		3.81	%		2.72	%		3.57	%

Net investment income (loss)^{(2)(3) (5)}		(4.04	)%		(2.62	)%		(2.67	)%		(2.17	)%		(1.18	)%		(2.34	)%
Net investment income (loss) ^{(2) (3) (5)}																				(4.65	)%		(3.33	)%		(3.31	)%		(2.86	)%		(1.81	)%		(2.63	)%

28


	Nine Months Ended September 30, 2021
	Class A			Class A2			Class A3			Class B			Class I			Class R
Per Unit Operating Performance

Net asset value per unit, beginning of period	$	3,818.95		$	1,000.45		$	971.15		$	6,088.92		$	1,023.49		$	1,014.58

Net realized and change in unrealized gain (loss) on investments ⁽¹⁾		367.24			94.53			90.33			589.52			99.73			98.38
Net investment income (loss) ⁽¹⁾		(175.19	)		(33.21	)		(31.96	)		(197.07	)		(26.05	)		(31.38	)
Total income (loss) from operations		192.05			61.32			58.37			392.45			73.68			67.00

Net asset value per unit, end of period	$	4,011.00		$	1,061.77		$	1,029.52		$	6,481.37		$	1,097.17		$	1,081.58

Total return ⁽⁴⁾		5.03	%		6.13	%		6.01	%		6.45	%		7.20	%		6.60	%

Other Financial Ratios
Ratios to average net asset value
Expenses prior to General Partner 1% allocation ^{(2) (3)}		6.57	%		5.13	%		5.26	%		4.73	%		3.74	%		4.54	%
General Partner 1% allocation		0.05	%		0.06	%		0.06	%		0.06	%		0.07	%		0.07	%
Net total expenses		6.62	%		5.19	%		5.32	%		4.79	%		3.81	%		4.61	%

Net investment income (loss) ^{(2) (3) (5)}		(5.96	)%		(4.50	)%		(4.60	)%		(4.12	)%		(3.14	)%		(3.93	)%


	Nine Months Ended September 30, 2020
	Class A			Class A2			Class A3			Class B			Class I			Class R
Per Unit Operating Performance		��

Net asset value per unit, beginning of period	$	4,002.39		$	1,034.04		$	1,005.25		$	6,268.44		$	1,043.79		$	1,042.42

Net realized and change in unrealized gain (loss) on investments ⁽¹⁾		(289.38	)		(74.32	)		(72.80	)		(456.65	)		(78.67	)		(75.21	)
Net investment income (loss) ⁽¹⁾		(115.42	)		(20.52	)		(20.43	)		(101.36	)		(7.51	)		(16.17	)
Total income (loss) from operations		(404.80	)		(94.84	)		(93.23	)		(558.01	)		(86.18	)		(91.38	)

Net asset value per unit, end of period	$	3,597.59		$	939.20		$	912.02		$	5,710.43		$	957.61		$	951.04

Total return ⁽⁴⁾		(10.11	)%		(9.17	)%		(9.27	)%		(8.90	)%		(8.26	)%		(8.77	)%

Other Financial Ratios
Ratios to average net asset value
Expenses prior to General Partner 1% allocation ^{(2) (3)}		5.64	%		4.31	%		4.31	%		3.84	%		3.10	%		3.78	%
General Partner 1% allocation		(0.11	)%		(0.09	)%		(0.10	)%		(0.10	)%		(0.17	)%		(0.09	)%
Net total expenses		5.53	%		4.22	%		4.21	%		3.74	%		2.93	%		3.69	%

Net investment income (loss) ^{(2) (3) (5)}		(4.31	)%		(2.98	)%		(3.01	)%		(2.48	)%		(1.39	)%		(2.41	)%

Total returns are calculated based on the change in value of a Class A, ~~Class~~ A2, ~~Class~~ A3, ~~Class~~ B, ~~Class~~ I or ~~Class~~ R Unit during the period. An individual partner’s total returns and ratios may vary from the above total returns and ratios based on the timing of subscriptions and redemptions.

⁽¹⁾

The net investment income (loss) per unit is calculated by dividing the net investment income (loss) by the average number of Class A, A2, A3, B, I or R Units outstanding during the period. Net realized and change in unrealized gain (loss) on investments is a balancing amount necessary to reconcile the change in net asset value per unit with the other per unit information. Such balancing amount may differ from the calculation of net realized and change in unrealized gain (loss) on investment per unit due to the timing of investment gains and losses during the period relative to the number of units outstanding.

⁽²⁾

The net investment income (loss) includes interest income and excludes net realized and net change in unrealized gain (loss) from investment activities as shown in the statements of operations. The total amount is then reduced by all expenses, excluding brokerage commissions, which are included in net investment gain (loss) in the statements of operations. The resulting amount is divided by the average net asset value for the period.

⁽³⁾

Ratios have been annualized.

⁽⁴⁾

Ratios have not been annualized.

⁽⁵⁾

Ratio excludes General Partner 1% allocation.

⁽¹⁾The net investment income (loss) per unit is calculated by dividing the net investment income (loss) by the average number of Class A, A2, A3, B, I or R Units outstanding during the period, Net realized and change in unrealized gain (loss) on investments is a balancing amount necessary to reconcile the change in net asset value per unit with the other per unit information, Such balancing amount may differ from the calculation of net realized and change in unrealized gain (loss) on investment per unit due to the timing of investment gains and losses during the period relative to the number of units outstanding,

⁽²⁾The net investment income (loss) includes interest income and excludes net realized and net change in unrealized gain (loss) from investment activities as shown in the statements of operations, The total amount is then reduced by all expenses, excluding brokerage commissions, which are included in net investment gain (loss) in the statements of operations, The resulting amount is divided by the average net asset value for the period,

⁽³⁾~~Ratios have been annualized.~~

⁽⁴⁾~~Ratios have not been annualized.~~

⁽⁵⁾~~Ratio excludes General Partner 1% allocation.~~

12. Subsequent Events

Subsequent to ~~quarter end,~~September 30, 2021, there were ~~$372,492~~$850,000 of contributions and ~~$4,315,198~~an estimated $4,323,341 of redemptions from the Fund.

Item 2.

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

Current Positioning

Sector risk allocations and net positioning as of ~~March 31,~~September 30, 2021 ~~and first quarter 2021 gross performance contribution by sector was~~were as follows:

Risk Allocation
Net
Position
Sector Gross Performance Contribution
10 % Long Agriculture 1.25 %
17 % Long Energy 1.29 %
9 % Long Metals (0.25 )%
29 % Short USD Currencies (0.37 )%
25 % Long Equity indices 4.32 %
10 % Long Interest rates (3.37 )%

Sector	Risk Allocation			Net Position
Agriculture		12	%	Long
Energy		26	%	Long
Metals		5	%	Long Base, Short Precious
Currencies		24	%	Short USD
Equity indices		18	%	Long
Interest rates		15	%	Long

The dominant strategy employed by the Fund’s ~~profitable Q1 return was driven by~~ trading ~~in equity and commodity markets while fixed income~~advisors is trend-following. As such, the largest positions ~~had losses. In equity markets, gains were widespread as~~tend to reflect the continued rally in global stocks aided long U.S., Asian, and European positions. Gains in commodities were led by trading in energy, agricultural, and base metals, partially offset by losses in precious metals. Profitable trading in energy was attributable to oil and oil products positions, notably long exposure in brent crude which moved higher on economic recovery hopes. In agricultural markets, strong gains from long positions in soybean and corn boosted returns. A long position in lean hogs was also profitable, as the African swine outbreak in Asia and strong demand lifted prices. While precious metals exposure shifted short during the quarter, long silver and gold positions were

unprofitable as prices declined. In fixed income, long exposure in the U.S. and, to a lesser extent, Europe, was unprofitable as the Fund was hurt by rising interest rates. The bulk of those losses were from positions on the long end of the curve. Finally, trading in currencies was modestly unprofitable with gains from a short Yen position offset by losses elsewhere, most notably emergingstrongest current market ~~currencies.~~

trends. At the end of September 30, 2021, the ~~first quarter,~~Fund had was positioned long bonds, long stocks, and long the ~~Fund’s largest risk exposure~~US Dollar, particularly against the Euro. In commodity markets, positions were modestly sized. The Fund was short in ~~equities, currency,~~agricultural futures, short in energy, short in base metals and ~~energy markets. In equities, positioning remained persistently~~ long ~~across all major regions including the U.S.~~in precious metals. These positions can and ~~to a lesser extent, Europe,~~do evolve over time depending on prevailing market trends and Asia. Currency exposure ended the quarter short foreign currency versus the U.S. dollar. In commodities, agricultural, energy, and metal markets were long biased at the end of March. Finally, fixed income exposure was long at the end of the quarter, though medium- and long-term fixed income positions shifted short for stretches during the quarter. The portfolio’s exposures tend to evolve dynamically based on the tactical opportunities perceived by the Fund’s systematicmanagers’ trading ~~programs. Should macroeconomic trends change course, we would expect the portfolio’s exposures to adapt accordingly.~~signals.

Results of Operations

The returns for each Class of Units for the ~~three~~nine months ended ~~March 31,~~September 30, 2021 and 2020 were:

Class of Units	2021			2020			2021			2020
Class A		0.91	%		(10.33	)%		5.03	%		(10.11	)%
Class A2		1.26	%		(10.01	)%		6.13	%		(9.17	)%
Class A3		1.22	%		(10.05	)%		6.01	%		(9.27	)%
Class B		1.36	%		(9.92	)%		6.45	%		(8.90	)%
Class I		1.60	%		(9.71	)%		7.20	%		(8.26	)%
Class R		1.41	%		(9.88	)%		6.60	%		(8.77	)%

Results from past periods are not necessarily indicative of results that may be expected for any future period. Monthly analysis of the trading gains and losses is provided below.

2021

January

Much of January was marked by increasing confidence in a post-pandemic global recovery along with ongoing accommodative monetary policy which helped lift equities for the greater part of the month. Ultimately global stocks finished down in January, however, as COVID variants and unusual retail activity in several highly shorted stocks rattled investor confidence late in the month. Global bond yields rose (prices fell) with the 10-year U.S. Treasury yield surging above 1%, buoyed by expectations for additional stimulus. Commodity prices also moved higher led by gains in energy and agricultural markets. In oil markets, Saudi Arabia unexpectedly cut production helping to boost prices. Finally, the U.S. Dollar strengthened on higher Treasury yields and expectations for fiscal stimulus.

The Fund was profitable for most of January, continuing to build on bullish trends in agricultural products and equities. However, the volatility of the markets in the last few days of the month (the VIX spiked 62% on Jan. 27th) worked to offset those gains, resulting in a loss for the Fund that could not recovered before month-end. Overall, during the month unprofitable trading in currency and fixed income markets more than offset positive contributions from positions in agricultural commodities and, to a lesser extent, equities. Long foreign currency positions including the Euro and Yen were hurt by the rallying dollar, which clawed back some of its losses from last year. In fixed income trading, long exposure in the U.S. and Europe were hurt by rising rates. Long positions in agricultural commodities provided a lift, particularly in corn and soybean. The Fund finished with a net loss of (2.02)%, (1.90)%, (1.92)%, (1.87)%, (1.80)% and (1.86)% for Class A, A2, A3, B, I, and R Units, respectively.

February

In February, the reflation trade remained the dominant theme for investors as encouraging economic data along with surging vaccination rates and declining COVID cases/hospitalization helped spur optimism. Against this backdrop, global equities moved higher with the rotation towards “re-opening stocks” continuing. Commodities prices soared as oil surged nearly 20% on the improving economic outlook along with constrained production. Copper moved above $4 per pound, its highest level since 2011. The bond market, as measured by the Bloomberg Barclay’s U.S. Aggregate Bond Index, was also impacted by the reflation trade and is now down -2.15% in 2021. These concerns led to a jump of approximately 50 basis-point in the 10-year U.S. Treasury yield, to 1.4%.

The Fund had a positive return for February, bringing its YTD return back into the black. Profitable trading in equity and commodity markets were the largest contributors as long positions benefitted from the upward push in risk assets. Within commodities, the largest gains stemmed from long exposure in energy, notably oil, while trading in metals and agricultural markets was also profitable. Fixed income produced losses, as rates seemed to have found a bottom, and the uptick hurt the Fund’s long positions. Trading models responded accordingly, and as a result, long exposure fell sharply with long- and medium-term instruments shifting short by the end of the month. The Fund finished with a net gain of 2.91%, 3.03%, 3.02%, 3.07%, 3.15% and 3.08% for Class A, A2, A3, B, I, and R Units, respectively.

March

In March, the Fed communicated its intention to maintain easy monetary policy until the economy is further along in its recovery. Market participants, however, were increasingly concerned about building inflationary pressure in the U.S. from improving economic growth, the rapid acceleration in vaccinations, and implications of the massive proposed $2 trillion infrastructure package and the recently passed $1.9 trillion American Rescue Plan Act of 2021. Accordingly, the 10-Year U.S. Treasury yield climbed to 1.75% intramonth as investors fear the Fed may need to act sooner than it is currently communicating. Yields in Europe were little changed, however, as the increasing number of COVID cases and potential for further lockdowns weighed on economic growth expectations. Global equities moved higher as the rotation toward cyclical “recovery” stocks continued. Commodity prices retreated with oil correcting on demand worries from European lockdowns/vaccine rollout along with the stronger dollar.

The Fund had a positive return in March. Profitable trading in equity and foreign currency positions were the largest contributors. Long positions in equities were buoyed by the continued strength in stocks, led by gains in European markets and, to a lesser extent, in the United States. Rising yields in the U.S. contributed to USD strength, which benefitted long dollar/short foreign currency positions, particularly in the Yen. The largest losses during the month were from commodities, particularly long silver positions as precious metals were pressured by rising yields and the strengthening dollar. The Fund finished with a net gain of 0.07%, 0.19%, 0.17%, 0.22%, 0.30% and 0.24% for Class A, A2, A3, B, I, and R Units, respectively.

~~2020~~April

Investor apprehension toward building inflationary pressure seemed to relax in April as the Federal Reserve maintained its easy monetary policy and Chairman Powell indicated it was too early to taper. This helped foster a positive environment for risk assets as market participants instead focused on the continued improvement in global economic activity. Concurrently, the worsening COVID-19 situation in India coupled with Europe’s slow progress in their vaccine rollout tempered growth expectations and contributed to the view that growth/inflation would not spiral out-of-control to the upside. Against this backdrop, global stock prices continued to climb. U.S. Treasury yields and dollar declined in April after moving higher in the first quarter. Eurozone bond yields, however, climbed during the month. The improving economic growth outlook and the weak dollar helped fuel the continued rally in commodities which saw prices for many markets set new multi-year highs.

The Fund had a positive return in April, benefitting from the reflationary trade driving risk assets higher, especially in the commodity and equity markets. In commodities, long exposure benefitted from higher prices in agricultural, energy, and base metal markets with notable contributors including corn, brent crude, and copper. The Fund’s long equity positions were also profitable, particularly in the U.S. while in fixed income, long European exposure accounted for the bulk of the losses as rates pushed higher. Unprofitable trading in currency markets was led by short positions in the Euro and Yen which reversed course by moving higher versus the U.S. dollar in April. The Fund finished with a net gain of 3.98%, 4.10%, 4.09%, 4.13%, 4.22% and 4.15% for Class A, A2, A3, B, I, and R Units, respectively.

May

Strengthening economic conditions helped push global stock prices modestly higher in May as the ongoing vaccine roll-out and supportive fiscal/monetary policy fueled the recovery. Evidence of the improving economic environment included the strong April 60.7 U.S. Manufacturing Purchasing Manager’s Index reading. In Europe, the Eurozone Manufacturing PMI was 62.9, also indicative of an expanding economy. While the global growth outlook strengthened, inflationary pressure continued to build with the CPI rising a larger than expected +4.2% in April, its fastest pace since 2008 and raising concerns of Fed tapering. These fears were alleviated in part by the disappointing non-farm payroll numbers which fell well short of expectations and helped soften concerns that the economy may overheat. Against this backdrop, commodity prices were generally mixed, though oil (West Texas Intermediate crude) prices moved to their highest level since 2018. Global bond yields were little changed while the U.S. dollar weakened.

The Fund’s positive return in May was driven by long positions in commodity markets. The largest gains in the sector were from long energy exposure, including oil and oil products along with power markets. Long exposure in metals was also profitable while long positions in agricultural commodities had losses, particularly grains where prices retreated from multi-year highs. Foreign currency trading was profitable, led by long positions in emerging market currencies which benefitted from rising commodity prices. The Fund also had gains from long positions in equities, particularly in the U.S. and Europe. Trading in fixed income produced small losses. The Fund finished with a gain loss of 2.05%, 2.17%, 2.15%, 2.20%, 2.28%, and 2.22%% for Class A, A2, A3, B, I, and R Units, respectively.

June

Economic conditions in the U.S. remain robust as recent data suggests the recovery continues to strengthen. The U.S. added a better-than-expected 850,000 jobs in June while wages were up +3.6% year-over-year. Consumer prices (CPI) jumped +5% in May, its fastest pace since August 2008 and higher-than-expected. The economic recovery outside the U.S. generally remains at a slower pace, with rising concerns regarding the spread of the delta variant, particularly in regions with lower vaccination rates. At the June meeting, the Fed’s stance shifted more hawkish as it projected two rate hikes in 2023. This contributed to the yield curve flattening as yields at the front end of the curve moved higher while longer duration yields moved lower as the Fed’s more hawkish comments tampered long-term inflation and growth expectations. Against this backdrop the U.S. dollar moved higher against other major currencies. Stocks and commodities also moved higher, with oil prices breaking out to the upside.

Futures Portfolio Fund returns were slightly positive in June, capping off a strong first half of the year. The Fund capitalized on rising oil prices as long exposure in oil and oil products boosted returns, led by gains from WTI positions. Trading elsewhere in commodities was slightly unprofitable with small losses in agricultural and metal markets. The largest losses were from currency trading as long foreign currency positions were hurt by the strengthening U.S. dollar. Trading in Fixed Income produced small losses as gains from long exposure in long-term instruments, where rates generally fell in June, were more than offset by losses from long positions in short-term fixed income where rates rose. Long equity exposure produced modest gains. The Fund finished with a net gain of 0.14%, 0.26%, 0.24%, 0.29%, 0.37% and 0.31% for Class A, A2, A3, B, I, and R Units, respectively.

July

Markets provided conflicting signals in July as the S&P 500 reached a new all-time high while global bond yields moved lower and, in the U.S., the yield curve flattened. The rapid spread of the Delta variant along with the more hawkish rhetoric from the Federal Reserve has shifted the economic outlook narrative. While fiscal and monetary policy remain supportive, market participants perhaps increasingly anticipate that future economic growth will not spiral out of control. This view was reinforced by the +6.5% rise in the second quarter U.S. GDP growth, well below the +8.5% consensus expectation. Commodity markets were mixed during the month as energy and industrial metals prices generally rose while agricultural commodity prices declined. The U.S. dollar declined slightly versus other major currencies.

Futures Portfolio Fund returns were slightly positive in July as positive contributions from fixed income trading more than offset losses by currency markets. In fixed income, long exposure in the U.S. and Europe benefitted from the downward move in global bond yields with the strongest contributions from the U.S. Treasury Bond, Australian 10-year, and the Euro Bund. Trading in foreign currency markets versus the U.S. dollar was unprofitable with the largest losses from short Euro and Yen positions. Commodity markets had small gains led by profitable long energy exposure, partially offset by small losses in agricultural and metal markets. Equity trading was slightly unprofitable led by losses from long positions in Asian markets, notably the Nikkei and Hang Seng. The Fund finished with a net gain of 0.18%, 0.30%, 0.28%, 0.33%, 0.41% and 0.35% for Class A, A2, A3, B, I, and R Units, respectively.

August

Global equity prices advanced during the month, supported by strong second quarter earnings and dovish comments from Fed Chair Jerome Powell. The Fed Chair reiterated his view that recent high inflation is likely transitory and that the Fed needs to be mindful of risks of tapering too aggressively while reassuring investors that rate hikes are not expected for some time. Meanwhile, economic growth showed signs of stalling, culminating in the jobs report that showed August nonfarm payroll growth of only 235,000 versus expectations for 720,000. Consumer confidence also slumped to its lowest level since February of this year. Global bond yields moved higher in August, both in the U.S. and international markets, while the U.S. Dollar slipped from a nine-month high on the dovish Fed comments. Commodity prices were down slightly in August, as oil prices declined sharply on concerns that the spike in COVID-19 cases globally would threaten the recovery in demand.

Futures Portfolio Fund’s returns were negative in August as the positive contributions from equity trading were offset by losses in fixed income and, to a lesser extent, commodities, and currency markets. In equities, persistent long U.S. exposure during the month produced the largest gains. Fixed income losses were primarily attributable to trading in European markets, particularly long positions in the Euro Bund and Buxl. Foreign currency trading was mixed, but overall had a small loss with a long Canadian Dollar position the most notable detractor. In commodities, gains from trading softs, natural gas, power, and precious metals were more than offset by losses in oil & oil products, grains, and base metal markets. The Fund finished with a net loss of (1.26)%, (1.14)%, (1.16)%, (1.11)%, (1.03)% and (1.09)% for Class A, A2, A3, B, I, and R Units, respectively.

September

Many global markets reversed course in September, leaving investors unsure about future Central Bank policy, world-wide economic growth, and the pandemic’s lasting impact. The S&P 500 Index was down -4.65% during the month of September. This pullback was concentrated in large cap technology names as represented by the NASDAQ which was down -5.31% during September. This sell off was heavily influenced by upward moving yields due to widespread inflation fears. Yields on the U.S. 10-year Treasury note finished the month at 1.53%, up from 1.30% at the end of August, a level not seen since June of this year. Initial unemployment claims ticked upward to 362,000 during the last week of September, up from 310,000 claims at the start of the month, a record low since the start of the pandemic. The U.S. Dollar continued its upward trend versus most major currencies against the backdrop of hawkish comments by the Federal Reserve. Oil prices remained at elevated levels as global travel continues to slowly return, closing the month at $75.03 a barrel, up over +50% this year.

Futures Portfolio Fund returns were slightly negative in September as positive contributions from Energy trading were offset by losses in fixed income and, to a lesser extent, equities. In energy, persistent long European natural gas and power markets contributed the most as gas supply concerns drove prices higher. Fixed income losses were primarily attributable to trading in U.S. and European markets, particularly long positions on the mid to long end of the U.S. Treasury yield curve. In foreign currency trading, relatively small gains came from long U.S. Dollar positioning, particularly against the Euro and Yen. The Fund finished with a net loss of (0.98)%, (0.86)%, (0.88)%, (0.83)%, (0.75)% and (0.81)% for Class A, A2, A3, B, I, and R Units, respectively.

2020

January

In January, capital markets were impacted by two significant developments. Early in the month, Iranian General Qassem Soleimani was killed in a U.S. airstrike. Iran responded with their own missile attack against a U.S. military base in Iraq, though tensions de-escalated from there. While global equity markets shrugged off these events, they fell later in the month as mounting concerns regarding the coronavirus outbreak fueled a risk-off stance by market participants. Speculation regarding the virus’ future effect on Chinese and global economic growth helped drive rates lower/bond prices higher. Gold also continued to surge as investors sought safe haven assets while oil prices sold-off sharply.

The Fund enjoyed a strong start to the year with the largest gains from long fixed income positions, which were boosted by falling rates. Foreign currency trading was profitable as long U.S. Dollar positions benefitted from the greenback’s strength. Long positions in equities were unprofitable, as stocks were hurt by the coronavirus fears during the second half of January. In commodities, long precious metals exposure was profitable. Energy trading also enjoyed gains as plunging natural gas prices provided a lift to short positions. Trading in agricultural commodities was not a significant factor. The Fund finished with a net gain of 3.19%, 3.31%, 3.30%, 3.34%, 3.43% and 3.36% for Class A, A2, A3, B, I, and R Units, respectively.

February

After the S&P 500 reached a new high in mid-February, intensifying coronavirus fears contributed to a massive sell-off in equities while the U.S. 10-year Treasury yield fell to an all-time low. The rapidity of the correction in the S&P 500 was historic as the Index experienced its fastest ever 10% sell-off. With the outbreak spreading outside of China and cases in Italy, Iran, and South Korea soaring, investors fled risk assets in droves as they grappled with how deeply and for how long quarantines, reduced travel, factories shutting down, school closures, etc. will negatively impact economic growth and corporate profitability. While the severity of the economic toll may be unknowable at this time, some recent datapoints, like the official Chinese PMI indicator which plunged to an all-time low of 35.7 in February, are certainly worrisome. As expectations for the Fed to take action quickly ramped, bond yields plunged. The U.S. dollar weakened and failed to act as a traditional safe haven asset. Meanwhile, the Japanese Yen and Euro rallied. In commodities, oil prices continued their collapse while gold, another traditional safe haven asset, declined during the market correction.

The Fund finished with a negative return for the month as the massive risk-off move by investors hurt long exposure in equities. Overall, foreign currency trading was not a significant factor during February though during the market correction a long U.S. dollar position was hurt by softness in the greenback. In commodities, short energy positions benefitted from declining oil and natural gas prices as economic growth concerns weighed heavily. Fixed income trading was the largest positive contributor for the Fund as weakening growth and rate cut expectations fueled the collapse in yields which benefitted long positions. The Fund finished with a net loss of (6.57)%, (6.46)%, (6.48)%, (6.43)%, (6.36)% and (6.42)% for Class A, A2, A3, B, I, and R Units, respectively.

March

As the COVID-19 global pandemic worsened and the world economy was brought to its knees, the stock market continued to plummet. At the steepest point of its drawdown, the S&P 500 fell -33.8% from its high before recovering late in the month. The actions taken to stem the advance of the virus are having an unprecedented effect on business activity. Second quarter GDP growth estimates are as dire as -40% while unemployment is expected to exceed the post-World War II high of 10.8%. In response to the crisis, massive stimulus measures have been undertaken by central banks and governments around the globe to inject liquidity and stabilize markets. U.S. Treasury yields reached historical lows in March. Briefly during the month, bonds failed to act as a safe haven asset as yields unexpectedly moved higher when bond prices fell. Meanwhile, oil prices collapsed as OPEC failed to reach a production cut agreement with Russia, resulting in an oil price war that coincided with an historic collapse in demand.

Positive returns during the 2^nd half of March, were not enough to offset losses during the first two weeks of the month. While equity exposure had shifted neutral by the end of the month, the Fund was hurt by long positions during that transition as stock prices continued their collapse. Fixed income trading has been highly profitable in 2020, but had small losses in March as gains from positions in U.S. Treasuries were offset by losses from overseas trading. Foreign currency trading was unprofitable while in commodities, short positions in energy were highly profitable as oil prices plummeted. The Fund finished with a net loss of (6.99)%, (6.88)%, (6.89)%, (6.85)%, (6.77)% and (6.83)% for Class A, A2, A3, B, I, and R Units, respectively.

April

Optimism regarding the potential for re-opening the economy sparked a massive relief rally in equities during April. After reaching its 2020 low on March 23^rd, the S&P 500 continued its recovery in April by gaining +12.8% and recouping much of its year-to-date losses. For now, market participants are looking past the disruption to the economy that has seen the number of individuals filing unemployment claims reach 33.5 million since mid-March, wiping out all of the post-Global Financial Crisis job creation. Instead, positive news on the COVID-19 treatment front, including Gilead’s Remdesivir and the push to re-open in the U.S. and abroad, buoyed investor spirits. U.S. bond yields were relatively stable during the month while yields in international instruments like the UK Gilt and German Bund declined. In an unprecedented development, the May 2020 West Texas Intermediate crude contract closed at -$37.63 the day prior to expiration as a collapse in demand and oil storage at capacity caused companies to pay buyers to take oil off their hands.

The Fund posted a positive return during April. While positioning fluctuated between long and short, trading in equities generated the largest profits. Long positions in fixed income also produced gains led by positions in U.S. Treasuries and the Euro Bund. Trading in commodities was also profitable, as long positions in precious metals and short positions in agricultural markets provided a boost. Trading in energy was not a significant performance driver as falling prices in the first half of the month reversed course during the latter half. Foreign currency trading was unprofitable in April, particularly a short position in the Australian Dollar. The Aussie dollar’s rally is likely attributable to the relative success that country has had containing the coronavirus and accordingly, a faster timeline to successfully reopening its economy. The Fund finished with a net gain of 2.08%, 2.20%, 2.19%, 2.23%, 2.31%, and 2.25% for Class A, A2, A3, B, I, and R Units, respectively.

May

May saw a continuation of the shift back toward risk assets as investors looked past the current economic weakness and the climbing number of COVID-19 cases. Instead, investors focused on the reopening of the global economy and path towards a return to “normal”. Continued responsiveness by central banks to support asset prices and indications that more can be done if necessary, further buoyed investor confidence. With investor enthusiasm surging, equities, as measured by the S&P 500, have now rallied nearly +40% off their March 23^rd low. In commodities, West Texas Intermediate (“WTI”) oil had its best monthly gain in its history, climbing an astounding ~90% in May to approximately $35/barrel. Bond yields were relatively unchanged at the shorter end of the curve which are anchored by the Fed. Yields for longer duration instruments pushed higher reflecting improving optimism regarding the economic outlook. The U.S. Dollar weakened, notably against the Euro which moved higher on improving risk appetite and passage of the $825 billion Coronavirus Recovery Fund by the EU.

The Fund had a slightly positive return in May led by profitable trading in equities, though exposure shifted between long and short during the month. In commodities, there were losses from short positions in the energy and agricultural sectors as prices rallied on hopes that the economy had bottomed. The Fund had small losses in fixed income and currency trading, as declining bond prices and a depreciation of the safe haven U.S. Dollar negatively impacted long positions in these markets. The Fund finished with a net gain of 0.21%, 0.32%, 0.31%, 0.35%, 0.43%, and 0.37% for Class A, A2, A3, B, I, and R Units, respectively.

June

Indications that economic conditions are bottoming helped buoy risk assets during June. Early in the month, equities surged following a remarkable U.S. employment report showing 2.5 million jobs added in May. Volatility returned intra-month, however, as concerns regarding a resurgence in COVID-19 cases as lock-downs were relaxed and heightened U.S./China trade tension ramped. Risk assets resumed their upward trajectory in the second half of June as accommodative monetary policy, improving economic data, and a belief that politicians would not re-impose strict lock-downs again, buoyed risk appetite. With investors looking at a global recovery, the world’s reserve currency (U.S. Dollar) weakened while cyclical commodity prices moved higher. Within fixed income markets, yields were relatively unchanged.

The Fund had slight losses in June led by unprofitable trading in currencies. While positioning shifted mid-month, long U.S. dollar exposure in the first half of the month detracted as the greenback weakened versus other major currencies. Long positions in fixed income and equities were profitable but were largely offset by losses from trading in commodities. While trading in energy has generated robust gains in 2020, short positions during June were unprofitable. The Fund finished with a net loss of (1.27)%, (1.15)%, (1.16)%, (1.12)%, (1.04)%, and (1.10)% for Class A, A2, A3, B, I, and R Units , respectively.

July

Despite Q2 U.S. GDP plunging -32.9% on an annualized basis, investors in July remained optimistic. Instead, focusing on the recovery in economic data from its Q2 bottom and progress toward a COVID-19 vaccine. While economic activity continued to rebound, the daily number of new COVID-19 cases has been rising since mid-June. Accordingly, a growing number of states in the U.S. have paused or reversed their re-openings, threatening to slow or derail the fledgling recovery. Against this backdrop, however, risk assets including global stocks moved higher. Bond yields were lower with the U.S. 3- and 5-year Treasuries reaching historic lows. The U.S. Dollar Index had its largest monthly drop since 2010, as lower U.S. rates, lack of progress on additional fiscal stimulus, and the increasing number of COVID-19 cases weighed on the greenback. The weakening dollar and risk-on sentiment spurred cyclical commodity prices higher. Despite the move in risk assets, gold surged to an all-time high as dollar weakness, political tension and worsening U.S./China relations provided a lift to the safe haven asset.

The Fund had positive returns in July led by gains from equities and metals trading. In equities, long positions in the U.S. and developed Asian markets more than offset losses from short positions in Europe. In metals trading, the bulk of the gains were from long precious metal exposure, notably positions in gold and silver. Trading in fixed income was also profitable during the month, primarily attributable to long exposure in the U.S. In currency trading, long FX vs. U.S. dollar positions were slightly profitable, benefiting from the weakness in the greenback. Trading in energy and agricultural markets were slightly unprofitable during July. The Fund finished with a net gain of 2.95%, 3.07%, 3.06%, 3.11%, 3.19%, and 3.12% for Class A, A2, A3, B, I, and R Units, respectively.

August

Buoyed by solid economic data, strong corporate earnings, and a decline in new COVID-19 cases in the U.S., stock prices surged in August as the S&P 500 again reached an all-time high. Against this backdrop, government bond yields rose (bond prices fell) and the U.S. 10-year Treasury yield moved back above 0.70% before settling at 0.67% at the end of the month. Late in the month, the Fed announced a major policy shift, targeting a 2% average inflation rate, signaling that easy monetary policy will remain in place for the foreseeable future. As a result, the U.S. dollar continued its decline, reaching its lowest level since April 2018. The weakening dollar and improving economic sentiment helped lift commodity prices during the month, evidenced by strong gains in metals and in most agricultural commodities. In energy markets, natural gas prices surged as hot weather increased the demand for cooling, and Hurricane Laura shut down much of the Gulf Coast’s production.

The Fund finished the month with a negative return, as long bond positions in the U.S. and Europe were hurt by the rise in rates. Energy trading was also unprofitable, with short positions in natural gas impacted by the rise in demand and supply interruption. Somewhat offsetting these losses however were gains in long U.S. equity positions, and long exposure in base and precious metals, particularly silver and iron ore. Finally, long foreign currency positions, notably the Euro, Australian and New Zealand dollars, were profitable as the greenback continued to weaken versus other major currencies. The Fund finished with a net loss of (2.12)%, (2.01)%, (2.02)%, (1.98)%, (1.90)%, and (1.96)% for Class A, A2, A3, B, I, and R Units, respectively.

September

Investor appetite for risk was negatively impacted by economic growth concerns as the rising number of COVID-19 cases in Europe sparked fears of the potential for new lockdown measures. The likelihood of additional fiscal stimulus measures in the U.S. were dampened as Democrats and Republicans sparred over a replacement on the Supreme Court following the death of Supreme Court Justice Ruth Bader Ginsberg. Finally, AstraZeneca’s Phase 3 COVID-19 vaccine trial was put on hold following an adverse reaction by a participant in the UK. Against this backdrop, the S&P 500 fell nearly 10% from September 3^rd to September 23^rd while the tech-heavy NASDAQ Composite reached an official correction during that period. With stimulus efforts stalled and investors seeking safe-haven assets, the U.S. dollar rallied to a two-month high contributing to weakness in commodity prices which were also impacted by economic growth concerns. Yields in Europe generally declined slightly during the month while U.S. yields ended September little changed.

The Fund had negative returns during September. With investors migrating toward safe-haven assets, the Fund’s largest losses were from long foreign currency exposure versus the U.S. dollar which rallied off its August low. In precious metals, long silver positions were hurt as prices retreated sharply from multi-year highs on the strengthening dollar and increased uncertainty regarding the economic outlook. Finally, in equities the sell-off in stocks led to losses from long positions in Europe which were partially offset by gains from trading in U.S. markets. Long exposure in fixed income was profitable led by gains from positions in European markets. Short positions in oil and oil product also helped offset the aforementioned losses. The Fund finished with a net loss of (1.51)%, (1.39)%, (1.40)%, (1.36)%, (1.28)% and (1.34)% for Class A, A2, A3, B, I, and R Units, respectively.

Liquidity

There are no known material trends, demands, commitments, events, or uncertainties at the present time that are reasonably likely to result in the Fund’s liquidity increasing or decreasing in any material way.

Capital Resources

The Fund intends to raise additional capital through the continued sale of Units and does not intend to raise capital through borrowing. Due to the nature of the Fund’s business, the Fund does not contemplate making capital expenditures. The Fund does not have, nor does it expect to have, any capital assets. Redemptions, exchanges and sales of Units in the future will affect the amount of funds available for investment in futures contracts, etc. in subsequent periods. It is not possible to estimate the amount, and therefore the impact, of future inflows and outflows funds related to the sale and redemption of Units. There are no known material trends, favorable or unfavorable, that would affect, nor any expected material changes to, the Fund’s capital resource arrangements at the present time.

Contractual Obligations

The Fund does not have any contractual obligations of the type contemplated by Item 303(a)(5) of Regulation S-K. The Fund’s sole business is trading futures and forward currency contracts, both long (contracts to buy) and short (contracts to sell).

Off-Balance Sheet Risk

The term “off-balance sheet risk” refers to an unrecorded potential liability that, even though it does not appear on the balance sheet, may result in future obligation or loss. The Fund trades in futures and forward currency contracts, and is therefore a party to financial instruments with elements of off-balance sheet market and credit risk. In entering into these contracts there exists a risk to the Fund that such contracts may be significantly influenced by market conditions, such as interest rate volatility, resulting in such contracts being less valuable. If the markets should move against all of the futures interests positions of the Fund at the same time, and if the trading advisors were unable to offset futures interest positions of the Fund, the Fund could lose all of its assets and the limited partners would realize a 100% loss. The General Partner minimizes market risk through diversification of the portfolio allocations to multiple trading advisors, and maintenance of a margin-to-equity ratio that rarely exceeds 35%.

In addition to subjecting the Fund to market risk, upon entering into futures and forward currency contracts there is a risk that the counterparty will not be able to meet its obligations to the Fund. The counterparty for futures contracts traded in the U.S. and on most foreign exchanges is the clearinghouse associated with such exchange. In general, clearinghouses are backed by the corporate members of the clearinghouse who are required to share any financial burden resulting from the non-performance by one of their members and, as such, should significantly reduce this risk. In cases where the clearinghouse is not backed by the clearing members, as is the case with some foreign exchanges, it is normally backed by a consortium of banks or other financial institutions.

In the case of forward currency contracts, which are traded on the interbank market rather than on exchanges, the counterparty is generally a single bank or other financial institution, rather than a group of financial institutions, thus there may be a greater counterparty risk. The General Partner utilized only those counterparties that it believes to be creditworthy for the Fund. All positions of the Fund are valued each day on a mark-to-market basis. There can be no assurance, however, that any clearing member, clearinghouse or other counterparty will be able to meet its obligations to the Fund.

The Fund may invest in U.S. Treasury securities, U.S. and foreign government sponsored enterprise notes, certificates of deposit, commercial paper, asset backed securities and corporate notes. Should an issuing entity default on its obligation to the Fund and such entity is not backed by the full faith and credit of the U.S. government, the Fund bears the risk of loss of the amount expected to be received. The Fund minimizes this risk by only investing in securities and certificates of deposit of firms with high quality debt ratings.

Significant Accounting Policies

A summary of the Fund’s significant accounting policies isare included in Note 1 to the financial statements.

The Fund’s most significant accounting policy is the valuation of its assets invested in U.S. and foreign futures and forward currency contracts, and fixed income ~~instruments and investments in private investment companies.~~instruments. The Fund’s futures contracts are exchange-traded, with the fair value of these contracts based on exchange settlement prices. The fair values of non-exchange-traded contracts, such as forward currency contracts, are based on third-party quoted dealer values on the interbank market. The fair value of money market funds is based on quoted market prices for identical shares. U.S. Treasury securities are stated at fair value based on quoted market prices for identical assets in an active market. Notes of U.S. and foreign government sponsored enterprises, as well as certificates of deposit, commercial paper, asset backed securities and corporate notes, are stated at fair value based on quoted market prices for similar assets in an active market. Given the valuation sources, there is little judgment or uncertainty involved in the valuation of these assets, and it is unlikely that materially different amounts would be reported under different valuation methodologies or assumptions. The Fund’s investment in a private investment company is valued at net asset value as provided by the private fund’s administrator. This use of net asset value as the practical expedient to approximate fair value under ASC 820 is advisable due to the investment not having a readily determinable fair value.

Item 3. Quantitative and Qualitative Disclosures about Market Risk

Introduction

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

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

The Fund rapidly acquires and liquidates both long and short positions in a wide range of different markets. Consequently, it is not possible to predict how a particular future market scenario will affect performance, and the Fund’s past performance cannot be relied on as indicative of its future results.

Standard of Materiality

Materiality as used in this section, Quantitative and Qualitative Disclosures about Market Risk, is based on an assessment of reasonably possible market movements and the potential losses caused by such movements, taking into account the leverage, and multiplier features of the Fund’s market sensitive instruments.

Quantifying the Fund’s Trading Value at Risk

The following quantitative disclosures regarding the Fund’s market risk exposures contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. All quantitative disclosures in this section are deemed to be forward-looking statements for purposes of the safe harbor, except for statements of historical fact.

Value at Risk is a measure of the maximum amount which the Fund could reasonably be expected to lose in a given market sector. However, the inherent uncertainty of the Fund’s speculative trading and the recurrence in the markets traded by the Fund to market movements far exceeding expectations could result in actual trading or non-trading losses far beyond the indicated Value at Risk or the Fund’s experience to date (i.e., “risk of ruin”). Risk of ruin is defined to be no more than a 5% chance of losing 20% or more on a monthly basis. In light of the foregoing as well as the risks and uncertainties intrinsic to all future projections, the inclusion of the quantification included in this section should not be considered to constitute any assurance or representation that the Fund’s losses in any market sector will be limited to Value at Risk or by the Fund’s attempts to manage its market risk.

The Fund’s risk exposure in the various market sectors traded by the Fund’s Trading Advisors is quantified below in terms of Value at Risk. Due to mark-to-market accounting, any loss in the fair value of the Fund’s open positions is directly reflected in the Fund’s earnings.

Exchange margin requirements have been used by the Fund as the measure of its Value at Risk. Margin requirements are set by exchanges to equal or exceed the maximum losses reasonably expected to be incurred in the fair value of any given contract in 95% - 99% of any one-day interval. The margin levels are established by dealers and exchanges using historical price studies as well as an assessment of current market volatility and economic fundamentals to provide a probabilistic estimate of the maximum expected near-term one-day price fluctuation.

In the case of market sensitive instruments that are not exchange-traded (includes currencies, certain energy products and metals), the margin requirements required by the forward counterparty is used as Value at Risk.

In quantifying the Fund’s Value at Risk, 100% positive correlation in the different positions held in each market risk category has been assumed. Consequently, the margin requirements applicable to the open contracts have simply been aggregated to determine each trading category’s aggregate Value at Risk. The diversification effects resulting from the fact that the Fund’s positions are rarely, if ever, 100% positively correlated, have not been reflected.

Value at Risk as calculated herein may not be comparable to similarly titled measures used by ~~others~~others.

The Fund’s Trading Value at Risk in Different Market Sectors

The following table indicates the trading Value at Risk associated with the Fund’s open positions by market sector at ~~March 31,~~September 30, 2021 and December 31, 2020. All open position trading risk exposures of the Fund have been included in calculating the figures set forth below.

	March 31, 2021					December 31, 2020					September 30, 2021					December 31, 2020
Market Sector	Value at Risk		% of Total Capitalization			Value at Risk		% of Total Capitalization			Value at Risk		% of Total Capitalization			Value at Risk		% of Total Capitalization

Agricultural commodities	$	630,321		0.37	%	$	505,567		0.28	%	$	843,740		0.54	%	$	505,567		0.28	%
Currencies		1,853,323		1.10			1,552,560		0.87			1,747,617		1.11			1,552,560		0.87
Energy		1,072,976		0.64			561,558		0.32			1,823,592		1.16			561,558		0.32
Equity indices		1,610,217		0.96			1,851,928		1.04			1,269,834		0.81			1,851,928		1.04
Interest rate instruments		676,200		0.40			1,450,921		0.82			1,067,373		0.68			1,450,921		0.82
Metals		600,502		0.36			995,154		0.56			374,146		0.24			995,154		0.56
Single stock futures		0		0.00			392		0.00			—		—			392		0.00
Total	$	6,443,540		3.83	%	$	6,918,080		3.90	%	$	7,126,302		4.53	%	$	6,918,080		3.90	%

Material Limitations on Value at Risk as an Assessment of Market ~~Risk.~~Risk

The face value of the market sector instruments held by the Fund is typically many times the applicable margin requirement (margin requirements generally range between 1% and 10% of contract face value) as well as many times the capitalization of the Fund. The magnitude of the Fund’s open positions creates a “risk of ruin” not typically found in most other investment vehicles. Because of the size of its positions, certain market conditions - unusual, but historically recurring from time to time - could cause the Fund to incur severe losses over a short period of time. The foregoing Value at Risk table – as well as the past performance of the Fund – gives no indication of this “risk of ruin.”

Non-Trading Risk

The Fund has non-trading market risk on its foreign cash balances not needed for margin. However, these balances (as well as the market risk they represent) are immaterial. The Fund also has non-trading market risk as a result of investing a substantial portion of its available assets in U.S. Treasury securities, U.S. government sponsored enterprise notes, commercial paper, asset backed securities, corporate notes and certificates of deposit. Although these investments are considered to be high quality, some of the securities purchased are neither guaranteed by the U.S. government nor supported by the full faith and credit of the U.S. government. There is some risk that a security issuer may fail to pay the interest and principal in a timely manner, or that negative perceptions about the issuer’s ability to make such payments will cause the price of these instruments to decline in value.

Qualitative Disclosures Regarding Primary Trading Risk ~~Exposures.~~Exposures

The following qualitative disclosures regarding the Fund’s market risk exposures - except for those disclosures that are statements of historical fact and the descriptions of how the Fund manages its primary market risk exposures - constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, (“1933 Act”) and Section 21E of the Securities Exchange Act of 1934, (“1934 Act”). The Fund’s primary market risk exposures as well as the strategies used and to be used by the Fund’s Trading Advisors for managing such exposures are subject to numerous uncertainties, contingencies and risks, any one of which could cause the actual results of the Fund’s risk controls to differ materially from the objectives of such strategies. Government interventions, defaults and expropriations, illiquid markets, the emergence of dominant fundamental factors, political upheavals, changes in historical price relationships, an influx of new market participants, increased regulation and many other factors could result in material losses as well as in material changes to the risk exposures and the risk management strategies of the Fund. There can be no assurance that the Fund’s current market exposure and/or risk management strategies will not change materially or that any such strategies will be effective in either the short- or long-term. Investors must be prepared to lose all or substantially all of their investment in the Fund.

The following were the primary trading risk exposures of the Fund as of ~~March 31,~~September 30, 2021, by market sector.

Agricultural Commodities

The Fund takes positions in a broad range of agricultural futures, including soybeans, wheat, corn, sugar, and cotton among others. Prices in these markets can be affected by changes in demand, as well changes in supply factors such as weather and inventory levels.

Currencies

The Fund trades in foreign exchange markets by taking positions in currency futures and forward contracts for a large number of developed and emerging market currencies. Exposures may take the form of direct exchange rates against the U.S. dollar, or cross-rates between two foreign currencies. Exchange rates can be impacted by economic differences between regions (such as interest rate differentials or economic growth differentials), political events, as well as investor risk sentiment.

Energy

The Fund gains trading exposure in energy markets through oil and gas futures, which include WTI crude oil, Brent crude oil, distillates such as heating oil, and natural gas. Prices have historically been highly volatile, driven by demand side factors such as global economic growth and weather conditions, as well as supply side factors such as Middle East conflicts, OPEC production agreements, and shale production.

Equity Indices

The Fund has exposure to major stock market indices around the world through equity index futures. Primary exposures are in developed markets such as the U.S., the UK, Germany, Japan, Hong Kong and Australia, but there can also be exposure to smaller developing market stock indices. Equity index price movements can be affected by microeconomic factors such as corporate earnings, by macroeconomic factors such as government fiscal and monetary policy, as well as by investor sentiment.

Interest Rate Instruments

The Fund has exposure to global fixed income markets through bond futures and interest rate futures in countries such as the U.S., the UK, Germany, Japan and Australia. The Fund has exposure across the yield curve with positions in the futures for both short term and long-term instruments. The yield curve (and futures prices) can be affected by economic growth, inflation expectations, monetary policy and investor risk aversion.

Metals

The Fund has exposure to metals futures, including both precious metals such as gold, silver and platinum, as well as industrial metals such as copper, aluminum and zinc. Metals prices can be volatile. Precious metals prices are often driven by inflation expectations, risk aversion, and mining output. Industrial metals prices tend to be impacted by industrial demand relative to production.

Single Stock Futures

The Fund has a small exposure to single stock futures, with positions primarily in companies that trade on U.S. exchanges. The price drivers here tend to be more microeconomic with corporate earnings and industry trends being important. However, macroeconomic and market-wide factors can also affect single stock futures prices.

Qualitative Disclosures Regarding Non-Trading Risk Exposure

The following ~~were the only~~represent non-trading risk exposures of the Fund as of ~~March 31,~~September 30, 2021.

Foreign Currency Balances

The Fund’s primary foreign currency balances are in euros, Japanese yen, British pounds, Australian dollars, Hong Kong dollars and Canadian dollars. The Fund controls the non-trading risk of these balances by regularly converting these balances back into dollars (no less frequently than once a week).

U.S. Treasury Securities, U.S. and Foreign Government Sponsored Enterprise Notes, Commercial Paper, Corporate Notes, Asset Backed Securities and Certificates of Deposit

Monies in excess of margin requirements are invested in fixed income instruments, including U.S. Treasury securities, U.S. and foreign government sponsored enterprise notes, commercial paper, corporate notes, asset backed securities and certificates of deposit. Fluctuations in prevailing interest rates could cause mark-to-market gains or losses on the Fund’s investments; although substantially all of these investments are held to maturity.

Qualitative Disclosures Regarding Means of Managing Risk Exposure

The means by which the Fund and the Fund’s trading advisors, severally, attempt to manage the risk of the Fund’s open positions is essentially the same in all market sectors traded. The Fund’s trading advisors apply risk management policies to their respective trading which generally limit the total exposure that may be taken. In addition, the trading advisors generally follow proprietary diversification guidelines (often formulated in terms of the balanced volatility between markets and correlated groups).

The Fund is unaware of any (i) anticipated known demands, commitments or capital expenditures; (ii) material trends, favorable or unfavorable, in its capital resources; or (iii) trends or uncertainties that will have a material effect on operations. From time to time, certain regulatory agencies have proposed increased margin requirements on futures contracts. Because the Fund generally will use a small percentage of assets as margin, the Fund does not believe that any increase in margin requirements, as proposed, will have a material effect on the Fund’s operations.

Item 4. Controls and Procedures

The General Partner, with the participation of the Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of the design and operation of the Fund’s disclosure controls and procedures at ~~March 31,~~September 30, 2021 (the “Evaluation Date”). Based on their evaluation, the Chief Executive Officer and Chief Financial Officer of the General Partner concluded that, as of the Evaluation Date, the Fund’s disclosure controls and procedures were effective.

Any control system, no matter how well designed and operated, can provide only reasonable (not absolute) assurance that its objectives will be met. Furthermore, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, have been detected.

PART II: OTHER INFORMATION

Item 1. Legal Proceedings.

None.

Item 1A. Risk Factors.

As mentioned in Note 8 in the Notes to the Financial Statements, we note the market disruption risk such as what has been experienced with the COVID virus outbreak. Other than that market disruption risk, thereThere have been no material changes from risk factors disclosed in the Fund’s Form 10-K for year ended December 31, 2020.

42

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

There were no sales of unregistered securities of the Fund during the three months ended ~~March 31,~~September 30, 2021. Under the Fund’s Partnership Agreement, limited partners may redeem their Units at the end of each calendar month at the then current month-end net asset value per Unit. Redemptions of Units during the three months ended ~~March 31,~~September 30, 2021 were as follows:

January February March Total
A Units
Units redeemed (659.5814 ) (581.3586 ) (964.3170 ) (2,205.2570 )
Average net asset value per unit $ 3,741.87 $ 3,850.89 $ 3,853.63 $ 3,819.48

A2 Units
Units redeemed -- (90.5174 ) (91.8732 ) (182.3906 )
Average net asset value per unit $ -- $ 1,011.16 $ 1,013.05 $ 1,012.11

A3 Units
Units redeemed --
(48.06)
-- --
Average net asset value per unit -- $
981.30
-- --

B Units

Units redeemed (89.8820 ) (92.4639 ) (183.2011 ) (365.5470 )
Average net asset value per unit $ 5,974.91 $ 6,158.15 $ 6,171.70 $ 6,119.88

I Units
Units redeemed -- -- -- --
Average net asset value per unit -- -- -- --

R Units
Units redeemed (23.8262 ) (263.3885 ) (244.5890 ) (531.8037 )
Average net asset value per unit $ 995.75 $ 1,026.45 $ 1,028.88 $ 1,026.19

	July			August			September			Total
A Units
Units redeemed		(347.5733	)		(461.3816	)		(238.4945	)		(1,047.4494	)
Average net asset value per unit	$	4,102.22		$	4,050.63		$	4,011.00		$	4,058.73

A2 Units
Units redeemed		—			—			—			—
Average net asset value per unit		—			—			—			—

A3 Units
Units redeemed		—			—			—			—
Average net asset value per unit		—			—			—			—

B Units
Units redeemed		(112.7036	)		(41.3374	)		(41.2396	)		(195.2806	)
Average net asset value per unit	$	6,909.08		$	6,535.68		$	6,481.37		$	6,566.57

I Units
Units redeemed		—			—			—			—
Average net asset value per unit		—			—			—			—

R Units
Units redeemed		—			(211.1318	)		—			(211.1318	)
Average net asset value per unit		—		$	1,090.46			—		$	1,090.46

Item 3. Defaults Upon Senior Securities

Not applicable.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

None.

Item 6. ~~Exhibit~~Exhibits

The following exhibits are filed herewith of incorporated by reference.

Exhibit No.	Description of Exhibit

1.1^(a)	Form of Selling Agreement

3.1^(a)	Maryland Certificate of Limited Partnership

4.1^(a)	Limited Partnership Agreement

10.1^(a)	Form of Subscription Agreement

31.01	Certification of Chief Executive Officer of the General Partner in accordance with Section 302 of the Sarbanes-Oxley Act of 2002
31.02	Certification of Chief Financial Officer of the General Partner in accordance with Section 302 of the Sarbanes-Oxley Act of 2002
32.01	Certification of Chief Executive Officer of the General Partner in accordance with Section 906 of the Sarbanes-Oxley Act of 2002
32.02	Certification of Chief Financial Officer of the General Partner in accordance with Section 906 of the Sarbanes-Oxley Act of 2002

104	Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)
101.SCH	XBRL Taxonomy Extension Schema Document
101.CAL	XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF	XBRL Taxonomy Extension Definition Linkbase Document
101.LAB	XBRL Taxonomy Extension Label Linkbase Document
101.PRE	XBRL Taxonomy Extension Presentation Linkbase Document

(a)

Incorporated by reference to the corresponding exhibit to the Registrant’s registration statement (File ~~no,~~no. 000-50728) filed on April 29, 2004 on Form 10 under the 1934 Act, as amended.

36

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, this report has been signed below by the following persons on behalf of the General Partner of the Registrant in the capacities and on the date indicated.

Dated: ~~May 17,~~November 12, 2021		Futures Portfolio Fund, Limited Partnership

	By:
	~~By:~~	Steben & Company LLC
		General Partner

	By:	/s/ Kevin M,M. Kinzie
	Name:	Kevin M. Kinzie
	Title:	President, Chief Executive Officer and Director of the General Partner
		(Principal Executive Officer)

	By:	/s/ Jon C,C. Essen
	Name:	Jon C. Essen
	Title:	Chief Financial Officer
		and Director of the General Partner (Principal Financial and Accounting Officer)

37

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

	March 31,
	2021		December 31,
	(Unaudited)		2020				September 30, 2021 (Unaudited)			December 31, 2020
Assets
Equity in broker trading accounts
Cash	$	40,788,575	$	44,519,197		$	40,817,333		$	44,519,197
Net unrealized gain (loss) on open futures contracts		819,764		8,169,982			477,086			8,169,982
Net open futures options contracts (net premium paid $0 and $308,675)		—		150,900
Net open futures options contracts (net premium paid $58,906 and $308,675)							219,579			150,900
Net unrealized gain (loss) on open forward currency contracts		510,294		(17,929	)		(61,147	)		(17,929	)
Net unrealized gain (loss) on swap contracts		97		—
Total equity in broker trading accounts		42,118,730		52,822,150			41,452,851			52,822,150
Cash and cash equivalents		8,632,899		6,050,682			6,951,092			6,050,682
Investment in private investment company, at fair value (cost$ 4,166,667 and $0)		3,986,132		—
Investment in securities, at fair value (cost $114,155,430 and $119,021,021)		114,711,526		119,837,286
General Partner 1% allocation receivable		—		119,874
Exchange membership, at fair value (cost $189,000 and $189,000)		46,000		51,000
Investment in private investment company, at fair value (cost $1,494,849 and $0)							5,505,088			—
Investment in securities, at fair value (cost $105,668,604 and $119,021,021)							105,734,548			119,837,286
General Partner 1% allocation receivable							—			119,874
Exchange membership, at fair value (cost $189,000 and $189,000)							65,750			51,000
Total assets	$	169,495,287	$	178,880,992		$	159,709,329		$	178,880,992

Liabilities and Partners’ Capital (Net Asset Value)
Liabilities and Partners' Capital (Net Asset Value)
Liabilities
Trading Advisor management fees payable	$	255,835	$	254,786		$	193,167		$	254,786
Trading Advisor incentive fees payable		304,999		—			864,756			—
Commissions and other trading fees payable on open contracts		25,288		30,761			21,907			30,761
Cash Managers fees payable		34,881		36,558			31,084			36,558
General Partner management and performance fees payable		210,467		223,028			196,941			223,028
General Partner 1% allocation payable		17,380		—
General Partner 1% allocation payable							90,941			—
Selling Agent payable - General Partner		192,789		205,514			179,212			205,514
Broker dealer servicing fees payable - General Partner		7,439		7,784			7,084			7,784
Administrative fee payable - General Partner		62,444		66,263			58,525			66,263
Dividend and interest payable		2,510		—			2,007			—
Redemption payable		5,191,505		5,585,666			1,206,869			5,585,666
Subscriptions received in advance		300,000		33,000			750,000			33,000
Total liabilities		6,605,537		6,443,360			3,602,493			6,443,360

Partners’ Capital (Net Asset Value)
Class A Interests – 28,924.7788 and 31,093.6904 units outstanding at March 31, 2021 and December 31, 2020, respectively		111,465,264		118,745,248
Class A2 Interests – 340.7057 and 523.0963 units outstanding at March 31, 2021 and December 31, 2020, respectively		345,152		523,333
Class A3 Interests – 38.0000 and 86.0607 units outstanding at March 31, 2021 and December 31, 2020, respectively		37,354		83,577
Class B Interests – 7,037.5313 and 7,397.6585 units outstanding at March 31, 2021 and December 31, 2020, respectively		43,433,557		45,043,756
Class I Interests – 256.4767 and 256.4767 units outstanding at March 31, 2021 and December 31, 2020, respectively		266,696		262,500
Class R Interests – 7,135.6299 and 7,667.4336 units outstanding at March 31, 2021 and December 31, 2020, respectively		7,341,727		7,779,218
Total partners’ capital (net asset value)		162,889,750		172,437,632
Partners' Capital (Net Asset Value)
Class A Interests – 26,461.3072 and 31,093.6904 units outstanding at September 30, 2021 and December 31, 2020, respectively							106,136,248			118,745,248
Class A2 Interests – 340.7057 and 523.0963 units outstanding at September 30, 2021 and December 31, 2020, respectively							361,751			523,333
Class A3 Interests – 38.0000 and 86.0607 units outstanding at September 30, 2021 and December 31, 2020, respectively							39,121			83,577
Class B Interests – 6,510.8672 and n7,397.6585 units outstanding at September 30, 2021 and December 31, 2020, respectively							42,199,312			45,043,756
Class I Interests – 256.4767 and 256.4767 units outstanding at September 30, 2021 and December 31, 2020, respectively							281,399			262,500
Class R Interests – 6,554.3138 and 7,667.4336 units outstanding at September 30, 2021 and December 31, 2020, respectively							7,089,005			7,779,218
Total partners' capital (net asset value)							156,106,836			172,437,632

Total liabilities and partners’ capital (net asset value)	$	169,495,287	$	178,880,992
Total liabilities and partners' capital (net asset value)						$	159,709,329		$	178,880,992


			Description			Fair Value		% of Partners' Capital (Net Asset Value)
INVESTMENTS IN SECURITIES
U.S. Treasury Securities
	Face Value	Maturity Date	Name	Yield	¹
$	6,000,000	10/31/21	U.S. Treasury	2.00	%	$	6,059,592		3.88	%
	6,000,000	12/15/21	U.S. Treasury	2.63	%		6,078,350		3.89	%
Total U.S. Treasury securities (cost: $12,237,133)							12,137,942		7.77	%

U.S. Commercial Paper
	Face Value	Maturity Date	Name	Yield	¹
Banks
	1,200,000	11/1/21	Coöperatieve Rabobank U.A., New York Branch	0.06	%		1,199,938		0.77	%
	1,200,000	11/16/21	MUFG Bank Ltd. (New York Branch)	0.07	%		1,199,893		0.77	%
	1,200,000	12/13/21	Mizuho Bank Ltd., New York Branch	0.10	%		1,199,757		0.77	%
Beverages
	1,200,000	10/22/21	Brown-Forman Corporation	0.08	%		1,199,944		0.77	%
Diversified financial services
	1,200,000	12/1/21	Citigroup Global Markets Inc.	0.07	%		1,199,858		0.77	%
	1,200,000	11/1/21	DCAT, LLC	0.10	%		1,199,897		0.77	%
	1,200,000	11/22/21	ING (U.S.) Funding LLC	0.10	%		1,199,827		0.76	%
	1,200,000	10/1/21	Manhattan Asset Funding Company LLC	0.00	%		1,200,000		0.77	%
	1,000,000	10/15/21	Thunder Bay Funding, LLC	0.07	%		999,973		0.63	%
Energy
	1,200,000	10/18/21	National Rural Utilities Cooperative Finance Corporation	0.08	%		1,199,955		0.77	%
Machinery
	200,000	10/13/21	Caterpillar Financial Services Corporation	0.06	%		199,996		0.13	%
	1,200,000	10/7/21	John Deere Capital Corporation	0.06	%		1,199,986		0.77	%
Manufacturing
	1,200,000	10/12/21	Sheffield Receivables Company LLC	0.10	%		1,199,960		0.77	%
Water
	1,200,000	10/8/21	American Water Capital Corp.	0.07	%		1,199,981		0.77	%
Total U.S. commercial paper (cost: $15,597,767)							15,598,965		9.99	%


			Description			Fair Value		% of Partners' Capital (Net Asset Value)
Foreign Corporate Notes
	Face Value	Maturity Date	Name	Yield	¹
Banks
$	3,000,000	6/9/23	Nordea Bank Abp	1.00	%	$	3,040,239		1.95	%
Total foreign corporate notes (cost: $2,996,910)							3,040,239		1.95	%
Total corporate notes (cost: $64,683,136)							64,868,379		41.56	%

U.S. Asset Backed Securities
	Face Value	Maturity Date	Name	Yield	¹
Automotive
$	210,000	6/9/25	Carvana Auto Receivables Trust, Series 2020-P1	0.44	%	$	210,212		0.14	%
	625,000	9/19/29	Carvana Auto Receivables Trust 2021-P3	0.38	%		624,749		0.40	%
	157,093	12/15/23	Drive Auto Receivables Trust 2021-1	0.36	%		157,162		0.10	%
	371,000	8/15/28	Ford Credit Auto Owner Trust 2017-Rev1	2.62	%		374,694		0.24	%
	625,000	4/15/24	Ford Credit Auto Lease Trust 2021-B	0.24	%		624,612		0.40	%
	545,000	8/15/24	Santander Consumer Auto Receivables Trust 2020-B_1	0.46	%		545,705		0.36	%
	295,000	4/15/25	Santander Consumer Auto Receivables Trust 2020-B_2	0.54	%		295,829		0.19	%
	338,151	4/15/24	Santander Drive Auto Receivables Trust 2021-2	0.28	%		338,298		0.22	%
	679,902	3/20/25	TESLA 2021-A A2	0.36	%		680,371		0.45	%
	93,285	4/20/22	Tesla Auto Lease Trust 2019-A	2.13	%		93,551		0.06	%
	214,621	12/15/23	World Omni Auto Receivables Trust 2020-C	0.35	%		214,744		0.14	%
	193,662	6/17/24	World Omni Select Auto Trust 2020-A	0.47	%		193,812		0.12	%
Equipment
	528,303	10/22/24	Dell Equipment Finance Trust 2019-2	1.91	%		531,841		0.35	%
	298,490	6/22/22	Dell Equipment Finance Trust 2020-1	2.26	%		299,955		0.19	%
	160,829	6/15/22	GreatAmerica Leasing Receivables Funding, LLC	1.76	%		161,225		0.10	%
	775,000	7/22/30	HPEFS Equipment Trust 2020-2	0.69	%		777,295		0.50	%
	300,000	3/20/31	HPEFS Equipment Trust 2021-1_1	0.32	%		299,917		0.18	%
	1,000,000	3/20/31	HPEFS Equipment Trust 2021-1_2	0.27	%		999,679		0.63	%
	425,000	4/15/24	MMAF Equipment Finance LLC Series 2021-A	0.30	%		425,009		0.27	%
	98,201	4/20/23	Verizon Owner Trust 2018-A	3.23	%		98,713		0.06	%
	375,000	7/22/24	Verizon Owner Trust 2020-A	1.85	%		380,142		0.24	%
Student loans
	2,049	11/25/27	SLM Student Loan Trust 2011-2	0.69	%		2,041		0.00	%
Total U.S. asset backed securities (cost: $8,351,234)							8,329,556		5.34	%
Total investments in securities (cost: $105,668,604)						$	105,734,548		67.73	%

							% of Partners’
							Capital (Net
			Description			Fair Value	Asset Value)
INVESTMENTS IN SECURITIES
U.S. Treasury Securities
	Face Value	Maturity Date	Name	Yield ¹
$	6,000,000	10/31/21	U.S. Treasury	2.00%	$	6,117,887	3.76	%
	6,000,000	1/31/22	U.S. Treasury	1.38%		6,078,362	3.73	%
Total U.S. Treasury securities (cost: $12,264,375)						12,196,249	7.49	%

U.S. Commercial Paper
	Face Value	Maturity Date	Name	Yield ¹
Diversified financial services
$	1,200,000	5/3/21	DCAT, LLC	0.15%		1,199,840	0.73	%
	1,200,000	4/27/21	Gotham Funding Corporation	0.12%		1,199,896	0.73	%
	1,200,000	4/5/21	Manhattan Asset Funding Company LLC	0.10%		1,199,984	0.74	%
Energy
	1,200,000	4/13/21	ONE Gas, Inc.	0.13%		1,199,944	0.74	%
Healthcare
	1,200,000	4/21/21	UnitedHealth Group Incorporated	0.12%		1,199,913	0.74	%
Manufacturing
	1,200,000	4/6/21	Sheffield Receivables Company LLC	0.12%		1,199,977	0.74	%
Water
	1,200,000	4/5/21	American Water Capital Corp.	0.10%		1,199,984	0.74	%
Total U.S. commercial paper (cost: $8,398,358)						8,399,538	5.16	%

	Description		Fair Value		% of Partners’ Capital (Net Asset Value)
OPEN FUTURES CONTRACTS
Long U.S. Futures Contracts
	Agricultural commodities	$	2,135,596		1.24	%
	Currencies		185,459		0.11	%
	Energy		247,270		0.14	%
	Equity indices		1,377,249		0.80	%
	Interest rate instruments		176,792		0.10	%
	Metals		7,267,230		4.21	%
Net unrealized gain (loss) on open long U.S. futures contracts			11,389,596		6.60	%

Short U.S. Futures Contracts
	Agricultural commodities		(341,526	)	(0.20	)%
	Currencies		(16,365	)	(0.01	)%
	Energy		35,440		0.02	%
	Equity indices		(230,173	)	(0.13	)%
	Interest rate instruments		(128,860	)	(0.07	)%
	Metals		(5,147,831	)	(2.99	)%
Net unrealized gain (loss) on open short U.S. futures contracts			(5,829,315	)	(3.38	)%

Total U.S. Futures Contracts - net unrealized gain (loss) on open U.S. futures contracts			5,560,281		3.22	%

Long Foreign Futures Contracts
	Agricultural commodities		270,069		0.16	%
	Currencies		(7,733	)	0.00	%
	Energy		251,686		0.15	%
	Equity indices		14,770,692		0.86	%
	Interest rate instruments		466,173		0.27	%
	M etals		2,942		0.00	%
	Single stock futures		403		0.00	%
Net unrealized gain (loss) on open long foreign futures contracts			2,460,632		1.44	%

	Units

	Class A			Class A2			Class A3			Class B			Class I		Class R
Three Months Ended
March 31, 2021
Balance at December 31, 2020		31,093.6903			523.0963			86.0607			7,397.6586			256.4767		7,667.4336
Subscriptions		36.3455			—			—			5.4197			—		—
Redemptions		(2,171.6400	)		(182.39	)		(48.06	)		(386.6001	)		—		(531.8037	)
Transfers		(33.6170	)		—			—			21.0531			—		—
Balance at March 31, 2021		28,924.7788			340.7057			38.0000			7,037.5313			256.4767		7,135.6299

Three Months Ended
March 31, 2020
Balance at December 31, 2019		41,522.9804			526.3226			86.0607			10,608.5075			1,769.1082		12,549.5403
Subscriptions		78.0348			94.7737			—			18.1358			—		—
Redemptions		(2,342.9460	)		—			—			(731.9210	)		—		(2,664.7698	)
Transfers		(57.3538	)		—			—			36.5057			—		—
Balance at March 31, 2020		39,200.7154			621.0963			86.0607			9,931.228			1,769.1082		9,884.7705

	Net Asset Value per Unit

	Class A		Class A2		Class A3		Class B		Class I		Class R

March 31, 2021	$	3,853.63	$	1,013.05	$	983.01	$	6,171.70	$	1,039.85	$	1,028.88
December 31, 2020		3,818.95		1,000.45		971.15		6,088.92		1,023.49		1,014.58
March 31, 2020		3,589.10		930.49		904.24		5,646.30		942.41		939.43
December 31, 2019		4,002.39		1,034.04		1,005.25		6,268.44		1,043.79		1,042.42

At March 31, 2021
	Level 1		Level 2		Practical Expedient		Total
Equity in broker trading accounts:
Net unrealized gain (loss) on open futures contracts*	$	819,764	$	—	$	—	$	819,764
Net unrealized gain (loss) on open forward currency contracts*		—		510,294		—		510,294
Net unrealized gain (loss) on swap contracts*		—		97		—		97
Cash and cash equivalents:
Money market fund		1,584,834		—		—		1,584,834
Investment in private investment company		—		—		3,986,132		3,986,132
Investments in securities:
U.S. Treasury securities*		12,196,249		—		—		12,196,249
Asset backed securities*		—		8,424,645		—		8,424,645
Commercial paper*		—		21,597,973		—		21,597,973
Corporate notes*		—		72,492,659		—		72,492,659
Exchange membership		—		46,000		—		46,000
Total	$	18,586,979	$	103,071,668	$	3,986,132	$	121,658,550

At December 31, 2020
	Level 1		Level 2			Total
Equity in broker trading accounts:
Net unrealized gain (loss) on open futures contracts*	$	8,169,982	$	—		$	8,169,982
Net open futures options contracts*		150,900		—			150,900
Net unrealized gain (loss) on open forward currency contracts*		—		(17,929	)		(17,929	)
Cash and cash equivalents:
Money market fund		1,413,139		—			1,413,139
Investments in securities:
U.S. Treasury securities*		12,228,514		—			12,228,514
Asset backed securities*		—		8,224,234			8,224,234
Commercial paper*		—		21,596,100			21,596,100
Corporate notes*		—		77,788,438			77,788,438
Exchange membership		—		51,000			51,000
Total	$	21,962,535	$	107,641,843		$	129,604,378

Country or Region	U.S. Treasury Securities		Commercial Paper		Corporate Notes		Asset Backed Securities		Total		% of Partners’ Capital (Net Asset Value)
United States	$	12,196,249	$	8,399,538	$	65,452,860	$	8,424,645	$	94,473,292		58.00	%
Canada		—		2,399,692		—		—		2,399,692		1.47	%
United Kingdom		—		1,199,986		—		—		1,199,986		0.74	%
Hong Kong		—		—		4,004,273		—		4,004,273		2.46	%
Netherlands		—		1,199,972		—		—		1,199,972		0.74	%
Sweden		—		1,199,620		—		—		1,199,620		0.74	%
Finland		—		1,199,905		3,035,526		—		4,235,431		2.60	%
Australia		—		1,199,941		—		—		1,199,941		0.74	%
Singapore		—		2,399,716		—		—		2,399,716		1.47	%
Germany		—		2,399,603		—		—		2,399,603		1.47	%
Total	$	12,196,249	$	21,597,973	$	72,492,659	$	8,424,645	$	114,711,526		70.43	%

Risk Allocation			Net Position	Sector	Gross Performance Contribution
	10	%	Long	Agriculture		1.25	%
	17	%	Long	Energy		1.29	%
	9	%	Long	Metals		(0.25	)%
	29	%	Short USD	Currencies		(0.37	)%
	25	%	Long	Equity indices		4.32	%
	10	%	Long	Interest rates		(3.37	)%

	January			February			March			Total
A Units
Units redeemed		(659.5814	)		(581.3586	)		(964.3170	)		(2,205.2570	)
Average net asset value per unit	$	3,741.87		$	3,850.89		$	3,853.63		$	3,819.48

A2 Units
Units redeemed		--			(90.5174	)		(91.8732	)		(182.3906	)
Average net asset value per unit	$	--		$	1,011.16		$	1,013.05		$	1,012.11

A3 Units
Units redeemed		--			(48.06)			--			--
Average net asset value per unit		--		$	981.30			--			--

B Units
Units redeemed		(89.8820	)		(92.4639	)		(183.2011	)		(365.5470	)
Average net asset value per unit	$	5,974.91		$	6,158.15		$	6,171.70		$	6,119.88

I Units
Units redeemed		--			--			--			--
Average net asset value per unit		--			--			--			--

R Units
Units redeemed		(23.8262	)		(263.3885	)		(244.5890	)		(531.8037	)
Average net asset value per unit	$	995.75		$	1,026.45		$	1,028.88		$	1,026.19