Grant Park Futures Fund Limited Partnership
Filed: 16 May 14, 12:00am
Filed pursuant to Rule 424(b)(3)
File No. 333-179641
Grant Park Fund April 2014 Update
May 16, 2014
Supplement dated May 16, 2014 to Prospectus dated May 08, 2014
| Class | April ROR | YTD ROR | Net Asset Value | Net Asset Value per Unit |
| A | 0.1% | -6.3% | $17.4M | $1,096.23 |
| B | 0.1% | -6.5% | $182.0M | $915.94 |
| Legacy 1 | 0.3% | -5.6% | $3.2M | $812.97 |
| Legacy 2 | 0.3% | -5.6% | $3.5M | $800.03 |
| Global 1 | 0.4% | -5.5% | $6.0M | $789.48 |
| Global 2 | 0.3% | -5.6% | $9.7M | $777.71 |
| Global 3 | 0.2% | -6.1% | $138.4M | $709.87 |
| ALL PERFORMANCE REPORTED IS NET OF FEES AND EXPENSES |
Sector Commentary
Currencies: The value of the Japanese yen rose after the Bank of Japan unexpectedly announced it would not augment its quantitative easing initiatives. The British pound moved higher following economic data which showed the British economy is recovering as expected.
Energy: Crude oil prices fell more than 1% after Libya announced it would increase its exports, adding to global supplies. Natural gas prices rose over 10% due to uncertainty about whether gas producers would be able to replenish inventories which had been depleted during the prolonged winter weather.
Equities: The Nikkei 225 Index fell by more than 4%, pressured by weak economic data and concerns regarding the effectiveness of the Bank of Japan’s monetary policy initiatives. The Australian ASX 200 Index rose as positive quarterly earnings reports reinforced beliefs the country’s central bank would keep interest rates unchanged throughout 2014.
Fixed Income: The U.S. Treasury bond and German Bund markets rallied due to a flight-to-safety by global investors amidst rising tensions between Ukraine and Russia.
Grains/Foods: Corn and wheat prices rose as regional tensions in Ukraine and delayed planting in the U.S. created uncertainty about the size of future inventories. Coffee prices rose more than 14% as continued dry weather in Brazil jeopardized supply forecasts.
Metals: Gold prices rose as political turmoil in Ukraine and weak economic data from the U.S. and China created increased demand for safe-haven assets. Nickel prices surged 15% due to supply concerns stemming from the potential effects of U.S. sanctions on Russia.
Additional Information: For the Fund’s monthly Account Statement, including the net asset value per unit, and related information, please visit our website at www.grantparkfunds.com.
Sincerely,
David Kavanagh
President
Daily fund performance and weekly commentaries are available on our website at www.grantparkfunds.com.
PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS
FUTURES TRADING INVOLVES A HIGH DEGREE OF RISK AND IS NOT SUITABLE FOR ALL INVESTORS
THIS DOES NOT CONSTITUTE AN OFFER OF ANY SECURITY FOR SALE NOR SHALL THERE BE ANY SALE OF SECURITIES IN ANY JURISDICTION IN WHICH AN OFFER, SOLICITATION OR SALE WOULD BE UNLAWFUL PRIOR TO REGISTRATION OR QUALIFICATION UNDER THE SECURITIES LAWS OF ANY SUCH JURISDICTION OFFERING BY PROSPECTUS ONLY.
Account Statement
(Prepared from books without audit)
For the month ended April 30, 2014
| STATEMENT OF INCOME | |||||||
| Trading Income (Loss) | Monthly Performance | Year to Date Performance | |||||
| Realized Trading Income (Loss) | -$181,043 | -$2,666,411 | |||||
| Change In Unrealized Income (Loss) | 2,999,727 | -15,482,133 | |||||
| Brokerage Commission | -114,179 | -537,791 | |||||
| Exchange, Clearing Fee and NFA Charges | 0 | 0 | |||||
| Other Trading Costs | -335,181 | -1,516,677 | |||||
| Change in Accrued Commission | -25,830 | 6,986 | |||||
| Net Trading Income (Loss) | 2,343,494 | -20,196,026 | |||||
| Other Income | Monthly Performance | Year to Date Performance | |||||
| Interest, U.S. Obligations | $70,559 | $256,979 | |||||
| Interest, Other | 18,997 | 137,981 | |||||
| U.S. Government Securities Gain (Loss) | 0 | 0 | |||||
| Dividend Income | 0 | 0 | |||||
| Total Income (Loss) | 2,433,050 | -19,801,066 | |||||
| Expenses | Monthly Performance | Year to Date Performance | |||||
| Management Fee | $0 | $0 | |||||
| Incentive Fee | 125,220 | 126,003 | |||||
| Operating Expenses | 79,198 | 341,247 | |||||
| Organization and Offering Expenses | 91,966 | 396,252 | |||||
| Brokerage Expenses | 1,625,808 | 6,972,355 | |||||
| Dividend Expenses | 0 | 0 | |||||
| Total Expenses | 1,922,192 | 7,835,857 | |||||
| Net Income (Loss) | $510,858 | -$27,636,923 | |||||
| Statement of Changes in Net Asset Value | Monthly Performance | Year to Date Performance | |||||
| Beginning Balance | $377,060,068 | $447,372,009 | |||||
| Additions | 323,000 | 1,422,400 | |||||
| Net Income (Loss) | 510,858 | -27,636,923 | |||||
| Redemptions | -17,696,723 | -60,960,283 | |||||
| Balance at April 30, 2014 | $360,197,203 | $360,197,203 | |||||
| PERFORMANCE SUMMARY BY CLASS | |||||
| Class | Net Asset Value per Unit | Units | Net Asset Value | Monthly ROR | Year to Date ROR |
| A | $1,096.231 | 15,855.62042 | $17,381,424 | 0.12% | -6.28% |
| B | $915.942 | 198,686.70584 | $181,985,492 | 0.06% | -6.48% |
| Legacy 1 | $812.970 | 3,902.53287 | $3,172,641 | 0.31% | -5.55% |
| Legacy 2 | $800.031 | 4,433.80674 | $3,547,181 | 0.29% | -5.63% |
| Global 1 | $789.481 | 7,538.60859 | $5,951,592 | 0.36% | -5.48% |
| Global 2 | $777.714 | 12,522.95971 | $9,739,277 | 0.34% | -5.55% |
| Global 3 | $709.866 | 194,993.86912 | $138,419,597 | 0.20% | -6.11% |
To the best of my knowledge and belief the information contained herein is accurate and complete.
__________________________________________________________
David Kavanagh, President
For Dearborn Capital Management, LLC
General Partner of Grant Park Futures Fund, Limited Partnership