<Page>

AS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON JANUARY 29, 2004

REGISTRATION NO. 333-107357
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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
--------------------------

PRE-EFFECTIVE AMENDMENT NO. 4 TO THE

FORM S-1
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
--------------------------
S&P MANAGED FUTURES INDEX FUND, LP
(Exact name of registrant as specified in its charter)

<Table>

DELAWARE 6799 90-0080448
(State of Organization) (Primary Standard Industrial (I.R.S. Employer
Classification Number) Identification Number)
</Table>

DENNIS KLEJNA
C/O REFCOFUND HOLDINGS, LLC
550 W. JACKSON, SUITE 1300
CHICAGO, ILLINOIS 60661
(312) 788-2000
(Address, including zip code, and telephone number, including
area code, of registrant's principal executive offices)

DENNIS KLEJNA
S&P MANAGED FUTURES INDEX FUND, LP
REFCOFUND HOLDINGS, LLC
550 W. JACKSON, SUITE 1300
CHICAGO, ILLINOIS 60661
(312) 788-2000
(Name, address, including zip code, and telephone number,
including area code, of agent for service)
--------------------------

COPIES TO:
Joseph P. Collins
Peter Schultz
Mayer, Brown, Rowe & Maw LLP
190 South LaSalle Street
Chicago, Illinois 60603
--------------------------

APPROXIMATE DATE OF COMMENCEMENT OF PROPOSED SALE TO THE PUBLIC:
AS SOON AS PRACTICABLE AFTER THE EFFECTIVE DATE OF THIS REGISTRATION STATEMENT.
--------------------------

If any of the securities being registered on this Form are to be offered on
a delayed or continuous basis pursuant to Rule 415 under the Securities Act of
1933, check the following box. /X/

If this Form is filed to register additional securities for an offering
pursuant to Rule 462(b) under the Securities Act, check the following box and
list the Securities Act registration number of the earlier effective
registration statement for the same offering. / /

If this form is a post-effective amendment filed pursuant to
Rule 462(c) under the Securities Act, check the following box and list the
Securities Act registration number of the earlier effective registration
statement for the same offering. / /

If this Form is a post-effective amendment filed pursuant to
Rule 462(d) under the Securities Act, check the following box and list the
Securities Act registration statement number of the earlier effective
registration statement for the same offering. / /

If delivery of the prospectus is expected to be made pursuant to Rule 434,
please check the following box. / /
--------------------------

CALCULATION OF REGISTRATION FEE

<Table>
<Caption>
TITLE OF EACH CLASS OF PROPOSED PROPOSED MAXIMUM AMOUNT OF
SECURITIES BEING AMOUNT BEING MAXIMUM OFFERING AGGREGATE REGISTRATION
REGISTERED REGISTERED PRICE PER UNIT OFFERING PRICE(1) FEE

Class A Units of limited partnership
interest............................. 100,000 units $1,000 per unit $100,000,000 $8,090.00
Class B Units of limited partnership
interest............................. 100,000 units $1,000 per unit $100,000,000 $8,090.00
</Table>

(1) This amount, calculated pursuant to Rule 457(o), is based on 100,000 units
at $1,000 per unit. $16,180 was previously paid in connection with the
initial filing of this registration statement.
--------------------------

THE REGISTRANT HEREBY AMENDS THIS REGISTRATION STATEMENT ON SUCH DATE OR
DATES AS MAY BE NECESSARY TO DELAY ITS EFFECTIVE DATE UNTIL THE REGISTRANT SHALL
FILE A FURTHER AMENDMENT THAT SPECIFICALLY STATES THAT THIS REGISTRATION
STATEMENT SHALL THEREAFTER BECOME EFFECTIVE IN ACCORDANCE WITH SECTION 8(a) OF
THE SECURITIES ACT OF 1933 OR UNTIL THIS REGISTRATION STATEMENT SHALL BECOME
EFFECTIVE ON SUCH DATE AS THE COMMISSION, ACTING PURSUANT TO SAID SECTION 8(a),
MAY DETERMINE.

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<Page>
THE INFORMATION IN THIS PROSPECTUS AND DISCLOSURE DOCUMENT IS NOT COMPLETE AND
MAY BE CHANGED. WE MAY NOT SELL THESE SECURITIES UNTIL THE REGISTRATION
STATEMENT FILED WITH THE SECURITIES AND EXCHANGE COMMISSION IS EFFECTIVE. THE
PROSPECTUS AND DISCLOSURE STATEMENT IS NOT AN OFFER TO SELL THESE SECURITIES AND
IT IS NOT SOLICITING AN OFFER TO BUY THESE SECURITIES IN ANY STATE WHERE THE
OFFER OR SALE IS NOT PERMITTED.
<Page>

SUBJECT TO COMPLETION DATED JANUARY 29, 2004

PART ONE--DISCLOSURE DOCUMENT

S&P MANAGED FUTURES INDEX FUND, LP

$100,000,000 CLASS A UNITS OF LIMITED PARTNERSHIP INTEREST
$100,000,000 CLASS B UNITS OF LIMITED PARTNERSHIP INTEREST

THE FUND

S&P Managed Futures Index Fund, LP is a Delaware limited partnership
designed to seek investment returns that substantially track the Standard &
Poor's Managed Futures Index, before expenses of the Fund. The general partner
will pursue the Fund's investment objective by allocating substantially all of
the Fund's assets to SPHinX-TM- Managed Futures Fund SPC, which is designed to
track the Standard & Poor's Managed Futures Index pursuant to a license granted
by Standard & Poor's.

An investment in the Fund may provide valuable diversification to a
traditional portfolio of stocks and bonds.

THE GENERAL PARTNER

RefcoFund Holdings, LLC, a registered commodity pool operator and commodity
trading advisor, is the general partner of the Fund.

THE INDEX

The Standard & Poor's Managed Futures Index is designed to offer an
investable benchmark that is representative of the managed futures segment of
hedge fund investing. The Standard & Poor's Managed Futures Index focuses on
systematic, trend-following trading methodologies that constitute the
significant majority of managed futures investment strategies.

THE OFFERING

The Fund's Units will be offered in two classes -- Class A and Class B. The
Class B Units will be offered only by qualified broker-dealers that offer a wrap
fee program and fee-only registered investment advisers. The term "wrap fee
program" is used to describe a number of investment services that are bundled
together and covered by a single fee. A 3% upfront selling commission and 2%
ongoing service fee will be paid with respect to Class A Units from the
management fee for the Class A Units. The Class B Units are not subject to these
selling commissions or ongoing service fees, so the management fee for the
Class B Units is accordingly lower. Refco Securities, LLC and additional selling
agents are offering the Fund's units at $1,000 per unit for an initial offering
period ending 60 calendar days after the date of this prospectus (subject to
earlier termination or an extension for an additional 60 calendar days). All
subscriptions received during the initial offering period will be held in an
interest bearing escrow account with Fifth Third Bank. If the Fund begins
trading at the end of the initial offering period, interest earned on
subscriptions will be treated as interest earned by the Fund. If 5,000 Units are
not sold during the initial offering period, the offering will terminate and
your subscription will be returned to you without deductions and with interest
within 5 business days. After the initial offering period, units will be
continuously offered for sale as of the first business day of each month at
their net asset value.

There is no scheduled termination date for the offering of units. The Fund
is registering the amount of units that it reasonably expects to offer and sell
within two years of the date of this prospectus. The selling agent will not be
required to sell any specific quantity of the units, but has agreed to use its
best efforts to sell the units offered.

MINIMUM INVESTMENT

The minimum initial investment is $10,000; $3,000 for an individual
retirement account; and $2,500 for existing limited partners.

THE RISKS

SEE "THE RISKS YOU FACE" BEGINNING ON PAGE 7.

These are speculative securities. Read this entire prospectus before you
decide to invest.

The Fund is speculative. You may lose all or substantially all of your
investment in the Fund.

The Fund is newly formed and has no performance history. The SPHinX-TM-
Managed Futures Fund SPC has a very limited actual performance history. Past
performance is not necessarily indicative of future results.

You will be taxed on your share of the Fund's income, even though the Fund
does not intend to make any distributions.

The Fund is subject to substantial charges. You will sustain losses if the
Fund is unable to generate sufficient trading profits to offset its fees and
expenses.

The units are not a liquid investment. You may only redeem units at the end
of each month. A redemption fee of 3% of Class A net asset value applies if you
redeem Class A units within 12 months of their original purchase. There are
substantial restrictions on the ability of the Fund to make withdrawals from the
SPHinX-TM- Managed Futures Fund SPC that further reduce the liquidity of the
Fund.

The market prices of commodity interest contracts fluctuate rapidly. In
addition, commodity interest contracts are typically traded on margin. This
means that a small amount of capital can be used to invest in contracts of much
greater total value. The resulting leverage magnifies the impact of both profit
and loss.

Although the Fund seeks to track the performance of the Standard & Poor's
Managed Futures Index, various factors, including expenses, will cause a
deviation between the Fund's performance and the Standard & Poor's Managed
Futures Index's performance.

The Fund is subject to various conflicts of interests as further described
herein, including those related to the following: (1) the Fund's general
partner, the Fund's selling agent and the clearing broker for the SPHinX-TM-
Managed Futures Fund SPC are affiliated; and (2) your selling agent will receive
upfront and ongoing compensation in connection with your investment in the
Class A units of the Fund.

------------------------------
THIS PROSPECTUS IS IN TWO PARTS: A DISCLOSURE DOCUMENT AND A STATEMENT OF
ADDITIONAL INFORMATION. THESE PARTS ARE BOUND TOGETHER AND BOTH CONTAIN
IMPORTANT INFORMATION.
------------------------------
NEITHER THE SECURITIES AND EXCHANGE COMMISSION NOR ANY STATE SECURITIES
COMMISSION HAS APPROVED OR DISAPPROVED OF THESE SECURITIES OR PASSED UPON THE
ACCURACY OR ADEQUACY OF THIS PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A
CRIMINAL OFFENSE.
THE FUND IS NOT A MUTUAL FUND REGISTERED UNDER THE INVESTMENT COMPANY ACT OF
1940, AS AMENDED.
------------------------------
THE COMMODITY FUTURES TRADING COMMISSION HAS NOT PASSED UPON THE MERITS OF
PARTICIPATING IN THIS POOL NOR HAS THE COMMISSION PASSED UPON THE ADEQUACY OR
ACCURACY OF THIS DISCLOSURE DOCUMENT.
------------------------------

<Table>

REFCO SECURITIES, LLC REFCOFUND HOLDINGS, LLC
SELLING AGENT GENERAL PARTNER
</Table>

The date of this prospectus is , 2004.
<Page>
COMMODITY FUTURES TRADING COMMISSION
RISK DISCLOSURE STATEMENT

YOU SHOULD CAREFULLY CONSIDER WHETHER YOUR FINANCIAL CONDITION PERMITS YOU
TO PARTICIPATE IN A COMMODITY POOL. IN SO DOING, YOU SHOULD BE AWARE THAT
FUTURES AND OPTIONS TRADING CAN QUICKLY LEAD TO LARGE LOSSES AS WELL AS GAINS.
SUCH TRADING LOSSES CAN SHARPLY REDUCE THE NET ASSET VALUE OF THE POOL AND
CONSEQUENTLY THE VALUE OF YOUR INTEREST IN THE POOL. IN ADDITION, RESTRICTIONS
ON REDEMPTIONS MAY AFFECT YOUR ABILITY TO WITHDRAW YOUR PARTICIPATION IN THE
POOL.

FURTHER, COMMODITY POOLS MAY BE SUBJECT TO SUBSTANTIAL CHARGES FOR
MANAGEMENT, AND ADVISORY AND BROKERAGE FEES. IT MAY BE NECESSARY FOR THOSE POOLS
THAT ARE SUBJECT TO THESE CHARGES TO MAKE SUBSTANTIAL TRADING PROFITS TO AVOID
DEPLETION OR EXHAUSTION OF THEIR ASSETS. THIS DISCLOSURE DOCUMENT CONTAINS A
COMPLETE DESCRIPTION OF EACH EXPENSE TO BE CHARGED THIS POOL AT PAGES 30 TO 32
AND A STATEMENT OF THE PERCENTAGE RETURN NECESSARY TO BREAK EVEN, THAT IS, TO
RECOVER THE AMOUNT OF YOUR INITIAL INVESTMENT, AT PAGE 5.

THIS BRIEF STATEMENT CANNOT DISCLOSE ALL THE RISKS AND OTHER FACTORS
NECESSARY TO EVALUATE YOUR PARTICIPATION IN THIS COMMODITY POOL. THEREFORE,
BEFORE YOU DECIDE TO PARTICIPATE IN THIS COMMODITY POOL, YOU SHOULD CAREFULLY
STUDY THIS DISCLOSURE DOCUMENT, INCLUDING A DESCRIPTION OF THE PRINCIPAL RISK
FACTORS OF THIS INVESTMENT, AT PAGES 7 TO 13.

YOU SHOULD ALSO BE AWARE THAT THIS COMMODITY POOL MAY TRADE FOREIGN FUTURES
OR OPTIONS CONTRACTS. TRANSACTIONS ON MARKETS LOCATED OUTSIDE THE UNITED STATES,
INCLUDING MARKETS FORMALLY LINKED TO A UNITED STATES MARKET, MAY BE SUBJECT TO
REGULATIONS WHICH OFFER DIFFERENT OR DIMINISHED PROTECTION TO THE POOL AND ITS
PARTICIPANTS. FURTHER, UNITED STATES REGULATORY AUTHORITIES MAY BE UNABLE TO
COMPEL THE ENFORCEMENT OF THE RULES OF REGULATORY AUTHORITIES OR MARKETS IN
NON-UNITED STATES JURISDICTIONS WHERE TRANSACTIONS FOR THE POOL MAY BE EFFECTED.

PLEASE SEE THE IMPORTANT PRIVACY POLICY STATEMENT
BEGINNING ON PAGE 45.

THIS PROSPECTUS DOES NOT INCLUDE ALL OF THE INFORMATION OR EXHIBITS IN THE
FUND'S REGISTRATION STATEMENT. YOU CAN READ AND COPY THE ENTIRE REGISTRATION
STATEMENT AT THE PUBLIC REFERENCE FACILITIES MAINTAINED BY THE SEC IN
WASHINGTON, D.C.

THE FUND WILL FILE QUARTERLY AND ANNUAL REPORTS WITH THE SEC. YOU CAN READ
AND COPY THESE REPORTS AT THE SEC PUBLIC REFERENCE FACILITIES IN WASHINGTON,
D.C. AT 450 FIFTH STREET, N.W., ROOM 1024, WASHINGTON, D.C. 20549. PLEASE CALL
THE SEC AT 1-202-942-8090 FOR FURTHER INFORMATION.

THE FUND'S FILINGS WILL BE POSTED ON THE SEC WEBSITE AT HTTP://WWW.SEC.GOV.

UNTIL 2004, ALL DEALERS THAT EFFECT TRANSACTIONS IN THE UNITS,
WHETHER OR NOT PARTICIPATING IN THIS OFFERING, MAY BE REQUIRED TO DELIVER A
PROSPECTUS. THIS IS IN ADDITION TO THE DEALERS' OBLIGATIONS TO DELIVER A
PROSPECTUS WHEN ACTING AS UNDERWRITERS AND WITH RESPECT TO THEIR UNSOLD
ALLOTMENTS OR SUBSCRIPTIONS.

PENNSYLVANIA INVESTORS: BECAUSE THE MINIMUM CLOSING AMOUNT IS LESS THAN
$20,000,000 YOU ARE CAUTIONED TO CAREFULLY EVALUATE THE PROGRAM'S ABILITY TO
FULLY ACCOMPLISH ITS STATED OBJECTIVES AND TO INQUIRE AS TO THE CURRENT DOLLAR
VOLUME OF PROGRAM SUBSCRIPTIONS.

(i)
<Page>
S&P MANAGED FUTURES INDEX FUND, LP
ORGANIZATIONAL CHART

[GRAPHIC OMMITTED]

Some of the entities indicated in this organizational chart are related. See
"Conflicts of Interest" beginning on page 33. No loans have been, are or will be
made between the general partner and the Fund. Descriptions of the dealings
between the general partner and the Fund are set forth under "Charges" beginning
on page 30.

(ii)
<Page>
TABLE OF CONTENTS

<Table>
<Caption>
PAGE
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PART ONE--DISCLOSURE DOCUMENT............................... iii
Summary..................................................... 1
The Fund and the General Partner.......................... 1
The Index................................................. 1
Major Risks of the Fund................................... 2
Use of Proceeds........................................... 3
The Offering.............................................. 3
Is the Fund a Suitable Investment for You?................ 3
Redemptions............................................... 4
Fees and Expenses of the Fund............................. 4
Break-even Table.......................................... 5
Federal Income Tax Aspects................................ 5
The Futures and Forward Markets; Spot and Swap
Contracts............................................... 6
The Risks You Face.......................................... 7
You Could Lose Your Entire Investment in the Fund......... 7
The Fund Has No Operating History; Past Performance Is Not
Indicative of Future Performance........................ 7
The Fund is Subject to Substantial Fees and Expenses...... 7
The Break-even Table Does Not Include Expenses Inherent to
the Index............................................... 7
An Investment in the Fund Is Not Liquid................... 7
The Fund Will Not Precisely Track the Index............... 8
Risks Related to Managed Futures Trading.................. 8
The Index SPC will be Subject to Market Fluctuations.... 8
As a Result of Leverage, Small Changes in the Price of
the Portfolio Managers' Positions May Result in
Substantial Losses..................................... 8
The Portfolio Managers' Trading Will Be Subject to
Execution Risks........................................ 8
The Index SPC will be Subject to Counterparty Risks..... 8
The Index SPC's Positions Will Be Subject to Speculative
Limits................................................. 8
There are No Limits on the Amount of Leverage a
Portfolio Manager May Use.............................. 9
Trading On Foreign Exchanges Presents Greater Risk Than
Trading On U.S. Exchanges.............................. 9
The Portfolio Managers May Trade Forward Contracts...... 9
The Portfolio Managers May Enter into Swap and Similar
Transactions........................................... 9
The Portfolio Managers May Engage in Exchanges of
Futures for Physicals.................................. 9
The Index SPC May Trade Security Futures Products....... 9
Systematic Strategies Do Not Consider Fundamental Types
of Data and Do Not Have the Benefit of Discretionary
Decision Making........................................ 10
Increased Competition Among Trend-Following Traders
Could Reduce the Index SPC's Profitability............. 10
The General Partner Does Not Currently Operate Any Other
Public Funds............................................ 10
The Sub-Investment Manager Is Recently Formed and Has
Limited Experience...................................... 10
The Fund is Dependent Upon Third Parties.................. 10
The Fund Will Have Limited Access to Information Regarding
the Index SPC and the Portfolio Managers................ 10
The Index SPC May Not Be Able to Access All Portfolio
Managers................................................ 11
The Fund Must Rely on the Index SPC When Calculating Net
Asset Value............................................. 11
The Fund May Lose the Standard & Poor's License........... 11
Incentive-Based Compensation May Affect Portfolio
Managers' Trading....................................... 11
The Fund Does Not Anticipate Making Distributions......... 12
Possible Effect of Redemptions on the Value of the
Units................................................... 12
Special Notice in Event of 50% Decline in Net Assets;
Limitation on Redemption Payments....................... 12
The General Partner Has the Ability to Suspend Redemption
Rights.................................................. 12
The Fund's Status As a Partnership........................ 12
You Will Be Taxed Each Year On Your Share of Fund
Profits................................................. 13
You Will Be Taxed On the Fund's Interest Income Even If
The Fund Suffers Trading Losses......................... 13
Limitations On the Deductibility of Investment Advisory
Fees.................................................... 13
The IRS Could Audit Both the Fund and Individual Limited
Partners................................................ 13
</Table>

(iii)
<Page>

<Table>
<Caption>
PAGE
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The Fund Does Not Have Some Statutory Registrations....... 13
Investment Factors.......................................... 14
The General Partner....................................... 14
The Index................................................. 14
Investment Diversification................................ 14
Market Diversification.................................... 14
Opportunity to Profit in Rising as well as in Declining
Markets................................................. 14
Small Minimum Investment; Smaller Minimum Additional
Investment.............................................. 15
Limited Liability......................................... 15
Administrative Convenience................................ 15
Management's Discussion and Analysis of Financial Condition
and Results of Operations................................... 16
Critical Accounting Policies--Valuation of the Index SPC's
positions............................................... 16
Performance Information..................................... 16
The Fund.................................................. 16
The General Partner....................................... 16
The Sub-Investment Manager................................ 20
The Index SPC--Pro Forma Extracted Performance.......... 20
The General Partner......................................... 23
Background and Management................................. 23
The Sub-Investment Manager.................................. 24
Background and Management................................. 24
Investment Program.......................................... 26
The Index SPC............................................. 27
Use of Proceeds............................................. 29
Charges..................................................... 29
Management Fee............................................ 30
Sub-Investment Management Fee........................... 31
Selling Agent Compensation.............................. 31
Redemption Fees........................................... 31
Fund's Pro Rata Share of the Fees and Expenses of the
Index SPC............................................... 31
Operating Expenses........................................ 31
Extraordinary Expenses.................................... 31
Caps on Fees.............................................. 32
Redemptions; Net Asset Value................................ 32
Redemption Procedure...................................... 32
Limits on Redemption...................................... 33
Net Asset Value........................................... 33
Conflicts of Interest....................................... 33
General................................................... 33
The General Partner....................................... 33
The Selling Agents........................................ 34
Other Business Activities, Proprietary Trading and Trading
for Other Accounts...................................... 34
Fiduciary Duty and Remedies............................... 34
The Fund's Limited Partnership Agreement.................... 35
Principal Office; Location of Records..................... 35
Management of Fund Affairs; Voting by Limited Partners.... 35
Possible Repayment of Distributions Received by Limited
Partners; Indemnification of the Fund by Limited
Partners................................................ 36
Prohibited Activities..................................... 36
Indemnification and Standard of Liability................. 36
Transfers of Units Restricted............................. 37
Reports to Limited Partners............................... 37
Dissolution and Termination of the Fund................... 37
Federal Income Tax Aspects.................................. 38
The Fund's Partnership Tax Status......................... 38
Taxation of Limited Partners on Profits and Losses of the
Fund.................................................... 38
Fund Losses by Limited Partners........................... 38
</Table>

(iv)
<Page>

<Table>
<Caption>
PAGE
--------

"Passive-Activity Loss Rules" and its Effect on the
Treatment of Income and Loss............................ 38
Cash Distributions and Unit Redemptions................... 38
Gain or Loss on Section 1256 Contracts and Non-Section
1256 Contracts.......................................... 39
Tax on Capital Gains and Losses........................... 39
Limited Deduction for Certain Expenses.................... 39
Interest Income........................................... 39
Syndication Expenses...................................... 39
Investment Interest Deductibility Limitations............. 40
IRS Audits of the Fund and its Limited Partners........... 40
Taxation of Foreign Investors............................. 40
Tax-Exempt U.S. Limited Partners.......................... 41
State and Other Taxes..................................... 41
Investment in Index SPC................................... 41
Purchases by Employee Benefit Plans......................... 42
General................................................... 42
"Plan Assets"............................................. 42
Ineligible Purchasers..................................... 42
Plan of Distribution........................................ 43
Subscription Procedure.................................... 43
Anti-Money Laundering Disclosures......................... 44
The Selling Agents........................................ 44
RefcoFund Holdings, LLC Privacy Policy...................... 45
Your Privacy Is Our Priority.............................. 45
Why and How We Collect Personal Information............... 45
How We Protect Personal Information....................... 45
Sharing Information With Our Affiliates................... 45
Disclosure to Non-Affiliated Third Parties................ 46
Accessing and Revisiting Your Personal Information........ 46
Legal Matters............................................... 46
Experts..................................................... 46
Reports..................................................... 46
Index to Financial Statements............................... 47

PART TWO STATEMENT OF ADDITIONAL INFORMATION................ 61
Hypothetical Performance of the Index....................... 62
The Futures and Forward Markets............................. 64
Futures and Forward Contracts............................. 64
Hedgers and Speculators................................... 64
Exchanges; Position and Daily Limits; Margins............. 64
Other Sales Material to Be Delivered........................ 65
Glossary.................................................... 66
Limited Partnership Agreement--Exhibit A.................... A-1
Subscription Requirements--Exhibit B........................ B-1
Subscription Instructions--Exhibit C........................ C-1
Request for Redemption--Exhibit D........................... D-1
</Table>

(v)
<Page>
S&P MANAGED FUTURES INDEX FUND, LP

SUMMARY

THE FUND AND THE GENERAL PARTNER

S&P Managed Futures Index Fund, LP is a futures investment fund designed to
seek returns that substantially track the Standard & Poor's Managed Futures
Index-TM-, referred to as the Index, before expenses of the Fund.

RefcoFund Holdings, LLC serves as the Fund's general partner. The Fund is a
Delaware limited partnership formed on May 13, 2003. The Fund's main office is
located at the office of the general partner--550 W. Jackson, Suite 1300,
Chicago, Illinois 60661 (telephone: (312) 788-2000).

The general partner has been registered with the Commodity Futures Trading
Commission as a commodity pool operator since October 14, 1981 and as a
commodity trading advisor since September 21, 1993 and is a member of the NFA.
As of November 30, 2003, the general partner was managing approximately $44
million in client assets.

If the Fund is successful, it can provide valuable diversification to
traditional portfolios of stocks and bonds, as the Fund's performance should be
generally unrelated to the general stock and bond markets.

THE INDEX

Standard & Poor's has long been recognized worldwide as a global provider of
equity indices. In January 2003, Standard & Poor's launched the Index. The Index
is designed to offer an investable benchmark (a standard for performance
comparison that is available to investors as an investment itself) comprising
programs traded by commodity trading advisors selected by Standard & Poor's as
broadly representative of systematic trading strategies. As the preponderance of
managed futures trading strategies are systematic, with only a limited number
following a discretionary approach, Standard & Poor's has selected only
systematic strategies for the Index (although certain of these strategies may
have minor discretionary elements incorporated into their systematic strategy).
Systematic strategies tend to take positions based on computer-generated models
to identify trades, determine the size of positions and precisely time trades.
Unlike discretionary strategies, systematic strategies do not take into account
factors external to the market itself. For purposes of the description of the
Index, the commodity trading advisors and their programs selected for the Index
are referred to as constituents or portfolio managers.

The general partner will pursue the Fund's investment objective by
allocating substantially all of the Fund's assets to SPhinX-TM- Managed Futures
Fund SPC, referred to as the Index SPC, a Cayman Islands segregated portfolio
company. The Index SPC allocates its assets to portfolio managers that generally
employ a broad range of systematic trading strategies in the futures markets.
Other markets, such as the interbank foreign exchange market, may be used as
well. Standard & Poor's has granted a license to PlusFunds to utilize the Index
in connection with the Index SPC. Standard & Poor's intends to disclose in
advance on its website any additions to or deletions of the constituent managers
of the Index. Generally this will be done with sufficient notice to ensure that
the corresponding changes can be made by PlusFunds, the investment manager to
the Index SPC. However in extreme circumstances there may be a period in which
the portfolio managers or weightings may differ from those in the Index.

The Index SPC is designed to track the Index and thus provide its investors
with exposure to a broad cross section of systematic managed futures strategies
through a single investment. As a limited partner you will have access to a
variety of managed futures strategies that ordinarily would not be available
without high minimum investment requirements. The Fund provides you with access
to professionally selected managers who are considered to be representative of
systematic managed futures strategies.

1
<Page>
The portfolio managers that are included in the Index are selected by the
S&P Managed Futures Index Committee, referred to as the Standard & Poor's Index
Committee, based on, among other things, an analysis of:

- the portfolio manager's trading strategy;

- risk/return characteristics;

- volatility levels;

- performance during various time periods and market cycles; and

- the structure of the portfolio manager's portfolio and the types of
instruments held.

The Standard & Poor's Index Committee oversees and monitors the Index. The
Standard & Poor's Index Committee is responsible for the Index's composition,
computation methodology, maintenance and operations. All constituent additions
and deletions as well as other major analytic policy decisions are made directly
by the Standard & Poor's Index Committee. The Standard & Poor's Index Committee
does not manage the Index in an effort to achieve specific investment returns or
with regard to the interests of investors of index-based investment vehicles.
The Standard & Poor's Index Committee has regularly scheduled meetings on a
monthly basis, and may have interim discussions should the need arise. The
Standard & Poor's Index Committee's membership, subject to change from time to
time, is composed primarily of Standard & Poor's employees, and is chaired by
the individual who chairs the S&P 500 Index Committee.

Standard & Poor's is responsible for calculating the Index and publishes
Index values on the Standard & Poor's website: www.standardandpoors.com in the
S&P Indices section. The Index is rebalanced annually in January or as otherwise
required by Standard & Poor's.

MAJOR RISKS OF THE FUND

- The Fund is speculative. You may lose all or substantially all of your
investment in the Fund.

- The Fund is newly formed and has no performance history. The Index and the
Index SPC have very limited actual performance histories. Past performance
is not necessarily indicative of future results.

- The Fund is subject to substantial charges. You will sustain losses if the
Fund is unable to generate sufficient trading profits to offset its fees
and expenses.

- The Units are not a liquid investment. No secondary market exists for the
Units. You may redeem the Units only as of the last business day of each
month. A redemption fee equal to 3% of a Class A Unit's net asset value
applies if you redeem Class A Units within 12 months of their original
purchase. There are substantial restrictions on the ability of the Fund to
make withdrawals from the Index SPC that further reduces the liquidity of
the Fund.

- Although the Fund seeks to track the performance of the Index, certain
factors, including expenses, will cause a deviation between the Fund's
performance and the Index's performance.

- The Fund is subject to various conflicts of interests as further described
herein, including those related to the following: (1) the general partner,
the selling agent and the clearing broker for the Index SPC are
affiliated; and (2) your selling agent will receive upfront and ongoing
compensation in connection with your investment in the Class A Units of
the Fund.

- The market prices of commodity interest contracts fluctuate rapidly. In
addition, commodity interest contracts are typically traded on margin.
This means that a small amount of capital can be used to invest in
contracts of much greater total value. The resulting leverage magnifies
the impact of both profit and loss.

See pages 7 through 13 for a complete description of the risks of an
investment in the Fund.

2
<Page>
USE OF PROCEEDS

The Fund expects that the proceeds from the sale of Units, net of amounts
the Fund retains to cover ongoing operating and offering expenses, will be
invested in the Index SPC as soon as practicable after the receipt of such
proceeds by the Fund.

THE OFFERING

Units in the Fund are being offered for an initial offering period beginning
on the date of this prospectus and ending 60 calendar days later. The general
partner may end the initial offering period earlier or extend it for an
additional 60 days. During the initial offering period, you may buy Units for
$1,000 each. All subscriptions received during the initial offering period will
be held in an interest bearing escrow account with Fifth Third Bank. If the Fund
begins trading at the end of the initial offering period, interest earned on
subscriptions will be treated as interest earned by the Fund. If 5,000 Units are
not sold during the initial offering period, or, if for any other reason the
Fund does not begin trading at the end of the initial offering period, the
offering of Units will terminate and your subscription will be returned to you
without deductions and with interest within 5 business days.

Once the Fund has begun trading, you may buy Units at the net asset value
per Unit of the relevant class as of the first business day of each calendar
month in which they are offered. Interest earned on subscriptions submitted
prior to the first business day of the calendar month will be treated as
interest earned by the Fund. The net asset value per Unit is determined by
dividing a class' net assets (its assets minus its liabilities) by the number of
Units of that class outstanding on the date the calculation is being performed.

The minimum investment is $10,000, although the minimum initial investment
for an individual retirement account is $3,000. Existing investors subscribing
for additional Units may do so in $2,500 minimums. In order for an individual
retirement account to purchase Units, the assets of the account must be held by
a third-party custodian, such as your broker. Units will be sold in fractions
calculated to three decimal places.

To subscribe, you must complete and sign the Subscription Agreement and
Power of Attorney Signature Page that accompanies this prospectus and deliver it
to your selling agent. You must submit these documents at least six
(6) business days (and cleared funds to purchase the Units at least three
(3) business days) before the first business day of the calendar month in which
the subscription is to be effective.

IS THE FUND A SUITABLE INVESTMENT FOR YOU?

You should consider investing in the Fund if you are interested in its
potential to produce returns that are generally unrelated to those of stocks and
bonds and you are prepared to risk the loss of all or a significant portion of
your investment.

The Fund is a diversification opportunity for an investment portfolio, not a
complete investment program.

You should consider an investment in the Fund to be a three-to five-year
commitment.

To invest, you must, at a minimum, have either (1) a net worth of at least
$150,000, exclusive of home, furnishings and automobiles, or (2) a net worth,
similarly calculated, of at least $45,000 and an

3
<Page>
annual gross income of at least $45,000. A number of states in which the Units
are offered impose higher suitability standards. These standards are regulatory
minimums only, and just because you meet the standard does not necessarily mean
the Units are a suitable investment for you.

You should not invest more than 10% of your net worth (exclusive of home,
furnishings and automobiles) in the Fund.

You should read this prospectus carefully and discuss with your selling
agent any questions you have about the Fund before making an investment.

REDEMPTIONS

You may redeem your Units as of the last business day of any calendar month.
You must submit your written redemption request at least ten (10) business days'
prior to the redemption date. You may withdraw a redemption request you have
submitted for any calendar month up to the tenth business day prior to the
redemption date by contacting your selling agent or the Fund's administrator.
Redemption requests that remain outstanding on the tenth business day prior to
the redemption date may not be withdrawn. A redemption fee of 3% of net asset
value per Class A Unit applies if you redeem Class A Units within 12 months of
their original purchase. After the 12th month following purchase of a Class A
Unit, no redemption fees apply. The Class B Units are not subject to a
redemption fee. There are substantial restrictions on the ability of the Fund to
make withdrawals from the Index SPC that further reduces the liquidity of the
Fund.

FEES AND EXPENSES OF THE FUND

The Fund will pay substantial fees and expenses that must be offset by
trading gains in order to avoid depletion of the Fund's assets.

<Table>
<Caption>
FEE DESCRIPTION
- --- -----------

Management Fees The general partner will receive a monthly management fee
equal to 4.15% of the Class A net assets and 2.15% of the
Class B net assets per annum. This fee is payable regardless
of whether or not the Fund's investment in the Index SPC is
profitable.

Redemption Fees The general partner will receive a redemption fee equal to
3% of net asset value per Class A Unit if the Unit is
redeemed within 12 months of its original purchase. No
redemption fees apply to the Class B Units.

Pro rata portion of the The Fund will be required to pay its pro rata portion of the
expenses of the Index expenses of the Index SPC, including advisory fees,
SPC brokerage commissions and transaction expenses,
administrative expenses and operating expenses.

Operating and The Fund will pay its administrative expenses, legal and
Administrative audit expenses, and other operating and ongoing offering
Expenses expenses. These are estimated at an annual rate of 0.80% of
the Fund's net asset value.
</Table>

4
<Page>

BREAK-EVEN TABLE

The "Break-even Table" below indicates the approximate percentage and dollar
returns required for the redemption value of an initial $10,000 investment in
both classes of Units to equal the amount originally invested 12 months after
issuance. The "Break-even Table," as presented, is an approximation only. See
"Charges" at page 30.

BREAK-EVEN TABLE

<Table>
<Caption>
CLASS A CLASS B
--------------------- ---------------------
DOLLAR DOLLAR
PERCENTAGE RETURN PERCENTAGE RETURN
EXPENSES (1) RETURN REQUIRED RETURN REQUIRED
- ------------ ---------- -------- ---------- --------

Management Fee (2) 4.15% $415 2.15% $215

Operating Expenses (3) 0.80% $ 80 0.80% $ 80

Return required for "Break-Even" on the first anniversary of
purchase 4.95% $495 2.95% $295

Return required if redemption fee applies (4) 7.95% $795 N/A N/A
</Table>

NOTES TO "BREAK-EVEN TABLE"

(1) The foregoing break-even analysis assumes that the Units have a constant
month-end net asset value. Calculations are based on $10,000 as the net
asset value per Unit. See "Charges" at page 30 of this prospectus for an
explanation of the expenses included in the "Break-even Table."

(2) The Fund will pay the general partner a monthly management fee of 4.15% per
annum and 2.15% per annum of the Class A net assets and the Class B net
assets, respectively. From this amount the general partner will pay the
organizational and initial offering expenses of the Fund, selling
commissions, servicing fees, installment selling commission and
sub-investment manager costs.

(3) Operating expenses are paid as incurred. For this "Break-even Table" such
amounts have been estimated. These expenses include the legal, audit,
administrative and other operating and ongoing offering expenses of the
Fund.

(4) A redemption fee of 3% of net asset value per Class A Unit, payable to the
general partner, applies if you redeem Class A Units within 12 months of
their original purchase. There are no redemption fees applicable to Class B
Units.

The objective of the Fund is to seek investment returns that track the
Index, before expenses of the Fund. The only fees, which the Fund will be
subject to, but the Index will not, are reflected above. However, you should be
aware that in order for the Fund to make a positive rate of return, its
investment in the Index SPC must make a positive rate of return. And in order
for the Index SPC to make a positive rate of return, the Index SPC must first
pay all of the expenses inherent to the Index. These expenses include
(1) management fees and incentive fees, if any, paid to the portfolio managers;
(2) administration fees and expenses; (3) brokerage commissions and other
transaction-related expenses; and (4) organizational expenses, accounting, audit
and legal expenses, custodial fees and any extraordinary expenses. The
management fees paid to the portfolio managers generally are expected to range
from 1% to 2.50% per annum of the assets allocated to a portfolio manager. The
incentive fees are generally expected to range from 15% to 25% of net trading
gain. These expenses are reflected in the net asset value of the shares of the
Index SPC held by the Fund. Because these expenses are costs of the Index, and
as such are reflected in the performance of the Index SPC, they are not included
in the break-even estimate set forth above.

FEDERAL INCOME TAX ASPECTS

The Fund will be treated as a partnership for federal income tax purposes.
You will be taxed each year on the Fund's income whether or not you redeem any
of your Units or receive distributions from the Fund. The general partner does
not intend to make any distributions. Accordingly, unless you redeem Units, you
will not have a source of income from the Fund to pay your taxes.

40% of any trading profits on U.S. exchange-traded contracts are taxed as
short-term capital gains at ordinary income rates, while 60% of any trading
profits are taxed as long-term capital gains at a 15%

5
<Page>
maximum rate for individuals for sales and exchanges occurring after May 5, 2003
and prior to January 1, 2009 (and 20% for sales or exchanges occurring
thereafter). The Fund's trading gains from other contracts will be primarily
short-term capital gains. This tax treatment applies regardless of how long a
limited partner holds Units. Interest income is taxed at ordinary income rates.

Losses on the Units may be deducted against capital gains. However, capital
losses in excess of capital gains may only be deducted against ordinary income
to the extent of $3,000 per year. Consequently, you could pay tax on the Fund's
interest income even though you have lost money on your Units.

THE FUTURES AND FORWARD MARKETS; SPOT AND SWAP CONTRACTS

Futures contracts are generally traded on exchanges and call for the future
delivery of various commodities or cash settlement of certain financial
instruments.

Forward currency contracts are traded off-exchange through banks or dealers.

Futures and forward trading is a "zero-sum" risk transfer economic activity.
For every gain realized by a futures and forward trader, there is an equal and
offsetting loss suffered by another.

Spot contracts are cash market transactions in which the buyer and seller
agree to the immediate purchase and sale of a specific commodity, usually with a
short settlement period. Swap contracts generally involve an exchange of a
stream of payments between contracting parties. Neither spot nor swap contracts
are exchange-traded.

6
<Page>
THE RISKS YOU FACE

SET FORTH BELOW ARE THE PRINCIPAL RISKS ASSOCIATED WITH AN INVESTMENT IN THE
FUND. YOU SHOULD CONSIDER THESE RISKS WHEN MAKING YOUR INVESTMENT DECISION. YOU
SHOULD NOT INVEST IN UNITS UNLESS YOU CAN AFFORD TO LOSE ALL OF YOUR INVESTMENT.

YOU COULD LOSE YOUR ENTIRE INVESTMENT IN THE FUND

The Fund will pursue its investment objective by investing in the Index SPC,
which allocates its assets among the portfolio managers. The Index SPC will be
subject to all of the risks associated with the investment and trading by the
portfolio managers. There are some general market conditions in which any given
investment strategy is unlikely to be profitable. Neither the Fund, the Index
SPC nor the portfolio managers will have any ability to control or predict these
market conditions. The investment approach utilized on behalf of the Fund and
the Index SPC may not be successful, and there is no guarantee that the
strategies employed by the portfolio managers on behalf of the Index SPC (and,
indirectly, the Fund) will be successful. You could lose all or substantially
all of your investment in the Fund.

THE FUND HAS NO OPERATING HISTORY; PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE
PERFORMANCE

The Fund is newly formed and has no performance history. The Index SPC has a
very limited operating history. The past performance of the Index SPC is not
necessarily indicative of future results. The portfolio managers will be
selected based in part on their performance history and implementation of a
strategy deemed by Standard & Poor's to be representative of managed futures
programs in general. The experience of some portfolio managers may be limited.
Furthermore, each portfolio manager is free to alter its managed futures
strategy implementation as it deems appropriate from time to time. Significant
changes in strategy would require a review by Standard & Poor's. Market
conditions and trading approaches are continually changing, and a portfolio
manager's past successful performance may be largely irrelevant to its prospects
for future profitability.

THE FUND IS SUBJECT TO SUBSTANTIAL FEES AND EXPENSES

The Fund is subject to significant fees and expenses. In order for the Fund
to be profitable and for the investors to realize any profits the investment
profits realized by the Fund must exceed these fees and expenses. The Fund will
pay monthly management fees to the general partner in an amount equal to an
annual rate of 4.15% of the Class A net assets and 2.15% of the Class B net
assets, administrative expenses, ongoing offering expenses and operating costs
estimated at an annual rate of 0.80% of the Fund's net asset value and the
Fund's pro rata share of the fees and expenses of the Index SPC regardless of
the profitability of the Fund. Some of the strategies and techniques employed by
the portfolio managers may require frequent trades to take place and, as a
consequence, portfolio turnover and brokerage commissions may be greater than
for other investment entities of similar size. You will sustain losses if the
Fund is unable to generate sufficient trading profits to offset its fees and
expenses. Please see "SUMMARY--BREAK-EVEN TABLE" and "CHARGES" for a more
complete discussion of the fees to be charged the Fund.

THE BREAK-EVEN TABLE DOES NOT INCLUDE EXPENSES INHERENT TO THE INDEX

The break-even table presented on page 5 only includes the expenses to which
the Fund will directly be subject and charged. The expenses that are inherent to
the Index are not included in the break-even table. These expenses are reflected
in the net asset value of the shares of the Index SPC held by the Fund and thus
in the value of the Units.

AN INVESTMENT IN THE FUND IS NOT LIQUID

The Units are not a liquid investment. There is no secondary market for the
Units. You may redeem your Units only as of the first business day of a calendar
month, and you must give the Fund at least ten (10) business days' prior written
notice of your intent to redeem. A redemption fee will apply if you redeem your
Class A Units within 12 months after their original purchase. There are also
substantial restrictions on the ability of the Fund to make withdrawals from the
Index SPC that further reduces the liquidity of the Fund. Please see
"REDEMPTIONS--REDEMPTION PROCEDURE" and "REDEMPTIONS--LIMITS ON REDEMPTION" for
a more complete discussion of the redemption terms of the Units.

7
<Page>
THE FUND WILL NOT PRECISELY TRACK THE INDEX

Although the Fund seeks to track the performance of the Index, various
factors will cause a deviation between the performance of the Fund and the
performance of the Index. These factors include (1) the expenses of the Fund and
the Index SPC, (2) limitations on the Fund's investments resulting from the need
to comply with the Fund's investment restrictions or with regulatory or tax law
requirements and (3) the need to maintain a portion of the Fund's assets in cash
or short-term investments to maintain liquidity to effect redemptions and to pay
expenses. The performance of the Fund will not correspond precisely to the
performance of the Index. Please see "INVESTMENT PROGRAM" for a more complete
discussion of the Index.

RISKS RELATED TO MANAGED FUTURES TRADING

THE INDEX SPC WILL BE SUBJECT TO MARKET FLUCTUATIONS. Managed futures
trading involves trading in various commodity interests and financial
instruments. The market prices of futures contracts fluctuate rapidly. Prices of
futures contracts traded by the portfolio managers are affected generally, among
other things, by (1) changing supply and demand relationships,
(2) agricultural, trade, fiscal, monetary and exchange control programs and
(3) policies of governments, and national and international political and
economic events. The profitability of the Index SPC depends entirely on
capitalizing on fluctuations in market prices.

AS A RESULT OF LEVERAGE, SMALL CHANGES IN THE PRICE OF THE PORTFOLIO
MANAGERS' POSITIONS MAY RESULT IN SUBSTANTIAL LOSSES. Commodity interest
contracts are typically traded on margin. This means that a small amount of
capital can be used to invest in contracts of much greater total value. The
resulting leverage means that a relatively small change in the market price of a
contract can produce a substantial loss. Like other leveraged investments, any
purchase or sale of a contract may result in losses in excess of the amount
invested in that contract. The portfolio managers may lose more than their
initial margin deposits on a trade.

THE PORTFOLIO MANAGERS' TRADING WILL BE SUBJECT TO EXECUTION RISKS. Market
conditions may make it impossible for the portfolio managers to execute a buy or
sell order at the desired price, or to close out an open position. Daily price
fluctuation limits are established by the exchanges and approved by the CFTC.
When the market price of a contract reaches its daily price fluctuation limit,
no trades can be executed at prices outside the limit. The holder of a contract
may therefore be locked into an adverse price movement for several days or more
and lose considerably more than the initial margin put up to establish the
position. Thinly traded or illiquid markets also can make it difficult or
impossible to execute trades.

THE INDEX SPC WILL BE SUBJECT TO COUNTERPARTY RISKS. If the Index SPC's
clearing brokers become bankrupt or insolvent, or otherwise default on their
obligations to the Index SPC, the Index SPC may not receive all amounts owed to
it in respect to its trading, despite the clearinghouse fully discharging all of
its obligations. Furthermore, in the event of the bankruptcy of one of the
clearing brokers, the Index SPC could be limited to recovering only a pro rata
share of all available funds segregated on behalf of the clearing broker's
combined customer accounts, even though property specifically traceable to the
Index SPC (for example, Treasury bills deposited by the Index SPC with the
clearing broker as margin) was held by the clearing broker. In addition, some of
the instruments which the Index SPC may trade are traded in markets such as
foreign exchanges or forward contract markets in which performance is the
responsibility only of the individual counterparty with whom the trader has
entered into a contract and not of an exchange or clearing corporation. The
Index SPC will be subject to the risk of the inability or refusal to perform on
the part of the counterparties with whom those types of contracts are traded.
There are no limitations on the amount of allocated assets a portfolio manager
can trade on foreign exchanges or in forward contracts

THE INDEX SPC'S POSITIONS WILL BE SUBJECT TO SPECULATIVE LIMITS. The CFTC
and domestic exchanges have established speculative position limits on the
maximum futures position which any person, or group of persons acting in
concert, may hold or control in particular futures contracts or options on
futures contracts traded on U.S. commodity exchanges. Under current regulations,
other accounts of the portfolio managers are combined with the positions held by
the Index SPC for position limit purposes. This trading could preclude
additional trading in these commodities by the portfolio manager for the account
of the Index SPC.

8
<Page>
THERE ARE NO LIMITS ON THE AMOUNT OF LEVERAGE A PORTFOLIO MANAGER MAY
USE. There are no limits on the amount a leverage a portfolio manager may use
in connection with its trading strategies. However, in determining the
constituents of the Index, the Standard & Poor's Index Committee selects
portfolio managers it considers to be representative of managed futures trading
strategies. It is estimated that the margin to equity ratio employed by
portfolio managers will range from 4:1 to 40:1, although it may at times be
higher or lower. If a portfolio manager were to increase its leverage to a
higher level than the Standard & Poor's Index Committee considers to be
representative, the Standard & Poor's Index Committee may elect to remove the
portfolio manager from the Index. The removal of a portfolio manager from the
Index will result in a termination of such portfolio manager at the Index SPC
level.

TRADING ON FOREIGN EXCHANGES PRESENTS GREATER RISK THAN TRADING ON U.S.
EXCHANGES. The portfolio managers may trade contracts on non-U.S. exchanges.
Non-U.S. trading involves risks--including exchange-rate exposure, excessive
taxation, possible governmental regulation and lack of regulation--which U.S.
trading does not. Some non-U.S. markets, in contrast to U.S. exchanges, are
"principals' markets" where performance is the responsibility only of the
individual member with whom the trader has entered into a contract and not of
any exchange or clearing corporation. In addition, the Index SPC's rights and
responsibilities if a non-U.S. exchange or clearinghouse defaults or declares
bankruptcy are likely to be more limited than if a U.S. exchange does the same.
There are no limitations on the amount of allocated assets a portfolio manager
can trade on foreign exchanges.

THE PORTFOLIO MANAGERS MAY TRADE FORWARD CONTRACTS. Forward contracts are
not traded on exchanges and the Index SPC will not receive the regulatory
protections of the exchanges or the CFTC in connection with such trading. As a
result, the Index SPC may incur substantial losses if the banks and dealers
acting as principals on forward contracts are unable to perform. In addition,
there are no limitations on daily price moves in forward contracts, and
speculative position limits do not apply to forward contract trading. Further,
there have been periods when participants in forward markets have refused to
quote prices for forward contracts or have quoted prices with an unusually wide
spread between the price at which they will buy and that at which they will
sell. There are no limitations on the amount of allocated assets a portfolio
manager can trade in forward contracts.

THE PORTFOLIO MANAGERS MAY ENTER INTO SWAP AND SIMILAR TRANSACTIONS. Swap
contracts are not traded on exchanges and are not subject to the same type of
government regulation as exchange markets. As a result, many of the protections
afforded to participants on organized exchanges and in a regulated environment
are not available in connection with these transactions. The swap markets are
"principals' markets," in which performance with respect to a swap contract is
the responsibility only of the counterparty to the contract, and not of any
exchange or clearinghouse. As a result, the Index SPC is subject to the risk of
the inability or refusal to perform with respect to swap contracts on the part
of the counterparties with which the portfolio managers trade. There are no
limitations on daily price movements in swap transactions. Speculative position
limits are not applicable to swap transactions, although the counterparties with
which the portfolio managers trade may limit the size or duration of positions
available to the portfolios managers as a consequence of credit considerations.
Participants in the swap markets are not required to make continuous markets in
the swap contracts they trade. Participants could refuse to quote prices for
swap contracts or quote prices with an unusually wide spread between the price
at which they are prepared to buy and the price at which they are prepared to
sell.

THE PORTFOLIO MANAGERS MAY ENGAGE IN EXCHANGES OF FUTURES FOR PHYSICALS. An
exchange of futures for physicals is a transaction permitted under the rules of
many futures exchanges in which two parties holding futures positions may close
out their positions without making an open, competitive trade on the exchange.
Generally, the holder of a short futures position buys the physical commodity,
while the holder of a long futures position sells the physical commodity. The
prices at which these transactions are executed are negotiated between the
parties. Regulatory changes, such as limitations on price or types of underlying
interests subject to an exchange of futures for physicals, may in the future
prevent the portfolio managers from exchanging futures for physicals, which
could adversely affect performance of the Index SPC.

THE INDEX SPC MAY TRADE SECURITY FUTURES PRODUCTS. The portfolio managers
may purchase and sell single stock futures contracts and other security futures
products. A single stock future obligates the seller to deliver (and the
purchaser to take delivery of) a specified equity security to settle the futures
transaction. Other security futures products include "narrow-based" stock index
futures contracts (in general, contracts based on the value of nine or fewer
securities in a specific market or industry sector,

9
<Page>
such as energy, health care or banking) and futures contracts based on
exchange-traded funds, or ETFs, that are designed to track the value of broader
stock market indices (such as the S&P 500 or the NASDAQ 100 Index). Single stock
futures and other security futures products are relatively illiquid and trade on
a limited number of exchanges. The margin required with respect to single stock
futures (usually at least 20% of the face value of the contract) generally is
higher than the margin required with respect to other types of futures contracts
(in some cases as low as 2% of the face value of the contract). The resulting
lower level of leverage available to the portfolio managers with respect to
security futures products may adversely affect the Index SPC's performance.
Security futures products are typically traded on electronic trading platforms
and are subject to risks related to system access, varying response time,
security and system or component failure. In addition, although the Index SPC's
broker will be required to segregate the Index SPC's trades, positions and funds
from those of the broker itself as required by CFTC regulations, the insurance
provided to securities customers by the Securities Investor Protection
Corporation, or SIPC, will not be applicable to the Index SPC's security futures
positions because SIPC protection does not apply to futures accounts.

SYSTEMATIC STRATEGIES DO NOT CONSIDER FUNDAMENTAL TYPES OF DATA AND DO NOT
HAVE THE BENEFIT OF DISCRETIONARY DECISION MAKING. Most of the Index SPC's
assets will be allocated to portfolio managers that rely on technical,
systematic strategies that do not take into account factors external to the
market itself (although certain of these strategies may have minor discretionary
elements incorporated into their systematic strategy). The widespread use of
technical trading systems frequently results in numerous managers attempting to
execute similar trades at or about the same time, altering trading patterns and
affecting market liquidity. Furthermore, the profit potential of trend-following
systems may be diminished by the changing character of the markets, which may
make historical price data (on which technical programs are based) only
marginally relevant to future market patterns. Systematic strategies are
developed on the basis of a statistical analysis of market prices. Consequently,
any factor external to the market itself that dominates prices that a
discretionary decision maker may take into account may cause major losses for a
systematic strategy. For example, a pending political or economic event may be
very likely to cause a major price movement, but a systematic strategy may
continue to maintain positions indicated by its trading method that might incur
major losses if the event proved to be adverse.

INCREASED COMPETITION AMONG TREND-FOLLOWING TRADERS COULD REDUCE THE INDEX
SPC'S PROFITABILITY. A substantial number of commodity trading advisors use
technical trading systems, particularly trend-following systems, like some of
the portfolio managers' systems. As the amount of money under the management of
such systems increases, competition for the same positions increases, making the
positions more costly and more difficult to acquire.

THE GENERAL PARTNER DOES NOT CURRENTLY OPERATE ANY OTHER PUBLIC FUNDS

While the general partner currently operates a private fund and has in the
past operated public funds, the general partner does not currently operate any
public fund other than the Fund.

THE SUB-INVESTMENT MANAGER IS RECENTLY FORMED AND HAS LIMITED EXPERIENCE

The Sub-Investment Manager was formed in March of 2002 and has limited
experience operating investment vehicles such as the Index SPC, although its
principals have experience with managed futures products.

THE FUND IS DEPENDENT UPON THIRD PARTIES

The Fund does not control the Index SPC, PlusFunds or any portfolio manager,
and has no role in the choice of portfolio managers, any portfolio manager's
choice of investments or any other investment decisions of the Index SPC. The
Fund will be dependent upon the expertise and abilities of the portfolio
managers who will have investment discretion over assets allocated to them.
There can be no assurance that the services of PlusFunds or of a portfolio
manager will be available for any length of time, or that the Index SPC will
remain available for investment by the Fund.

THE FUND WILL HAVE LIMITED ACCESS TO INFORMATION REGARDING THE INDEX SPC AND THE
PORTFOLIO MANAGERS

The Fund will be dependent on PlusFunds and the Index SPC's independent
administrator to provide it with periodic reports and other information. The
Fund may not be provided with detailed information regarding the precise
investments made by a portfolio manager because some of this information may be

10
<Page>
considered proprietary or otherwise confidential. This lack of access to
information may make it more difficult for the Fund to evaluate the Index SPC
and the portfolio managers and to value the assets of the Fund.

THE INDEX SPC MAY NOT BE ABLE TO ACCESS ALL PORTFOLIO MANAGERS

The Fund's ability to track the Index is dependent upon the Index SPC's
ability to make the requisite allocations to all of the portfolio managers that
are included in the Index. To the extent the Index SPC is not able to make an
allocation to a portfolio manager, the performance of the Fund will not track
the performance of the Index, before fees of the Fund.

THE FUND MUST RELY ON THE INDEX SPC WHEN CALCULATING NET ASSET VALUE

The net asset values received by the Fund from the Index SPC may be subject
to revision through monthly financial reports of the Index SPC. As a result,
revisions to the Fund's gain and loss calculations may occur. Any revisions not
deemed material in the sole discretion of the general partner will not result in
an adjustment to prior subscription or redemption prices for the Fund. Moreover,
in some cases, the Fund will have little ability to assess the accuracy of the
valuations of its investment in the Index SPC that are received from PlusFunds
or from the Index SPC or its administrator. There are no market quotations
available to use in valuing the Fund's investments in the Index SPC. As a
result, these investments will be valued at their fair values as determined in
accordance with procedures adopted in good faith by the general partner. These
valuations may not in all cases accurately reflect the values of the Fund's
investments in the Index SPC. These inaccuracies may adversely affect the Fund
or investors who purchase or redeem Units.

THE FUND MAY LOSE THE STANDARD & POOR'S LICENSE

Standard & Poor's has granted a license to PlusFunds to use various
trademarks as well as the right to utilize the Index in connection with the
operation of various investment products. PlusFunds has sublicensed some of
these rights to Refco Group Ltd., LLC and its affiliates, referred to as the
Refco Group. Under various circumstances, the license agreement between
PlusFunds and Standard & Poor's or the sublicense agreement between PlusFunds
and the Refco Group may be terminated. In the event of a termination, the Fund
may be unable to continue to utilize the trademarks and continued operation of
the Fund may become impractical or impossible.

The sublicense agreement will be terminated if the Fund ceases to invest in
the Index SPC or the license agreement between Standard & Poor's and PlusFunds
is terminated. In addition, both the sublicense agreement and the license
agreement may be terminated in the event of: (i) a material breach by either
party; (ii) Standard & Poor's ceasing to publish the Index; (iii) material
damage to the reputation of a party as a result of continued performance under
the agreement; (iv) legislative or regulatory changes that negatively affect
Standard & Poor's ability to license its trade names or trademarks or the
licensee's ability to promote its products; (v) material litigation or
regulatory proceeding regarding the Fund, the Index SPC or the Index is
threatened or commenced; and (vi) certain changes in control of the licensee.

INCENTIVE-BASED COMPENSATION MAY AFFECT PORTFOLIO MANAGERS' TRADING

The portfolio managers will be entitled to compensation based upon net
trading gain in the value of the assets they manage. Incentive-based
arrangements may give them incentives to engage in transactions that are more
risky or speculative than they might otherwise make because speculative
investments might result in higher profits in which the portfolio manager would
participate, resulting in higher incentive fees to them. On the other hand,
those investments might result in larger losses to the Index SPC. The portfolio
managers will not return an incentive fee for a period in which there is net
trading gain if, in a subsequent period, the investments under their management
suffer a net trading loss. In addition, because the incentive fee for each
portfolio manager is based solely on its performance, and not the overall
performance of the Index SPC, the Fund may indirectly pay an incentive fee to
one or more portfolio managers during periods when the Index SPC, and thus the
Fund, are not profitable on an overall basis.

11
<Page>
THE FUND DOES NOT ANTICIPATE MAKING DISTRIBUTIONS

The general partner does not intend to make distributions to the limited
partners but intends to re-invest substantially all of the Fund's income and
gains for the foreseeable future. You will be liable to pay taxes on your
allocable share of Fund taxable income. Therefore, you may need to pay tax
liabilities out of separate funds or redemptions from the Fund.

POSSIBLE EFFECT OF REDEMPTIONS ON THE VALUE OF THE UNITS

Substantial redemptions of Units could require the Fund and the Index SPC to
liquidate investments more rapidly than otherwise desirable in order to raise
the necessary cash to fund the redemptions and, at the same time, achieve a
market position appropriately reflecting a smaller equity base. This could make
it more difficult to recover losses or generate profits. Illiquidity in the
markets could make it difficult to liquidate positions on favorable terms, and
may result in losses.

SPECIAL NOTICE IN EVENT OF 50% DECLINE IN NET ASSETS; LIMITATION ON REDEMPTION
PAYMENTS

The general partner will send notice to limited partner whenever the Fund
experiences a decline in net asset value per Unit of either class as of the
closing of business on any business day to less than 50% of the net asset value
per Unit on the last month-end valuation date in case any limited partners wish
to redeem their Units as a result of the decline in net asset value. However,
the right of a limited partner to receive a redemption payment, including in
connection with this special notice, depends on the Fund's ability to obtain the
necessary funds by redeeming its investment in the Index SPC. Redemptions of
interests in the Index SPC by the Fund as of any particular redemption date
cannot exceed 20% of the Fund's investment in the Index SPC as of that date
unless the Index SPC has received at least 15 business days' notice prior to a
redemption date. It is unlikely that the Fund would be capable of providing
sufficient prior notice to the Index SPC in connection with a redemption date
immediately following a 50% decline in Net Assets. As a result, to the extent
any redemptions on a redemption date exceed 20% of the Fund's investment in the
Index SPC, the Fund's ability to make redemption payments may be delayed. The
Fund will make redemption payments to redeeming limited partners on a pro rata
basis in the event the Fund's ability to make redemption payments is delayed. In
addition, the net asset value per Unit of either class of the Fund may decline
further in the event that the Index SPC is not able to liquidate positions on
favorable terms. Please see "REDEMPTIONS--REDEMPTION PROCEDURE" and
"REDEMPTIONS--LIMITS ON REDEMPTION" for a more complete discussion of the
redemption terms of the Units.

THE GENERAL PARTNER HAS THE ABILITY TO SUSPEND REDEMPTION RIGHTS

Under some circumstances, the general partner may suspend your right to
redeem all or some of your Units. This may occur if the general partner
determines that a market disruption makes it impossible or impracticable to
value the Units or liquidate Fund assets or the Index SPC has suspended
redemptions. IF REDEMPTION RIGHTS ARE SUSPENDED, THE UNITS SUBJECT TO THE
REDEMPTION REQUEST WILL NOT BE REDEEMED AND WILL CONTINUE TO BE SUBJECT TO
MARKET AND OTHER RISKS. The Index SPC may suspend the Fund's redemption rights
for similar reasons with similar consequences. Please see
"REDEMPTIONS--REDEMPTION PROCEDURE" and "REDEMPTIONS--LIMITS ON REDEMPTION" for
a more complete discussion of the redemption terms of the Units.

THE FUND'S STATUS AS A PARTNERSHIP

The general partner has been advised by its counsel that under current
federal income tax laws and regulations the Fund will be classified as a
partnership and not as an association taxable as a corporation. In addition, the
general partner has been advised by its counsel that under current federal
income tax laws the Fund will not be classified as a so-called publicly traded
partnership. This advice is not binding upon the IRS. If the Fund were taxed as
a corporation for federal income tax purposes, income or loss of the Fund would
not be passed through to the limited partners, and the Fund would be subject to
tax on its income at the rates of tax applicable to corporations without any
deductions for distributions to the Fund. In addition, all or a portion of
distributions made to limited partners could be taxable to the limited partners
as dividends. Please see "FEDERAL INCOME TAX ASPECTS--THE FUND'S PARTNERSHIP TAX
STATUS" for more information regarding the Fund's tax status.

12
<Page>
YOU WILL BE TAXED EACH YEAR ON YOUR SHARE OF FUND PROFITS

You will be taxed on your share of Fund income or gain each year, whether or
not you redeem Units or receive distributions from the Fund. Because a
substantial portion of the Index SPC's open positions are "marked-to-market" at
the end of each year, some of your tax liability will be based on unrealized
gains which the Fund may, in fact, never realize. 40% of any trading profits on
U.S. exchange-traded contracts are taxed as short-term capital gains at ordinary
income rates, while 60% of any trading profits are taxed as long-term capital
gains at a 20% maximum rate for individuals. These rates apply regardless of how
long the Index SPC holds a contract, or an investor his or her Units.

Over time, the compounding effects of the annual taxation of the Fund's
income are material to the economic consequences of investing in the Fund. For
example, a 10% compound annual rate of return over five years would result in an
initial $10,000 investment compounding to $16,105. However, after factoring in a
30% tax rate each year, the result would be $14,025. Please see "FEDERAL INCOME
TAX ASPECTS--TAXATION OF LIMITED PARTNERS ON PROFITS AND LOSSES OF THE FUND,"
"FEDERAL INCOME TAX ASPECTS--GAIN OR LOSS ON SECTION 1256 CONTRACTS AND
NON-SECTION 1256 CONTRACTS" and "FEDERAL INCOME TAX ASPECTS--TAX ON CAPITAL
GAINS AND LOSSES" for more information.

YOU WILL BE TAXED ON THE FUND'S INTEREST INCOME EVEN IF THE FUND SUFFERS TRADING
LOSSES

Losses on the Fund's trading are almost exclusively capital losses.
Non-corporate investors may use net capital losses to offset up to $3,000 of
ordinary income each year. So, for example, if your share of the Fund's trading
(I.E., capital) loss was $10,000 in a given fiscal year and your share of
interest income was $5,000, you would incur a net loss in the net asset value of
your Units equal to $5,000, but would nevertheless recognize taxable income of
$2,000. Please see "FEDERAL INCOME TAX ASPECTS--TAX ON CAPITAL GAINS AND LOSSES"
for more information.

LIMITATIONS ON THE DEDUCTIBILITY OF INVESTMENT ADVISORY FEES

The general partner does not intend to treat the operating expenses of the
Fund as "investment advisory fees" for federal income tax purposes. The general
partner believes that this is the position adopted by virtually all United
States futures fund sponsors. However, were the operating expenses of the Fund
characterized as investment advisory fees, non-corporate taxpayers would be
subject to substantial restrictions on the deductibility of those expenses,
would pay increased taxes in respect of an investment in the Fund and could
actually recognize taxable income despite having incurred a financial loss.
Please see "FEDERAL INCOME TAX ASPECTS--LIMITED DEDUCTION FOR CERTAIN EXPENSES"
for more information.

THE IRS COULD AUDIT BOTH THE FUND AND INDIVIDUAL LIMITED PARTNERS

The IRS could audit the Fund's tax returns and require the Fund to adjust
the returns. If an audit results in an adjustment, you could be audited and
required to pay additional taxes, plus interest and possibly penalties. Please
see "FEDERAL INCOME TAX ASPECTS--IRS AUDITS OF THE FUND AND ITS LIMITED
PARTNERS" for more information.

THE FUND DOES NOT HAVE SOME STATUTORY REGISTRATIONS

Pursuant to an exemption from registration, the Fund has not registered as
an investment company or a "mutual fund," which would subject the Fund to
extensive regulation by the SEC under the Investment Company Act. Therefore, you
do not have the protection provided by such legislation, which, among other
things, (1) requires that an investment company's board of directors, including
a majority of disinterested directors, approve some of its activities and
contractual relationships and (2) prohibits an investment company from engaging
in some transactions with its affiliates. Further, to the extent registration
under or compliance with these laws is required, the Fund may incur significant
burdens and expenses in connection therewith. Moreover, the general partner is
not registered as an investment adviser under the Investment Advisers Act of
1940 or any similar state law. However, the general partner is registered as a
commodity pool operator and a commodity trading advisor and is subject to
regulation as such by the CFTC and the NFA.

13
<Page>
INVESTMENT FACTORS

Although there can be no assurance that the portfolio managers will trade
successfully on behalf of the Index SPC or that the Fund will avoid substantial
losses, if the Fund is successful, an investment in the Fund offers investors
the following potential advantages.

THE GENERAL PARTNER

The general partner's experience and familiarity with the managed futures
industry assist the general partner in its ongoing monitoring of the Index SPC
as well as in the administration of the Fund. The general partner's principals
have over 100 years of combined experience in the investment field. As of
November 30, 2003, the general partner had approximately $44 million under
management.

THE INDEX

The Index is designed to offer an investable benchmark comprising programs
traded by commodity trading advisors selected by Standard & Poor's as broadly
representative of systematic trading strategies. An investable benchmark refers
to a standard for performance comparison that is available to investors as an
investment itself. By investing in the Fund, you will have access to a broad
cross-section of systematic managed futures strategies through a single
investment.

INVESTMENT DIVERSIFICATION

If you are not prepared to spend substantial time trading in the futures and
forward markets, you may nevertheless participate in these markets through
investing in the Fund. In connection with an investment in the Fund, however,
you should read and understand this prospectus completely, monitor the net asset
value of any Units you purchase and review any reports provided to you by the
Fund. An investment in the Fund can provide valuable diversification to a
traditional portfolio of stocks and bonds. The general partner believes that the
profit potential of the Fund does not depend upon favorable general economic
conditions and that the Fund is just as likely to be profitable or unprofitable
during periods of declining stock and bond markets as at any other time.

Allocating a small portion of your investment portfolio to a managed futures
investment, such as the Fund, can potentially enhance the performance of the
portfolio. Modern portfolio theory suggests that a diverse portfolio with
positively performing assets that have little or no correlation with each other
should have higher returns and lower risk, as measured by variability of
returns, than a less diversified portfolio.

Historically, managed futures investments have had very little correlation
to the stock and bond markets. Non-correlated performance is not, however,
negatively correlated performance. Non-correlation means only that the
performance of managed futures likely has no relation to the performance of
stocks and bonds.

Non-correlation will not provide diversification advantages beyond, perhaps,
lowering a portfolio's overall volatility unless the non-correlated assets are
performing positively. There can be no assurance that the Fund will perform
positively or avoid losses.

MARKET DIVERSIFICATION

The Index SPC will trade in 40 to 60 or more markets, though not necessarily
in all markets at all times.

The diversification of the Index SPC permits investors to participate in
markets that would otherwise not be included in their portfolios, thereby both
potentially diversifying risk and increasing profit opportunities.

The markets traded by the Index SPC may change from time to time.

OPPORTUNITY TO PROFIT IN RISING AS WELL AS IN DECLINING MARKETS

The Fund may realize positive or negative returns in both rising and
declining markets as futures positions may be established on either the long or
the short side of a market. Unlike short selling in the securities markets,
selling short in futures in anticipation of a drop in price can be accomplished
without

14
<Page>
additional restrictions or special margin requirements. However, leverage may be
used in selling short in futures contracts, and the magnitude of gain or loss
may not be less than selling short in the securities markets.

It is potentially advantageous for investors to own investments that can
appreciate during a period of generally declining prices, financial disruption
or economic instability. Investors must realize, however, that the Fund is not
specifically designed to appreciate in declining markets. Rather, it is designed
to substantially track the Index, before expenses of the Fund. The Fund will
only increase in value if the portfolio managers' trading systems identify
market trends and are able to trade those trends profitably.

SMALL MINIMUM INVESTMENT; SMALLER MINIMUM ADDITIONAL INVESTMENT

The portfolio managers typically manage individual accounts only of
substantial size--$1,000,000 or more. You may gain access to the portfolio
managers for a minimum investment of $10,000 ($3,000 for an individual
retirement account). You may make additional investments in minimums of $2,500.

LIMITED LIABILITY

If you open an individual futures account, you will be generally liable for
all losses incurred in the account, and may lose substantially more than you
committed to the account. However, as an investor in the Fund, you cannot lose
more than your investment plus undistributed profits.

ADMINISTRATIVE CONVENIENCE

The general partner is responsible for all aspects of the Fund's operation.
You will receive monthly unaudited statements and annual audited financial
reports as well as information necessary for you to complete your federal income
tax returns. The approximate daily net asset value per Unit will be available on
the Refco website as well as other Internet sites or by calling representatives
of the general partner at 866-822-4373.

15
<Page>
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS

The Fund was formed on May 13, 2003 under the laws of the State of Delaware.
To date, its only activities have been preparing for this offering and accepting
capital contributions of $1,000 from the general partner and $1 from the initial
limited partner. The Fund has not begun trading. Therefore, the financial
statement of the Fund included in the prospectus is not indicative of future
operating results. The Fund's future operating results will depend in large part
upon the commodity and financial futures markets in general, the Index SPC's
performance, changes in interest rates and the amount of subscriptions and
redemptions. Because of the nature of these factors and their interaction, it is
impossible to predict future operating results, financial position and cash
flows of the Fund.

The portfolio managers will make all trading decisions on behalf of the
Index SPC. The general partner will have no control over the operation of the
Index SPC. The Fund's performance results will be reported to you monthly along
with a discussion of the Index SPC's trading activities. As a limited partner,
however, you will not know the Index SPC's actual positions.

CRITICAL ACCOUNTING POLICIES--VALUATION OF THE INDEX SPC'S POSITIONS

The general partner believes that the accounting policies that will be most
critical to the Fund's financial condition and results of operations relate to
the valuation of the Index SPC's positions. The majority of the Index SPC's
positions will be exchange-traded futures contracts, which will be valued daily
at settlement prices published by the exchanges. The Index SPC's spot and
forward foreign currency contracts will also be valued at published daily
settlement prices or at dealers' quotes. Swap contracts generally will be valued
by reference to published settlement prices or dealers' quotes in related
markets or other measures of fair value deemed appropriate by the general
partner. The general partner does not believe that the Index SPC will trade
swaps to a significant degree. Thus, the general partner expects that under
normal circumstances substantially all of the Index SPC's assets, and as a
result the Fund's assets, will be valued by objective measures and on a timely
basis.

PERFORMANCE INFORMATION

THE FUND

THIS POOL HAS NOT COMMENCED TRADING AND DOES NOT HAVE ANY PERFORMANCE
HISTORY.

THE GENERAL PARTNER

The following Capsule A sets forth performance information for the 10 other
pools operated to date by the general partner. All 10 of these pools are
multi-advisor pools. These pools differ materially from the Fund in that the
Fund's objective is to track the performance of the Index, before expenses of
the Fund. In addition, interest income may constitute a significant portion of
the 10 multi-advisor pools' total income and may generate profits where there
have been losses from futures, forwards and options trading. The Fund itself
will not earn more than a de minimis amount of interest income as it will invest
substantially all of its assets in the Index SPC, although the performance of
the Index SPC may be affected by the interest income it earns on its assets.

In Capsule A, "current net asset value" for each pool was determined on a
monthly basis based on the mark-to-market value of the pool's assets less its
liabilities in accordance with generally accepted accounting principles in the
United States. Mercury MTC (Cayman) Limited and Venus MTC (Cayman) limited are
designated as "principal protected," which is a CFTC term that means a pool
commonly referred to as a "guaranteed pool" that is designed to limit the loss
of the initial investments of its participants. In these pools, the parent of
the general partner has guaranteed that investors of these funds would recover
substantially all of their capital invested upon partial or full redemption of
principal to the extent that the pools were carried by Refco, LLC.

Please note the following with respect to the pools represented in Capsule
A. The total amount of money raised from investors and the total number of
investors in MBFB I Trading Company Limited was $1,984,999,800 and one
respectively. The total amount of money raised from investors and the total
number of investors in Refco Global Financial Futures Trust (Thales Bermuda LP)
was $8,592,697 and 90

16
<Page>
respectively. The total amount of money raised from investors and the total
number of investors in Capricorn Trading Co. Limited was $6,940,746 and one
respectively. The total amount of money raised from investors and the total
number of investors in Mercury MTC (Cayman) Limited was $27,623,781 and one
respectively. The total amount of money raised from investors and the total
number of investors in Venus MTC (Cayman) Limited was $43,260,813 and one
respectively. The total amount of money raised from investors and the total
number of investors in Selective Financial Portfolio Limited was $7,035,769 and
11 respectively. The total amount of money raised from investors and the total
number of investors in Northern Star Hedge Fund I through November 30, 2003 was
$43,676,694 and 253 respectively. The total amount of money raised from
investors and the total number of investors in The Admiral Futures Fund, Ltd.
was $1,388,881 and 263 respectively. The total amount of money raised from
investors and the total number of investors in Clark Street Futures Fund was
$2,806,266 and 268 respectively. The total amount of money raised from investors
and the total number of investors in Dearborn Street Futures Fund was $1,101,645
and 156 respectively.

The general partner performed the same administrative duties for each of the
commodity pools it operates. The general partner as fund manager selects
different commodity trading advisors with varying strategies to trade each
pool's funds. Many of the funds utilized the same commodity trading advisors
sometimes utilizing different strategies.

The market conditions over the past several years have been both volatile
and bearish putting downward pressure on funds and the market in general. One
commodity trading advisor that managed funds in the Admiral Fund Ltd. and The
Clark Street Futures Fund traded predominantly foreign currency futures,
oftentimes taking short positions. The advisor's strategy was very volatile and
produced large swings in profit and loss as reflected in the fluctuating rate of
return.

Dearborn Street Futures Fund due to its size was limited in its ability to
diversify and to find commodity trading advisors willing to manage a fund with
limited resources. The poor performance caused investors to redeem making it
increasingly difficult for the commodity trading advisors to improve
performance, thus that fund continued in a downward spiral.

There is no assurance that a combination of advisors, programs or market
factors that produced positive results in the past will do so in the future.

17
<Page>
CAPSULE A

CAPSULE PERFORMANCE OF OTHER POOLS OPERATED BY THE GENERAL PARTNER

JANUARY 1, 1998 - NOVEMBER 30, 2003

<Table>
<Caption>
REFCO GLOBAL
MBFB I FINANCIAL MERCURY
TRADING FUTURES TRUST CAPRICORN MTC VENUS MTC
COMPANY (THALES TRADING CO. (CAYMAN) (CAYMAN)
LIMITED BERMUDA LP) LIMITED LIMITED LIMITED
NAME OF POOL: ---------------- --------------- --------------- ------------ ------------

Privately Privately
Offered/ Offered/
Privately Privately Privately Principal Principal
Type of Pool: Offered Offered Offered Protected Protected

July 1, April 8, February 9, April 1, April 1,
Inception of Trading: 1994 1998 1998 1992 1993

July 31, November 30, November 30, April 30, June 30,
Date of Liquidation (if applicable) 1999 2003 2003 2000 2000

Aggregate Gross Subscriptions: $1,984,999,800 $8,592,697 $6,940,746 $27,623,781 $43,260,813

Current Net Asset Value as of Nov. 30, 2003: $0 $0 $0 $0 $0

(5.23)% (8.00)% (5.68)% (6.08)% (6.00)%
Worst Monthly Drawdown*: (1/99) (4/00) (7/98) (11/98) (12/98)

(17.48)% (22.14)% (9.93)% (9.39)% (15.23)%
Worst Peak-to-Valley Drawdown**: (2/98-7/98) (7/99-11/01) (5/99-12/02) (1/99-5/99) (3/98-8/98)
---------------- --------------- --------------- ------------ ------------

2003 Compound Rate of Return: -- (1.44)% 16.36% -- --

2002 Compound Annual Rate of Return: -- 6.99% (2.48)% -- --

2001 Compound Annual Rate of Return: -- (4.66)% (0.02)% -- --

2000 Compound Annual Rate of Return: -- (10.03)% (3.57)% 0.02% (4.49)%

1999 Compound Annual Rate of Return: (1.53)% 5.48% 5.62% 13.92% 16.31%

1998 Compound Annual Rate of Return: 10.72% 9.49% (0.64)% 17.57% (0.23)%
(from (from
April 8, February 9,
1998) 1998)
</Table>

- ------------------------

*"Worst Monthly Drawdown" is the largest negative monthly rate of return
experienced by a pool.

**"Worst Peak-to-Valley Drawdown" is the greatest percentage decline in net
asset value experienced by a pool without such net asset value being
subsequently equaled or exceeded. For example, if the value of a pool unit
dropped by 1% in each of January and February, rose 1% in March and dropped
again by 2% in April, a "Peak-to-Valley Drawdown" would be still continuing at
the end of April in the amount of approximately (3)%, whereas if the value of
the pool unit has risen by approximately 2% or more in March, the drawdown
would have ended as of the end of February at the (2)% level.

PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.
PURCHASERS OF UNITS WILL ACQUIRE NO INTEREST IN THESE POOLS.

18
<Page>
CAPSULE A (CONTINUED)

CAPSULE PERFORMANCE OF OTHER POOLS OPERATED BY THE GENERAL PARTNER

JANUARY 1, 1998 - NOVEMBER 30, 2003

<Table>

SELECTIVE DEARBORN
FINANCIAL NORTHERN THE ADMIRAL STREET
PORTFOLIO STAR HEDGE FUTURES FUND, CLARK STREET FUTURES
NAME OF POOL: LIMITED FUND I LTD. FUTURES FUND FUND
------------ ------------ -------------- ------------ ------------
Privately Privately Publicly Publicly Publicly
Type of Pool: Offered Offered Offered Offered Offered

September 1, January 1, June 18, August 18, August 18,
Inception of Trading: 1998 1999 1981 1983 1983

June 30, Not October 31, October 31, October 31,
Date of Liquidation (if applicable) 2003 Applicable 2001 2002 2001

Aggregate Gross Subscriptions: $7,035,769 $43,676,694 $1,388,881 $2,806,266 $1,101,645

Current Net Asset Value as of Nov. 30, 2003: $0 $44,066,021 $0 $0 $0

(4.75)% (5.23)% (14.51)% (20.34)% (15.49)%
Worst Monthly Drawdown*: (4/01) (4/00) (3/00) (11/01) (2/01)

(18.51)% (28.70)% (34.47)% (32.82)% (70.99)%
Worst Peak-to-Valley Drawdown**: (5/99-03/03) (5/99-3/03) (3/00-5/00) (3/00-5/00) (2/98-9/01)
------------ ------------ -------------- ------------ ------------

2003 Compound Rate of Return: 2.93% 1.32% -- -- --

2002 Compound Annual Rate of Return: (5.66)% (0.52)% -- 45.27% --

2001 Compound Annual Rate of Return: (0.15)% (8.82)% (3.58)% (15.04)% (23.79)%

2000 Compound Annual Rate of Return: (2.52)% (9.86)% 18.88% 16.67% (22.57)%

1999 Compound Annual Rate of Return: (9.53)% (1.48)% 11.31% 5.20% (14.37)%

1998 Compound Annual Rate of Return: 1.82% -- 9.91% 2.07% (10.67)%
(from
September 1,
1998)
</Table>

- ------------------------

*"Worst Monthly Drawdown" is the largest negative monthly rate of return
experienced by a pool.

PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.
PURCHASERS OF UNITS WILL ACQUIRE NO INTEREST IN THESE POOLS.

19
<Page>
THE SUB-INVESTMENT MANAGER

The pro forma performance record of the Index SPC is set forth in
Capsules B and C below. The Sub-Investment Manager also acts as the investment
manager or commodity pool operator for other privately offered limited
partnerships and as the sponsor of other offshore investment vehicles. The
performance results of these other vehicles are not being presented pursuant to
relief under CFTC Regulation 4.7.

THE INDEX SPC--PRO FORMA EXTRACTED PERFORMANCE

The Index SPC trades pursuant to two different programs. The Fund's assets
will be traded pursuant to the Index SPC's S&P Managed Futures Index
Program--which allocates assets to the 14 constituents of the Index proportional
to their weight in the Index. The 14 constituents of the Index are listed
beginning on page 27. The Index is rebalanced annually in January to equal
weighting among constituents. The other program traded by the Index SPC is the
S&P Hedge Fund Index which allocates assets to only four of the 14 constituents.
The Index SPC began trading the S&P Hedge Fund Index program on July 16, 2002
and began trading the S&P Managed Futures Index program on December 10, 2002. As
of December 10, 2002, the S&P Managed Futures Index Program made allocations to
12 of the constituents and on December 23, 2002, it made allocations to the
remaining two constituents (Eclipse Capital Management, Inc. and John W. Henry &
Company, Inc). Standard & Poor's began calculating the S&P Managed Futures Index
values on January 1, 2003.

To present the fairest representation of the Index SPC's S&P Managed Futures
Index program performance (and not the S&P Hedge Fund Index program which will
not be used for the Fund), the following capsule (1) excludes the performance
related to the S&P Hedge Fund Index program and (2) aggregates the performance
of the 14 portfolios to develop composite figures to reflect the Index SPC's
performance with respect to only the S&P Managed Futures Index program. In
addition, to illustrate the effect of the Fund's fees and expenses, Capsule B-1
has been adjusted to reflect the fees to which the Class A units of the Fund
will be subject (with the exception of possible redemption fees) and Capsule B-2
has been adjusted to reflect the fees to which the Class B Units of the Fund
will be subject. Please refer to page 30 for a description of the fees to which
the Fund will be subject.

20
<Page>
CAPSULE B-1

PRO FORMA CAPSULE PERFORMANCE OF SPHINX-TM- MANAGED FUTURES FUND SPC

(ADJUSTED TO REFLECT THE FUND'S CLASS A UNITS' FEES)

Name of Pool: SPhinX Managed Futures Fund SPC (Pro Forma)
Type of Pool: Privately Offered
Inception of Trading: December 10, 2002
Aggregate Gross Subscriptions: $163,601,500
Current Net Asset Value: $162,676,496 (as of October 31, 2003)
Largest Pro Forma Monthly Draw-down*: (8.02)% (3/03)
Worst Pro Forma Peak-to-Valley Draw-down**: (12.29)% (2/03-9/03)

<Table>
<Caption>
RATES OF RETURN
(COMPUTED ON A
COMPOUNDED
MONTHLY BASIS)
----------------------
MONTH 2003 2002
- ----- -------- --------

January..................................................... 6.53%

February.................................................... 6.51%

March....................................................... (8.02)%

April....................................................... 0.37%

May......................................................... 6.00%

June........................................................ (5.67)%

July........................................................ (3.18)%

August...................................................... 0.81%

September................................................... (2.66)%

October..................................................... 0.22%

November....................................................

December.................................................... 5.19%

Year........................................................ (0.27)% 5.19%
</Table>

- -------------------

*"Largest Pro Forma Monthly Drawdown" is the largest negative monthly rate of
return experienced by a pool.

**"Worst Pro Forma Peak-to-Valley Drawdown" is the greatest percentage decline
in net asset value of a pool experienced by the pool without such net asset
value being subsequently equaled or exceeded. For example, if the value of a
pool unit dropped by 1% in each of January and February, rose 1% in March and
dropped again by 2% in April, a "Peak-to-Valley Drawdown" would still be
continuing at the end of April in the amount of approximately (3)%, whereas if
the value of the pool unit had risen by approximately 2% or more in March, the
drawdown would have ended as of the end of February at the (2)% level.

PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.

21
<Page>
CAPSULE B-2

PRO FORMA CAPSULE PERFORMANCE OF SPHINX-TM- MANAGED FUTURES FUND SPC

(ADJUSTED TO REFLECT THE FUND'S CLASS B UNITS' FEES)

Name of Pool: SPhinX Managed Futures Fund SPC Pro Forma
Type of Pool: Privately Offered
Inception of Trading: December 10, 2002
Aggregate Gross Subscriptions: $163,601,500
Current Net Asset Value: $162,676,496 (as of October 31, 2003)
Largest Pro Forma Monthly Draw-down*: (7.86)% (3/03)
Worst Pro Forma Peak-to-Valley Draw-down**: (11.25)% (2/03-9/03)

<Table>
<Caption>
RATES OF RETURN
(COMPUTED ON A
COMPOUNDED
MONTHLY BASIS)
----------------------
MONTH 2003 2002
- ----- -------- --------

January..................................................... 6.70%

February.................................................... 6.68%

March....................................................... (7.86)%

April....................................................... 0.53%

May......................................................... 6.18%

June........................................................ (5.51)%

July........................................................ (3.01)%

August...................................................... 0.98%

September................................................... (2.49)%

October..................................................... 0.38%

November....................................................

December.................................................... 5.36%

Year........................................................ 1.41% 5.36%
</Table>

- -------------------

*"Largest Pro Forma Monthly Drawdown" is the largest negative monthly rate of
return experienced by a pool.

PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.

22
<Page>
THE GENERAL PARTNER

RefcoFund Holdings, LLC, the general partner, is a Delaware limited
liability company organized on January 21, 1999. RefcoFund Holdings, LLC is the
successor entity after a merger with RefcoFund Holdings Corporation. RefcoFund
Holdings Corporation was incorporated in Delaware on May 16, 1981 under the name
ContiFund Management Corporation. As of November 30, 2003, the general partner
was managing approximately $44 million in client assets.

RefcoFund Holdings is the futures asset management subsidiary of Refco Group
Ltd., LLC, which is the parent company of a network of global firms providing
financial services to a broad range of predominantly institutional clients on a
world-wide basis. The core of these activities consists of the brokerage and
clearing of financial and commodity futures and options contracts on global
regulated markets. The general partner administers, monitors and structures
money management products for investors and manages futures funds. The general
partner currently manages futures trading products in Asia, Europe, Canada and
the United States.

The general partner has been registered with the CFTC as a commodity pool
operator since October 14, 1981 and as a commodity trading advisor since
September 21, 1993 and is a member of NFA. The registration of the general
partner with the CFTC must not be taken as an indication that the CFTC has
recommended or approved either the general partner or the Fund.

The general partner will be required to make and maintain a cash general
partnership investment in the Fund equal to 1% of the total contributions of all
limited partners to the Fund. The General Partner will make this investment
prior to the time the Fund makes its investment in the Index SPC. The general
partner may make withdrawals of any investment in excess of this amount.
However, the general partner has no intent or commitments to, nor is it a
reasonable possibility that the general partner will, fund cash flow deficits,
if any, or provide other direct or indirect financial assistance to the Fund.
Other than the required contribution, it is not anticipated that the general
partner or its affiliated entities will make investments in the Fund. Joseph
Murphy will be responsible for allocating the Fund's assets to the Index SPC.

The principals of the general partner presently anticipate making
investments in the Fund. Units purchased by them, the general partner and its
affiliates during the initial offering period will not be counted in determining
whether 5,000 Units have been sold in order to break escrow.

BACKGROUND AND MANAGEMENT

Phillip R. Bennett has been a Manager of the general partner since its
inception. Mr. Bennett has been the President of Refco Capital LLC since
September 1981 and President and Chief Executive Officer of Refco Group Ltd.,
LLC since March 1999 and May 1985, respectively. Mr. Bennett has also been a
manager of Refco Alternative Investments, LLC since its inception in October
1999. Mr. Bennett is also registered or has been registered with the CFTC as a
principal of the following Refco affiliates for the periods indicated: Baronson
Worldwide Futures LLC (February 2002 to March 2003); FLA Asset Management LLC
(July 1997 to date); Forstmann Leff Associates LLC (July 1997 to date);
Forstmann Leff International LLC (January 1998 to February 2001); FuturesNow LLC
(March 1999 to June 1999); Haut Commodities LLC (September 1999 to date); Lind
Waldock & Company LLC (February 2000 to September 2001); Lind Waldock Financial
Partners LLC (February 2000 to date); Refco, LLC (December 1985 to date); and
RefcoFund Management LLC (April 2000 to date). Mr. Bennett received his M.A. in
Geography from Cambridge University in 1970.

Richard C. Butt has been president of the general partner since November
2003. Mr. Butt has also been a Senior Vice-President of Refco Alternative
Investments LLC since October 2003. He is in charge of the development for
various hedge fund and structured note products, as well as the fund
administration, operations and accounting for various products offered by the
alternative investment division within Refco. From January 2002 to October 2003
Mr. Butt was Executive Vice President of Global Distribution Strategies Inc., a
global financial products distribution company. From April 2000 to December
2001, Mr. Butt was responsible for the operations of the Orbitex Financial
Services Group, a global financial services firm. From July 1998 to April 2000,
he worked as an independent consultant. From May 1996 to June 1998, he was a
Managing Director with Forum Financial Group, a third party administrator of
mutual

23
<Page>
funds and other financial products. From December 1994 to May 1996, he was a
Director with KPMG Peat Marwick LLP in their financial services consulting
practice. Mr. Butt is a certified public accountant since 1981 and holds a A.B.
in Management Science from Duke University.

Thomas Hackl has been a Manager of the general partner since July 2003.
Mr. Hackl joined Refco Group Ltd., LLC in June 2002, as a member of the
management Committee and Executive Vice President of Refco Group Ltd., LLC and
is in charge of global asset management. Mr. Hackl has been the Manager of
RefcoFund Management LLC since December 2003. Mr. Hackl was the Head Treasury
and Investment Banking in BAWAG--PSK Group, Austria's largest private bank until
May 2002. He joined BAWAG in July 1991. He was also a member of various other
positions related to BAWAG. Prior to that, he was a Department Head at
Badenwuerttembergische Bank in Stuttgart, Germany from October 1987 to
June 1991. Mr. Hackl graduated from the University of Mannheim, Germany with a
degree in Business Administration.

Joseph Murphy has been a Manager of the general partner since October 1999.
In addition, Mr. Murphy has been a Manager of Refco Alternative Investments, LLC
since October 1999. Mr. Murphy has also been the President of Refco, LLC, one of
the largest institutional and retail brokers in the world since March 1999. He
is also Executive Vice President of Refco Group Ltd., LLC, a provider of a broad
range of financial services to clients located throughout the world. Mr. Murphy
is also registered or has been registered with the CFTC as a principal of the
following Refco affiliates for the periods indicated: Baronson Worldwide Futures
LLC (February 2002 to March 2003); FLA Asset Management LLC (April 2000 to
date); Forstmann Leff Associates LLC (March 2000 to date); Forstmann Leff
International LLC (April 2000 to February 2001); FuturesNow LLC (November 1999
to May 2001); Haut Commodities LLC (April 2000 to date); Lind Waldock & Company
LLC (February 2000 to September 2001); Lind Waldock Financial Partners LLC
(February 2000 to date); Refco Trading Services (December 2003 to date); and
RefcoFund Management LLC (April 2000 to date). Prior to joining Refco,
Mr. Murphy was at Chase Manhattan Bank from August 1988 to May 1995 and
Executive Managing Director at HSBC Futures from June 1995 to March 1999.
Mr. Murphy received his Bachelor of Science from Providence College.
Mr. Murphy's professional affiliations include serving as Vice-Chairman of the
Board for the Futures Industry Association, Vice-Chairman of the Board of Trade
Clearing Corporation, a director of the NFA, and a member of the Advisory Board
for NQLX.

Philip Silverman has been Secretary of the general partner since June 1996.
In addition, Mr. Silverman has been a Manager and Secretary of Refco Alternative
Investments, LLC since October 1999. Mr. Silverman has served as Secretary of
Refco Group Ltd., LLC since June 1997, as Vice President and Secretary of
Forstmann-Leff International Associates, LLC since May 1997, as Secretary of
Forstmann Leff International, LLC since May 1997, as Secretary of RefcoFund
Management LLC since June 1996 and as a Manager of Forstmann-Leff Associates,
LLC since June 1997. Mr. Silverman received his B.B.A. in Marketing/Accounting
from Baruch College in 1976 and his MBA in Accounting from Long Island
University in 1980. Mr. Silverman is a certified public accountant.

THE SUB-INVESTMENT MANAGER

PlusFunds, the sub-investment manager, is a Delaware corporation organized
on March 25, 2002.

PlusFunds has been registered with the CFTC as a commodity pool operator
since July 1, 2002 and as a commodity trading advisor since March 14, 2003 and
is a member of NFA. The registration of PlusFunds with the CFTC must not be
taken as an indication that the CFTC has recommended or approved either
PlusFunds or the Fund. Chris Rose will be responsible for allocating the Index
SPC's assets among the portfolios.

The principals of PlusFunds do not presently anticipate making investments
in the Fund.

BACKGROUND AND MANAGEMENT

Gabriel Bousbib, Chief Executive Officer from July 2002 to present, Senior
Advisor from September 2001 to July 2002. From July 2001 to September 2001,
Mr. Bousbib was an advisor to Gryphon Investments, a private equity firm based
in St. Louis. From January 1996 to July 2001, Mr. Bousbib held a number of
operating and corporate development positions with the Reuters Group. In his
last position at Reuters, Mr. Bousbib was Managing Director of Business
Development with responsibility for Reuters acquisitions and strategic
investments in the buy-side and technology segments. During his tenure,

24
<Page>
Mr. Bousbib led Reuters' largest acquisitions in the Americas, as well as in the
financial technology space and was involved in Reuters' first investment in the
wealth management space. Mr. Bousbib was previously Senior Vice President and
Chief Operating Officer, Risk Management Division, Reuters America Holdings. He
had overall operational responsibility for Reuters' application software
business in the Americas, including sales and marketing, technical and
application support, as well as development and financial engineering. Prior to
joining Reuters, Mr. Bousbib was a Managing Director and principal of the CBM
Group, Inc., a management consulting firm specializing in financial services and
risk management, from July 1992 to December 1995. From January 1992 to July 1992
Mr. Bousbib consulted for two financial institutions (CIBC, BNP) on risk
management topics. Mr. Bousbib was the founder of MYCA Inc., a software company
developing risk management systems for derivative dealers, and remained with
MYCA Inc. from March 1989 to December 1991. Mr. Bousbib started his career in
the securities industry in May 1987 when he joined Merrill Lynch Capital Markets
as a risk manager and trader in Merrill Lynch's global derivatives group.
Mr. Bousbib holds an M.B.A. from Columbia University Graduate School of Business
and is a graduate from Ecole Polytechnique in Paris.

Christopher Sugrue, Chairman and Cofounder. Mr. Sugrue has been active in
the private equity and hedge fund market since January 1993 both as an investor
and advisor to various organizations in the alternative investments arena. From
January 1993 to December 1998 Mr. Sugrue was a Senior Vice President of Refco
Group Ltd, working directly for the Chairman and Principals of the firm.
Mr. Sugrue has also been registered with the CFTC as an associated person of the
following Refco affiliates for the periods presented: Refco, LLC (July 1995 to
June 2002) and RefcoFund Holdings, LLC (November 1997 to May 2000). From
December 1998 to present he has served as the Chairman of PlusFunds Group Inc.
Mr. Sugrue graduated from the College at the University of Chicago and also
holds a Masters Degree from the University of Chicago in Politics and Economics.

Diego Winegardner, Vice Chairman and Cofounder. Since September 1991,
Mr. Winegardner has been involved in all facets of the alternative investment
management process including manager research, due diligence, portfolio
construction and ongoing monitoring of related investments. From September 1996
until the formation of PlusFunds in April 1998, Mr. Winegardner founded and
served as President of Sagax Capital Management, Inc. At Sagax, Mr. Winegardner
launched a fund of funds investment partnership that managed assets in
alternative investments for high net worth clients as well as providing
consulting services to institutions investing in hedge funds. From November 1992
until August 1996, Mr Winegardner served as Managing Director of Alternative
Investments for The Winegardner Companies, a private family office. From January
1993 to October 1995 Mr. Winegardner was an Associated Person of Bolton
Financial Services, LLC. Mr. Winegardner began his career working for Bearbull
SA Geneva, Switzerland. He is a graduate of Cornell University.

Chris Aliprandi, Chief Financial Officer. Mr. Aliprandi has 20 years of
accounting and finance experience in the financial services and software
industries. Prior to joining PlusFunds in July 2002, Mr. Aliprandi was the Chief
Financial Officer of Kinexus Corporation from March 2000 to March 2002, a
software start-up that was sold to a public company in February of 2002. From
April 2002 to June 2002 Mr. Aliprandi acted as an independent consultant. Prior
to that from January 1997 to March 2000, Mr. Aliprandi was a Partner at Cantor
Fitzgerald L.P and served as the New York Controller. He managed a staff of 46
and was responsible for management and financial reporting. He also assisted
with the development of an S-1 registration statement and negotiation of several
financing transactions. Prior to joining Cantor Fitzgerald L.P., Mr. Aliprandi
was a Vice President at Bankers Trust Co. from January 1995 to January 1997 and
also a Vice President and Morgan Stanley and Co. from July 1986 to January 1995,
serving in the Controller function. Prior to that, Mr. Aliprandi was an audit
senior at Price Waterhouse and Company from July 1983 to July 1986.
Mr. Aliprandi is a CPA and has a B.S. in Accounting from the University of
Delaware.

Chris Rose, Chief Operating Officer. Mr. Rose has over 18 years experience
in the Capital Markets industry. Prior to joining PlusFunds in January 2000,
Mr. Rose was a Senior Manager at Ernst & Young from May 1999 to December 1999
specializing in electronic commerce in the Capital Markets arena. Prior to Ernst
and Young, Mr. Rose held a variety of strategic technology management positions
at J.P. Morgan from November 1990 to June 1994, Goldman Sachs from June 1994 to
May 1997 and Merrill Lynch from May 1997 to May 1999, focusing primarily on
global technology for the Institutional and High Net Worth Sales forces and
their Client. Mr. Rose is a graduate of Oxford University where he obtained a
Masters degree in Engineering.

25
<Page>
INVESTMENT PROGRAM

The Fund's investment objective is to seek investment returns that
substantially track the Index, before expenses of the Fund. Standard & Poor's
has long been recognized worldwide as a global provider of equity indices. In
October 2002, Standard & Poor's launched the Standard & Poor's Hedge Fund Index.
In January 2003, Standard & Poor's launched the Index, which is an expansion of
the managed futures subset of the Standard & Poor's Hedge Fund Index.
Standard & Poor's is responsible for calculating the Index and publishes Index
values on the Standard & Poor's website: www.standardandpoors.com in the S&P
Indices section. The Index is rebalanced annually or as required by Standard &
Poor's. Addition or deletion of Index constituents is at the sole discretion of
the Standard & Poor's Index Committee.

The Index is designed to offer an investable benchmark (a standard for
performance comparison that is available to investors as an investment itself)
comprising programs traded by commodity trading advisors selected by Standard &
Poor's as broadly representative of systematic trading strategies. As the
preponderance of managed futures trading strategies are systematic, with only a
limited number following a discretionary approach, Standard & Poor's has
selected only systematic strategies for the Index (although certain of these
strategies may have minor discretionary elements incorporated into their
systematic strategy). Systematic strategies tend to take positions based on
computer-generated models to identify trades, determine the size of positions
and precisely time trades. Unlike discretionary strategies, systematic
strategies do not take into account factors external to the market itself. For
purposes of the description of the Index, the commodity trading advisors and
their programs selected for the Index are referred to as constituents or
portfolio managers.

The general partner will pursue the Fund's investment objective by
allocating the Fund's assets to the Index SPC. The Index SPC, which is managed
by PlusFunds, allocates its assets to portfolio managers that generally employ a
broad range of systematic trading strategies in the futures markets. Other
markets, such as the interbank foreign exchange market, may be used as well. The
Index SPC is designed to track the Index, and thus to provide investors with
exposure to a broad cross-section of systematic managed futures strategies
through a single investment. Investors will have access to a variety of managed
futures strategies without being subject to high minimum requirements that might
otherwise be imposed. The Fund provides investors with access to professionally
selected managers who are considered by Standard & Poor's to be representative
of systematic managed futures trading strategies. These managers may not be
otherwise available to investors. The Fund will not invest in the Index, nor
will the return of the Fund exactly track the performance of the Index. See "THE
RISK YOU FACE--THE FUND WILL NOT PRECISELY TRACK THE INDEX." As constituent
allocations change from time to time in the Index as a result of Standard &
Poor's changes in Index composition, the Index SPC likewise intends to adjust
its allocations to reflect the Index composition.

The Index is designed as a benchmark of the performance of various
systematic managed futures trading strategies. Managed futures trading advisors
trade in financial and commodity markets around the world. Typical investment
and trading instruments used by trading advisors include futures contracts,
forward contracts, options on futures contracts, swaps and other derivative
products, and physical commodities. Trading advisors that follow a systematic
approach tend to take positions based on computer-generated models to identify
trades, determine size of positions and precisely time trades. The trading
advisors represented in the Index follow systematic trading approaches,
employing mainly technical trend-following and pattern recognition trading
methods. There are no limits on the amount of leverage a trading advisor may use
in connection with its trading strategies. See "THE RISK YOU FACE--RISK RELATED
TO MANAGED FUTURES."

The portfolio managers, which will be initially equally weighted within the
Index, are included in the Index are selected based on, among other things,
Standard & Poor's analysis of:

- the portfolio manager's trading strategy;

- risk/return characteristics;

- volatility levels;

- performance during various time periods and market cycles; and

- the structure of the portfolio manager's portfolio and the types of
instruments held.

26
<Page>

Other factors include: (1) the portfolio manager's reputation, experience
and training; (2) the portfolio manager's articulation of, and adherence to, the
portfolio manager's stated investment philosophy; (3) the quality and stability
of the portfolio manager's organization, including internal and external
professional staff, and (4) the presence and deemed effectiveness of the
portfolio manager's risk management discipline. Portfolio managers are generally
required to have two to three years of performance history to qualify for
inclusion in the Index, and minimum assets under management of $75 million using
the relevant trading strategy.

The process of constructing the Index begins by identifying a set of
candidate portfolio managers for potential membership by the Standard & Poor's
Index Committee. These candidates include portfolio managers of programs that
actively report data to certain public databases, as well as other portfolio
managers who do not report to the databases but are identified through other
means. From the set of the candidate portfolio managers, those portfolio
managers whose structure, behavior and/or history is, in the opinion of the
Standard & Poor's Index Committee, inconsistent with the institutional
constraints, requirements and the guidelines discussed elsewhere are eliminated.
A portfolio manager's methodology is analyzed for its adherence to its stated
strategy and its relevance to the Index. Historical returns for these programs
are collected from the portfolio managers. The returns are subject to a number
of screens in order to identify a subset of portfolio managers that would
satisfy the selection criteria of the Standard & Poor's Index Committee. In
addition to qualitative information such as portfolio manager
self-classification and the portfolio manager's description of investment
approaches, the Standard & Poor's Index Committee employs advanced statistical
methods in an effort to identify those portfolio managers that are most
representative of systematic managed futures strategies. Portfolio managers that
do not satisfy the minimum correlation criteria are generally not considered.
Statistical analysis techniques are used to group portfolio managers and to
check for internal consistency with the required criteria.

The Standard & Poor's Index Committee is charged with overseeing the
methodology and operations of the Index and has primary responsibility for the
Index's strategy classifications, composition and methodology. The Standard &
Poor's Index Committee is also responsible for ensuring that the Index maintains
the standards outlined above. The Standard & Poor's Index Committee is
controlled by representatives, including the Chairperson, from Standard &
Poor's, but may include industry experts from outside Standard & Poor's.

The Index is not managed in an effort to achieve specific investment returns
or with regard to the interests of the Fund, the Index SPC or their investors.
The constituents of the Index, a more detailed description of the Index
structure, methodology, definitions and practices prepared by Standard & Poor's,
as well as the results for the Index, are available on the S&P Indices area of
www.standardandpoors.com. The contents of that website are not incorporated by
reference into this prospectus.

THE INDEX SPC

The Index SPC was organized in July 2002 as a Cayman Islands exempted
segregated portfolio company and operates pursuant to Part XIV of the Companies
Law (2002 Revisions).

Since the Index SPC is designed to achieve returns that substantially track
the Index, portfolio managers generally are selected based on such portfolio
manager's representation in the Index, and allocations among the portfolio
managers are generally made according to a weighting scheme that is designed to
replicate the weighting scheme applied by Standard & Poor's in respect to the
Index. See "RISK FACTORS--THE INDEX SPC MAY NOT BE ABLE TO ACCESS ALL PORTFOLIO
MANAGERS." As of the date of this prospectus, the portfolio managers (and the
trading programs they use for the Index) are:

- Aspect Capital Limited (Aspect Diversified Program);

- Beach Capital Management Limited (Beach Discretionary Programme);

- Campbell & Company, Inc. (Financial, Metals & Energy Large Portfolio);

- Chesapeake Capital Corporation (The Diversified Program);

- Drury Capital Inc. (Diversified Trend-Following Program);

- Dunn Capital Management, Inc. (Dunn Combined Financial);

- Eclipse Capital Management, Inc. (Global Monetary Program);

27
<Page>

- Graham Capital Management, L.P. (Global Diversified Program);

- Hyman Beck & Company, Inc. (The Global Portfolio);

- John W. Henry & Company, Inc. (Global Financial & Energy Portfolio);

- Millburn Ridgefield Corporation (Diversified Portfolio);

- Rotella Capital Management, Inc. (The Polaris Program);

- Willowbridge Associates Inc. (Argo Trading System); and

- Winton Capital Management Ltd. (Diversified Program).

These portfolio managers, and their strategies, are subject to change.

The Index SPC will adhere to the following investment restrictions, some of
which have more application to securities trading rather than futures trading:

- No more than 20% of the value of the gross assets of the assets allocated
to a portfolio manager may be lent to or invested in the securities of any
one issuer or may be exposed to the creditworthiness or solvency of any
one counterparty;

- No more than 40% of the value of the gross assets of the assets allocated
to a portfolio manager may be invested in any other fund or may be
allocated to any other manager to manage on a discretionary basis,
provided that the other fund or manager operates on the principle of risk
spreading;

- No more than 20% of the value of the gross assets of the Index SPC may be
invested in other funds whose principal investment objective includes
investing in other funds;

- The portfolios traded by the portfolio managers on behalf of the Index SPC
may not take legal or management control of the issuer or any of its
underlying assets; and

- The portfolio managers must observe the general principle of
diversification of risk in their derivatives trading.

Except where specified to the contrary, the above restrictions apply as of
the date of the relevant transaction or commitment to invest. Changes in the
investments of the Index SPC will not have to be effected merely because any of
the limits contained in such restrictions would be breached as a result of any
appreciation or depreciation in value, or by reason of the receipt of any right,
bonus or benefit in the nature of capital or of any scheme or arrangement for
amalgamation, reconstruction or exchange or by reason of any other action
affecting every holder of the relevant investment. However, no further relevant
securities will be acquired until the limits are again complied with. In the
event that any of the investment restrictions are inadvertently breached,
PlusFunds will take reasonable steps to rectify the breach.

The general partner does not intend to invest the Fund's assets directly
other than in the Index SPC, except that the general partner may invest funds
temporarily in U.S. government obligations, money market accounts or other
short-term interest-bearing accounts. The Fund will not borrow money for the
purposes of making investments in the Index SPC. The Fund may borrow money on a
secured or unsecured basis from banks for cash management purposes, and will pay
interest on such borrowed monies. There is no internal limit on the amount that
the Fund may borrow.

Refco, LLC, an affiliate of the general partner and of the selling agent,
acts as futures broker for the Index SPC and in such capacity provides
execution, clearing and margin services in connection with futures and
commodities trading activities. Neither Refco, LLC nor any of its principals
have been subject to any administrative, civil or criminal action, whether
pending, on appeal or concluded, within the preceding five years that Refco, LLC
would deem material for purposes of Part 4 of the Regulations of the CFTC except
as follows. On May 24, 1999, Refco, Inc. (the predecessor to Refco, LLC) settled
a CFTC administrative proceeding (In the Matter of Refco, Inc., CFTC Docket No.
99-12) in which Refco, Inc. was alleged to have violated certain order taking,
recordkeeping and supervisory rules. The CFTC allegations pertained to the
period from January 1995 through December 1995 in which Refco, Inc. took trading
instructions from an independent introducing broker/broker-dealer that had
discretionary trading authority

28
<Page>

over approximately 70 accounts. Without any hearing on the merits and without
admitting any of the allegations, Refco, Inc. settled the proceeding and agreed
to payment of a $6 million civil penalty, entry of a cease and desist order,
funding of a study on order entry and transmission procedures, and a review of
its compliance policies and procedures related to its handling of trades by
floor and back office personnel. Refco, LLC does not believe that any of the
foregoing matters are material to the clearing and execution services that it
will render to the Index SPC. Refco Capital Markets, also an affiliate of the
general partner and of the selling agent, acts as the dealer for the Index SPC
for currency trading.

Neither the Fund nor the Index SPC are sponsored, endorsed, sold or promoted
by Standard & Poor's. Standard & Poor's makes no representation or warranty,
express or implied, to investors in the Fund regarding the advisability of
investing in managed futures generally or in the Fund particularly or the
ability of the Index to track the market performance of managed futures.
Standard & Poor's only relationship to PlusFunds and the Refco Group is the
licensing of various trademarks and trade names of Standard & Poor's and of the
Standard & Poor's Managed Futures Index, which is determined, composed and
calculated by Standard & Poor's without regard to PlusFunds, the Refco Group,
the Fund or the Index SPC. Standard & Poor's has no obligation to take the needs
of PlusFunds, the Refco Group, or investors in the Fund or the Index SPC into
consideration in determining, composing or calculating the Standard & Poor's
Managed Futures Index. Standard & Poor's is not responsible for, and has not
participated in, the determination of the timing of, prices at or quantities of
interests in the Fund or the Index SPC to be issued. Standard & Poor's has no
obligation or liability in connection with the administration, marketing or
trading of the Fund or the Index SPC.

STANDARD & POOR'S DOES NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF
THE INDEX OR ANY DATA INCLUDED THEREIN AND STANDARD & POOR'S SHALL HAVE NO
LIABILITY FOR ANY ERRORS, OMISSIONS OR INTERRUPTIONS THEREIN. STANDARD & POOR'S
MAKES NO WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED FROM THE USE
OF THE INDEX OR ANY DATA INCLUDED THEREIN. STANDARD & POOR'S MAKES NO EXPRESS OR
IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR
FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE INDEX OR ANY DATA
INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL
STANDARD & POOR'S HAVE ANY LIABILITY FOR ANY SPECIAL, PUNITIVE, INDIRECT OR
CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS), EVEN IF NOTIFIED OF THE
POSSIBILITY OF SUCH DAMAGES.

THE FUND'S INVESTMENT STRATEGIES INVOLVE SUBSTANTIAL RISK. THERE CAN BE NO
ASSURANCE THAT THE INVESTMENT OBJECTIVE OF THE FUND WILL BE ACHIEVED, OR THAT
THE FUND WILL HAVE ANY PROFITS OR WILL NOT EXPERIENCE SUBSTANTIAL LOSSES.

USE OF PROCEEDS

The general partner expects that the proceeds from the sale of Units, net of
amounts the Fund retains to cover ongoing offering and operating expenses, will
be invested in the Index SPC as soon as practicable after the receipt of such
proceeds by the Fund.

The Fund will not lend any of its assets to any person or entity other than
through permitted securities investments, like repurchase agreements. The
general partner will not commingle the property of the Fund with the property of
any other person or entity in violation of law.

CHARGES

The general partner believes that you should consider the charges to which
the Fund is subject when making your investment decision.

29
<Page>
CHARGES PAID BY THE FUND

<Table>
RECIPIENT NATURE OF PAYMENT AMOUNT OF PAYMENT
- ------------------------------------------ ------------------------------------------ ------------------------------------------

General Partner........................... Management Fee The Fund will pay the general partner a
monthly management fee equal to 0.346% of
the Fund's Class A Units' net assets and
0.179% of the Fund's Class B Units' net
assets as of the end of each month (a
4.15% and a 2.15% annual rate,
respectively). From this amount the
general partner will pay the
organizational and initial offering
expenses of the Fund, selling commissions,
ongoing servicing fees, installment
selling commissions and sub-investment
manager costs. The fee is payable
regardless of whether or not the Fund's
investment in the Index SPC is profitable.

General Partner........................... Redemption Fees A redemption fee of 3% of net asset value
per Class A Unit applies if you redeem
Class A Units within 12 months of their
original purchase. After the 12th month
following purchase of a Class A Unit, no
redemption fees apply. The Class B Units
are not subject to redemption fees.

Index SPC................................. Pro rata portion of the expenses of the As a limited partner in the Index SPC, the
Index SPC Fund will pay its pro rata share of the
fees and expenses of the Index SPC, which
include (1) management fees and incentive
fees, if any, paid to the portfolio
managers; (2) administration fees and
expenses; (3) brokerage commissions and
other transaction-related expenses; and
(4) organizational expenses, accounting,
audit and legal expenses, custodial fees
and any extraordinary expenses. The
management fees paid to the portfolio
managers generally are expected to range
from 1% to 2.50% per annum of the assets
allocated to a portfolio manager. Each
portfolio manager also receives an annual
incentive fee based on the net trading
gain of the assets allocated to the
portfolio manager. The incentive fees are
generally expected to range from 15% to
25% of net trading gain.

Third Parties............................. Operating Expenses Paid as incurred, these expenses include
the legal, audit, administrative, ongoing
offering and other routine expenses of the
Fund. These costs are estimated at an
annual rate of 0.80% of the Fund's net
asset value.
</Table>

MANAGEMENT FEE

The Fund will pay the general partner a monthly management fee equal to
0.346% of the Fund's Class A net assets and 0.179% of the Fund's Class B net
assets as of the end of each month (a 4.15% and 2.15% annual rate,
respectively). The management fee is calculated and payable as of the last
business day

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of each month. The management fee is calculated without reduction of net assets
for any distributions or redemptions accrued or payable as of the date the fees
are calculated. The management fee is payable whether or not the Fund's
investment in the Index SPC is profitable.

From its management fee, the general partner will pay the organizational and
initial offering expenses of the Fund and the fees and expenses described below.

SUB-INVESTMENT MANAGEMENT FEE. The general partner has entered into a
sub-investment management agreement with PlusFunds, the investment manager of
the Index SPC, to obtain information and assistance from PlusFunds to facilitate
the management of the Fund. Pursuant to the sub-investment management agreement,
PlusFunds will provide the Fund with (1) the information necessary for its
investors to prepare any required tax filings and (2) daily indicative and
monthly finalized net asset values for the Units, including month to date and
year to date performance. The general partner will compensate PlusFunds directly
from the management fee it receives from the Fund.

SELLING AGENT COMPENSATION. The general partner will pay the selling agents
from its management fee an upfront selling commission equal to 3% of the
subscription amount of Class A units. The general partner will also pay with
respect to the Class A Units, ongoing service fees beginning in the 13th month
following the purchase of Class A Units equal to 0.167% of the Class A Units'
month-end net assets (a 2.00% annual rate). The Class B Units are not subject to
these commissions or ongoing servicing fees.

REDEMPTION FEES

A redemption fee of 3% of net asset value per Class A Unit applies if you
redeem Class A Units within 12 months of their original purchase. After the 12th
month following purchase of a Class A Unit, no redemption fees apply. The
redemption fee will be paid to the general partner. The Class B Units are not
subject to redemption fees.

FUND'S PRO RATA SHARE OF THE FEES AND EXPENSES OF THE INDEX SPC

The objective of the Fund is to seek investment returns that track the
Index, before expenses of the Fund. The only fees to which the Fund will be
subject but the Index will not are discussed above and in "Operating Expenses"
and "Extraordinary Expenses" below. However, you should be aware that in order
for the Fund to make a positive rate of return, its investment in the Index SPC
must make a positive rate of return. In order for the Index SPC to make a
positive rate of return, the Index SPC must first pay all of the expenses
inherent to the Index. These expenses include (1) management fees and incentive
fees, if any, paid to the portfolio managers; (2) administration fees;
(3) brokerage commissions and other transaction-related expenses; and
(4) organizational expenses, accounting, audit and legal expenses, and any
extraordinary expenses.

The management fees paid to the portfolio managers generally are expected to
range from 1% to 2.50% per annum of the assets that they manage and are payable
monthly as of the last day of each month. Each portfolio manager may also
receive an annual incentive fee based on the net trading gain of the assets that
it manages. The incentive fees are determined as of December 31 each year and on
redemptions from the Index SPC other than as of December 31, and are generally
expected to range from 15% to 25% of net trading gain. Net trading gain is equal
to the change in unrealized profit or loss (net of all accrued brokerage costs)
during the period, plus the realized profit or loss on positions closed during
the period (net of all brokerage costs), less any accrued interest on uninvested
cash, minus expenses for the period (excluding incentive fee, management fee and
applicable administration fee), less the period-to-period loss carryforward, if
any.

OPERATING EXPENSES

The Fund will pay its own ordinary expenses as incurred. These expenses
include administrative fees, ongoing offering expenses, legal, audit and other
routine expenses of the Fund and are estimated at an annual rate of 0.80% of the
Fund's net assets. It is estimated that the amount of legal and audit fees
charged to the Fund during the first full year of its operations will be
approximately $110,000.

EXTRAORDINARY EXPENSES

The Fund is responsible for any extraordinary charges (E.G., litigation
expenses) incidental to its operation.

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<Page>
CAPS ON FEES

The Fund expects to pay the fees outlined above. The limited partnership
agreement and/or guidelines of state securities regulators, however, limit the
fees that may be paid by the Fund.

Aggregate annual fees and expenses based on the Fund's net assets may not
exceed 6% of net assets per year ( 1/2 of 1% per month). This cap includes
management fees and customary and routine administrative expenses of the Fund
but does not include legal and accounting expenses or extraordinary expenses.

Organizational and offering expenses, compensation for sales of Units and
redemption fees may not exceed 15% of aggregate subscriptions to the Fund.

In addition, the limited partnership agreement prohibits the payment of
management fees to any person who receives brokerage commissions on transactions
for the Fund, as well as the payment by any broker of rebates or give-ups to any
advisor. This provision does not affect the payment of the fees and expenses
described above.

REDEMPTIONS; NET ASSET VALUE

REDEMPTION PROCEDURE

The Fund is intended as a medium- to long-term investment, which the general
partner construes to mean at least a three-to five-year period. However, you may
generally redeem Units as of the last business day of any calendar month,
subject to the restrictions and qualifications set forth herein. You must give
at least 10 business days' prior written notice to the general partner of your
intent to redeem, except as provided below. You may withdraw a redemption
request you have submitted for any calendar month up to the tenth business day
prior to the redemption date by contacting your selling agent or the Fund's
administrator. Redemption requests that remain outstanding on the tenth business
day prior to the redemption date may not be withdrawn. The net asset values
received by the Fund from the Index SPC may be subject to revision by the Index
SPC. As a result, revisions to the Fund's gain and loss calculations may occur.
Any revisions not deemed material in the sole discretion of the general partner
will not result in an adjustment to prior subscription or redemption prices for
the Fund.

The general partner may declare additional redemption dates upon notice to
the limited partners and may, in unusual circumstances, permit some, or all,
limited partners to redeem as of dates other than the end of the month. The
general partner will send notices to limited partners whenever the Fund
experiences a decline in net asset value per Unit of either class as of the
closing of business on any business day to less than 50% of the net asset value
per Unit on the last month-end valuation date in case any limited partners wish
to redeem their Units as a result of the decline in net asset value. The general
partner may not be able to make timely payments with respect to redemptions due
to the Fund's inability to liquidate its investment in the Index SPC on a timely
basis. As described below, redemptions of interests in the Index SPC by the Fund
as of any particular redemption date cannot exceed 20% of the Fund's investment
in the Index SPC as of that date unless the Index SPC has received at least 15
business days' notice prior to a redemption date. It is unlikely that the Fund
will deliver the required prior notice to the Index SPC in connection with a
redemption date immediately following a 50% decline in net asset value per
Units. The Fund will make redemption payments to redeeming limited partners on a
pro rata basis in the event the Fund's ability to make redemption payments is
delayed.

A redemption fee of 3% of net asset value per Class A Unit applies if you
redeem Class A Units within 12 months of their original purchase. For purposes
of determining the existence of an early redemption fee, redemptions will be
made on a first-in, first-out basis. After the 12th month following purchase of
a Class A Unit, no redemption fees apply. The Class B Units are not subject to
redemption fees.

You may redeem any or all of their Units, but the Fund has the right to
cause you to redeem all of your Units if the net asset value of your Units
remaining after a requested redemption is less than $1,000.

A form of Request for Redemption is attached as an exhibit to the
prospectus.

32
<Page>

Subject to the qualifications described in "Limits on Redemptions" below,
all requests for redemption will be honored and payment will be made within ten
(10) business days of the redemption date. The general partner will make
arrangements with selling agents who so request to pay redemptions through
crediting limited partners' customer securities accounts with the selling
agents.

Units purchased by the general partner, other than Units representing its
required investment in the Fund, may be redeemed on the same terms as any other
Units.

The general partner may require you to redeem all or a portion of your Units
if the general partner believes it is desirable for the protection of the Fund,
such as to prevent the Fund from being deemed to hold "plan assets" under the
provisions of the Employee Retirement Income Security Act of 1974 or in the
event the general partner determines that an investor in the Fund has violated
applicable anti-money laundering regulations or laws.

LIMITS ON REDEMPTION

If, in the general partner's judgment, a market disruption results in the
closing of financial markets in the United States or abroad and it is impossible
or impracticable to value the Units or liquidate Fund assets or if the Index SPC
suspends redemptions, redemptions may be suspended or payment of redemption
proceeds may be delayed. In addition, the right of a limited partner to receive
a redemption payment further depends on the Fund's ability to obtain the
necessary funds by redeeming its investment in the Index SPC, which is subject
to certain limits. Under these limits, redemptions of interests in the Index SPC
by the Fund as of any particular redemption date cannot exceed 20% of the Fund's
investment in the Index SPC as of that date unless the Index SPC has received at
least 15 business days' notice prior to a redemption date. The Fund will make
redemption payments to redeeming limited partners on a pro rata basis in the
event the Fund's ability to make redemption payments is delayed. The general
partner will notify the limited partners in writing if redemptions are
suspended.

NET ASSET VALUE

Net assets means the total assets, less total liabilities, of the Fund
determined on the basis of generally accepted accounting principles. Net assets
shall include any unrealized profits or losses on open positions, and any fee or
expense accruing to the Fund.

CONFLICTS OF INTEREST

GENERAL

The general partner has not established any formal procedures to resolve the
conflicts of interest described below; therefore, you will be dependent on the
good faith of, and the legal and fiduciary obligations imposed on, the
respective parties subject to the conflicts to resolve them equitably. Although
the general partner will attempt to monitor and resolve these conflicts in good
faith, they may result in losses for the Fund.

THE GENERAL PARTNER

The selling agent is an affiliate of the general partner and one of the
managers of the general partner is also a manager of the selling agent, which
may be deemed a conflict of interest in that the selling agreement has not been
negotiated on an arm's-length basis, and the Fund is less likely to terminate
the selling agent than would otherwise be the case if the selling agent were not
an affiliate of the general partner.

The general partner has a conflict between its role as a general partner in
limiting expenses and the benefits it will receive from the different fees and
compensation paid to it (which fees and compensation were established without
arm's-length negotiation).

The general partner, in its sole discretion, determines whether any
distributions will be made. To the extent that profits are retained by the Fund
rather than distributed, net assets and therefore the amount of fees paid to the
general partner and the general partner's affiliate, the selling agent, will
increase.

33
<Page>
THE SELLING AGENTS

The selling agents receive substantial selling commissions on the sale of
Units. Consequently, the selling agents have a conflict of interest in advising
their clients whether to invest in the Units.

The selling agents receive trailing commissions based on Class A Units sold
by them that remain outstanding longer than 12 months. Consequently, the selling
agents have a disincentive to advise clients to redeem their Class A Units even
when doing so may be in clients' best interests.

OTHER BUSINESS ACTIVITIES, PROPRIETARY TRADING AND TRADING FOR OTHER ACCOUNTS

Subject to their fiduciary obligations to the Fund, the general partner,
PlusFunds and each of their respective employees or affiliates may conduct any
other business, including any business within the investment industry. Without
limiting the generality of the foregoing, the general partner, PlusFunds and
their respective employees or affiliates may act as adviser or investment
manager for others, may manage funds or capital for others, may have, make and
maintain investments in their own names or through other entities, may serve as
a consultant, partner or stockholder of one or more investment funds,
partnerships, securities firms or advisory firms and may act as a director,
officer and/or employee of any corporation, a trustee of any trust, an executor
or administrator of any estate or an administrative official of any other
business entity. For reasons of confidentiality, you will not be allowed to
inspect the trading records of the general partner, PlusFunds and their
respective employees, affiliates and customers.

Moreover, the general partner and PlusFunds will not be required to give the
Fund or the Index SPC preference with respect to any investment opportunity,
refrain from any other activity or disgorge any profit from any activity or to
devote all or any specific amount of their respective time and effort to the
Fund or the Index SPC and their affairs.

Furthermore, the general partner and PlusFunds will transact business
independently of the Fund and the Index SPC and may purchase and sell, for their
own accounts or for other accounts under their management, some of the vehicles
or instruments in which the Fund invests directly or indirectly. These
activities, and other aspects of the relationship between the general partner,
PlusFunds and their respective employees and affiliates, on the one hand, and
the Fund and the Index SPC, on the other hand, could create conflicts of
interest between any such person and the Fund or the Index SPC.

The general partner and its employees and affiliates may establish in the
future additional investment funds with the same objective and strategy as the
Fund, in which event the general partner will allocate investments among the
Fund and additional investment funds on whatever basis it considers appropriate
or desirable.

FIDUCIARY DUTY AND REMEDIES

The general partner has a fiduciary responsibility for the safekeeping and
use of all funds and assets of the Fund, whether or not in its immediate
possession or control, and the general partner will not employ or permit another
to employ such funds or assets in any manner except for the exclusive benefit of
the Fund. No limited partner may contract away the fiduciary obligation owed to
the limited partners by the general partner under common law.

In evaluating the foregoing conflicts of interest, a prospective investor
should be aware that the general partner has a responsibility to limited
partners to exercise good faith and fairness in all dealings affecting the Fund.
If you believe that the general partner has violated its fiduciary duty to the
limited partners, you may seek legal relief individually or on behalf of the
Fund under applicable laws to recover damages from or require an accounting by
the general partner. The limited partnership agreement of the Fund is governed
by Delaware law and any breach of the general partner's fiduciary duty under the
limited partnership agreement will generally be governed by Delaware law. The
limited partnership agreement does not limit fiduciary obligations under
Delaware or common law. The general partner may, however, assert as a defense to
claims of breach of fiduciary duty that the conflicts of interest and fees
payable to the general partner have been disclosed to you in the prospectus.

The duties of PlusFunds as sub-investment manager are set forth in an
agreement with the general partner. In that agreement PlusFunds agrees to
indemnify the general partner, the Fund and their respective affiliates from any
and all losses and claims arising out of, relating to or otherwise in connection
with: (1) the breach of any representation, warranty or covenant made by
PlusFunds in that

34
<Page>

agreement or in the investment management agreement between PlusFunds and the
SPC or (2) fraud, bad faith, misconduct, negligence or violation of law by
PlusFunds or its officers, directors, agents and employees.

The duties of the selling agent to the Fund are set forth in the Selling
Agreement among the Fund, the general partner and the selling agent. In that
agreement the selling agent agrees that it will use its best efforts to find
eligible persons to purchase the Units. The selling agent agrees that it will
comply fully with all applicable laws and regulations, and the rules, policy
statements and interpretations of the National Association of Securities
Dealers, referred to as the NASD, the SEC, the CFTC, state securities
administrators and any other regulatory or self-regulatory body in connection
with offering and sale of the Units. The Selling Agreement does not include any
provisions pursuant to which the Fund agrees to indemnify the selling agent or
the selling agent agrees to indemnify the Fund. All agreements regarding
indemnification are between the general partner and the selling agent.

The Fund will not have a direct relationship with the portfolio managers and
the portfolio managers will not be in a direct fiduciary relationship with the
Fund. The Fund, however, will be an investor in the Index SPC and will have all
of the rights of an investor in the Index SPC.

THE FUND'S LIMITED PARTNERSHIP AGREEMENT

The following summary briefly describes the material terms of the limited
partnership agreement. You should carefully review the limited partnership
agreement attached hereto as Exhibit A and consult with your own advisors
concerning the implications to you of investing in a Delaware limited
partnership.

PRINCIPAL OFFICE; LOCATION OF RECORDS

The Fund is organized under the Delaware Revised Uniform Limited Partnership
Act. The Fund is administered by the general partner. The address of both the
Fund and the general partner is 550 W. Jackson, Suite 1300, Chicago, Illinois
60604; telephone: (312) 788-2000. The records of the Fund, including a list of
the limited partners and their addresses, is located at the foregoing address,
and available for inspection and copying by limited partners as provided in the
limited partnership agreement. The list of the limited partners and their
addresses will also be mailed to a requesting limited partner upon payment, in
advance, of the reasonable cost of reproduction and mailing as provided in the
limited partnership agreement.

MANAGEMENT OF FUND AFFAIRS; VOTING BY LIMITED PARTNERS

You will not take any part in the management or control and will have no
voice in the operations of the Fund or its business.

The limited partnership agreement may be amended by the general partner and
limited partners owning more than 50% of the outstanding Units. The general
partner may amend the limited partnership agreement without the approval of the
limited partners in order to (1) clarify inaccuracies or ambiguities, (2) make
changes required by any federal or state agency or by law, (3) effect the intent
of the allocation provisions of the Partnership Agreement, (4) qualify or
maintain the qualification of the Fund in any state, (5) make changes to protect
the Fund's partnership status for federal income tax purposes and to prevent the
Fund from being treated as an investment company or the Fund's assets from being
considered plan assets for ERISA purposes or (6) make other changes the general
partner deems advisable so long as they are not adverse to limited partners.

Although the Fund will not hold any regular, or annual, meetings of the
limited partners, upon receipt of a written proposal signed by the owners of at
least 10% of the outstanding Units that a meeting be called, the general partner
will call a meeting of the Fund. At the meeting, limited partners owning a
majority of the outstanding Units may vote to:

- amend the limited partnership agreement without the consent of the general
partner, provided, that the consent of the general partner is required for
any amendment that modifies the compensation or distributions to which the
general partner is entitled or that affects the general partner's duties;

- dissolve the Fund;

- remove and replace the general partner;

- admit a new general partner in the event the current general partner
withdraws; and

35
<Page>

- terminate any contract with the general partner or its affiliates without
penalty upon 60 days' notice.

POSSIBLE REPAYMENT OF DISTRIBUTIONS RECEIVED BY LIMITED PARTNERS;
INDEMNIFICATION OF THE FUND BY LIMITED PARTNERS

The Units are limited liability investments; you may not lose more than the
amount you invest plus any profits recognized on your investment. However, you
could be required, as a matter of bankruptcy law, to return to the Fund's estate
any distribution which you received at a time when the Fund was in fact
insolvent or in violation of the limited partnership agreement. In addition,
although the general partner is not aware of this provision ever having been
invoked in the case of any public futures fund, limited partners agree in the
limited partnership agreement that they will indemnify the Fund for any harm
suffered by it as a result of limited partners' actions, obligations or
liabilities unrelated to the business of the Fund.

PROHIBITED ACTIVITIES

The limited partnership agreement provides that:

- the funds of the Fund will not be commingled with the funds of any other
person (deposit of funds with a commodity broker, clearinghouse or forward
dealer, or investing assets in the Index SPC or any other collective
investment vehicle will not be deemed to constitute "commingling" for
these purposes);

- the Fund will make no loans to any person;

- the general partner will make no loans to the Fund;

- the Fund will not employ the trading technique commonly known as
"pyramiding," which means using unrealized profit on existing positions as
margin for the purchase or sale of additional positions in the same or
related commodities. The general partner taking into account the Fund's
open trade equity on existing positions in determining generally whether
to acquire additional commodity positions on behalf of the Fund will not
be considered to be engaging in "pyramiding";

- no person may receive, directly or indirectly, any advisory, management or
incentive fees, or any profit-sharing allocation from joint ventures,
partnerships or similar arrangements in which the Fund participates, for
investment advice or management who shares or participates in any
commodity brokerage commissions paid by the Fund;

- no broker may pay, directly or indirectly, rebates or give-ups to any
portfolio manager or to the general partner or any of their respective
affiliates, and such prohibitions may not be circumvented by any
reciprocal business arrangements;

- neither the general partner nor any affiliate of the general partner will
directly or indirectly pay or award any commissions or other compensation
to any person engaged to sell Units or to give investment advice to a
potential limited partner; provided, that neither the general partner nor
any affiliate of the general partner is prohibited from paying to a
registered broker-dealer or other properly licensed person normal sales
commissions for selling Units;

- the maximum period covered by any contract entered into by the Fund will
not exceed one year (although such contracts may be automatically
renewable for successive one-year periods until terminated);

- any agreements between the Fund and the general partner or any of its
affiliates will be terminable by the Fund upon no more than 60 days'
written notice; and

- no material change in the basic investment policies or structure of the
Fund will be made without the approval of limited partners owning Units
representing more than fifty percent (50%) of the total outstanding Units
owned by limited partners as of a record date established for a vote
thereon.

INDEMNIFICATION AND STANDARD OF LIABILITY

The general partner and some of its affiliates may not be liable to the Fund
or any limited partner for errors in judgment or other acts or omissions not
amounting to misconduct or negligence as a consequence of the indemnification
and exculpatory provisions provided in the limited partnership agreement. As a
result, you may have more limited rights of action than you would absent those
provisions.

36
<Page>
The general partner and its affiliates shall not have any liability to the
Fund or to any limited partner for any loss suffered by the Fund which arises
out of any action or inaction of the general partner or any affiliate if the
general partner or its affiliates, in good faith, determined that such course of
conduct was in the best interests of the Fund, the general partner or its
affiliates were performing services for the Fund and such course of conduct did
not constitute negligence or misconduct.

The Fund has agreed to indemnify the general partner and its affiliates
against claims, losses or liabilities based on their conduct relating to the
Fund, provided that the general partner or its affiliates, in good faith,
determined the course of action was in the best interests of the Fund, the
general partner or its affiliates were performing services for the Fund and the
conduct resulting in the claims, losses or liabilities for which indemnity is
sought did not constitute negligence or misconduct.

The limited partnership agreement provides that the general partner, its
affiliates and any person acting as a broker-dealer shall not be indemnified for
any losses, liabilities or expenses arising from or out of an alleged violation
of federal or state securities laws unless (1) there has been a successful
adjudication on the merits of each count involving alleged securities law
violations as to the particular indemnitee, (2) such claims have been dismissed
with prejudice on the merits by a court of competent jurisdiction as to the
particular indemnitee or (3) a court of competent jurisdiction approves a
settlement of the claims against a particular indemnitee and finds that
indemnification of the settlement and related costs should be made.

TRANSFERS OF UNITS RESTRICTED

Subject to compliance with applicable securities laws, you may assign your
Units upon 15 days' prior written notice to the Fund and the general partner. No
assignment will be effective in respect of the Fund or the general partner until
the first business day of the month following the month in which the notice is
received. An assignee may become a substituted limited partner only with the
consent of the general partner (which consent will be withheld only in the event
that the Fund has received an opinion of counsel that such transfer could give
rise to negative legal or tax consequences) and upon execution and delivery of
an instrument of transfer in form and substance satisfactory to the general
partner.

There are no certificates for the Units. Transfers of Units are reflected on
the books and records of the Fund. Transferors and transferees of Units will
each receive notification from the general partner to the effect that such
transfers have been duly reflected as notified to the general partner.

REPORTS TO LIMITED PARTNERS

The general partner will provide you with monthly and annual reports in
compliance with CFTC requirements. The general partner will also distribute the
tax information related to the Fund necessary for the preparation of your annual
federal income tax returns.

The general partner will notify all limited partners within seven business
days of the occurrence of any of the following:

- any decline in the net asset value per Unit to less than 50% of such net
asset value as of the previous month-end valuation date; and

- any other material change affecting the compensation of any party.

Any such notifications shall include a description of your voting and
redemption rights.

DISSOLUTION AND TERMINATION OF THE FUND

The Fund will be terminated and dissolved upon the first to occur of:

- limited partners owning more than 50% of the outstanding Units vote to
dissolve the Fund;

- the general partner ceases to be general partner and no new general
partner is appointed; or

- the continued existence of the Fund becomes unlawful.

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<Page>
FEDERAL INCOME TAX ASPECTS

The following summarizes the material U.S. federal income tax consequences
to individual investors in the Fund. The Fund has obtained an opinion of Mayer,
Brown, Rowe & Maw LLP, counsel to the general partner, that the summary below,
to the extent it constitutes matters of law or legal consequences, correctly
describes the material U.S. federal income tax consequences as of the date
hereof to the Fund and to a U.S. individual who invests in the Fund. The summary
is based on current U.S. federal income tax law, which is subject to change.
Mayer, Brown, Rowe & Maw LLP's opinion is subject to certain conditions stated
therein and represents only its legal judgment and does not bind the Internal
Revenue Service or the courts. No ruling has been or will be sought from the
Internal Revenue Service as to any matters discussed below. Certain tax
consequences discussed below may vary in their application to each limited
partner depending on that limited partner's particular circumstances, and the
summary below therefore is not intended to be a substitute for professional tax
advice. You should consult with your own professional tax advisor concerning the
U.S. federal, state and local tax consequences of investing in the Fund.

THE FUND'S PARTNERSHIP TAX STATUS

In the opinion of Mayer, Brown, Rowe & Maw LLP, the Fund will be treated as
a partnership and will not be treated as a "publicly traded partnership" for
United Stated federal income tax purposes, assuming that the Fund does not elect
to be taxed as a corporation and that substantially all of the gross income of
the Fund in each of its taxable years will constitute "qualifying income" within
the meaning of Section 7704(d) of the Internal Revenue Code of 1986, as amended,
referred to as the Code. Accordingly, the Fund will not pay any federal income
tax.

TAXATION OF LIMITED PARTNERS ON PROFITS AND LOSSES OF THE FUND

Each limited partner (other than foreign limited partners, discussed below,
and tax-exempt investors) must pay tax on his share of the Fund's annual income
and gains, if any, even if the Fund does not make any cash distributions.

The Fund generally allocates the Fund's gains and losses equally to each
Unit. However, a limited partner who redeems any Units will be allocated his
share of the Fund's gains and losses in order that the amount of cash a limited
partner receives for a redeemed Unit will generally equal the limited partner's
adjusted tax basis in the redeemed Unit. A limited partner's adjusted tax basis
in a redeemed Unit generally equals the amount paid for the Unit, increased by
income or gains allocated to the Unit and decreased (but not below zero) by
distributions, deductions and losses allocated to the Unit.

FUND LOSSES BY LIMITED PARTNERS

A limited partner may deduct Fund losses only to the extent of his adjusted
tax basis in his Units. However, a limited partner subject to "at-risk"
limitations (generally, non-corporate taxpayers and closely held corporations)
can only deduct losses to the extent the limited partner is "at-risk." The
"at-risk" amount is similar to adjusted tax basis, except that it does not
include any amount borrowed on a nonrecourse basis or from someone with an
interest in the Fund.

"PASSIVE-ACTIVITY LOSS RULES" AND ITS EFFECT ON THE TREATMENT OF INCOME AND LOSS

The trading activities of the Fund are not a "passive activity."
Accordingly, a limited partner can deduct Fund losses from taxable income
(subject to some limitations, such as the limitation on deductibility of capital
losses, discussed below). However, a limited partner cannot offset losses from
"passive activities" against Fund gains.

CASH DISTRIBUTIONS AND UNIT REDEMPTIONS

A limited partner who receives cash from the Fund, either through a
distribution or a partial redemption, will not pay tax on that cash until his
adjusted tax basis in the Units is reduced to zero. A limited partner who
receives cash upon the complete redemption of Units will recognize gain or loss
for federal income tax purposes. The gain or loss will generally equal the
difference between the amount of cash received and the limited partner's
adjusted tax basis for his Units.

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GAIN OR LOSS ON SECTION 1256 CONTRACTS AND NON-SECTION 1256 CONTRACTS

The Code provides specific rules for "Section 1256 Contracts." Section 1256
contracts include certain futures and forward contracts as well as some stock
index option contracts traded on United States exchanges. For tax purposes,
Section 1256 contracts that remain open at year end are marked-to-market and
treated as if the position were closed at year end. The gain or loss on
Section 1256 contracts is characterized as 60% long-term capital gain or loss
and 40% short-term capital gain or loss regardless of how long the position was
open.

Non-Section 1256 contracts include Code Section 988 transactions, I.E.,
transactions in which the amount paid or received is denominated by reference to
a foreign currency. In general, gain or loss on Code Section 988 transactions is
characterized as ordinary income or loss. However, the Fund plans to make an
election to treat gain or loss on Non-Section 1256 contracts, such as foreign
futures contracts, some foreign currency forward contracts and non-equity
options on foreign currencies, as capital gain or loss.

TAX ON CAPITAL GAINS AND LOSSES

A non-corporate limited partner's long-term capital gains--net gain on
capital assets held more than one year and 60% of the gain on Section 1256
contracts--are taxed at a maximum rate of 15% for sales or exchanges occurring
after May 5, 2003 and prior to January 1, 2009 (and 20% for sales or exchanges
occurring thereafter). Short-term capital gains--net gain on capital assets held
one year or less and 40% of the gain on Section 1256 contracts--are subject to
tax at the same rates as ordinary income.

Individual taxpayers can deduct capital losses only to the extent of their
capital gains plus $3,000. Accordingly, the Fund could suffer significant losses
and a limited partner could still be required to pay taxes on his share of the
Fund's interest income. Capital losses generally may not be carried back to
offset capital gains in prior years, but can be carried forward indefinitely.

An individual taxpayer can carry back net capital losses on Section 1256
contracts three years to offset earlier gains on Section 1256 contracts. To the
extent the taxpayer cannot offset past Section 1256 contract gains, he can carry
forward such losses indefinitely as losses on Section 1256 contracts.

LIMITED DEDUCTION FOR CERTAIN EXPENSES

Individual taxpayers are subject to material limitations on their ability to
deduct investment advisory expenses and other expenses of producing income. The
general partner intends to treat these items as ordinary business deductions, or
income allocations not subject to the material deductibility limitations that
apply to investment advisory expenses. However, the IRS could take a different
position. The IRS could contend that the operating expenses of the Fund should
be recharacterized as investment advisory expenses or, alternatively,
capitalized. If these items were treated as investment advisory expenses or were
capitalized, individual taxpayers would have additional tax liability, and if
recharacterized as investment advisory fees, would be subject to limited
deductibility. See also "--Syndication Expenses," below.

INTEREST INCOME

Interest received by the Fund is taxed as ordinary income. Net capital
losses can offset ordinary income only to the extent of $3,000 per year. See
"--Tax on Capital Gains and Losses," above.

SYNDICATION EXPENSES

Neither the Fund nor any limited partner is entitled to any deduction for
syndication expenses (I.E., expenses incurred in issuing and marketing the
Fund), nor can these expenses be amortized by the Fund or any limited partner
even though the payment of such expenses reduces net asset value.

The general partner has paid or will pay all organization and initial
offering costs from its own funds and will not be reimbursed by the Fund.
However, the IRS could take the position that a portion of the fees paid by the
Fund to the general partner constitutes non-deductible syndication expenses.

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INVESTMENT INTEREST DEDUCTIBILITY LIMITATIONS

Individual taxpayers can deduct "investment interest"--interest on
indebtedness allocable to property held for investment--only to the extent that
it does not exceed net investment income. Net investment income does not include
some net capital gains. A taxpayer can elect to include some net capital gain in
investment income if he forgoes the benefit of the reduced capital gains rate.

IRS AUDITS OF THE FUND AND ITS LIMITED PARTNERS

The IRS audits Fund-related items at the Fund level rather than at the
limited partner level. The general partner acts as "tax matters partner" with
the authority to determine the Fund's responses to an audit. If an audit results
in an adjustment, all limited partners may be required to pay additional taxes,
interest, and penalties.

The IRS recently promulgated final Treasury Regulation Section 1.6011-4
which provides that if certain "reportable transactions" occur, which include a
transaction resulting in, or that is reasonably expected to result in, a loss
(unreduced by any gains) under Code Section 165 of at least $2 million in any
single year or $4 million in any combination of two taxable years for a
partnership such as the Fund or $50,000 in any single year for individuals or
trusts, whether the loss flows through from a partnership, if the loss arises
with respect to a Code Section 988 transaction (as defined in Code
Section 988(c)(1) relating to foreign currency transactions), then an investor
in the partnership must file an IRS Form 8886 "Reportable Transaction Disclosure
Statement" and attach it to the investor's Federal income tax return for each
taxable year for which the taxpayer's Federal income tax liability is affected
by the taxpayer's participation in the transaction. Certain other filing
requirements for IRS Form 8886 may apply to certain taxpayers. These rules apply
to transactions entered into, or interests acquired therein, on or after
February 28, 2003. This IRS Form 8886 has not yet been released by the Service.
Pursuant to Revenue Procedure 2003-24, the Service generally excepts from this
rule the positions in which the Fund expects it normally will be indirectly
investing in, E.G., Section 1256 contracts and assets with a "cost" tax basis.
If an election has not been made to treat currency gains and losses as capital
gains and losses, ordinary currency losses are not excepted from the reporting
rules, nor are assets which have been part of a straddle under 1092(c),
excluding a mixed straddle under Treasury Regulation Section 1.1092(b)-4T. The
Fund believes that the limited partners should not be subject to these reporting
rules, but that no assurance can be made in this respect because the
inapplicability of the rule depends on the investments and elections made by the
Index SPC and its portfolios. Treasury Regulation Section 1.6011-4 also includes
within reportable transactions those transactions which have a significant
book-tax-difference. This reporting requirement applies to SEC registered funds,
and to non-SEC registered funds with gross United States assets of $250 million
or more. Revenue Procedure 2003-25 excepts from these rules items resulting
solely from (1) the use of a mark-to-market method of accounting for book
purposes but not tax purposes, (2) the use of a mark-to-market method of
accounting for tax purposes but not for book purposes or (3) in the case of a
taxpayer who uses mark-to-market accounting for both book purposes and tax
purposes, the use of different methodologies for book purposes and tax purposes.
It is expected that the investments made by the Fund will satisfy this
exception, but no assurance can be given in this matter as the matters relevant
for the exceptions are determined at the Index SPC level.

In addition, the Service recently promulgated Treasury Regulation Section
301.6112-1 which in general could require that a list be maintained by the
general partner containing the identity of each investor in the Fund and such
other information as required by regulations issued by the Treasury Department
if the Fund directly or through the Index SPC enters into a transaction which
the general partner knows or reasonably expects will be a reportable transaction
of the type described in the previous paragraph. Such list would have to be made
available to the Service upon request. The Fund does not expect to have to
maintain such a list because, as stated in the prior paragraph, it does not
expect these will be reportable transactions, but as further stated in the prior
paragraph, no assurance can be given that this will be the case.

TAXATION OF FOREIGN INVESTORS

A limited partner who is a non-resident alien individual, foreign
corporation, foreign partnership, foreign fund or foreign estate generally is
not subject to taxation by the United States on capital gains from commodity
trading, provided that the foreign limited partner (in the case of an
individual) does not spend more than 182 days in the United States during his
taxable year, and provided further, that the foreign

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limited partner is not engaged in a trade or business within the United States
during a taxable year to which income, gain or loss of the Fund is treated as
"effectively connected." An investment in the Fund should not, by itself, cause
a foreign limited partner to be engaged in a trade or business within the United
States for the foregoing purposes, assuming that the trading activities of the
Fund continue to be conducted as described in this prospectus. In the event that
the Fund were found to be engaged in a United States trade or business, a
foreign limited partner would be required to file a United States federal income
tax return for such year and pay tax at full United States rates. In the case of
a foreign limited partner which is a foreign corporation, an additional 30%
"branch profits" tax might be imposed. Furthermore, in such event the Fund would
be required to withhold taxes from the income or gain allocable to such a
limited partner under Code Section 1446.

Portfolio interest income (other than so-called "contingent interest")
allocable to a foreign limited partner is likewise not subject to United States
federal income tax withholding, provided that the foreign limited partner is not
engaged in a trade or business within the United States and provides the Fund
with an IRS Form W-8BEN or other applicable form. Similarly, a foreign limited
partner's allocable share of interest on U.S. bank deposits, certificates of
deposit and discount obligations with maturities (from original issue) of 183
days or less is not subject to United States federal income tax withholding.
Generally, other interest from United States sources (including original issue
discount) paid to the Fund and allocable to foreign limited partners will be
subject to United States federal income tax withholding at a statutory rate of
30% (subject to applicable treaty reductions).

TAX-EXEMPT U.S. LIMITED PARTNERS

Tax-exempt U.S. limited partners will not be required to pay tax on their
share of income or gains of the Fund, so long as the limited partner does not
use borrowed funds in connection with its purchase of Units.

STATE AND OTHER TAXES

In addition to the federal income tax consequences described above, the Fund
and the limited partners may be subject to various state and other taxes.

INVESTMENT IN INDEX SPC

The Fund will invest in the Index SPC which will hold various positions in
securities, commodities and financial futures. The Fund has been informed that,
for U.S. federal income tax purposes, the Index SPC consists of multiple
portfolios that have elected to be treated as partnerships. Accordingly, in this
summary of certain tax consequences to limited partners, references to the Fund
generally should be read to include also references to the Index SPC and its
portfolios. In general, the Fund will be allocated its distributive share of
items of income, gain, loss, deduction and credit with respect to such
partnerships (the Index SPC portfolios) in which it invests, and the limited
partners in turn will be allocated their share of such items. The character of
such items to the limited partners generally will be the same as if such item
were realized directly by the Fund, but elections and determinations available
to the partnerships in which the Fund invests may affect the timing and/or
character of income realized by the Fund and in turn realized by the limited
partners. For example, if a partnership (an Index SPC portfolio) in which the
Fund invests holds foreign currency positions subject to Code Section 988, the
gain or loss on such positions will be ordinary income or loss to the limited
partners unless that partnership has made an election under Code Section 988 to
treat the gain or loss as capital gain or loss. Also, if a partnership in which
the Fund invests borrows to finance positions (including purchasing securities
on margin), this will cause part or all of the income from such positions
allocable to a limited partner which is a tax-exempt organization to be
unrelated business taxable income in the same manner as if the Fund borrowed to
finance such positions directly. In addition, the Fund will report its expenses
from an underlying partnership (an Index SPC portfolio) as Code Section 162 or
Code Section 212 deductions or otherwise consistent with the manner in which
such partnership reports such expenses. The status of the Index SPC portfolios
as partnerships for United States federal income tax purposes depends on their
satisfying certain conditions, E.G., the conditions set forth above under "The
Fund's Partnership Tax Status." The Fund expects that the Index SPC portfolios
will satisfy such conditions, but cannot assure this.

PROSPECTIVE INVESTORS ARE URGED TO CONSULT THEIR TAX ADVISORS BEFORE
DECIDING WHETHER TO INVEST.

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PURCHASES BY EMPLOYEE BENEFIT PLANS

GENERAL

The following section is a summary of the material consequences under the
Employee Retirement Income Security Act of 1974, as amended ("ERISA"), and the
Code, which a fiduciary of an "employee benefit plan" as defined in ERISA or of
a "plan" as defined in Section 4975 of the Code (and including for this purpose,
any entity deemed to hold plan assets) should consider before deciding to invest
any of such plan's assets in the Fund (such "employee benefit plans," "plans"
and other entities holding plan assets being referred to herein as "Plans").

ERISA and Section 4975 of the Code together impose restrictions on plans or
accounts of various types which provide retirement benefits or welfare benefits
to an individual or to an employer's employees and their beneficiaries. These
plans and accounts include, but are not limited to, corporate pension and profit
sharing plans, "simplified employee pension plans," KEOGH plans for
self-employed individuals (including partners), individual retirement accounts
described in Section 408 of the Code and medical benefit plans as well as
entities deemed to hold the assets of these plans and accounts, but generally do
not include any plan maintained by a church or by a state or local government
(however, government plans may be subject to rules similar to ERISA and the
Code).

In addition, ERISA requires that each plan fiduciary must give appropriate
consideration to the facts and circumstances that are relevant to an investment
in the Fund, including the role that an investment in the Fund plays in the
Plan's overall investment portfolio. Therefore, fiduciaries of ERISA plans,
before deciding to invest in the Fund, must be satisfied that investment in the
Fund is a prudent investment for the Plan, that the investments of the Plan,
including the investment in the Fund, are diversified so as to minimize the risk
of large losses and that an investment in the Fund complies with the terms of
the Plan and the related Fund.

"PLAN ASSETS"

The purchase of Units by a Plan raises the issue of whether that purchase
will cause, for purposes of Title I of ERISA and subject to Section 4975 of the
Code, the underlying assets of the Fund to be considered to constitute assets of
such Plan. A regulation issued under ERISA contains rules for determining when
an investment by a Plan in an equity interest of an entity will result in the
underlying assets of such entity being considered assets of such Plan for
purposes of ERISA and Section 4975 of the Code (I.E., "plan assets"). Those
rules provide that assets of an entity will not be considered assets of a Plan
which purchases an equity interest in the entity if certain exceptions apply,
including an exception applicable if the equity interest purchased is a
"publicly-offered security." A publicly-offered security is a security that is:

- freely transferable;

- part of a class of securities that is owned by 100 or more investors
independent of the issuer and of one another by the conclusion of the
offering; and

- either is (a) part of a class of securities registered under section 12(b)
or 12(g) of the Securities Exchange Act of 1934 or (b) sold to the Plan as
part of an offering of securities to the public pursuant to an effective
registration statement under the Securities Act of 1933, if the class of
securities of which the security is a part is registered under the
Securities Exchange Act of 1934 within 120 days, or such later time as may
be allowed by the Securities and Exchange Commission, after the end of the
fiscal year of the issuer during which the offering of the securities to
the public occurred.

The Units are expected to qualify as a "publicly-offered security" pursuant
to the foregoing rules.

INELIGIBLE PURCHASERS

Units may not be purchased with the assets of a Plan if the general partner,
the Fund, any selling agent, any clearing broker or any of their respective
affiliates or any of their respective agents or employees: (1) has investment
discretion with respect to the investment of the assets of such Plan to be
invested in the Units; (2) has authority or responsibility to give or regularly
gives investment advice with

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respect to such Plan assets, for a fee, and pursuant to an agreement or
understanding that the advice will serve as a primary basis for investment
decisions with respect to the Plan assets and that the advice will be based on
the particular investment needs of the Plan; or (3) is an employer maintaining
or contributing to the Plan, except as is otherwise permissible under ERISA and
Section 4975 of the Code. A party that is described in clause (1) or (2) of the
preceding sentence is a fiduciary under ERISA and the Code with respect to the
Plan, and any such purchase might result in a "prohibited transaction" under
ERISA and the Code.

Except as otherwise set forth, the foregoing statements regarding the
consequences under ERISA and the Code of an investment in the Fund are based on
the provisions of the Code and ERISA as currently in effect, and the existing
administrative and judicial interpretations thereunder. No assurance can be
given that administrative, judicial or legislative changes will not occur that
will not make the foregoing statements incorrect or incomplete.

ACCEPTANCE OF SUBSCRIPTIONS ON BEHALF OF PLANS IS IN NO RESPECT A
REPRESENTATION BY THE FUND, THE GENERAL PARTNER, ANY SELLING AGENT OR ANY OTHER
PARTY RELATED TO THE FUND THAT THIS INVESTMENT MEETS SOME OR ALL OF THE RELEVANT
LEGAL REQUIREMENTS WITH RESPECT TO INVESTMENTS BY ANY PARTICULAR PLAN OR THAT
THIS INVESTMENT IS APPROPRIATE FOR ANY PARTICULAR PLAN. THE PERSON WITH
INVESTMENT DISCRETION SHOULD CONSULT WITH HIS OR HER FINANCIAL AND LEGAL
ADVISORS AS TO THE PROPRIETY OF AN INVESTMENT IN THE FUND IN LIGHT OF THE
CIRCUMSTANCES OF THE PARTICULAR PLAN AND CURRENT TAX LAW.

PLAN OF DISTRIBUTION

SUBSCRIPTION PROCEDURE

The Units are offered on a "best efforts" basis without any firm
underwriting commitment through selling agents including, but not limited to,
Refco Securities, LLC. During the initial offering period, you may purchase the
Fund's Units at $1,000 per Unit. After the initial offering period, you may
purchase Units at net asset value as of the first business day of each calendar
month. The minimum initial investment is $10,000; $3,000 for an individual
retirement account. In order for an individual retirement account to purchase
Units, the assets of the account must be held by a third-party custodian, such
as your broker. Additional subscriptions by existing limited partners are
permitted in $2,500 minimums. Units are sold in fractions calculated up to three
decimal places.

In order to purchase Units, you must complete, sign and deliver to a selling
agent an original of the Subscription Agreement and Power of Attorney Signature
Page which accompanies this prospectus, together with a check for the amount of
your subscription. Checks should be made payable to "FIFTH THIRD BANK AS ESCROW
AGENT FOR S&P MANAGED FUTURES INDEX FUND, LP." Subscription proceeds will be
deposited in the Fund's escrow account (during the initial offering period) or
the Fund's bank account (following the initial offering period), pending
investment in the Fund. Instead of delivering a check you may wire transfer the
amount of your subscription according to the wire transfer instructions attached
to the Subscription Agreement.

Clients of some selling agents may make subscription payments by authorizing
the selling agents to debit their customer securities account for the amount of
the subscription. When a subscriber authorizes a debit, the subscriber will be
required to have the amount of his or her subscription payment on deposit in his
or her account on a settlement date specified by the selling agent. The selling
agent will debit the account and transmit the debited funds directly to the
Fund's escrow account (during the initial offering period) or the Fund's bank
account (following the initial offering period) via check or wire transfer made
payable to "FIFTH THIRD BANK AS ESCROW AGENT FOR S&P MANAGED FUTURES INDEX FUND,
LP." The settlement date specified by the selling agents shall be no later than
three business days following notification by the general partner of the
acceptance of an investor's subscription and no later than the termination of
the monthly offering period.

The general partner and the selling agents will make every reasonable effort
to determine that the purchase of Units is a suitable and appropriate investment
for each prospective limited partner in the Fund through information received on
the Subscription Agreement. Generally, the general partner must

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receive subscription documents at least six (6) business days (and cleared funds
to purchase the Units at least three (3) business days) before the end of a
month for them to be accepted as of the first day of the immediately following
month.

No sale of Units will be completed until at least five (5) business days
after the prospective investor has received a copy of the prospectus. The Fund's
administrator, on behalf of the Fund, will send each investor confirmation of
his or her purchase.

The Fund will receive the interest earned on subscriptions held in its bank
account pending investment in the Fund.

There are no fees applicable to subscriptions held pending investment in the
Fund.

Subscriptions, if rejected, will be returned to investors, together with any
interest accrued thereon, promptly following the end of the month in which the
subscription was rejected or sooner if practicable.

Subscriptions are final and binding on a subscriber as of the close of
business on the fifth business day following the subscriber's receipt of a final
prospectus.

ANTI-MONEY LAUNDERING DISCLOSURES

In order to comply with laws and regulations aimed at the prevention of
money laundering and prohibiting transactions with certain countries,
organizations and individuals, the Fund may request such information as it
reasonably believes is necessary to verify the identity of an investor or a
prospective investor and to determine whether an investor is permitted to be an
investor in the Fund under these laws and regulations. In the event of delay or
failure by an investor or a prospective investor to produce any information
required by the Fund for these purposes, the Fund may require mandatory
redemption of the investor's Units, and may refuse to accept the subscription of
a prospective investor. Likewise, after reviewing the information provided, it
is possible that the Fund may determine to redeem an investor's Units or refuse
to accept a prospective investor's subscription. In certain circumstances, the
Fund may be required to provide information about investors to regulatory
authorities and to take any further action as may be required. Neither the Fund
nor the general partner will be liable for any loss or injury to an investor or
prospective investor that may occur as a result of disclosing such information
or refusing or redeeming Units.

THE SELLING AGENTS

Refco Securities, LLC has been selected as a selling agent for the Fund.
Refco Securities, LLC and the Fund's other selling agents will receive from the
general partner an upfront selling commission equal to 3% of the purchase price
per Class A Unit at the time that the Class A Unit is sold, and their
representatives who sell Class A Units shall receive a portion of the 3%
commission. No selling commissions will be paid from the proceeds of
subscriptions.

Beginning with the 13th month following the closing on the purchase of a
Class A Unit, the general partner will pay from its management fee to the
selling agent who sold the Class A Unit ongoing "servicing fees" at 0.167% (a
2.00% annual rate) of the month-end net asset value of the Class A Unit--
provided, that CFTC-qualified registered representatives of the selling agent
have satisfied applicable proficiency requirements and agree to perform certain
ongoing services with respect to the Units. The ongoing servicing commissions,
once begun, will continue for as long as the Unit remains outstanding. If there
is no CFTC-qualified registered representative to perform ongoing services, then
the selling agent will be paid installment selling commissions that aggregated
with the upfront selling commission may not exceed a lifetime total of 10% of
the initial subscription price of the Units in question. Selling agents will pay
a portion of these commissions to their eligible representatives after deduction
of "due diligence" and administrative expenses incurred in connection with this
offering, in accordance with such selling agents' standard compensation
arrangements. Under no circumstances will the maximum compensation paid to the
selling agents, including initial selling commissions and installment selling
commissions, exceed 10% of the initial subscription price of the Units, plus a
maximum of 0.5% for reimbursement of bona fide due diligence expenses. Ongoing
compensation paid to CFTC-qualified registrants in respect of CFTC-qualified
registered representatives, as described above, is not included in the 10%
limitation.

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The general partner will not directly or indirectly pay or award any
commissions or other compensation relating to the sale of Units to any person
engaged to sell units or to provide advice to a limited partner if it is aware
that the person does not have the proper licenses.

The general partner has agreed to indemnify the selling agents against
certain liabilities that the selling agents may incur in connection with the
offering and sale of the Units, including liabilities under the Securities Act
of 1933 and the Commodity Exchange Act.

The selling agents will determine the suitability of prospective limited
partners in the Fund, pursuant to Rule 2810 of the NASD, based upon information
contained in the Subscription Agreement and documents furnished to the selling
agents by their customers in opening accounts.

REFCOFUND HOLDINGS, LLC PRIVACY POLICY

YOUR PRIVACY IS OUR PRIORITY

The general partner is committed to safeguarding the personal information
that you provide us. This Privacy Policy describes how we handle and protect
personal information we collect about individuals who apply for or receive our
products and services. The provisions of this notice apply to former customers
as well as our current customers.

WHY AND HOW WE COLLECT PERSONAL INFORMATION

When you submit a subscription, we collect personal information about you
for business purposes, such as processing your requests and transactions,
informing you about products and services that may be of interest to you and
providing customer service. The personal information we collect about you
includes:

- information you provide to us on subscription documents, applications and
other forms, such as your name, address, date of birth, social security
number, occupation, assets and income;

- information about your transactions with us and with our affiliates;

- information we receive from consumer reporting agencies, such as your
credit history and creditworthiness, and other entities not affiliated
with us; and

- information you provide to us to verify your identity, such as a passport,
or received from other entities not affiliated with us.

HOW WE PROTECT PERSONAL INFORMATION

We limit access to your personal information to those employees who need to
know in order to conduct our business, service your account and help you
accomplish your financial objectives, such as providing you with a broad range
of products and services. Our employees are required to maintain and protect the
confidentiality of your personal information and must follow established
procedures to do so. We maintain physical, electronic and procedural safeguards
to protect your personal information. We do not rent or sell your name or
personal information to anyone.

SHARING INFORMATION WITH OUR AFFILIATES

We may share personal information described above with our affiliates for
business purposes, such as servicing customer accounts and informing customers
about new products and services, and as permitted by applicable law. Our
affiliates are companies controlled or owned by us, or companies controlling or
under common control with our parent company (Refco Group Ltd., LLC) and us, and
include financial service companies, such as dealers, other brokers, futures
commission merchants and advisers.

The information we share with affiliates for marketing purposes may include
the information described above, such as name, address and Refco account
information, but will not include other credit information, such as credit
history appearing on a consumer credit report or net worth and income
information appearing on applications for our products and services.

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DISCLOSURE TO NON-AFFILIATED THIRD PARTIES

In order to support the financial products and services we provide to you,
we may share the personal information described above with third-party service
providers and joint marketers not affiliated with us, including:

- financial service institutions (E.G., advisers, dealers, brokers, trust
companies and banks) with whom we have joint marketing agreements, such as
agreements to market financial services or products that we jointly offer,
endorse or sponsor; and

- companies under contract to perform services for us or on our behalf, such
as vendors that prepare and mail statements and transaction confirmations
or provide data processing, computer software maintenance and development,
transaction processing and marketing services.

These companies acting on our behalf are required to keep your personal
information confidential.

Also, we may disclose personal information to non-affiliated companies and
regulatory authorities as permitted or required by applicable law. For example,
we may disclose personal information to cooperate with regulatory authorities
and law enforcement agencies to comply with subpoenas or other official
requests, and as necessary to protect our rights or property. Except as
described in this privacy policy, we will not use your personal information for
any other purpose unless we describe how such information will be used at the
time you disclose it to us or we obtain your permission to do so.

ACCESSING AND REVISITING YOUR PERSONAL INFORMATION

We endeavor to keep our customer files complete and accurate. We will give
you reasonable access to the information we have about you. Most of this
information is contained in account statements that you receive from us and
applications that you submit to obtain our products and services. We encourage
you to review this information and notify us if you believe any information
should be corrected or updated. If you have a question or concern about your
personal information or this privacy notice, please contact us or your selling
agent.

-------------------

This policy applies to the general partner and each investment vehicle to
which the general partner or any of its affiliates serves as the general
partner, investment manager or the investment advisor.

LEGAL MATTERS

Mayer, Brown, Rowe & Maw LLP has advised the Fund and the general partner on
the offering of the Units.

EXPERTS

The RefcoFund Holdings, LLC Statement of Financial Condition as of February
28, 2003 included in this prospectus has been included herein in reliance on the
report of Grant Thornton LLP, independent accountants, given on the authority of
that firm as experts in accounting and auditing.

The financial statements of S&P Managed Futures Index Fund, LP as of July 9,
2003 included in this prospectus have been so included in reliance on the report
of PricewaterhouseCoopers LLP, independent accountants, given on the authority
of that firm as experts in auditing and accounting.

REPORTS

After the Fund commences trading, CFTC Rules require that this prospectus be
accompanied by summary financial information, which may be a recent monthly
report of the Fund, current within 60 calendar days.

THIS PROSPECTUS IS IN TWO PARTS: A DISCLOSURE DOCUMENT AND A STATEMENT OF
ADDITIONAL INFORMATION. THESE PARTS ARE BOUND TOGETHER AND MAY NOT BE
DISTRIBUTED SEPARATELY.

46
<Page>
INDEX TO FINANCIAL STATEMENTS

<Table>
<Caption>
PAGE
----

S&P MANAGED FUTURES INDEX FUND, LP

Statement of Financial Condition as of November 30, 2003
(unaudited)............................................... 48

Notes to Financial Statement (unaudited).................... 49

Report of Independent Auditors.............................. 51

Statement of Financial Condition as of July 9, 2003......... 52

Notes to Financial Statement................................ 53

REFCOFUND HOLDINGS, LLC

Statement of Financial Condition as of August 31, 2003
(unaudited)............................................... 55

Notes to Statement of Financial Condition (unaudited)....... 56

Report of Independent Certified Public Accountants.......... 58

Statement of Financial Condition as of February 28, 2003.... 59

Notes to Statement of Financial Condition................... 60
</Table>

47
<Page>
S&P MANAGED FUTURES INDEX FUND, LP

STATEMENT OF FINANCIAL CONDITION

(UNAUDITED)

NOVEMBER 30, 2003

<Table>

ASSETS
Cash $ 1,001
-------
$ 1,001
=======

LIABILITIES
Liabilities $ --
=======
Net Assets $ 1,001
=======

Class A partnership units, no par value; unlimited units
authorized 1.001
=======
Net Asset Value per unit (net assets/units outstanding) $ 1,000
=======
</Table>

See accompanying notes to financial statement.

48
<Page>
S&P MANAGED FUTURES INDEX FUND, LP
NOTES TO FINANCIAL STATEMENT
(UNAUDITED)
NOVEMBER 30, 2003

(1) ORGANIZATION

S&P Managed Futures Index Fund, LP ("Fund") was organized as a limited
partnership on May 13, 2003 under the Delaware Revised Uniform Limited
Partnership Act, as amended. In accordance with the Limited Partnership
Agreement, the Fund is organized as a single series of limited partnership units
which are offered in two classes--Class A and Class B. The General Partner will
pursue the Fund's investment objective by allocating substantially all the
Fund's assets to the SPhinX Managed Futures Fund SPC (the "SPC"). The SPC is
designed to track the S&P Managed Futures Index ("Index"), and thus provide
limited partners with exposure to a broad cross section of systematic managed
futures strategies through a single investment. The Fund has had no operations
other than those related to organizational matters, including the sale of 1.000
unit to RefcoFund Holdings, LLC ("RFH", also referred to as the "General
Partner") and 0.001 unit to the initial limited partner on July 7, 2003.

The limited partnership units may generally be redeemed as of the last
business day of any calendar month, subject to certain restrictions and
qualifications, upon at least 10 business days' prior written notice to the
General Partner. The General Partner may declare additional redemption dates
upon notice to the limited partners and may, in unusual circumstances, permit
some, or all, limited partners to redeem as of dates other than the end of the
month. The General Partner will send notice to limited partners whenever the
Fund experiences a decline in net asset value per unit of either class as of the
closing of business on any business day to less than 50% of the net asset value
per unit on the last month-end valuation date in case any limited partners wish
to redeem their units as a result of the decline in net asset value. The General
Partner may not be able to make timely payments with respect to redemptions due
to the Fund's inability to liquidate its investment in the SPC on a timely
basis. Redemptions of interests in the SPC by the Fund as of any particular
redemption date cannot exceed 20% of the Fund's investment in the SPC as of that
date unless the SPC has received at least 15 business days' notice prior to a
redemption date. A redemption fee of 3% of net asset value per Class A unit
applies if a Class A unit is redeemed within 12 months of its original purchase.

As General Partner, RFH has the sole authority and responsibility for
managing the operations of the Fund and directing the investment of Fund assets.
RFH has retained the services of PlusFunds Group, Inc. ("PlusFunds") as
Sub-Investment Manager to oversee the day-to-day investment management functions
for the Fund.

(2) SIGNIFICANT ACCOUNTING POLICIES

A summary of the significant accounting policies, which have been followed
in preparing the accompanying financial statement, is set forth below.

USE OF ESTIMATES

The accompanying financial statement has been prepared in accordance with
accounting principles generally accepted in the United States of America (GAAP).
The preparation of financial statements in conformity with GAAP requires
management to make estimates and assumptions that affect the reported amounts of
assets and liabilities and the disclosure of contingent assets and liabilities
as of the date of the financial statements, and the reported amounts of revenues
and expenses during the reporting period. Actual amounts could differ from such
estimates.

INCOME TAXES

Federal income taxes are not intended to be provided for as each partner is
individually liable for the taxes, if any, on its share of Fund's taxable income
items including capital gains, interest, dividends, and deductions. In
accordance with the Limited Partnership Agreement, the limited partners may also
be subject to various state and other taxes.

49
<Page>
(3) MANAGEMENT FEES

RFH, as the general partner, will receive a management fee of 4.15% annually
of the Class A net asset value of the Fund and 2.15% annually of the Class B net
asset value of the Fund, calculated daily and paid monthly in arrears, in
exchange for providing ongoing advisory and general management services.

All fees paid to PlusFunds for sub-investment management services are paid
by RFH. RFH may voluntarily waive a portion of its management fee at its
discretion.

(4) EXPENSES

In accordance with the Limited Partnership Agreement, the Fund shall be
charged for certain expenses, as described below, and such expenses will be
allocated proportionately among the partners.

The Fund is responsible for administrative, ongoing offering expenses and
operating expenses, including but not limited to legal and accounting fees, and
any taxes or extraordinary expenses payable.

Refco Group Ltd., LLC, the parent of RFH, will pay organizational and
initial offering expenses. Refco Group Ltd., LLC will also pay initial and
ongoing commissions to selling agents.

As of November 30, 2003, the Fund has not incurred any operating expenses
since the sale of units to RFH on July 7, 2003 nor has it commenced operations.

(5) NEW ACCOUNTING PRONOUNCEMENTS

In January, 2003, the financial accounting Standards Board issued
Interpretation No. 46 ("FIN 46"), Consolidation of Variable Interest Entities,
an interpretation of Accounting Research Bulletin No. 51. Variable Interest
Entities are commonly referred to as special purpose entities ("SPEs"). FIN 46
requires certain SPEs to be consolidated by a company if that company is subject
to a majority of the risk of loss from the SPEs activities or entitled to
receive a majority of the SPEs residual returns, or both. The General Partner
does not believe that the implementation of FIN 46 will have a material impact
on the Fund's financial statements.

50
<Page>
REPORT OF INDEPENDENT AUDITORS

To the Partners of S&P Managed Futures Index Fund, LP

In our opinion, the accompanying statement of financial condition presents
fairly, in all material respects, the financial position of S&P Managed Futures
Index Fund, LP (the "Fund") at July 9, 2003, in conformity with accounting
principles generally accepted in the United States of America. This financial
statement is the responsibility of the Fund's general partner; our
responsibility is to express an opinion on this financial statement based on our
audit. We conducted our audit of this financial statement in accordance with
auditing standards generally accepted in the United States of America, which
require that we plan and perform the audit to obtain reasonable assurance about
whether the financial statement is free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statement, assessing the accounting principles used
and significant estimates made by management, and evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.

PricewaterhouseCoopers LLP
New York, New York
October 7, 2003

51
<Page>
S&P MANAGED FUTURES INDEX FUND, LP

STATEMENT OF FINANCIAL CONDITION JULY 9, 2003

<Table>

ASSETS
Cash $ 1,001
-------
$ 1,001
=======

LIABILITIES
Liabilities $ --
=======
Net Assets $ 1,001
=======

Class A partnership units, no par value; unlimited units
authorized 1.001
=======
Net Asset Value per unit (net assets/units outstanding) $ 1,000
=======
</Table>

See accompanying notes to financial statement.

52
<Page>
S&P MANAGED FUTURES INDEX FUND, LP
NOTES TO FINANCIAL STATEMENT

(1) ORGANIZATION

The limited partnership units may generally be redeemed as of the last
business day of any calendar month, subject to certain restrictions and
qualifications, upon at least 10 business days' prior written notice to the
General Partner. The General Partner may declare additional redemption dates
upon notice to the limited partners and may, in unusual circumstances, permit
some, or all, limited partners to redeem as of dates other than the end of the
month. The General Partner will send notice to limited partner whenever the Fund
experiences a decline in net asset value per unit of either class as of the
closing of business on any business day to less than 50% of the net asset value
per unit on the last month-end valuation date in case any limited partners wish
to redeem their units as a result of the decline in net asset value. The General
Partner may not be able to make timely payments with respect to redemptions due
to the Fund's inability to liquidate its investment in the SPC on a timely
basis. Redemptions of interests in the SPC by the Fund as of any particular
redemption date cannot exceed 20% of the Fund's investment in the SPC as of that
date unless the SPC has received at least 15 business days' notice prior to a
redemption date. A redemption fee of 3% of net asset value per Class A unit
applies if a Class A unit is redeemed within 12 months of its original purchase.

(2) SIGNIFICANT ACCOUNTING POLICIES

A summary of the significant accounting policies, which have been followed
in preparing the accompanying financial statement, is set forth below.

USE OF ESTIMATES

INCOME TAXES

53
<Page>
(3) MANAGEMENT FEES

All fees paid to PlusFunds for sub-investment management services are paid
by RFH. RFH may voluntarily waive a portion of its management fee at its
discretion.

(4) EXPENSES

In accordance with the Limited Partnership Agreement, the Fund shall be
charged for certain expenses, as described below, and such expenses will be
allocated proportionately among the partners.

The Fund is responsible for administrative, ongoing offering expenses and
operating expenses, including but not limited to legal and accounting fees, and
any taxes or extraordinary expenses payable.

Refco Group Ltd., LLC, the parent of RFH, will pay organizational and
initial offering expenses. Refco Group Ltd., LLC will also pay initial and
ongoing commissions to selling agents.

As of July 9, 2003, the Fund has not incurred any operating expenses since
the sale of units to RFH occurred on the balance sheet date and the Fund has not
commenced operations.

(5) NEW ACCOUNTING PRONOUNCEMENTS

54
<Page>
REFCOFUND HOLDINGS, LLC

STATEMENT OF FINANCIAL CONDITION

(UNAUDITED)

AUGUST 31, 2003
(000'S OMITTED)

<Table>

ASSETS
Cash $ 1,517
-------
Receivables 23
Investment in the Fund 1
-------
Total assets $ 1,541
=======

LIABILITIES AND MEMBER'S EQUITY
Liabilities
Accounts payable and other liabilities $ 244
-------
Member's equity
Capital contributed 3,757
Receivable from affiliates (2,460)
-------
Total member's equity 1,297
-------
Total liabilities and member's equity $ 1,541
=======
</Table>

The accompanying notes are an integral part of this statement.

Purchasers of Units will acquire no interest in this company.

55
<Page>
REFCOFUND HOLDINGS, LLC
NOTES TO STATEMENT OF FINANCIAL CONDITION
(UNAUDITED)
AUGUST 31, 2003

NOTE A--ORGANIZATION

The Company provides trading advice by selecting and overseeing various
trading advisors. Currently it provides these services to the Northern Star
Hedge Fund I, Capricorn Trading Co. Limited and Refco Global Financial Futures
(Thales Bermuda LP) Trust. As of August 31, 2003, the Company was managing
approximately $55 million in client assets. The Company earns commissions as
well as management and incentive fees from the services that it provides.

The Company is the General Partner ("GP") of the S&P Managed Futures Index
Fund, LP (the "Fund"). A limited partnership organized on May 13, 2003. The Fund
has no operations other than those related to organization matters, including
the sale of 1.000 unit to the Company and .001 unit to the initial limited
partner on July 7, 2003.

NOTE B--BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

1. INTERIM STATEMENT OF FINANCIAL CONDITION AND FINANCIAL INFORMATION

The unaudited interim statement of financial condition has been prepared in
accordance with generally accepted accounting principles for interim financial
information and with the rules and regulations of the Securities and Exchange
Commission ("SEC") with respect to the Form S-1. In the opinion of management,
all adjustments that are necessary for a fair presentation of the financial
condition as of August 31, 2003, have been included.

2. FOREIGN CURRENCY TRANSACTIONS

In the normal course of business, the Company engages in transactions
denominated in foreign currencies other than United States dollars. Assets and
liabilities in foreign currencies were translated at the month-end spot rate.

3. INCOME TAXES

The Company has not provided for Federal, state and local taxes, as they are
the responsibility of the Company's member.

4. INVESTMENT IN THE FUND

Under the limited partnership agreement of the Fund, a majority of the
limited partners can vote to amend the partnership agreement, dissolve the Fund,
remove or replace the general partner, or terminate any contract with the
general partner or its affiliates upon 60 days notice. Accordingly, upon
successful completion of the offering of limited partnership units of the Fund,
the Company will not be deemed to control the Fund and therefore the Fund will
not be consolidated with the Company. The Company will continue to account for
its investment in the Fund under the equity method of accounting. At August 31,
2003, the Company's investment in the Fund, representing substantially all of
the seed money capital of the Fund, is not material to its financial condition.

Purchasers of Units will acquire no interest in this company.

56
<Page>
5. USE OF ESTIMATES IN FINANCIAL STATEMENTS

The preparation of financial statements in conformity with accounting
principles generally accepted in the United States of America requires
management to make estimates and assumptions that affect the reported amounts of
assets and liabilities and disclosure of contingent assets and liabilities at
the date of the financial statements. Actual results could differ from those
estimates.

NOTE C--COMMITMENT AND CONTINGENCIES

The Company will be required to make and maintain a cash general partnership
interest of 1% of the total contributions of all limited partners in the Fund.
As GP, the Company is contingently liable for obligations of the Fund. However,
the Company has no intent or commitments to, nor is it a reasonable possibility
that the Company will, fund cash flow deficits, if any, or provide other direct
or indirect financial assistance to the Fund.

NOTE D--RELATED PARTY TRANSACTIONS

The Company loans funds to subsidiaries and affiliates of the Parent. Such
amounts are presented as a debit in member's equity until repaid.

The Parent has borne all organization and offering costs associated with the
Fund.

NOTE E--NEW ACCOUNTING DEVELOPMENT

In January 2003, the FASB issued Interpretation No. 46, "Consolidation of
Variable Interest Entities" ("FIN 46"). This interpretation changes the method
of determining whether certain entities should be consolidated in a company's
financial statements. An entity is subject to FIN 46 and is called a variable
interest entity ("VIE") if it has (1) equity that is insufficient to permit the
entity to finance its activities without additional subordinated financial
support from other parties, or (2) equity investors that cannot make significant
decisions about the entity's operations, or that do not absorb the expected
losses or receive the expected returns of the entity. A VIE is consolidated by
its primary beneficiary, which is the party involved with the VIE that has
absorbed a majority of the expected losses or received a majority of the
expected residual returns or both. The consolidation requirements of FIN 46 is
effective immediately for all VIEs created after January 31, 2003. Management
has determined upon initial application of FIN 46 the Fund is not a VIE.

Purchasers of Units will acquire no interest in this company.

57
<Page>
REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS

To the Member of
REFCOFUND HOLDINGS, LLC

We have audited the accompanying statement of financial condition of
RefcoFund Holdings, LLC (the "Company") as of February 28, 2003. This financial
statement is the responsibility of the Company's management. Our responsibility
is to express an opinion on this financial statement based on our audit.

We conducted our audit in accordance with auditing standards generally
accepted in the United States of America. Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the statement
of financial condition is free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the statement of financial condition. An audit also includes assessing the
accounting principles used and significant estimates made by management, as well
as evaluating the overall statement of financial condition presentation. We
believe that our audit provides a reasonable basis for our opinion.

In our opinion, the statement of financial condition referred to above
presents fairly, in all material respects, the financial position of RefcoFund
Holdings, LLC as of February 28, 2003 in conformity with accounting principles
generally accepted in the United States of America.

GRANT THORNTON LLP

New York, New York
May 21, 2003 (except for
Note C, as to which the
date is June 5, 2003)

Purchasers of Units will acquire no interest in this company.

58
<Page>
REFCOFUND HOLDINGS, LLC

STATEMENT OF FINANCIAL CONDITION

FEBRUARY 28, 2003
(000'S OMITTED)

<Table>

ASSETS
Cash $ 17

Receivables
Loans due from affiliates 1,500
Other 141
-------
Total assets $ 1,658
=======

LIABILITIES AND MEMBER'S EQUITY
Liabilities
Accounts payable and other liabilities $ 321
-------
Member's equity
Capital contributed 3,685
Receivable from affiliates (2,348)
-------
Total member's equity 1,337
-------
Total liabilities and member's equity $ 1,658
=======
</Table>

The accompanying notes are an integral part of this statement.

Purchasers of Units will acquire no interest in this company.

59
<Page>
REFCOFUND HOLDINGS, LLC

NOTES TO STATEMENT OF FINANCIAL CONDITION

FEBRUARY 28, 2003

NOTE A--ORGANIZATION

RefcoFund Holdings, LLC (the "Company") is a limited liability company under
the laws of the State of Delaware. The ultimate parent of the Company is Refco
Group Ltd., LLC (the "Parent"). The Company was originally organized in Delaware
on November 9, 1984. The Company is a member of the National Futures Association
and is registered as a commodity pool operator and as a commodity trading
advisor. The Company provides fund management and administrative services to
commodity pools. It formerly served as the General Partner for the following
commodity pools: The Admiral Futures Fund, Ltd., Clark Street Futures Fund,
Dearborn Street Futures Fund and LaSalle Street Futures Fund. At February 28,
2003, the Company was not a general partner in any fund or pool, nor did it
carry any equity investments.

The Company provides trading advice by selecting and overseeing various
trading advisors. Currently, it provides these services to the Northern Star
Hedge Fund I, Capricorn Trading Co. Limited, Selective Financial Portfolio
Limited and Refco Global Financial Futures Trust (Thales Bermuda LP). As of
February 28, 2003, the Company was managing approximately $48 million in client
assets. The Company earns commissions as well as management and incentive fees
from the services that it provides.

NOTE B--SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

1. FOREIGN CURRENCY TRANSACTIONS

In the normal course of business, the Company engaged in transactions
denominated in foreign currencies. Assets and liabilities in foreign currencies
were translated at the year-end spot rate.

2. INCOME TAXES

The Company has not provided for Federal, state and local taxes, as they are
the responsibility of the Company's member.

3. USE OF ESTIMATES IN FINANCIAL STATEMENTS

NOTE C--RELATED PARTY TRANSACTIONS

The Company loans funds to subsidiaries and affiliates of the Parent. Such
amounts are presented as a debit in member's equity until repaid. On June 5,
2003, $1,500,000 of these amounts were subsequently received and accordingly are
presented as assets in the accompanying statement of financial condition.

During the year, the Company transferred a receivable from a third party to
an affiliate, for cash of approximately $1.2 million, representing its gross
carrying value.

Purchasers of Units will acquire no interest in this company.

60
<Page>
PART TWO
STATEMENT OF ADDITIONAL INFORMATION

S&P MANAGED FUTURES INDEX FUND, LP

$100,000,000 CLASS A UNITS OF LIMITED PARTNERSHIP INTEREST
$100,000,000 CLASS B UNITS OF LIMITED PARTNERSHIP INTEREST

-------------------

AN INVESTMENT IN UNITS IS A SPECULATIVE AND LEVERAGED INVESTMENT
WHICH INVOLVES THE RISK OF LOSS.

BEFORE YOU DECIDE TO INVEST, YOU SHOULD READ THIS ENTIRE PROSPECTUS
CAREFULLY AND CONSIDER THE RISKS YOU FACE BEGINNING ON PAGE 7.

-------------------

THIS PROSPECTUS IS IN TWO PARTS. A DISCLOSURE DOCUMENT AND A
STATEMENT OF ADDITIONAL INFORMATION. THESE PARTS ARE BOUND TOGETHER,
AND BOTH CONTAIN IMPORTANT INFORMATION. UNDER NO CIRCUMSTANCES
MAY THE TWO PARTS OF THIS PROSPECTUS BE DISTRIBUTED SEPARATELY.

-------------------

REFCO SECURITIES, LLC
SELLING AGENT

REFCOFUND HOLDINGS, LLC
GENERAL PARTNER

THIS STATEMENT OF ADDITIONAL INFORMATION AND DISCLOSURE DOCUMENT ARE BOTH DATED
, 2004.

61
<Page>
HYPOTHETICAL PERFORMANCE OF THE INDEX

Set forth in Capsule C is the hypothetical performance of the Index. For
purposes of the hypothetical pro forma version of the Index, Standard & Poor's
aggregated the historical self-reported returns of the Index constituents. The
S&P Managed Futures Pro Forma Index returns are based on the Index constituents
as of December 2002 using monthly performance data from January 1998 through
December 2002. No hypothetical performance for the period after December 2002 is
presented because the Index SPC began trading on December 31, 2002 and
accordingly has actual performance beginning January 2003. Returns for each
constituent date back to January 1998 except that returns for Aspect Capital
Limited and Beacon Management Corporation (USA) extend back to December 1998 and
October 1999 respectively. The returns were provided to Standard & Poor's from
the constituents themselves. The returns were weighted and aggregated to
determine the pro forma hypothetical historical returns of the Index.
Standard & Poor's has the right to change Index constituents from time to time
and rebalance accordingly. Drury Capital Management Inc. replaced Beacon
Management Corporation (USA) as one of the Index constituents as of January 1,
2004.

Standard & Poor's cannot verify the validity or accuracy of this data. For
purposes of calculating pro forma returns, annually in August, the pro forma
version of the Index is rebalanced to original equal weighting of constituents.
Standard & Poor's does not guarantee the accuracy of these pro forma returns and
does not recommend any investment or other decision based on their results. Pro
forma index returns do not take into account the expenses of the Fund or the
operating and administrative expenses of the Index SPC. If the foregoing had
been factored in, the pro forma index returns would have been lower.

62
<Page>
CAPSULE C
HYPOTHETICAL S&P MANAGED FUTURES PRO FORMA INDEX

<Table>
<Caption>
RATES OF RETURN
--------------------------------------------------------------------
MONTH 2002 2001 2000 1999 1998
- ----- -------- -------- -------- -------- --------

January............................................... (1.3)% 0.5% 0.0% (3.7)% 2.2%
February.............................................. (3.8)% 0.8% (1.4)% 3.7% (0.3)%
March................................................. 0.4% 7.3% (1.8)% (1.3)% 3.0%
April................................................. (2.7)% (7.3)% (1.4)% 5.4% (5.5)%
May................................................... 3.1% 1.5% 0.3% (2.6)% 3.3%
June.................................................. 10.7% (1.9)% (2.)1% 4.7% (0.9)%
July.................................................. 6.7% (1.5)% (3.4)% (1.0)% (1.0)%
August................................................ 4.0% 3.9% 5.0% 0.5% 11.7%
September............................................. 5.7% 7.1% (4.1)% 1.0% 6.2%
October............................................... (6.6)% 5.8% 2.1% (6.8)% 0.4%
November.............................................. (3.7)% (10.3)% 9.6% 4.3% (2.5)%
December.............................................. 7.4% 1.1% 13.5% 2.8% 4.1%
---- ----- ---- ---- ----
Year.................................................. 20.0% 5.7% 15.9% 6.3% 21.6%
==== ===== ==== ==== ====
</Table>

Largest Hypothetical Monthly Drawdown:* (10.3)% (11/01)

Worst Hypothetical Pro Form Peak-to-Valley Drawdown:** (15.8)% (10/01-4/02)

*"Largest Hypothetical Pro Forma Monthly Drawdown" is the largest negative
monthly rate of return.

**"Worst Hypothetical Pro Forma Peak-to-Valley Drawdown" is the greatest
percentage decline in net asset value of the Index experienced by the program
without such net asset value being subsequently equaled or exceeded. For
example, if the value of the program unit dropped by 1% in each of January and
February, rose 1% in March and dropped again by 2% in April, a "Peak-to-Valley
Drawdown" would still be continuing at the end of April in the amount of
approximately (3)%, whereas if the value of the pool unit had risen by
approximately 2% or more in March, the drawdown would have ended as of the end
of February at the (2)% level.

HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH
ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT THE FUND WILL OR IS
LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE
FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE
ACTUAL RESULTS ACHIEVED BY ANY PARTICULAR TRADING PROGRAM.

ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE
GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION, HYPOTHETICAL
TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN
COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR
EXAMPLE, THE ABILITY TO WITHSTAND LOSSES OR TO ADHERE TO A PARTICULAR TRADING
PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY
AFFECT ACTUAL TRADING RESULTS. THERE ARE NUMEROUS OTHER FACTORS RELATED TO THE
MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM
WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF HYPOTHETICAL
PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING
RESULTS.

63
<Page>
THE FUTURES AND FORWARD MARKETS

FUTURES AND FORWARD CONTRACTS

Futures contracts in the United States are generally traded on exchanges and
call for the future delivery of various commodities. These contractual
obligations may be satisfied either by taking or making physical delivery or by
making an offsetting sale or purchase of a futures contract on the same
exchange.

Forward currency contracts are agreements to make or accept delivery of a
currency and are traded off-exchange through banks or dealers. In these
instances, the bank or dealer generally acts as principal in the transaction and
charges "bid-ask" spreads. These contractual obligations are generally satisfied
by making an offsetting agreement.

Unlike an investment in bonds where some consistency of yield is expected or
in stocks where participation in economic growth is expected, futures and
forward trading is a "zero-sum" risk transfer economic activity. For every gain
realized by one futures and forward trader, there is an equal and offsetting
loss suffered by another.

HEDGERS AND SPECULATORS

The two broad classifications of persons who trade futures and forward
contracts are "hedgers" and "speculators." Hedging is designed to minimize the
losses that may occur because of price changes, for example, between the time a
merchandiser contracts to sell a commodity and the time of delivery. The futures
and forward markets enable the hedger to shift the risk of price changes to the
speculator. The speculator risks capital with the hope of making profits from
such changes. Speculators, such as the Fund, rarely take delivery of the
physical commodity but rather close out their futures positions through
offsetting futures contracts.

EXCHANGES; POSITION AND DAILY LIMITS; MARGINS

Commodity exchanges in the United States generally have an associated
clearinghouse. Once trades made between members of an exchange have been
cleared, each clearing broker looks only to the clearinghouse for all payments
in respect of such broker's open positions. The clearinghouse "guarantee" of
performance on open positions does not run to customers. If a member firm goes
bankrupt, customers could lose money.

Federal legislation adopted in December 2000 has made possible a variety of
new futures and derivative exchanges and clearing organizations that will be
subject to less CFTC oversight than the commodities exchanges on which the Index
SPC anticipates trading in the United States. Additionally, this legislation
permits a variety of highly qualified persons to trade contracts for future
delivery on various non-agricultural commodities among themselves off-exchange.
The general partner currently expects that substantially all of the Index SPC's
futures trading in the United States will be conducted on exchanges subject to
the full oversight of the CFTC. However, it is not now possible to determine
what impact the existence of these new exchanges will have on the Index SPC's
trading activities.

The Index SPC will trade on a number of foreign commodity exchanges. Foreign
commodity exchanges differ in certain respects from their United States
counterparts and are not regulated by any United States agency.

The CFTC and the United States exchanges have established "speculative
position limits" on the maximum positions that the portfolio managers may hold
or control in futures contracts on some, but not all, commodities. For example,
the CFTC limits the number of contracts each portfolio manager can control in
corn to 5,500 in a single delivery month and the Chicago Mercantile Exchange
limits the number of S&P 500 Index contracts each portfolio manager can control
to 20,000; however, Treasury bonds traded on the Chicago Board of Trade are not
subject to position limits.

United States exchanges limit the maximum price change in some, but not all,
futures contracts during any single trading day. Once the "daily limit" has been
reached, it becomes very difficult to execute trades in the same direction the
market has moved. That is, if a market is "limit up," it is difficult, or
impossible, to buy, but very easy to sell. Because these limits apply on a
day-to-day basis, they do not limit ultimate losses, but may reduce or
temporarily eliminate liquidity. For example, the

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Chicago Board of Trade imposes daily limits of 20(cent) on corn futures but
imposes no daily limits on Treasury bond futures. The Chicago Mercantile
Exchange coordinates trading halts in the S&P 500 index futures with trading
halts of the stocks underlying the index and imposes trading pauses or halts at
moves of 5%, 10%, 15% and 20% in the value of that index.

When a position is established, "initial margin" is deposited. On most
exchanges, at the close of each trading day "variation margin," representing the
unrealized gain or loss on the open positions, is either credited to or debited
from a trader's account. If "variation margin" payments cause a trader's
"initial margin" to fall below "maintenance margin" levels, a "margin call" is
made, requiring the trader to deposit additional margin or have his position
closed out.

OTHER SALES MATERIAL TO BE DELIVERED

In addition to this prospectus, you may receive the following materials
which have been prepared by the general partner:

- Fact Sheet; and

- Marketing Brochure.

In addition you may receive the Standard & Poor's "white paper" which has
been prepared by Standard & Poor's and is publicly available on the Standard &
Poor's website.

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GLOSSARY

The following glossary may assist the prospective investor in understanding
the terms used in this prospectus.

AFFILIATE. An affiliate of a person means (a) any person directly or indirectly
owning, controlling or holding with power to vote 10% or more of the outstanding
voting securities of such person; (b) any person 10% or more of whose
outstanding voting securities are directly or indirectly owned, controlled or
held with power to vote, by such person; (c) any person, directly or indirectly,
controlling, controlled by or under common control of such person; (d) any
officer, director or partner of such person; or (e) if such person is an
officer, director or partner, any person for which such person acts in such
capacity.

CFTC. Commodity Futures Trading Commission.

COMMODITY. The term commodity refers to goods, wares, merchandise, produce and
in general everything that is bought and sold in commerce, including financial
instruments. Out of this large class, certain commodities have been selected as
appropriate vehicles for trading on various national and international exchanges
located in principal marketing and commercial areas. Among the commodities
currently so traded are wheat, corn, oats, hogs, sugar, cotton, lumber, copper,
silver, gold, T-Bills, stock indices and foreign currency.

COMMODITY BROKER. Any person who engages in the business of effecting
transactions in commodity contracts for the account of others or for his own
account.

COMMODITY INTEREST CONTRACT. A contract or option thereon providing for the
delivery or receipt at a future date of a specified amount and grade of a traded
commodity at a specified price and delivery point.

CONTINUOUS OFFERING. Offers and sales of Units after the initial offering
period.

DAILY PRICE FLUCTUATION LIMIT. The maximum permitted fluctuation (imposed by an
exchange and approved by the CFTC) in the price of a futures contract for a
given commodity that can occur on an exchange on a given day in relation to the
previous day's settlement price. Such maximum permitted fluctuation is subject
to change from time to time by the exchange.

DELIVERY. The process of satisfying a commodity futures contract by
transferring ownership of a specified quantity and grade of a cash commodity to
the purchaser thereof. Certain financial instrument futures contracts are not
settled by delivery of the financial instrument, but rather are settled in cash.

FORWARD CONTRACT. A contract relating to the purchase and sale of a physical
commodity for delivery at a future date. It is distinguished from a futures
contract in that it is not traded on an exchange and it contains terms and
conditions specifically negotiated by the parties.

MARGIN. Good faith deposits with a commodity broker to assure fulfillment of a
purchase or sale of a commodity futures contract. Commodity margins do not
involve the payment of interest.

NFA. National Futures Association.

NET ASSETS. The total assets, less total liabilities, of the Fund determined on
the basis of generally accepted accounting principles. Net assets shall include
any unrealized profits or losses on open positions, and any fee or expense
accruing to the Fund.

NET ASSET VALUE OF A UNIT. Net assets divided by the aggregate number of Units
of limited and general partnership interest outstanding.

NET WORTH. The excess of total assets over total liabilities as determined by
generally accepted accounting principles. Net worth shall be determined
exclusive of home, home furnishings and automobiles.

OPTION. A contract giving the purchaser the right, as opposed to the
obligation, to acquire or to dispose of the commodity or commodity futures
contract underlying the option.

ORGANIZATIONAL AND OFFERING EXPENSES. All expenses incurred in connection with
and in preparing the Fund for registration and subsequently offering and
distributing it to the public, including, but not limited to, total underwriting
and brokerage discounts and commissions (including fees of the underwriter's
attorneys), expenses for printing, engraving, mailing, salaries of employees
while engaged in sales activity,

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charges of transfer agents, registrars, trustees, escrow holders, depositories,
experts, expenses of qualification of the sale of its units under federal and
state law, including taxes and fees, accountants' and attorneys' fees.

POSITION LIMIT. The maximum number of futures contracts for a given commodity
that can be held or controlled at one time by one person or a group of persons
acting together. Such limitation is imposed by the CFTC or an exchange.

SETTLEMENT PRICE. The closing price for futures contracts in a particular
commodity established by the clearinghouse or exchange after the close of each
day's trading.

SPONSOR. Any person directly or indirectly instrumental in organizing the Fund
or any person who will manage or participate in the management of the Fund,
including a commodity broker who pays any portion of the organizational expenses
of the Fund, the general partner and any other person who regularly performs or
selects the persons who perform services for the Fund. Sponsor does not include
wholly independent third parties such as attorneys, accountants and underwriters
whose only compensation is for professional services rendered in connection with
the offering of the Units. The term "Sponsor" shall be deemed to include its
Affiliates.

SPOT CONTRACT. A cash market transaction in which the buyer and seller agree to
the immediate purchase and sale of a specific commodity lot, usually with a
two-day settlement.

SPREAD OR STRADDLE. A commodity trading strategy involving the simultaneous
buying and selling of contracts on the same commodity but involving different
delivery dates or markets and in which the trader expects to earn a profit from
a widening or narrowing of the difference between the prices of the two
contracts.

SWAPS. Swap transactions generally involve contracts with a counterparty to
exchange a stream of payments computed by reference to a notional amount and the
price of the asset that is the subject of the swap. Swap contracts are not
guaranteed by an exchange or clearinghouse.

UNREALIZED PROFIT OR LOSS. The profit or loss that would be realized on an open
position if it were closed out at the current settlement price.

VALUATION DATE. The date as of which the net assets of the Fund are determined.

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EXHIBIT A

S&P MANAGED FUTURES INDEX FUND, LP

AMENDED AND RESTATED

LIMITED PARTNERSHIP AGREEMENT

DECEMBER 4, 2003
<Page>
TABLE OF CONTENTS

<Table>
<Caption>
PAGE
----

1. FORMATION AND NAME............................................... A-1
2. PRINCIPAL OFFICE; REGISTERED OFFICE AND AGENT.................... A-1
(a) Principal Office............................................ A-1
(b) Registered Office and Agent................................. A-1
3. BUSINESS......................................................... A-1
4. TERM; DISSOLUTION; AND FISCAL YEAR............................... A-1
(a) Term........................................................ A-1
(b) Dissolution................................................. A-2
(c) Fiscal Year................................................. A-2
5. NET WORTH OF GENERAL PARTNER..................................... A-2
(a) Minimum Net Worth........................................... A-2
(b) Modifications............................................... A-2
6. CAPITAL CONTRIBUTIONS; UNITS; AND DISTRIBUTIONS.................. A-2
(a) General Partner Interest.................................... A-2
(b) Initial Limited Partner..................................... A-2
(c) Limited Partner Interests................................... A-2
(d) Distributions............................................... A-3
(e) No Certificates............................................. A-3
(f) Return of Capital Contributions............................. A-3
7. ALLOCATION OF PROFITS AND LOSSES................................. A-3
(a) Capital Accounts............................................ A-3
(b) Allocations................................................. A-3
Allocation of Profit and Loss for Federal Income Tax
(c) Purposes.................................................... A-4
8. FEES AND EXPENSES................................................ A-4
(a) Management Fees............................................. A-4
(b) Administrative Expenses..................................... A-5
(c) Expenses of the Index SPC................................... A-5
(d) Reserves.................................................... A-5
9. MANAGEMENT OF THE PARTNERSHIP.................................... A-5
(a) Authority of the General Partner............................ A-5
(b) Agreements and Arrangements................................. A-5
(c) Prohibited Activities....................................... A-6
(d) Freedom of Action........................................... A-6
(e) Tax Matters Partner......................................... A-6
10. AUDITS AND REPORTS TO LIMITED PARTNERS........................... A-6
(a) Financial and Tax Information............................... A-6
(b) Inspection of Books and Records............................. A-7
(c) Calculation of Net Asset Value.............................. A-7
(d) Notification................................................ A-7
(e) Taxes....................................................... A-7
(f) Maintenance of Records...................................... A-7
11. ASSIGNABILITY OF UNITS........................................... A-7
(a) Notice of Transfer.......................................... A-7
(b) Substitute Limited Partners................................. A-7
(c) Restrictions on Transfer.................................... A-8
(d) Modification of Restrictions................................ A-8
(e) Costs of Transfer........................................... A-8
12. REDEMPTIONS...................................................... A-8
(a) Notice of Redemption; Redemption Price...................... A-8
(b) Redemption Charges.......................................... A-8
(c) Special Redemption Dates.................................... A-8
(d) Payment; Suspensions and Limitations........................ A-9
(e) Required Redemption......................................... A-9
</Table>

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<Page>

<Table>
<Caption>
PAGE
----

13. OFFERING OF UNITS................................................ A-9
(a) Registration of Units....................................... A-9
(b) ERISA Restrictions.......................................... A-9
(c) Cancellation of Units....................................... A-9
14. SPECIAL POWER OF ATTORNEY........................................ A-10
15. WITHDRAWAL OF A PARTNER.......................................... A-10
(a) Withdrawal of General Partner............................... A-10
(b) Withdrawal of Limited Partners.............................. A-10
16. STANDARD OF LIABILITY; INDEMNIFICATION........................... A-11
(a) Liability of the General Partner............................ A-11
(b) Standard of Liability of the General Partner................ A-11
(c) Indemnification of the General Partner by the Partnership... A-11
(d) Securities Laws Violations.................................. A-11
(e) Insurance................................................... A-11
(f) Advances.................................................... A-11
Indemnification of the Partnership by the Limited
(g) Partners.................................................... A-11
(h) Limited Liability of Limited Partners....................... A-11
17. AMENDMENTS; MEETINGS............................................. A-12
(a) Amendments with Consent of the General Partner.............. A-12
Amendments and Actions without the Consent of the General
(b) Partner..................................................... A-12
(c) Methods of Limited Partner Consent.......................... A-12
(d) Meetings.................................................... A-12
18. BENEFIT PLAN INVESTORS........................................... A-13
19. NOT A PUBLICLY TRADED PARTNERSHIP................................ A-13
20. GOVERNING LAW.................................................... A-13
21. MISCELLANEOUS.................................................... A-13
(a) Notices..................................................... A-13
(b) Binding Effect.............................................. A-13
(c) Captions.................................................... A-13
(d) Severability................................................ A-14
(e) Entire Agreement............................................ A-14
(f) No Waivers.................................................. A-14
(g) Priority Among Limited Partners............................. A-14
22. DEFINITIONS...................................................... A-14
</Table>

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S&P MANAGED FUTURES INDEX FUND, LP

AMENDED AND RESTATED

LIMITED PARTNERSHIP AGREEMENT

This AMENDED AND RESTATED LIMITED PARTNERSHIP AGREEMENT (this "Agreement")
of S&P MANAGED FUTURES INDEX FUND, LP (the "Partnership") is made and entered
into as of this 4th day of December, 2003 by and among REFCOFUND HOLDINGS, LLC,
a Delaware limited liability company, as the general partner (the "General
Partner"), Philip Silverman, the initial limited partner (the "Initial Limited
Partner"), and each other party who shall execute this Agreement, by counterpart
or by attorney-in-fact (individually, a "Limited Partner" and, collectively, the
"Limited Partners" and, together with the General Partner, the "Partners").

W I T N E S S E T H:

WHEREAS, the parties hereto desire to form the Partnership for purpose of
seeking investment returns that substantially track the performance of the
Standard & Poor's-Registered Trademark- Managed Futures Index.

NOW THEREFORE, the parties hereto agree as follows:

1. FORMATION AND NAME.

The parties hereto hereby form a limited partnership under the Delaware
Revised Uniform Limited Partnership Act, as amended from time to time (the
"Act"). The name of the limited partnership is S&P Managed Futures Index Fund,
LP. The General Partner shall execute and file a Certificate of Limited
Partnership in accordance with the Act and shall execute, file, record and
publish, as appropriate, such amendments, restatements and other documents as
are or become necessary or advisable as determined by the General Partner in its
sole discretion.

2. PRINCIPAL OFFICE; REGISTERED OFFICE AND AGENT.

(a) PRINCIPAL OFFICE. The address of the principal office of the
Partnership is c/o RefcoFund Holdings, LLC, 550 West Jackson, Suite 1300,
Chicago, Illinois 60661, telephone: (312) 788-2000, or such other place as the
General Partner may from time to time designate by notice to the Limited
Partners. The Partnership may maintain offices at such other place or places
within or outside the State of Delaware as the General Partner deems advisable.

(b) REGISTERED OFFICE AND AGENT. The address of the registered office of
the Partnership in the State of Delaware is located at 1209 Orange Street,
Wilmington, Delaware 19801, and the registered agent for service of process on
the Partnership in the State of Delaware at such registered office is The
Corporation Trust Company.

3. BUSINESS.

The Partnership's business and purpose is to seek investment returns that
substantially track the performance of the Standard & Poor's-Registered
Trademark- Managed Futures Index. The Partnership shall have the power to engage
in all activities which are necessary, suitable, desirable, convenient or
incidental to the accomplishment to the foregoing business and purpose.

4. TERM; DISSOLUTION; AND FISCAL YEAR.

(a) TERM. The term of the Partnership shall commence on the day on which
the Certificate of Limited Partnership was filed with the Secretary of State of
the State of Delaware pursuant to the provisions of the Act and shall end upon
the first to occur of the following: (i) receipt by the General Partner of an
election to dissolve the Partnership at a specified time by the Limited Partners
owning Units representing more than fifty percent (50%) of the total number of
outstanding Units then owned by Limited Partners, notice of which is sent by
registered mail to the General Partner not less than 90 days prior to the
effective date of such dissolution; (ii) the withdrawal, resignation, removal,
bankruptcy, insolvency or dissolution of the General Partner or any other event
that causes the General Partner to cease to be a general partner unless (A) at
the time of such event there is at least one remaining general partner of the
Partnership who carries on the business of the Partnership or (B) within 120
days after such event Limited Partners owning at least fifty percent (50%) of
the total number of outstanding Units then owned by Limited Partners agree to
continue the business of the Partnership and to the appointment,

A-1
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effective as of the date of such event, of one or more general partners of the
Partnership pursuant to the terms of SECTION 17; and (iii) any other event which
shall make it unlawful for the existence of the Partnership to be continued or
shall require termination of the Partnership.

(b) DISSOLUTION. Upon the dissolution of the Partnership, the assets of
the Partnership shall be distributed: (i) first, to creditors, including any
Partners who may be creditors, to the extent otherwise permitted by law, in
satisfaction of liabilities of the Partnership (whether by payment or the making
of reasonable provision for payment thereof) other than liabilities for which
reasonable provision for payment has been made and liabilities for distributions
to Partners; (ii) second, to Partners and former Partners in satisfaction of
liabilities for distributions; and (iii) third, to Partners first for the return
of their contributions and second respecting their partnership interests, in the
proportions in which the Partners share in distributions. Following distribution
of the assets of the Partnership, a Certificate of Cancellation for the
Partnership shall be filed as required by the Act.

(c) FISCAL YEAR. The fiscal year of the Partnership shall begin on
January 1 of each year and end on the following December 31.

5. NET WORTH OF GENERAL PARTNER.

(a) MINIMUM NET WORTH. At all times after termination of the Initial
Offering Period, so long as it remains general partner of the Partnership, the
General Partner will maintain a Net Worth of not less than the greater of
(a) $50,000 or (b) the sum of five percent (5%) of the total capital
contributions to the Partnership (including capital contributions by the General
Partner) and to all other entities of which it is general partner and five
percent (5%) of the Units being offered. In no event shall the General Partner
be required to maintain a Net Worth in excess of $1,000,000.

(b) MODIFICATIONS. The requirements of SECTION 5(A) may be modified by the
General Partner if the General Partner obtains an opinion of counsel for the
Partnership that a proposed modification will not adversely affect the
classification of the Partnership as a partnership for federal income tax
purposes and will not violate any state securities or blue sky laws to which the
Partnership may be subject from time to time.

6. CAPITAL CONTRIBUTIONS; UNITS; AND DISTRIBUTIONS.

(a) GENERAL PARTNER INTEREST. The General Partner will be required to make
and maintain a cash investment in the Partnership equal to the greater of
(i) one percent (1%) of the total capital contributions to the Partnership or
(ii) $25,000. The General Partner may withdraw any interest it may have as a
general partner in excess of such amount. Any interest in the Partnership
acquired by the General Partner or any of its principals or their respective
Affiliates will be non-voting, and will not be considered outstanding for
purposes of determining whether the majority approval of the outstanding Units
has been obtained.

(b) INITIAL LIMITED PARTNER. The capital contribution of the initial
Limited Partner shall be $1, payable on formation of the Partnership. The
interest of the Initial Limited Partner shall terminate on admission of any
other person as a Limited Partner and his capital contribution shall be
returned.

(c) LIMITED PARTNER INTERESTS. Interests in the Partnership, other than
those of the General Partner, shall be evidenced by units of limited partnership
interest ("Units"). Units shall be initially be issued in two classes--Class A
and Class B. The Class B Units will be offered only by qualified broker-dealers
that offer a wrap fee program and fee-only registered investment advisers.

(i) During the Initial Offering Period, a subscriber must contribute
$1,000 per Unit and purchase at least ten Units, making its initial
investment to the capital of the Partnership at least $10,000; provided,
that a subscriber that is an individual retirement account must purchase at
least three Units, making its initial investment to the capital of the
Partnership at least $3,000. During the Initial Offering Period, a
subscriber who has previously submitted a Subscription Agreement to purchase
Units may make additional investments of at least $2,500 to purchase Units
at $1,000 per Unit. The Limited Partners' respective capital contributions
to the Partnership shall be as shown on the books and records of the
Partnership. Units will be sold in fractions calculated to three decimal
places.

(ii) During the Initial Offering Period, all subscriptions received will
be held in an interest bearing escrow account with an escrow agent selected
by the General Partner. The General Partner must receive and accept
subscriptions for at least 5,000 Units prior to the termination of the
Initial Offering Period to break escrow and commence trading. If
subscriptions for at least 5,000 Units have

A-2
<Page>

not been received and accepted by the General Partner prior to the
termination of the Initial Offering Period, this Agreement shall terminate,
and the full amount of all subscriptions held in escrow, plus interest, will
be returned to the subscribers within five Business Days after the end of
the Initial Offering Period and the Certificate of Limited Partnership shall
be cancelled. If subscriptions for at least 5,000 Units have been received
and accepted by the General Partner prior to the termination of the Initial
Offering Period, the full amount of all subscriptions held in escrow will be
contributed to the Partnership, the interest earned on such subscriptions
shall be treated as interest earned by the Partnership and the Partnership
shall commence trading operations.

(iii) After the termination of the Initial Offering Period, Units will be
continuously offered for sale as of the first Business Day of each month at
their Net Asset Value. A subscriber must make an initial investment to the
capital of the Partnership of at least $10,000; provided, that a subscriber
that is an individual retirement account must make its initial investment to
the capital of the Partnership of at least $3,000. An existing Limited
Partner may make additional investments of at least $2,500. Subscription
Agreements must be received at least six Business Days prior to the first
Business Day of each month in order to be accepted and the related cleared
funds must be received at least three Business Days prior to the first
Business Day of each month in order for subscriptions to be accepted. Funds
will be held in the Partnership's escrow or bank account until the first
Business Day of the month beginning at least six Business Days after receipt
of the related Subscription Agreement. Interest earned on funds submitted
prior to the first Business Day of the month will be interest earned by the
Partnership. If a subscription is rejected, the related funds held in the
Partnership's escrow or bank account, plus interest, will be returned to the
subscriber promptly following the end of the month in which the subscription
was rejected.

(d) DISTRIBUTIONS. The General Partner shall have sole discretion in
determining what distributions (other than on redemption of Units), if any, the
Partnership will make to the Partners. Distributions shall be PRO RATA in
accordance with the respective capital accounts of the Partners.

(e) NO CERTIFICATES. No certificates or other evidences of Unit ownership
will be issued. All subscribers who have been accepted by the General Partner
shall be deemed admitted as Limited Partners at the time they are reflected as
such on the books and records of the Partnership.

(f) RETURN OF CAPITAL CONTRIBUTIONS. No Limited Partner or assignee shall
have any right to demand the return of his or her capital contribution or any
profits added thereto, except through redeeming Units or upon dissolution of the
Partnership, in each case as provided herein. In no event shall a Limited
Partner or assignee be entitled to demand or receive property other than cash.

7. ALLOCATION OF PROFITS AND LOSSES.

(a) CAPITAL ACCOUNTS. A capital account shall be established for each
Partner. The initial balance of each Partner's capital account shall be the
amount of the initial capital contribution to the Partnership made by such
Partner.

(b) ALLOCATIONS. As of the close of business on the last day of each
month, the following determinations and allocations shall be made:

(i) The Net Assets of the Partnership will be determined without regard
to Management Fees or Administration Fees on a Class-by-Class basis.

(ii) Management Fees, if any, shall then be charged against Net Assets
on a Class-by-Class basis.

(iii) Administration Fees, if any, shall then be charged against Net
Assets on a Class-by-Class basis.

(iv) Any increase or decrease in the Partnership's Net Assets (after the
adjustments determined pursuant to Paragraphs (i) through (iii) above), as
compared to the last such determination of Net Assets, shall then be
credited or charged to the capital accounts of each Partner in the ratio
that the balance of each capital account bears to the balance of all capital
accounts of the same class.

(v) The amount of any distributions to a Partner and any amount paid to
a Partner on redemption of Units shall be charged to the appropriate capital
account. The General Partner does not intend to make any distributions.

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(c) ALLOCATION OF PROFIT AND LOSS FOR FEDERAL INCOME TAX PURPOSES. As of
the end of each fiscal year, income and expense and capital gain or capital loss
of the Partnership shall be allocated among the Partners pursuant to the
following provisions for federal income tax purposes:

(i) For federal income tax purposes, items of ordinary or capital
income, gain, loss, deduction or credit for each fiscal year shall be
allocated among the Partners in such manner as to reflect as nearly as
possible the amounts credited or charged to each Partner's capital account
of the same class.

(ii) Unrealized ordinary or capital gains or losses from prior periods
that have been credited or charged to a Partner's capital account shall,
when realized, be allocated as nearly as possible for federal income tax
purposes to reflect such prior allocation to a Partner's capital account of
the same class.

(iii) Allocations hereunder shall be made in accordance with the
regulations promulgated by the Department of the Treasury under
Section 704(b) and Section 704(c) of the Internal Revenue Code of 1986, as
amended (the "Code"), and, in the case of allocations made in accordance
with SECTION 7(D)(II), may be made in accordance with the provisions in
Temporary Treasury Regulation 1.704-3(e)(3) (or successor regulations) for
"securities partnerships" to the extent the Partnership constitutes a
"securities partnership" within the meaning of such provisions.

(iv) Notwithstanding SECTION 7(C)(II), to the extent permitted by the
regulations (or successor regulations) referred to in SECTION 7(C)(III),
allocations of gains that have been realized up to the time a Partner has
redeemed all or any portion of his limited or general partnership interest
may be allocated first to each Partner who has redeemed any such interest
during the year to the extent that the amount the Partner received on
redemption exceeds the amount of the Partner's tax basis attributable to the
interest redeemed, and allocations of losses that have been realized up to
the time a Partner has redeemed all or any portion of his limited or general
partnership interest may be allocated first to each Partner who has redeemed
any such interest during the year to the extent that the amount of the
Partner's tax basis attributable to the interest redeemed exceeds the amount
the Partner received on redemption. If more than one Partner receives a
special allocation described above, the allocation to each Partner may be
made in proportion to the ratio that such Partner's tax basis bears to the
total tax basis for all interests redeemed at that time.

(v) Any Partner who transfers or assigns Units during any fiscal year
shall be allocated such Partner's proportionate share of the capital gain or
capital loss and ordinary income or loss realized by the Partnership through
the end of the month in which notice of such transfer or assignment is given
to the General Partner in accordance with SECTION 11, and the transferee or
assignee of such Units shall be allocated its proportionate share of the
capital gain or capital loss and ordinary income or loss realized by the
Partnership commencing with the month next succeeding the month in which
notice of the transfer or assignment is given.

(vi) For purposes of this SECTION 7(C), "capital gain" or "capital loss"
shall mean gain or loss characterized as gain or loss from the sale or
exchange of a capital asset by the Code, including gain or loss required to
be taken into account pursuant to Section 1256 thereof.

(vii) Capital gain and capital loss shall be allocated separately and not
netted.

(viii) The allocation of profit and loss for federal income tax purposes
set forth herein allocates taxable profit and loss among the Partners in the
ratio and to the extent that financial profit and loss are allocated to such
Partners and so as to eliminate, to the maximum practicable extent, any
disparity between a Partner's capital account and its tax account,
consistent with principles set forth in Section 704 of the Code, including a
"Qualified Income Offset."

(ix) The allocations of profit and loss to the Partners in respect of
their Units shall not exceed the allocations permitted under Subchapter K of
the Code, as determined by the General Partner, whose determination shall be
binding.

(x) The method for allocating gains and loses for federal tax purposes
may be changed by the General Partner upon receipt of advice from counsel to
the Partnership that such change is required by applicable law or
regulations.

8. FEES AND EXPENSES.

(a) MANAGEMENT FEES. The Partnership shall pay to the General Partner a
monthly management fee (the "Management Fee") equal to 0.346% of the
Partnership's month-end Class A Net Assets and 0.179%

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of the Partnership's Class B Net Assets (4.15% and 2.15% per annum,
respectively). Management Fees, accrued as well as paid, shall reduce Net Asset
Value. The Management Fees and the Customary Administrative Expenses (as that
term is defined in Section 8(b)) may not exceed 0.5% of the Partnership's
month-end Net Assets (6% per annum). If necessary, the General Partner shall
reimburse the Partnership, no less frequently than quarterly, for the amount by
which the Management Fees and Customary Administrative Expenses exceed such
limitation.

(i) The General Partner shall pay from its management fee all expenses
incurred in connection with the organization of the Partnership and the
initial offering of Units, management fees to PlusFunds, selling commissions
and servicing fees. The organizational and offering expenses, plus the
upfront selling commissions and other commissions and compensation for sales
of Units, may not exceed 15% of the total capital contributions of the
Partners. Ongoing compensation paid to CFTC-qualified selling agents in
respect of CFTC-qualified registered representatives shall not be included
in the foregoing limitation.

(b) ADMINISTRATIVE EXPENSES. The Partnership shall be billed for and shall
pay all of its administrative expenses, including all Customary Administrative
Expenses, legal and audit services expenses, ongoing offering expenses and
extraordinary expenses. The General Partner shall pay and shall not allocate to
the Partnership any of its indirect expenses incurred in connection with the
administration of the Partnership, including salaries, rent, travel expenses and
such other items generally falling under the category of overhead expenses,
except for organizational and offering expenses. The Management Fees and the
customary and routine administrative and operating and ongoing offering expenses
of the Partnership, other than the actual cost of legal and audit services and
extraordinary expenses ("Customary Administrative Expenses"), may not exceed
0.5% of the Partnership's month-end Net Assets (6% per annum). If necessary, the
General Partner shall reimburse the Partnership, no less frequently than
quarterly, for the amount by which the Management Fees and Customary
Administrative Expenses exceed such limitation.

(c) EXPENSES OF THE INDEX SPC. The Partnership shall pay its pro rata
share of the fees and expenses of the Index SPC. The fees and expenses of the
Index SPC include (A) management fees and incentive fees paid to the managers of
the Index SPC; (B) fees paid to the Index SPC's administrator to administer the
Index SPC; (C) brokerage commissions and other transaction-related expenses of
the Index SPC; (D) accounting, audit and legal expenses and custodial fees of
the Index SPC; and (E) any extraordinary expenses of the Index SPC.

(d) RESERVES. The General Partner may create, in its sole and absolute
discretion, appropriate reserves, which shall be accrued and charged against the
Net Assets for contingent liabilities, if any, as of the date any such
contingent liability becomes known to the General Partner. Such reserves shall
reduce Net Asset Value for all purposes.

9. MANAGEMENT OF THE PARTNERSHIP.

(a) AUTHORITY OF THE GENERAL PARTNER. The General Partner shall control,
conduct and manage the business of the Partnership, including the investment of
the funds of the Partnership. The General Partner may take such actions on
behalf of the Partnership as the General Partner deems, in its sole discretion,
necessary or desirable to manage the business of the Partnership. The General
Partner shall have sole discretion in determining what distributions of profits
and income, if any, shall be made to the Partners (subject to the allocation
provisions hereof), shall execute various documents on behalf of the Partnership
and the Limited Partners and shall supervise the liquidation of the Partnership
if an event causing dissolution of the Partnership occurs.

(b) AGREEMENTS AND ARRANGEMENTS. The Partnership and the General Partner
on behalf of the Partnership may enter into any agreements or arrangements
specifically described in or contemplated by the Prospectus or otherwise as the
General Partner deems, in its sole discretion, necessary or desirable to manage
the business of the Partnership without any further act, approval or vote of any
Limited Partner other than the General Partner. The General Partner will have
fiduciary responsibility for the safekeeping and use of all funds and assets of
the Partnership, whether or not in its immediate possession or control, and the
General Partner will not employ, or permit another to employ such funds or
assets in any manner except for the exclusive benefit of the Partnership. No
Limited Partner may contract away the fiduciary obligation owed to the Limited
Partners by the General Partner under common law.

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(c) PROHIBITED ACTIVITIES.

(i) The funds of the Partnership will not be commingled with the funds
of any other Person (deposit of funds with a commodity broker, clearinghouse
or forward dealer, or investing assets in the Index SPC or any other
collective investment vehicle shall not be deemed to constitute
"commingling" for these purposes).

(ii) The Partnership shall make no loans to any Person. The General
Partner shall make no loans to the Partnership.

(iii) The Partnership shall not employ the trading technique commonly
known as "pyramiding," which means using unrealized profit on existing
positions as margin for the purchase or sale of additional positions in the
same or related commodities. The General Partner taking into account the
Partnership's open trade equity on existing positions in determining
generally whether to acquire additional commodity positions on behalf of the
Partnership will not be considered to be engaging in "pyramiding."

(iv) No Person may receive, directly or indirectly, any advisory,
management or incentive fees, or any profit-sharing allocation from joint
ventures, partnerships or similar arrangements in which the Partnership
participates, for investment advice or management who shares or participates
in any commodity brokerage commissions paid by the Partnership; no broker
may pay, directly or indirectly, rebates or give-ups to any trading advisor
or manager or to the General Partner or any of their respective Affiliates;
and such prohibitions may not be circumvented by any reciprocal business
arrangements.

(v) Neither the General Partner nor any Affiliate of the General Partner
shall directly or indirectly pay or award any commissions or other
compensation to any Person engaged to sell Units or to give investment
advice to a potential Limited Partner; provided, that neither the General
Partner nor any Affiliate of the General Partner is prohibited from paying
to a registered broker-dealer or other properly licensed Person normal sales
commissions for selling Units.

(vi) The maximum period covered by any contract entered into by the
Partnership shall not exceed one year (although such contracts may be
automatically renewable for successive one-year periods until terminated).
Any agreements between the Partnership and the General Partner or any of its
Affiliates shall be terminable by the Partnership upon no more than 60 days'
written notice.

(vii) No material change in the basic investment policies or structure of
the Partnership shall be made without the approval of Limited Partners
owning Units representing more than fifty percent (50%) of the total
outstanding Units owned by Limited Partners as of a record date established
for a vote thereon.

(d) FREEDOM OF ACTION. The General Partner is engaged in, and may in the
future engage in, other business activities and shall not be required to refrain
from any other activity nor forego any profits from any such activity, whether
or not in competition with the Partnership. The General Partner shall devote to
the Partnership such time as the General Partner may deem advisable to the
conduct of the Partnership's business and affairs.

(e) TAX MATTERS PARTNER. The General Partner is hereby authorized to
perform all duties imposed by Sections 6221 through 6232 of the Code on the
General Partner as the "tax matters partner" of the Partnership. The General
Partner may, in its sole discretion, make a mixed straddle account election on
behalf of the Partnership and elections under Sections 988, 1092 and 1256 of the
Code on behalf of the Partnership.

10. AUDITS AND REPORTS TO LIMITED PARTNERS.

(a) FINANCIAL AND TAX INFORMATION. The Partnership's books shall be
audited annually by an independent certified public accountant selected by the
General Partner. The Partnership will use its best efforts to cause each Limited
Partner to receive (i) within 90 days after the end of each fiscal year, an
"Annual Report" as required by CFTC Regulation 4.22(c) and such tax information
as is necessary for a Limited Partner to complete his or her federal income tax
return and (ii) within 30 days of the end of each month, a "Monthly Account
Statement" as required by CFTC Regulation 4.22(a). The General Partner will
comply with the reporting requirements of CFTC Regulation 4.22 with respect to
the Partnership.

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(b) INSPECTION OF BOOKS AND RECORDS. Limited Partners or their duly
authorized representatives may inspect the books and records of the Partnership
during normal business hours upon reasonable written notice to the General
Partner and may obtain copies of such records upon payment of reasonable
reproduction costs; provided, that upon request by the General Partner, the
requesting Limited Partner shall represent that the inspection and/or copies of
such records will not be used for commercial purposes unrelated to such Limited
Partner's interest as an investor in the Partnership. Any Limited Partner upon
request given to the General Partner shall be entitled to obtain from the
General Partner, upon payment in advance of reasonable reproduction and mailing
costs, a list of the names and addresses of record of all Limited Partners and
the number of Units held by each (which shall be mailed by the General Partner
to the Limited Partner within 10 Business Days of the receipt of the request);
provided, that the General Partner may require any Limited Partner requesting
such information to submit written confirmation that such information will not
be used for commercial purposes.

(c) CALCULATION OF NET ASSET VALUE. The General Partner shall calculate
the Net Assets of the Partnership daily and shall make the approximate Net Asset
Value available upon the request of a Limited Partner for a purpose reasonably
related to such Limited Partner's interest as a limited partner in the
Partnership.

(d) NOTIFICATION. The General Partner will send written notice to each
Limited Partner within seven Business Days of the occurrence of:

(i) any decline in the Net Asset Value per Unit of either Class to less
than fifty percent (50%) of such Net Asset Value as of the previous
month-end valuation date; and

(ii) any other material change affecting the compensation of any party.

Each such notification shall set forth the Limited Partners' voting and
redemption rights and a description of any material effect such change may have
on the Units.

(e) TAXES. The General Partner shall prepare or cause to be prepared and
shall file on or before the due date (or any extension thereof) any federal,
state or local tax returns required to be filed by the Partnership. The General
Partner shall cause the Partnership to pay any taxes payable by the Partnership;
provided, that such taxes need not be paid if the General Partner or the
Partnership are in good faith and by appropriate legal proceedings contesting
the validity, applicability or amount thereof, and such contest does not
materially endanger any right or interest of the Partnership.

(f) MAINTENANCE OF RECORDS. The General Partner shall maintain and
preserve all required records relating to the Partnership for a period of not
less than six years from the receipt of such records.

11. ASSIGNABILITY OF UNITS.

(a) NOTICE OF TRANSFER. Each Limited Partner expressly agrees that he or
she will not assign, transfer or dispose of, by gift or otherwise, any of his or
her Units or any part or all of his or her right, title and interest in the
capital or profits of the Partnership without giving fifteen days' prior written
notice to the Partnership and the General Partner. Such written notice shall
specify the name and residence address of the assignee, the date of assignment,
shall include a statement by the assignee that he or she agrees to give the
above-described written notice to the General Partner upon any subsequent
assignment and shall be signed by the assignor and assignee. If an assignment,
transfer or disposition occurs by reason of the death of a Limited Partner, such
written notice may be given by the duly authorized representative of the estate
of the Limited Partner and shall be supported by such proof of legal authority
and valid assignment as may be reasonably requested by the General Partner. No
assignment, transfer or disposition by a Limited Partner of Units or of any part
of his or her right, title and interest in the capital or profits of the
Partnership shall be effective against the Partnership or the General Partner
until the first day of the month following the month in which the Partnership
and the General Partner receive such written notice of the assignment, and the
General Partner shall not be required to give any assignee any rights hereunder
prior to such time. The General Partner may, in its sole discretion, waive any
such notice or any defect therein. The General Partner will send written
confirmation to both the transferor and transferee of Units that the transfer in
question has been duly recorded on the Partnership's books and records.

(b) SUBSTITUTE LIMITED PARTNERS. No assignee may become a substituted
Limited Partner, except with the consent of the General Partner and upon
execution and delivery of an instrument of transfer in form and substance
satisfactory to the General Partner; provided, that the General Partner may
withhold such consent only if it is necessary (i) to prevent the Partnership
from being treated as a publicly traded

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partnership or (ii) to preserve the tax status of the Partnership or the
characterization or treatment of income or loss and such restriction is
supported by an opinion of counsel. If the General Partner withholds consent, an
assignee shall not become a substituted Limited Partner, and shall not have any
of the rights of a Limited Partner, except that the assignee shall be entitled
to receive that share of capital and profits and shall have that right of
redemption to which his or her assignor would otherwise have been entitled. A
substituted Limited Partner shall have all of the rights and powers and shall be
subject to all of the restrictions and liabilities of Limited Partner of the
Partnership. A substituted Limited Partner shall be liable for the obligations
of his or her assignor to make contributions to the Partnership, but shall not
be liable for the obligations of his assignor under the Act to return
distributions received by the assignor; provided, that a substituted Limited
Partner shall not be obligated for liabilities unknown to him or her at the time
he or she became a substituted Limited Partner and which could not be
ascertained from this Agreement. An assigning Limited Partner shall remain
liable to the Partnership as provided in the Act, regardless of whether his or
her assignee becomes a substituted Limited Partner. Each Limited Partner agrees
that any assignee may become a substituted Limited Partner without need of the
further act or approval of any Limited Partner.

(c) RESTRICTIONS ON TRANSFER. No assignment, transfer or disposition of
any Units shall be made in violation of any applicable federal or state
securities laws. The General Partner will not permit the assignment, transfer or
disposition of Units where, after the assignment, transfer or disposition,
either the Limited Partner or the assignee would hold less than the minimum
number of Units equivalent to an initial minimum purchase (as stated in the
then-current Prospectus), except for assignments, transfers or dispositions by
gift, inheritance, intrafamily transfers, family dissolutions or transfers to
Affiliates of the Limited Partner. The General Partner will not permit the
assignment, transfer or disposition of Units where the General Partner has
received an opinion of counsel that such assignment, transfer or disposition
would cause the Partnership to be treated as a publicly traded partnership.

(d) MODIFICATION OF RESTRICTIONS. The General Partner shall eliminate or
modify any restriction on assignment or substitution at such time as the General
Partner receives an opinion of counsel that such restriction is no longer
necessary.

(e) COSTS OF TRANSFER. The assignor of a Unit shall bear the costs related
to such assignment or transfer. Certificates representing Units may bear
appropriate legends to such effect.

12. REDEMPTIONS.

(a) NOTICE OF REDEMPTION; REDEMPTION PRICE. Each Limited Partner and each
assignee of Units of whom the General Partner has received written notice
pursuant to SECTION 11 may redeem all or any of his or her Units effective as of
the close of business on the last Business Day of any calendar month by
delivering to the General Partner a written request for redemption in a form
specified by the General Partner at least 10 Business Days prior to the date of
redemption; provided, that all liabilities, contingent or otherwise, of the
Partnership (including the Partnership's allocable share of the liabilities,
contingent or otherwise, of any entities in which the Partnership invests),
except any liability to Limited Partners on account of their capital
contributions, have been paid or there remains property of the Partnership
sufficient to pay them. A Limited Partner and each assignee of Units of whom the
General Partner has received written notice pursuant to SECTION 11 may withdraw
a redemption request such Limited Partner or assignee has submitted for any
calendar month up to the tenth Business Day prior to the applicable date of
redemption. Redemption requests that remain outstanding on the tenth Business
Day prior to the applicable date of redemption date may not be withdrawn. All
redemptions will be made at the Net Asset Value of the redeemed Units as of the
effective date of the redemption.

(b) REDEMPTION CHARGES. Limited Partners who redeem Class A Units on or
prior to the end of the first year after such Class A Units are sold will be
assessed a redemption charge (the "Redemption Charge") equal to 3% of the Net
Asset Value of the Class A Units redeemed as of the date of redemption. Class A
Units purchased by the same Limited Partner on different closing dates will be
treated on a "first-in, first-out" basis for purposes of calculating whether
they have been held for a year. All Redemption Charges will be paid to the
General Partner.

(c) SPECIAL REDEMPTION DATES. The General Partner may, in its sole
discretion and upon notice to the Limited Partners, declare a special redemption
date on which Limited Partners may redeem their Units at the Net Asset Value per
Unit, provided that the Limited Partner submits a request for redemption in a
form acceptable to the General Partner. The General Partner shall declare such a
special redemption

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date whenever the Partnership experiences a decline in Net Asset Value per Unit
of either Class as of the close of business on any Business Day to less than 50%
of the Net Asset Value per Unit of that Class on the last valuation date. The
Partnership shall suspend trading during such special redemption period.

(d) PAYMENT; SUSPENSIONS AND LIMITATIONS. Redemption payments will be made
(by mailing a check or crediting a customer securities account) within 10
Business Days after the redemption date. The General Partner will make
arrangements with selling agents who so request to pay redemptions through
crediting Limited Partners' customer securities accounts with such selling
agents. Redemptions may be temporarily suspended if, in the General Partner's
judgment, a market disruption results in the closing of financial markets in the
United States or abroad and it is impossible or impracticable to value the Units
or liquidate Partnership assets or the Index SPC suspends redemptions. In
addition, the right of a Partner to receive a redemption payment further depends
on the Partnership's ability to obtain the necessary funds by redeeming its
investment in the Index SPC, which is subject to certain limits. Under these
limits, redemptions of interests in the Index SPC by the Partnership as of any
particular redemption date cannot exceed 20% of the Partnership's investment in
the Index SPC as of that date unless the Index SPC has received at least 15
business days' notice prior to a redemption date. The Partnership will make
redemption payments to redeeming Limited Partners on a pro rata basis in the
event the Partnership's ability to make redemption payments is delayed. The
General Partner will notify the Limited Partners in writing if redemptions are
suspended.

(e) REQUIRED REDEMPTION.

(i) The General Partner may require a Limited Partner to redeem all or
a portion of such Limited Partner's Units if the General Partner considers
doing so to be desirable for the protection of the Partnership, and will use
its best efforts to do so to the extent necessary to prevent the Partnership
from being deemed to hold "plan assets" under the provisions of the Employee
Retirement Income Security Act of 1974, as amended ("ERISA"), or
Section 4975 of the Code with respect to any "employee benefit plan" as
defined in and subject to ERISA or with respect to any "plan" as defined in
Section 4975 of the Code.

(ii) Notwithstanding any other provision of this Agreement, if at any
time the General Partner determines that a Limited Partner appears on a list
of known or suspected terrorists or terrorist organizations compiled by any
United States or foreign governmental agency or that any information
provided by such Limited Partner in its Subscription Agreement relating to
money laundering is no longer true or accurate, then the General Partner
shall be authorized to take any action as shall be necessary or appropriate
as a result thereof, including but not limited to removal of the Limited
Partner as a limited partner of the Partnership and the redemption of the
Limited Partner's Units in cash, less any penalty, fine, forfeiture,
withholding or seizure imposed or ordered by any governmental agency.
Neither the Partnership, the General Partner, any affiliate of any such
Persons nor any other Person engaged to provide services to the Partnership
shall be liable to any Person for any damages of any kind, whether direct,
incidental or consequential, on account or by reason of any actions taken
pursuant to this subsection 12(e)(ii).

13. OFFERING OF UNITS.

(a) REGISTRATION OF UNITS. The General Partner on behalf of the
Partnership shall (i) cause to be filed from time to time a Registration
Statement, and such amendments thereto as the General Partner may deem
advisable, with the Securities and Exchange Commission for the registration and
ongoing public offering of Units, (ii) use its best efforts to qualify Units for
sale from time to time under the securities laws of such states of the United
States or other jurisdictions as the General Partner shall deem necessary or
advisable and (iii) take such action with respect to the matters described in
(i) and (ii) as the General Partner shall deem necessary or advisable.

(b) ERISA RESTRICTIONS. The General Partner shall not accept any
subscriptions for Units if doing so would cause the Partnership to be considered
to hold "plan assets" for any purpose of ERISA or Section 4975 of the Code with
respect to any "employee benefit plan" as defined in and subject to ERISA or
with respect to any "plan" as defined in Section 4975 of the Code.

(c) CANCELLATION OF UNITS. All Units subscribed for upon transfer of funds
from a subscriber's account (or receipt of a check in the subscription amount)
are issued subject to the collection of the funds represented by such transfer
(or check). In the event that a transfer (or check) of a subscriber is not
honored, the Partnership shall cancel the Units issued to such subscriber in
consideration of such

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dishonored transfer (or check); provided, that the General Partner may waive
such cancellation upon receipt of what it believes to be reasonable assurances
that such transfer (or check) will be honored or replaced by another transfer
(or check) which will be honored within 10 Business Days of original dishonor.
Any losses or profits sustained by the Partnership in connection with its
trading allocable to cancelled Units shall not be a liability of the General
Partner but shall be deemed an increase or decrease in the Net Assets of the
Partnership and allocated as described in SECTION 7. Each subscriber agrees to
reimburse the Partnership for any expense or losses incurred in connection with
any such cancellation of Units issued to such subscriber.

14. SPECIAL POWER OF ATTORNEY.

Each Limited Partner by virtue of having purchased or otherwise acquired
Units does hereby irrevocably constitute and appoint the General Partner and
each officer of the General Partner, with full power of substitution, as his or
her true and lawful attorney-in-fact, in his or her name, place and stead, to
(a) execute, acknowledge, swear to, deliver, record and file: (i) this
Agreement, including any amendments and/or restatements hereto duly adopted as
provided herein; (ii) all other agreements described herein or in the
Prospectus, including any amendments hereto and thereto, and (iii) all
certificates, documents and other instruments that the General Partner deems
appropriate to qualify or continue the Partnership in the State of Delaware and
the jurisdictions in which the Partnership may conduct business, or which may be
required to be filed by the Partnership or the Limited Partners under the laws
of any jurisdiction to reflect the dissolution or termination of the
Partnership; and (b) to file, prosecute, defend, settle or compromise
litigation, claims or arbitrations on behalf of the Partnership. The Power of
Attorney granted herein shall be irrevocable and deemed to be a power coupled
with an interest (including the interest of the other Limited Partners in the
General Partner being able to rely on the General Partner's authority to act as
contemplated by this SECTION 14), and shall survive and shall not be affected by
the subsequent death, incapacity, disability, insolvency or dissolution of a
Limited Partner or any delivery by any Limited Partner of an assignment of the
whole or any portion of his or her Units.

15. WITHDRAWAL OF A PARTNER.

(a) WITHDRAWAL OF GENERAL PARTNER. The Partnership shall be dissolved upon
the withdrawal, resignation, removal, bankruptcy, insolvency or dissolution of
the General Partner, or any other event that causes the General Partner to cease
to be the General Partner of the Partnership, unless the Partnership is
continued pursuant to the terms of SECTION 4(A)(II). If at the time of any
withdrawal, resignation, removal, bankruptcy, insolvency or dissolution of the
General Partner, or any other event that causes the General Partner to cease to
be the General Partner of the Partnership, there is at least one remaining
general partner of the Partnership, such general partner agrees to carry on the
business of the Partnership. In addition, the General Partner shall not withdraw
from the Partnership at any time without 120 days' written notice to each
Limited Partner and each assignee of whom the General Partner has notice
pursuant to SECTION 11. In the event of the General Partner's withdrawal,
resignation or removal from the Partnership, the General Partner shall be
entitled to a redemption of its general liability interest in the Partnership at
its Net Asset Value as of the close of business on the last Business Day of the
month following the date of withdrawal, resignation or removal. If the General
Partner withdraws from the Partnership and the Partnership's business is
continued, the withdrawing General Partner shall pay all expenses incurred as a
result of its withdrawal.

(b) WITHDRAWAL OF LIMITED PARTNERS. The death, incompetency, withdrawal,
bankruptcy, insolvency or dissolution of a Limited Partner or any other event
that causes a Limited Partner to cease to be a limited partner in the
Partnership shall not terminate or dissolve the Partnership, and a Limited
Partner, his or her estate, custodian or personal representative shall have no
right to redeem or value such Limited Partner's interest except as provided in
SECTION 12. Each Limited Partner expressly agrees that in the event of his or
her death, he or she waives on behalf of himself or herself and his or her
estate, and directs the legal representatives of his or her estate and any
person interested therein to waive, the furnishing of any inventory, accounting
or appraisal of the assets of the Partnership and any right to an audit or
examination of the books of the Partnership. Nothing in this SECTION 15 shall,
however, waive any right given elsewhere in this Agreement for a Limited Partner
to be informed of the Net Asset Value of his or her Units, to receive audited
financial statements and other information from the General Partner or the
Partnership or to redeem or transfer Units.

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16. STANDARD OF LIABILITY; INDEMNIFICATION.

(a) LIABILITY OF THE GENERAL PARTNER. The General Partner shall have
unlimited liability for the repayment, satisfaction and discharge of all debts,
liabilities and obligations of the Partnership to the full extent, and only to
the extent, as required by the terms of this Agreement and the Act.

(b) STANDARD OF LIABILITY OF THE GENERAL PARTNER. The General Partner and
its Affiliates shall have no liability to the Partnership or to any Limited
Partner for any loss suffered by the Partnership that arises out of any action
or inaction of the General Partner or its Affiliates if the General Partner, in
good faith, determined that such course of conduct was in the best interests of
the Partnership, the General Partner or its Affiliates were acting on behalf of
or performing services for the Partnership and such course of conduct did not
constitute negligence or misconduct of the General Partner or its Affiliates.

(c) INDEMNIFICATION OF THE GENERAL PARTNER BY THE PARTNERSHIP. To the
fullest extent permitted by law, the General Partner and its Affiliates shall be
indemnified by the Partnership against any losses, judgments, liabilities,
expenses and amounts paid in settlement of any claims sustained by them in
connection with the Partnership; provided, that the General Partner, in good
faith, determined that such conduct was in the best interests of the
Partnership, the General Partner or its Affiliates were acting on behalf of or
performing services for the Partnership and such claims were not the result of
negligence or misconduct on the part of the General Partner or its Affiliates.
The indemnification provided by the Partnership to the General Partner and its
Affiliates hereunder is recoverable only from the assets of the Partnership and
not from the Limited Partners.

(d) SECURITIES LAWS VIOLATIONS. Notwithstanding anything to the contrary
contained in SECTION 16(C), the General Partner and its Affiliates and any
Person acting as a broker-dealer shall not be indemnified for any losses,
liabilities or expenses arising from or out of an alleged violation of federal
or state securities laws unless (i) there has been a successful adjudication on
the merits of each count involving alleged securities law violations as to the
particular indemnitee, (ii) such claims have been dismissed with prejudice on
the merits by a court of competent jurisdiction as to the particular indemnitee
or (iii) a court of competent jurisdiction approves a settlement of the claims
against a particular indemnitee and finds that indemnification of the settlement
and related costs should be made. In any claim for indemnification pursuant to
SECTION 16(D)(III), the party seeking indemnification shall place before the
court the position of the Securities and Exchange Commission and any other state
or applicable regulatory authority with respect to the issue of indemnification
for securities law violations.

(e) INSURANCE. The Partnership may not incur the cost of any insurance
that covers the General Partner and that contains coverage for liabilities as to
which the General Partner is prohibited from being indemnified pursuant to this
SECTION 16.

(f) ADVANCES. Advances from the funds of the Partnership to the General
Partner or its Affiliates for legal expenses and other costs incurred as a
result of a legal action will be made only if the following conditions are
satisfied: (i) the legal action relates to the performance of duties or services
by the General Partner or its Affiliates on behalf of the Partnership; (ii) the
legal action is initiated by a third party who is not a Limited Partner or the
legal action is initiated by a Limited Partner and a court of competent
jurisdiction approves such advancement; and (iii) the General Partner or its
Affiliates undertake to repay the advanced funds, with interest from the initial
date of such advance, to the Partnership in cases in which they would not be
entitled to indemnification under the standard of liability set forth in
SECTION 16(B).

(g) INDEMNIFICATION OF THE PARTNERSHIP BY THE LIMITED PARTNERS. In the
event that the Partnership is made a party to any claim, dispute or litigation
or otherwise incurs any loss or expense as a result of or in connection with any
activities, obligations or liabilities of a Limited Partner unrelated to the
business of the Partnership, such Limited Partner shall indemnify and reimburse
the Partnership for all loss and expense incurred, including reasonable
attorneys' fees in connection therewith.

(h) LIMITED LIABILITY OF LIMITED PARTNERS. Each Unit shall be fully paid
and non-assessable. Except as otherwise provided by law, a Limited Partner will
have no liability in excess of his or her obligation to make contributions to
the capital of the Partnership and the amount of his or her capital account and
accumulated profits.

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17. AMENDMENTS; MEETINGS.

(a) AMENDMENTS WITH CONSENT OF THE GENERAL PARTNER.

(i) If at any time during the term of the Partnership the General
Partner shall deem it necessary or desirable to amend this Agreement, such
amendment shall be effective only if approved by the General Partner and by
the Limited Partners owning Units representing more than 50% of the
outstanding Units then owned by Limited Partners; provided, that the
approval of each affected Limited Partner and assignee of whom the General
Partner has notice pursuant to SECTION 11 shall be required to reduce the
capital account of such Limited Partner or assignee otherwise than in
accordance with the terms of this Agreement or modify the percentage of
profits, losses or distributions to which such Limited Partner or assignee
is entitled hereunder; and provided, further, that the approval of all
Limited Partners shall be required to modify the provisions of this
SECTION 17.

(ii) Notwithstanding the foregoing, the General Partner may amend this
Agreement without the consent of the Limited Partners in order (i) to
clarify any clerical inaccuracy or ambiguity or reconcile any inconsistency
(including any inconsistency between this Agreement and the Prospectus),
(ii) to effect the intent of the allocations proposed herein to the maximum
extent possible in the event of a change in the Code or the interpretations
thereof affecting such allocations, (iii) to qualify or maintain the
qualification of the Partnership as a partnership in any jurisdiction,
(iv) to delete or add any provision of or to this Agreement required to be
deleted or added by the Securities and Exchange Commission or any other
federal agency or any state "Blue Sky" or similar official or otherwise
required by law, (v) to delete or add any provisions of or to this Agreement
that the General Partner deems advisable, provided that such amendment is
for the benefit of and not adverse to the Limited Partners, (vi) to attempt
to ensure that the Partnership is not treated as an association taxable as a
corporation for federal income tax purposes, (vii) to attempt to prevent the
Partnership or the General Partner or its directors, officers or controlling
persons from, in any manner, being subject to the provisions of the
Investment Company Act of 1940, as amended, and (viii) to attempt to avoid
causing the assets of the Partnership from being considered for any purpose
of ERISA or Section 4975 of the Code to constitute assets of any Plan.

(b) AMENDMENTS AND ACTIONS WITHOUT THE CONSENT OF THE GENERAL PARTNER. The
following actions may be taken with respect to the Partnership without the
consent of the General Partner if such actions are approved by the Limited
Partners owning Units representing more than 50% of the outstanding Units then
owned by Limited Partners: (i) this Agreement may be amended, provided, that the
consent of the General Partner shall be required for any amendment that modifies
the compensation or distributions to which the General Partner is entitled or
that affects the duties of the General Partner; (ii) the General Partner may be
removed and replaced; (iii) a new General Partner or General Partners may be
elected if the General Partner withdraws from the Partnership; (iv) any contract
with the General Partner or any of its Affiliates may be canceled without
penalty upon 60 days' notice; and (v) the Partnership may be dissolved.

(c) METHODS OF LIMITED PARTNER CONSENT. In any matter regarding any
Partnership action in which consent of a Limited Partner is required, such
consent shall be deemed to have been given if either: (i) such Limited Partner
affirmatively grants such consent in writing; or (ii) such Limited Partner has
been furnished with a written notice of the matter(s) for which consent is
requested and the Limited Partner shall have failed to respond to such notice
within the time period designated in the notice.

(d) MEETINGS.

(i) The General Partner may by written notice to each Limited Partner
of record call a meeting of the Limited Partners for any matter upon which
the Limited Partners may vote pursuant to this Agreement or under the Act.
Such meeting shall be held at least 30 but not more than 60 days after
giving such notice, and such notice shall specify the date of, a reasonable
place and time for, and the purpose of such meeting. Such notice shall
establish a record date for Units entitled to vote at the meeting, which
shall be not more than 15 days prior to the date established for such
meeting.

(ii) If Limited Partners owning Units representing at least 10% of all
Units then owned by Limited Partners shall, by written notice given in
person or by certified mail to the General Partner, request that a meeting
of the Partnership be called to vote upon any matter upon which the Limited
Partners may vote pursuant to this Agreement or under the Act, the General
Partner shall, by written notice given in person or by certified mail to
each Limited Partner of record given within 15 days

A-12
<Page>
after such receipt, call a meeting of the Partnership for such purpose. Such
meeting shall be held at least 30 but not more than 60 days after giving
such notice, and such notice shall specify the date of, a reasonable place
and time for, and the purpose of such meeting. Such notice shall establish a
record date for Units entitled to vote at the meeting, which shall be not
more than 15 days prior to the date established for such meeting.

18. BENEFIT PLAN INVESTORS.

Each Limited Partner that is an "employee benefit plan" as defined in and
subject to ERISA or a "plan" as defined in Section 4975 of the Code (each such
employee benefit plan and plan, a "Plan"), and each fiduciary thereof who has
caused the Plan to become a Limited Partner (a "Plan Fiduciary"), represents and
warrants that: (a) the Plan Fiduciary has considered an investment in the
Partnership for such Plan in light of the risks relating thereto; (b) the Plan
Fiduciary has determined that, in view of such considerations, the investment in
the Partnership by such Plan is consistent with such Plan Fiduciary's
responsibilities under ERISA; (c) the investment in the Partnership by the Plan
does not violate and is not otherwise inconsistent with the terms of any legal
document constituting the Plan or any partnership agreement entered into
thereunder; (d) the Plan's investment in the Partnership has been duly
authorized and approved by all necessary parties; (e) none of the General
Partner, the selling agents, any of their respective Affiliates or any of their
respective agents or employees: (i) has investment discretion with respect to
the investment of the assets of the Plan used to purchase Units; (ii) has
authority or responsibility to or regularly gives investment advice with respect
to the assets of the Plan used to purchase Units for a fee and pursuant to an
agreement or understanding that such advice will serve as a primary basis for
investment decisions with respect to the Plan and that such advice will be based
on the particular investment needs of the Plan; or (iii) is an employer
maintaining or contributing to the Plan; and (f) the Plan Fiduciary: (i) is
authorized to make, and is responsible for, the decision for the Plan to invest
in the Partnership, including the determination that such investment is
consistent with the requirement imposed by Section 404 of ERISA that Plan
investments be diversified so as to minimize the risks of large losses; (ii) is
independent of the General Partner, the selling agents, and any of their
respective Affiliates; and (iii) is qualified to make such investment decision.

19. NOT A PUBLICLY TRADED PARTNERSHIP

Notwithstanding anything to the contrary in this Agreement, for each taxable
year of the Partnership, pursuant to Sections 7704(c) and 7704(d) of the Code,
the principal activity of the Partnership has consisted and will consist of
investing its assets in the Index SPC and at least 90% of the Partnership's
gross income for each taxable year of the Partnership has constituted and will
constitute "qualifying income" under such provisions in the form of gains from
such trading and other qualifying income, including interest income.

20. GOVERNING LAW.

The validity and construction of this Agreement shall be determined and
governed by the laws of the State of Delaware without regard to principles of
conflicts of law; provided, that the foregoing choice of law shall not restrict
the application of any state's securities laws to the sale of Units to its
residents or within such state.

21. MISCELLANEOUS.

(a) NOTICES. All notices under this Agreement shall be in writing and
shall be effective upon personal delivery or, if sent by registered, certified
or first class mail, postage prepaid, addressed to the last known address of the
party to whom such notice is to be given, upon the deposit of such notice in the
United States mails.

(b) BINDING EFFECT. This Agreement shall inure to and be binding upon all
of the parties, their successors and assigns, custodians, estates, heirs and
personal representatives. For purposes of determining the rights of any Limited
Partner or assignee hereunder, the Partnership and the General Partner may rely
upon the Partnership records as to who are Limited Partners and assignees, and
all Limited Partners and assignees agree that their rights shall be determined
and they shall be bound thereby.

(c) CAPTIONS. Captions in no way define, limit, extend or describe the
scope of this Agreement nor the effect of any of its provisions.

A-13
<Page>
(d) SEVERABILITY. If any one or more of the agreements, provisions or
terms of this Agreement shall be held invalid for any reason whatsoever, then
such agreements, provisions or terms shall be deemed severable from the
remaining agreements, provisions and terms of this Agreement and shall in no way
affect the validity or enforceability of the other agreements, provisions and
terms of this Agreement.

(e) ENTIRE AGREEMENT. This Agreement supersedes all prior understandings
and agreements, whether written or oral, among the parties hereto relating to
the transactions provided for herein and this Agreement and the Subscription
Agreements constitute the entire agreement between the parties hereto with
respect to the subject matter hereof.

(f) NO WAIVERS. The waiver by any party hereto of the breach of any term,
covenant, agreement or condition herein contained shall not be deemed a waiver
of any subsequent breach of the same or any other term, covenant, agreement or
condition herein, nor shall any custom, practice or course of dealing arising
among the parties hereto in the administration hereof be construed as a waiver
or diminution of the right of any party hereto to insist upon the strict
performance by any other party hereto of the terms, covenants, agreements and
conditions herein contained.

(g) PRIORITY AMONG LIMITED PARTNERS. No Limited Partner shall be entitled
to any priority or preference over any other Limited Partner with regard to the
return of contributions of capital or to the distribution of any profits or
otherwise in the affairs of the Partnership.

22. DEFINITIONS.

"Act" has the meaning set forth in SECTION 1.

"Administrative Fees" has the meaning set forth in SECTION 8(B).

"Affiliate" means, with respect to any Person: (a) any Person directly or
indirectly owning, controlling or holding with power to vote 10% or more of the
outstanding voting securities of such Person; (b) any Person 10% or more of
whose outstanding voting securities are directly or indirectly owned, controlled
or held with power to vote, by such Person; (c) any Person, directly or
indirectly, controlling, controlled by, or under common control of such Person;
(d) any officer, director or partner of such Person; or (e) if such Person is an
officer, director or partner, any Person for which such Person acts in any such
capacity.

"Agreement" has the meaning set forth in the preamble of this Agreement.

"Business Day" means any day other than a Saturday, Sunday or a day on which
commercial banks in New York are required or authorized by law or executive
order to close.

"CFTC" means Commodity Futures Trading Commission.

"Class" means any separate class of Units of the Partnership which will have
the rights, duties and privileges with respect to the Partnership as are set
forth in this Agreement, any document creating such Class or any Prospectus
relating thereto.

"Code" has the meaning set forth in SECTION 7(C).

"Customary Administrative Expenses" has the meaning set forth in
SECTION 8(A).

"ERISA" has the meaning set forth in SECTION 12(E).

"General Partner" has the meaning set forth in the preamble of this
Agreement.

"Index SPC" means SPhinX Managed Futures Fund SPC, a segregated portfolio
company organized under the laws of the Cayman Islands.

"Initial Offering Period" means that period of time commencing on the date
of the Prospectus and ending 60 calendar days later, subject to the General
Partner's decision (such decision being in the General Partner's sole
discretion) to terminate such period earlier or to extend such period for an
additional 60 days.

"Limited Partner" has the meaning set forth in the preamble of this
Agreement.

"Management Fees" has the meaning set forth in SECTION 8(A).

"Net Assets" means the total assets, less total liabilities, of the
Partnership determined on the basis of generally accepted accounting principles.
Net Assets shall include any unrealized profits or losses on open positions, and
any adjustments deemed necessary by the General Partner.

A-14
<Page>
"Net Asset Value per Unit" means Net Assets divided by the number of Units
outstanding.

"Net Worth" means the excess of total assets over total liabilities as
determined by generally accepted accounting principles.

"Partners" means, collectively, the General Partner and the Limited
Partners.

"Partnership" has the meaning set forth in the preamble of this Agreement.

"Person" means any natural person, partnership, corporation, association or
other legal entity.

"Plan" has the meaning set forth in SECTION 18.

"Plan Fiduciary" has the meaning set forth in SECTION 18.

"Prospectus" means the latest prospectus filed pursuant to
Section 424(b) of the Securities Act of 1933 or contained in the Registration
Statement.

"Redemption Charges" has the meaning set forth in SECTION 12(B).

"Registration Statement" means the registration statement filed with the
Securities and Exchange Commission by the Partnership pursuant to the Securities
Act of 1933 pursuant to which the Units are registered, and any pre-effective or
post-effective amendments thereto.

"Subscription Agreement" means the subscription agreement, the form of which
is attached to the Registration Statement, executed by each of the Limited
Partners.

"Unit" has the meaning set forth in SECTION 6(B).

"Upfront Selling Commissions" has the meaning set forth in SECTION 8(C).

* * * * * * * * *

A-15
<Page>
IN WITNESS WHEREOF, the undersigned have duly executed this Limited
Partnership Agreement as of the day and year first above written.

<Table>

REFCOFUND HOLDINGS, LLC
as General Partner

By:
/s/ PHILLIP R. BENNETT
----------------------------------------------
Name: Phillip R. Bennett
Title: Manager

INITIAL LIMITED PARTNER:

/s/ PHILIP SILVERMAN
----------------------------------------------
Philip Silverman

All Limited Partners now and hereafter admitted as
Limited Partners of the Partnership, pursuant to
powers of attorney now and hereafter executed in
favor of, and granted and delivered to, the General
Partner.

By: REFCOFUND HOLDINGS, LLC
as Attorney-in-Fact

By:
/s/ PHILLIP R. BENNETT
----------------------------------------------
Name: Phillip R. Bennett
Title: Manager
</Table>

A-16
<Page>
EXHIBIT B

S&P MANAGED FUTURES INDEX FUND, LP*

SUBSCRIPTION REQUIREMENTS

NOTICE: AN INVESTMENT IN THE FUND IS SPECULATIVE AND INVOLVES A HIGH DEGREE OF
RISK. PLEASE REFER TO THE SECTION OF THE PROSPECTUS ENTITLED "THE RISKS YOU
FACE" FOR A COMPLETE DESCRIPTION OF THE MATERIAL RISKS OF AN INVESTMENT IN THE
FUND.

GENERAL

To subscribe for units in the Fund, you must:

- execute and deliver (to the selling agent who solicited your
subscription) the subscription agreement, these subscription
requirements and power of attorney signature page, and any other
required documents (E.G., corporate authorizations); and

- deliver to your selling agent a check in the full amount of your
subscription payable to "S&P Managed Futures Index Fund, LP," or
authorize a wire transfer in the full amount of your subscription in
accordance with the instructions attached hereto (unless you intend to
make payment by debiting your brokerage account with your selling
agent).

The minimum initial subscription is $10,000, except that with respect to
individual retirement plans the minimum initial subscription is $3,000. In order
for an individual retirement plan to purchase Units, the assets of the plan must
be held by a third party custodian, such as your broker. Existing limited
partners may make additional investments in the Fund in $2,500 minimums.

By executing and delivering the subscription agreement and power of
attorney, you irrevocably subscribe for units at $1,000 per unit during the
initial offering period and thereafter at net asset value per unit as of the
first business day of the calendar month in which your subscription is to be
effective (provided the subscription agreement and power of attorney signature
page are received at least six (6) business days (and cleared funds to purchase
the units at least three (3) business days) before the first business day of the
calendar month in which the subscription is to be effective). The general
partner may accept or reject your subscription, in whole or in part, in its sole
discretion. If your subscription is accepted, you agree to contribute your
subscription to the Fund and to be bound by the terms of the limited partnership
agreement. By executing and delivering the subscription agreement and power of
attorney, you will be deemed to have executed the limited partnership agreement.
You will be required to reimburse the Fund and the general partner for any
expense or loss incurred by either the Fund or the general partner as a result
of the cancellation of your units due to your failure to deliver immediately
available funds in the amount of the subscription price.

PURCHASER REPRESENTATIONS AND WARRANTIES

By executing and delivering your subscription agreement and power of
attorney, you represent and warrant to the Fund, the general partner, the
selling agent who solicited your subscription, and their respective affiliates
as follows:

(a) You are of legal age and are legally competent to execute the
subscription agreement and power of attorney. You acknowledge that you have
received the current Prospectus, including the limited partnership contained
therein (as supplemented by sticker supplements, if any). RESIDENTS OF ALABAMA,
OKLAHOMA AND TEXAS MUST PLACE THEIR INITIALS HERE TO DEMONSTRATE THEY HAVE READ
THE PREVIOUS SENTENCE. __________ (initials)

(b) All information that you have furnished to the general partner or that
is set forth in the subscription agreement and power of attorney submitted by
you is correct and complete as of the date of

- ---------

*"Standard & "Poor's", "S&P Managed Futures Index", and "SPhinX" are trademarks
of Standard & Poor's and have been licensed for use by Refco Alternative
Investments. The Fund is not sponsored, endorsed, sold or promoted by Standard
& Poor's and Standard & Poor's makes no representation regarding the
advisability of investing in the Fund.

B-1
<Page>
such subscription agreement and power of attorney. You will immediately furnish
revised or corrected information to the general partner, should there be any
material change in such information. RESIDENTS OF ALABAMA, OKLAHOMA AND TEXAS
MUST PLACE THEIR INITIALS HERE TO DEMONSTRATE THEY HAVE READ THE PREVIOUS
SENTENCE. __________ (initials)

(c) Unless paragraph (d) or (e) is applicable, your subscription is made
with your funds for your own account and not as trustee, custodian or nominee
for another. RESIDENTS OF ALABAMA, OKLAHOMA AND TEXAS MUST PLACE THEIR INITIALS
HERE TO DEMONSTRATE THEY HAVE READ THE PREVIOUS SENTENCE. __________ (initials)

(d) Your subscription, if made as custodian for a minor, is a gift that you
have made to such minor and is not made with such minor's funds, or if not a
gift, such minor satisfies the requirements relating to net worth and annual
income set forth herein. RESIDENTS OF ALABAMA, OKLAHOMA AND TEXAS MUST PLACE
THEIR INITIALS HERE TO DEMONSTRATE THEY HAVE READ THE PREVIOUS SENTENCE.
__________ (initials)

(e) If you are signing in a representative capacity, you have full power and
authority to purchase the units on behalf of the entity for which you are
acting, and such entity has full power and authority to purchase such units.
RESIDENTS OF ALABAMA, OKLAHOMA AND TEXAS MUST PLACE THEIR INITIALS HERE TO
DEMONSTRATE THEY HAVE READ THE PREVIOUS SENTENCE. __________ (initials)

(f) You either are, or are not required to be, registered with the
Commodity Futures Trading Commission or a member of the National Futures
Association. RESIDENTS OF ALABAMA, OKLAHOMA AND TEXAS MUST PLACE THEIR INITIALS
HERE TO DEMONSTRATE THEY HAVE READ THE PREVIOUS SENTENCE. __________ (initials)

(g) If you are acting on behalf of an "employee benefit plan," as defined in
and subject to the Employee Retirement Income Security Act of 1974, as amended
("ERISA"), or any "plan," as defined in Section 4975 of the Internal Revenue
Code of 1986, as amended (the "Code") (each such employee benefit plan and plan,
a "Plan"), the individual signing this subscription agreement and power of
attorney on your behalf hereby represents and warrants as, or on behalf of, the
fiduciary of the Plan responsible for purchasing a unit (the "Plan Fiduciary")
that:

(i) the Plan Fiduciary has considered an investment in the Fund for
such Plan in light of the risks relating thereto;

(ii) the Plan Fiduciary has determined that, in view of such
considerations, the investment in the Fund for such Plan is consistent with
the Plan Fiduciary's responsibilities under ERISA;

(iii) the Plan's investment in the Fund does not violate and is not
otherwise inconsistent with the terms of any legal document constituting the
Plan or any agreement thereunder;

(iv) the Plan's investment in the Fund has been duly authorized and
approved by all necessary parties;

(v) none of the general partner, any of the Fund's selling agents, any
of their respective affiliates, agents or employees (A) has investment
discretion with respect to the investment of assets of the Plan used to
purchase units; (B) has authority or responsibility to or regularly gives
investment advice with respect to the assets of the Plan used to purchase
units for a fee and pursuant to an agreement or understanding that such
advice will serve as a primary basis for investment decisions with respect
to the Plan and that such advice will be based on the particular investment
needs of the Plan; or (C) is an employer maintaining or contributing to the
Plan; and

(vi) the Plan Fiduciary (A) is authorized to make, and is responsible
for, the decision to invest in the Fund, including the determination that
such investment is consistent with the requirement imposed by Section 404 of
ERISA that Plan investments be diversified so as to minimize the risk of
large losses, (B) is independent of the general partner, the Fund's selling
agents and any of their respective affiliates, and (C) is qualified to make
such investment decision. RESIDENTS OF ALABAMA, OKLAHOMA AND TEXAS MUST
PLACE THEIR INITIALS HERE TO DEMONSTRATE THEY HAVE READ THE PREVIOUS
SENTENCE. __________ (initials)

You will, at the request of the general partner, furnish the general partner
with such information as the general partner may reasonably require to establish
that the purchase of units by the Plan does not violate any provision of ERISA
or the Code, including, without limitation, those provisions relating to
"prohibited transactions" by "parties in interest" or "disqualified persons" as
defined therein.

B-2
<Page>
(h) You(1) have (1) a net worth of at least $150,000 (exclusive of home,
furnishings and automobiles) or (2) an annual gross income of at least $45,000
and a net worth (similarly calculated) of at least $45,000. If you are a
resident of any of the following states, you must also meet the requirements set
forth below for that state (net worth, is in all cases, to be calculated
exclusive of home, furnishings and automobiles). Furthermore, in no event may
you invest more than 10% of your net worth (exclusive of home, furnishings and
automobiles) in the Fund. RESIDENTS OF ALABAMA, OKLAHOMA AND TEXAS MUST PLACE
THEIR INITIALS HERE TO DEMONSTRATE THEY HAVE READ THE PREVIOUS SENTENCE.
__________ (initials)

(i) Alaska, Arkansas, California, Massachusetts, Michigan, North
Carolina or Texas--Net worth of at least $225,000 or a net worth of at least
$60,000 and anticipated annual taxable income of at least $60,000. RESIDENTS
OF TEXAS MUST PLACE THEIR INITIALS HERE TO DEMONSTRATE THEY HAVE READ THE
PREVIOUS SENTENCE. __________ (initials)

(ii) California--Net worth of at least $200,000 or a net worth of at
least $50,000 and past and anticipated annual income of at least $100,000.

(iii) Iowa--Net worth of at least $350,000 or a net worth of at least
$150,000 and annual taxable income of at least $60,000.

(iv) Maine--Net worth of at least $200,000 or a net worth of at least
$50,000 and an annual gross income of $50,000.

(v) New Hampshire--Net worth of at least $250,000 or a net worth of at
least $125,000 and annual taxable income of at least $50,000.

(vi) Pennsylvania--Net worth (or joint net worth with your spouse) of
at least $1,000,000 or have had an individual income of at least $200,000 in
each of the two most recent years (or joint income with your spouse of at
least $300,000 in each of those years) and have a reasonable expectation of
reaching the same income level in the current year.

(vii) South Carolina--Net worth of at least $150,000 or a net worth of
at least $65,000 and past and anticipated annual income of at least $65,000.

(viii) Tennessee--Net worth of at least $250,000 or a net worth of at
least $100,000 and anticipated annual taxable income of at least $100,000
(Tennessee residents should note that the incentive fees and aggregate
management fees of the Fund and the Index SPC exceed the limits set forth in
the North American Securities Administrators Association Guidelines for the
Registration of Commodity Pool Programs (please refer to page 6 of the
prospectus for a discussion of the incentive fees and management fees to be
charged at the Index SPC level).)

THE FOREGOING SUITABILITY STANDARDS ARE REGULATORY MINIMUMS ONLY. MERELY
BECAUSE YOU MEET SUCH REQUIREMENTS DOES NOT NECESSARILY MEAN THAT A HIGH RISK,
SPECULATIVE AND ILLIQUID INVESTMENT SUCH AS THE UNITS IS, IN FACT, SUITABLE FOR
YOU.

(i) You acknowledge that the units are not liquid except for the limited
redemption provisions set forth in the Prospectus and the Limited Partnership
Agreement of the Fund, as amended from time to time. RESIDENTS OF ALABAMA,
OKLAHOMA, MAINE AND TEXAS MUST PLACE THEIR INITIALS HERE TO DEMONSTRATE THEY
HAVE READ THE PREVIOUS SENTENCE. __________ (initials)

- ---------

(1) In the case of sales to fiduciary accounts, the minimum income and net
worth standards as specific in this paragraph (h) shall be met by the
beneficiary, the fiduciary account, or by the donor or grantor who directly
or indirectly supplies the funds to purchase the Units if the donor or
grantor is the fiduciary.

B-3
<Page>
(j) You should review the websites of the Office of Foreign Assets Control
("OFAC")(2) and the U.S. Department of the Treasury, and conduct such other
investigations as you deem necessary or prudent, prior to making these
representations and warranties.(3)

(i) You are not aware of any facts or circumstances that would
reasonably be expected to lead you to believe that any of your subscription
funds are directly or indirectly derived from activities that may contravene
U.S. federal, state or non-U.S. laws and regulations, including anti-money
laundering laws. RESIDENTS OF ALABAMA, OKLAHOMA AND TEXAS MUST PLACE THEIR
INITIALS HERE TO DEMONSTRATE THEY HAVE READ THE PREVIOUS SENTENCE.
__________ (initials)

(ii) You understand and agree that the investment of funds is prohibited
by or restricted with respect to any persons or entities that: (A) are
acting, directly or indirectly, on behalf of terrorists or terrorist
organizations, including those persons or entities that are included on any
of the OFAC lists; (B) reside or have a place of business in a country or
territory named on any of such lists or which is designated as a
Non-Cooperative Jurisdiction by the Financial Action Task Force on Money
Laundering ("FATF")(4), or whose subscription funds are transferred from or
through such a jurisdiction; (C) are "Foreign Shell Banks" within the
meaning of the USA Patriot Act; or (D) reside in or are organized under the
laws of a jurisdiction designated by the U.S. Secretary of the Treasury
under Sections 311 or 312 of the USA Patriot Act as warranting special
measures due to money laundering concerns.(5) Such persons or entities in
(A) through (D) are collectively referred to as "Restricted Persons". You
are not and you are not aware of any facts or circumstances that would
reasonably be expected to lead you to believe that any of your investors or
any person controlling, controlled by, or under common control(6) with you,
or for whom you are acting as agent or nominee in connection with the
subscription for units, is a Restricted Person. RESIDENTS OF ALABAMA,
OKLAHOMA AND TEXAS MUST PLACE THEIR INITIALS HERE TO DEMONSTRATE THEY HAVE
READ THE PREVIOUS SENTENCE. __________ (initials)

(iii) You acknowledge and understand that the general partner, in its
discretion, may decline to accept any subscription for units by a person who
is a "Covered Person" within the meaning of the Guidance on Enhanced
Scrutiny for Transactions that May Involve the Proceeds of Foreign Official
Corruption, issued by the Department of the Treasury, et al., January, 2001,
E.G., a senior foreign

- ---------

(2) The lists of OFAC prohibited countries, territories, persons and entities
may be found on the OFAC website at www.ustreas.gov/offices/eotffc/ofac/.

(3) U.S. federal regulations and executive orders administered by OFAC
prohibit, among other things, engaging in transactions with, and the
provision of services to, certain foreign countries, territories, entities
and individuals. These individuals include specially designated nationals,
specially designated narcotics traffickers and other parties subject to OFAC
sanctions and embargo programs.

(4) The list of Non-Cooperative Jurisdictions may be found
at www1.oecd.org/fatf/ncct_en.htm.

(5) The list of these jurisdictions may be found at www.fincen.gov.

(6) For these purposes, "control" means the power, directly or indirectly, to
direct the management or policies of a person, whether through ownership of
securities, by contract, or otherwise.

- Each of Subscriber's officers, partners, or directors exercising executive
responsibility (or persons having similar status or functions) is presumed
to control Subscriber.

- A person is presumed to control a corporation if the person: (i) directly
or indirectly has the right to vote 25 percent or more of a class of the
corporation's voting securities; or (ii) has the power to sell or direct
the sale of 25 percent or more of a class of the corporation's voting
securities.

- A person is presumed to control a partnership if the person has the right
to receive upon dissolution, or has contributed, 25 percent or more of the
capital of the partnership.

- A person is presumed to control a limited liability company ("LLC") if the
person: (i) directly or indirectly has the right to vote 25 percent or
more of a class of the interests of the LLC; (ii) has the right to receive
upon dissolution, or has contributed, 25 percent or more of the capital of
the LLC; or (iii) is an elected manager of the LLC.

- A person is presumed to control a trust if the person is a trustee or
managing agent of the trust.

B-4
<Page>
political figure(7), or an immediate family member(8) or close associate(9)
of a senior foreign political figure. Accordingly, you agree to inform the
Fund, prior to the acquisition of any units, if you are aware of any facts
or circumstances that would reasonably be expected to lead you to believe
that any of your investors or any person controlling, controlled by, or
under common control with you, or for whom you are acting as agent or
nominee in connection with the acquisition of the beneficial interests, is a
Covered Person. RESIDENTS OF ALABAMA, OKLAHOMA AND TEXAS MUST PLACE THEIR
INITIALS HERE TO DEMONSTRATE THEY HAVE READ THE PREVIOUS SENTENCE.
__________ (initials)

(iv) You agree to provide any information deemed necessary by the Fund
or the general partner, each acting in its sole discretion, to comply with
its anti-money laundering responsibilities and policies to the extent
required by law and subject to appropriate confidentiality agreements.
RESIDENTS OF ALABAMA, OKLAHOMA AND TEXAS MUST PLACE THEIR INITIALS HERE TO
DEMONSTRATE THEY HAVE READ THE PREVIOUS SENTENCE. __________ (initials)

(v) You authorize and permit the Fund and the general partner, each
using its own reasonable business judgment, to report information about you
to appropriate authorities, and you agree not to hold them liable for any
loss or injury that may occur as the result of providing such information.
In addition, if you are a pooled investment vehicle, you authorize and
permit the Fund and the general partner, and each of them, each using its
own reasonable business judgment, to report to appropriate authorities
information about your investors, or about any persons controlling,
controlled by, or under common control with, you, or for whom you are acting
as agent or nominee in connection with the purchase of units, and the you
agree not to hold the Fund and/or the general partner liable for any loss or
injury that may occur as the result of providing such information. RESIDENTS
OF ALABAMA, OKLAHOMA AND TEXAS MUST PLACE THEIR INITIALS HERE TO DEMONSTRATE
THEY HAVE READ THE PREVIOUS SENTENCE. __________ (initials)

(vi) You agree that, notwithstanding any other statement to the contrary
in any agreement into which you have entered which relates to the Fund or in
the Fund's prospectus, if the Fund or the general partner determines that
you have appeared on a list of known or suspected terrorists or terrorist
organizations compiled by any U.S. or foreign governmental agency, or that
any information provided by you in the subscription agreement and power of
attorney was not, at the time it was given, or is no longer materially true
or accurate, the Fund and the general partner, and each of them, without
limiting any other rights available to any of them under the subscription
agreement and power of attorney, shall be authorized to take any action as
shall be necessary or appropriate to comply with applicable law, including
but not limited to, removing you from the Fund and/or notifying the federal
authorities. RESIDENTS OF ALABAMA, OKLAHOMA AND TEXAS MUST PLACE THEIR
INITIALS HERE TO DEMONSTRATE THEY HAVE READ THE PREVIOUS SENTENCE.
__________ (initials)

(vii) You acknowledge that due to anti-money laundering requirements
operating in the United States, as well as the Fund's own internal
anti-money laundering policies, the Fund, the general partner and/or your
selling agent may require further identification of you and the source of
your subscription funds before your subscription agreement and power of
attorney can be processed, subscription monies accepted, or request for
redemption processed. The Fund, the general partner, your selling agent and
each of their respective principals, members, shareholders, directors,
officers, and employees shall be held harmless and indemnified against any
losses, expenses or liabilities arising as a result of a failure to process
your subscription agreement and power of attorney or any request for
redemption if you have not satisfactorily provided any information that has
been required by an indemnified party. RESIDENTS OF ALABAMA, OKLAHOMA AND
TEXAS MUST PLACE THEIR INITIALS HERE TO DEMONSTRATE THEY HAVE READ THE
PREVIOUS SENTENCE. __________ (initials)

- ---------

(7) A "senior foreign political figure" is defined as a senior official in the
executive, legislative, administrative, military or judicial branches of a
foreign government (whether elected or not), a senior official of a major
foreign political party, or a senior executive of a foreign government-owned
corporation. In addition, a "senior foreign political figure" includes any
corporation, business or other entity that has been formed by, or for the
benefit of, a senior foreign political figure.

(8) "Immediate family" of a senior foreign political figure typically includes
the figure's parents, siblings, spouse, children and in-laws.

(9) A "close associate" of a senior foreign political figure is a person who is
widely and publicly known to maintain an unusually close relationship with
the senior foreign political figure, and includes a person who is in a
position to conduct substantial domestic and international financial
transactions on behalf of the senior foreign political figure.

B-5
<Page>
EXHIBIT C

S&P MANAGED FUTURES INDEX FUND, LP
SUBSCRIPTION INSTRUCTIONS

Any person considering subscribing for the units should carefully read and
review
the Fund's prospectus dated , 2004. The prospectus should be
accompanied
by the most recent monthly report of the Fund.

THE DATE PRINTED ON THE FRONT OF THE PROSPECTUS SHOULD BE NO LATER THAN
9 MONTHS OLD. IF THE DATE IS MORE THAN 9 MONTHS OLD, NEW MATERIALS ARE AVAILABLE
AND MUST BE UTILIZED.

1. Enter the total dollar amount to be invested and indicate the appropriate
class in ITEM 1.

2. Enter the investor's bank/brokerage account information in ITEM 2, and check
the box if the account is to be debited for investment.

3. Enter the Social Security Number OR Taxpayer ID Number, as applicable, in
ITEM 3 and check the appropriate box to indicate ownership type. For IRA
accounts, the Taxpayer ID Number of the Custodian should be entered as well
as the Social Security Number of the investor. Investors who are not
individuals must furnish a copy of organizing or other documents evidencing
the authority of such entity to invest in the Fund. FOR EXAMPLE, TRUSTS MUST
FURNISH COPIES OF THE TRUST AGREEMENT, CORPORATIONS MUST FURNISH A CORPORATE
RESOLUTION OR BYLAWS.

4. Check the box in ITEM 4 if this is an addition to an existing account and
list the Limited Partner number (this is an identifying number that has been
assigned to you by the Fund).

5. Enter the name of the investor in ITEM 5. For UGMA/UTMA (MINOR), enter the
Minor name in ITEM 5, followed by "Minor." For CORPORATIONS, PARTNERSHIPS
AND ESTATES, enter the entity name in ITEM 5.

6. For UGMA/UTMA (MINOR), enter the custodian name in ITEM 6. For CORPORATIONS,
PARTNERSHIPS AND ESTATES, enter the Trustee(s) name(s) in ITEM 6.

7. Enter the legal address (which is the residence or domicile address used for
tax purposes) of the investor in ITEM 7 (no post office boxes). ITEM 7 must
be completed.

8. If the legal address is different from the mailing address, enter in
ITEM 8.

9. If an IRA account, enter Custodian's name and address in ITEM 9.

10. If any other person is to receive copies of correspondence, enter name,
mailing address and e-mail address in ITEM 10.

11. If the investor wishes to receive electronic communications from the Fund,
initial on the appropriate line and enter the e-mail address of investor in
ITEM 11.

12. Investor must sign and date ITEM 12. If it is a joint account, both
investors must sign. In the case of IRA's, the Custodian's signature, as
well as the investor's signature, is required.

13. The Selling Agent Representative must sign and date in ITEM 13. Some
broker/dealers may also require the signature of an office manager.

14. The name of the Selling Firm, Selling Agent Representative name, number,
and address and phone number must be entered in ITEM 14.

THE CLIENT SHOULD RETURN THIS SUBSCRIPTION AGREEMENT AND PAYMENT TO HIS OR
HER SELLING AGENT'S OFFICE ADDRESS.

Subscription agreements, payment, and any other required documents should be
sent by the Selling Agent to either:

(1) the fund administration department of the selling firm, if firm
procedures require, or

(2) to the custodial firm if one is required (sending document early in the
month is best if it is to reach the Fund before month end), or

C-1
<Page>
(3) (a) documents only should be mailed to RK Consulting, LLC, the Fund's
administrator, and (b) payments should be made to the Fund's escrow account
(during the initial offering period) or the Fund's bank account (following the
initial offering period).

If payment is being made by wire transfer, the Selling Agent Representative
should contact either his or her firm's Fund Administration Department or
RefcoFund Holdings LLC's Fund Administration Department for instructions.
SUBSCRIPTION DOCUMENTS MUST BE RECEIVED BY THE GENERAL PARTNER AT LEAST SIX
(6) BUSINESS DAYS PRIOR TO THE END OF THE MONTH AND CLEARED SUBSCRIPTION FUNDS
MUST BE RECEIVED AT LEAST THREE (3) BUSINESS DAYS PRIOR TO THE END OF THE MONTH.
However, the selling firm's fund administration department may have an earlier
cut-off for subscriptions.

If Selling Agent Representatives have specific questions about the
subscription process, please call the general partner's Back Office at (212)
693-7047, or your Fund Administration Department.

C-2
<Page>
S&P MANAGED FUTURES INDEX FUND, LP
UNITS OF BENEFICIAL INTEREST

------------------------

SUBSCRIPTION AGREEMENT AND
POWER OF ATTORNEY

S&P Managed Futures Index Fund, LP
c/o RK Consulting LLC
3 Becker Farm Road
Roseland, New Jersey 07068

Dear Sir or Madam:

1. SUBSCRIPTION FOR UNITS. I hereby subscribe for the dollar amount and
class of units of limited partnership interest ("Units") in S&P Managed Futures
Index Fund, LP (the "Fund") set forth in the Subscription Agreement and Power of
Attorney Signature Page attached hereto. The purchase price per Unit is $1,000
during the initial offering period and thereafter net asset value per unit as of
the first business day of the calendar month in which my subscription is to be
effective.

I have either (i) delivered a check to my selling agent made payable to "S&P
Managed Futures Index Fund, LP" in the full amount of my subscription,
(ii) authorized a wire transfer in the full amount of my subscription to the
Fund's escrow account or bank account (per the instructions attached hereto) or
(iii) authorized my selling agent to debit my customer securities account in the
full amount of my subscription.

The purchase date for my units is the first business day of the calendar
month immediately following this subscription being accepted. If I have chosen
to subscribe by account debit, I acknowledge that my selling agent shall inform
me of such settlement date and that I must have my subscription payment cleared
in such account on the settlement date for my purchase of Units, which will
occur no later than three (3) business days after the acceptance of my
subscription.

RefcoFund Holdings, LLC (the "General Partner") may, in its sole and
absolute discretion, accept or reject this subscription in whole or in part.

2. REPRESENTATIONS AND WARRANTIES OF SUBSCRIBER. I have received both
parts of the prospectus (as supplemented by sticker supplements, if any) and the
limited partnership agreement and the Fund's most recent monthly report (if the
Fund has commenced trading). I ACKNOWLEDGE THAT BY SUBMITTING THIS SUBSCRIPTION
AGREEMENT, I AM MAKING THE REPRESENTATIONS AND WARRANTIES SET FORTH IN EXHIBIT B
TO THE PROSPECTUS, INCLUDING THE APPLICABLE REQUIREMENTS RELATING TO NET WORTH
AND ANNUAL INCOME. If the subscriber is not an individual, the person signing
this subscription agreement and power of attorney on behalf of the subscriber is
duly authorized to execute this subscription agreement and power of attorney. By
signing this subscription agreement and power of attorney, I am not waiving any
rights under federal or state securities laws. RESIDENTS OF ALABAMA AND TEXAS
MUST PLACE THEIR INITIALS HERE TO DEMONSTRATE THEY HAVE READ THE PREVIOUS
SENTENCES. __________ (initials)

3. POWER OF ATTORNEY. I irrevocably constitute and appoint the General
Partner and each officer thereof as my true and lawful Attorney-in-Fact, with
full power of substitution, in my name, place and stead, to (i) execute,
acknowledge, swear to, deliver, record and file (a) the Limited Partnership
Agreement of the Fund, including any amendments and/or restatements thereto duly
adopted as provided therein, and (b) any agreements, certificates, documents or
instruments that may be considered necessary or desirable by the General Partner
to carry out fully the provisions of the Limited Partnership Agreement of the
Fund and (ii) to file, prosecute, defend, settle or compromise litigation,
claims or arbitrations on behalf of the Fund. The Power of Attorney granted
hereby shall be irrevocable and deemed to be coupled with an interest, and shall
survive and shall not be affected by my subsequent death, incapacity,
disability, insolvency or dissolution or any delivery by me of an assignment of
the whole or any portion of my units.

C-3
<Page>
4. GOVERNING LAW. I hereby acknowledge and agree that this Subscription
Agreement and Power of Attorney shall be governed by and be interpreted in
accordance with the laws of the State of Delaware, without regard to principles
of conflicts of laws.

------------------------

PLEASE CAREFULLY COMPLETE THE SUBSCRIPTION AGREEMENT AND POWER OF ATTORNEY
SIGNATURE PAGE WHICH IS ATTACHED TO THIS SUBSCRIPTION AGREEMENT, AND ENSURE THAT
YOUR SELLING AGENT KNOWS WHETHER YOU ARE SUBSCRIBING BY CHECK, WIRE TRANSFER OR
ACCOUNT DEBIT.

YOU MAY ELECT TO RECEIVE YOUR COMMUNICATIONS FROM THE FUND ELECTRONICALLY.
IF YOU WISH TO CHOOSE THIS OPTION, PLEASE INDICATE SO IN ITEM 11 OF THE
SUBSCRIPTION AGREEMENT AND POWER OF ATTORNEY SIGNATURE PAGE.

C-4
<Page>
SIGNATURE PAGE

S&P MANAGED FUTURES INDEX FUND, LP

SUBSCRIPTION AGREEMENT AND POWER OF ATTORNEY

SIGNATURE PAGE

IMPORTANT: READ INSTRUCTIONS AND REVERSE SIDE BEFORE SIGNING

The investor named below, by execution and delivery of this Subscription
Agreement and Power of Attorney and by either (a) enclosing a check payable to
"S&P MANAGED FUTURES INDEX FUND, LP," (b) authorizing a wire transfer in the
investor's name to the Fund's escrow account (during the initial offering
period) or the Fund's bank account (following the initial offering period) or
(c) authorizing the Selling Agent to debit investor's customer securities
account in the amount set forth below, hereby subscribes for the purchase of
units at the net asset value per unit.

The named investor further acknowledges receipt of the prospectus of the
Fund dated , 2004, including the Fund's Limited Partnership
Agreement, the Subscription Agreement and Power of Attorney (supplemented by
sticker supplements, if any), the terms of which govern the investment in the
units being subscribed for hereby.

- --------------------------------------------------------------------------------

<Table>

1) (a) Class A Units (management fee of 4.15%)

Class B Units (management fee of 2.15%, only offered by
wrap-fee programs and fee only registered investment
advisers)
(b) Total Dollar Amount
(Minimum: $10,000; $3,000 for employee benefit plans
and IRAs. Subsequent investments must be at least
$2,500.)

2) Bank/Broker Name (must be completed)
ABA # (must be completed)
Account Name (must be completed)
Account # (must be completed)
If payment is made by debit to investor's securities
account, check box / /
</Table>

- --------------------------------------------------------------------------------

<Table>

3) Social Security # - -
TAXABLE INVESTORS (CHECK ONE):
</Table>

<Table>

/ / Individual Ownership / / Tenants in Common
/ / Partnership* / / Joint Tenants with Right of
Survivorship
/ / Corporation* / / Tenants in Entirety
/ / Limited Liability Company* / / Community Property
/ / Estate* / / UGMA/UTM
(Minor)
/ / Grantor or Other / / Trust other than a
Revocable Trust* Grantor or Revocable
/ / Other (specify) Trust*
</Table>

<Table>

Taxpayer ID # - -
NON-TAXABLE INVESTORS (CHECK ONE):
</Table>

<Table>

/ / IRA / / Profit Sharing*
/ / IRA Rollover / / Defined Benefit*
/ / SEP / / Pension*
/ / Other (specify)

Custodian TIN # -
</Table>

(*APPROPRIATE AUTHORIZATION DOCUMENTS MUST ACCOMPANY SUBSCRIPTION, I.E., TRUST,
PENSION, ESTATE, OR CORPORATE DOCUMENTS)

- --------------------------------------------------------------------------------

4) Check box if this is an addition to an existing account: / / Limited Partner
Number (this is an identifying number that has been assigned to you by the
Fund): ____________________________

5) Limited Partner Name: ______________________________________________________

6) ____________________________________________________________________________
Additional Information (For Estates, Partnerships, Trusts and Corporations)

C-5
<Page>
7) Resident Address: __________________________________________________________
Street (P.O. Box not
acceptable) City State Zip
Code

8) Mailing Address: ___________________________________________________________
(if different) Street City State Zip
Code

9) Custodian Name
and Mailing Address: _______________________________________________________
Name Street City State Zip Code

10) Any other persons to
receive correspondence: ____________________________________________________
Name Mailing Address E-mail Address

11) CONSENT TO ELECTRONIC DELIVERY OF REPORTS

By initialing below and providing your e-mail address, you will be
consenting to the delivery of periodic reports, prospectus updates and other
communications by the Fund and the General Partner to you electronically. You
will be agreeing to download these reports from our website once you have been
notified by e-mail that they have been posted. You must have an e-mail address
to use this service. If you elect to receive these reports electronically, you
will not receive paper copies of the reports in the mail, unless you later
revoke your consent. You may revoke your consent and receive paper copies at any
time by notifying the Administrator in writing at RK Consulting LLC, 3 Becker
Farm Road, Roseland, NJ 07068.

IF YOU AGREE TO ACCEPT REPORTS ELECTRONICALLY, PLEASE INITIAL THE LINE BELOW AND
PROVIDE YOUR E-MAIL ADDRESS.

I elect to receive my communications from the Fund electronically:
____________________ (please initial)

My e-mail address is: ______. (I will immediately advise the Fund at the address
above
if my e-mail address changes)

- --------------------------------------------------------------------------------

12) INVESTOR(S) MUST SIGN

<Table>

X -------------------------------------------------------------------------------------
Signature of Investor Date Telephone Number

X -------------------------------------------------------------------------------------
Signature of Joint Investor (if any) or Telephone Number
Custodian Date
</Table>

UNITED STATES INVESTORS ONLY

I have checked the following box if I am subject to backup withholding under the
provisions of Section 3406(a)(1)(C) of the Internal Revenue Code: / / Under
penalties of perjury, by signature above, I hereby certify that the Social
Security Number or Taxpayer ID Number next to my name is my true, correct and
complete Social Security Number or Taxpayer ID Number and that the information
given in the immediately preceding sentence is true, correct and complete.

NON-UNITED STATES INVESTORS ONLY

Under penalties of perjury, by signature above I hereby certify that (a) I am
not a citizen or resident of the United States or (b) (in the case of an
investor which is not an individual) the investor is not a United States
corporation, partnership, estate or trust.

- --------------------------------------------------------------------------------

C-6
<Page>
SELLING AGENT MUST SIGN

The undersigned Selling Agent ("Agent") hereby certifies that: (1) the Agent has
informed the person(s) named above of all pertinent facts relating to the risks,
tax consequences, liquidity and marketability of the units as set forth in the
Prospectus; (2) the Agent has delivered to the person(s) named above a copy of
the prospectus on the date of this certification; and (3) the Agent has
reasonable grounds to believe (on the basis of information obtained from the
person(s) named above concerning such person(s') age, investment objectives,
investment experience, income, net worth, financial situation and needs, other
investments and any other information known by the Agent) that; (a) the purchase
of units is a suitable and appropriate investment for such person(s); (b) such
person(s) meet(s) the applicable minimum income and net worth standard;
(c) such person(s) can reasonably benefit from the investment based on such
person's(s') overall investment objectives and portfolio structure; (d) such
person(s) can bear the economic risks of the investment; and (e) such person(s)
appear(s) to have an understanding of the fundamental risks of the investment
(including than an investor may lose its entire investment), the restrictions on
the liquidity and transferability of the units, and the general background and
qualifications of the general partner.

The Selling Agent MUST sign below in order to substantiate compliance with NASD
Rule 2810.
<Table>

13) X --------------------------------------------------- X ---------------------------------------------------
Selling Agent Signature Date Office Manager Signature
(if required by Selling Firm procedures)

Date
</Table>

14) Selling Firm ____________ Agent Name ____________ Agent Number ___________

Agent Phone ___________ Agent Fax ___________ Agent E-mail Address ___________

Agent Address __________________________________________________________________
(for confirmation) Street (P.O. Box not
acceptable) City State Zip
Code

C-7
<Page>
EXHIBIT D

S&P MANAGED FUTURES INDEX FUND, LP
REQUEST FOR REDEMPTION

-------------------------

Date

S&P Managed Futures Index Fund, LP
c/o RK Consulting, LLC
3 Becker Farm Road
Roseland, New Jersey 07068

Dear Sirs:

I hereby request redemption subject to all the terms and conditions of the
Limited Partnership Agreement (the "Limited Partnership Agreement") of S&P
Managed Futures Index Fund, LP (the "Fund") of all , $ or
Units (please complete one, if no number is indicated, all Units held of
record by the undersigned will be redeemed) of my Class units of limited
partnership interest ("Units") in the Fund. (THE FUND REQUIRES A MINIMUM BALANCE
OF $1,000 TO BE MAINTAINED. IF THE REDEMPTION CAUSES THE ACCOUNT TO FALL BELOW
THE MINIMUM, THE FULL AMOUNT WILL AUTOMATICALLY BE REDEEMED.)

I understand that Units are redeemed at the Net Asset Value per Unit,
pursuant to the terms and conditions set forth in the Limited Partnership
Agreement. This redemption shall be effective as of the end of the current
calendar month; provided, that this Request for Redemption is received at least
ten (10) business days prior to the end of such month. Payment of the redemption
price of Units will be made within ten (10) business days of the month-end
redemption date, unless redemptions are suspended in accordance with the Limited
Partnership Agreement.

I represent and warrant that I am the true, lawful owner of the Units to
which this Request for Redemption relates, with full power and authority to
request redemption of the Units. The Units are not subject to any pledge or
otherwise encumbered in any fashion.

UNITED STATES UNITHOLDERS ONLY:

Under the penalties of perjury, I hereby certify that the Social Security
Number or Taxpayer ID Number indicated on this Request for Redemption is my
true, correct and complete Social Security Number or Taxpayer ID Number and that
I am not subject to backup withholding under the provisions of Section
3406(a)(1)(C) of the Internal Revenue Code of 1986, as amended.

NON-UNITED STATES UNITHOLDERS ONLY:

Under the penalties of perjury, I hereby certify that (a) I am not a citizen
or resident of the United States or (b) (in the case of an investor which is not
an individual) I am not a United States corporation, partnership, estate, trust
or limited liability company.

PAYMENT IS REQUESTED TO BE MADE AS FOLLOWS (PLEASE CHECK THE APPLICABLE BOX
AND PROVIDE NECESSARY INFORMATION:

/ / Credit my customer securities account at [insert name of broker].

/ / Send check to my address as reflected in the Fund's books and records.

/ / Send check to the address set forth below, provided this form has been
notarized.

----------------------------

D-1
<Page>
/ / Send payment by wire transfer, provided this form has been notarized, per
the instructions set forth below (please specify the name of bank, bank
routing number and account name and number for delivery of payment).

----------------------------

SIGNATURES MUST BE IDENTICAL TO NAME(S) IN WHICH UNITS ARE REGISTERED

Signatures Required:

<Table>

Entity Unitholder Individual Unitholder(s)
(or assignee) (or assignee(s))

- ------------------------------------------------- ---------------------------------------------
(Name of Entity) Please print (Name(s)) Please print

---------------------------------------------

By:
--------------------------------------------- ---------------------------------------------
(Authorized corporate officer, partner, (Signature(s) of all Unitholder(s) or
manager, assignee(s))
member or trustee)

Taxpayer ID Number Social Security Number(s):

- ------------------------------------------------- ---------------------------------------------

---------------------------------------------
Limited partner number (this is an identifying Limited partner number (this is an identifying
number that has been assigned to you by the Fund): number that has been assigned to you by the
Fund):

- ------------------------------------------------- ---------------------------------------------
</Table>

D-2
<Page>

PART TWO
INFORMATION NOT REQUIRED IN PROSPECTUS

INFORMATION NOT REQUIRED IN PROSPECTUS

Part II-1
<Page>

ITEM 13. OTHER EXPENSES OF ISSUANCE AND DISTRIBUTION

The following is an estimate of the costs incurred in connection with
preparing and filing this Registration Statement. The parent of the General
Partner will pay all such costs.

<Table>

Securities and Exchange Commission Registration Fee $ 16,180
National Association of Securities Dealers, Inc. Filing Fee $ 20,500
Printing Expenses $ 100,000
Fees of Certified Public Accountants $ 30,000
Blue Sky Expenses (Excluding Legal Fees) $ 150,000
Fees of Counsel $ 350,000
Miscellaneous Expenses $ 80,000
---------
TOTAL $ 746,680
</Table>

ITEM 14. INDEMNIFICATION OF DIRECTORS AND OFFICERS

Section 16 of the Limited Partnership Agreement (attached as Exhibit A to
the prospectus which forms a part of this Registration Statement) provides for
the indemnification of the General Partner, certain of its affiliates and
certain of its directors, officers and controlling persons by the Fund in
certain circumstances. The General Partner and its affiliates shall be
indemnified by the Fund against any losses, judgments, liabilities, expenses and
amounts paid in settlement of any claims sustained by them in connection with
the Fund; provided, that the General Partner, in good faith, determined that
such conduct was in the best interests of the Fund, the General Partner or its
affiliates were acting on behalf of or performing services for the Fund and such
claims were not the result of negligence or misconduct on the part of the
General Partner or its Affiliates. The Fund is prohibited from incurring the
cost of any insurance covering any broader indemnification than that provided
above. The Fund will not advance any sums to cover legal expenses or other costs
incurred as a result of any legal action initiated against the General Partner
by a limited partner unless a court of competent jurisdiction approves such
advance.

ITEM 15. RECENT SALES OF UNREGISTERED SECURITIES

On July 9, 2003, the Fund sold 0.001 Unit to the initial limited partner to
permit the formation of the Fund in preparation for the filing of this
Registration Statement. The sale of this Unit was exempt from registration under
the Securities Act of 1933 pursuant to Section 4(2) thereof. No discounts or
commissions were paid in connection with the sale, and no other offeree or
purchaser was solicited. There have been no other sales of unregistered
securities of the Fund.

ITEM 16. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES

The following documents (unless indicated) are filed herewith and made a
part of this Registration Statement.

Part II-2
<Page>

(a) EXHIBITS.

Exhibit Description of Document

1.1 Form of Selling Agreement among the Fund, the General Partner and the
Selling Agent (including form of Additional Selling Agent Agreement)*

3.1 Certificate of Limited Partnership of Registrant*

3.2 Form of Amended and Restated Limited Partnership Agreement (included
as Exhibit A to the Prospectus)

5.1 Opinion of Mayer, Brown, Rowe & Maw LLP relating to the legality of
the Units*

8.1 Opinion of Mayer, Brown, Rowe & Maw LLP relating to Federal Income Tax
Aspects*

10.1 Form of Subscription Agreement (included as Exhibit C to the
Prospectus)

10.2 Form of Escrow Agreement*

10.3 Form of Memorandum of Agreement by and among Refco Group Ltd., LLC,
Standard & Poor's and PlusFunds Group, Inc.*

10.4 Sub-Investment Management Agreement between RefcoFund Holdings, LLC
and PlusFunds Group Inc.*

10.5 Alternate Form of Subscription Agreement

23.1 Consent of Independent Accountants from PricewaterhouseCoopers LLP

23.2 Consent of Independent Accountants from Grant Thornton LLP

23.3 Consent of Counsel from Mayer, Brown, Rowe & Maw LLP (contained in
Exhibits 5.1 and 8.1)*

* Previously filed as like-numbered exhibit to the initial filing or the
first, second or third pre-effective amendment of this Registration Statement
No. 333-107357 and incorporated by reference herein.

(b) FINANCIAL STATEMENT SCHEDULES.

No Financial Schedules are required to be filed herewith.

ITEM 17. UNDERTAKINGS

(a)(1) The undersigned Registrant hereby undertakes to file, during any period
in which offers or sales are being made, a post-effective amendment to this
registration statement:

(i) to include any prospectus required by Section 10(a)(3) of the
Securities Act of 1933;

(ii) to reflect in the prospectus any facts or events arising after the
effective date of the registration statement (or the most recent
post-effective amendment thereof) which, individually or in the aggregate,
represent a fundamental change in the information set forth in the
registration statement. Notwithstanding the foregoing, any increase or
decrease in volume of securities offered (if the total dollar value of
securities offered

Part II-3
<Page>

would not exceed that which was registered) and any deviation from the low
or high end of the estimated maximum offering range may be reflected in the
form of prospectus filed with the Commission pursuant to Rule 424(b) if, in
the aggregate, the changes in volume and price represent no more than a 20
percent change in the maximum aggregate offering price set forth in the
"Calculation of Registration Fee" table in the effective registration
statement;

(iii) To include any material information with respect to the plan of
distribution not previously disclosed in the registration statement or any
material change to such information in the registration statement.

(2) That, for the purpose of determining any liability under the Securities Act
of 1933, each such post-effective amendment shall be deemed to be a new
registration statement relating to the securities offered therein, and the
offering of such securities at that time shall be deemed to be the initial bona
fide offering thereof.

(3) That all post-effective amendments will comply with the applicable forms,
rules, and regulations of the Commission in effect at the time such
post-effective amendments are filed.

(4) To remove from registration by means of a post-effective amendment any of
the securities being registered which remain unsold at the termination of the
offering.

(b) Insofar as indemnification from liabilities under the Securities Act of 1933
may be permitted to the directors, officers and controlling persons of the
Registrant pursuant to the provisions described in Item 14 above, or otherwise,
the Registrant had been advised that in the Securities and Exchange Commission
such indemnification is against public policy as expressed in the Securities Act
of 1933 and is, therefore, unenforceable. In the event that a claim for
indemnification against such liabilities (other than the payment by the
Registrant of expenses incurred or paid by a director, officer or controlling
person in connection with the securities being registered, the Registrant will,
unless in the opinion of its counsel the matter has been settled by controlling
precedent, submit to the court of appropriate jurisdiction the question whether
such indemnification by it is against public policy as expressed in the Act and
will be governed by the final adjudication of such issue.

(c) To send to each Limited Partner at least on an annual basis a detailed
statement of any transaction with the General Partner or its affiliates, and of
fees, commission, compensation and other benefits paid, or accrued to the
General Partner or its affiliates for the fiscal year completed, showing the
amount paid or accrued to each recipient and the services performed.

(d) To provide to the Limited Partners the financial statements required by Form
10-K for the first full year of operations of the partnership.

Part II-4
<Page>

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933, the General
Partner of the Registrant had duly caused this Registration Statement to be
signed on its behalf by the undersigned, thereunto duly authorized, in the City
and State of New York on the 29th day of January, 2004.

S&P MANAGED FUTURES INDEX FUND, LP

By: RefcoFund Holdings, LLC
General Partner

By: \s\ Richard C. Butt
---------------------------
Name: Richard C. Butt
Title: President

Pursuant to the requirements of the Securities Act of 1933, this
Registration Statement has been signed below by the following persons in the
capacities and on the date indicated.

<Table>
<Caption>
SIGNATURE TITLE DATE

REFCOFUND HOLDINGS, LLC General Partner January 29, 2004

\s\ Richard C. Butt President (Principal Financial Officer) January 29, 2004
- -------------------------------
Richard C. Butt

\s\ Joseph Murphy Manager January 29, 2004
- -------------------------------
Joseph Murphy

\s\ Phillip R. Bennett Manager January 29, 2004
- -------------------------------
Phillip R. Bennett

\s\ Thomas Hackl Manager January 29, 2004
- -------------------------------
Thomas Hackl
</Table>

<Page>

TABLE OF CONTENTS

<Table>
<Caption>
EXHIBIT DESCRIPTION OF DOCUMENT

3.2 Form of Limited Partnership Agreement (included as Exhibit A to the
Prospectus)

10.1 Form of Subscription Agreement (included as Exhibit B to the
Prospectus)

10.5 Alternate Form of Subscription Agreement

23.1 Consent of Independent Accountants from PricewaterhouseCoopers LLP

23.2 Consent of Independent Accountants from Grant Thornton LLP
</Table>