Amendment No. 1 to FORM 10-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
(Mark One)
[X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES AND EXCHANGE ACT OF 1934
For the year ended 12-31-2006
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from ________ to ________
Commission file number 333-108629
PROVIDENCE SELECT FUND, LIMITED PARTNERSHIP
(Exact name of registrant as specified in its charter)
Delaware 20-0069251
State or other jurisdiction of (I.R.S. Employer
incorporation or organization Identification No.)
505 Brookfield Drive, Dover, DE 19901
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (800) 331-1532
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Name of each exchange on which registered
None None
Securities registered pursuant to Section 12(g) of the Act:
Limited Partnership Units
(Title of class)
Indicate by check mark if the registrant is a well-known seasoned issuer, as
defined in Rule 405 of the Securities Act. Yes [ ] No [X]
Indicate by check mark if the registrant is not required to file reports
pursuant to Section 13 or Section 15(d) of the Act. Yes [ ] No [X]
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to
such filing requirements for the past 90 days. Yes [X] No [ ]
Indicate by check mark if disclosure of delinquent filers pursuant to Item
405 of Regulation S-K (S 229.405 of this chapter) is not contained herein,
and will not be contained, to the best of registrant's knowledge, in
definitive proxy or information statements incorporated by reference in Part
III of this Form 10-K or any amendment to this Form 10-K. [ ]
Indicate by check mark whether the Registrant is a large accelerated filer,
an accelerated filer, or a non-accelerated filer. See definition of
"accelerated filer and large accelerated filer" in Rule 12b-2 of the Exchange
Act. (Check one):
Large accelerated filer [ ] Accelerated filer [ ] Non-accelerated filer [X]
Indicate by check mark whether the registrant is a shell company (as defined
in Rule 12b-2 of the Act). Yes [ ] No [X]
State the aggregate market value of the voting and non-voting common equity
held by non-affiliates computed by reference to the price at which the common
equity was last sold, or the average bid and asked price of such common
equity, as of the last business day of the registrant's most recently
completed second fiscal quarter.: None.
There is no market for the Units of partnership interests and none is
expected to develop. The Registrant is a commodity pool. The Units are
registered to permit the initial sale of Units at month end net asset value.
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EXPLANATORY NOTE
The registrant is filing this Amendment No. 1 on Form 10-K/A (the "Amendment")
to its annual report on Form 10-K for the fiscal year ended December 31, 2006,
originally filed April 2, 2007 (the "Annual Report"), for the purpose of
making the following changes: (1) revision of financials included herein
beginning on page F-1 pursuant to Item 8 herein to (a) provide three years of
financial information and inception to date for the statements of operations,
changes in net assets, and cash flows, and (b) provide opinions by independent
accountants for all periods covered by the financial statements; and, (2)
revise Item 9A to identify the changes in controls and procedures that the
General Partner has made. In addition, the registrant is also including as
exhibits to this Amendment the certifications required pursuant to Sections
302 and 906 of the Sarbanes-Oxley Act of 2002. Except as described above, this
Amendment does not modify or update the Fund's previously reported financial
statements and other disclosures in, or exhibits to, the original filing.
Item 8. Financial Statements and Supplementary Data.
The Fund financial statements meeting the requirements of Regulation S-X are
provided in this Amendment beginning on page F-1. The supplementary financial
information specified by Item 302 of Regulation S-K was included in Item 6.
Selected Financial Data of the registrant's Annual Report.
Item 9A. Controls and Procedures.
In the Fund's previously-filed Annual Report on Form 10-K for the year ended
December 31, 2006 (the "Annual Report"), the General Partner of the Fund,
under the actions of its sole principal, Michael Pacult, evaluated the
effectiveness of the design and operation of its disclosure controls and
procedures (as defined in the Securities Exchange Act of 1934 Rules 13a-15(e)
or 15d-15(e)) with respect to the Fund as of December 31, 2006 and found them
adequate. In May, 2007, management was informed by the SEC that its
financials did not conform to SEC requirements because (1) the financials
contained only two, and not three, years of financial information and
inception to date for the statements of operations, changes in net assets, and
cash flows, and (2) the audit opinion did not cover all financial periods
stated. Because of these omissions, management has re-evaluated its prior
conclusion regarding the effectiveness of the design and operation of its
disclosure controls and procedures as of December 31, 2006 with respect to the
Fund. Based upon Mr. Pacult's re-evaluation, conducted under Exchange Act
Rule 13a-15 or 15d-15(e), he concluded that the omissions were caused by a
personnel problem, were the result of obvious human error and lack of
attention to detail, and that the Fund's disclosure controls and procedures
were accordingly not effective as of December 31, 2006. To remediate the
situation, Mr. Pacult has severely reprimanded those persons who prepared and
reviewed the financial statements included in the Annual Report. Mr. Pacult
accepts total responsibility for the financial statements of the Fund and
filings made with the SEC, including the Annual Report and this Amendment.
There have been no changes in the General Partner's internal control over
financial reporting applicable to the Fund identified in connection with the
evaluation required by paragraph (d) of Exchange Act Rules 13a-15 or 15d-15
that occurred during the fourth quarter of fiscal year 2006 and through the
date of this Amendment that have materially affected, or are reasonably likely
to materially affect, internal control over financial reporting applicable to
the Fund.
Item 15. Exhibits, Financial Statement Schedules
(a) The following documents are filed as part of this Amendment:
1. All Financial Statements
The Financial Statements begin on page F-1 of this Amendment.
2. Financial Statement Schedules required to be filed by Item 8 of this form,
and by paragraph (b) below.
Not applicable, not required, or included in the Financial Statements.
3. List of those Exhibits required by Item 601 of Regulation S-K (Sec. 229.601
of this chapter) and by paragraph (b) below.
2
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Incorporated by reference from the Fund's Registration Statement on Form S-1,
and all amendments at file No. 333-119635 previously filed with the Securities
and Exchange Commission.
31.1 Certification of CEO and CFO pursuant to Section 302
32.2 Certification of CEO and CFO pursuant to Section 906
(b) Exhibits required by Item 601 of Regulation S-K (Sec. 229.601 of this
chapter).
See response to 15(a)(3), above.
(c) Financial statements required by Regulation S-X (17 CFR 210) which are
excluded from the annual report to shareholders by Rule 14a-3(b) including (1)
separate financial statements of subsidiaries not consolidated and fifty
percent or less owned persons; (2) separate financial statements of affiliates
whose securities are pledged as collateral; and (3) schedules.
None.
SIGNATURES
Pursuant to the requirements of Section 13 or 15 (d) of the Securities
Exchange Act of 1934, the registrant has duly caused this Amendment No. 1 to
Form 10-K for the period ended December 31, 2006, to be signed on its behalf
by the undersigned, thereunto duly authorized.
Registrant: Providence Select Fund, Limited
Partnership
By White Oak Financial Services, Inc.
Its General Partner
Date: July 3, 2007 By: /s/ Michael Pacult
Mr. Michael P. Pacult
Sole Director, Sole Shareholder
President and Treasurer
3
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Providence Select Fund, Limited Partnership
(A Development Stage Enterprise)
Index to the Financial Statements
Page
Report of Independent Registered Public Accounting Firm F-2
Financial Statements
Statements of Assets and Liabilities F-3
Statements of Operations F-4
Statements of Changes in Net Assets F-5
Statements of Cash Flows F-6
Notes to Financial Statements F-7 - F-11
Affirmation of Commodity Pool Operator F-12
F-1
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Jordan, Patke & Associates, Ltd.
Certified Public Accountants
Report of Independent Registered Public Accounting Firm
To the Partners of
Providence Select Fund, Limited Partnership
Dover, Delaware
We have audited the accompanying statements of assets and liabilities of
Providence Select Fund, Limited Partnership (a development stage enterprise)
as of December 31, 2006 and 2005, and the related statements of operations,
changes in net assets and cash flows for the years ended December 31, 2006,
2005 and 2004, and the cumulative period from May 16, 2003 (date of inception)
through December 31, 2006. These financial statements are the responsibility
of the Fund's management. Our responsibility is to express an opinion on
these financial statements based on our audit.
We conducted our audit in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we
plan and perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. Providence Select
Fund, Limited Partnership is not required to have, nor were we engaged to
perform, an audit of its internal control over financial reporting. Our audit
included consideration of internal control over financial reporting as a basis
for designing audit procedures that are appropriate in the circumstances, but
not for the purpose of expressing an opinion on the effectiveness of
Providence Select Fund, Limited Partnership internal control over financial
reporting. Accordingly, we express no such opinion. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements, assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Providence Select Fund,
Limited Partnership as of December 31, 2006 and 2005, and the results of its
operations, its changes in net assets and its cash flows for the years ended
December 31, 2006, 2005 and 2004, and the cumulative period from May 16, 2003
through December 31, 2006 are in conformity with accounting principles
generally accepted in the United States of America.
/s/ Jordan, Patke & Associates, Ltd.
Jordan, Patke & Associates, Ltd.
Lincolnshire, Illinois
July 2, 2007
F-2
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Providence Select Fund, Limited Partnership
(A Development Stage Enterprise)
Statements of Assets and Liabilities
December 31,
2006 2005
Assets
Cash $304 $381
Reimbursable syndication costs 261,561 125,426
Prepaid operating costs and other 3,956 562
Total assets 265,821 126,369
Liabilities
Accrued expenses 7,076 -
Advances due to related parties 256,745 124,369
Total Liabilities 263,821 124,369
Net assets $2,000 $2,000
Analysis of Net Assets
Limited partners $1,000 $1,000
General partner 1,000 1,000
Net assets (equivalent to $1,000.00 and
$1,000.00 per unit) $2,000 $2,000
Partnership units outstanding
Limited partners units outstanding 1.00 1.00
General partner units outstanding 1.00 1.00
Total partnership units outstanding 2.00 2.00
F-3
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Providence Select Fund, Limited Partnership
(A Development Stage Enterprise)
Statements of Operations
For the Years Ended December 31, 2006, 2005 and 2004, and the Cumulative
Period from May 16, 2003 (Date of Inception) to December 31, 2006
<table>
<s> <c> <c> <c> <c>
Period From
May 16, 2003
(Inception) to
Year ended December 31, December 31,
2006 2005 2004 2006
Investment income
Total investment income $- $- $- $-
Expenses
Total expenses - - - -
Net investment loss - - - -
Realized and unrealized gain (loss) from investments
and foreign currency
Net gain on investments and foreign currency - - - -
Net increase in net assets resulting
from operations $- $- $- $-
Net income per unit
Limited partnership unit $- $- $- $-
General partnership unit $- $- $- $-
</table>
F-4
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Providence Select Fund, Limited Partnership
(A Development Stage Enterprise)
Statement of Changes in Net Assets
For the Years Ended December 31, 2006, 2005 and 2004, and the Cumulative
Period from May 16, 2003 (Date of Inception) to December 31, 2006
<table>
<s> <c> <c> <c> <c>
Period From
May 16, 2003
(Inception) to
Year ended December 31, December 31,
2006 2005 2004 2006
Increase (decrease) in net assets from operations
Net investment gain $- $- $- $-
Net realized gains from investments and foreign
currency transactions - - - -
Net increase in unrealized appreciation from
investments and translation of assets and
liabilities in foreign currencies - - - -
Net increase in net assets resulting from
operations - - - -
Capital share subscriptions - - - 2,000
Capital share redemptions - - - -
Total increase in net assets - - - 2,000
Net assets at the beginning of the year 2,000 2,000 2,000 -
Net assets at the end of the year $2,000 $2,000 $2,000 $2,000
</table>
F-5
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Providence Select Fund, Limited Partnership
(A Development Stage Enterprise)
Statements of Cash Flows
For the Years Ended December 31, 2006, 2005 and 2004, and the Cumulative
Period from May 16, 2003 (Date of Inception) to December 31, 2006
<table>
<s> <c> <c> <c> <c>
Period From
May 16, 2003
(Inception) to
Year ended December 31, December 31,
2006 2005 2004 2006
Cash Flows from Operating Activities
Net increase in net assets resulting from operations $- $- $- $-
Adjustments to reconcile net income to net cash
provided by (used in) operating activities:
Changes in operating assets and liabilities:
(Increase) in reimbursable syndication costs (114,760) (20,707) - (115,817)
(Increase) in prepaid operating costs (3,394) (434) (105) (3,956)
Increase in accrued expenses 7,076 - - 7,076
Net cash (used in) operating activities (111,078) (21,141) (105) (112,697)
Cash Flows from Financing Activities
Increase in advances from related parties 111,001 19,650 - 111,001
Initial partner contribution - - - 2,000
Net cash provided by financing activities 111,001 19,650 - 113,001
Net increase (decrease) in cash and cash
equivalents (77) (1,491) (105) 304
Cash at the beginning of the period 381 1,872 1,977 -
Cash at the end of the period $304 $381 $1,872 $304
Non-Cash Financing Activities
Reimbursable syndication costs paid by and owed to
related parties $21,375 $24,253 $15,899 $126,094
</table>
F-6
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Providence Select Fund, Limited Partnership
(A Development Stage Enterprise)
For the Years Ended December 31, 2006, 2005 and 2004
1. Nature of the Business
Providence Select Fund, Limited Partnership (the Fund) was formed on May 16,
2003 under the laws of the State of Delaware. The Fund expects to engage in
high risk, speculative and hedge trading of futures and forward contracts,
options on futures and forward contracts, and other instruments selected by
registered commodity trading advisors (CTA's). However, the Fund will not
commence business until at least $1,030,000 worth of partnership interests are
sold. The maximum offering is $50,000,000. White Oak Financial Services, Inc.
(White Oak) and Michael Pacult are the General Partners and commodity pool
operators (CPO's) of the Fund. The initial CTA is expected to be NuWave
Investment Corp., which will have the authority to trade as much of the Fund's
equity as is allocated to it by the General Partner. The selling agent is
Futures Investment Company (FIC), which is controlled by Michael Pacult and
his wife.
The Partnership is in the development stage and its efforts through December
31, 2006 have been principally devoted to organizational activities.
2. Significant Accounting Polices
Regulation - The Fund is a registrant (effective September 12, 2005) with the
Securities and Exchange Commission (SEC) pursuant to the Securities and
Exchange Act of 1934 (the Act). The Fund is subject to the regulations of the
SEC and the reporting requirements of the Act. The Fund will also be subject
to the regulations of the Commodities Futures Trading Commission (CFTC), an
agency of the U.S. government which regulates most aspects of the commodity
futures industry, the rules of the National Futures Association and the
requirements of various commodity exchanges where the Fund executes
transactions. Additionally, the Fund will be subject to the requirements of
futures commission merchants and interbank market makers through which the
Fund trades.
Offering Expenses and Organizational Costs - White Oak has incurred $261,561
and $125,426 in offering costs through December 31, 2006 and 2005,
respectively. The Fund has agreed to reimburse White Oak and other affiliated
companies for all offering expenses incurred up to the commencement of
business after the twelfth month following the commencement of business. The
commencement of business is contingent upon the sale of at least $1,030,000 of
partnership interests. All costs after the commencement of business will be
paid directly by the Fund. The organization costs for the Fund will be
expensed as incurred by the general partner, White Oak, and are expected to be
immaterial.
Registration Costs - Costs incurred for the initial filings with Securities
and Exchange Commission, National Association of Securities Dealers, Inc. and
the states where the offering is expected to be made are accumulated, deferred
and charged against the gross proceeds of offering as part of the offering
expenses to be reimbursed to the General Partner after the twelfth month of
operation following commencement of business. Registration costs incurred
after the commencement of business, if any, will be charged to expense as
incurred.
F-7
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Providence Select Fund, Limited Partnership
(A Development Stage Enterprise)
For the Years Ended December 31, 2006, 2005 and 2004
2. Significant Accounting Polices, Continued
Revenue Recognition - Forward contracts, futures and other investments are
recorded on the trade date and will be reflected in the statement of
operations at the difference between the original contract amount and the
market value on the last business day of the reporting period.
Market value of forward contracts, futures and other investments is based upon
exchange or other applicable closing quotations related to the specific
positions.
Interest income is recognized when it is earned.
Use of Accounting Estimates - The preparation of financial statements in
conformity with generally accepted accounting principles requires management
to make estimates and assumptions that affect the reported amounts of assets
and liabilities and disclosure of contingent assets and liabilities at the
date of the financial statements and reported amounts of revenues and expenses
during the reporting period. Actual results could differ from these
estimates.
Income Taxes - The Fund is not required to provide a provision for income
taxes. Income tax attributes that arise from its operations are passed
directly to the individual partners. The Fund may be subject to state and
local taxes in jurisdictions in which it operates.
Statement of Cash Flows - For purposes of the Statement of Cash Flows, the
Fund will consider only money market funds to be cash equivalents. Net cash
provided by operating activities includes no cash payments for interest or
income taxes for the years ending December 31, 2006, 2005 and 2004. There
were no cash equivalents as of December 31, 2006, 2005 and 2004.
Foreign Currency - Investment securities and other assets and liabilities
denominated in foreign currencies are translated into U.S. dollar amounts at
the date of valuation. Purchases and sales of investment securities and
income and expense items denominated in foreign currencies are translated into
U.S. dollar amounts on the respective dates of such transactions.
The Company does not isolate that portion of the results of operations
resulting from changes in foreign exchange rates on investments from the
fluctuations arising from changes in market prices of securities held. Such
fluctuations are included with the net realized and unrealized gain or loss
from investments.
Reported net realized foreign exchange gains or losses arise from sales of
foreign currencies, currency gains or losses realized between the trade and
settlement dates on securities transactions, and the difference between the
amounts of dividends, interest, and foreign withholding taxes recorded on the
fund's books and the U.S. dollar equivalent of the amounts actually received
or paid. Net unrealized foreign exchange gains and losses arise from changes
in the fair values of assets and liabilities, other than investments in
securities at fiscal period end, resulting from changes in exchange rates.
3. General Partner Duties
The responsibilities of the General Partner, in addition to directing the
trading and investment activity of the Fund, including suspending all trading,
includes executing and filing all necessary legal documents, statements and
certificates of the Fund, retaining independent public accountants to audit
the Fund, employing attorneys to represent the Fund, reviewing the brokerage
commission rates to determine reasonableness, maintaining the tax status of
the Fund as a limited partnership, maintaining a current list of the names,
addresses and numbers of units owned by each Limited Partner and taking such
other actions as deemed necessary or desirable to manage the business of the
Partnership.
The Corporate General Partner has contributed $1,000 in cash for deposit to
the capital of the Fund for a non-trading General Partnership interest in the
Partnership.
F-8
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Providence Select Fund, Limited Partnership
(A Development Stage Enterprise)
For the Years Ended December 31, 2006, 2005 and 2004
3. General Partner Duties, Continued
If the net unit value of the partnership falls to less than 50% of the greater
of the original $1,000 selling price, less commissions and other charges or
such higher value earned through trading, then the General Partner will
immediately suspend all trading, provide all limited partners with notice of
the reduction in net unit value and give all limited partners the opportunity,
for fifteen days after such notice, to redeem partnership interests. No
trading shall commence until after the lapse of such fifteen day period.
4. The Limited Partnership Agreement
The Limited Partnership Agreement provides, among other things, that-
Capital Account - 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 contributions to the partnership.
Monthly Allocations - Any increase or decrease in the Partnership's net asset
value as of the end of a month shall be credited or charged to the capital
account of each Partner in the ratio that the balance of each account bears to
the total balance of all accounts.
Any distribution from profits or partners' capital will be made solely at the
discretion of the General Partner.
Federal Income Tax Allocations - As of the end of each fiscal year, the
Partnership's realized capital gain or loss and ordinary income or loss shall
be allocated among the Partners, after having given effect to the fees and
expenses of the Fund.
Subscriptions - Investors must submit subscription agreements and funds at
least five business days prior to month end. Subscriptions must be accepted or
rejected by the general partner within five business days. The investor also
has five business days to withdraw his subscription. Funds are deposited into
an interest bearing subscription account and will be transferred to the Fund's
account after the minimum to commence business has been raised and,
thereafter, on the first business day of the month after the subscription is
accepted. Interest earned on the subscription funds will accrue to the
account of the investor.
Redemptions - A limited partner may request any or all of his investment be
redeemed at the net asset value as of the end of a month. Unless this
requirement is waived, the written request must be received by the general
partner no less than ten days prior to a month end. Redemptions will
generally be paid within twenty days of the effective month end. However, in
various circumstances due to liquidity, etc. the general partner may be unable
to comply with the request on a timely basis. There will be a redemption fee
commencing from the date of purchase of units of 3% during the first four
months, 2% during the second four months, 1% during the third four months and
no redemption fee after the twelfth month.
F-9
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Providence Select Fund, Limited Partnership
(A Development Stage Enterprise)
For the Years Ended December 31, 2006, 2005 and 2004
5. Fees
The Fund will be charged the following fees on a monthly basis as of the
commencement of trading.
A monthly management fee will be paid to the CTA based on the rate of trading
assigned by the CTA and approved by the General Partner of up to 2.5% (annual
rate) of the Fund's net assets allocated to the CTA to trade will be paid to
the CTA.
The Fund will pay the Corporate General Partner a fixed brokerage commission
of 6%, from which the Corporate General Partner will pay the round turn
commissions to the futures commission merchant.
A quarterly incentive fee of 20% of "new trading profits" will be paid to each
CTA and up to a 3% quarterly incentive fee will be paid to the Corporate
General Partner. "New trading profits" includes all income earned by a CTA
and expense allocated to his activity. In the event that trading produces a
loss for a CTA, no incentive fees will be paid and all losses will be carried
over to the following months until profits from trading exceed the loss. It
is possible for one CTA to be paid an incentive fee during a quarter or a year
when the Fund experienced a loss.
After the Fund commences trading, the Fund will pay the selling agents a 3%
continuing service fee based on the initial investment the first year. Each
year thereafter, for so long as the investment remains in the Fund, the Fund
will pay this fee at 1/4% monthly based on the net asset value of the
investment.
The General Partner has reserved the right to change the management fee and
the incentive fee at its sole discretion. The total incentive fees may be
increased to 27% if the management fee is eliminated. The Fund may also
increase the management fees paid to the CTA's and general partner to 6% of
total net assets if the total incentive fees are decreased to 15%.
6. Related Party Transactions
Michael Pacult, the sole shareholder of White Oak has made an initial limited
partner capital contribution in the Fund of $1,000. He is also the sole
shareholder of Ashley Capital Management, Inc. (the general partner of another
commodity fund), which along with the shareholder, has temporarily funded the
syndication costs incurred by the Fund to date. In Accordance with Financial
Accounting Standards Board Interpretation No. 46(R), Consolidation of Variable
Interest Entities, a variable interest entity relationship exists between
White Oak and the Fund.
Financial Accounting Standards Board Interpretation No. 45, Guarantor's
Accounting and Disclosure Requirements for Guarantees, Including Indirect
Guarantees of Indebtedness of Others, identifies certain disclosures to be
made by a guarantor in its financial statements about its obligations under
certain guarantees that it has issued. In the normal course of business, the
Fund has provided general indemnifications to the General Partner, its CTA and
others when they act, in good faith, in the best interests of the Fund. The
Fund is unable to develop an estimate for future payments resulting from
hypothetical claims, but expects the risk of having to make any payments under
these indemnifications to be remote.
F-10
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Providence Select Fund, Limited Partnership
(A Development Stage Enterprise)
For the Years Ended December 31, 2006, 2005 and 2004
6. Related Party Transactions, Continued
The Fund has received advances from four related parties: White Oak Financial
Services, Inc., general partner of Providence Select Fund, LP, Ashley Capital
Management, Inc., Futures Investment Company, the introducing broker and
Michael Pacult, president of Futures Investment Company, White Oak Financial
Services, Inc. and Ashley Capital Management, Inc. The Fund has the following
advances due to related parties at December 31, 2006 and 2005:
December 31,
2006 2005
Futures Investment Company $64,105 $833
Ashley Capital Management, Inc. 62,355 20,450
Michael Pacult 46,650 19,650
White Oak Financial Services, Inc. 83,635 83,436
Total advances due to related parties $256,745 $124,369
These advances are to help pay for various costs, including operating and
start-up costs, and are recorded as due to related party. The balance is
usually paid back within a year from the start of trading or when the Fund is
financially capable of repaying the advance. These amounts bear no interest
or due dates and are unsecured.
7. Partnership Unit Transactions
As of December 31, 2006, 2005 and 2004 partnership units were valued at
$1,000.
Transactions in partnership units were as follows:
Units Amount
2006 2005 2004 2006 2005 2004
Limited Partner Units
Subscriptions - - - $- $- $-
Redemptions - - - - - -
Total - - - - - -
General Partner Units
Subscriptions - - - - - -
Redemptions - - - - - -
Total - - - - - -
Total Units
Subscriptions - - - - - -
Redemptions - - - - - -
Total - - - $- $- $-
8. Concentrations
The Fund will maintain all of its initial subscription deposits with a
commercial financial institution. In the event of the financial institution's
insolvency, recovery of Fund deposits may be limited to account insurance or
other protection afforded deposits by the institution.
F-11
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Providence Select Fund, Limited Partnership
Affirmation of the Commodity Pool Operator
For the Years Ended December 31, 2006, 2005 and 2004, and the Cumulative
Period from May 16, 2003 (Date of Inception) to December 31, 2006
*****************************************************************************
To the best of the knowledge and belief of the undersigned, the information
contained in this report is accurate and complete.
/s/ Michael Pacult July 3, 2007
Michael Pacult Date
President, White Oak Financial Services, Inc.
General Partner
Providence Select Fund, Limited Partnership
F-12
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