MONTHLY REPORT - JULY, 2007
Providence Select Fund, LP
The net asset value of a unit as of July 31, 2007
was $ 984.35, down 4.2% from $ 1,027.64 per unit
as of June 30, 2007.
STATEMENT OF CHANGES IN NET ASSET VALUE
Current Period Year to Date
Net Asset Value (1,918.170 units)at $ 1,971,188.24 2,000.00
June 30, 2007
Addition of 440.263 units on July 2, 452,430.35 2,376,323.10
2007
Redemption of 7.373 units on July 31, (7,257.61) (7,257.61)
2007
Net Income (Loss) (102,091.35) (56,795.86)
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Ending Net Asset Value (2,351.060 units) $ 2,314,269.63 2,314,269.63
=============== =============
Net Asset Value per Unit at $ 984.35
July 31, 2007
STATEMENT OF INCOME AND EXPENSE
Income:
Gain (loss) on trading of commodity
futures:
Realized gain (loss) on closed contracts $ 2,954.34 104,874.22
Change in unrealized gain (loss) on open (41,828.59) (9,693.92)
contracts
Interest income 10,036.40 27,125.76
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Total: Income (28,837.85) 122,306.06
Expenses:
Brokerage commissions 11,791.95 37,657.09
Operating expenses 50,792.59 78,782.75
Incentive fee 0 26,850.72
Management fee 4,824.21 15,577.28
Continuing service fee 5,844.75 20,234.08
Organizational & offering expenses 0 0
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Total: Expenses 73,253.50 179,101.92
============== ============
Net Income (Loss) - April, 2007 $(102,091.35) (56,795.86)
To the best of my knowledge and belief,
the information contained herein is
accurate and complete.
Michael P. Pacult, President
White Oak Financial Services. Inc.
General Partner
Providence Select Fund. LP
Notice to Partners
Providence Select Fund, Limited Partnership
5914 N. 300 West
Fremont, IN 46737
August 13, 2007
Dear Providence Limited Partner:
Pursuant to our obligation to manage the Fund on your behalf, we have made the
following changes:
* Effective September 1, 2007, the management fee to NuWave Investment Corp.
will be increased from up to 2.5% annually to up to 3.25% annually. The fee will
continue to be based on the rate of trading assigned by NuWave and approved by
the General Partner. Correspondingly, the corporate General Partner will lower
its incentive fee from 3.0% to 0.5%. This change will allow the commodity
trading advisor increased flexibility in trading on behalf of the Fund.
* Recently our regulators required that we expense offering and organizational
charges when incurred up to the date the Fund commenced trading, subject to
deferral of payment to a date selected by the General Partner. However, this is
for financial reporting purposes only, and the Net Asset Value of your Units for
subscription and redemption purposes will not change. Also, no changes will be
made to the amount of cash available to the commodity trading advisor to trade
on behalf of your Units in the Fund. Accordingly, the Fund will restate its
financial statements for the years ended 2004, 2005 and 2006, and the three
month period ended March 31, 2007.
There will be a substantial change to the net loss for these periods only on the
financial statements because the offering and organizational expenses incurred
prior to commencement of trading will be expensed as of a previous date.
Consistent with the terms of the offering, the General Partner and its
affiliates will defer the actual reimbursement of offering and organizational
expenses until after the twelfth month of trading.
The above changes are provided to you pursuant to your rights and obligations
pursuant to the limited partnership agreement. See Exhibit A attached. Should
you have any questions, contact us at (800) 331-1532.
Providence Select Fund, Limited Partnership
By: White Oak Financial Services, Inc.
General Partner
By: /s/ Michael P. Pacult
Michael P. Pacult
President
EXHIBIT A
EXCERPTS FROM
PROVIDENCE SELECT FUND, LIMITED PARTNERSHIP
AGREEMENT DATED SEPTEMBER 1, 2003
Voting Rights
10.8 EXERCISE OF RIGHTS. Upon receipt of a written request, executed by ten
percent (10%) or more of the holders of Units for a vote upon and to take action
with respect to any rights of the Partners under this LP, the Corporate GP shall
call a meeting of all Partners of the Partnership as provided in Section 13.5
hereof to vote on the specific matters raised in the request.
Redemption Provisions
14.1 REDEMPTION. A Partner (including any approved assignee who becomes a
Limited Partner) may request to withdraw any part or all of his Capital
Contribution and undistributed profits, if any, in the Partnership by submission
of a request to the General Partner (such request for withdrawal is called a
"Redemption"). Redemption shall be at the Net Asset Value per Unit determined at
the close of business on the last day of the period established, from time to
time, by the Corporate GP for Redemptions subject to the limitations provided in
14.2 below. Such Redemptions shall be no less often than quarterly; provided,
however, Redemption may be deferred until after the lapse of twelve months from
the date of initial purchase of the Units and, provided further, that the
Partner maintain an investment in the Partnership of $5,000 or more.
14.2 REDEMPTION PROCEDURES. Redemption shall be after all liabilities,
contingent, accrued, reserved in amounts determined by the Corporate GP have
been deducted and there remains property of the Partnership sufficient to pay
the Net Unit Value as defined in Paragraph 1.3(b). As used herein, "request for
Redemption" shall mean a letter mailed or delivered by a Partner and received by
the Corporate GP prior to the effective date for which Redemption is requested.
Upon Redemption, a Partner shall receive, on or before the last day of the
following month, an amount equal to the Net Unit Value redeemed as of the date
for which the request for Redemption became effective, less accrued expenses and
any amount owed by such Partner to the Partnership.
All Redemption requests shall be subject to the following:
(a) If redemption requests received from limited partners exceed funds
available, redemptions will be allocated on a prorated basis for the then
current redemption period and paid as a preference in future redemptions periods
as cash becomes available.
(b) The Corporate GP in its sole discretion may, upon notice to the Partners,
declare additional Redemption dates and may cause the Partnership to redeem
fractions of Units and, prior to registration of Units for public sale, redeem
Units held by Partners who do not hold the required minimum amount of Units
established, from time to time, by the Corporate GP.
(c) The general partner may impose a redemption fee during the first year of
investment not to exceed 3%. The amount of any cash distributions and amounts
paid upon Redemption of Units as of the end of such month shall be subtracted
from the Capital account of such Partner.