Futures Portfolio Fund L P
Futures Portfolio Fund, Limited Partnership (“Fund”) is a Maryland
limited partnership, was formed on May 11, 1989 and began trading on January
2, 1990. Using professional trading advisors, the Fund engages in the speculative
trading of futures contracts, forward currency contacts and other financial
instruments traded in the United States (“U.S.”) and internationally.
The Fund primarily trades within six major market sectors: equity indices, currencies,
interest rate instruments, energy products, metals and agricultural commodities.
The Fund’s assets are allocated among professional commodity trading
advisors (“Trading Advisors”). Portions of the Fund’s assets
may be allocated to other investment funds or pools at the discretion of Steben
& Company, Inc. (“General Partner”). The General Partner is
responsible for selecting and monitoring the Trading Advisors, and it may add
new Trading Advisors in the future, terminate the current Trading Advisors,
and will, in general, allocate and reallocate the Fund’s assets among
the Trading Advisors as it deems is in the best interests of the Fund and without
prior notice to investors.
The Fund maintains its margin deposits and reserves in cash, U.S. Treasury
securities, U.S. and foreign government sponsored enterprise notes, registered
U.S. money market funds, commercial paper, certificates of deposit, asset backed
securities and corporate notes in accordance with Commodity Futures Trading
Commission (“CFTC”) rules. All interest income earned by the Fund
accrues to the benefit of the Fund.
The Fund’s business constitutes only one segment for financial reporting
purposes. The Fund does not engage in material operations in foreign countries,
although it does trade on international futures markets, nor is a material portion
of its revenues derived from foreign customers.
Under the Partnership Agreement, management of all aspects of the Fund’s
business and administration is carried out exclusively by the General Partner,
a Maryland corporation organized in February 1989. The General Partner is registered
with the CFTC as a commodity pool operator and introducing broker, and is also
registered with the U.S. Securities and Exchange Commission (“SEC”)
as an investment adviser and a broker dealer. The General Partner is a member
of the National Futures Association (“NFA”) and the Financial Industry
Regulatory Authority (“FINRA”).
The General Partner manages all aspects of the Fund’s business, including
selecting the Fund’s trading advisors; allocating the Fund’s assets
among them; possibly investing a portion of the Fund’s assets in other
investment pools; selecting the Fund’s futures broker(s), accountants
and attorneys; computing the Fund’s net assets; reporting to limited partners;
directing the allocation of excess margin monies; and processing subscriptions
and redemptions. The General Partner maintains office facilities for and furnishes
administrative and clerical services to the Fund. There have been no material
administrative, civil or criminal actions within the past five years against
the General Partner or its principals, and no such actions currently are pending.
3.33%