10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2018

Commission file number: 000-50728

FUTURES PORTFOLIO FUND, LIMITED PARTNERSHIP

Organized in Maryland IRS Employer Identification No.: 52-1627106

c/o Steben & Company, Inc.

9711 Washingtonian Blvd., Suite 400

Gaithersburg, Maryland 20878

(240) 631-7600

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 ☒       No ☐

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months.

Yes ☒       No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definition of “large accelerated filer”, “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. 

Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	Smaller Reporting Company	☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐       No ☒

PART I: FINANCIAL INFORMATION

Item 1. Financial Statements

Futures Portfolio Fund, Limited Partnership

Statements of Financial Condition

March 31, 2018 and December 31, 2017

	March 31, 2018 (Unaudited)		December 31, 2017
Assets
Equity in broker trading accounts
Cash	$	39,041,782	$	45,780,428
Net unrealized gain (loss) on open futures contracts		3,059,592		8,930,417
Net unrealized gain (loss) on open forward currency contracts		547,962		1,902,516
Total equity in broker trading accounts		42,649,336		56,613,361
Cash and cash equivalents		31,517,467		44,360,633
Investment in SMFSF, at fair value (cost $33,931,654 and $29,594,058)		30,408,959		34,101,936
Investments in securities, at fair value (cost $234,548,879 and  $237,596,840)		233,832,219		237,378,016
General Partner 1% allocation receivable		111,865		—
Exchange membership, at fair value (cost $189,000)		194,250		232,000
Total assets	$	338,714,096	$	372,685,946
Liabilities and Partners’ Capital (Net Asset Value) Liabilities
Trading Advisor management fees payable	$	638,275	$	569,189
Trading Advisor incentive fees payable		—		1,297,698
Commissions and other trading fees payable on open contracts		57,979		83,313
Cash Managers fees payable		105,920		75,371
General Partner management and performance fees payable		418,753		460,536
General Partner 1% allocation payable		—		28,756
Selling agent and broker dealer servicing fees payable – General Partner		393,487		434,439
Administrative fee payable – General Partner		80,459		88,542
Redemptions payable		4,020,682		11,825,677
Subscriptions received in advance		972,808		287,000
Total liabilities		6,688,363		15,150,521
Partners’ Capital (Net Asset Value)
Class A Interests – 55,748.1901 and 58,081.8421 units outstanding at March 31, 2018 and December 31, 2017, respectively		223,196,758		240,860,323
Class B Interests – 15,195.9839 and 16,061.6377 units outstanding at March 31, 2018 and December 31, 2017, respectively		92,353,665		100,657,081
Class I Interests – 3,466.2779 and 3,466.2779 units outstanding at March 31, 2018 and December 31, 2017, respectively		3,448,656		3,547,299
Class R Interests – 12,933.9095 and 12,013.6394 units outstanding at March 31, 2018 and December 31, 2017, respectively		13,026,654		12,470,722
Total partners’ capital (net asset value)		332,025,733		357,535,425
Total liabilities and partners’ capital (net asset value)	$	338,714,096	$	372,685,946

The accompanying notes are an integral part of these consolidated financial statements.

1 

Futures Portfolio Fund, Limited Partnership

Condensed Schedule of Investments

March 31, 2018 (Unaudited)

			Description			Fair Value		% of Partners’ Capital (Net Asset Value)
INVESTMENTS IN SECURITIES
	U.S. Treasury Securities
	Face Value	Maturity Date	Name	Yield1
$	15,000,000	4/12/18	U.S. Treasury	1.41	%	$	14,991,750		4.51	%
	4,000,000	4/30/18	U.S. Treasury	2.63	%		4,047,208		1.22	%
	12,000,000	5/17/18	U.S. Treasury	1.59	%		11,974,365		3.61	%
	6,000,000	6/21/18	U.S. Treasury	1.70	%		5,976,972		1.80	%
	7,000,000	7/31/18	U.S. Treasury	2.25	%		7,035,625		2.12	%
	3,250,000	8/31/18	U.S. Treasury	1.50	%		3,248,779		0.98	%
	5,750,000	10/31/18	U.S. Treasury	1.25	%		5,755,685		1.73	%
Total U.S. Treasury securities (cost:  $53,029,238)							53,030,384		15.97	%
U.S. Commercial Paper
	Face Value	Maturity Date	Name	Yield1
Aerospace
$	1,500,000	4/25/18	General Dynamics Corporation	2.01	%		1,497,999		0.45	%
Automotive
	1,500,000	4/5/18	Hyundai Capital America	1.96	%		1,499,675		0.45	%
	1,600,000	5/31/18	Nissan Motor Acceptance Corporation	2.03	%		1,594,613		0.48	%
Banks
	1,600,000	5/1/18	Standard Chartered Bank	2.03	%		1,597,307		0.49	%
Diversified financial services
	1,500,000	4/11/18	CRC Funding, LLC	1.71	%		1,499,292		0.45	%
	1,500,000	5/21/18	DCAT, LLC	2.08	%		1,495,688		0.45	%
	1,500,000	4/2/18	Gotham Funding Corporation	1.69	%		1,499,930		0.45	%
	1,600,000	6/7/18	ING (U.S.) Funding LLC	2.12	%		1,593,747		0.48	%
	1,600,000	5/7/18	Manhattan Asset Funding Company LLC	1.94	%		1,596,912		0.48	%
	1,600,000	4/30/18	Nieuw Amsterdam Receivables Corporation	1.81	%		1,597,680		0.48	%
Electrical equipment
	1,500,000	4/9/18	Molex Electronic Technologies, LLC	2.10	%		1,499,303		0.45	%
Energy
	1,500,000	4/6/18	Chevron Corporation	1.67	%		1,499,654		0.45	%
	1,600,000	4/10/18	Dominion Energy Inc.	1.92	%		1,599,236		0.49	%
	1,500,000	4/10/18	NextEra Energy Capital Holdings, Inc.	2.36	%		1,499,119		0.45	%
	1,500,000	4/25/18	Sempra Energy Global Enterprises	2.07	%		1,497,940		0.45	%
Insurance
	1,500,000	4/17/18	AXA Financial, Inc.	2.26	%		1,498,500		0.45	%
Machinery
	1,500,000	6/1/18	Caterpillar Financial Services Corporation	2.11	%		1,494,663		0.45	%
Semiconductors
	1,500,000	4/4/18	Lam Research Corporation	2.16	%		1,499,731		0.45	%
Total U.S. commercial paper (cost:  $27,523,338)							27,560,989		8.30	%
Foreign Commercial Paper
	Face Value	Maturity Date	Name	Yield1
Banks
$	1,600,000	4/3/18	Bank of Nova Scotia	1.66	%		1,599,853		0.49	%
	1,500,000	5/25/18	Commonwealth Bank of Australia	2.05	%		1,495,410		0.45	%
	1,600,000	6/11/18	DBS Bank Ltd.	2.13	%		1,593,342		0.48	%
	1,500,000	4/27/18	KfW	1.73	%		1,498,137		0.45	%
Diversified financial services
	1,600,000	4/20/18	Ontario Teachers’ Finance Trust	1.81	%		1,598,480		0.48	%

The accompanying notes are an integral part of these consolidated financial statements.

2 

Futures Portfolio Fund, Limited Partnership

Condensed Schedule of Investments (continued)

March 31, 2018 (Unaudited)

			Description			Fair Value		% of Partners’ Capital (Net Asset Value)
Foreign Commercial Paper (continued)
	Face Value	Maturity Date	Name	Yield1
Insurance
$	1,500,000	4/16/18	Prudential Public Limited Company	1.80	%	$	1,498,881		0.45	%
Machinery
	1,500,000	4/20/18	John Deere Financial Inc.	1.71	%		1,498,654		0.45	%
Telecommunications
	1,600,000	4/19/18	Telstra Corporation Limited	1.67	%		1,598,672		0.48	%
Total foreign commercial paper (cost:  $12,359,275)							12,381,429		3.73	%
Total commercial paper (cost:  $39,882,613)							39,942,418		12.03	%
U.S. Corporate Notes
	Face Value	Maturity Date	Name	Yield1
Banks
$	4,250,000	1/10/20	Citigroup Inc.	2.50	%		4,298,705		1.29	%
	6,950,000	4/27/18	Credit Suisse AG	2.44	%		6,980,669		2.10	%
	3,000,000	10/29/20	JPMorgan Chase & Co.	2.97	%		3,078,951		0.93	%
	4,750,000	1/15/21	Wells Fargo Bank, National Association	2.60	%		4,706,258		1.42	%
Computers
	2,000,000	2/22/19	Apple Inc.	1.70	%		1,992,289		0.60	%
	3,000,000	2/22/19	Apple Inc.	2.74	%		3,029,718		0.91	%
Diversified financial services
	2,600,000	2/15/19	Goldman Sachs Group, Inc.	7.50	%		2,729,385		0.82	%
	2,250,000	4/25/19	Goldman Sachs Group, Inc.	2.79	%		2,276,609		0.69	%
	3,000,000	10/15/18	Intercontinental Exchange, Inc.	2.50	%		3,034,253		0.91	%
	3,000,000	2/1/19	Morgan Stanley	2.45	%		3,006,100		0.91	%
Energy
	4,850,000	2/15/21	Enterprise Products Operating LLC	2.80	%		4,813,614		1.45	%
Healthcare
	7,500,000	6/7/18	Aetna Inc.	1.70	%		7,532,050		2.27	%
	6,325,000	4/1/18	Zimmer Biomet Holdings, Inc.	2.00	%		6,388,250		1.92	%
Media
	3,000,000	9/20/19	Discovery Communications, LLC	2.91	%		3,017,072		0.91	%
Pharmaceuticals
	5,775,000	5/14/18	AbbVie Inc.	1.80	%		5,810,343		1.75	%
	4,200,000	5/11/20	Amgen Inc.	2.26	%		4,216,901		1.27	%
Retail
	6,000,000	7/20/18	CVS Health Corporation	1.90	%		6,009,883		1.81	%
	3,000,000	9/10/18	Home Depot, Inc.	2.25	%		3,001,928		0.90	%
Software
	3,500,000	10/8/19	Oracle Corporation	2.25	%		3,516,879		1.06	%
Telecommunications
	6,000,000	2/15/19	AT&T Inc.	5.80	%		6,196,267		1.87	%
	2,500,000	9/20/19	Cisco Systems, Inc.	2.54	%		2,511,993		0.76	%
Total U.S. corporate notes (cost:  $88,935,191)							88,148,117		26.55	%
Foreign Corporate Notes
Banks
$	6,000,000	1/18/19	ABN AMRO Bank N.V.	2.37	%		6,047,305		1.82	%
	5,500,000	3/2/20	Danske Bank A/S	2.20	%		5,427,962		1.63	%
	4,000,000	8/17/18	ING Bank NV	2.66	%		4,020,484		1.21	%
	3,500,000	7/23/18	National Australia Bank Limited	2.38	%		3,520,734		1.06	%

The accompanying notes are an integral part of these consolidated financial statements.

3 

Futures Portfolio Fund, Limited Partnership

Condensed Schedule of Investments (continued)

March 31, 2018 (Unaudited)

			Description			Fair Value		% of Partners’ Capital (Net Asset Value)
Foreign Corporate Notes (continued)
	Face Value	Maturity Date	Name	Yield1
Energy
$	5,500,000	5/3/19	BP Capital Markets P.L.C.	1.68	%	$	5,481,026		1.65	%
	5,500,000	9/12/19	Shell International Finance B.V.	1.38	%		5,405,266		1.63	%
	2,500,000	5/11/20	Shell International Finance B.V.	2.13	%		2,482,535		0.75	%
Manufacturing
	6,500,000	11/15/20	GE Capital International Funding Company	2.34	%		6,413,274		1.93	%
Pharmaceuticals
	2,250,000	3/12/20	Allergan Funding SCS	3.33	%		2,285,613		0.69	%
Total foreign corporate notes (cost:  $41,047,185)							41,084,199		12.37	%
Total corporate notes (cost:  $129,982,376)							129,232,316		38.92	%
U.S. Asset Backed Securities
	Face Value	Maturity Date	Name	Yield1
Automotive
$	700,000	1/8/21	AmeriCredit Automobile Receivables Trust 2015-2	2.40	%		698,576		0.21	%
	70,787	5/18/20	AmeriCredit Automobile Receivables Trust 2017-1	1.51	%		70,603		0.02	%
	101,095	7/15/24	Ari Fleet Lease Trust 2016-A	1.82	%		100,969		0.03	%
	149,548	9/20/19	Capital Auto Receivables Asset Trust 2015-2	1.73	%		149,437		0.04	%
	217,356	11/15/19	CarMax Auto Owner Trust 2016-4	1.21	%		216,973		0.07	%
	428,978	9/15/20	CarMax Auto Owner Trust 2017-3	1.64	%		427,171		0.13	%
	36,581	8/15/19	Drive Auto Receivables Trust 2017-2	2.06	%		36,616		0.01	%
	650,000	4/15/20	Drive Auto Receivables Trust 2017-3	1.85	%		648,740		0.20	%
	22,640	1/15/20	Drive Auto Receivables Trust 2017-A	1.77	%		22,652		0.01	%
	77,221	2/22/21	Enterprise Fleet Financing, LLC	1.59	%		77,192		0.02	%
	264,668	1/21/20	GM Financial Automobile Leasing Trust 2017-2	1.72	%		263,385		0.08	%
	524,207	2/18/20	Hyundai Auto Receivables Trust 2017-A	1.48	%		522,560		0.16	%
	675,000	4/15/20	Mercedes- Benz Auto Lease Trust 2018-A	2.20	%		673,736		0.20	%
	727,526	8/15/19	Mercedes-Benz Auto Lease Trust 2017-A	1.98	%		728,307		0.22	%
	612,240	9/16/19	Nissan Auto Lease Trust 2017-A	1.64	%		609,699		0.18	%
	650,000	2/16/21	Santander Drive Auto Receivables Trust 2016-2	2.08	%		649,054		0.20	%
	34,913	5/15/19	Santander Drive Auto Receivables Trust 2017-1	2.12	%		34,964		0.01	%
	252,756	6/15/20	Santander Drive Auto Receivables Trust 2017-3	1.67	%		252,289		0.08	%
	350,000	3/20/20	Santander Retail Auto Lease Trust 2017-A	2.02	%		348,281		0.10	%
	229,614	12/20/19	Tesla Auto Lease Trust 2018-A	2.32	%		229,319		0.07	%
Credit cards
	325,000	4/15/19	Capital One Multi-Asset Execution Trust	2.23	%		326,346		0.10	%
	175,000	5/15/19	Chase Issuance Trust	2.19	%		175,671		0.05	%
	600,000	1/15/19	Discover Card Execution Note Trust	1.64	%		596,393		0.18	%
	600,000	8/15/18	World Financial Network Credit Card Master Note Tr	1.44	%		597,876		0.18	%
Equipment
	371,228	11/16/20	CNH Equipment Trust 2017-B	1.59	%		369,731		0.11	%
	625,000	2/24/20	Dell Equipment Finance Trust 2017-2	1.97	%		622,433		0.19	%
	731,765	6/20/19	GreatAmerica Leasing Receivables Funding, LLC	1.73	%		730,227		0.22	%
Student loans
	527,326	3/25/67	Navient Student Loan Trust 2018-1	1.86	%		527,317		0.16	%
	650,000	3/25/67	Navient Student Loan Trust 2018-2	2.12	%		650,115		0.20	%
	101,234	11/15/23	SMB Private Education Loan Trust 2016-B	2.43	%		101,349		0.03	%
	169,367	3/25/31	Sofi Professional Loan Program 2016-B Llc	1.68	%		169,120		0.05	%
Total U.S. asset backed securities (cost:  $11,654,652)							11,627,101		3.51	%
Total investments in securities (cost:  $234,548,879)						$	233,832,219		70.43	%

The accompanying notes are an integral part of these consolidated financial statements.

4 

Futures Portfolio Fund, Limited Partnership

Condensed Schedule of Investments (continued)

March 31, 2018 (Unaudited)

		Description	Fair Value			% of Partners’ Capital (Net Asset Value)
OPEN FUTURES CONTRACTS
	Long U.S. Futures Contracts
		Agricultural commodities	$	282,003			0.08	%
		Currencies		(160,697	)		(0.05	)%
		Energy		2,026,226			0.61	%
		Equity indices		(953,605	)		(0.29	)%
		Interest rate instruments		306,060			0.09	%
		Metals
		Copper LME (477 contracts, Apr-Jun 2018)		(4,041,748	)		(1.21	)%
		Other2		(4,566,932	)		(1.37	)%
		Single stock futures		(394,382	)		(0.12	)%
	Net unrealized gain (loss) on open long U.S. futures contracts			(7,503,075	)		(2.26	)%
	Short U.S. Futures Contracts
		Agricultural commodities		893,791			0.27	%
		Currencies		(33,139	)		(0.01	)%
		Energy		(9,074	)		0.00	%
		Equity indices		356,413			0.11	%
		Interest rate instruments		(1,150,901	)		(0.35	)%
		Metals
		Copper LME (509 contracts, Apr-Jul 2018)		3,960,344			1.19	%
		Other2		4,177,984			1.26	%
		Single stock futures		28,630			0.01	%
	Net unrealized gain (loss) on open short U.S. futures contracts			8,224,048			2.48	%
	Total U.S. Futures Contracts - net unrealized gain (loss) on open U.S. futures contracts			720,973			0.22	%
	Long Foreign Futures Contracts
		Agricultural commodities	$	2,011			0.00	%
		Currencies		107,125			0.03	%
		Energy		103,079			0.03	%
		Equity indices		(94,574	)		(0.03	)%
		Interest rate instruments		2,992,116			0.90	%
		Metals		(6,058	)		0.00	%
	Net unrealized gain (loss) on open long foreign futures contracts			3,103,699			0.93	%
	Short Foreign Futures Contracts
		Agricultural commodities		(12,337	)		0.00	%
		Currencies		167,319			0.05	%
		Energy		(108	)		0.00	%
		Equity indices		(8,850	)		0.00	%
		Interest rate instruments		(908,335	)		(0.28	)%
		Metals		(2,769	)		0.00	%
	Net unrealized gain (loss) on open short foreign futures contracts			(765,080	)		(0.23	)%
	Total foreign futures contracts - net unrealized gain (loss) on open foreign futures contracts			2,338,619			0.70	%
	Net unrealized gain (loss) on open futures contracts		$	3,059,592			0.92	%

The accompanying notes are an integral part of these consolidated financial statements. 

5 

Futures Portfolio Fund, Limited Partnership

Condensed Schedule of Investments (continued)

March 31, 2018 (Unaudited)

		Description	Fair Value			% of Partners’ Capital (Net Asset Value)
OPEN FORWARD CURRENCY CONTRACTS
	U.S. Forward Currency Contracts
		Long	$	(295,408	)		(0.10	)%
		Short		213,062			0.06	%
	Net unrealized gain (loss) on open U.S. forward currency contracts			(82,346	)		(0.04	)%
	Foreign Forward Currency Contracts
		Long		(956,679	)		(0.29	)%
		Short		1,586,987			0.48	%
	Net unrealized gain (loss) on open foreign forward currency contracts			630,308			0.19	%
	Net unrealized gain (loss) on open forward currency contracts		$	547,962			0.15	%

¹ Represents the annualized yield at date of purchase for discount securities or the stated coupon rate for coupon-bearing securities.

² No individual futures or forward currency contract position constituted one percent or greater of partners’ capital (net asset value). Accordingly, the number of contracts and expiration dates are not presented.

The accompanying notes are an integral part of these consolidated financial statements.

6 

Futures Portfolio Fund, Limited Partnership
Condensed Schedule of Investments
December 31, 2017

			Description		Fair Value		% of Partners’ Capital (Net Asset Value)
INVESTMENTS IN SECURITIES
	U.S. Treasury Securities
Face Value		Maturity Date	Name	Yield1
$	15,000,000	1/11/18	U.S. Treasury	1.03%	$	14,994,718		4.19	%
	12,000,000	2/15/18	U.S. Treasury	1.24%		11,980,967		3.35	%
	5,250,000	2/15/18	U.S. Treasury	1.00%		5,267,888		1.47	%
	15,000,000	3/15/18	U.S. Treasury	1.31%		14,960,225		4.18	%
	4,000,000	4/30/18	U.S. Treasury	2.63%		4,033,583		1.14	%
	7,000,000	7/31/18	U.S. Treasury	2.25%		7,091,810		1.98	%
Total U.S. Treasury securities (cost:  $58,285,077)						58,329,191		16.31	%
U.S. Commercial Paper
Face Value		Maturity Date	Name	Yield1
Automotive
$	1,500,000	1/24/18	Hyundai Capital America	1.54%		1,498,535		0.42	%
	1,500,000	1/3/18	Nissan Motor Acceptance Corporation	1.32%		1,499,890		0.42	%
Banks
	1,500,000	1/10/18	Nieuw Amsterdam Receivables Corporation	1.37%		1,499,486		0.42	%
	1,600,000	2/5/18	Standard Chartered Bank	1.43%		1,597,791		0.44	%
	1,500,000	2/20/18	United Overseas Bank Limited	1.53%		1,496,833		0.41	%
Beverages
	1,500,000	1/29/18	Brown-Forman Corporation	1.68%		1,498,052		0.42	%
Computers
	1,500,000	1/8/18	Hewlett Packard Enterprise Company	1.62%		1,499,530		0.42	%
Diversified financial services
	1,600,000	1/18/18	DCAT, LLC	1.46%		1,598,904		0.45	%
	1,500,000	1/12/18	Gotham Funding Corporation	1.36%		1,499,377		0.42	%
	1,500,000	1/9/18	Liberty Street Funding LLC	1.35%		1,499,550		0.42	%
	1,600,000	1/4/18	Manhattan Asset Funding Company LLC	1.34%		1,599,821		0.45	%
	1,500,000	1/5/18	Regency Markets No. 1, LLC	1.43%		1,499,763		0.42	%
Electronic equipment
	1,500,000	1/16/18	Molex Electronic Technologies, LLC	1.78%		1,498,894		0.42	%
Energy
	1,500,000	1/25/18	Oglethorpe Power Corporation	1.63%		1,498,380		0.42	%
	1,600,000	1/19/18	Sempra Energy Global Enterprises	1.86%		1,598,520		0.44	%
	1,500,000	1/10/18	Southern Company Funding Corporation	1.71%		1,499,363		0.42	%
Insurance
	1,500,000	1/18/18	AXA Financial, Inc.	1.42%		1,499,001		0.42	%
Nonprofit
	1,600,000	1/5/18	The Salvation Army	1.32%		1,599,765		0.45	%
Manufactoring
	1,500,000	1/22/18	Caterpillar Financial Services Corporation	1.38%		1,498,801		0.42	%
Semiconductors
	1,500,000	1/9/18	Lam Research Corporation	1.64%		1,499,457		0.42	%
Total U.S. commercial paper (cost:  $30,434,788)						30,479,713		8.52	%
Foreign Commercial Paper
Face Value		Maturity Date	Name	Yield1
Banks
$	1,500,000	2/2/18	Bank of Nova Scotia	1.70%		1,497,746		0.42	%
	1,600,000	1/5/18	DBS Bank Ltd.	1.35%		1,599,760		0.45	%
	1,500,000	1/4/18	KfW (Kreditanstalt fur Wiederaufbau)	1.30%		1,499,838		0.42	%

The accompanying notes are an integral part of these consolidated financial statements.

7 

Futures Portfolio Fund, Limited Partnership

Condensed Schedule of Investments (continued)

December 31, 2017

			Description		Fair Value		% of Partners’ Capital (Net Asset Value)
Foreign Commercial Paper (continued)
Face Value		Maturity Date	Name	Yield1
Energy
$	1,500,000	1/8/18	Total Capital Canada Ltd.	1.66%	$	1,499,519		0.42	%
Telecommunications
	1,600,000	2/5/18	Telstra Corporation Limited	1.47%		1,597,729		0.45	%
Total foreign commercial paper (cost:  $7,683,747)						7,694,592		2.16	%
Total commercial paper (cost:  $38,118,535)						38,174,305		10.68	%
U.S. Corporate Notes
Face Value		Maturity Date	Name	Yield1
Automotive
$	5,700,000	3/2/18	Daimler Finance North America LLC	1.91%		5,709,253		1.60	%
	6,500,000	1/9/18	Ford Motor Credit Company LLC	2.29%		6,534,842		1.83	%
Banks
	6,950,000	4/27/18	Credit Suisse AG	2.05%		6,986,324		1.94	%
	3,000,000	10/29/20	JPMorgan Chase & Co.	2.58%		3,080,581		0.86	%
	6,625,000	2/9/18	MUFG Americas Holdings Corporation	1.97%		6,645,233		1.86	%
Computers
	2,000,000	2/22/19	Apple Inc.	1.70%		2,007,229		0.56	%
	3,000,000	2/22/19	Apple Inc.	2.27%		3,033,911		0.85	%
Diversified financial services
	2,600,000	2/15/19	Goldman Sachs Group, Inc.	7.50%		2,821,243		0.79	%
	2,250,000	4/25/19	Goldman Sachs Group, Inc.	2.41%		2,278,614		0.64	%
	3,000,000	10/15/18	Intercontinental Exchange, Inc.	2.50%		3,027,533		0.85	%
	3,000,000	2/1/19	Morgan Stanley	2.45%		3,038,005		0.85	%
Healthcare
	7,500,000	6/7/18	Aetna Inc.	1.70%		7,496,650		2.10	%
	500,000	1/15/18	Anthem, Inc.	1.88%		504,288		0.14	%
	6,325,000	4/1/18	Zimmer Biomet Holdings, Inc.	2.00%		6,358,902		1.78	%
Media
	3,000,000	9/20/19	Discovery Communications, LLC	2.34%		3,018,925		0.84	%
Pharmaceuticals
	5,775,000	5/14/18	AbbVie Inc.	1.80%		5,785,684		1.62	%
	4,200,000	5/11/20	Amgen Inc.	1.86%		4,226,820		1.18	%
Retail
	6,000,000	7/20/18	CVS Health Corporation	1.90%		6,049,123		1.69	%
	3,000,000	9/10/18	Home Depot, Inc.	2.25%		3,029,363		0.85	%
Software
	3,500,000	10/8/19	Oracle Corporation	2.25%		3,533,591		0.99	%
Telecommunications
	6,000,000	2/15/19	AT&T Inc.	5.80%		6,357,427		1.78	%
	2,500,000	9/20/19	Cisco Systems, Inc.	1.97%		2,516,388		0.70	%
Total U.S. corporate notes (cost:  $94,458,841)						94,039,929		26.30	%

The accompanying notes are an integral part of these consolidated financial statements.

8 

Futures Portfolio Fund, Limited Partnership

Condensed Schedule of Investments (continued)

December 31, 2017

			Description			Fair Value		% of Partners’ Capital (Net Asset Value)
Foreign Corporate Notes
	Face Value	Maturity Date	Name	Yield1
Banks
$	6,000,000	1/18/19	ABN AMRO Bank N.V.	1.99	%	$	6,049,704		1.69	%
	4,000,000	8/17/18	ING Bank N.V.	2.20	%		4,026,210		1.13	%
	3,500,000	7/23/18	National Australia Bank Limited	2.00	%		3,523,463		0.99	%
Energy
	5,500,000	5/3/19	BP Capital Markets P.L.C.	1.68	%		5,485,426		1.53	%
	5,500,000	9/12/19	Shell International Finance B.V.	1.38	%		5,454,808		1.53	%
	2,500,000	5/11/20	Shell International Finance B.V.	2.13	%		2,502,003		0.70	%
Pharmaceuticals
	5,915,000	3/12/18	Allergan Funding SCS	2.63	%		5,932,274		1.66	%
	2,250,000	3/12/20	Allergan Funding SCS	2.80	%		2,286,062		0.63	%
Total foreign corporate notes (cost:  $35,149,970)							35,259,950		9.86	%
Total corporate notes (cost:  $129,608,811)							129,299,879		36.16	%
U.S. Asset Backed Securities
	Face Value	Maturity Date	Name	Yield1
Automotive
$	98,838	5/18/20	Americredit Automobile Receivables Trust 2017-1	1.51	%		98,733		0.03	%
	146,957	7/15/24	Ari Fleet Lease Trust 2016-A	1.82	%		147,004		0.04	%
	336,449	9/20/19	Capital Auto Receivables Asset Trust 2015-2	1.73	%		336,620		0.09	%
	37,929	4/22/19	Capital Auto Receivables Asset Trust 2016-3	1.92	%		37,965		0.01	%
	356,197	11/15/19	CarMax Auto Owner Trust 2016-4	1.21	%		355,640		0.10	%
	450,000	9/15/20	CarMax Auto Owner Trust 2017-3	1.64	%		449,383		0.13	%
	99,576	11/15/19	Drive Auto Receivables Trust 2016-C	1.67	%		99,636		0.03	%
	228,248	8/15/19	Drive Auto Receivables Trust 2017-2	1.76	%		228,446		0.06	%
	650,000	4/15/20	Drive Auto Receivables Trust 2017-3	1.85	%		649,605		0.18	%
	330,485	1/15/20	Drive Auto Receivables Trust 2017-A	1.77	%		330,643		0.09	%
	164,867	2/22/21	Enterprise Fleet Financing, LLC	1.59	%		164,807		0.05	%
	300,000	1/21/20	GM Financial Automobile Leasing Trust 2017-2	1.72	%		299,567		0.08	%
	697,342	2/18/20	Hyundai Auto Receivables Trust 2017-A	1.48	%		696,699		0.19	%
	938,786	8/15/19	Mercedes-Benz Auto Lease Trust 2017-A	1.68	%		939,698		0.26	%
	700,000	9/16/19	Nissan Auto Lease Trust 2017-A	1.64	%		698,739		0.20	%
	650,000	2/16/21	Santander Drive Auto Receivables Trust 2016-2	2.08	%		650,731		0.18	%
	66,077	11/15/19	Santander Drive Auto Receivables Trust 2016-3	1.34	%		66,091		0.02	%
	333,862	5/15/19	Santander Drive Auto Receivables Trust 2017-1	1.82	%		334,219		0.09	%
	300,000	6/15/20	Santander Drive Auto Receivables Trust 2017-3	1.67	%		299,683		0.08	%
	350,000	3/20/20	Santander Retail Auto Lease Trust 2017-A	2.02	%		349,621		0.11	%
Credit cards
	600,000	1/15/19	Discover Card Execution Note Trust	1.64	%		598,529		0.17	%
	600,000	8/15/18	World Financial Network CC Master Note Trust	1.44	%		598,614		0.17	%
Equipment
	400,000	11/16/20	CNH Equipment Trust 2017-B	1.59	%		399,107		0.11	%
	80,251	9/22/20	Dell Equipment Finance Trust 2015-2	1.72	%		80,277		0.02	%
	625,000	2/24/20	Dell Equipment Finance Trust 2017-2	1.97	%		624,052		0.17	%
	1,121,319	6/20/19	GreatAmerica Leasing Receivables Funding, LLC	1.73	%		1,120,812		0.31	%
Student loans
	560,237	11/15/23	SMB Private Education Loan Trust 2016-B	2.13	%		561,265		0.16	%
	358,771	3/25/31	Sofi Professional Loan Program 2016-B	1.68	%		358,455		0.11	%
Total U.S. asset backed securities (cost:  $11,584,417)							11,574,641		3.24	%
Total investments in securities (cost:  $237,596,840)						$	237,378,016		66.39	%

The accompanying notes are an integral part of these consolidated financial statements.

9 

Futures Portfolio Fund, Limited Partnership

Condensed Schedule of Investments (continued)

December 31, 2017 

		Description	Fair Value			% of Partners’ Capital (Net Asset Value)
OPEN FUTURES CONTRACTS
	Long U.S. Futures Contracts
		Agricultural commodities	$	305,151			0.09	%
		Currencies		1,214,348			0.34	%
		Energy2		4,890,568			1.37	%
		Equity indices		1,917,330			0.53	%
		Interest rate instruments		168,325			0.05	%
		Metals
		Copper LME (504 contracts, Jan-May 2018)		4,962,173			1.39	%
		Other2		8,470,155			2.37	%
		Single stock futures		69,750			0.02	%
	Net unrealized gain (loss) on open long U.S. futures contracts			21,997,800			6.16	%
	Short U.S. Futures Contracts
		Agricultural commodities		445,659			0.12	%
		Currencies		(800,473	)		(0.22	)%
		Energy		(1,010,725	)		(0.28	)%
		Equity indices		(468,325	)		(0.13	)%
		Interest rate instruments		896,903			0.25	%
		Metals2
		Copper LME (424 contracts, Jan-Mar 2018)		(4,103,670	)		(1.15	)%
		Other2		(6,851,903	)		(1.92	)%
		Single stock futures		(34,323	)		(0.01	)%
	Net unrealized gain (loss) on open short U.S. futures contracts			(11,926,857	)		(3.34	)%
	Total U.S. Futures Contracts - net unrealized gain (loss) on open U.S. futures contracts			10,070,943			2.82	%
	Long Foreign Futures Contracts
		Agricultural commodities	$	(334	)		0.00	%
		Currencies		(24,734	)		(0.01	)%
		Energy		4,034			0.00	%
		Equity indices		523,254			0.15	%
		Interest rate instruments		(2,676,823	)		(0.75	)%
		Metals		7,752			0.00	%
		Single stock futures		(972	)		0.00	%
	Net unrealized gain (loss) on open long foreign futures contracts			(2,167,823	)		(0.61	)%
	Short Foreign Futures Contracts
		Agricultural commodities		214,672			0.06	%
		Currencies		311,035			0.09	%
		Energy		42,517			0.01	%
		Equity indices		200,527			0.06	%
		Interest rate instruments		264,190			0.07	%
		Metals		(5,644	)		0.00	%
	Net unrealized gain (loss) on open short foreign futures contracts			1,027,297			0.29	%
	Total foreign futures contracts - net unrealized gain (loss) on open foreign futures contracts			(1,140,526	)		(0.32	)%
	Net unrealized gain (loss) on open futures contracts		$	8,930,417			2.50	%

The accompanying notes are an integral part of these consolidated financial statements.

10 

Futures Portfolio Fund, Limited Partnership

Condensed Schedule of Investments (continued)

December 31, 2017

		Description	Fair Value			% of Partners’ Capital (Net Asset Value)
OPEN FORWARD CURRENCY CONTRACTS
	U.S. Forward Currency Contracts
		Long	$	3,171,470			0.88	%
		Short		(2,160,530	)		(0.60	)%
	Net unrealized gain (loss) on open U.S. forward currency contracts			1,010,940			0.28	%
	Foreign Forward Currency Contracts
		Long		(273,779	)		(0.08	)%
		Short		1,165,355			0.33	%
	Net unrealized gain (loss) on open foreign forward currency contracts			891,576			0.25	%
	Net unrealized gain (loss) on open forward currency contracts		$	1,902,516			0.53	%

¹ Represents the annualized yield at date of purchase for discount securities, the stated coupon rate for coupon-bearing securities, or the stated interest rate for certificates of deposit.

² No individual futures or forward currency contract position constituted one percent or greater of partners’ capital (net asset value). Accordingly, the number of contracts and expiration dates are not presented.

The accompanying notes are an integral part of these consolidated financial statements.

11 

Futures Portfolio Fund, Limited Partnership

Consolidated Statements of Operations

For the Three Months Ended March 31, 2018 and 2017

(Unaudited)

	Three Months Ended March 31,
	2018			2017
Realized and Change in Unrealized Gain (Loss) on Investments
Net realized gain (loss) on:
Futures and forward contracts	$	1,696,970		$	12,016,033
Investments in SMFSF		288,127			—
Investments in securities and certificates of deposit		151,456			(166,073	)
Net change in unrealized gain (loss) on:
Futures and forward contracts		(6,732,879	)		(8,191,922	)
Investments in SMFSF		(1,981,104	)		—
Investments in securities and certificates of deposit		(516,597	)		200,173
Exchange membership		(37,750	)		36,000
Brokerage commissions and trading expenses		(1,110,883	)		(1,284,726	)
Net realized and change in unrealized gain (loss) on investments		(8,242,660	)		2,609,485
Net Investment Income (Loss)
Income
Interest income (loss)		1,245,912			1,417,805
Expenses
Trading Advisor management fee		1,335,834			1,968,492
Trading Advisor incentive fee		—			1,919,921
Cash Managers fees		59,833			103,216
General Partner management and performance fees		1,308,151			1,913,026
Selling agent and broker dealer servicing fees – General Partner		1,231,902			1,763,827
General Partner 1% allocation		(111,865	)		(44,696	)
Administrative expenses – General Partner		254,031			357,453
Investment Manager fees		—			371,614
Distribution (12b-1) fees		—			8,729
Operating services fee		—			50,964
Total expenses		4,077,886			8,412,546
Net investment income (loss)		(2,831,974	)		(6,994,741	)
Net income (loss)		(11,074,634	)		(4,385,256	)
Less:  net (income) loss attributable to non-controlling interest		—			(39,604	)
Net Income (Loss) attributable to the Fund	$	(11,074,634	)	$	(4,424,860	)

The accompanying notes are an integral part of these consolidated financial statements.

12 

Futures Portfolio Fund, Limited Partnership

Consolidated Statements of Operations (continued)

For the Three Months Ended March 31, 2018 and 2017 (unaudited)

	Three Months Ended March 31,
	2018
	Class A			Class B			Class I			Class R
Increase (decrease) in net asset value per unit	$	(143.25	)	$	(189.43	)	$	(28.45	)	$	(30.88	)
Net income (loss) per unit†	$	(139.87	)	$	(172.03	)	$	(28.46	)	$	(29.97	)
Weighted average number of units outstanding		56,810.3734			15,470.0328			3,466.2779			12,298.4430
	Three Months Ended March 31,
	2017
	Class A			Class B			Class I			Class R
Increase (decrease) in net asset value per unit	$	(41.22	)	$	(34.26	)	$	(3.11	)	$	—
Net income (loss) per unit†	$	(42.18	)	$	(36.53	)	$	(0.90	)	$	—
Weighted average number of units outstanding		80,594.0392			27,978.7571			3,577.7893			—

† (based on weighted average number of units outstanding during the period)

The accompanying notes are an integral part of these consolidated financial statements.

13 

Futures Portfolio Fund, Limited Partnership

Consolidated Statements of Cash Flows

For the Three Months Ended March 31, 2018 and 2017

(Unaudited)

	Three Months Ended March 31,
	2018			2017
Cash flows from operating activities
Net income (loss)	$	(11,074,634	)	$	(4,385,256	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Net change in unrealized (gain) loss from futures and forwards trading		7,225,379			8,344,296
Net realized and change in unrealized (gain) loss on SMFSF, securities and certificates of deposit		6,865,557			(34,100	)
Purchases of securities and certificates of deposit		(153,717,469	)		(208,934,009	)
Proceeds from disposition of SMFSF, securities and certificates of deposit		154,090,686			262,741,760
Changes in
Exchange membership		37,750			(36,000	)
Trading Advisor management fee payable		69,086			(236,804	)
Trading Advisor incentive fee payable		(1,297,698	)		338,742
Commissions and other trading fees payable on open contracts		(25,334	)		4,642
Cash Managers fees payable		30,549			41,191
General Partner management and performance fees payable		(41,783	)		(67,031	)
General Partner 1% allocation receivable/payable		(140,621	)		54,055
Selling agent and broker dealer servicing fees payable – General Partner		(40,952	)		(64,699	)
Administrative fee payable – General Partner		(8,083	)		(14,927	)
Investment Manager fee payable		—			(1,765	)
Distribution (12b-1) fees payable		—			143
Operating services fee payable		—			(242	)
Net cash provided by (used in) operating activities		1,972,433			57,749,996
Cash flows from financing activities
Subscriptions		2,207,000			1,784,019
Subscriptions received in advance		972,808			581,083
Redemptions		(24,734,053	)		(53,560,060	)
Non-controlling interest – subscriptions		—			5,471,483
Non-controlling interest – redemptions		—			(3,136,351	)
Net cash provided by (used in) financing activities		(21,554,245	)		(48,859,826	)
Net increase (decrease) in cash and cash equivalents		(19,581,812	)		8,890,170
Cash and cash equivalents, beginning of period		90,141,061			118,136,562
Cash and cash equivalents, end of period	$	70,559,249		$	127,026,732
End of period cash and cash equivalents consists of
Cash in broker trading accounts	$	39,041,782		$	86,105,882
Cash and cash equivalents not in broker trading accounts		31,517,467			40,920,850
Total end of period cash and cash equivalents	$	70,559,249		$	127,026,732
Supplemental disclosure of cash flow information
Prior period redemptions paid	$	11,825,677		$	18,217,216
Prior period subscriptions received in advance	$	287,000		$	2,687,191
Supplemental schedule of non-cash financing activities
Redemptions payable	$	4,020,682		$	20,831,588

The accompanying notes are an integral part of these consolidated financial statements.

14 

Futures Portfolio Fund, Limited Partnership

Consolidated Statements of Changes in Partners’ Capital (Net Asset Value)

For the Three Months Ended March 31, 2018 and 2017

(Unaudited)

	Class A						Class B						Class I						Class R						Non-Controlling Interest
		Units			Amount			Units			Amount			Units			Amount			Units			Amount			Amount			Total
Three Months Ended March 31, 2018
Balance at December 31, 2017		58,081.8421		$	240,860,323			16,061.6377		$	100,657,081			3,466.2779		$	3,547,299			12,013.6394		$	12,470,722		$	—		$	357,535,425
Net income (loss)					(7,946,101	)					(2,661,301	)					(98,643	)					(368,589	)		—			(11,074,634	)
Subscriptions		152.6465			631,000			130.1735			803,000			—			—			1,055.0794			1,060,000			—			2,494,000
Redemptions		(2,486.2985	)		(10,348,464	)		(995.8273	)		(6,445,115	)		—			—			(134.8093	)		(135,479	)		—			(16,929,058	)
Transfers		—			—			—			—			—			—			—			—			—			—
Balance at March 31, 2018		55,748.1901		$	223,196,758			15,195.9839		$	92,353,665			3,466.2779		$	3,448,656			12,933.9095		$	13,026,654		$	—		$	332,025,733
Three Months Ended March 31, 2017
Balance at December 31, 2016		84,825.0303		$	347,445,757			29,193.8071		$	177,512,074			3,828.4541		$	3,763,781			—		$	—		$	34,477,673		$	563,199,285
Net income (loss)					(3,399,506	)					(1,022,150	)					(3,204	)					—			39,604			(4,385,256	)
Subscriptions		509.8650			2,084,910			391.6691			2,386,300			—			—			—			—			5,188,787			9,659,997
Redemptions		(9,332.4696	)		(37,952,304	)		(2,974.8511	)		(17,986,136	)		(501.3295	)		(500,000	)		—			—			(2,872,342	)		(59,310,782	)
Transfers		(50.6545	)		(209,010	)		34.0151			209,010			—			—			—			—			—			—
Balance at March 31, 2017		75,951.7712		$	307,969,847			26,644.6402		$	161,099,098			3,327.1246		$	3,260,577			—		$	—		$	36,833,722		$	509,163,244

	Net Asset Value per Unit
	Class A		Class B		Class I		Class R
March 31, 2018	$	4,003.66	$	6,077.50	$	994.92	$	1,007.17
December 31, 2017		4,146.91		6,266.93		1,023.37		1,038.05
March 31, 2017		4,054.81		6,046.21		980.00		—
December 31, 2016		4,096.03		6,080.47		983.11		—

The accompanying notes are an integral part of these consolidated financial statements. 

15 

Futures Portfolio Fund, Limited Partnership

Notes to Consolidated Financial Statements

1. Organization and Summary of Significant Accounting Policies

Description of the Fund

Futures Portfolio Fund, Limited Partnership (“Fund”) is a Maryland limited partnership, which operates as a commodity investment pool that commenced trading operations on January 2, 1990. The Fund issues units of limited partner interests (“Units”) in six classes, Class A, A2, A3, B, I and R, which represent units of fractional undivided beneficial interest in and ownership of the Fund. The Fund will automatically terminate on December 31, 2025, unless terminated earlier as provided in the Third Amended and Restated Limited Partnership Agreement (“Partnership Agreement”).

The Fund uses commodity trading advisors to engage in the speculative trading of futures contracts, forward currency contracts and other financial instruments traded in the United States (“U.S.”) and internationally.

The Fund is a registrant with the U.S. Securities and Exchange Commission (“SEC”) pursuant to the U.S. Securities Exchange Act of 1934, as amended (“1934 Act”). As a registrant, the Fund is subject to the regulations of the SEC and the disclosure requirements of the 1934 Act. As a commodity pool, the Fund is subject to the regulations of the U.S. Commodity Futures Trading Commission (“CFTC”), an agency of the U.S. Government, which regulates most aspects of the commodity futures industry; rules of the National Futures Association (“NFA”), an industry self-regulatory organization; rules of Financial Industry Regulatory Authority (“FINRA”), an industry self-regulatory organization; and the requirements of commodity exchanges where the Fund executes transactions. Additionally, the Fund is subject to the requirements of the futures brokers and interbank market makers through which the Fund trades.

Steben & Company, Inc. (“General Partner”), is the general partner of the Fund and a Maryland corporation registered with the CFTC as a commodity pool operator and a commodities introducing broker, and is also registered with the SEC as a registered investment advisor and a broker dealer. The General Partner is a member of the NFA and FINRA. The General Partner manages all aspects of the Fund’s business and serves as one of the Fund’s selling agents.

The six classes of Units in the Fund differ only in the fees applicable to each class. Class A Units are subject to a 2% per annum selling agent fee. Class A2 Units may pay an up-front sales commission of up to 3% of the offering price and a 0.6% per annum selling agent fee. Class A3 Units may pay an up-front sales commission of up to 2% of the offering price and a 0.75% per annum selling agent fee. Class B Units are subject to a 0.2% per annum broker dealer servicing fee. Class I Units are subject to higher minimum investments requirements and lower General Partner management fees (0.75% per annum instead of 1.50% per annum) as well as a General Partner performance fee (7.5% of new profits, described more fully in Footnote 4). Class R Units do not pay selling compensation or servicing fees to selling agents, and are generally intended for clients of registered investment advisors. Class R Units were introduced in March 2017, and Class A2 and A3 Units were introduced in June 2017. On April 1, 2017, approximately $14 million in Class B Units transferred to R Units. There were no Class A2 or Class A3 Units outstanding on March 31, 2018.

During 2014, the Fund purchased $58.5 million of Class I shares of the Steben Managed Futures Strategy Fund (“SMFSF”). SMFSF is a non-diversified series of shares of beneficial interest of Steben Alternative Investment Fund (the “Trust”), a statutory trust organized under the laws of the State of Delaware, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end investment company.  SMFSF issues four classes of shares: Class A, C, I and N. The General Partner serves as the investment manager of SMFSF.

SMFSF has a similar investment strategy to the Fund, using commodity trading advisors to engage in the speculative trading of futures contracts, forward currency contracts and other financial instruments.

Prior to August 31, 2017, the Fund owned more than 50% of the outstanding shares of SMFSF and therefore had effective control of that entity. Accordingly, the assets, liabilities and operating results of SMFSF were consolidated with the Fund through that date. The portion of SMFSF that was not owned by the Fund was presented as the non-controlling interest. On August 31, 2017, the Fund’s ownership of SMFSF dropped below 50%. With this decrease in ownership, the Fund no longer has effective control of SMFSF, and effective August 31, 2017 no longer consolidates the assets, liabilities and operating results of SMFSF into the Fund. The Fund continues to hold an investment in SMFSF and any changes in the fair value of its investment in SMFSF are reported on the Statement of Operations. The investment in SMFSF is reported on the statements of financial condition as investment in SMFSF. For financial reporting purposes, SMFSF is treated as a related party. For the three months ended March 31, 2018 and 2017, the Fund redeemed $2 million and $6 million, respectively, of its investment in SMFSF.

16 

Significant Accounting Policies

Accounting Principles

The Fund’s consolidated financial statements are prepared in conformity with U.S. generally accepted accounting principles (“GAAP”). Under GAAP, the Fund is an investment company and follows accounting and reporting guidance under the Financial Accounting Standards Board (FASB) Accounting Standard Codification (ASC) Topic 946, Financial Services – Investment Companies.

Consolidation

Through August 31, 2017, the accompanying consolidated financial statements included the accounts of the Fund and SMFSF, for which the Fund was the majority shareholder. On August 31, 2017, the Fund ceased being the majority shareholder of SMFSF and no longer consolidates that entity into its financial statements. Intercompany accounts and transactions have been eliminated in consolidation.

Use of Estimates

Preparing consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates.

Revenue Recognition

Futures, forward currency contracts, investments in securities, certificates of deposit, and the exchange membership are recorded on a trade date basis, and gains or losses are realized when contracts/positions are liquidated. Realized gains and losses on investments in securities and certificates of deposit are determined on a specific identification basis and are included in net realized and change in unrealized gain (loss) in the consolidated statements of operations. Unrealized gains and losses on open contracts (the difference between contract trade price and fair value) are reported in the statements of financial condition as net unrealized gain or loss, as there exists a right of offset of any unrealized gains or losses. The difference between cost and the fair value of open investments in securities and certificates of deposit is reflected as unrealized gain or loss on investments in securities and certificates of deposit. Any change in net unrealized gain or loss from the preceding period is reported in the consolidated statements of operations. Interest income earned on investments in securities, certificates of deposit and other cash and cash equivalent balances is recorded on an accrual basis. Market discounts and premiums on fixed-income securities are amortized daily over the expected life of the security using the effective yield method.

Fair Value of Financial Instruments

Financial instruments are recorded at fair value, the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Assets and liabilities recorded at fair value are classified within a fair value hierarchy based upon the level of judgment associated with the inputs used to measure their value. This fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below:

Level 1 –  Fair value is based on unadjusted quoted prices for identical instruments in active markets. Financial instruments utilizing Level 1 inputs include futures contracts, U.S. Treasury securities and mutual funds.

Level 2 –  Fair value is based on quoted prices for similar instruments in active markets and inputs other than quoted prices that are observable for the financial instrument, such as interest rates and yield curves that are observable at commonly quoted intervals using a market approach. Financial instruments utilizing Level 2 inputs include forward currency contracts, swaps, commercial paper, corporate notes, certificates of deposit, asset backed securities and the exchange membership.

Level 3 –  Fair value is based on valuation techniques in which one or more significant inputs are unobservable. The Fund has no financial instruments utilizing Level 3 inputs.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Fund’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment.

17 

The Fund assesses the classification of the instruments at each measurement date, and any transfers between levels are recognized on the actual date of the event or change in circumstances that caused the transfer in accordance with the Fund’s accounting policy regarding the recognition of transfers between levels of the fair value hierarchy. For the period ended March 31, 2018 and year ended December 31, 2017, there were no such transfers between levels.

A description of the valuation techniques applied to the Fund’s major categories of assets and liabilities measured at fair value on a recurring basis follows.

U.S. Treasury securities are recorded at fair value based on bid and ask quotes for identical instruments. Commercial paper, certificates of deposit, corporate notes, asset backed securities and the exchange membership are recorded at fair value based on bid and ask quotes for similar, but not identical, instruments. Accordingly, U.S. Treasury securities are classified within Level 1, and commercial paper, certificates of deposit, corporate notes, asset backed securities and exchange memberships are classified within Level 2.

The investment in SMFSF (a mutual fund), a money market fund and futures contracts are valued using quoted market prices for identical assets in active markets, and are classified within Level 1. The money market fund is included in cash and cash equivalents in the consolidated statements of financial condition. The fair values of forward currency contracts are based upon third-party quoted dealer values on the interbank market and are classified within Level 2.

Cash and Cash Equivalents

Cash and cash equivalents may include cash, funds held in money market accounts and short-term investments with maturities of three months or less at the date of acquisition and that are not held for sale in the normal course of business. The Fund maintains deposits with financial institutions in amounts that are in excess of federally insured limits; however, the Fund does not believe it is exposed to any significant credit risk.

Exchange Membership

During 2017, the Fund purchased a membership interest in the Chicago Mercantile Exchange (CME). By purchasing the membership, the Fund incurs reduced fees for transactions on the CME. The membership is accounted at its fair value and changes in fair value are reported in net change in unrealized gain (loss) in exchange membership on the statement of operations.

Brokerage Commissions and Trading Expenses

Brokerage commissions and trading expenses include brokerage and other trading fees, and are charged to expense when contracts are opened and closed.

Redemptions Payable

Redemptions payable represent redemptions that meet the requirements of the Fund and have been approved by the General Partner prior to period-end. These redemptions have been recorded using the period-end net asset value per Unit.

Income Taxes

The Fund prepares calendar year U.S. and applicable state and local tax returns. The Fund is not subject to federal income taxes as each partner is individually liable for his or her allocable share of the Fund’s income, expenses and trading gains or losses. The Fund evaluates the tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether the tax positions are more-likely-than-not to be sustained when examined by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense and asset or liability in the current year. Management has determined there are no material uncertain income tax positions through March 31, 2018. With few exceptions, the Fund is no longer subject to U.S. federal, or state and local income tax examinations by tax authorities for years before 2014.

Foreign Currency Transactions

The Fund has certain investments denominated in foreign currencies. The purchase and sale of investments, and income and expenses are translated at the rates of exchange prevailing on the respective dates of such transactions. The Fund 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 investments held. Such fluctuations are included with the net realized and change in unrealized gain or loss on such investments in the consolidated statements of operations.

18 

Reclassification

Certain amounts reported in the 2017 consolidated financial statements may have been reclassified to conform to the 2018 presentation without affecting previously reported partners’ capital (net asset value) or net income (loss).

New Accounting Pronouncements

Revenue from Contracts with Customers

In May 2014, the FASB issued revenue recognition guidance, which replaces most pre-existing revenue recognition guidance in U.S. generally accepted accounting principles. The guidance provides a framework for addressing revenue recognition and, for the Fund, was effective January 1, 2018. The Fund evaluated the impact of this new guidance and has determined that its adoption did have a material effect on the financial statements.

Restricted Cash

In November 2016, the FASB issued guidance regarding the presentation of changes in restricted cash and restricted cash equivalents within the statement of cash flows. The Fund adopted the guidance on January 1, 2018, and its adoption did not have a material effect on the financial statements.

2. Fair Value Disclosures

The Fund’s assets and liabilities, measured at fair value on a recurring basis, are summarized in the following tables by the type of inputs applicable to the fair value measurements:

At March 31, 2018
	Level 1		Level 2		Total
Equity in broker trading accounts:
Net unrealized gain (loss) on open futures contracts*	$	3,059,592	$	—	$	3,059,592
Net unrealized gain (loss) on open forward currency contracts*		—		547,962		547,962
Cash and cash equivalents:
Money market fund		25,985,760		—		25,985,760
Investment in SMFSF		30,408,959		—		30,408,959
Investments in securities:
U.S. Treasury securities*		53,030,384		—		53,030,384
Asset backed securities*		—		11,627,101		11,627,101
Commercial paper*		—		39,942,418		39,942,418
Corporate notes*		—		129,232,316		129,232,316
Exchange membership		—		194,250		194,250
Total	$	112,484,695	$	181,544,047	$	294,028,742

*See the condensed schedule of investments for further description.

At December 31, 2017
	Level 1		Level 2		Total
Equity in broker trading accounts:
Net unrealized gain (loss) on open futures contracts*	$	8,930,417	$	—	$	8,930,417
Net unrealized gain (loss) on open forward currency contracts*		—		1,920,516		1,902,516
Cash and cash equivalents:
Money market fund		42,775,036		—		42,775,036
Investment in SMFSF		34,101,936		—		34,101,936
Investments in securities:
U.S. Treasury securities*		58,329,191		—		58,329,191
Asset backed securities*		—		11,574,641		11,574,641
Commercial paper*		—		38,174,305		38,174,305
Corporate notes*		—		129,299,879		129,299,879
Exchange membership		—		232,000		232,000
Total	$	144,136,580	$	181,183,341	$	325,319,921

*See the condensed schedule of investments for further description.

19 

There were no Level 3 holdings at March 31, 2018 and December 31, 2017, or during the periods then ended.

In addition to the financial instruments listed above, substantially all of the Fund’s other assets and liabilities are considered financial instruments and are reflected at fair value, or at carrying amounts that approximate fair value because of the short maturity of the instruments.

3. Derivative Instruments Disclosures

The Fund’s derivative contracts are comprised of futures and forward currency contracts, none of which are designated as hedging instruments. At March 31, 2018, the Fund’s derivative contracts had the following impact on the statements of financial condition: 

March 31, 2018	Derivative Assets and Liabilities, at fair value
Consolidated Statements of Financial Condition Location	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statements of Financial Condition			Net Amount of Assets Presented in the Statements of Financial Condition
Equity in broker trading accounts: Net unrealized gain (loss) on open futures contracts
Agricultural commodities	$	1,745,067	$	(579,599	)	$	1,165,468
Currencies		748,391		(667,783	)		80,608
Energy		2,277,088		(156,965	)		2,120,123
Equity indices		1,780,355		(2,480,971	)		(700,616	)
Interest rate instruments		4,306,945		(3,068,005	)		1,238,940
Metals		9,584,352		(10,063,531	)		(479,179	)
Single stock futures		60,495		(426,247	)		(365,752	)
Net unrealized gain (loss) on open futures contracts	$	20,502,693	$	(17,443,101	)	$	3,059,592
Net unrealized gain (loss) on open forward currency contracts	$	3,452,982	$	(2,905,020	)	$	547,962

At March 31, 2018, there were 62,003 open futures contracts and 3,672 open forward currency contracts.

The Fund’s financial assets, derivative assets, and cash collateral held by counterparties at March 31, 2018 were:

				Gross Amounts Not Offset in the Statements of Financial Condition
Counterparty	Net Amount of Assets in the Statements of Financial Condition			Financial Instruments		Cash Collateral Received		Net Amount
Deutsche Bank AG	$	(37,374	)	$	—	$	—	$	(37,374	)
Deutsche Bank Securities, Inc.		(227,900	)		—		—		(227,900	)
JP Morgan Securities, LLC		(880,970	)		—		—		(880,970	)
SG Americas Securities, LLC		4,168,462			—		—		4,168,462
Société Générale International Limited		664,712			—		—		664,712
UBS AG		(79,376	)		—		—		(79,376	)
Total	$	3,607,554		$	—	$	—	$	3,607,554

20 

For the three months ended March 31, 2018, the Fund’s derivative contracts had the following impact on the consolidated statements of operations:

	Three Months Ended March 31, 2018
Types of Exposure	Net realized gain (loss)			Net change in unrealized gain (loss)
Futures contracts
Agricultural commodities	$	(1,884,842	)	$	200,320
Currencies		(830,819	)		(619,568	)
Energy		2,928,061			(1,806,271	)
Equity indices		(591,554	)		(2,873,402	)
Interest rate instruments		(3,613,183	)		2,586,345
Metals		1,845,160			(2,958,042	)
Single stock futures		613,214			(400,207	)
Total futures contracts		(1,533,963	)		(5,870,825	)
Forward currency contracts		2,924,925			(1,354,554	)
Total futures and forward currency contracts	$	1,390,962		$	(7,225,379	)

For the three months ended March 31, 2018, the number of futures contracts closed was 490,948 and the number of forward currency contracts closed was 76,615. 

At December 31, 2017, the Fund’s derivative contracts had the following impact on the consolidated statements of financial condition: 

December 31, 2017	Derivative Assets and Liabilities, at fair value
Consolidated Statements of Financial Condition Location	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statements of Financial Condition			Net Amount of Assets Presented in the Statements of Financial Condition
Equity in broker trading accounts: Net unrealized gain (loss) on open futures contracts
Agricultural commodities	$	1,610,106	$	(644,958	)	$	965,148
Currencies		1,970,468		(1,270,292	)		700,176
Energy		5,254,612		(1,328,218	)		3,926,394
Equity indices		4,652,670		(2,479,884	)		2,172,786
Interest rate instruments		2,293,476		(3,640,881	)		(1,347,405	)
Metals		13,922,808		(11,443,945	)		2,478,863
Single stock futures		234,102		(199,647	)		34,455
Net unrealized gain (loss) on open futures contracts	$	29,938,242	$	(21,007,825	)	$	8,930,417
Net unrealized gain (loss) on open forward currency contracts	$	5,193,499	$	(3,290,983	)	$	1,902,516

At December 31, 2017, there were 45,440 open futures contracts and 2,030 open forward currency contracts.

21 

The Fund’s financial assets, derivative assets, and cash collateral held by counterparties at December 31, 2017 were:

			Gross Amounts Not Offset in the Statements of Financial Condition
Counterparty	Net Amount of Assets in the Statements of Financial Condition		Financial Instruments		Cash Collateral Received		Net Amount
Deutsche Bank AG	$	332,031	$	—	$	—	$	332,031
Deutsche Bank Securities, Inc.		838,938		—		—		838,938
JP Morgan Securities, LLC		1,270,509		—		—		1,270,509
SG Americas Securities, LLC		6,820,970		—		—		6,820,970
Société Générale International Limited		1,122,595		—		—		1,122,595
UBS AG		447,890		—		—		447,890
Total	$	10,832,933	$	—	$	—	$	10,832,933

For the three months ended March 31, 2017, the Fund’s derivative contracts had the following impact on the consolidated statements of operations:

	Three Months Ended March 31, 2017
Types of Exposure	Net realized gain (loss)			Net change in unrealized gain (loss)
Futures contracts
Agricultural commodities	$	(4,961,560	)	$	2,483,410
Currencies		(431,870	)		(2,191,744	)
Energy		(8,352,356	)		(4,952,926	)
Equity indices		30,324,632			602,164
Interest rate instruments		(3,132,518	)		(3,258,612	)
Metals		(2,227,283	)		244,009
Single stock futures		848,673			329,801
Total futures contracts		12,067,718			(6,743,898	)
Forward currency contracts		(493,812	)		(1,600,398	)
Total futures and forward currency contracts	$	11,573,906		$	(8,344,296	)

For the three months ended March 31, 2017, the number of futures contracts closed was 493,225 and the number of forward currency contracts closed was 52,583.

4. General Partner

At March 31, 2018 and December 31, 2017, and for the periods then ended, the General Partner did not maintain a capital balance in the Fund; however, the beneficiary of the majority shareholder of the General Partner had the following investment in Class I Units: 

	March 31, 2018		December 31, 2017
Units Owned		254.4114		254.4114
Value of Units	$	253,118	$	260,358

22 

The following fees are paid to the General Partner:

▪ General Partner Management Fee – the Fund incurs a monthly fee on Class A, A2, A3, B and R Units equal to 1/12^th of 1.5% of the month-end net asset value of the Class A, A2, A3, B and R Units, payable in arrears. The Fund incurs a monthly fee on Class I Units equal to 1/12^th of 0.75% of the month-end net asset value of the Class I Units, payable in arrears.

▪ General Partner Performance Fee – the Fund incurs a monthly fee on Class I Units equal to 7.5% of any Net New Trading Profits of the Class I Units calculated monthly. In determining Net New Trading Profits, any trading losses incurred by the Class I Units in prior periods is carried forward, so that the incentive fee is assessed only if and to the extent the profits generated by the Class I units exceed any losses from prior periods. The general partner performance fee is payable quarterly in arrears.

▪ Selling Agent Fees – the Class A Units incur a monthly fee equal to 1/12^th of 2% of the month-end net asset value of the Class A Units. Class A2 Units may pay an up-front sales commission of up to 3% of the offering price and a 0.6% per annum selling agent fee. Class A3 Units may pay an up-front sales commission of up to 2% of the offering price and a 0.75% per annum selling agent fee. Selling agent fees amounted to $1,183,049 and $1,677,325 for the three months ended March 31, 2018 and 2017, respectively. Such amounts are included in selling agent and broker dealer servicing fees – General Partner in the consolidated statements of operations. The General Partner, in turn, pays the selling agent fees to the respective selling agents. If there is no designated selling agent or the General Partner was the selling agent, such portions of the selling agent fees are retained by the General Partner.

▪ Broker Dealer Servicing Fees – the Class B Units incur a monthly fee equal to 1/12^th of 0.2% of the month-end net asset value of the Class B Units. Broker dealer servicing fees amounted to $48,853 and $86,502 for the three months ended March 31, 2018 and 2017, respectively. Such amounts are included in selling agent and broker dealer servicing fees – General Partner in the consolidated statements of operations. The General Partner, in turn, pays the fees to the respective selling agents. If there is no designated selling agent or the General Partner was the selling agent, such portions of the broker dealer servicing fees are retained by the General Partner.

▪ Administrative Expenses – the Fund incurs a monthly fee equal to 1/12^th of 0.45% of the month-end net asset value of the Fund, payable in arrears to the General Partner. In return, the General Partner provides operating and administrative services, including accounting, audit, legal, marketing, and administration (exclusive of extraordinary costs and administrative expenses charged by other funds in which the Fund may have investments).

Pursuant to the terms of the Partnership Agreement, each year the General Partner receives from the Fund 1% of any net income earned by the Fund. Conversely, the General Partner pays to the Fund 1% of any net loss incurred by the Fund. Such amounts are reflected as General Partner 1% allocation receivable or payable in the consolidated statements of financial condition and as General Partner 1% allocation in the consolidated statements of operations.

The following fees were paid to the General Partner during the period in which it consolidated SMFSF:

▪ Management fee – SMFSF incurs a monthly fee equal to 1/12^th of 1.75% of the month-end net asset value of the trust, payable in arrears to the General Partner.

▪ Distribution (12b-1) fee – SMFSF incurs a monthly 12b-1 fee of 1/12^th of 0.25% of the month-end net asset value of the Class A and N shares, and 1/12^th of 1% of the month-end value of the Class C shares.

▪ Operating Services Fee – SMFSF incurs a monthly fee equal to 1/12^th of 0.24% of the month-end net asset value of the trust, payable to the General Partner. The General Partner, in turn, pays the operating expenses of the trust, pursuant to an operating services agreement between the parties.

5. Trading Advisors and Cash Managers

The Fund has advisory agreements with various commodity trading advisors, pursuant to which the Fund incurs a monthly advisor management fee that ranges from 0% to 3% per annum of allocated net assets (as defined in each respective advisory agreement), paid monthly or quarterly in arrears. Additionally, the Fund incurs advisor incentive fees, payable quarterly in arrears, ranging from 0% to 30% of net new trading profits (as defined in each respective advisory agreement).

Principal Global Investors, LLC serves as the cash manager for the Fund. Prior to December 31, 2017, J.P. Morgan Investment Management, Inc. also served as a cash manager (collectively, the “Cash Managers”). The Fund incurs monthly fees, payable in arrears to the Cash Managers, equal to approximately 1/12^th of 0.10% of the investments in securities and certificates of deposit as of the period ended March 31, 2018 and 2017.

23 

6. Deposits with Brokers

To meet margin requirements, the Fund maintains assets, including cash, equity in futures and forward currency contracts, and investments in securities, with brokers, subject to CFTC regulations and various exchange and broker requirements. At March 31, 2018 and December 31, 2017, the Fund had assets totaling $75,592,422 and $98,549,270, respectively, with brokers and margin deposit requirements of $45,880,290 and $71,513,422, respectively.

7. Subscriptions, Distributions and Redemptions

Investments in the Fund are made by subscription agreement and must be received within five business days of the end of the month, subject to acceptance by the General Partner. The minimum investment is $10,000 for Class A, A2, A3, B and R units and $2,000,000 for Class I units. Units are sold at the respective net asset value per unit for Class A, A2, A3, B, I or R interests as of the close of business on the last day of the month in which the subscription is accepted. Investors whose subscriptions are accepted are admitted as limited partners as of the beginning of the month following the month in which their subscriptions were accepted. At March 31, 2018 and December 31, 2017, the Fund received advance subscriptions of $972,808 and $287,000, respectively, which were recognized as subscriptions to the Fund or returned, if applicable, subsequent to period-end.

The Fund is not required to make distributions, but may do so at the sole discretion of the General Partner. A limited partner may request and receive redemption of Class A, A2, A3, B, I or R Units owned at the end of any month, subject to five business days’ prior written notice to the General Partner, and in certain circumstances, restrictions in the Partnership Agreement.

The General Partner may require a limited partner to redeem from the Fund if the General Partner deems the redemption (a) necessary to prevent or correct the occurrence of a non-exempt prohibited transaction under the Employee Retirement Income Security Act of 1974, as amended, or the Internal Revenue Code of 1986, as amended, (b) beneficial to the Fund, or (c) necessary to comply with applicable government or other self-regulatory organization regulations.

8. Trading Activities and Related Risks

The Fund engages in the speculative trading of futures, options and over-the-counter contracts, including forward currency contracts traded in the U.S. and internationally. Trading in derivatives exposes the Fund to both market risk, the risk arising from a change in the fair value of a contract, and credit risk, the risk of failure by another party to perform according to the terms of a contract.

Purchase and sale of futures contracts requires margin deposits with the futures brokers. Additional deposits may be necessary for any loss of contract value. The Commodity Exchange Act (“CEAct”) requires a broker to segregate all customer transactions and assets from such broker’s proprietary activities. A customer’s cash and other property (for example, U.S. Treasury securities) deposited with a broker are considered commingled with all other customer funds subject to the broker’s segregation requirements. In the event of a broker’s insolvency, recovery may be limited to a pro rata share of segregated funds available. It is possible that the recovered amount could be less than (or none of) the total cash and other property deposited. The Fund uses with SG Americas Securities, LLC, JP Morgan Securities, LLC, and Deutsche Bank Securities, Inc. as its futures brokers. The Fund uses Société Générale International Limited, Deutsche Bank AG, and UBS AG as its forward currency counterparties.

For futures contracts, risks arise from changes in the fair value of the contracts. Theoretically, the Fund is exposed to a market risk equal to the value of futures and forward currency contracts purchased, and unlimited liability on such contracts sold short.

In addition to market risk, upon entering into commodity interest contracts there is a credit risk that a counterparty will not be able to meet its obligations to the Fund. The counterparty for futures and options on futures contracts traded in the U.S. and on most non-U.S. futures exchanges is the clearinghouse associated with such exchanges. In general, clearinghouses are backed by the corporate members of the clearinghouse who are required to share any financial burden resulting from the non-performance by one of their members and, as such, should significantly reduce this credit risk. In cases where the clearinghouse is not backed by the clearing members, like some non-U.S. exchanges, it is normally backed by a consortium of banks or other financial institutions.

24 

In the case of forward currency contracts, which are traded on the interbank or other institutional market rather than on exchanges, the counterparty is generally a single bank or other financial institution, rather than a clearinghouse backed by a group of financial institutions; thus there likely will be greater counterparty credit risk. While the Fund trades only with those counterparties that it believes to be creditworthy, there can be no assurance that any clearing member, clearinghouse or other counterparty will be able to meet its obligations to the Fund.

The Fund trades forward currency contracts in unregulated markets between principals and assumes the risk of loss from counterparty non-performance. Accordingly, the risks associated with forward currency contracts are generally greater than those associated with exchange-traded contracts because of the greater risk of counterparty default. Additionally, the trading of forward currency contracts typically involves delayed cash settlement.

The Fund has a portion of its assets on deposit with interbank market makers and other financial institutions in connection with its trading of forward currency contracts and its cash management activities. In the event of an interbank market maker’s or financial institution’s insolvency, recovery of Fund assets on deposit may be limited to account insurance or other protection afforded such deposits.

Entering into swap agreements involves, to varying degrees, credit, market, and counterparty risk in excess of the amounts recognized on the statements of financial condition.

The Cash Managers manage the Fund’s cash and excess margin through investments in fixed income instruments, pursuant to investment parameters established by the General Partner. Fluctuations in prevailing interest rates could cause mark-to-market losses on the Fund’s fixed income instruments.

Through its investments in debt securities and certificates of deposit, the Fund has exposure to U.S. and foreign enterprises.  The following table presents the exposure at March 31, 2018.

Country or Region	U.S. Treasury Securities		Commercial Paper		Corporate Notes		Asset Backed Securities		Total		% of Partners’ Capital (Net Asset Value)
United States	$	53,030,384	$	27,560,989	$	88,148,117	$	11,627,101	$	180,366,591		54.33	%
Netherlands		—		—		17,955,590		—		17,955,590		5.42	%
France		—		1,498,881		5,481,026		—		6,979,907		2.10	%
Australia		—		3,094,082		3,520,734		—		6,614,816		1.99	%
Ireland		—		—		6,413,274		—		6,413,274		1.93	%
Denmark		—		—		5,427,962		—		5,427,962		1.63	%
Luxumbourg		—		4,696,987		—		—		4,696,987		1.41	%
Canada		—		—		2,285,613		—		2,285,613		0.69	%
Singapore		—		1,593,342		—		—		1,593,342		0.48	%
Germany		—		1,498,137		—		—		1,498,137		0.45	%
Total	$	53,030,384	$	39,942,418	$	129,232,316	$	11,627,101	$	233,832,219		70.43	%

The following table presents the exposure at December 31, 2017.

Country or Region	U.S. Treasury Securities		Commercial Paper		Corporate Notes		Asset Backed Securities		Total		% of Partners’ Capital (Net Asset Value)
United States	$	58,329,191	$	30,479,713	$	94,039,929	$	11,574,641	$	194,423,474		54.38	%
Netherlands		—		—		18,032,725		—		18,032,725		5.04	%
Canada		—		—		8,218,336		—		8,218,336		2.30	%
France		—		—		5,485,426		—		5,485,426		1.53	%
Australia		—		1,597,729		3,523,463		—		5,121,192		1.43	%
Luxumbourg		—		2,997,265		—		—		2,997,265		0.84	%
Singapore		—		1,599,760		—		—		1,599,760		0.45	%
Germany		—		1,499,838		—		—		1,499,838		0.42	%
Total	$	58,329,191	$	38,174,305	$	129,299,879	$	11,574,641	$	237,378,016		66.39	%

25 

9. Indemnifications

In the normal course of business, the Fund may enter into contracts and agreements that contain a variety of representations and warranties, and which provide general indemnifications. The Fund’s maximum exposure under these arrangements cannot be estimated. However, the Fund believes that it is unlikely it will have to make material payments under these arrangements and has not recorded any contingent liability in the consolidated financial statements for such indemnifications.

10. Interim Financial Statements

The statements of financial condition, including the condensed schedule of investments, at March 31, 2018, the consolidated statements of operations, the consolidated statements of cash flows, and consolidated statement of changes in partners’ capital (net asset value) for the three months ended March 31, 2018 and 2017, and the accompanying notes to the consolidated financial statements are unaudited. Certain information and footnote disclosures normally included in consolidated financial statements prepared in accordance with GAAP may be omitted pursuant to such rules and regulations. In the opinion of management, such consolidated financial statements and accompanying disclosures reflect all adjustments, which were of a normal and recurring nature, necessary to present fairly the financial position at March 31, 2018, results of operations, cash flows and changes in partners’ capital (net asset value) for the three months ended March 31, 2018 and 2017. The results of operations for the three months ended March 31, 2018 and 2017 are not necessarily indicative of the results to be expected for the full year or any other period. These consolidated financial statements should be read in conjunction with the audited financial statements and the notes thereto included in the Fund’s Form 10-K as filed with the SEC.

11. Financial Highlights

The following information presents per unit operating performance data and other ratios for the three months ended March 31, 2018 and 2017, assuming the unit was outstanding throughout the entire period:

	Three Months Ended March 31, 2018
		Class A			Class B			Class I			Class R
Per Unit Operating Performance
Net asset value per unit, beginning of period	$	4,146.91		$	6,266.93		$	1,023.37		$	1,038.05
Net realized and change in unrealized gain (loss) on investments (1)		(103.47	)		(156.83	)		(25.84	)		(26.10	)
Net investment income (loss) (1)		(39.78	)		(32.60	)		(2.61	)		(4.78	)
Total income (loss) from operations		(143.25	)		(189.43	)		(28.45	)		(30.88	)
Net asset value per unit, end of period	$	4,003.66		$	6,077.50		$	994.92		$	1,007.17
Total return (4)		(3.45	)%		(3.02	)%		(2.78	)%		(2.97	)%
Other Financial Ratios
Ratios to average net asset value
Expenses prior to General Partner 1% allocation (2) (3)		5.42	%		3.63	%		2.56	%		3.40	%
General Partner 1% allocation (4)		(0.03	)%		(0.03	)%		(0.03	)%		(0.03	)%
Net total expenses		5.39	%		3.60	%		2.53	%		3.37	%
Net investment income (loss) (2) (3) (5)		(3.99	)%		(2.20	)%		(1.14	)%		(1.96	)%

	Three Months Ended March 31, 2017
		Class A			Class B			Class I			Class R†
Per Unit Operating Performance
Net asset value per unit, beginning of period	$	4,096.03		$	6,080.47		$	983.11		$	—
Net realized and change in unrealized gain (loss) on investments (1)		22.13			32.17			5.33			—
Net investment income (loss) (1)		(63.35	)		(66.43	)		(8.44	)		—
Total income (loss) from operations		(41.22	)		(34.26	)		(3.11	)		—
Net asset value per unit, end of period	$	4,054.81		$	6,046.21		$	980.00		$	—
Total return (4)		(1.01	)%		(0.56	)%		(0.32	)%		—
Other Financial Ratios
Ratios to average net asset value
Expenses prior to General Partner 1% allocation (2) (3)		7.40	%		5.54	%		4.58	%		—
General Partner 1% allocation (4)		(0.01	)%		(0.01	)%		0.00	%		—
Net total expenses		7.39	%		5.53	%		4.58	%		—
Net investment income (loss) (2) (3) (5)		(6.26	)%		(4.41	)%		(3.45	)%		—

26 

Total returns are calculated based on the change in value of a Class A, Class B, Class I or Class R Unit during the period. An individual partner’s total returns and ratios may vary from the above total returns and ratios based on the timing of subscriptions and redemptions.

† Class R Units were introduced in April 2017.

⁽¹⁾ The net investment income (loss) per unit is calculated by dividing the net investment income (loss) by the average number of Class A, B, I or R Units outstanding during the period. Net realized and change in unrealized gain (loss) on investments is a balancing amount necessary to reconcile the change in net asset value per unit with the other per unit information. Such balancing amount may differ from the calculation of net realized and change in unrealized gain (loss) on investment per unit due to the timing of investment gains and losses during the period relative to the number of units outstanding.

⁽²⁾ The net investment income (loss) includes interest income and excludes net realized and net change in unrealized gain (loss) from investment activities as shown in the consolidated statements of operations. The total amount is then reduced by all expenses, excluding brokerage commissions, which are included in net investment gain (loss) in the consolidated statements of operations. The resulting amount is divided by the average net asset value for the period.

⁽³⁾ Ratios have been annualized.

⁽⁴⁾ Ratios have not been annualized.

⁽⁵⁾ Ratio excludes General Partner 1% allocation.

12. Subsequent Events

Subsequent to quarter end, there were $1,621,108 of contributions and $3,754,020 of redemptions from the Fund, and the Fund redeemed $2,000,000 of its investment in SMFSF.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Current Positioning

Sector risk allocations and net positioning as of March 31, 2018 and first quarter 2018 gross performance contribution by sector was as follows:

Risk Allocation	Net Position	Sector	Gross Performance Contribution
11%	Short	Agriculture	(0.49)%
13%	Long	Energy	0.16%
8%	Short	Metals	(0.40)%
25%	Long EM, EUR, GBP	Currencies	(0.05)%
23%	Long	Equity indices	(1.23)%
20%	Short US, Long Global	Interest rates	(0.33)%

The dominant strategy employed by the Fund’s trading advisors is trend-following. As such, the largest positions tend to reflect the strongest current market trends. As of the end of March 2018, long positions in equities had been reduced significantly as a result of the market reversal, with only some long-term trend signals and some non-trend managers staying net long. In currencies, the Fund was net short the U.S. dollar against most currencies. Meanwhile, in fixed income, the Fund was short U.S. bonds and long European and Japanese bonds. In commodities, the largest position was a net long exposure in crude oil and distillates.

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Results of Operations

The returns for each Class of Units for the three months ended March 31, 2018 and 2017 were:

Class of Units	2018		2017
Class A	(3.45	)%	(1.01	)%
Class B	(3.02	)%	(0.56	)%
Class I	(2.78	)%	(0.32	)%
Class R	(2.97	)%	—

Class R units did not begin reflecting a return until April 1, 2017. Results from past periods are not necessarily indicative of results that may be expected for any future period. Monthly analysis of the trading gains and losses is provided below.

2018

January

Global equity markets rallied sharply in January, driven higher by investor euphoria over economic growth data and US tax cuts. This pushed already rich valuations further towards historic extremes. By the end of the month, the S&P 500’s Shiller P/E ratio exceeded its high during the 1929 stock market bubble. Meanwhile, anticipation of sustained monetary tightening by the Federal Reserve pushed the US 10-year bond yield up to 2.7%, its highest level since 2014. In foreign exchange markets, the U.S. Dollar weakened against a broad set of developed and emerging market currencies.

The Fund enjoyed a strong start to 2018, following a solid fourth quarter finish last year. Profits were made in long equity positions, particularly in Asia and the U.S. Gains were also made in currencies through short positions in the U.S. dollar against long positions in the Euro, British pound, and Australian dollar. In commodities, energy was a positive contributor as long oil positions benefited from a rise in the price of crude from $60 to $65 per barrel. Detractors for the month included long bond positions in the U.S. and Europe, as well as short positions in grains. The Fund finished with a net gain of 5.65%, 5.81%, 5.90%, and 5.83% for Class A, B, I, and R Units, respectively.

February

Following a period of historic calm in markets, volatility jumped higher in February as equities sold off and bond yields increased. The S&P 500 Total Return Index had closed higher for 15 consecutive months prior to February’s decline. Market participants attributed the February spike in volatility to several factors including high equity valuations, the potential for faster than expected interest rate hikes and fears that inflation was rising too quickly. The decline in stocks spilled over into other sectors as well. Oil prices ended January at nearly $65 per barrel, fell as low as $59 by mid-February, before recovering to $61 at month-end. Bond markets did not provide safety for investors either. The Bloomberg Barclays US Aggregate Bond Index was down more than 2% this year through February, after posting its first back-to-back monthly losses since 2016.

After strong performance in the fourth quarter of 2017 and into January, the Fund experienced a reversal of those gains in February. Positions that led to the Fund’s previous performance gains contributed to losses for the month. In particular, the Fund had losses from long exposure in equity and oil contracts. The currency sector was also challenging due to the Fund’s short bias positioning in the U.S. dollar, which strengthened against most major currencies. Interest rate markets were a positive contributor as the Fund recently shifted towards a short bias in those markets and bond prices declined. The Fund finished with a net loss of 9.12%, 8.99%, 8.91%, and 8.97% for Class A, B, I, and R Units, respectively. 

March

Global equities declined again in March, with the MSCI World Index falling 2.4%, as President Trump announced a range of import tariffs, which investors feared could spark a trade war with China and Europe. Technology stocks were also hit over privacy concerns, as it was reported that large datasets of Facebook user activity had been used in political advertising. Meanwhile, the Federal Reserve raised U.S. interest rates by 25 basis points, the first of several expected hikes this year. Long-term bond yields dipped in Europe on disappointment in economic growth indicators.

The Fund finished the month with a positive return. Gains came primarily from long positions in the energy sector as crude oil prices rose to $65 per barrel on rising Mideast tensions and continued tight supply. In currencies, the Fund also benefited from short U.S. dollar positions, particularly against the British pound. Modestly-sized long equity positions detracted from performance, as did long positions in base metals. Fixed income sector returns were relatively flat as declines in short U.S. bond positions were offset by gains in long European bond positions. The Fund finished with a net gain of 0.55%, 0.70%, 0.79%, and 0.72% for Class A, B, I, and R Units, respectively.

28 

2017

January

Markets digested the impact of the new U.S. administration’s economic policy proposals as the calendar year began. The policy specifics remain uncertain, but market participants showed optimism that potential changes to the tax code and increased infrastructure spending would bolster economic growth. Equity markets in the U.S. and Europe were generally higher, while interest rates held mostly steady. Following broad based strength in the second half of 2016, the U.S. dollar weakened during the start of the year as concerns about trade protection and accusations of currency manipulation began to emerge.

Ongoing strength in equity markets was a positive contributor to Fund performance. Specifically, long positions in Nasdaq, S&P 500 and Hang Seng indices were key contributors. Increased economic bullishness also led to a near 9% rise in copper prices, benefitting the Fund’s long copper position. After several months of strength, energy prices drifted lower in January, due partially to the belief that OPEC’s attempts to cut production would be short lived. The Fund’s long energy positions detracted from performance. Within foreign exchange markets, the U.S. dollar reversal caused losses, as the Fund was long U.S. dollar versus euro, British Pound and Japanese yen. The Fund finished with a net loss of 2.27%, 2.13% and 2.04% for Class A, B and I Units, respectively.

February

February saw a continued rise in investor risk appetite. The S&P 500 rallied to new highs and rich valuations got even richer, spurred by positive earnings data and the Trump administration’s pledge to cut corporate taxes and spend heavily on infrastructure. International equity markets also had a positive month as global economic data showed improvement. In Europe, the political risk of potential nationalist party victories in upcoming elections in France and the Netherlands led to a rally in safe haven German bonds and a depreciation of the euro.

The Fund’s largest gains during the month came from long equity index positions, which benefited from the global rally in stocks. Long positions in European bonds and a short currency position in the euro both profited from market skittishness over possible populist electoral gains. The Fund did see modest losses in energy as trend-following programs were whipsawed by choppy directionless oil prices. Overall, the Fund finished the month with a net gain of 3.33%, 3.48% and 3.57% for Class A, B and I Units, respectively.

March

Economic policy remained a focus for markets throughout the month. President Trump’s proposal to replace the Affordable Care Act failed in Congress as it met with resistance from conservative Republicans. The fate of this measure was significant as it provided an indication of Trump’s ability to push through other policies such as tax reform and deregulation. The bill’s failure initially triggered a dip in global equities, but optimism over the prospects for tax cuts quickly returned and markets recovered. March also saw developments in monetary policy, as the Federal Reserve raised interest rates by 25 basis points, in line with expectations. In Europe, the United Kingdom formally triggered the exit process from the European Union, and investor attention turned to the possibility of populist gains in the upcoming French presidential election.

The Fund profited from its long equity exposure, with the strongest gains coming from Europe. Losses occurred in interest rate, currency and energy positions. Within the interest rate sector, the Fund encountered choppy trading conditions in European rate markets, but the primary losses came from Germany, where bond prices rallied against the Fund’s short position. Losses in the currency sector were attributable to a long U.S. dollar bias, as expectations of a slower tightening cycle by the Fed caused the dollar to depreciate against the euro, Pound and yen. Overall, the Fund finished the month with a net loss of 1.97%, 1.82% and 1.74% for Class A, B and I Units, respectively.

Liquidity

There are no known material trends, demands, commitments, events, or uncertainties at the present time that are reasonably likely to result in the Fund’s liquidity increasing or decreasing in any material way.

29 

Capital Resources

The Fund intends to raise additional capital through the continued sale of Units and does not intend to raise capital through borrowing. Due to the nature of the Fund’s business, the Fund does not contemplate making capital expenditures. The Fund does not have, nor does it expect to have, any capital assets. Redemptions, exchanges and sales of Units in the future will affect the amount of funds available for investment in futures contracts, etc. in subsequent periods. It is not possible to estimate the amount, and therefore the impact, of future inflows and outflows funds related to the sale and redemption of Units. There are no known material trends, favorable or unfavorable, that would affect, nor any expected material changes to, the Fund’s capital resource arrangements at the present time.

Off-Balance Sheet Risk

The term “off-balance sheet risk” refers to an unrecorded potential liability that, even though it does not appear on the balance sheet, may result in future obligation or loss. The Fund trades in futures and forward currency contracts, and is therefore a party to financial instruments with elements of off-balance sheet market and credit risk. In entering into these contracts there exists a risk to the Fund that such contracts may be significantly influenced by market conditions, such as interest rate volatility, resulting in such contracts being less valuable. If the markets should move against all of the futures interests positions of the Fund at the same time, and if the trading advisors were unable to offset futures interest positions of the Fund, the Fund could lose all of its assets and the limited partners would realize a 100% loss. The General Partner minimizes market risk through diversification of the portfolio allocations to multiple trading advisors, and maintenance of a margin-to-equity ratio that rarely exceeds 35%.

In addition to subjecting the Fund to market risk, upon entering into futures and forward currency contracts there is a risk that the counterparty will not be able to meet its obligations to the Fund. The counterparty for futures contracts traded in the U.S. and on most foreign exchanges is the clearinghouse associated with such exchange. In general, clearinghouses are backed by the corporate members of the clearinghouse who are required to share any financial burden resulting from the non-performance by one of their members and, as such, should significantly reduce this risk. In cases where the clearinghouse is not backed by the clearing members, as is the case with some foreign exchanges, it is normally backed by a consortium of banks or other financial institutions.

In the case of forward currency contracts, which are traded on the interbank market rather than on exchanges, the counterparty is generally a single bank or other financial institution, rather than a group of financial institutions, thus there may be a greater counterparty risk. The General Partner utilized only those counterparties that it believes to be creditworthy for the Fund. All positions of the Fund are valued each day on a mark-to-market basis. There can be no assurance, however, that any clearing member, clearinghouse or other counterparty will be able to meet its obligations to the Fund.

The Fund may invest in U.S. Treasury securities, U.S. and foreign government sponsored enterprise notes, certificates of deposit, commercial paper, asset backed securities and corporate notes. Should an issuing entity default on its obligation to the Fund and such entity is not backed by the full faith and credit of the U.S. government, the Fund bears the risk of loss of the amount expected to be received. The Fund minimizes this risk by only investing in securities and certificates of deposit of firms with high quality debt ratings.

Significant Accounting Policies

A summary of the Fund’s significant accounting policies are included in Note 1 to the consolidated financial statements.

The Fund’s most significant accounting policy is the valuation of its assets invested in U.S. and foreign futures and forward currency contracts, and fixed income instruments. The Fund’s futures contracts are exchange-traded, with the fair value of these contracts based on exchange settlement prices. The fair values of non-exchange-traded contracts, such as forward currency contracts, are based on third-party quoted dealer values on the interbank market. The fair value of money market funds is based on quoted market prices for identical shares. U.S. Treasury securities are stated at fair value based on quoted market prices for identical assets in an active market. Notes of U.S. and foreign government sponsored enterprises, as well as certificates of deposit, commercial paper, asset backed securities and corporate notes, are stated at fair value based on quoted market prices for similar assets in an active market. Given the valuation sources, there is little judgment or uncertainty involved in the valuation of these assets, and it is unlikely that materially different amounts would be reported under different valuation methodologies or assumptions.

30 

Item 3. Quantitative and Qualitative Disclosures about Market Risk

Introduction

The Fund is a speculative commodity pool. The market-sensitive instruments held by the Fund are acquired for speculative trading purposes, and all or substantially all of the Fund’s assets are subject to the risk of trading loss. Unlike an operating company, the risk of market sensitive instruments is integral, not incidental, to the Fund’s main line of business.

Market movements result in frequent changes in the fair market value of the Fund’s open positions and, consequently, in its earnings and cash flow. The Fund’s market risk is influenced by a wide variety of factors, including the level and volatility of exchange rates, interest rates, equity price levels, the market value of financial instruments and contracts, the diversification effects among the Fund’s open positions and the liquidity of the markets in which it trades.

The Fund rapidly acquires and liquidates both long and short positions in a wide range of different markets. Consequently, it is not possible to predict how a particular future market scenario will affect performance, and the Fund’s past performance cannot be relied on as indicative of its future results.

Standard of Materiality

Materiality as used in this section, Quantitative and Qualitative Disclosures about Market Risk, is based on an assessment of reasonably possible market movements and the potential losses caused by such movements, taking into account the leverage, and multiplier features of the Fund’s market sensitive instruments.

Quantifying the Fund’s Trading Value at Risk

The following quantitative disclosures regarding the Fund’s market risk exposures contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. All quantitative disclosures in this section are deemed to be forward-looking statements for purposes of the safe harbor, except for statements of historical fact.

Value at Risk is a measure of the maximum amount which the Fund could reasonably be expected to lose in a given market sector. However, the inherent uncertainty of the Fund’s speculative trading and the recurrence in the markets traded by the Fund to market movements far exceeding expectations could result in actual trading or non-trading losses far beyond the indicated Value at Risk or the Fund’s experience to date (i.e., “risk of ruin”). Risk of ruin is defined to be no more than a 5% chance of losing 20% or more on a monthly basis. In light of the foregoing as well as the risks and uncertainties intrinsic to all future projections, the inclusion of the quantification included in this section should not be considered to constitute any assurance or representation that the Fund’s losses in any market sector will be limited to Value at Risk or by the Fund’s attempts to manage its market risk.

The Fund’s risk exposure in the various market sectors traded by the Fund’s Trading Advisors is quantified below in terms of Value at Risk. Due to mark-to-market accounting, any loss in the fair value of the Fund’s open positions is directly reflected in the Fund’s earnings.

Exchange margin requirements have been used by the Fund as the measure of its Value at Risk. Margin requirements are set by exchanges to equal or exceed the maximum losses reasonably expected to be incurred in the fair value of any given contract in 95% - 99% of any one-day interval. The margin levels are established by dealers and exchanges using historical price studies as well as an assessment of current market volatility and economic fundamentals to provide a probabilistic estimate of the maximum expected near-term one-day price fluctuation.

In the case of market sensitive instruments that are not exchange-traded (includes currencies, certain energy products and metals), the margin requirements required by the forward counterparty is used as Value at Risk.

In quantifying the Fund’s Value at Risk, 100% positive correlation in the different positions held in each market risk category has been assumed. Consequently, the margin requirements applicable to the open contracts have simply been aggregated to determine each trading category’s aggregate Value at Risk. The diversification effects resulting from the fact that the Fund’s positions are rarely, if ever, 100% positively correlated, have not been reflected.

Value at Risk as calculated herein may not be comparable to similarly titled measures used by others.

31 

The Fund’s Trading Value at Risk in Different Market Sectors

The following table indicates the trading Value at Risk associated with the Fund’s open positions by market sector at March 31, 2018 and December 31, 2017. All open position trading risk exposures of the Fund have been included in calculating the figures set forth below.

	March 31, 2018					December 31, 2017
Market Sector	Value at Risk		% of Total Capitalization			Value at Risk		% of Total Capitalization
Agricultural commodities	$	2,987,684		0.90	%	$	4,433,155		1.24	%
Currencies		12,932,801		3.90			19,663,340		5.50
Energy		3,703,669		1.12			6,107,457		1.71
Equity indices		18,241,714		5.49			28,841,492		8.06
Interest rate instruments		5,560,501		1.67			6,824,373		1.91
Metals		2,390,081		0.72			5,017,984		1.40
Single stock futures		2,097,554		0.63			4,565,988		1.28
Total	$	47,914,004		14.43	%	$	75,453,789		21.10	%

Material Limitations on Value at Risk as an Assessment of Market Risk.

The face value of the market sector instruments held by the Fund is typically many times the applicable margin requirement (margin requirements generally range between 1% and 10% of contract face value) as well as many times the capitalization of the Fund. The magnitude of the Fund’s open positions creates a “risk of ruin” not typically found in most other investment vehicles. Because of the size of its positions, certain market conditions - unusual, but historically recurring from time to time - could cause the Fund to incur severe losses over a short period of time. The foregoing Value at Risk table – as well as the past performance of the Fund – gives no indication of this “risk of ruin.”

Non-Trading Risk

The Fund has non-trading market risk on its foreign cash balances not needed for margin. However, these balances (as well as the market risk they represent) are immaterial. The Fund also has non-trading market risk as a result of investing a substantial portion of its available assets in U.S. Treasury securities, U.S. government sponsored enterprise notes, commercial paper, asset backed securities, corporate notes and certificates of deposit. Although these investments are considered to be high quality, some of the securities purchased are neither guaranteed by the U.S. government nor supported by the full faith and credit of the U.S. government. There is some risk that a security issuer may fail to pay the interest and principal in a timely manner, or that negative perceptions about the issuer’s ability to make such payments will cause the price of these instruments to decline in value.

Qualitative Disclosures Regarding Primary Trading Risk Exposures.

The following qualitative disclosures regarding the Fund’s market risk exposures - except for those disclosures that are statements of historical fact and the descriptions of how the Fund manages its primary market risk exposures - constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, (“1933 Act”) and Section 21E of the Securities Exchange Act of 1934, (“1934 Act”). The Fund’s primary market risk exposures as well as the strategies used and to be used by the Fund’s Trading Advisors for managing such exposures are subject to numerous uncertainties, contingencies and risks, any one of which could cause the actual results of the Fund’s risk controls to differ materially from the objectives of such strategies. Government interventions, defaults and expropriations, illiquid markets, the emergence of dominant fundamental factors, political upheavals, changes in historical price relationships, an influx of new market participants, increased regulation and many other factors could result in material losses as well as in material changes to the risk exposures and the risk management strategies of the Fund. There can be no assurance that the Fund’s current market exposure and/or risk management strategies will not change materially or that any such strategies will be effective in either the short- or long-term. Investors must be prepared to lose all or substantially all of their investment in the Fund.

32 

The following were the primary trading risk exposures of the Fund as of March 31, 2018, by market sector.

Agricultural Commodities

The Fund takes positions in a broad range of agricultural futures, including soybeans, wheat, corn, sugar, and cotton among others. Prices in these markets can be affected by changes in demand, as well changes in supply factors such as weather and inventory levels.

Currencies

The Fund trades in foreign exchange markets by taking positions in currency futures and forward contracts for a large number of developed and emerging market currencies. Exposures may take the form of direct exchange rates against the U.S. dollar, or cross-rates between two foreign currencies. Exchange rates can be impacted by economic differences between regions (such as interest rate differentials or economic growth differentials), political events, as well as investor risk sentiment.

Energy

The Fund gains trading exposure in energy markets through oil and gas futures, which include WTI crude oil, Brent crude oil, distillates such as heating oil, and natural gas. Prices have historically been highly volatile, driven by demand side factors such as global economic growth and weather conditions, as well as supply side factors such as Middle East conflicts, OPEC production agreements, and shale production.

Equity Indices

The Fund has exposure to major stock market indices around the world through equity index futures. Primary exposures are in developed markets such as the U.S., the UK, Germany, Japan, Hong Kong and Australia, but there can also be exposure to smaller developing market stock indices. Equity index price movements can be affected by microeconomic factors such as corporate earnings, by macroeconomic factors such as government fiscal and monetary policy, as well as by investor sentiment.

Interest Rate Instruments

The Fund has exposure to global fixed income markets through bond futures and interest rate futures in countries such as the U.S., the UK, Germany, Japan and Australia. The Fund has exposure across the yield curve with positions in the futures for both short term and long term instruments. The yield curve (and futures prices) can be affected by economic growth, inflation expectations, monetary policy and investor risk aversion.

Metals

The Fund has exposure to metals futures, including both precious metals such as gold, silver and platinum, as well as industrial metals such as copper, aluminum and zinc. Metals prices can be volatile. Precious metals prices are often driven by inflation expectations, risk aversion, and mining output. Industrial metals prices tend to be impacted by industrial demand relative to production.

Single Stock Futures

The Fund has a small exposure to single stock futures, with positions primarily in companies that trade on U.S. exchanges. The price drivers here tend to be more microeconomic with corporate earnings and industry trends being important. However, macroeconomic and market-wide factors can also affect single stock futures prices.

Qualitative Disclosures Regarding Non-Trading Risk Exposure

The following were the only non-trading risk exposures of the Fund as of March 31, 2018.

Foreign Currency Balances

The Fund’s primary foreign currency balances are in euros, Japanese yen, British pounds, Australian dollars, Hong Kong dollars and Canadian dollars. The Fund controls the non-trading risk of these balances by regularly converting these balances back into dollars (no less frequently than once a week).

U.S. Treasury Securities, U.S. and Foreign Government Sponsored Enterprise Notes, Commercial Paper, Corporate Notes, Asset Backed Securities and Certificates of Deposit

Monies in excess of margin requirements are invested in fixed income instruments, including U.S. Treasury securities, U.S. and foreign government sponsored enterprise notes, commercial paper, corporate notes, asset backed securities and certificates of deposit. Fluctuations in prevailing interest rates could cause mark-to-market gains or losses on the Fund’s investments; although substantially all of these investments are held to maturity.

33 

Qualitative Disclosures Regarding Means of Managing Risk Exposure

The means by which the Fund and the Fund’s trading advisors, severally, attempt to manage the risk of the Fund’s open positions is essentially the same in all market sectors traded. The Fund’s trading advisors apply risk management policies to their respective trading which generally limit the total exposure that may be taken. In addition, the trading advisors generally follow proprietary diversification guidelines (often formulated in terms of the balanced volatility between markets and correlated groups).

The Fund is unaware of any (i) anticipated known demands, commitments or capital expenditures; (ii) material trends, favorable or unfavorable, in its capital resources; or (iii) trends or uncertainties that will have a material effect on operations. From time to time, certain regulatory agencies have proposed increased margin requirements on futures contracts. Because the Fund generally will use a small percentage of assets as margin, the Fund does not believe that any increase in margin requirements, as proposed, will have a material effect on the Fund’s operations.

Item 4. Controls and Procedures

The General Partner, with the participation of the Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of the design and operation of the Fund’s disclosure controls and procedures at March 31, 2018 (the “Evaluation Date”). Based on their evaluation, the Chief Executive Officer and Chief Financial Officer of the General Partner concluded that, as of the Evaluation Date, the Fund’s disclosure controls and procedures were effective.

Any control system, no matter how well designed and operated, can provide only reasonable (not absolute) assurance that its objectives will be met. Furthermore, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, have been detected.

PART II: OTHER INFORMATION

Item 1. Legal Proceedings.

None.

Item 1A. Risk Factors.

There have been no material changes from risk factors disclosed in the Fund’s Form 10-K for year ended December 31, 2017.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

There were no sales of unregistered securities of the Fund during the three months ended March 31, 2018. Under the Fund’s Partnership Agreement, limited partners may redeem their Units at the end of each calendar month at the then current month-end net asset value per Unit. Redemptions of Units during the three months ended March 31, 2018 were as follows:

	January			February			March			Total
A Units
Units redeemed		(1,083.7588	)		(681.8302	)		(720.7095	)		(2,486.2985	)
Average net asset value per unit	$	4,381.24		$	3,981.61		$	4,003.66		$	4,162.20
B Units
Units redeemed		(718.2536	)		(106.3052	)		(171.2685	)		(995.8273	)
Average net asset value per unit	$	6,630.91		$	6,035.05		$	6,077.50		$	6,472.12
I Units
Units redeemed		—			—			—			—
Average net asset value per unit		—			—			—			—
R Units
Units redeemed		—			(41.1594	)		(93.6499	)		(134.8093	)
Average net asset value per unit		—		$	999.97		$	1,007.17		$	1,004.97

34 

Item 3. Defaults Upon Senior Securities

Not applicable.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

None.

Item 6. Exhibits

The following exhibits are filed herewith of incorporated by reference. 

Exhibit No.	Description of Exhibit
1.1(a)	Form of Selling Agreement
3.1(a)	Maryland Certificate of Limited Partnership
4.1(a)	Limited Partnership Agreement
10.1(a)	Form of Subscription Agreement
31.01	Certification of Chief Executive Officer of the General Partner in accordance with Section 302 of the Sarbanes-Oxley Act of 2002
31.02	Certification of Chief Financial Officer of the General Partner in accordance with Section 302 of the Sarbanes-Oxley Act of 2002
32.01	Certification of Chief Executive Officer of the General Partner in accordance with Section 906 of the Sarbanes-Oxley Act of 2002
32.02	Certification of Chief Financial Officer of the General Partner in accordance with Section 906 of the Sarbanes-Oxley Act of 2002
101.INS	XBRL Instance Document
101.SCH	XBRL Taxonomy Extension Schema Document
101.CAL	XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF	XBRL Taxonomy Extension Definition Linkbase Document
101.LAB	XBRL Taxonomy Extension Label Linkbase Document
101.PRE	XBRL Taxonomy Extension Presentation Linkbase Document

(a) Incorporated by reference to the corresponding exhibit to the Registrant’s registration statement (File no. 000-50728) filed on April 29, 2004 on Form 10 under the 1934 Act, as amended.

35 

SIGNATURES 

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, this report has been signed below by the following persons on behalf of the General Partner of the Registrant in the capacities and on the date indicated.  

Dated: May 14, 2018	Futures Portfolio Fund, Limited Partnership
	By:	Steben & Company, Inc.
		General Partner
	By:	/s/ Kenneth E. Steben
	Name:	Kenneth E. Steben
	Title:	President, Chief Executive Officer and Director of the General Partner (Principal Executive Officer)
	By:	/s/ Carl A. Serger
	Name:	Carl A. Serger
	Title:	Chief Financial Officer and Director of the General Partner (Principal Financial and Accounting Officer)

36 

EX-31.01

Futures Portfolio Fund, Limited Partnership 10-Q

 EXHIBIT 31.01

Certification in Accordance with Section 302 of the Sarbanes-Oxley Act of 2002

I, Kenneth E. Steben, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Futures Portfolio Fund, Limited Partnership;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 14, 2018

By:	/s/ Kenneth E. Steben
	Kenneth E. Steben
	President, Chief Executive Officer and Director of the General Partner

37 

EX-31.02

Futures Portfolio Fund, Limited Partnership 10-Q

EXHIBIT 31.02

Certification in Accordance with Section 302 of the Sarbanes-Oxley Act of 2002

I, Carl A. Serger, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Futures Portfolio Fund, Limited Partnership;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 14, 2018

By:	/s/ Carl A. Serger
	Carl A. Serger
	Chief Financial Officer and Director of the General Partner

38 

EX-32.01

Futures Portfolio Fund, Limited Partnership 10-Q

EXHIBIT 32.01

Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

In connection with the quarterly report of Futures Portfolio Fund, Limited Partnership (“Fund”), on Form 10-Q for the quarter ended March 31, 2018 as filed with the U.S. Securities and Exchange Commission on the date hereof (“Report”), I, Kenneth E. Steben, President and Chief Executive Officer of Steben & Company, Inc., the General Partner of the Fund, certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. §1350), that:

1. The Report fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the U.S. Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Fund.

Date:	May 14, 2018
By:	/s/ Kenneth E. Steben
	Kenneth E. Steben
	President and Chief Executive Officer of the General Partner

39 

EX-32.02

Futures Portfolio Fund, Limited Partnership 10-Q

EXHIBIT 32.02

Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

In connection with the quarterly report of Futures Portfolio Fund, Limited Partnership (“Fund”), on Form 10-Q for the quarter ended March 31, 2018 as filed with the U.S. Securities and Exchange Commission on the date hereof (“Report”), I, Carl A. Serger, Chief Financial Officer of Steben & Company, Inc., the General Partner of the Fund, certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. §1350), that:

1. The Report fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the U.S. Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Fund.

Date:	May 14, 2018
By:	/s/ Carl A. Serger
	Carl A. Serger
	Chief Financial Officer of the General Partner

40 

XML

Document and Entity Information	3 Months Ended
	Mar. 31, 2018 shares
Document And Entity Information
Entity Registrant Name	FUTURES PORTFOLIO FUND L.P.
Entity Central Index Key	0000861441
Document Type	10-Q
Trading Symbol	FPF
Document Period End Date	Mar. 31, 2018
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity's Reporting Status Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding	0
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2018

XML

Statements of Financial Condition (unaudited) - USD ($)	Mar. 31, 2018	Dec. 31, 2017
Equity in broker trading accounts
Cash	$ 39,041,782	$ 45,780,428
Net unrealized gain (loss) on open futures contracts	3,059,592	8,930,417
Net unrealized gain (loss) on open forward currency contracts	547,962	1,902,516
Total equity in broker trading accounts	42,649,336	56,613,361
Cash and cash equivalents	31,517,467	44,360,633
Investment in SMFSF, at fair value (cost $33,931,654 and $29,594,058)	30,408,959	34,101,936
Investments in securities, at fair value (cost $234,548,879 and $237,596,840)	233,832,219	237,378,016
General Partner 1% allocation receivable	111,865
Exchange membership, at fair value (cost $189,000)	194,250	232,000
Total assets	338,714,096	372,685,946
Liabilities
Trading Advisor management fees payable	638,275	569,189
Trading Advisor incentive fees payable		1,297,698
Commissions and other trading fees payable on open contracts	57,979	83,313
Cash Managers fees payable	105,920	75,371
General Partner management and performance fees payable	418,753	460,536
General Partner 1% allocation payable		28,756
Selling agent and broker dealer servicing fees payable - General Partner	393,487	434,439
Administrative fee payable - General Partner	80,459	88,542
Redemptions payable	4,020,682	11,825,677
Subscriptions received in advance	972,808	287,000
Total liabilities	6,688,363	15,150,521
Partners' Capital (Net Asset Value)
Total partners' capital (net asset value)	332,025,733	357,535,425
Total liabilities and partners' capital (net asset value)	338,714,096	372,685,946
Class A [Member]
Partners' Capital (Net Asset Value)
Total partners' capital (net asset value)	223,196,758	240,860,323
Class B [Member]
Partners' Capital (Net Asset Value)
Total partners' capital (net asset value)	92,353,665	100,657,081
Class I [Member]
Partners' Capital (Net Asset Value)
Total partners' capital (net asset value)	3,448,656	3,547,299
Class R [Member]
Partners' Capital (Net Asset Value)
Total partners' capital (net asset value)	$ 13,026,654	$ 12,470,722

XML

Statements of Financial Condition (unaudited) (Parenthetical) - USD ($)	Mar. 31, 2018	Dec. 31, 2017
Investment in SMFSF, at fair value	$ 30,408,959	$ 34,101,936
Investments in securities, at fair value	234,548,879	237,596,840
Exchange membership, at fair value	$ 189,000
Class A [Member]
Partners' Capital, units outstanding	55,748.19	58,081.84
Class B [Member]
Partners' Capital, units outstanding	15,195.98	16,061.64
Class I [Member]
Partners' Capital, units outstanding	3,466.28	3,466.28
Class R [Member]
Partners' Capital, units outstanding	12,933.91	12,013.64

XML

Consolidated Condensed Schedule of Investments U.S. Treasury Securities (unaudited) - USD ($)		Mar. 31, 2018	Dec. 31, 2017
% of Partners' Capital (Net Asset Value)		70.43%	66.39%
Investment Owned, at Cost		$ 234,548,879	$ 237,596,840
U.S. Treasury Securities [Member]
Fair Value		$ 53,030,384	$ 58,329,191
% of Partners' Capital (Net Asset Value)		15.97%	16.31%
Investment Owned, at Cost		$ 53,029,238	$ 58,285,077
U.S. Treasury Securities [Member] | 1.41% U.S. Treasury Due 2018-04-12 [Member]
Face Value		$ 15,000,000
% Yield	[1]	1.41%
Fair Value		$ 14,991,750
% of Partners' Capital (Net Asset Value)		4.51%
U.S. Treasury Securities [Member] | 2.63% U.S. Treasury Due 2018-04-30 [Member]
Face Value		$ 4,000,000	$ 4,000,000
% Yield	[1]	2.63%	2.63%
Fair Value		$ 4,047,208	$ 4,033,583
% of Partners' Capital (Net Asset Value)		1.22%	1.14%
U.S. Treasury Securities [Member] | 1.59% U.S. Treasury Due 2018-05-17 [Member]
Face Value		$ 12,000,000
% Yield	[1]	1.59%
Fair Value		$ 11,974,365
% of Partners' Capital (Net Asset Value)		3.61%
U.S. Treasury Securities [Member] | 1.70% U.S. Treasury Due 2018-06-21 [Member]
Face Value		$ 6,000,000
% Yield	[1]	1.70%
Fair Value		$ 5,976,972
% of Partners' Capital (Net Asset Value)		1.80%
U.S. Treasury Securities [Member] | 2.25% U.S. Treasury Due 2018-07-31 [Member]
Face Value		$ 7,000,000	$ 7,000,000
% Yield	[1]	2.25%	2.25%
Fair Value		$ 7,035,625	$ 7,091,810
% of Partners' Capital (Net Asset Value)		2.12%	1.98%
U.S. Treasury Securities [Member] | 1.50% U.S. Treasury Due 2018-08-31 [Member]
Face Value		$ 3,250,000
% Yield	[1]	1.50%
Fair Value		$ 3,248,779
% of Partners' Capital (Net Asset Value)		0.98%
U.S. Treasury Securities [Member] | 1.25% U.S. Treasury Due 2018-10-31 [Member]
Face Value		$ 5,750,000
% Yield	[1]	1.25%
Fair Value		$ 5,755,685
% of Partners' Capital (Net Asset Value)		1.73%
U.S. Treasury Securities [Member] | 1.03% U.S. Treasury Due 2018-01-11 [Member]
Face Value			$ 15,000,000
% Yield	[1]		1.03%
Fair Value			$ 14,994,718
% of Partners' Capital (Net Asset Value)			4.19%
U.S. Treasury Securities [Member] | 1.24% U.S. Treasury Due 2018-02-15 [Member]
Face Value			$ 12,000,000
% Yield	[1]		1.24%
Fair Value			$ 11,980,967
% of Partners' Capital (Net Asset Value)			3.35%
U.S. Treasury Securities [Member] | 1.00% U.S. Treasury Due 2018-02-15 [Member]
Face Value			$ 5,250,000
% Yield	[1]		1.00%
Fair Value			$ 5,267,888
% of Partners' Capital (Net Asset Value)			1.47%
U.S. Treasury Securities [Member] | 1.31% U.S. Treasury Due 2018-03-15 [Member]
Face Value			$ 15,000,000
% Yield	[1]		1.31%
Fair Value			$ 14,960,225
% of Partners' Capital (Net Asset Value)			4.18%

[1] Represents the annualized yield at date of purchase for discount securities, the stated coupon rate for coupon-bearing securities, or the stated interest rate for certificates of deposit.

XML

Consolidated Condensed Schedule of Investments Commercial Paper (unaudited) - USD ($)		Mar. 31, 2018	Dec. 31, 2017
% of Partners' Capital (Net Asset Value)		70.43%	66.39%
Investment Owned, at Cost		$ 234,548,879	$ 237,596,840
Commercial Paper [Member]
Fair Value		$ 39,942,418	$ 38,174,305
% of Partners' Capital (Net Asset Value)		12.03%	10.68%
Investment Owned, at Cost		$ 39,882,613	$ 38,118,535
Commercial Paper [Member] | U.S. Commercial Paper [Member]
Fair Value		$ 27,560,989	$ 30,479,713
% of Partners' Capital (Net Asset Value)		8.30%	8.52%
Investment Owned, at Cost		$ 27,523,338	$ 30,434,788
Commercial Paper [Member] | U.S. Commercial Paper [Member] | Aerospace [Member] | 2.01% General Dynamics Corporation Due 2018-04-25 [Member]
Face Value		$ 1,500,000
% Yield	[1]	2.01%
Fair Value		$ 1,497,999
% of Partners' Capital (Net Asset Value)		0.45%
Commercial Paper [Member] | U.S. Commercial Paper [Member] | Automotive [Member] | 1.96% Hyundai Capital America Due 2018-05-04 [Member]
Face Value		$ 1,500,000
% Yield	[1]	1.96%
Fair Value		$ 1,499,675
% of Partners' Capital (Net Asset Value)		0.45%
Commercial Paper [Member] | U.S. Commercial Paper [Member] | Automotive [Member] | 2.03% Nissan Motor Acceptance Corporation Due 2018-05-31 [Member]
Face Value		$ 1,600,000
% Yield	[1]	2.03%
Fair Value		$ 1,594,613
% of Partners' Capital (Net Asset Value)		0.48%
Commercial Paper [Member] | U.S. Commercial Paper [Member] | Automotive [Member] | 1.54% Hyundai Capital America Due 2018-01-24 [Member]
Face Value			$ 1,500,000
% Yield	[1]		1.54%
Fair Value			$ 1,498,535
% of Partners' Capital (Net Asset Value)			0.42%
Commercial Paper [Member] | U.S. Commercial Paper [Member] | Automotive [Member] | 1.32% Nissan Motor Acceptance Corporation Due 2018-01-03 [Member]
Face Value			$ 1,500,000
% Yield	[1]		1.32%
Fair Value			$ 1,499,890
% of Partners' Capital (Net Asset Value)			0.42%
Commercial Paper [Member] | U.S. Commercial Paper [Member] | Banks [Member] | 2.03% Standard Chartered Bank Due 2018-05-01 [Member]
Face Value		$ 1,600,000
% Yield	[1]	2.03%
Fair Value		$ 1,597,307
% of Partners' Capital (Net Asset Value)		0.49%
Commercial Paper [Member] | U.S. Commercial Paper [Member] | Banks [Member] | 1.37% Nieuw Amsterdam Receivables Corporation Due 2018-01-10 [Member]
Face Value			$ 1,500,000
% Yield	[1]		1.37%
Fair Value			$ 1,499,486
% of Partners' Capital (Net Asset Value)			0.42%
Commercial Paper [Member] | U.S. Commercial Paper [Member] | Banks [Member] | 1.43% Standard Chartered Bank Due 2018-02-05 [Member]
Face Value			$ 1,600,000
% Yield	[1]		1.43%
Fair Value			$ 1,597,791
% of Partners' Capital (Net Asset Value)			0.44%
Commercial Paper [Member] | U.S. Commercial Paper [Member] | Banks [Member] | 1.53% United Overseas Bank Limited Due 2018-02-20 [Member]
Face Value			$ 1,500,000
% Yield	[1]		1.53%
Fair Value			$ 1,496,833
% of Partners' Capital (Net Asset Value)			0.41%
Commercial Paper [Member] | U.S. Commercial Paper [Member] | Diversified Financial Services [Member] | 1.71% CRC Funding, LLC Due 2018-04-11 [Member]
Face Value		$ 1,500,000
% Yield	[1]	1.71%
Fair Value		$ 1,499,292
% of Partners' Capital (Net Asset Value)		0.45%
Commercial Paper [Member] | U.S. Commercial Paper [Member] | Diversified Financial Services [Member] | 2.08% DCAT, LLC Due 2018-05-21 [Member]
Face Value		$ 1,500,000
% Yield	[1]	2.08%
Fair Value		$ 1,495,688
% of Partners' Capital (Net Asset Value)		0.45%
Commercial Paper [Member] | U.S. Commercial Paper [Member] | Diversified Financial Services [Member] | 1.69% Gotham Funding Corporation Due 2018-04-02 [Member]
Face Value		$ 1,500,000
% Yield	[1]	1.69%
Fair Value		$ 1,499,930
% of Partners' Capital (Net Asset Value)		0.45%
Commercial Paper [Member] | U.S. Commercial Paper [Member] | Diversified Financial Services [Member] | 2.12% ING (U.S.) Funding LLC Due 2018-06-07 [Member]
Face Value		$ 1,600,000
% Yield	[1]	2.12%
Fair Value		$ 1,593,747
% of Partners' Capital (Net Asset Value)		0.48%
Commercial Paper [Member] | U.S. Commercial Paper [Member] | Diversified Financial Services [Member] | 1.94% Manhattan Asset Funding Company LLC Due 2018-05-07 [Member]
Face Value		$ 1,600,000
% Yield	[1]	1.94%
Fair Value		$ 1,596,912
% of Partners' Capital (Net Asset Value)		0.48%
Commercial Paper [Member] | U.S. Commercial Paper [Member] | Diversified Financial Services [Member] | 1.81% Nieuw Amsterdam Receivables Corporation Due 2018-04-30 [Member]
Face Value		$ 1,600,000
% Yield	[1]	1.81%
Fair Value		$ 1,597,680
% of Partners' Capital (Net Asset Value)		0.48%
Commercial Paper [Member] | U.S. Commercial Paper [Member] | Diversified Financial Services [Member] | 1.46% DCAT, LLC Due 2018-01-18 [Member]
Face Value			$ 1,600,000
% Yield	[1]		1.46%
Fair Value			$ 1,598,904
% of Partners' Capital (Net Asset Value)			0.45%
Commercial Paper [Member] | U.S. Commercial Paper [Member] | Diversified Financial Services [Member] | 1.36% Gotham Funding Corporation Due 2018-01-12 [Member]
Face Value			$ 1,500,000
% Yield	[1]		1.36%
Fair Value			$ 1,499,377
% of Partners' Capital (Net Asset Value)			0.42%
Commercial Paper [Member] | U.S. Commercial Paper [Member] | Diversified Financial Services [Member] | 1.35% Liberty Street Funding LLC Due 2018-01-09 [Member]
Face Value			$ 1,500,000
% Yield	[1]		1.35%
Fair Value			$ 1,499,550
% of Partners' Capital (Net Asset Value)			0.42%
Commercial Paper [Member] | U.S. Commercial Paper [Member] | Diversified Financial Services [Member] | 1.34% Manhattan Asset Funding Company LLC Due 2018-01-04 [Member]
Face Value			$ 1,600,000
% Yield	[1]		1.34%
Fair Value			$ 1,599,821
% of Partners' Capital (Net Asset Value)			0.45%
Commercial Paper [Member] | U.S. Commercial Paper [Member] | Diversified Financial Services [Member] | 1.43% Regency Markets No. 1, LLC Due 2018-01-05 [Member]
Face Value			$ 1,500,000
% Yield	[1]		1.43%
Fair Value			$ 1,499,763
% of Partners' Capital (Net Asset Value)			0.42%
Commercial Paper [Member] | U.S. Commercial Paper [Member] | Electronic equipment [Member] | 2.10% Molex Electronic Technologies, LLC Due 2018-04-09 [Member]
Face Value		$ 1,500,000
% Yield	[1]	2.10%
Fair Value		$ 1,499,303
% of Partners' Capital (Net Asset Value)		0.45%
Commercial Paper [Member] | U.S. Commercial Paper [Member] | Electronic equipment [Member] | 1.78% Molex Electronic Technologies, LLC Due 2018-01-16 [Member]
Face Value			$ 1,500,000
% Yield	[1]		1.78%
Fair Value			$ 1,498,894
% of Partners' Capital (Net Asset Value)			0.42%
Commercial Paper [Member] | U.S. Commercial Paper [Member] | Energy [Member] | 1.67% Chevron Corporation Due 2018-04-06 [Member]
Face Value		$ 1,500,000
% Yield	[1]	1.67%
Fair Value		$ 1,499,654
% of Partners' Capital (Net Asset Value)		0.45%
Commercial Paper [Member] | U.S. Commercial Paper [Member] | Energy [Member] | 1.92% Dominion Energy Inc Due 2018-04-10 [Member]
Face Value		$ 1,600,000
% Yield	[1]	1.92%
Fair Value		$ 1,599,236
% of Partners' Capital (Net Asset Value)		0.49%
Commercial Paper [Member] | U.S. Commercial Paper [Member] | Energy [Member] | 2.36% NextEra Energy Capital Holdings, Inc Due 2018-04-10 [Member]
Face Value		$ 1,500,000
% Yield	[1]	2.36%
Fair Value		$ 1,499,119
% of Partners' Capital (Net Asset Value)		0.45%
Commercial Paper [Member] | U.S. Commercial Paper [Member] | Energy [Member] | 2.07% Sempra Energy Global Enterprises Due 2018-04-25 [Member]
Face Value		$ 1,500,000
% Yield	[1]	2.07%
Fair Value		$ 1,497,940
% of Partners' Capital (Net Asset Value)		0.45%
Commercial Paper [Member] | U.S. Commercial Paper [Member] | Energy [Member] | 1.63% Oglethorpe Power Corporation Due 2018-01-25 [Member]
Face Value			$ 1,500,000
% Yield	[1]		1.63%
Fair Value			$ 1,498,380
% of Partners' Capital (Net Asset Value)			0.42%
Commercial Paper [Member] | U.S. Commercial Paper [Member] | Energy [Member] | 1.86% Sempra Energy Global Enterprises Due 2018-01-19 [Member]
Face Value			$ 1,600,000
% Yield	[1]		1.86%
Fair Value			$ 1,598,520
% of Partners' Capital (Net Asset Value)			0.44%
Commercial Paper [Member] | U.S. Commercial Paper [Member] | Energy [Member] | 1.71% Southern Company Funding Corporation Due 2018-01-10 [Member]
Face Value			$ 1,500,000
% Yield	[1]		1.71%
Fair Value			$ 1,499,363
% of Partners' Capital (Net Asset Value)			0.42%
Commercial Paper [Member] | U.S. Commercial Paper [Member] | Insurance [Member] | 2.26% AXA Financial, Inc. Due 2018-04-25 [Member]
Face Value		$ 1,500,000
% Yield	[1]	2.26%
Fair Value		$ 1,498,500
% of Partners' Capital (Net Asset Value)		0.45%
Commercial Paper [Member] | U.S. Commercial Paper [Member] | Insurance [Member] | 1.42% AXA Financial, Inc. Due 2018-01-18 [Member]
Face Value			$ 1,500,000
% Yield	[1]		1.42%
Fair Value			$ 1,499,001
% of Partners' Capital (Net Asset Value)			0.42%
Commercial Paper [Member] | U.S. Commercial Paper [Member] | Manufactoring [Member] | 2.11% Caterpillar Financial Services Corporation Due 2018-01-06 [Member]
Face Value		$ 1,500,000
% Yield	[1]	2.11%
Fair Value		$ 1,494,663
% of Partners' Capital (Net Asset Value)		0.45%
Commercial Paper [Member] | U.S. Commercial Paper [Member] | Manufactoring [Member] | 1.38% Caterpillar Financial Services Corporation Due 2018-01-22 [Member]
Face Value			$ 1,500,000
% Yield	[1]		1.38%
Fair Value			$ 1,498,801
% of Partners' Capital (Net Asset Value)			0.42%
Commercial Paper [Member] | U.S. Commercial Paper [Member] | Semiconductors [Member] | 2.16% Lam Research Corporation Due 2018-04-04 [Member]
Face Value		$ 1,500,000
% Yield	[1]	2.16%
Fair Value		$ 1,499,731
% of Partners' Capital (Net Asset Value)		0.45%
Commercial Paper [Member] | U.S. Commercial Paper [Member] | Semiconductors [Member] | 1.64% Lam Research Corporation Due 2018-01-09 [Member]
Face Value			$ 1,500,000
% Yield	[1]		1.64%
Fair Value			$ 1,499,457
% of Partners' Capital (Net Asset Value)			0.42%
Commercial Paper [Member] | U.S. Commercial Paper [Member] | Beverages [Member] | 1.68% Brown-Forman Corporation Due 2018-01-29 [Member]
Face Value			$ 1,500,000
% Yield	[1]		1.68%
Fair Value			$ 1,498,052
% of Partners' Capital (Net Asset Value)			0.42%
Commercial Paper [Member] | U.S. Commercial Paper [Member] | Computers [Member] | 1.62% Hewlett Packard Enterprise Company Due 2018-01-08 [Member]
Face Value			$ 1,500,000
% Yield	[1]		1.62%
Fair Value			$ 1,499,530
% of Partners' Capital (Net Asset Value)			0.42%
Commercial Paper [Member] | U.S. Commercial Paper [Member] | Nonprofit [Member] | 1.32% The Salvation Army Due 2018-01-05 [Member]
Face Value			$ 1,600,000
% Yield	[1]		1.32%
Fair Value			$ 1,599,765
% of Partners' Capital (Net Asset Value)			0.45%
Commercial Paper [Member] | Foreign Commercial Paper [Member]
Fair Value		$ 12,381,429	$ 7,694,592
% of Partners' Capital (Net Asset Value)		3.73%	2.16%
Investment Owned, at Cost		$ 12,359,275	$ 7,683,747
Commercial Paper [Member] | Foreign Commercial Paper [Member] | Banks [Member] | 2.05% Commonwealth Bank of Australia Due 2018-05-25 [Member]
Face Value		$ 1,500,000
% Yield	[1]	2.05%
Fair Value		$ 1,495,410
% of Partners' Capital (Net Asset Value)		0.45%
Commercial Paper [Member] | Foreign Commercial Paper [Member] | Banks [Member] | 2.13 %DBS Bank Ltd. Due 2018-01-05 [Member]
Face Value		$ 1,600,000
% Yield	[1]	2.13%
Fair Value		$ 1,593,342
% of Partners' Capital (Net Asset Value)		0.48%
Commercial Paper [Member] | Foreign Commercial Paper [Member] | Banks [Member] | 1.66% Bank of Nova Scotia Due 2018-04-03 [Member]
Face Value		$ 1,600,000
% Yield	[1]	1.66%
Fair Value		$ 1,599,853
% of Partners' Capital (Net Asset Value)		0.49%
Commercial Paper [Member] | Foreign Commercial Paper [Member] | Banks [Member] | 1.73% KfW (Kreditanstalt fur Wiederaufbau) Due 2018-04-27 [Member]
Face Value		$ 1,500,000
% Yield	[1]	1.73%
Fair Value		$ 1,498,137
% of Partners' Capital (Net Asset Value)		0.45%
Commercial Paper [Member] | Foreign Commercial Paper [Member] | Banks [Member] | 169.84% Bank of Nova Scotia Due 2018-02-02 [Member]
Face Value			$ 1,500,000
% Yield	[1]		169.84%
Fair Value			$ 1,497,746
% of Partners' Capital (Net Asset Value)			0.42%
Commercial Paper [Member] | Foreign Commercial Paper [Member] | Banks [Member] | 135.47% DBS Bank Ltd. Due 2018-01-05 [Member]
Face Value			$ 1,600,000
% Yield	[1]		135.47%
Fair Value			$ 1,599,760
% of Partners' Capital (Net Asset Value)			0.45%
Commercial Paper [Member] | Foreign Commercial Paper [Member] | Banks [Member] | 130.43% KfW (Kreditanstalt fur Wiederaufbau) Due 2018-01-04 [Member]
Face Value			$ 1,500,000
% Yield	[1]		130.43%
Fair Value			$ 1,499,838
% of Partners' Capital (Net Asset Value)			0.42%
Commercial Paper [Member] | Foreign Commercial Paper [Member] | Diversified Financial Services [Member] | 1.81% Ontario Teachers' Finance Trust Due 2018-01-08 [Member]
Face Value		$ 1,600,000
% Yield	[1]	1.81%
Fair Value		$ 1,598,480
% of Partners' Capital (Net Asset Value)		0.48%
Commercial Paper [Member] | Foreign Commercial Paper [Member] | Energy [Member] | 165.71% Total Capital Canada Ltd. Due 2018-01-08 [Member]
Face Value			$ 1,500,000
% Yield	[1]		165.71%
Fair Value			$ 1,499,519
% of Partners' Capital (Net Asset Value)			0.42%
Commercial Paper [Member] | Foreign Commercial Paper [Member] | Insurance [Member] | 1.80% Prudential Public Limited Company Due 2018-04-16 [Member]
Face Value		$ 1,500,000
% Yield	[1]	1.80%
Fair Value		$ 1,498,881
% of Partners' Capital (Net Asset Value)		0.45%
Commercial Paper [Member] | Foreign Commercial Paper [Member] | Machinery [Member] | 1.71% John Deere Financial Inc. Due 2018-04-20 [Member]
Face Value		$ 1,500,000
% Yield	[1]	1.71%
Fair Value		$ 1,498,654
% of Partners' Capital (Net Asset Value)		0.45%
Commercial Paper [Member] | Foreign Commercial Paper [Member] | Telecommunications [Member] | 1.67% Telstra Corporation Limited Due 2018-04-19 [Member]
Face Value		$ 1,600,000
% Yield	[1]	1.67%
Fair Value		$ 1,598,672
% of Partners' Capital (Net Asset Value)		0.48%
Commercial Paper [Member] | Foreign Commercial Paper [Member] | Telecommunications [Member] | 146.64% Telstra Corporation Limited Due 2018-02-05 [Member]
Face Value			$ 1,600,000
% Yield	[1]		146.64%
Fair Value			$ 1,597,729
% of Partners' Capital (Net Asset Value)			0.45%

[1] Represents the annualized yield at date of purchase for discount securities or the stated coupon rate for coupon-bearing securities.

XML

Consolidated Condensed Schedule of Investments Corporate Notes (unaudited) - USD ($)		Mar. 31, 2018	Dec. 31, 2017
% of Partners' Capital (Net Asset Value)		70.43%	66.39%
Investment Owned, at Cost		$ 234,548,879	$ 237,596,840
Corporate Notes [Member]
Fair Value		$ 129,232,316	$ 129,299,879
% of Partners' Capital (Net Asset Value)		38.92%	36.16%
Investment Owned, at Cost		$ 129,982,376	$ 129,608,811
Corporate Notes [Member] | U.S. Corporate Notes [Member]
Fair Value		$ 88,148,117	$ 94,039,929
% of Partners' Capital (Net Asset Value)		26.55%	26.30%
Investment Owned, at Cost		$ 88,935,191	$ 94,458,841
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Banks [Member] | 2.50% Citigroup Inc. Due 2020-01-10 [Member]
Face Value		$ 4,250,000
% Yield	[1]	2.50%
Fair Value		$ 4,298,705
% of Partners' Capital (Net Asset Value)		1.29%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Banks [Member] | 1.57% Credit Suisse AG Due 2018-04-27 [Member]
Face Value		$ 6,950,000	$ 6,950,000
% Yield	[1]	2.44%	2.05%
Fair Value		$ 6,980,669	$ 6,986,324
% of Partners' Capital (Net Asset Value)		2.10%	1.94%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Banks [Member] | 1.7% JPMorgan Chase & Co. Due 2018-03-01 [Member]
Face Value		$ 3,000,000	$ 3,000,000
% Yield	[1]	2.97%	2.58%
Fair Value		$ 3,078,951	$ 3,080,581
% of Partners' Capital (Net Asset Value)		0.93%	0.86%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Banks [Member] | 1.62% Wells Fargo Bank, National Association Due 2018-01-22 [Member]
Face Value		$ 4,750,000
% Yield	[1]	2.60%
Fair Value		$ 4,706,258
% of Partners' Capital (Net Asset Value)		1.42%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Banks [Member] | 1.97% MUFG Americas Holdings Corporation Due 2018-02-09 [Member]
Face Value			$ 6,625,000
% Yield	[1]		1.97%
Fair Value			$ 6,645,233
% of Partners' Capital (Net Asset Value)			1.86%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Computers [Member] | 1.70% Apple Inc. Due 2019-02-22 [Member]
Face Value		$ 2,000,000	$ 2,000,000
% Yield	[1]	1.70%	1.70%
Fair Value		$ 1,992,289	$ 2,007,229
% of Partners' Capital (Net Asset Value)		0.60%	0.56%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Computers [Member] | 2.74% Apple Inc. Due 2019-02-22 [Member]
Face Value		$ 3,000,000
% Yield	[1]	2.74%
Fair Value		$ 3,029,718
% of Partners' Capital (Net Asset Value)		0.91%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Computers [Member] | 2.27% Apple Inc. Due 2019-02-22 [Member]
Face Value			$ 3,000,000
% Yield	[1]		2.27%
Fair Value			$ 3,033,911
% of Partners' Capital (Net Asset Value)			0.85%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Diversified Financial Services [Member] | 7.5% Goldman Sachs Group, Inc. Due 2019-02-15 [Member]
Face Value		$ 2,600,000	$ 2,250,000
% Yield	[1]	7.50%	2.41%
Fair Value		$ 2,729,385	$ 2,278,614
% of Partners' Capital (Net Asset Value)		0.82%	0.64%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Diversified Financial Services [Member] | 2.79% Goldman Sachs Group, Inc. Due 2019-04-25 [Member]
Face Value		$ 2,250,000
% Yield	[1]	2.79%
Fair Value		$ 2,276,609
% of Partners' Capital (Net Asset Value)		0.69%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Diversified Financial Services [Member] | 2.50% Intercontinental Exchange, Inc. Due 2018-10-15 [Member]
Face Value		$ 3,000,000	$ 3,000,000
% Yield	[1]	2.50%	2.50%
Fair Value		$ 3,034,253	$ 3,027,533
% of Partners' Capital (Net Asset Value)		0.91%	0.85%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Diversified Financial Services [Member] | 2.45% Morgan Stanley Due 2019-02-01 [Member]
Face Value		$ 3,000,000	$ 3,000,000
% Yield	[1]	2.45%	2.45%
Fair Value		$ 3,006,100	$ 3,038,005
% of Partners' Capital (Net Asset Value)		0.91%	0.85%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Diversified Financial Services [Member] | 7.50% Goldman Sachs Group, Inc. Due 2019-02-15 [Member]
Face Value			$ 2,600,000
% Yield	[1]		7.50%
Fair Value			$ 2,821,243
% of Partners' Capital (Net Asset Value)			0.79%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Healthcare [Member] | 1.70% Aetna Inc. Due 2018-06-07 [Member]
Face Value		$ 7,500,000
% Yield	[1]	1.70%
Fair Value		$ 7,532,050
% of Partners' Capital (Net Asset Value)		2.27%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Healthcare [Member] | 2% Zimmer Biomet Holdings, Inc. Due 2018-04-01 [Member]
Face Value		$ 6,325,000	$ 6,325,000
% Yield	[1]	2.00%	2.00%
Fair Value		$ 6,388,250	$ 6,358,902
% of Partners' Capital (Net Asset Value)		1.92%	1.78%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Healthcare [Member] | 1.70% Aetna Inc. Due 2018-06-07 [Member]
Face Value			$ 7,500,000
% Yield	[1]		1.70%
Fair Value			$ 7,496,650
% of Partners' Capital (Net Asset Value)			2.10%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Healthcare [Member] | 1.88% Aetna Inc. Due 2018-01-15 [Member]
Face Value			$ 500,000
% Yield	[1]		1.88%
Fair Value			$ 504,288
% of Partners' Capital (Net Asset Value)			0.14%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Media [Member] | 2.91% Discovery Communications, LLCDiscovery Communications, LLC. Due 2019-09-20 [Member]
Face Value		$ 3,000,000	$ 3,000,000
% Yield	[1]	2.91%	2.34%
Fair Value		$ 3,017,072	$ 3,018,925
% of Partners' Capital (Net Asset Value)		0.91%	0.84%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Energy [Member] | 2.80% Enterprise Products Operating LLC Due 2021-02-15 [Member]
Face Value		$ 4,850,000
% Yield	[1]	2.80%
Fair Value		$ 4,813,614
% of Partners' Capital (Net Asset Value)		1.45%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Pharmaceutical [Member] | 1.8% AbbVie Inc. Due 2018-05-14 [Member]
Face Value		$ 5,775,000
% Yield	[1]	1.80%
Fair Value		$ 5,810,343
% of Partners' Capital (Net Asset Value)		1.75%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Pharmaceutical [Member] | 2.26% Amgen Inc. Due 2020-05-11 [Member]
Face Value		$ 4,200,000
% Yield	[1]	2.26%
Fair Value		$ 4,216,901
% of Partners' Capital (Net Asset Value)		1.27%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Retail [Member] | 1.9% CVS Health Corporation Due 2018-07-20 [Member]
Face Value		$ 6,000,000	$ 6,000,000
% Yield	[1]	1.90%	1.90%
Fair Value		$ 6,009,883	$ 6,049,123
% of Partners' Capital (Net Asset Value)		1.81%	1.69%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Retail [Member] | 2.25% Home Depot, Inc. Due 2018-09-10 [Member]
Face Value		$ 3,000,000	$ 3,000,000
% Yield	[1]	2.25%	2.25%
Fair Value		$ 3,001,928	$ 3,029,363
% of Partners' Capital (Net Asset Value)		0.90%	0.85%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Software [Member] | 2.25% Oracle Corporation Due 2019-08-19 [Member]
Face Value		$ 3,500,000
% Yield	[1]	2.25%
Fair Value		$ 3,516,879
% of Partners' Capital (Net Asset Value)		1.06%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Software [Member] | 1.07% Oracle Corporation Due 2017-07-07 [Member]
Face Value			$ 3,500,000
% Yield	[1]		2.25%
Fair Value			$ 3,533,591
% of Partners' Capital (Net Asset Value)			0.99%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Telecommunications [Member] | 5.80% ATAndT Inc. Due 2019-02-15 [Member]
Face Value		$ 6,000,000	$ 6,000,000
% Yield	[1]	5.80%	5.80%
Fair Value		$ 6,196,267	$ 6,357,427
% of Partners' Capital (Net Asset Value)		1.87%	1.78%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Telecommunications [Member] | 1.35% Verizon Communications Inc. Due 2017-06-09 [Member]
Face Value		$ 2,500,000
% Yield	[1]	2.54%
Fair Value		$ 2,511,993
% of Partners' Capital (Net Asset Value)		0.76%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Telecommunications [Member] | 1.97% Cisco Systems, Inc. Due 2019-09-20 [Member]
Face Value			$ 2,500,000
% Yield	[1]		1.97%
Fair Value			$ 2,516,388
% of Partners' Capital (Net Asset Value)			0.70%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Automotive [Member] | 1.91% Daimler Finance North America LLC Due 2018-03-02 [Member]
Face Value			$ 5,700,000
% Yield	[1]		1.91%
Fair Value			$ 5,709,253
% of Partners' Capital (Net Asset Value)			1.60%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Automotive [Member] | 2.29% Ford Motor Credit Company LLC Due 2018-01-09 [Member]
Face Value			$ 6,500,000
% Yield	[1]		2.29%
Fair Value			$ 6,534,842
% of Partners' Capital (Net Asset Value)			1.83%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Pharmaceuticals [Member] | 2.26% Amgen Inc. Due 2020-05-11 [Member]
Face Value			$ 4,200,000
% Yield	[1]		1.86%
Fair Value			$ 4,226,820
% of Partners' Capital (Net Asset Value)			1.18%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Pharmaceuticals [Member] | 1.80% AbbVie Inc. Due 2018-05-14 [Member]
Face Value			$ 5,775,000
% Yield	[1]		1.80%
Fair Value			$ 5,785,684
% of Partners' Capital (Net Asset Value)			1.62%
Corporate Notes [Member] | Foreign Corporate Notes [Member]
Fair Value		$ 41,084,199	$ 35,259,950
% of Partners' Capital (Net Asset Value)		12.37%	9.86%
Investment Owned, at Cost		$ 41,047,185	$ 35,149,970
Corporate Notes [Member] | Foreign Corporate Notes [Member] | Banks [Member] | 2.37% ABN AMRO Bank N.V. Due 2019-01-18 [Member]
Face Value		$ 6,000,000
% Yield	[1]	2.37%
Fair Value		$ 6,047,305
% of Partners' Capital (Net Asset Value)		1.82%
Corporate Notes [Member] | Foreign Corporate Notes [Member] | Banks [Member] | 2.20% Danske Bank A/S Due 2020-03-02 [Member]
Face Value		$ 5,500,000
% Yield	[1]	2.20%
Fair Value		$ 5,427,962
% of Partners' Capital (Net Asset Value)		1.63%
Corporate Notes [Member] | Foreign Corporate Notes [Member] | Banks [Member] | 2.66% ING Bank N.V. Due 2018-08-17 [Member]
Face Value		$ 4,000,000
% Yield	[1]	2.66%
Fair Value		$ 4,020,484
% of Partners' Capital (Net Asset Value)		1.21%
Corporate Notes [Member] | Foreign Corporate Notes [Member] | Banks [Member] | 2.38% National Australia Bank Limited Due 2018-07-23 [Member]
Face Value		$ 3,500,000
% Yield	[1]	2.38%
Fair Value		$ 3,520,734
% of Partners' Capital (Net Asset Value)		1.06%
Corporate Notes [Member] | Foreign Corporate Notes [Member] | Banks [Member] | 1.69% ING Bank N.V. Due 2018-08-17 [Member]
Face Value			$ 4,000,000
% Yield	[1]		2.20%
Fair Value			$ 4,026,210
% of Partners' Capital (Net Asset Value)			1.13%
Corporate Notes [Member] | Foreign Corporate Notes [Member] | Banks [Member] | 2.00% National Australia Bank Limited Due 2018-07-23 [Member]
Face Value			$ 3,500,000
% Yield	[1]		2.00%
Fair Value			$ 3,523,463
% of Partners' Capital (Net Asset Value)			0.99%
Corporate Notes [Member] | Foreign Corporate Notes [Member] | Banks [Member] | 1.38% ABN AMRO Bank N.V. Due 2016-01-22 [Member]
Face Value			$ 6,000,000
% Yield	[1]		1.99%
Fair Value			$ 6,049,704
% of Partners' Capital (Net Asset Value)			1.69%
Corporate Notes [Member] | Foreign Corporate Notes [Member] | Energy [Member] | 1.68% BP Capital Markets P.L.C. Due 2019-05-03 [Member]
Face Value		$ 5,500,000	$ 5,500,000
% Yield	[1]	1.68%	1.68%
Fair Value		$ 5,481,026	$ 5,485,426
% of Partners' Capital (Net Asset Value)		1.65%	1.53%
Corporate Notes [Member] | Foreign Corporate Notes [Member] | Energy [Member] | 1.2% Shell International Finance B.V. Due 2017-05-10 [Member]
Face Value			$ 5,500,000
% Yield	[1]		1.38%
Fair Value			$ 5,454,808
% of Partners' Capital (Net Asset Value)			1.53%
Corporate Notes [Member] | Foreign Corporate Notes [Member] | Energy [Member] | 2.13% Shell International Finance B.V. Due 2020-05-11 [Member]
Face Value		$ 2,500,000	$ 2,500,000
% Yield	[1]	2.13%	2.13%
Fair Value		$ 2,482,535	$ 2,502,003
% of Partners' Capital (Net Asset Value)		0.75%	0.70%
Corporate Notes [Member] | Foreign Corporate Notes [Member] | Energy [Member] | 1.38% Shell International Finance B.V. Due 2019-09-12 [Member]
Face Value		$ 5,500,000
% Yield	[1]	1.38%
Fair Value		$ 5,405,266
% of Partners' Capital (Net Asset Value)		1.63%
Corporate Notes [Member] | Foreign Corporate Notes [Member] | Pharmaceutical [Member] | 2.34% GE Capital International Funding Company Due 2020-11-15 [Member]
Face Value		$ 6,500,000
% Yield	[1]	2.34%
Fair Value		$ 6,413,274
% of Partners' Capital (Net Asset Value)		1.93%
Corporate Notes [Member] | Foreign Corporate Notes [Member] | Pharmaceutical [Member] | 3.33% Allergan Funding SCS Due 2020-03-12 [Member]
Face Value		$ 2,250,000
% Yield	[1]	3.33%
Fair Value		$ 2,285,613
% of Partners' Capital (Net Asset Value)		0.69%
Corporate Notes [Member] | Foreign Corporate Notes [Member] | Pharmaceuticals [Member] | 3.33% Allergan Funding SCS Due 2020-03-12 [Member]
Face Value			$ 5,915,000
% Yield	[1]		2.63%
Fair Value			$ 5,932,274
% of Partners' Capital (Net Asset Value)			1.66%
Corporate Notes [Member] | Foreign Corporate Notes [Member] | Pharmaceuticals [Member] | 2.80% Allergan Funding SCS Due 2020-03-12 [Member]
Face Value			$ 2,250,000
% Yield	[1]		2.80%
Fair Value			$ 2,286,062
% of Partners' Capital (Net Asset Value)			0.63%

[1] Represents the annualized yield at date of purchase for discount securities, the stated coupon rate for coupon-bearing securities, or the stated interest rate for certificates of deposit.

XML

Consolidated Condensed Schedule of Investments U.S. Asset Backed Securities (unaudited) - USD ($)		Mar. 31, 2018	Dec. 31, 2017
% of Partners' Capital (Net Asset Value)		70.43%	66.39%
Investment Owned, at Cost		$ 234,548,879	$ 237,596,840
U.S. Asset Backed Securities [Member]
Fair Value		$ 11,627,101	$ 11,574,641
% of Partners' Capital (Net Asset Value)		3.51%	3.24%
Investment Owned, at Cost		$ 11,654,652	$ 11,584,417
U.S. Asset Backed Securities [Member] | Automotive [Member] | 2.40% Americredit Automobile Receivables Trust 2017-1 Due 2021-01-08 [Member]
Face Value		$ 700,000
% Yield	[1]	2.40%
Fair Value		$ 698,576
% of Partners' Capital (Net Asset Value)		0.21%
U.S. Asset Backed Securities [Member] | Automotive [Member] | 1.51% Americredit Automobile Receivables Trust 2017-1 Due 2020-05-18 [Member]
Face Value		$ 70,787	$ 98,838
% Yield	[1]	1.51%	1.51%
Fair Value		$ 70,603	$ 98,733
% of Partners' Capital (Net Asset Value)		0.02%	0.03%
U.S. Asset Backed Securities [Member] | Automotive [Member] | 1.82% Ari Fleet Lease Trust 2016-A Due 2024-07-15 [Member]
Face Value		$ 101,095	$ 146,957
% Yield	[1]	1.82%	1.82%
Fair Value		$ 100,969	$ 147,004
% of Partners' Capital (Net Asset Value)		0.03%	0.04%
U.S. Asset Backed Securities [Member] | Automotive [Member] | 1.73% Capital Auto Receivables Asset Trust 2015-2 Due 2017-10-20 [Member]
Face Value		$ 149,548
% Yield	[1]	1.73%
Fair Value		$ 149,437
% of Partners' Capital (Net Asset Value)		0.04%
U.S. Asset Backed Securities [Member] | Automotive [Member] | 1.21% CarMax Auto Owner Trust 2016-4 Due 2019-11-15 [Member]
Face Value		$ 217,356	$ 356,197
% Yield	[1]	1.21%	1.21%
Fair Value		$ 216,973	$ 355,640
% of Partners' Capital (Net Asset Value)		0.07%	0.10%
U.S. Asset Backed Securities [Member] | Automotive [Member] | 1.64% CarMax Auto Owner Trust 2017-3 Due 2020-09-15 [Member]
Face Value		$ 428,978	$ 450,000
% Yield	[1]	1.64%	1.64%
Fair Value		$ 427,171	$ 449,383
% of Partners' Capital (Net Asset Value)		0.13%	0.13%
U.S. Asset Backed Securities [Member] | Automotive [Member] | 2.06% Drive Auto Receivables Trust 2017-2 Due 2019-08-15 [Member]
Face Value			$ 36,581
% Yield	[1]		2.06%
Fair Value			$ 36,616
% of Partners' Capital (Net Asset Value)			0.01%
U.S. Asset Backed Securities [Member] | Automotive [Member] | 1.85% Drive Auto Receivables Trust 2017-3 Due 2020-04-15 [Member]
Face Value		$ 650,000	$ 650,000
% Yield	[1]	1.85%	1.85%
Fair Value		$ 648,740	$ 649,605
% of Partners' Capital (Net Asset Value)		0.20%	0.18%
U.S. Asset Backed Securities [Member] | Automotive [Member] | 1.77% Drive Auto Receivables Trust 2017-A Due 2020-01-15 [Member]
Face Value		$ 22,640	$ 330,485
% Yield	[1]	1.77%	1.77%
Fair Value		$ 22,652	$ 330,643
% of Partners' Capital (Net Asset Value)		0.01%	0.09%
U.S. Asset Backed Securities [Member] | Automotive [Member] | 1.59% Enterprise Fleet Financing, LLC Due 2021-02-21 [Member]
Face Value		$ 77,221
% Yield	[1]	1.59%
Fair Value		$ 77,192
% of Partners' Capital (Net Asset Value)		0.02%
U.S. Asset Backed Securities [Member] | Automotive [Member] | 1.72% GM Financial Automobile Leasing Trust 2017-2 Due 2020-01-20 [Member]
Face Value		$ 264,668	$ 300,000
% Yield	[1]	1.72%	1.72%
Fair Value		$ 263,385	$ 299,567
% of Partners' Capital (Net Asset Value)		0.08%	0.08%
U.S. Asset Backed Securities [Member] | Automotive [Member] | 1.48% Hyundai Auto Receivables Trust 2017-A Due 2020-02-18 [Member]
Face Value		$ 524,207	$ 697,342
% Yield	[1]	1.48%	1.48%
Fair Value		$ 522,560	$ 696,699
% of Partners' Capital (Net Asset Value)		0.16%	0.19%
U.S. Asset Backed Securities [Member] | Automotive [Member] | 2.20% Mercedes- Benz Auto Lease Trust 2018-A Due 2020-15-04 [Member]
Face Value		$ 675,000
% Yield	[1]	2.20%
Fair Value		$ 673,736
% of Partners' Capital (Net Asset Value)		0.20%
U.S. Asset Backed Securities [Member] | Automotive [Member] | 1.98% Mercedes-Benz Auto Lease Trust 2018-A Due 2019-08-15 [Member]
Face Value		$ 727,526	$ 938,786
% Yield	[1]	1.98%	1.68%
Fair Value		$ 728,307	$ 939,698
% of Partners' Capital (Net Asset Value)		0.22%	0.26%
U.S. Asset Backed Securities [Member] | Automotive [Member] | 1.64% Nissan Auto Lease Trust 2017-A Due 2019-09-16 [Member]
Face Value		$ 612,240	$ 700,000
% Yield	[1]	1.64%	1.64%
Fair Value		$ 609,699	$ 698,739
% of Partners' Capital (Net Asset Value)		0.18%	0.20%
U.S. Asset Backed Securities [Member] | Automotive [Member] | 2.08% Santander Drive Auto Receivables Trust 2016-2 Due 2021-02-16 [Member]
Face Value		$ 650,000	$ 650,000
% Yield	[1]	2.08%	2.08%
Fair Value		$ 649,054	$ 650,731
% of Partners' Capital (Net Asset Value)		0.20%	0.18%
U.S. Asset Backed Securities [Member] | Automotive [Member] | 2.12% Santander Drive Auto Receivables Trust 2017-1 Due 2019-05-15 [Member]
Face Value		$ 34,913	$ 333,862
% Yield	[1]	2.12%	1.82%
Fair Value		$ 34,964	$ 334,219
% of Partners' Capital (Net Asset Value)		0.01%	0.09%
U.S. Asset Backed Securities [Member] | Automotive [Member] | 1.67% Santander Drive Auto Receivables Trust 2017-3 Due 2020-06-15 [Member]
Face Value		$ 252,756	$ 300,000
% Yield	[1]	1.67%	1.67%
Fair Value		$ 252,289	$ 299,683
% of Partners' Capital (Net Asset Value)		0.08%	0.08%
U.S. Asset Backed Securities [Member] | Automotive [Member] | 2.02% Santander Retail Auto Lease Trust 2017-A Due 2020-03-20 [Member]
Face Value		$ 350,000	$ 350,000
% Yield	[1]	2.02%	2.02%
Fair Value		$ 348,281	$ 349,621
% of Partners' Capital (Net Asset Value)		0.10%	0.11%
U.S. Asset Backed Securities [Member] | Automotive [Member] | 2.32% Tesla Auto Lease Trust 2018-A Due 2019-12-20 [Member]
Face Value		$ 229,614
% Yield	[1]	2.32%
Fair Value		$ 229,319
% of Partners' Capital (Net Asset Value)		0.07%
U.S. Asset Backed Securities [Member] | Automotive [Member] | 1.73% Capital Auto Receivables Asset Trust 2015-2 Due 2019-09-20 [Member]
Face Value			$ 336,449
% Yield	[1]		1.73%
Fair Value			$ 336,620
% of Partners' Capital (Net Asset Value)			0.09%
U.S. Asset Backed Securities [Member] | Automotive [Member] | 1.92% Capital Auto Receivables Asset Trust 2016-3 Due 2019-04-22 [Member]
Face Value			$ 37,929
% Yield	[1]		1.92%
Fair Value			$ 37,965
% of Partners' Capital (Net Asset Value)			0.01%
U.S. Asset Backed Securities [Member] | Automotive [Member] | 1.67% Drive Auto Receivables Trust 2016-C Due 2019-11-15 [Member]
Face Value			$ 99,576
% Yield	[1]		1.67%
Fair Value			$ 99,636
% of Partners' Capital (Net Asset Value)			0.03%
U.S. Asset Backed Securities [Member] | Automotive [Member] | 1.76% Drive Auto Receivables Trust 2017-2 Due 2019-08-15 [Member]
Face Value			$ 228,248
% Yield	[1]		1.76%
Fair Value			$ 228,446
% of Partners' Capital (Net Asset Value)			0.06%
U.S. Asset Backed Securities [Member] | Automotive [Member] | 1.59% Enterprise Fleet Financing, LLC Due 2021-02-22 [Member]
Face Value			$ 164,867
% Yield	[1]		1.59%
Fair Value			$ 164,807
% of Partners' Capital (Net Asset Value)			0.05%
U.S. Asset Backed Securities [Member] | Automotive [Member] | 1.34% Santander Drive Auto Receivables Trust 2016-3 Due 2019-11-15 [Member]
Face Value			$ 66,077
% Yield	[1]		1.34%
Fair Value			$ 66,091
% of Partners' Capital (Net Asset Value)			0.02%
U.S. Asset Backed Securities [Member] | Credit Card [Member] | 2.23% Capital One Multi-Asset Execution Trust Due 2019-04-15 [Member]
Face Value		$ 325,000
% Yield	[1]	2.23%
Fair Value		$ 326,346
% of Partners' Capital (Net Asset Value)		0.10%
U.S. Asset Backed Securities [Member] | Credit Card [Member] | 1.22% Discover Card Execution Note Trust Due 2019-10-15 [Member]
Face Value		$ 600,000	$ 600,000
% Yield	[1]	1.64%	1.64%
Fair Value		$ 596,393	$ 598,529
% of Partners' Capital (Net Asset Value)		0.18%	0.17%
U.S. Asset Backed Securities [Member] | Credit Card [Member] | 2.19% Chase Issuance Trust Due 2019-05-19 [Member]
Face Value		$ 175,000
% Yield	[1]	2.19%
Fair Value		$ 175,671
% of Partners' Capital (Net Asset Value)		0.05%
U.S. Asset Backed Securities [Member] | Credit Card [Member] | 1.44% World Financial Network CC Master Note Trust Due 2018-08-15 [Member]
Face Value		$ 600,000	$ 600,000
% Yield	[1]	1.44%	1.44%
Fair Value		$ 597,876	$ 598,614
% of Partners' Capital (Net Asset Value)		18.00%	0.17%
U.S. Asset Backed Securities [Member] | Equipment [Member] | 1.59% CNH Equipment Trust 2017-B Due 2020-11-16 [Member]
Face Value		$ 371,228	$ 400,000
% Yield	[1]	1.59%	1.59%
Fair Value		$ 369,731	$ 399,107
% of Partners' Capital (Net Asset Value)		0.11%	0.11%
U.S. Asset Backed Securities [Member] | Equipment [Member] | 1.97% Dell Equipment Finance Trust 2017-2 Due 2020-02-24 [Member]
Face Value		$ 625,000	$ 625,000
% Yield	[1]	1.97%	1.97%
Fair Value		$ 622,433	$ 624,052
% of Partners' Capital (Net Asset Value)		0.19%	0.17%
U.S. Asset Backed Securities [Member] | Equipment [Member] | 1.73% GreatAmerica Leasing Receivables Funding, LLC Due 2019-06-20 [Member]
Face Value		$ 731,765	$ 1,121,319
% Yield	[1]	1.73%	1.73%
Fair Value		$ 730,227	$ 1,120,812
% of Partners' Capital (Net Asset Value)		0.22%	0.31%
U.S. Asset Backed Securities [Member] | Equipment [Member] | 1.72% Dell Equipment Finance Trust 2015-2 Due 2020-09-22 [Member]
Face Value			$ 80,251
% Yield	[1]		1.72%
Fair Value			$ 80,277
% of Partners' Capital (Net Asset Value)			0.02%
U.S. Asset Backed Securities [Member] | Student Loans [Member] | 1.68% Sofi Professional Loan Program 2016-B Due 2031-03-25 [Member]
Face Value		$ 169,367	$ 358,771
% Yield	[1]	1.68%	1.68%
Fair Value		$ 169,120	$ 358,455
% of Partners' Capital (Net Asset Value)		0.05%	0.11%
U.S. Asset Backed Securities [Member] | Student Loans [Member] | 1.86% Navient Student Loan Trust 2018-1 Due 2067-03-25 [Member]
Face Value		$ 527,326
% Yield	[1]	1.86%
Fair Value		$ 527,317
% of Partners' Capital (Net Asset Value)		0.16%
U.S. Asset Backed Securities [Member] | Student Loans [Member] | 2.12% Navient Student Loan Trust 2018-1 Due 2067-03-25 [Member]
Face Value		$ 650,000
% Yield	[1]	2.12%
Fair Value		$ 650,115
% of Partners' Capital (Net Asset Value)		0.20%
U.S. Asset Backed Securities [Member] | Student Loans [Member] | 2.43% SMB Private Education Loan Trust 2016-B Due 2023-11-15 [Member]
Face Value		$ 169,367	$ 560,237
% Yield	[1]	1.68%	2.13%
Fair Value		$ 169,120	$ 561,265
% of Partners' Capital (Net Asset Value)		0.05%	0.16%

[1] Represents the annualized yield at date of purchase for discount securities, the stated coupon rate for coupon-bearing securities, or the stated interest rate for certificates of deposit.

XML

Consolidated Condensed Schedule of Investments Open Futures Contracts (unaudited) - USD ($)		Mar. 31, 2018	Dec. 31, 2017
% of Partners' Capital (Net Asset Value)		70.43%	66.39%
Investment Owned, at Cost		$ 234,548,879	$ 237,596,840
U.S. Futures Contracts [Member]
Fair Value		$ 720,973	$ 10,070,943
% of Partners' Capital (Net Asset Value)		0.22%	2.82%
U.S. Futures Contracts [Member] | Long U.S. Futures Contracts [Member]
Fair Value		$ (7,503,075)	$ 21,997,800
% of Partners' Capital (Net Asset Value)		(2.26%)	6.16%
U.S. Futures Contracts [Member] | Long U.S. Futures Contracts [Member] | Agricultural Commodities [Member]
Fair Value		$ 282,003	$ 305,151
% of Partners' Capital (Net Asset Value)		0.08%	0.09%
U.S. Futures Contracts [Member] | Long U.S. Futures Contracts [Member] | Currencies [Member]
Fair Value		$ (160,697)	$ 1,214,348
% of Partners' Capital (Net Asset Value)		(0.05%)	0.34%
U.S. Futures Contracts [Member] | Long U.S. Futures Contracts [Member] | Energy [Member]
Fair Value		$ 2,026,226	$ 4,890,568	[1]
% of Partners' Capital (Net Asset Value)		0.61%	1.37%	[1]
U.S. Futures Contracts [Member] | Long U.S. Futures Contracts [Member] | Equity Indices [Member]
Fair Value		$ (953,605)	$ 1,917,330
% of Partners' Capital (Net Asset Value)		(0.29%)	0.53%
U.S. Futures Contracts [Member] | Long U.S. Futures Contracts [Member] | Interest Rate Instruments [Member]
Fair Value		$ 306,060	$ 168,325
% of Partners' Capital (Net Asset Value)		0.09%	0.05%
U.S. Futures Contracts [Member] | Long U.S. Futures Contracts [Member] | Copper LME (504 contracts, Jan-May 2018) [Member]
Fair Value		$ (4,041,748)	$ 4,962,173
% of Partners' Capital (Net Asset Value)		(1.21%)	1.39%
U.S. Futures Contracts [Member] | Long U.S. Futures Contracts [Member] | Other [Member]
Fair Value	[1]	$ (4,566,932)	$ 8,470,155
% of Partners' Capital (Net Asset Value)	[1]	(1.37%)	2.37%
U.S. Futures Contracts [Member] | Long U.S. Futures Contracts [Member] | Single Stock Futures [Member]
Fair Value		$ (394,382)	$ 69,750
% of Partners' Capital (Net Asset Value)		(0.12%)	0.02%
U.S. Futures Contracts [Member] | Short U.S. Futures Contracts [Member]
Fair Value		$ 8,224,048	$ (11,926,857)
% of Partners' Capital (Net Asset Value)		2.48%	(3.34%)
U.S. Futures Contracts [Member] | Short U.S. Futures Contracts [Member] | Agricultural Commodities [Member]
Fair Value		$ 893,791	$ 445,659
% of Partners' Capital (Net Asset Value)		0.27%	0.12%
U.S. Futures Contracts [Member] | Short U.S. Futures Contracts [Member] | Currencies [Member]
Fair Value		$ (33,139)	$ (800,473)
% of Partners' Capital (Net Asset Value)		(0.01%)	(0.22%)
U.S. Futures Contracts [Member] | Short U.S. Futures Contracts [Member] | Energy [Member]
Fair Value		$ (9,074)	$ (1,010,725)
% of Partners' Capital (Net Asset Value)		0.00%	(0.28%)
U.S. Futures Contracts [Member] | Short U.S. Futures Contracts [Member] | Equity Indices [Member]
Fair Value		$ 356,413	$ (468,325)
% of Partners' Capital (Net Asset Value)		0.11%	(0.13%)
U.S. Futures Contracts [Member] | Short U.S. Futures Contracts [Member] | Interest Rate Instruments [Member]
Fair Value		$ (1,150,901)	$ 896,903
% of Partners' Capital (Net Asset Value)		(0.35%)	0.25%
U.S. Futures Contracts [Member] | Short U.S. Futures Contracts [Member] | Copper LME (504 contracts, Jan-May 2018) [Member]
Fair Value		$ 3,960,344
% of Partners' Capital (Net Asset Value)		1.19%
U.S. Futures Contracts [Member] | Short U.S. Futures Contracts [Member] | Other [Member]
Fair Value	[1]	$ 4,177,984	$ (6,851,903)
% of Partners' Capital (Net Asset Value)	[1]	1.26%	(1.92%)
U.S. Futures Contracts [Member] | Short U.S. Futures Contracts [Member] | Single Stock Futures [Member]
Fair Value		$ 28,630	$ (34,323)
% of Partners' Capital (Net Asset Value)		0.01%	(0.01%)
U.S. Futures Contracts [Member] | Short U.S. Futures Contracts [Member] | Copper LME (424 contracts, Jan-Mar 2018) [Member]
Fair Value	[1]		$ (4,103,670)
% of Partners' Capital (Net Asset Value)	[1]		(1.15%)
Foreign Futures Contracts [Member]
Fair Value		$ 2,338,619	$ (1,140,526)
% of Partners' Capital (Net Asset Value)		0.70%	(0.32%)
Foreign Futures Contracts [Member] | Long Foreign Futures Contracts [Member]
Fair Value		$ 3,103,699	$ (2,167,823)
% of Partners' Capital (Net Asset Value)		0.93%	(0.61%)
Foreign Futures Contracts [Member] | Long Foreign Futures Contracts [Member] | Agricultural Commodities [Member]
Fair Value		$ 2,011	$ (334)
% of Partners' Capital (Net Asset Value)		0.00%	0.00%
Foreign Futures Contracts [Member] | Long Foreign Futures Contracts [Member] | Currencies [Member]
Fair Value		$ 107,125	$ (24,734)
% of Partners' Capital (Net Asset Value)		0.03%	(0.01%)
Foreign Futures Contracts [Member] | Long Foreign Futures Contracts [Member] | Energy [Member]
Fair Value		$ 103,079	$ 4,034
% of Partners' Capital (Net Asset Value)		0.03%	0.00%
Foreign Futures Contracts [Member] | Long Foreign Futures Contracts [Member] | Equity Indices [Member]
Fair Value		$ (94,574)	$ 523,254
% of Partners' Capital (Net Asset Value)		(0.03%)	0.15%
Foreign Futures Contracts [Member] | Long Foreign Futures Contracts [Member] | Interest Rate Instruments [Member]
Fair Value		$ 2,992,116	$ (2,676,823)
% of Partners' Capital (Net Asset Value)		0.90%	(0.75%)
Foreign Futures Contracts [Member] | Long Foreign Futures Contracts [Member] | Metals [Member]
Fair Value		$ (6,058)	$ 7,752
% of Partners' Capital (Net Asset Value)		0.00%	0.00%
Foreign Futures Contracts [Member] | Long Foreign Futures Contracts [Member] | Single Stock Futures [Member]
Fair Value			$ (972)
% of Partners' Capital (Net Asset Value)			0.00%
Foreign Futures Contracts [Member] | Short Foreign Futures Contracts [Member]
Fair Value		$ (765,080)	$ 1,027,297
% of Partners' Capital (Net Asset Value)		(0.23%)	0.29%
Foreign Futures Contracts [Member] | Short Foreign Futures Contracts [Member] | Agricultural Commodities [Member]
Fair Value		$ (12,337)	$ 214,672
% of Partners' Capital (Net Asset Value)		0.00%	0.06%
Foreign Futures Contracts [Member] | Short Foreign Futures Contracts [Member] | Currencies [Member]
Fair Value		$ 167,319	$ 311,035
% of Partners' Capital (Net Asset Value)		0.05%	0.09%
Foreign Futures Contracts [Member] | Short Foreign Futures Contracts [Member] | Energy [Member]
Fair Value		$ (108)	$ 42,517
% of Partners' Capital (Net Asset Value)		0.00%	0.01%
Foreign Futures Contracts [Member] | Short Foreign Futures Contracts [Member] | Equity Indices [Member]
Fair Value		$ (8,850)	$ 200,527
% of Partners' Capital (Net Asset Value)		0.00%	0.06%
Foreign Futures Contracts [Member] | Short Foreign Futures Contracts [Member] | Interest Rate Instruments [Member]
Fair Value		$ (908,335)	$ 264,190
% of Partners' Capital (Net Asset Value)		(0.28%)	0.07%
Foreign Futures Contracts [Member] | Short Foreign Futures Contracts [Member] | Metals [Member]
Fair Value		$ (2,769)	$ (5,644)
% of Partners' Capital (Net Asset Value)		0.00%	0.00%
U.S. Exchange Forward Currency [Member]
Fair Value		$ (82,346)	$ 1,010,940
% of Partners' Capital (Net Asset Value)		(0.04%)	0.28%
U.S. Exchange Forward Currency [Member] | Long U.S. Forward Currency Contracts [Member]
Fair Value		$ (295,408)	$ 3,171,470
% of Partners' Capital (Net Asset Value)		(0.10%)	0.88%
U.S. Exchange Forward Currency [Member] | Short U.S. Forward Currency Contracts [Member]
Fair Value		$ 213,062	$ (2,160,530)
% of Partners' Capital (Net Asset Value)		0.06%	(0.60%)
Foreign Exchange Forward Currency [Member]
Fair Value		$ 630,308	$ 891,576
% of Partners' Capital (Net Asset Value)		0.19%	0.25%
Foreign Exchange Forward Currency [Member] | Long Foreign Forward Currency Contracts [Member]
Fair Value		$ (956,679)	$ (273,779)
% of Partners' Capital (Net Asset Value)		(0.29%)	(0.08%)
Foreign Exchange Forward Currency [Member] | Short Foreign Forward Currency Contracts [Member]
Fair Value		$ 1,586,987	$ 1,165,355
% of Partners' Capital (Net Asset Value)		0.48%	0.33%
Futures Contracts [Member]
Fair Value		$ 3,059,592	$ 8,930,417
% of Partners' Capital (Net Asset Value)		0.92%	2.50%
Forward Contracts [Member]
Fair Value		$ 547,962	$ 1,902,516
% of Partners' Capital (Net Asset Value)		0.15%	0.53%

[1] No individual futures or forward currency contract position constituted one percent or greater of partners' capital (net asset value). Accordingly, the number of contracts and expiration dates are not presented.

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Consolidated Statements of Operations (unaudited) - USD ($)		3 Months Ended
		Mar. 31, 2018	Mar. 31, 2017
Net realized gain (loss) on:
Futures and forward contracts		$ 1,696,970	$ 12,016,033
Investments in SMFSF		288,127
Investments in securities and certificates of deposit		151,456	(166,073)
Net change in unrealized gain (loss) on:
Futures and forward contracts		(6,732,879)	(8,191,922)
Investments in SMFSF		(1,981,104)
Investments in securities and certificates of deposit		(516,597)	200,173
Exchange membership		(37,750)	36,000
Brokerage commissions and trading expenses		(1,110,883)	(1,284,726)
Net realized and change in unrealized gain (loss) on investments		(8,242,660)	2,609,485
Income
Interest income (loss)		1,245,912	1,417,805
Expenses
Trading Advisor management fee		1,335,834	1,968,492
Trading Advisor incentive fee			1,919,921
Cash Managers fees		59,833	103,216
General Partner management and performance fees		1,308,151	1,913,026
Selling agent and broker dealer servicing fees - General Partner		1,231,902	1,763,827
General Partner 1% allocation		(111,865)	(44,696)
Administrative expenses - General Partner		254,031	357,453
Investment Manager fees			371,614
Distribution (12b-1) fees			8,729
Operating services fee			50,964
Total expenses		4,077,886	8,412,546
Net investment income (loss)		(2,831,974)	(6,994,741)
Net income (loss)		(11,074,634)	(4,385,256)
Less: net (income) loss attributable to non-controlling interest			(39,604)
Net Income (Loss) attributable to the Fund		(11,074,634)	(4,424,860)
Class A [Member]
Expenses
Net income (loss)		$ (7,946,101)	$ (3,399,506)
Increase (decrease) in net asset value per unit		$ (143.25)	$ (41.22)
Net income (loss) per unit (in dollars per unit)	[1],[2]	$ (139.87)	$ (42.18)
Weighted average number of units outstanding (in units)		56,810.3734	80,594.0392
Class B [Member]
Expenses
Net income (loss)		$ (2,661,301)	$ (1,022,150)
Increase (decrease) in net asset value per unit		$ (189.43)	$ (34.26)
Net income (loss) per unit (in dollars per unit)	[1],[2]	$ (172.03)	$ (36.53)
Weighted average number of units outstanding (in units)		15,470.0328	27,978.7571
Class I [Member]
Expenses
Net income (loss)		$ (98,643)	$ (3,204)
Increase (decrease) in net asset value per unit		$ (28.45)	$ (3.11)
Net income (loss) per unit (in dollars per unit)	[1],[2]	$ (28.46)	$ (0.90)
Weighted average number of units outstanding (in units)		3,466.2779	3,577.7893
Class R [Member]
Expenses
Net income (loss)		$ (368,589)
Increase (decrease) in net asset value per unit		$ (30.88)		[3]
Net income (loss) per unit (in dollars per unit)	[1]	$ (29.97)
Weighted average number of units outstanding (in units)		12,298.4430

[1] (based on weighted average number of units outstanding during the period)

[2] based on weighted average number of units outstanding during the year.

[3] Class R Units were introduced in April 2017.

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Consolidated Statements of Operations (unaudited) (Parenthetical)	3 Months Ended
	Mar. 31, 2018
Income Statement [Abstract]
General partner allocation percentage	1.00%

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Consolidated Statements of Cash Flows (unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Cash flows from operating activities
Net income (loss)	$ (11,074,634)	$ (4,385,256)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Net change in unrealized (gain) loss from futures and forwards trading	7,225,379	8,344,296
Net realized and change in unrealized (gain) loss on SMFSF, securities and certificates of deposit	6,865,557	(34,100)
Purchases of securities and certificates of deposit	(153,717,469)	(208,934,009)
Proceeds from disposition of SMFSF, securities and certificates of deposit	154,090,686	262,741,760
Changes in
Exchange membership	37,750	(36,000)
Trading Advisor management fee payable	69,086	(236,804)
Trading Advisor incentive fee payable	(1,297,698)	338,742
Commissions and other trading fees payable on open contracts	(25,334)	4,642
Cash Managers fees payable	30,549	41,191
General Partner management and performance fees payable	(41,783)	(67,031)
General Partner 1% allocation receivable/payable	(140,621)	54,055
Selling agent and broker dealer servicing fees payable - General Partner	(40,952)	(64,699)
Administrative fee payable - General Partner	(8,083)	(14,927)
Investment Manager fee payable		(1,765)
Distribution (12b-1) fees payable		143
Operating services fee payable		(242)
Net cash provided by (used in) operating activities	1,972,433	57,749,996
Cash flows from financing activities
Subscriptions	2,207,000	1,784,019
Subscriptions received in advance	972,808	581,083
Redemptions	(24,734,053)	(53,560,060)
Non-controlling interest - subscriptions		5,471,483
Non-controlling interest - redemptions		(3,136,351)
Net cash provided by (used in) financing activities	(21,554,245)	(48,859,826)
Net increase (decrease) in cash and cash equivalents	(19,581,812)	8,890,170
Cash and cash equivalents, beginning of period	90,141,061	118,136,562
Cash and cash equivalents, end of period	70,559,249	127,026,732
Cash in broker trading accounts	39,041,782	86,105,882
Cash and cash equivalents not in broker trading accounts	31,517,467	40,920,850
Total end of period cash and cash equivalents	90,141,061	127,026,732
Supplemental disclosure of cash flow information
Prior period redemptions paid	11,825,677	18,217,216
Prior period subscriptions received in advance	287,000	2,687,191
Supplemental schedule of non-cash financing activities
Redemptions payable	$ 4,020,682	$ 20,831,588

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Consolidated Statements of Cash Flows (unaudited) (Parenthetical)	3 Months Ended
	Mar. 31, 2018
Statement of Cash Flows [Abstract]
General partner allocation percentage	1.00%

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Consolidated Statements of Changes in Partners' Capital (Net Asset Value) (unaudited) - USD ($)	Total	Non-Controlling Interest [Member]	Class A [Member]	Class B [Member]	Class I [Member]	Class R [Member]
Balance at beginning at Dec. 31, 2016	$ 563,199,285	$ 34,477,673	$ 347,445,757	$ 177,512,074	$ 3,763,781
Balance at beginning (in units) at Dec. 31, 2016			84,825.03	29,193.81	3,828.45
Increase (Decrease) in Partners' Capital [Roll Forward]
Net income (loss)	(4,385,256)	39,604	$ (3,399,506)	$ (1,022,150)	$ (3,204)
Subscriptions	9,659,997	5,188,787	$ 2,084,910	$ 2,386,300
Subscriptions (in units)			509.865	391.6691
Redemptions	(59,310,782)	(2,872,342)	$ (37,952,304)	$ (17,986,136)	$ (500,000)
Redemptions (in units)			(9,332.4696)	(2,974.8511)	(501.3295)
Transfers			$ (209,010)	$ 209,010
Transfers (in units)			(50.6545)	34.0151
Balance at ending at Mar. 31, 2017	509,163,244	$ 36,833,722	$ 307,969,847	$ 161,099,098	$ 3,260,577
Balance at ending (in units) at Mar. 31, 2017			75,951.77	26,644.64	3,327.12
Net asset value per unit at beginning of period (in dollars per unit) at Dec. 31, 2016			$ 4,096.03	$ 6,080.47	$ 983.11		[1]
Net asset value per unit at end of period (in dollars per unit) at Mar. 31, 2017			$ 4,054.81	$ 6,046.21	$ 980		[1]
Balance at beginning at Dec. 31, 2017	357,535,425		$ 240,860,323	$ 100,657,081	$ 3,547,299	$ 12,470,722
Balance at beginning (in units) at Dec. 31, 2017			58,081.84	16,061.64	3,466.28	12,013.64
Increase (Decrease) in Partners' Capital [Roll Forward]
Net income (loss)	(11,074,634)		$ (7,946,101)	$ (2,661,301)	$ (98,643)	$ (368,589)
Subscriptions	2,494,000		$ 631,000	$ 803,000		$ 1,060,000
Subscriptions (in units)			152.6465	130.1735		1,055.08
Redemptions	(16,929,058)		$ (10,348,464)	$ (6,445,115)		$ (135,479)
Redemptions (in units)			(2,486.2985)	(995.8273)		(134.8093)
Balance at ending at Mar. 31, 2018	$ 332,025,733		$ 223,196,758	$ 92,353,665	$ 3,448,656	$ 13,026,654
Balance at ending (in units) at Mar. 31, 2018			55,748.19	15,195.98	3,466.28	12,933.91
Net asset value per unit at beginning of period (in dollars per unit) at Dec. 31, 2017			$ 4,146.91	$ 6,266.93	$ 1,023.37	$ 1,038.05
Net asset value per unit at end of period (in dollars per unit) at Mar. 31, 2018			$ 4,003.66	$ 6,077.50	$ 994.92	$ 1,007.17

[1] Class R Units were introduced in April 2017.

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Organization and Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2018

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization and Summary of Significant Accounting Policies

1. Organization and Summary of Significant Accounting Policies

Description of the Fund

Futures Portfolio Fund, Limited Partnership (“Fund”) is a Maryland limited partnership, which operates as a commodity investment pool that commenced trading operations on January 2, 1990. The Fund issues units of limited partner interests (“Units”) in six classes, Class A, A2, A3, B, I and R, which represent units of fractional undivided beneficial interest in and ownership of the Fund. The Fund will automatically terminate on December 31, 2025, unless terminated earlier as provided in the Third Amended and Restated Limited Partnership Agreement (“Partnership Agreement”).

The Fund uses commodity trading advisors to engage in the speculative trading of futures contracts, forward currency contracts and other financial instruments traded in the United States (“U.S.”) and internationally.

The Fund is a registrant with the U.S. Securities and Exchange Commission (“SEC”) pursuant to the U.S. Securities Exchange Act of 1934, as amended (“1934 Act”). As a registrant, the Fund is subject to the regulations of the SEC and the disclosure requirements of the 1934 Act. As a commodity pool, the Fund is subject to the regulations of the U.S. Commodity Futures Trading Commission (“CFTC”), an agency of the U.S. Government, which regulates most aspects of the commodity futures industry; rules of the National Futures Association (“NFA”), an industry self-regulatory organization; rules of Financial Industry Regulatory Authority (“FINRA”), an industry self-regulatory organization; and the requirements of commodity exchanges where the Fund executes transactions. Additionally, the Fund is subject to the requirements of the futures brokers and interbank market makers through which the Fund trades.

Steben & Company, Inc. (“General Partner”), is the general partner of the Fund and a Maryland corporation registered with the CFTC as a commodity pool operator and a commodities introducing broker, and is also registered with the SEC as a registered investment advisor and a broker dealer. The General Partner is a member of the NFA and FINRA. The General Partner manages all aspects of the Fund’s business and serves as one of the Fund’s selling agents.

The six classes of Units in the Fund differ only in the fees applicable to each class. Class A Units are subject to a 2% per annum selling agent fee. Class A2 Units may pay an up-front sales commission of up to 3% of the offering price and a 0.6% per annum selling agent fee. Class A3 Units may pay an up-front sales commission of up to 2% of the offering price and a 0.75% per annum selling agent fee. Class B Units are subject to a 0.2% per annum broker dealer servicing fee. Class I Units are subject to higher minimum investments requirements and lower General Partner management fees (0.75% per annum instead of 1.50% per annum) as well as a General Partner performance fee (7.5% of new profits, described more fully in Footnote 4). Class R Units do not pay selling compensation or servicing fees to selling agents, and are generally intended for clients of registered investment advisors. Class R Units were introduced in March 2017, and Class A2 and A3 Units were introduced in June 2017. On April 1, 2017, approximately $14 million in Class B Units transferred to R Units. There were no Class A2 or Class A3 Units outstanding on March 31, 2018.

During 2014, the Fund purchased $58.5 million of Class I shares of the Steben Managed Futures Strategy Fund (“SMFSF”). SMFSF is a non-diversified series of shares of beneficial interest of Steben Alternative Investment Fund (the “Trust”), a statutory trust organized under the laws of the State of Delaware, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end investment company.  SMFSF issues four classes of shares: Class A, C, I and N. The General Partner serves as the investment manager of SMFSF.

SMFSF has a similar investment strategy to the Fund, using commodity trading advisors to engage in the speculative trading of futures contracts, forward currency contracts and other financial instruments.

Prior to August 31, 2017, the Fund owned more than 50% of the outstanding shares of SMFSF and therefore had effective control of that entity. Accordingly, the assets, liabilities and operating results of SMFSF were consolidated with the Fund through that date. The portion of SMFSF that was not owned by the Fund was presented as the non-controlling interest. On August 31, 2017, the Fund’s ownership of SMFSF dropped below 50%. With this decrease in ownership, the Fund no longer has effective control of SMFSF, and effective August 31, 2017 no longer consolidates the assets, liabilities and operating results of SMFSF into the Fund. The Fund continues to hold an investment in SMFSF and any changes in the fair value of its investment in SMFSF are reported on the Statement of Operations. The investment in SMFSF is reported on the statements of financial condition as investment in SMFSF. For financial reporting purposes, SMFSF is treated as a related party. For the three months ended March 31, 2018 and 2017, the Fund redeemed $2 million and $6 million, respectively, of its investment in SMFSF.

Significant Accounting Policies

Accounting Principles

The Fund’s consolidated financial statements are prepared in conformity with U.S. generally accepted accounting principles (“GAAP”). Under GAAP, the Fund is an investment company and follows accounting and reporting guidance under the Financial Accounting Standards Board (FASB) Accounting Standard Codification (ASC) Topic 946, Financial Services – Investment Companies.

Consolidation

Through August 31, 2017, the accompanying consolidated financial statements included the accounts of the Fund and SMFSF, for which the Fund was the majority shareholder. On August 31, 2017, the Fund ceased being the majority shareholder of SMFSF and no longer consolidates that entity into its financial statements. Intercompany accounts and transactions have been eliminated in consolidation.

Use of Estimates

Preparing consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates.

Revenue Recognition

Futures, forward currency contracts, investments in securities, certificates of deposit, and the exchange membership are recorded on a trade date basis, and gains or losses are realized when contracts/positions are liquidated. Realized gains and losses on investments in securities and certificates of deposit are determined on a specific identification basis and are included in net realized and change in unrealized gain (loss) in the consolidated statements of operations. Unrealized gains and losses on open contracts (the difference between contract trade price and fair value) are reported in the statements of financial condition as net unrealized gain or loss, as there exists a right of offset of any unrealized gains or losses. The difference between cost and the fair value of open investments in securities and certificates of deposit is reflected as unrealized gain or loss on investments in securities and certificates of deposit. Any change in net unrealized gain or loss from the preceding period is reported in the consolidated statements of operations. Interest income earned on investments in securities, certificates of deposit and other cash and cash equivalent balances is recorded on an accrual basis. Market discounts and premiums on fixed-income securities are amortized daily over the expected life of the security using the effective yield method.

Fair Value of Financial Instruments

Financial instruments are recorded at fair value, the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Assets and liabilities recorded at fair value are classified within a fair value hierarchy based upon the level of judgment associated with the inputs used to measure their value. This fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below:

Level 1 –  Fair value is based on unadjusted quoted prices for identical instruments in active markets. Financial instruments utilizing Level 1 inputs include futures contracts, U.S. Treasury securities and mutual funds.

Level 2 –  Fair value is based on quoted prices for similar instruments in active markets and inputs other than quoted prices that are observable for the financial instrument, such as interest rates and yield curves that are observable at commonly quoted intervals using a market approach. Financial instruments utilizing Level 2 inputs include forward currency contracts, swaps, commercial paper, corporate notes, certificates of deposit, asset backed securities and the exchange membership.

Level 3 –  Fair value is based on valuation techniques in which one or more significant inputs are unobservable. The Fund has no financial instruments utilizing Level 3 inputs.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Fund’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment.

The Fund assesses the classification of the instruments at each measurement date, and any transfers between levels are recognized on the actual date of the event or change in circumstances that caused the transfer in accordance with the Fund’s accounting policy regarding the recognition of transfers between levels of the fair value hierarchy. For the period ended March 31, 2018 and year ended December 31, 2017, there were no such transfers between levels.

A description of the valuation techniques applied to the Fund’s major categories of assets and liabilities measured at fair value on a recurring basis follows.

U.S. Treasury securities are recorded at fair value based on bid and ask quotes for identical instruments. Commercial paper, certificates of deposit, corporate notes, asset backed securities and the exchange membership are recorded at fair value based on bid and ask quotes for similar, but not identical, instruments. Accordingly, U.S. Treasury securities are classified within Level 1, and commercial paper, certificates of deposit, corporate notes, asset backed securities and exchange memberships are classified within Level 2.

The investment in SMFSF (a mutual fund), a money market fund and futures contracts are valued using quoted market prices for identical assets in active markets, and are classified within Level 1. The money market fund is included in cash and cash equivalents in the consolidated statements of financial condition. The fair values of forward currency contracts are based upon third-party quoted dealer values on the interbank market and are classified within Level 2.

Cash and Cash Equivalents

Cash and cash equivalents may include cash, funds held in money market accounts and short-term investments with maturities of three months or less at the date of acquisition and that are not held for sale in the normal course of business. The Fund maintains deposits with financial institutions in amounts that are in excess of federally insured limits; however, the Fund does not believe it is exposed to any significant credit risk.

Exchange Membership

During 2017, the Fund purchased a membership interest in the Chicago Mercantile Exchange (CME). By purchasing the membership, the Fund incurs reduced fees for transactions on the CME. The membership is accounted at its fair value and changes in fair value are reported in net change in unrealized gain (loss) in exchange membership on the statement of operations.

Brokerage Commissions and Trading Expenses

Brokerage commissions and trading expenses include brokerage and other trading fees, and are charged to expense when contracts are opened and closed.

Redemptions Payable

Redemptions payable represent redemptions that meet the requirements of the Fund and have been approved by the General Partner prior to period-end. These redemptions have been recorded using the period-end net asset value per Unit.

Income Taxes

The Fund prepares calendar year U.S. and applicable state and local tax returns. The Fund is not subject to federal income taxes as each partner is individually liable for his or her allocable share of the Fund’s income, expenses and trading gains or losses. The Fund evaluates the tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether the tax positions are more-likely-than-not to be sustained when examined by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense and asset or liability in the current year. Management has determined there are no material uncertain income tax positions through March 31, 2018. With few exceptions, the Fund is no longer subject to U.S. federal, or state and local income tax examinations by tax authorities for years before 2014.

Foreign Currency Transactions

The Fund has certain investments denominated in foreign currencies. The purchase and sale of investments, and income and expenses are translated at the rates of exchange prevailing on the respective dates of such transactions. The Fund 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 investments held. Such fluctuations are included with the net realized and change in unrealized gain or loss on such investments in the consolidated statements of operations.

Reclassification

Certain amounts reported in the 2017 consolidated financial statements may have been reclassified to conform to the 2018 presentation without affecting previously reported partners’ capital (net asset value) or net income (loss).

New Accounting Pronouncements

Revenue from Contracts with Customers

In May 2014, the FASB issued revenue recognition guidance, which replaces most pre-existing revenue recognition guidance in U.S. generally accepted accounting principles. The guidance provides a framework for addressing revenue recognition and, for the Fund, was effective January 1, 2018. The Fund evaluated the impact of this new guidance and has determined that its adoption did have a material effect on the financial statements.

Restricted Cash

In November 2016, the FASB issued guidance regarding the presentation of changes in restricted cash and restricted cash equivalents within the statement of cash flows. The Fund adopted the guidance on January 1, 2018, and its adoption did not have a material effect on the financial statements.

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Fair Value Disclosures

3 Months Ended

Mar. 31, 2018

Fair Value Disclosures [Abstract]

Fair Value Disclosures

2. Fair Value Disclosures

The Fund’s assets and liabilities, measured at fair value on a recurring basis, are summarized in the following tables by the type of inputs applicable to the fair value measurements:

At March 31, 2018
	Level 1		Level 2		Total
Equity in broker trading accounts:
Net unrealized gain (loss) on open futures contracts*	$	3,059,592	$	—	$	3,059,592
Net unrealized gain (loss) on open forward currency contracts*		—		547,962		547,962
Cash and cash equivalents:
Money market fund		25,985,760		—		25,985,760
Investment in SMFSF		30,408,959		—		30,408,959
Investments in securities:
U.S. Treasury securities*		53,030,384		—		53,030,384
Asset backed securities*		—		11,627,101		11,627,101
Commercial paper*		—		39,942,418		39,942,418
Corporate notes*		—		129,232,316		129,232,316
Exchange membership		—		194,250		194,250
Total	$	112,484,695	$	181,544,047	$	294,028,742

*See the condensed schedule of investments for further description.

At December 31, 2017
	Level 1		Level 2		Total
Equity in broker trading accounts:
Net unrealized gain (loss) on open futures contracts*	$	8,930,417	$	—	$	8,930,417
Net unrealized gain (loss) on open forward currency contracts*		—		1,920,516		1,902,516
Cash and cash equivalents:
Money market fund		42,775,036		—		42,775,036
Investment in SMFSF		34,101,936		—		34,101,936
Investments in securities:
U.S. Treasury securities*		58,329,191		—		58,329,191
Asset backed securities*		—		11,574,641		11,574,641
Commercial paper*		—		38,174,305		38,174,305
Corporate notes*		—		129,299,879		129,299,879
Exchange membership		—		232,000		232,000
Total	$	144,136,580	$	181,183,341	$	325,319,921

*See the condensed schedule of investments for further description.

There were no Level 3 holdings at March 31, 2018 and December 31, 2017, or during the periods then ended.

In addition to the financial instruments listed above, substantially all of the Fund’s other assets and liabilities are considered financial instruments and are reflected at fair value, or at carrying amounts that approximate fair value because of the short maturity of the instruments.

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Derivative Instruments Disclosures

3 Months Ended

Mar. 31, 2018

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments Disclosures

3. Derivative Instruments Disclosures

The Fund’s derivative contracts are comprised of futures and forward currency contracts, none of which are designated as hedging instruments. At March 31, 2018, the Fund’s derivative contracts had the following impact on the statements of financial condition: 

March 31, 2018	Derivative Assets and Liabilities, at fair value
Consolidated Statements of Financial Condition Location	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statements of Financial Condition			Net Amount of Assets Presented in the Statements of Financial Condition
Equity in broker trading accounts: Net unrealized gain (loss) on open futures contracts
Agricultural commodities	$	1,745,067	$	(579,599	)	$	1,165,468
Currencies		748,391		(667,783	)		80,608
Energy		2,277,088		(156,965	)		2,120,123
Equity indices		1,780,355		(2,480,971	)		(700,616	)
Interest rate instruments		4,306,945		(3,068,005	)		1,238,940
Metals		9,584,352		(10,063,531	)		(479,179	)
Single stock futures		60,495		(426,247	)		(365,752	)
Net unrealized gain (loss) on open futures contracts	$	20,502,693	$	(17,443,101	)	$	3,059,592
Net unrealized gain (loss) on open forward currency contracts	$	3,452,982	$	(2,905,020	)	$	547,962

At March 31, 2018, there were 62,003 open futures contracts and 3,672 open forward currency contracts.

The Fund’s financial assets, derivative assets, and cash collateral held by counterparties at March 31, 2018 were:

				Gross Amounts Not Offset in the Statements of Financial Condition
Counterparty	Net Amount of Assets in the Statements of Financial Condition			Financial Instruments		Cash Collateral Received		Net Amount
Deutsche Bank AG	$	(37,374	)	$	—	$	—	$	(37,374	)
Deutsche Bank Securities, Inc.		(227,900	)		—		—		(227,900	)
JP Morgan Securities, LLC		(880,970	)		—		—		(880,970	)
SG Americas Securities, LLC		4,168,462			—		—		4,168,462
Société Générale International Limited		664,712			—		—		664,712
UBS AG		(79,376	)		—		—		(79,376	)
Total	$	3,607,554		$	—	$	—	$	3,607,554

For the three months ended March 31, 2018, the Fund’s derivative contracts had the following impact on the consolidated statements of operations:

	Three Months Ended March 31, 2018
Types of Exposure	Net realized gain (loss)			Net change in unrealized gain (loss)
Futures contracts
Agricultural commodities	$	(1,884,842	)	$	200,320
Currencies		(830,819	)		(619,568	)
Energy		2,928,061			(1,806,271	)
Equity indices		(591,554	)		(2,873,402	)
Interest rate instruments		(3,613,183	)		2,586,345
Metals		1,845,160			(2,958,042	)
Single stock futures		613,214			(400,207	)
Total futures contracts		(1,533,963	)		(5,870,825	)
Forward currency contracts		2,924,925			(1,354,554	)
Total futures and forward currency contracts	$	1,390,962		$	(7,225,379	)

For the three months ended March 31, 2018, the number of futures contracts closed was 490,948 and the number of forward currency contracts closed was 76,615. 

At December 31, 2017, the Fund’s derivative contracts had the following impact on the consolidated statements of financial condition: 

December 31, 2017	Derivative Assets and Liabilities, at fair value
Consolidated Statements of Financial Condition Location	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statements of Financial Condition			Net Amount of Assets Presented in the Statements of Financial Condition
Equity in broker trading accounts: Net unrealized gain (loss) on open futures contracts
Agricultural commodities	$	1,610,106	$	(644,958	)	$	965,148
Currencies		1,970,468		(1,270,292	)		700,176
Energy		5,254,612		(1,328,218	)		3,926,394
Equity indices		4,652,670		(2,479,884	)		2,172,786
Interest rate instruments		2,293,476		(3,640,881	)		(1,347,405	)
Metals		13,922,808		(11,443,945	)		2,478,863
Single stock futures		234,102		(199,647	)		34,455
Net unrealized gain (loss) on open futures contracts	$	29,938,242	$	(21,007,825	)	$	8,930,417
Net unrealized gain (loss) on open forward currency contracts	$	5,193,499	$	(3,290,983	)	$	1,902,516

At December 31, 2017, there were 45,440 open futures contracts and 2,030 open forward currency contracts.

The Fund’s financial assets, derivative assets, and cash collateral held by counterparties at December 31, 2017 were:

			Gross Amounts Not Offset in the Statements of Financial Condition
Counterparty	Net Amount of Assets in the Statements of Financial Condition		Financial Instruments		Cash Collateral Received		Net Amount
Deutsche Bank AG	$	332,031	$	—	$	—	$	332,031
Deutsche Bank Securities, Inc.		838,938		—		—		838,938
JP Morgan Securities, LLC		1,270,509		—		—		1,270,509
SG Americas Securities, LLC		6,820,970		—		—		6,820,970
Société Générale International Limited		1,122,595		—		—		1,122,595
UBS AG		447,890		—		—		447,890
Total	$	10,832,933	$	—	$	—	$	10,832,933

For the three months ended March 31, 2017, the Fund’s derivative contracts had the following impact on the consolidated statements of operations:

	Three Months Ended March 31, 2017
Types of Exposure	Net realized gain (loss)			Net change in unrealized gain (loss)
Futures contracts
Agricultural commodities	$	(4,961,560	)	$	2,483,410
Currencies		(431,870	)		(2,191,744	)
Energy		(8,352,356	)		(4,952,926	)
Equity indices		30,324,632			602,164
Interest rate instruments		(3,132,518	)		(3,258,612	)
Metals		(2,227,283	)		244,009
Single stock futures		848,673			329,801
Total futures contracts		12,067,718			(6,743,898	)
Forward currency contracts		(493,812	)		(1,600,398	)
Total futures and forward currency contracts	$	11,573,906		$	(8,344,296	)

For the three months ended March 31, 2017, the number of futures contracts closed was 493,225 and the number of forward currency contracts closed was 52,583.

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General Partner

3 Months Ended

Mar. 31, 2018

General Partner

General Partner

4. General Partner

At March 31, 2018 and December 31, 2017, and for the periods then ended, the General Partner did not maintain a capital balance in the Fund; however, the beneficiary of the majority shareholder of the General Partner had the following investment in Class I Units: 

	March 31, 2018		December 31, 2017
Units Owned		254.4114		254.4114
Value of Units	$	253,118	$	260,358

The following fees are paid to the General Partner:

▪ General Partner Management Fee – the Fund incurs a monthly fee on Class A, A2, A3, B and R Units equal to 1/12^th of 1.5% of the month-end net asset value of the Class A, A2, A3, B and R Units, payable in arrears. The Fund incurs a monthly fee on Class I Units equal to 1/12^th of 0.75% of the month-end net asset value of the Class I Units, payable in arrears.

▪ General Partner Performance Fee – the Fund incurs a monthly fee on Class I Units equal to 7.5% of any Net New Trading Profits of the Class I Units calculated monthly. In determining Net New Trading Profits, any trading losses incurred by the Class I Units in prior periods is carried forward, so that the incentive fee is assessed only if and to the extent the profits generated by the Class I units exceed any losses from prior periods. The general partner performance fee is payable quarterly in arrears.

▪ Selling Agent Fees – the Class A Units incur a monthly fee equal to 1/12^th of 2% of the month-end net asset value of the Class A Units. Class A2 Units may pay an up-front sales commission of up to 3% of the offering price and a 0.6% per annum selling agent fee. Class A3 Units may pay an up-front sales commission of up to 2% of the offering price and a 0.75% per annum selling agent fee. Selling agent fees amounted to $1,183,049 and $1,677,325 for the three months ended March 31, 2018 and 2017, respectively. Such amounts are included in selling agent and broker dealer servicing fees – General Partner in the consolidated statements of operations. The General Partner, in turn, pays the selling agent fees to the respective selling agents. If there is no designated selling agent or the General Partner was the selling agent, such portions of the selling agent fees are retained by the General Partner.

▪ Broker Dealer Servicing Fees – the Class B Units incur a monthly fee equal to 1/12^th of 0.2% of the month-end net asset value of the Class B Units. Broker dealer servicing fees amounted to $48,853 and $86,502 for the three months ended March 31, 2018 and 2017, respectively. Such amounts are included in selling agent and broker dealer servicing fees – General Partner in the consolidated statements of operations. The General Partner, in turn, pays the fees to the respective selling agents. If there is no designated selling agent or the General Partner was the selling agent, such portions of the broker dealer servicing fees are retained by the General Partner.

▪ Administrative Expenses – the Fund incurs a monthly fee equal to 1/12^th of 0.45% of the month-end net asset value of the Fund, payable in arrears to the General Partner. In return, the General Partner provides operating and administrative services, including accounting, audit, legal, marketing, and administration (exclusive of extraordinary costs and administrative expenses charged by other funds in which the Fund may have investments).

Pursuant to the terms of the Partnership Agreement, each year the General Partner receives from the Fund 1% of any net income earned by the Fund. Conversely, the General Partner pays to the Fund 1% of any net loss incurred by the Fund. Such amounts are reflected as General Partner 1% allocation receivable or payable in the consolidated statements of financial condition and as General Partner 1% allocation in the consolidated statements of operations.

The following fees were paid to the General Partner during the period in which it consolidated SMFSF:

▪ Management fee – SMFSF incurs a monthly fee equal to 1/12^th of 1.75% of the month-end net asset value of the trust, payable in arrears to the General Partner.

▪ Distribution (12b-1) fee – SMFSF incurs a monthly 12b-1 fee of 1/12^th of 0.25% of the month-end net asset value of the Class A and N shares, and 1/12^th of 1% of the month-end value of the Class C shares.

▪ Operating Services Fee – SMFSF incurs a monthly fee equal to 1/12^th of 0.24% of the month-end net asset value of the trust, payable to the General Partner. The General Partner, in turn, pays the operating expenses of the trust, pursuant to an operating services agreement between the parties.

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Trading Advisors and Cash Managers

3 Months Ended

Mar. 31, 2018

Trading Advisor And Cash Managers

Trading Advisors and Cash Managers

5. Trading Advisors and Cash Managers

The Fund has advisory agreements with various commodity trading advisors, pursuant to which the Fund incurs a monthly advisor management fee that ranges from 0% to 3% per annum of allocated net assets (as defined in each respective advisory agreement), paid monthly or quarterly in arrears. Additionally, the Fund incurs advisor incentive fees, payable quarterly in arrears, ranging from 0% to 30% of net new trading profits (as defined in each respective advisory agreement).

Principal Global Investors, LLC serves as the cash manager for the Fund. Prior to December 31, 2017, J.P. Morgan Investment Management, Inc. also served as a cash manager (collectively, the “Cash Managers”). The Fund incurs monthly fees, payable in arrears to the Cash Managers, equal to approximately 1/12^th of 0.10% of the investments in securities and certificates of deposit as of the period ended March 31, 2018 and 2017.

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Deposits with Brokers

3 Months Ended

Mar. 31, 2018

Deposits With Brokers

Deposits with Brokers

6. Deposits with Brokers

To meet margin requirements, the Fund maintains assets, including cash, equity in futures and forward currency contracts, and investments in securities, with brokers, subject to CFTC regulations and various exchange and broker requirements. At March 31, 2018 and December 31, 2017, the Fund had assets totaling $75,592,422 and $98,549,270, respectively, with brokers and margin deposit requirements of $45,880,290 and $71,513,422, respectively.

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Subscriptions, Distributions and Redemptions

3 Months Ended

Mar. 31, 2018

Partners' Capital Notes [Abstract]

Subscriptions, Distributions and Redemptions

7. Subscriptions, Distributions and Redemptions

Investments in the Fund are made by subscription agreement and must be received within five business days of the end of the month, subject to acceptance by the General Partner. The minimum investment is $10,000 for Class A, A2, A3, B and R units and $2,000,000 for Class I units. Units are sold at the respective net asset value per unit for Class A, A2, A3, B, I or R interests as of the close of business on the last day of the month in which the subscription is accepted. Investors whose subscriptions are accepted are admitted as limited partners as of the beginning of the month following the month in which their subscriptions were accepted. At March 31, 2018 and December 31, 2017, the Fund received advance subscriptions of $972,808 and $287,000, respectively, which were recognized as subscriptions to the Fund or returned, if applicable, subsequent to period-end.

The Fund is not required to make distributions, but may do so at the sole discretion of the General Partner. A limited partner may request and receive redemption of Class A, A2, A3, B, I or R Units owned at the end of any month, subject to five business days’ prior written notice to the General Partner, and in certain circumstances, restrictions in the Partnership Agreement.

The General Partner may require a limited partner to redeem from the Fund if the General Partner deems the redemption (a) necessary to prevent or correct the occurrence of a non-exempt prohibited transaction under the Employee Retirement Income Security Act of 1974, as amended, or the Internal Revenue Code of 1986, as amended, (b) beneficial to the Fund, or (c) necessary to comply with applicable government or other self-regulatory organization regulations.

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Trading Activities and Related Risks

3 Months Ended

Mar. 31, 2018

Trading Activities And Related Risks

Trading Activities and Related Risks

8. Trading Activities and Related Risks

The Fund engages in the speculative trading of futures, options and over-the-counter contracts, including forward currency contracts traded in the U.S. and internationally. Trading in derivatives exposes the Fund to both market risk, the risk arising from a change in the fair value of a contract, and credit risk, the risk of failure by another party to perform according to the terms of a contract.

Purchase and sale of futures contracts requires margin deposits with the futures brokers. Additional deposits may be necessary for any loss of contract value. The Commodity Exchange Act (“CEAct”) requires a broker to segregate all customer transactions and assets from such broker’s proprietary activities. A customer’s cash and other property (for example, U.S. Treasury securities) deposited with a broker are considered commingled with all other customer funds subject to the broker’s segregation requirements. In the event of a broker’s insolvency, recovery may be limited to a pro rata share of segregated funds available. It is possible that the recovered amount could be less than (or none of) the total cash and other property deposited. The Fund uses with SG Americas Securities, LLC, JP Morgan Securities, LLC, and Deutsche Bank Securities, Inc. as its futures brokers. The Fund uses Société Générale International Limited, Deutsche Bank AG, and UBS AG as its forward currency counterparties.

For futures contracts, risks arise from changes in the fair value of the contracts. Theoretically, the Fund is exposed to a market risk equal to the value of futures and forward currency contracts purchased, and unlimited liability on such contracts sold short.

In addition to market risk, upon entering into commodity interest contracts there is a credit risk that a counterparty will not be able to meet its obligations to the Fund. The counterparty for futures and options on futures contracts traded in the U.S. and on most non-U.S. futures exchanges is the clearinghouse associated with such exchanges. In general, clearinghouses are backed by the corporate members of the clearinghouse who are required to share any financial burden resulting from the non-performance by one of their members and, as such, should significantly reduce this credit risk. In cases where the clearinghouse is not backed by the clearing members, like some non-U.S. exchanges, it is normally backed by a consortium of banks or other financial institutions.

In the case of forward currency contracts, which are traded on the interbank or other institutional market rather than on exchanges, the counterparty is generally a single bank or other financial institution, rather than a clearinghouse backed by a group of financial institutions; thus there likely will be greater counterparty credit risk. While the Fund trades only with those counterparties that it believes to be creditworthy, there can be no assurance that any clearing member, clearinghouse or other counterparty will be able to meet its obligations to the Fund.

The Fund trades forward currency contracts in unregulated markets between principals and assumes the risk of loss from counterparty non-performance. Accordingly, the risks associated with forward currency contracts are generally greater than those associated with exchange-traded contracts because of the greater risk of counterparty default. Additionally, the trading of forward currency contracts typically involves delayed cash settlement.

The Fund has a portion of its assets on deposit with interbank market makers and other financial institutions in connection with its trading of forward currency contracts and its cash management activities. In the event of an interbank market maker’s or financial institution’s insolvency, recovery of Fund assets on deposit may be limited to account insurance or other protection afforded such deposits.

Entering into swap agreements involves, to varying degrees, credit, market, and counterparty risk in excess of the amounts recognized on the statements of financial condition.

The Cash Managers manage the Fund’s cash and excess margin through investments in fixed income instruments, pursuant to investment parameters established by the General Partner. Fluctuations in prevailing interest rates could cause mark-to-market losses on the Fund’s fixed income instruments.

Through its investments in debt securities and certificates of deposit, the Fund has exposure to U.S. and foreign enterprises.  The following table presents the exposure at March 31, 2018.

Country or Region	U.S. Treasury Securities		Commercial Paper		Corporate Notes		Asset Backed Securities		Total		% of Partners’ Capital (Net Asset Value)
United States	$	53,030,384	$	27,560,989	$	88,148,117	$	11,627,101	$	180,366,591		54.33	%
Netherlands		—		—		17,955,590		—		17,955,590		5.42	%
France		—		1,498,881		5,481,026		—		6,979,907		2.10	%
Australia		—		3,094,082		3,520,734		—		6,614,816		1.99	%
Ireland		—		—		6,413,274		—		6,413,274		1.93	%
Denmark		—		—		5,427,962		—		5,427,962		1.63	%
Luxumbourg		—		4,696,987		—		—		4,696,987		1.41	%
Canada		—		—		2,285,613		—		2,285,613		0.69	%
Singapore		—		1,593,342		—		—		1,593,342		0.48	%
Germany		—		1,498,137		—		—		1,498,137		0.45	%
Total	$	53,030,384	$	39,942,418	$	129,232,316	$	11,627,101	$	233,832,219		70.43	%

The following table presents the exposure at December 31, 2017.

Country or Region	U.S. Treasury Securities		Commercial Paper		Corporate Notes		Asset Backed Securities		Total		% of Partners’ Capital (Net Asset Value)
United States	$	58,329,191	$	30,479,713	$	94,039,929	$	11,574,641	$	194,423,474		54.38	%
Netherlands		—		—		18,032,725		—		18,032,725		5.04	%
Canada		—		—		8,218,336		—		8,218,336		2.30	%
France		—		—		5,485,426		—		5,485,426		1.53	%
Australia		—		1,597,729		3,523,463		—		5,121,192		1.43	%
Luxumbourg		—		2,997,265		—		—		2,997,265		0.84	%
Singapore		—		1,599,760		—		—		1,599,760		0.45	%
Germany		—		1,499,838		—		—		1,499,838		0.42	%
Total	$	58,329,191	$	38,174,305	$	129,299,879	$	11,574,641	$	237,378,016		66.39	%

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Indemnifications

3 Months Ended

Mar. 31, 2018

Commitments and Contingencies Disclosure [Abstract]

Indemnifications

9. Indemnifications

In the normal course of business, the Fund may enter into contracts and agreements that contain a variety of representations and warranties, and which provide general indemnifications. The Fund’s maximum exposure under these arrangements cannot be estimated. However, the Fund believes that it is unlikely it will have to make material payments under these arrangements and has not recorded any contingent liability in the consolidated financial statements for such indemnifications.

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Interim Financial Statements

3 Months Ended

Mar. 31, 2018

Quarterly Financial Information Disclosure [Abstract]

Interim Financial Statements

10. Interim Financial Statements

The statements of financial condition, including the condensed schedule of investments, at March 31, 2018, the consolidated statements of operations, the consolidated statements of cash flows, and consolidated statement of changes in partners’ capital (net asset value) for the three months ended March 31, 2018 and 2017, and the accompanying notes to the consolidated financial statements are unaudited. Certain information and footnote disclosures normally included in consolidated financial statements prepared in accordance with GAAP may be omitted pursuant to such rules and regulations. In the opinion of management, such consolidated financial statements and accompanying disclosures reflect all adjustments, which were of a normal and recurring nature, necessary to present fairly the financial position at March 31, 2018, results of operations, cash flows and changes in partners’ capital (net asset value) for the three months ended March 31, 2018 and 2017. The results of operations for the three months ended March 31, 2018 and 2017 are not necessarily indicative of the results to be expected for the full year or any other period. These consolidated financial statements should be read in conjunction with the audited financial statements and the notes thereto included in the Fund’s Form 10-K as filed with the SEC.

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Financial Highlights

3 Months Ended

Mar. 31, 2018

Financial Highlights

Financial Highlights

11. Financial Highlights

The following information presents per unit operating performance data and other ratios for the three months ended March 31, 2018 and 2017, assuming the unit was outstanding throughout the entire period:

	Three Months Ended March 31, 2018
		Class A			Class B			Class I			Class R
Per Unit Operating Performance
Net asset value per unit, beginning of period	$	4,146.91		$	6,266.93		$	1,023.37		$	1,038.05
Net realized and change in unrealized gain (loss) on investments (1)		(103.47	)		(156.83	)		(25.84	)		(26.10	)
Net investment income (loss) (1)		(39.78	)		(32.60	)		(2.61	)		(4.78	)
Total income (loss) from operations		(143.25	)		(189.43	)		(28.45	)		(30.88	)
Net asset value per unit, end of period	$	4,003.66		$	6,077.50		$	994.92		$	1,007.17
Total return (4)		(3.45	)%		(3.02	)%		(2.78	)%		(2.97	)%
Other Financial Ratios
Ratios to average net asset value
Expenses prior to General Partner 1% allocation (2) (3)		5.42	%		3.63	%		2.56	%		3.40	%
General Partner 1% allocation (4)		(0.03	)%		(0.03	)%		(0.03	)%		(0.03	)%
Net total expenses		5.39	%		3.60	%		2.53	%		3.37	%
Net investment income (loss) (2) (3) (5)		(3.99	)%		(2.20	)%		(1.14	)%		(1.96	)%

	Three Months Ended March 31, 2017
		Class A			Class B			Class I			Class R†
Per Unit Operating Performance
Net asset value per unit, beginning of period	$	4,096.03		$	6,080.47		$	983.11		$	—
Net realized and change in unrealized gain (loss) on investments (1)		22.13			32.17			5.33			—
Net investment income (loss) (1)		(63.35	)		(66.43	)		(8.44	)		—
Total income (loss) from operations		(41.22	)		(34.26	)		(3.11	)		—
Net asset value per unit, end of period	$	4,054.81		$	6,046.21		$	980.00		$	—
Total return (4)		(1.01	)%		(0.56	)%		(0.32	)%		—
Other Financial Ratios
Ratios to average net asset value
Expenses prior to General Partner 1% allocation (2) (3)		7.40	%		5.54	%		4.58	%		—
General Partner 1% allocation (4)		(0.01	)%		(0.01	)%		0.00	%		—
Net total expenses		7.39	%		5.53	%		4.58	%		—
Net investment income (loss) (2) (3) (5)		(6.26	)%		(4.41	)%		(3.45	)%		—

Total returns are calculated based on the change in value of a Class A, Class B, Class I or Class R Unit during the period. An individual partner’s total returns and ratios may vary from the above total returns and ratios based on the timing of subscriptions and redemptions.

† Class R Units were introduced in April 2017.

⁽¹⁾ The net investment income (loss) per unit is calculated by dividing the net investment income (loss) by the average number of Class A, B, I or R Units outstanding during the period. Net realized and change in unrealized gain (loss) on investments is a balancing amount necessary to reconcile the change in net asset value per unit with the other per unit information. Such balancing amount may differ from the calculation of net realized and change in unrealized gain (loss) on investment per unit due to the timing of investment gains and losses during the period relative to the number of units outstanding.

⁽²⁾ The net investment income (loss) includes interest income and excludes net realized and net change in unrealized gain (loss) from investment activities as shown in the consolidated statements of operations. The total amount is then reduced by all expenses, excluding brokerage commissions, which are included in net investment gain (loss) in the consolidated statements of operations. The resulting amount is divided by the average net asset value for the period.

⁽³⁾ Ratios have been annualized.

⁽⁴⁾ Ratios have not been annualized.

⁽⁵⁾ Ratio excludes General Partner 1% allocation. 

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Subsequent Events

3 Months Ended

Mar. 31, 2018

Subsequent Events [Abstract]

Subsequent Events

12. Subsequent Events

Subsequent to quarter end, there were $1,621,108 of contributions and $3,754,020 of redemptions from the Fund, and the Fund redeemed $2,000,000 of its investment in SMFSF.

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Organization and Summary of Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2018

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Significant Accounting Policies

Significant Accounting Policies

Accounting Principles

The Fund’s consolidated financial statements are prepared in conformity with U.S. generally accepted accounting principles (“GAAP”). Under GAAP, the Fund is an investment company and follows accounting and reporting guidance under the Financial Accounting Standards Board (FASB) Accounting Standard Codification (ASC) Topic 946, Financial Services – Investment Companies.

Consolidation

Consolidation

Through August 31, 2017, the accompanying consolidated financial statements included the accounts of the Fund and SMFSF, for which the Fund was the majority shareholder. On August 31, 2017, the Fund ceased being the majority shareholder of SMFSF and no longer consolidates that entity into its financial statements. Intercompany accounts and transactions have been eliminated in consolidation.

Use of Estimates

Use of Estimates

Preparing consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates.

Revenue Recognition

Revenue Recognition

Futures, forward currency contracts, investments in securities, certificates of deposit, and the exchange membership are recorded on a trade date basis, and gains or losses are realized when contracts/positions are liquidated. Realized gains and losses on investments in securities and certificates of deposit are determined on a specific identification basis and are included in net realized and change in unrealized gain (loss) in the consolidated statements of operations. Unrealized gains and losses on open contracts (the difference between contract trade price and fair value) are reported in the statements of financial condition as net unrealized gain or loss, as there exists a right of offset of any unrealized gains or losses. The difference between cost and the fair value of open investments in securities and certificates of deposit is reflected as unrealized gain or loss on investments in securities and certificates of deposit. Any change in net unrealized gain or loss from the preceding period is reported in the consolidated statements of operations. Interest income earned on investments in securities, certificates of deposit and other cash and cash equivalent balances is recorded on an accrual basis. Market discounts and premiums on fixed-income securities are amortized daily over the expected life of the security using the effective yield method.

Fair Value of Financial Instruments

Fair Value of Financial Instruments

Financial instruments are recorded at fair value, the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Assets and liabilities recorded at fair value are classified within a fair value hierarchy based upon the level of judgment associated with the inputs used to measure their value. This fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below:

Level 1 –  Fair value is based on unadjusted quoted prices for identical instruments in active markets. Financial instruments utilizing Level 1 inputs include futures contracts, U.S. Treasury securities and mutual funds.

Level 2 –  Fair value is based on quoted prices for similar instruments in active markets and inputs other than quoted prices that are observable for the financial instrument, such as interest rates and yield curves that are observable at commonly quoted intervals using a market approach. Financial instruments utilizing Level 2 inputs include forward currency contracts, swaps, commercial paper, corporate notes, certificates of deposit, asset backed securities and the exchange membership.

Level 3 –  Fair value is based on valuation techniques in which one or more significant inputs are unobservable. The Fund has no financial instruments utilizing Level 3 inputs.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Fund’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment.

The Fund assesses the classification of the instruments at each measurement date, and any transfers between levels are recognized on the actual date of the event or change in circumstances that caused the transfer in accordance with the Fund’s accounting policy regarding the recognition of transfers between levels of the fair value hierarchy. For the period ended March 31, 2018 and year ended December 31, 2017, there were no such transfers between levels.

A description of the valuation techniques applied to the Fund’s major categories of assets and liabilities measured at fair value on a recurring basis follows.

U.S. Treasury securities are recorded at fair value based on bid and ask quotes for identical instruments. Commercial paper, certificates of deposit, corporate notes, asset backed securities and the exchange membership are recorded at fair value based on bid and ask quotes for similar, but not identical, instruments. Accordingly, U.S. Treasury securities are classified within Level 1, and commercial paper, certificates of deposit, corporate notes, asset backed securities and exchange memberships are classified within Level 2.

The investment in SMFSF (a mutual fund), a money market fund and futures contracts are valued using quoted market prices for identical assets in active markets, and are classified within Level 1. The money market fund is included in cash and cash equivalents in the consolidated statements of financial condition. The fair values of forward currency contracts are based upon third-party quoted dealer values on the interbank market and are classified within Level 2.

Cash and Cash Equivalents

Cash and Cash Equivalents

Cash and cash equivalents may include cash, funds held in money market accounts and short-term investments with maturities of three months or less at the date of acquisition and that are not held for sale in the normal course of business. The Fund maintains deposits with financial institutions in amounts that are in excess of federally insured limits; however, the Fund does not believe it is exposed to any significant credit risk.

Exchange Membership

Exchange Membership

During 2017, the Fund purchased a membership interest in the Chicago Mercantile Exchange (CME). By purchasing the membership, the Fund incurs reduced fees for transactions on the CME. The membership is accounted at its fair value and changes in fair value are reported in net change in unrealized gain (loss) in exchange membership on the statement of operations.

Brokerage Commissions and Trading Expenses

Brokerage Commissions and Trading Expenses

Brokerage commissions and trading expenses include brokerage and other trading fees, and are charged to expense when contracts are opened and closed.

Redemptions Payable

Redemptions Payable

Redemptions payable represent redemptions that meet the requirements of the Fund and have been approved by the General Partner prior to period-end. These redemptions have been recorded using the period-end net asset value per Unit.

Income Taxes

Income Taxes

The Fund prepares calendar year U.S. and applicable state and local tax returns. The Fund is not subject to federal income taxes as each partner is individually liable for his or her allocable share of the Fund’s income, expenses and trading gains or losses. The Fund evaluates the tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether the tax positions are more-likely-than-not to be sustained when examined by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense and asset or liability in the current year. Management has determined there are no material uncertain income tax positions through March 31, 2018. With few exceptions, the Fund is no longer subject to U.S. federal, or state and local income tax examinations by tax authorities for years before 2014.

Foreign Currency Transactions

Foreign Currency Transactions

The Fund has certain investments denominated in foreign currencies. The purchase and sale of investments, and income and expenses are translated at the rates of exchange prevailing on the respective dates of such transactions. The Fund 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 investments held. Such fluctuations are included with the net realized and change in unrealized gain or loss on such investments in the consolidated statements of operations.

Reclassification

Reclassification

Certain amounts reported in the 2017 consolidated financial statements may have been reclassified to conform to the 2018 presentation without affecting previously reported partners’ capital (net asset value) or net income (loss).

New Accounting Pronouncements

New Accounting Pronouncements

Revenue from Contracts with Customers

In May 2014, the FASB issued revenue recognition guidance, which replaces most pre-existing revenue recognition guidance in U.S. generally accepted accounting principles. The guidance provides a framework for addressing revenue recognition and, for the Fund, was effective January 1, 2018. The Fund evaluated the impact of this new guidance and has determined that its adoption did have a material effect on the financial statements.

Restricted Cash

In November 2016, the FASB issued guidance regarding the presentation of changes in restricted cash and restricted cash equivalents within the statement of cash flows. The Fund adopted the guidance on January 1, 2018, and its adoption did not have a material effect on the financial statements.

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Fair Value Disclosures (Tables)

3 Months Ended

Mar. 31, 2018

Fair Value Disclosures [Abstract]

Schedule of assets and liabilities measured on recurring basis

The Fund’s assets and liabilities, measured at fair value on a recurring basis, are summarized in the following tables by the type of inputs applicable to the fair value measurements:

At March 31, 2018
	Level 1		Level 2		Total
Equity in broker trading accounts:
Net unrealized gain (loss) on open futures contracts*	$	3,059,592	$	—	$	3,059,592
Net unrealized gain (loss) on open forward currency contracts*		—		547,962		547,962
Cash and cash equivalents:
Money market fund		25,985,760		—		25,985,760
Investment in SMFSF		30,408,959		—		30,408,959
Investments in securities:
U.S. Treasury securities*		53,030,384		—		53,030,384
Asset backed securities*		—		11,627,101		11,627,101
Commercial paper*		—		39,942,418		39,942,418
Corporate notes*		—		129,232,316		129,232,316
Exchange membership		—		194,250		194,250
Total	$	112,484,695	$	181,544,047	$	294,028,742

*See the condensed schedule of investments for further description.

At December 31, 2017
	Level 1		Level 2		Total
Equity in broker trading accounts:
Net unrealized gain (loss) on open futures contracts*	$	8,930,417	$	—	$	8,930,417
Net unrealized gain (loss) on open forward currency contracts*		—		1,920,516		1,902,516
Cash and cash equivalents:
Money market fund		42,775,036		—		42,775,036
Investment in SMFSF		34,101,936		—		34,101,936
Investments in securities:
U.S. Treasury securities*		58,329,191		—		58,329,191
Asset backed securities*		—		11,574,641		11,574,641
Commercial paper*		—		38,174,305		38,174,305
Corporate notes*		—		129,299,879		129,299,879
Exchange membership		—		232,000		232,000
Total	$	144,136,580	$	181,183,341	$	325,319,921

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Derivative Instruments Disclosures (Tables)

3 Months Ended

Mar. 31, 2018

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of derivative contracts impact on the consolidated statements of financial position

The Fund’s derivative contracts are comprised of futures and forward currency contracts, none of which are designated as hedging instruments. At March 31, 2018, the Fund’s derivative contracts had the following impact on the statements of financial condition: 

March 31, 2018	Derivative Assets and Liabilities, at fair value
Consolidated Statements of Financial Condition Location	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statements of Financial Condition			Net Amount of Assets Presented in the Statements of Financial Condition
Equity in broker trading accounts: Net unrealized gain (loss) on open futures contracts
Agricultural commodities	$	1,745,067	$	(579,599	)	$	1,165,468
Currencies		748,391		(667,783	)		80,608
Energy		2,277,088		(156,965	)		2,120,123
Equity indices		1,780,355		(2,480,971	)		(700,616	)
Interest rate instruments		4,306,945		(3,068,005	)		1,238,940
Metals		9,584,352		(10,063,531	)		(479,179	)
Single stock futures		60,495		(426,247	)		(365,752	)
Net unrealized gain (loss) on open futures contracts	$	20,502,693	$	(17,443,101	)	$	3,059,592
Net unrealized gain (loss) on open forward currency contracts	$	3,452,982	$	(2,905,020	)	$	547,962

At December 31, 2017, the Fund’s derivative contracts had the following impact on the consolidated statements of financial condition: 

December 31, 2017	Derivative Assets and Liabilities, at fair value
Consolidated Statements of Financial Condition Location	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statements of Financial Condition			Net Amount of Assets Presented in the Statements of Financial Condition
Equity in broker trading accounts: Net unrealized gain (loss) on open futures contracts
Agricultural commodities	$	1,610,106	$	(644,958	)	$	965,148
Currencies		1,970,468		(1,270,292	)		700,176
Energy		5,254,612		(1,328,218	)		3,926,394
Equity indices		4,652,670		(2,479,884	)		2,172,786
Interest rate instruments		2,293,476		(3,640,881	)		(1,347,405	)
Metals		13,922,808		(11,443,945	)		2,478,863
Single stock futures		234,102		(199,647	)		34,455
Net unrealized gain (loss) on open futures contracts	$	29,938,242	$	(21,007,825	)	$	8,930,417
Net unrealized gain (loss) on open forward currency contracts	$	5,193,499	$	(3,290,983	)	$	1,902,516

Schedule of financial assets, derivative assets, and cash collateral held by counterparties

The Fund’s financial assets, derivative assets, and cash collateral held by counterparties at March 31, 2018 were:

				Gross Amounts Not Offset in the Statements of Financial Condition
Counterparty	Net Amount of Assets in the Statements of Financial Condition			Financial Instruments		Cash Collateral Received		Net Amount
Deutsche Bank AG	$	(37,374	)	$	—	$	—	$	(37,374	)
Deutsche Bank Securities, Inc.		(227,900	)		—		—		(227,900	)
JP Morgan Securities, LLC		(880,970	)		—		—		(880,970	)
SG Americas Securities, LLC		4,168,462			—		—		4,168,462
Société Générale International Limited		664,712			—		—		664,712
UBS AG		(79,376	)		—		—		(79,376	)
Total	$	3,607,554		$	—	$	—	$	3,607,554

The Fund’s financial assets, derivative assets, and cash collateral held by counterparties at December 31, 2017 were:

			Gross Amounts Not Offset in the Statements of Financial Condition
Counterparty	Net Amount of Assets in the Statements of Financial Condition		Financial Instruments		Cash Collateral Received		Net Amount
Deutsche Bank AG	$	332,031	$	—	$	—	$	332,031
Deutsche Bank Securities, Inc.		838,938		—		—		838,938
JP Morgan Securities, LLC		1,270,509		—		—		1,270,509
SG Americas Securities, LLC		6,820,970		—		—		6,820,970
Société Générale International Limited		1,122,595		—		—		1,122,595
UBS AG		447,890		—		—		447,890
Total	$	10,832,933	$	—	$	—	$	10,832,933

Schedule of future and forward contracts impact on the consolidated statements of operations

For the three months ended March 31, 2018, the Fund’s derivative contracts had the following impact on the consolidated statements of operations:

	Three Months Ended March 31, 2018
Types of Exposure	Net realized gain (loss)			Net change in unrealized gain (loss)
Futures contracts
Agricultural commodities	$	(1,884,842	)	$	200,320
Currencies		(830,819	)		(619,568	)
Energy		2,928,061			(1,806,271	)
Equity indices		(591,554	)		(2,873,402	)
Interest rate instruments		(3,613,183	)		2,586,345
Metals		1,845,160			(2,958,042	)
Single stock futures		613,214			(400,207	)
Total futures contracts		(1,533,963	)		(5,870,825	)
Forward currency contracts		2,924,925			(1,354,554	)
Total futures and forward currency contracts	$	1,390,962		$	(7,225,379	)

For the three months ended March 31, 2017, the Fund’s derivative contracts had the following impact on the consolidated statements of operations:

	Three Months Ended March 31, 2017
Types of Exposure	Net realized gain (loss)			Net change in unrealized gain (loss)
Futures contracts
Agricultural commodities	$	(4,961,560	)	$	2,483,410
Currencies		(431,870	)		(2,191,744	)
Energy		(8,352,356	)		(4,952,926	)
Equity indices		30,324,632			602,164
Interest rate instruments		(3,132,518	)		(3,258,612	)
Metals		(2,227,283	)		244,009
Single stock futures		848,673			329,801
Total futures contracts		12,067,718			(6,743,898	)
Forward currency contracts		(493,812	)		(1,600,398	)
Total futures and forward currency contracts	$	11,573,906		$	(8,344,296	)

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General Partner (Tables)

3 Months Ended

Mar. 31, 2018

General Partner

Schedule of investment of beneficiary of majority shareholder of General Partner

At March 31, 2018 and December 31, 2017, and for the periods then ended, the General Partner did not maintain a capital balance in the Fund; however, the beneficiary of the majority shareholder of the General Partner had the following investment in Class I Units: 

	March 31, 2018		December 31, 2017
Units Owned		254.4114		254.4114
Value of Units	$	253,118	$	260,358

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Trading Activities and Related Risks (Tables)

3 Months Ended

Mar. 31, 2018

Trading Activities And Related Risks

Schedule of exposure in investments

Through its investments in debt securities and certificates of deposit, the Fund has exposure to U.S. and foreign enterprises.  The following table presents the exposure at March 31, 2018.

Country or Region	U.S. Treasury Securities		Commercial Paper		Corporate Notes		Asset Backed Securities		Total		% of Partners’ Capital (Net Asset Value)
United States	$	53,030,384	$	27,560,989	$	88,148,117	$	11,627,101	$	180,366,591		54.33	%
Netherlands		—		—		17,955,590		—		17,955,590		5.42	%
France		—		1,498,881		5,481,026		—		6,979,907		2.10	%
Australia		—		3,094,082		3,520,734		—		6,614,816		1.99	%
Ireland		—		—		6,413,274		—		6,413,274		1.93	%
Denmark		—		—		5,427,962		—		5,427,962		1.63	%
Luxumbourg		—		4,696,987		—		—		4,696,987		1.41	%
Canada		—		—		2,285,613		—		2,285,613		0.69	%
Singapore		—		1,593,342		—		—		1,593,342		0.48	%
Germany		—		1,498,137		—		—		1,498,137		0.45	%
Total	$	53,030,384	$	39,942,418	$	129,232,316	$	11,627,101	$	233,832,219		70.43	%

The following table presents the exposure at December 31, 2017.

Country or Region	U.S. Treasury Securities		Commercial Paper		Corporate Notes		Asset Backed Securities		Total		% of Partners’ Capital (Net Asset Value)
United States	$	58,329,191	$	30,479,713	$	94,039,929	$	11,574,641	$	194,423,474		54.38	%
Netherlands		—		—		18,032,725		—		18,032,725		5.04	%
Canada		—		—		8,218,336		—		8,218,336		2.30	%
France		—		—		5,485,426		—		5,485,426		1.53	%
Australia		—		1,597,729		3,523,463		—		5,121,192		1.43	%
Luxumbourg		—		2,997,265		—		—		2,997,265		0.84	%
Singapore		—		1,599,760		—		—		1,599,760		0.45	%
Germany		—		1,499,838		—		—		1,499,838		0.42	%
Total	$	58,329,191	$	38,174,305	$	129,299,879	$	11,574,641	$	237,378,016		66.39	%

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Financial Highlights (Tables)

3 Months Ended

Mar. 31, 2018

Financial Highlights

Schedule of per unit operating performance data and other financial ratios

The following information presents per unit operating performance data and other ratios for the three months ended March 31, 2018 and 2017, assuming the unit was outstanding throughout the entire period:

	Three Months Ended March 31, 2018
		Class A			Class B			Class I			Class R
Per Unit Operating Performance
Net asset value per unit, beginning of period	$	4,146.91		$	6,266.93		$	1,023.37		$	1,038.05
Net realized and change in unrealized gain (loss) on investments (1)		(103.47	)		(156.83	)		(25.84	)		(26.10	)
Net investment income (loss) (1)		(39.78	)		(32.60	)		(2.61	)		(4.78	)
Total income (loss) from operations		(143.25	)		(189.43	)		(28.45	)		(30.88	)
Net asset value per unit, end of period	$	4,003.66		$	6,077.50		$	994.92		$	1,007.17
Total return (4)		(3.45	)%		(3.02	)%		(2.78	)%		(2.97	)%
Other Financial Ratios
Ratios to average net asset value
Expenses prior to General Partner 1% allocation (2) (3)		5.42	%		3.63	%		2.56	%		3.40	%
General Partner 1% allocation (4)		(0.03	)%		(0.03	)%		(0.03	)%		(0.03	)%
Net total expenses		5.39	%		3.60	%		2.53	%		3.37	%
Net investment income (loss) (2) (3) (5)		(3.99	)%		(2.20	)%		(1.14	)%		(1.96	)%

	Three Months Ended March 31, 2017
		Class A			Class B			Class I			Class R†
Per Unit Operating Performance
Net asset value per unit, beginning of period	$	4,096.03		$	6,080.47		$	983.11		$	—
Net realized and change in unrealized gain (loss) on investments (1)		22.13			32.17			5.33			—
Net investment income (loss) (1)		(63.35	)		(66.43	)		(8.44	)		—
Total income (loss) from operations		(41.22	)		(34.26	)		(3.11	)		—
Net asset value per unit, end of period	$	4,054.81		$	6,046.21		$	980.00		$	—
Total return (4)		(1.01	)%		(0.56	)%		(0.32	)%		—
Other Financial Ratios
Ratios to average net asset value
Expenses prior to General Partner 1% allocation (2) (3)		7.40	%		5.54	%		4.58	%		—
General Partner 1% allocation (4)		(0.01	)%		(0.01	)%		0.00	%		—
Net total expenses		7.39	%		5.53	%		4.58	%		—
Net investment income (loss) (2) (3) (5)		(6.26	)%		(4.41	)%		(3.45	)%		—

Total returns are calculated based on the change in value of a Class A, Class B, Class I or Class R Unit during the period. An individual partner’s total returns and ratios may vary from the above total returns and ratios based on the timing of subscriptions and redemptions.

† Class R Units were introduced in April 2017.

⁽¹⁾ The net investment income (loss) per unit is calculated by dividing the net investment income (loss) by the average number of Class A, B, I or R Units outstanding during the period. Net realized and change in unrealized gain (loss) on investments is a balancing amount necessary to reconcile the change in net asset value per unit with the other per unit information. Such balancing amount may differ from the calculation of net realized and change in unrealized gain (loss) on investment per unit due to the timing of investment gains and losses during the period relative to the number of units outstanding.

⁽²⁾ The net investment income (loss) includes interest income and excludes net realized and net change in unrealized gain (loss) from investment activities as shown in the consolidated statements of operations. The total amount is then reduced by all expenses, excluding brokerage commissions, which are included in net investment gain (loss) in the consolidated statements of operations. The resulting amount is divided by the average net asset value for the period.

⁽³⁾ Ratios have been annualized.

⁽⁴⁾ Ratios have not been annualized.

⁽⁵⁾ Ratio excludes General Partner 1% allocation.  

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Organization and Summary of Significant Accounting Policies (Details Narrative) - USD ($)		3 Months Ended
	Apr. 02, 2017	Mar. 31, 2018	Mar. 31, 2017	Aug. 31, 2017
SMFSF [Member] | Minimum [Member]
Ownership interest				50.00%
SMFSF [Member] | Maximum [Member]
Ownership interest				50.00%
Class A [Member]
Percentage of selling agent fee		2.00%
Class A [Member] | General Partner [Member]
Percentage of management fees, prior		1.50%
Class A 2 [Member]
Percentage of sales commission		3.00%
Percentage of offering price		0.60%
Class A 2 [Member] | General Partner [Member]
Percentage of management fees, prior		1.50%
Class A 3 [Member]
Percentage of sales commission		2.00%
Percentage of offering price		0.75%
Class A 3 [Member] | General Partner [Member]
Percentage of management fees, prior		1.50%
Class B [Member]
Percentage of broker dealer servicing fee		0.20%
Class B [Member] | General Partner [Member]
Percentage of management fees, prior		1.50%
Class I [Member]
Total redemption amount		$ 2,000,000	$ 6,000,000
Class I [Member] | General Partner [Member]
Percentage of management fees, current		0.75%
Percentage of management fees, prior		0.75%
Percentage of performance fee		7.50%
Class R [Member]
Capital unit conversion	$ 14,000,000
Class R [Member] | General Partner [Member]
Percentage of management fees, prior		1.50%

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Fair Value Disclosures (Details) - USD ($)		Mar. 31, 2018	Dec. 31, 2017
Equity in broker trading accounts:
Net unrealized gain (loss) on open futures contracts		$ 3,059,592	$ 8,930,417
Net unrealized gain (loss) on open forward currency contracts		547,962	1,902,516
Recurring [Member]
Equity in broker trading accounts:
Net unrealized gain (loss) on open futures contracts	[1]	3,059,592	8,930,417
Net unrealized gain (loss) on open forward currency contracts	[1]	547,962	1,902,516
Cash and cash equivalents:
Money market fund		25,985,760	42,775,036
Total		294,028,742	325,319,921
Recurring [Member] | U.S. Treasury Securities [Member]
Cash and cash equivalents:
Total	[1]	53,030,384	58,329,191
Recurring [Member] | U.S. Asset Backed Securities [Member]
Cash and cash equivalents:
Total	[1]	11,627,101	11,574,641
Recurring [Member] | Commercial Paper [Member]
Cash and cash equivalents:
Total	[1]	39,942,418	38,174,305
Recurring [Member] | Corporate Notes [Member]
Cash and cash equivalents:
Total	[1]	129,232,316	129,299,879
Recurring [Member] | Certificates of Deposit [Member]
Cash and cash equivalents:
Total		194,250
Recurring [Member] | Exchange Membership [Member]
Cash and cash equivalents:
Total			232,000
Recurring [Member] | Investment In SMFSF [Member] | Steben Managed Futures Strategy Fund [Member]
Cash and cash equivalents:
Total			34,101,936
Recurring [Member] | Level 1 [Member]
Equity in broker trading accounts:
Net unrealized gain (loss) on open futures contracts	[1]	3,059,592	8,930,417
Cash and cash equivalents:
Money market fund		25,985,760	42,775,036
Total		112,484,695	144,136,580
Recurring [Member] | Level 1 [Member] | Steben Managed Futures Strategy Fund [Member]
Cash and cash equivalents:
Total			34,101,936
Recurring [Member] | Level 1 [Member] | U.S. Treasury Securities [Member]
Cash and cash equivalents:
Total	[1]	53,030,384	58,329,191
Recurring [Member] | Level 2 [Member]
Equity in broker trading accounts:
Net unrealized gain (loss) on open forward currency contracts	[1]	547,962	1,920,516
Cash and cash equivalents:
Total		181,544,047	181,183,341
Recurring [Member] | Level 2 [Member] | U.S. Asset Backed Securities [Member]
Cash and cash equivalents:
Total	[1]	11,627,101	11,574,641
Recurring [Member] | Level 2 [Member] | Commercial Paper [Member]
Cash and cash equivalents:
Total	[1]	39,942,418	38,174,305
Recurring [Member] | Level 2 [Member] | Corporate Notes [Member]
Cash and cash equivalents:
Total	[1]	129,232,316	129,299,879
Recurring [Member] | Level 2 [Member] | Certificates of Deposit [Member]
Cash and cash equivalents:
Total	[1]	$ 194,250
Recurring [Member] | Level 2 [Member] | Exchange Membership [Member]
Cash and cash equivalents:
Total			$ 232,000

[1] See the condensed schedule of investments for further description.

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Derivative Instruments Disclosures (Details) - USD ($)	Mar. 31, 2018	Dec. 31, 2017
Equity in broker trading accounts:
Net unrealized gain (loss) on open futures contracts	$ 3,059,592	$ 8,930,417
Net unrealized gain (loss) on open forward currency contracts	547,962	1,902,516
Not Designated as Hedging Instrument [Member]
Equity in broker trading accounts:
Net unrealized gain (loss) on open futures contracts	3,059,592	8,930,417
Net unrealized gain (loss) on open forward currency contracts	547,962	1,902,516
Not Designated as Hedging Instrument [Member] | Liabilities [Member]
Equity in broker trading accounts:
Net unrealized gain (loss) on open futures contracts	(17,443,101)	(21,007,825)
Net unrealized gain (loss) on open forward currency contracts	(2,905,020)	(3,290,983)
Not Designated as Hedging Instrument [Member] | Agricultural Commodities [Member]
Equity in broker trading accounts:
Net unrealized gain (loss) on open futures contracts	1,165,468	965,148
Not Designated as Hedging Instrument [Member] | Agricultural Commodities [Member] | Liabilities [Member]
Equity in broker trading accounts:
Net unrealized gain (loss) on open futures contracts	(579,599)	(644,958)
Not Designated as Hedging Instrument [Member] | Currencies [Member]
Equity in broker trading accounts:
Net unrealized gain (loss) on open futures contracts	80,608	700,176
Not Designated as Hedging Instrument [Member] | Currencies [Member] | Liabilities [Member]
Equity in broker trading accounts:
Net unrealized gain (loss) on open futures contracts	(667,783)	(1,270,292)
Not Designated as Hedging Instrument [Member] | Energy [Member]
Equity in broker trading accounts:
Net unrealized gain (loss) on open futures contracts	2,120,123	3,926,394
Not Designated as Hedging Instrument [Member] | Energy [Member] | Liabilities [Member]
Equity in broker trading accounts:
Net unrealized gain (loss) on open futures contracts	(156,965)	(1,328,218)
Not Designated as Hedging Instrument [Member] | Equity Indices [Member]
Equity in broker trading accounts:
Net unrealized gain (loss) on open futures contracts	(700,616)	2,172,786
Not Designated as Hedging Instrument [Member] | Equity Indices [Member] | Liabilities [Member]
Equity in broker trading accounts:
Net unrealized gain (loss) on open futures contracts	(2,480,971)	(2,479,884)
Not Designated as Hedging Instrument [Member] | Interest Rate Instruments [Member]
Equity in broker trading accounts:
Net unrealized gain (loss) on open futures contracts	1,238,940	(1,347,405)
Not Designated as Hedging Instrument [Member] | Interest Rate Instruments [Member] | Liabilities [Member]
Equity in broker trading accounts:
Net unrealized gain (loss) on open futures contracts	(3,068,005)	(3,640,881)
Not Designated as Hedging Instrument [Member] | Metals [Member]
Equity in broker trading accounts:
Net unrealized gain (loss) on open futures contracts	(479,179)	2,478,863
Not Designated as Hedging Instrument [Member] | Metals [Member] | Liabilities [Member]
Equity in broker trading accounts:
Net unrealized gain (loss) on open futures contracts	(10,063,531)	(11,443,945)
Not Designated as Hedging Instrument [Member] | Single Stock Futures [Member]
Equity in broker trading accounts:
Net unrealized gain (loss) on open futures contracts	(365,752)	34,455
Not Designated as Hedging Instrument [Member] | Single Stock Futures [Member] | Liabilities [Member]
Equity in broker trading accounts:
Net unrealized gain (loss) on open futures contracts	(426,247)	(199,647)
Not Designated as Hedging Instrument [Member] | Assets [Member]
Equity in broker trading accounts:
Net unrealized gain (loss) on open futures contracts	20,502,693	29,938,242
Net unrealized gain (loss) on open forward currency contracts	3,452,982	5,193,499
Not Designated as Hedging Instrument [Member] | Assets [Member] | Agricultural Commodities [Member]
Equity in broker trading accounts:
Net unrealized gain (loss) on open futures contracts	1,745,067	1,610,106
Not Designated as Hedging Instrument [Member] | Assets [Member] | Currencies [Member]
Equity in broker trading accounts:
Net unrealized gain (loss) on open futures contracts	748,391	1,970,468
Not Designated as Hedging Instrument [Member] | Assets [Member] | Energy [Member]
Equity in broker trading accounts:
Net unrealized gain (loss) on open futures contracts	2,277,088	5,254,612
Not Designated as Hedging Instrument [Member] | Assets [Member] | Equity Indices [Member]
Equity in broker trading accounts:
Net unrealized gain (loss) on open futures contracts	1,780,355	4,652,670
Not Designated as Hedging Instrument [Member] | Assets [Member] | Interest Rate Instruments [Member]
Equity in broker trading accounts:
Net unrealized gain (loss) on open futures contracts	4,306,945	2,293,476
Not Designated as Hedging Instrument [Member] | Assets [Member] | Metals [Member]
Equity in broker trading accounts:
Net unrealized gain (loss) on open futures contracts	9,584,352	13,922,808
Not Designated as Hedging Instrument [Member] | Assets [Member] | Single Stock Futures [Member]
Equity in broker trading accounts:
Net unrealized gain (loss) on open futures contracts	$ 60,495	$ 234,102

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Derivative Instruments Disclosures (Details 1) - USD ($)	Mar. 31, 2018	Dec. 31, 2017
Derivative Instruments, Gain (Loss) [Line Items]
Net Amount of Assets in the Statement of Financial Condition	$ 3,607,554	$ 10,832,933
Net Amount	3,607,554	10,832,933
Deutsche Bank AG [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Net Amount of Assets in the Statement of Financial Condition	(37,374)	332,031
Net Amount	(37,374)	332,031
Deutsche Bank Securities, Inc.[Member]
Derivative Instruments, Gain (Loss) [Line Items]
Net Amount of Assets in the Statement of Financial Condition	(227,900)	838,938
Net Amount	(227,900)	838,938
J.P. Morgan Securities [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Net Amount of Assets in the Statement of Financial Condition	(880,970)	1,270,509
Net Amount	(880,970)	1,270,509
SG Americas Securities, LLC [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Net Amount of Assets in the Statement of Financial Condition	4,168,462	6,820,970
Net Amount	4,168,462	6,820,970
Societe Generale International Limited [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Net Amount of Assets in the Statement of Financial Condition	664,712	1,122,595
Net Amount	664,712	1,122,595
UBS AG [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Net Amount of Assets in the Statement of Financial Condition	(79,376)	447,890
Net Amount	$ (79,376)	$ 447,890

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Derivative Instruments Disclosures (Details 2) - Not Designated as Hedging Instrument [Member] - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Derivative Instruments, Gain (Loss) [Line Items]
Net realized gain (loss), Future contracts	$ (1,533,963)	$ 12,067,718
Net realized gain (loss), Forward contracts	2,924,925	(493,812)
Net change in unrealized gain (loss), Future contracts	(5,870,825)	(6,743,898)
Net change in unrealized gain (loss), forward contracts	(1,354,554)	(1,600,398)
Net realized gain (loss), Investment in swap contract		493,225
Net change in unrealized gain (loss), Investment in swap contract		52,583
Net realized gain (loss)	1,390,962	11,573,906
Net change in unrealized gain (loss)	(7,225,379)	(8,344,296)
Agricultural Commodities [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Net realized gain (loss), Future contracts	(1,884,842)	(4,961,560)
Net change in unrealized gain (loss), Future contracts	200,320	2,483,410
Currencies [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Net realized gain (loss), Future contracts	(830,819)	(431,870)
Net change in unrealized gain (loss), Future contracts	(619,568)	(2,191,744)
Energy [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Net realized gain (loss), Future contracts	2,928,061	(8,352,356)
Net change in unrealized gain (loss), Future contracts	(1,806,271)	(4,952,926)
Equity Indices [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Net realized gain (loss), Future contracts	(591,554)	30,324,632
Net change in unrealized gain (loss), Future contracts	(2,873,402)	602,164
Interest Rate Instruments [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Net realized gain (loss), Future contracts	(3,613,183)	(3,132,518)
Net change in unrealized gain (loss), Future contracts	2,586,345	(3,258,612)
Metals [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Net realized gain (loss), Future contracts	1,845,160	(2,227,283)
Net change in unrealized gain (loss), Future contracts	(2,958,042)	244,009
Single Stock Futures [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Net realized gain (loss), Future contracts	613,214	848,673
Net change in unrealized gain (loss), Future contracts	$ (400,207)	$ 329,801

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Derivative Instruments Disclosures (Details Narrative) - Number	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Number of futures contracts open	62,003	3,672	45,440
Number of forward currency contracts open	3,672		2,030
Number of futures contracts closed	62,003	493,225
Number of forward currency contracts closed	3,672	52,583

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General Partner (Details) - Class I [Member] - General Partner [Member] - USD ($)	Mar. 31, 2018	Dec. 31, 2017
Class of units
Units Owned (in shares)	254.4114	254.4114
Value of Units	$ 253,118	$ 260,358

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General Partner (Details Narrative) - USD ($)

3 Months Ended

12 Months Ended

Mar. 31, 2018

Mar. 31, 2017

Dec. 31, 2017

Selling Agent and broker dealer servicing fees

$ 1,231,902

$ 1,763,827

General Partner [Member]

Description of management fee

Equal to 1/12th of 1.75% of the month-end net asset value.

Description of admistrative expenses payable fee

Equal to 1/12th of 0.45% of the month-end net asset value.

Description of terms of partnership agreement

Each year the General Partner receives from the Fund 1% of any net income earned by the Fund. Conversely, the General Partner pays to the Fund 1% of any net loss incurred by the Fund. Such amounts are reflected as General Partner 1% allocation receivable or payable in the consolidated statements of financial condition and as General Partner 1% allocation in the consolidated statements of operations.

Description of operating services Fee

Equal to 1/12th of 0.24% of the month-end net asset value.

Class A [Member] | General Partner [Member]

Description of management fee

Equal to 1/12th of 1.5% of the month-end net asset value.

Percentage of management fees, prior

1.50%

Description of selling agent fees

Equal to 1/12th of 2% of the month-end net asset value.

Selling Agent and broker dealer servicing fees

$ 1,183,049

8,048,257

$ 1,677,325

Description of distribution fee

Monthly 12b-1 fee of 1/12th of 0.25% of the month-end net asset value.

Class A 2 [Member] | General Partner [Member]

Description of management fee

Equal to 1/12th of 1.5% of the month-end net asset value.

Percentage of management fees, prior

1.50%

Description of selling agent fees

sales commission of up to 3% of the offering price and a 0.6% per annum selling agent fee.

Class A 3 [Member] | General Partner [Member]

Description of management fee

Equal to 1/12th of 1.5% of the month-end net asset value.

Percentage of management fees, prior

1.50%

Description of selling agent fees

sales commission of up to 2% of the offering price and a 0.75% per annum selling agent fee.

Class B [Member] | General Partner [Member]

Description of management fee

Equal to 1/12th of 1.5% of the month-end net asset value.

Percentage of management fees, prior

1.50%

Selling Agent and broker dealer servicing fees

$ 48,853

$ 86,502

Description of broker dealer servicing fee

Equal to 1/12th of 0.2% of the month-end net asset value.

Class R [Member] | General Partner [Member]

Description of management fee

Equal to 1/12th of 1.5% of the month-end net asset value.

Percentage of management fees, prior

1.50%

Class I [Member] | General Partner [Member]

Description of management fee

Equal to 1/12th of 0.75% of the month-end net asset value.

Percentage of management fees, prior

0.75%

Description of performance fee

Equal to 7.5% of any Net New Trading Profits of the Class I Units calculated monthly.

Class N [Member] | General Partner [Member]

Description of distribution fee

Monthly 12b-1 fee of 1/12th of 0.25% of the month-end net asset value.

Class C [Member] | General Partner [Member]

Description of distribution fee

1/12th of 1% of the month-end value.

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Trading Advisors and Cash Managers (Details Narrative)	3 Months Ended
	Mar. 31, 2018
Cash Managers [Member]
Cash management services	0.10%
Trading Advisor [Member] | Minimum [Member]
Management fee	0.00%
Incentive fee	0.00%
Trading Advisor [Member] | Maximum [Member]
Management fee	3.00%
Incentive fee	30.00%

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Deposits with Brokers (Details Narrative) - USD ($)	Mar. 31, 2018	Dec. 31, 2017
Deposits With Brokers
Margin deposit asset requirement	$ 45,880,290	$ 71,513,422
Fund assets totaling	$ 75,592,422	$ 98,549,270

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Subscriptions, Distributions and Redemptions (Details Narrative) - USD ($)	Mar. 31, 2018	Dec. 31, 2017
Capital Unit [Line Items]
Subscriptions received in advance	$ 972,808	$ 287,000
Class A [Member]
Capital Unit [Line Items]
Minimum investment amount	10,000
Class A 2 [Member]
Capital Unit [Line Items]
Minimum investment amount	10,000
Class A 3 [Member]
Capital Unit [Line Items]
Minimum investment amount	10,000
Class B [Member]
Capital Unit [Line Items]
Minimum investment amount	10,000
Class R [Member]
Capital Unit [Line Items]
Minimum investment amount	10,000
Class I [Member]
Capital Unit [Line Items]
Minimum investment amount	$ 2,000,000

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Trading Activities and Related Risks (Details) - USD ($)	Mar. 31, 2018	Dec. 31, 2017
Total debt securities and certificates of deposit	$ 233,832,219	$ 237,378,016
% of Partners' Capital (Net Asset Value) (in percent)	70.43%	66.39%
United States [Member]
Total debt securities and certificates of deposit	$ 180,366,591	$ 194,423,474
% of Partners' Capital (Net Asset Value) (in percent)	54.33%	54.38%
Australia [Member]
Total debt securities and certificates of deposit	$ 6,614,816	$ 5,121,192
% of Partners' Capital (Net Asset Value) (in percent)	1.99%	1.43%
Luxembourg [Member]
Total debt securities and certificates of deposit	$ 4,696,987	$ 2,997,265
% of Partners' Capital (Net Asset Value) (in percent)	1.41%	0.84%
Singapore [Member]
Total debt securities and certificates of deposit	$ 1,593,342	$ 1,599,760
% of Partners' Capital (Net Asset Value) (in percent)	0.48%	0.45%
GERMANY [Member]
Total debt securities and certificates of deposit	$ 1,498,137	$ 1,499,838
% of Partners' Capital (Net Asset Value) (in percent)	0.45%	0.42%
Netherlands [Member]
Total debt securities and certificates of deposit	$ 17,955,590	$ 18,032,725
% of Partners' Capital (Net Asset Value) (in percent)	5.42%	5.04%
Canada [Member]
Total debt securities and certificates of deposit	$ 2,285,613	$ 8,218,336
% of Partners' Capital (Net Asset Value) (in percent)	0.69%	2.30%
FRANCE [Member]
Total debt securities and certificates of deposit	$ 6,979,907	$ 5,485,426
% of Partners' Capital (Net Asset Value) (in percent)	2.10%	1.53%
IRELAND [Member]
Total debt securities and certificates of deposit	$ 6,413,274
% of Partners' Capital (Net Asset Value) (in percent)	1.93%
DENMARK [Member]
Total debt securities and certificates of deposit	$ 5,427,962
% of Partners' Capital (Net Asset Value) (in percent)	1.63%
U.S. Treasury Securities [Member]
Total debt securities and certificates of deposit	$ 53,030,384	$ 58,329,191
% of Partners' Capital (Net Asset Value) (in percent)	15.97%	16.31%
U.S. Treasury Securities [Member] | United States [Member]
Total debt securities and certificates of deposit	$ 53,030,384	$ 58,329,191
Commercial Paper [Member]
Total debt securities and certificates of deposit	$ 39,942,418	$ 38,174,305
% of Partners' Capital (Net Asset Value) (in percent)	12.03%	10.68%
Commercial Paper [Member] | United States [Member]
Total debt securities and certificates of deposit	$ 27,560,989	$ 30,479,713
Commercial Paper [Member] | Australia [Member]
Total debt securities and certificates of deposit	3,094,082	1,597,729
Commercial Paper [Member] | Luxembourg [Member]
Total debt securities and certificates of deposit	4,696,987	2,997,265
Commercial Paper [Member] | Singapore [Member]
Total debt securities and certificates of deposit	1,593,342	1,599,760
Commercial Paper [Member] | GERMANY [Member]
Total debt securities and certificates of deposit	1,498,137	1,499,838
Commercial Paper [Member] | FRANCE [Member]
Total debt securities and certificates of deposit	1,498,881
Corporate Notes [Member]
Total debt securities and certificates of deposit	$ 129,232,316	$ 129,299,879
% of Partners' Capital (Net Asset Value) (in percent)	38.92%	36.16%
Corporate Notes [Member] | United States [Member]
Total debt securities and certificates of deposit	$ 88,148,117	$ 94,039,929
Corporate Notes [Member] | Australia [Member]
Total debt securities and certificates of deposit	3,520,734	3,523,463
Corporate Notes [Member] | Luxembourg [Member]
Total debt securities and certificates of deposit
Corporate Notes [Member] | Netherlands [Member]
Total debt securities and certificates of deposit	17,955,590	18,032,725
Corporate Notes [Member] | Canada [Member]
Total debt securities and certificates of deposit	2,285,613	8,218,336
Corporate Notes [Member] | FRANCE [Member]
Total debt securities and certificates of deposit	5,481,026	5,485,426
Corporate Notes [Member] | IRELAND [Member]
Total debt securities and certificates of deposit	6,413,274
Corporate Notes [Member] | DENMARK [Member]
Total debt securities and certificates of deposit	5,427,962
U.S. Asset Backed Securities [Member]
Total debt securities and certificates of deposit	$ 11,627,101	$ 11,574,641
% of Partners' Capital (Net Asset Value) (in percent)	3.51%	3.24%
U.S. Asset Backed Securities [Member] | United States [Member]
Total debt securities and certificates of deposit		$ 11,574,641

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Financial Highlights (Details) - $ / shares		3 Months Ended
		Mar. 31, 2018	Mar. 31, 2017
Class A [Member]
Per Unit Operating Performance
Net asset value per unit at beginning of period (in dollars per unit)		$ 4,146.91	$ 4,096.03
Net realized and change in unrealized gain (loss) on investments	[1]	(103.47)	22.13
Net investment income (loss)	[1]	(39.78)	(63.35)
Total income (loss) from operations		(143.25)	(41.22)
Net asset value per unit at end of period (in dollars per unit)		$ 4,003.66	$ 4,054.81
Total return	[2]	(3.45%)	(1.01%)
Ratios to average net asset value
Expenses prior to General Partner 1% allocation	[3],[4]	5.42%	7.40%
General Partner 1% allocation	[2]	(0.03%)	(0.01%)
Net total expenses		5.39%	7.39%
Net investment income (loss)	[3],[4],[5]	(3.99%)	(6.26%)
Class B [Member]
Per Unit Operating Performance
Net asset value per unit at beginning of period (in dollars per unit)		$ 6,266.93	$ 6,080.47
Net realized and change in unrealized gain (loss) on investments	[1]	(156.83)	32.17
Net investment income (loss)	[1]	(32.60)	(66.43)
Total income (loss) from operations		(189.43)	(34.26)
Net asset value per unit at end of period (in dollars per unit)		$ 6,077.50	$ 6,046.21
Total return	[2]	(3.02%)	(0.56%)
Ratios to average net asset value
Expenses prior to General Partner 1% allocation	[3],[4]	3.63%	5.54%
General Partner 1% allocation	[2]	(0.03%)	(0.01%)
Net total expenses		3.60%	5.53%
Net investment income (loss)	[3],[4],[5]	(2.20%)	(4.41%)
Class I [Member]
Per Unit Operating Performance
Net asset value per unit at beginning of period (in dollars per unit)		$ 1,023.37	$ 983.11
Net realized and change in unrealized gain (loss) on investments	[1]	(25.84)	5.33
Net investment income (loss)	[1]	(2.61)	(8.44)
Total income (loss) from operations		(28.45)	(3.11)
Net asset value per unit at end of period (in dollars per unit)		$ 994.92	$ 980
Total return	[2]	(2.78%)	(0.32%)
Ratios to average net asset value
Expenses prior to General Partner 1% allocation	[3],[4]	2.56%	4.58%
General Partner 1% allocation	[2]	(0.03%)	0.00%
Net total expenses		2.53%	4.58%
Net investment income (loss)	[3],[4],[5]	(1.14%)	(3.45%)
Class R [Member]
Per Unit Operating Performance
Net asset value per unit at beginning of period (in dollars per unit)		$ 1,038.05		[6]
Net realized and change in unrealized gain (loss) on investments	[1]	(26.10)		[6]
Net investment income (loss)	[1]	(4.78)		[6]
Total income (loss) from operations		(30.88)		[6]
Net asset value per unit at end of period (in dollars per unit)		$ 1,007.17		[6]
Total return	[2]	(2.97%)		[6]
Ratios to average net asset value
Expenses prior to General Partner 1% allocation	[3],[4]	3.40%		[6]
General Partner 1% allocation	[2]	(0.03%)		[6]
Net total expenses		3.37%		[6]
Net investment income (loss)	[3],[4],[5]	(1.96%)		[6]

[1] The net investment income (loss) per unit is calculated by dividing the net investment income (loss) by the average number of Class A, B, I or R Units outstanding during the period. Net realized and change in unrealized gain (loss) on investments is a balancing amount necessary to reconcile the change in net asset value per unit with the other per unit information. Such balancing amount may differ from the calculation of net realized and change in unrealized gain (loss) on investment per unit due to the timing of investment gains and losses during the period relative to the number of units outstanding.

[2] Ratios have not been annualized.

[3] Ratios have been annualized.

[4] The net investment income (loss) includes interest income and excludes net realized and net change in unrealized gain (loss) from investment activities as shown in the consolidated statements of operations. The total amount is then reduced by all expenses, excluding brokerage commissions, which are included in net investment gain (loss) in the consolidated statements of operations. The resulting amount is divided by the average net asset value for the period.

[5] Ratio excludes General Partner 1% allocation.

[6] Class R Units were introduced in April 2017.

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Subsequent Events (Details Narrative) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 20, 2018	Mar. 31, 2017
Contributions for trust	$ 2,494,000		$ 9,659,997
Redemptions of investment in SMFSF	$ (16,929,058)		$ (59,310,782)
Subsequent Event [Member] | Steben Managed Futures Strategy Fund [Member]
Contributions for trust		$ 1,621,108
Amount of fund redeemed		3,754,020
Redemptions of investment in SMFSF		$ 2,000,000