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 June 30, 2023

Commission file number: 000-50728

FUTURES PORTFOLIO FUND, LIMITED PARTNERSHIP

Organized in Maryland

IRS Employer Identification No.: 84-3698129

c/o Steben & Company, LLC

687 Excelsior Boulevard

Excelsior, MN 55331

(952) 767-6900

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 every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒   No ☐

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

Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	Smaller reporting company	☐
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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

Yes ☐   No ☒

Securities registered pursuant to Section 12(b) of the Act: N/A

PART I: FINANCIAL INFORMATION

Item 1. Financial Statements

Futures Portfolio Fund, Limited Partnership

Statements of Financial Condition

June 30, 2023 (Unaudited) and December 31, 2022

	June 30,
	2023			December 31,
	(Unaudited)			2022
Assets
Equity in broker trading accounts
Cash	$	43,532,055		$	41,012,793
Net unrealized gain (loss) on open futures contracts		4,891,593			2,399,627
Net unrealized gain (loss) on open forward currency contracts		804,657			29,573
Net unrealized gain (loss) on swap contracts		—			1,039
Total equity in broker trading accounts		49,228,305			43,443,032
Cash and cash equivalents		9,628,074			10,838,660
Investment in private investment company, at fair value (cost$ 1,657,000 and $1,140,000)		2,589,183			3,296,431
Investment in securities, at fair value (cost $81,655,914 and $98,382,987)		79,988,561			96,080,516
General Partner 1% allocation receivable		11,524			—
Exchange membership, at fair value (cost $189,000 and $189,000)		133,500			187,000
Dividend receivable		(6,357	)		21,237
Total assets	$	141,572,790		$	153,866,876

Liabilities and Partners' Capital (Net Asset Value)
Liabilities
Trading Advisor management fees payable	$	163,752		$	186,021
Trading Advisor incentive fees payable		426,397			354,828
Commissions and other trading fees payable on open contracts		22,435			20,941
Cash Managers fees payable		26,205			30,471
General Partner management and performance fees payable		175,610			190,906
General Partner 1% allocation payable		—			138,536
Selling Agent payable - General Partner		155,433			172,558
Broker dealer servicing fees payable - General Partner		6,556			6,831
Administrative fee payable - General Partner		51,621			56,160
Interest payable		—			21,369
Redemption payable		1,660,465			701,837
Subscriptions received in advance		—			162,000
Total liabilities		2,688,474			2,042,458

Partners' Capital (Net Asset Value)
Class A Interests – 21,166.5856 and 23,487.0847 units
outstanding at June 30, 2023 and December 31, 2022, respectively		91,677,901			102,688,170
Class A2 Interests – 94.7752 and 292.2072 units
outstanding at June 30, 2023 and December 31, 2022, respectively		111,336			344,113
Class B Interests – 5,420.3937 and 5,635.1789 units
outstanding at June 30, 2023 and December 31, 2022, respectively		39,141,109			40,710,762
Class I Interests – 247.1650 and 256.4767 units
outstanding at June 30, 2023 and December 31, 2022, respectively		307,151			317,372
Class R Interests – 6,323.8288 and 6,424.1565 units
outstanding at June 30, 2023 and December 31, 2022, respectively		7,646,819			7,764,001
Total partners' capital (net asset value)		138,884,316			151,824,418

Total liabilities and partners' capital (net asset value)	$	141,572,790		$	153,866,876

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

Futures Portfolio Fund, Limited Partnership

Condensed Schedule of Investments

June 30, 2023 (Unaudited)

			Description				Fair Value		% of Partners' Capital (Net Asset Value)
U.S. Treasury Securities
Face Value		Maturity Date	Name	Yield¹
$	2,500,000	12/31/23	U.S. Treasury		0.75	%		2,444,192	1.76	%
	1,000,000	3/31/24	U.S. Treasury		2.25	%		982,062	0.71	%
	5,000,000	4/15/24	U.S. Treasury		0.38	%		4,809,413	3.46	%
	1,000,000	6/30/24	U.S. Treasury		2.00	%		967,086	0.70	%
	2,000,000	4/30/25	U.S. Treasury		3.88	%		1,974,307	1.41	%
	2,000,000	5/31/25	U.S. Treasury		4.25	%		1,982,199	1.43	%
	2,500,000	11/15/25	U.S. Treasury		4.50	%		2,501,478	1.80	%
	2,500,000	4/15/26	U.S. Treasury		3.75	%		2,466,989	1.78	%
Total U.S. Treasury securities (cost: $18,225,455)								18,127,726	13.05	%

U.S. Commercial Paper
	Face Value	Maturity Date	Name		Yield¹
Automotive
$	800,000	7/6/23	Analog Devices, Inc.		4.29	%	$	799,428	0.58	%
	Banks
	800,000	7/5/23	Mizuho Bank		4.20	%		799,533	0.58	%
	800,000	8/7/23	Rabobank Nederland		5.16	%		795,642	0.57	%
Diversified financial services
	800,000	7/7/23	DCAT, LLC		4.49	%		799,301	0.57	%
	900,000	7/20/23	Sheffield Receivables Company LLC		5.00	%		897,502	0.64	%
	900,000	8/1/23	Liberty Street Funding LLC		5.06	%		895,955	0.65	%
	800,000	8/3/23	Manhattan Asset Funding Company LLC		5.05	%		796,187	0.56	%
	900,000	8/8/23	Nieuw Amsterdam Receivables Corporation B.V.		5.14	%		894,984	0.64	%
Food
	800,000	7/14/23	HSBC USA Inc.		4.92	%		798,469	0.57	%
Insurance
	800,000	7/10/23	Pacific Life Short Term Funding LLC		4.73	%		798,950	0.59	%
Manufacturing
	800,000	7/17/23	Mercedes-Benz Finance North America LLC		4.88	%		798,155	0.57	%
Beverages
	800,000	7/19/23	Brown-Forman Corporation		4.93	%		797,920	0.58	%
Energy
	900,000	7/18/23	Berkshire Hathaway Energy Company		5.01	%		897,748	0.65	%

Total U.S. commercial paper (cost: $10,745,829)								10,769,774	7.75	%

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

Futures Portfolio Fund, Limited Partnership

Condensed Schedule of Investments (continued)

June 30, 2023 (Unaudited)

			Description				Fair Value		% of Partners' Capital (Net Asset Value)
Foreign Commercial Paper
Face Value		Maturity Date	Name	Yield¹
Banks
	800,000	7/10/23	Barclays Bank PLC		4.81	%		798,932	0.58	%
Diversified financial services
	800,000	7/12/23	Experian Finance plc		4.80	%		798,719	0.58	%
Manufacturing
	900,000	7/27/23	Reckitt Benckiser Treasury Services plc		5.15	%		896,523	0.64	%
Total foreign commercial paper (cost: $2,486,317)								2,494,174	1.80	%
Total commercial paper (cost: $13,232,146)								13,263,948	9.55	%

U.S. Corporate Notes
	Face Value	Maturity Date	Name		Yield¹
Aerospace
	1,600,000	8/16/23	Raytheon Technologies Corporation		3.65	%		1,618,338	1.17	%
Automotive
	4,000,000	6/14/24	NVIDIA Corporation		0.58	%		3,822,271	2.76	%
	3,000,000	5/1/25	Boeing Company		4.88	%		2,980,521	2.15	%
Banks
	3,500,000	1/26/26	Keybank National Association		4.70	%		3,341,160	2.41	%
	4,000,000	12/5/24	JPMorgan Chase & Co.		4.02	%		3,976,450	2.86	%
	2,000,000	7/23/24	Bank of America Corporation		3.86	%		2,032,069	1.46	%
	2,000,000	12/6/24	Truist Bank		2.15	%		1,889,818	1.36	%
	3,750,000	1/24/24	Wells Fargo & Company		3.75	%		3,770,131	2.71	%
Diversified financial services
	4,000,000	1/8/24	Athene Global Funding		0.95	%		3,888,669	2.80	%
	2,700,000	4/1/24	Brookfield Finance LLC		4.00	%		2,689,781	1.94	%
	600,000	12/7/23	The Bank of New York Mellon Corporation		0.35	%		587,184	0.42	%
Machinery
	2,000,000	1/10/25	John Deere Capital Corp Fxd		1.25	%		1,894,107	1.36	%
Media
	3,000,000	3/15/24	WarnerMedia Holdings, Inc.		3.43	%		2,976,863	2.14	%
Telecommunications
	1,500,000	3/22/24	Verizon Communications Inc.		0.75	%		1,450,592	1.04	%
Total U.S. corporate notes (cost: $38,356,324)								36,917,954	26.58	%

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

Futures Portfolio Fund, Limited Partnership

Condensed Schedule of Investments (continued)

June 30, 2023 (Unaudited)

			Description				Fair Value		% of Partners' Capital (Net Asset Value)
Foreign Corporate Notes
Face Value		Maturity Date	Name	Yield¹
Diversified financial services
$	4,000,000	1/13/25	UBS AG		1.38	%	$	3,739,151	2.69	%
Total foreign corporate notes (cost: $3,931,400)								3,739,151	2.69	%
Total corporate notes (cost: $42,287,724)								40,657,105	29.27	%

U.S. Asset Backed Securities
	Face Value	Maturity Date	Name		Yield¹
Automotive
$	87,272	4/22/24	Santander Retail Auto Lease Trust 2020-B_1		0.57	%		87,049	0.06	%
	458,861	8/15/24	Nissan Auto Lease Trust 2022-A		5.75	%		460,031	0.33	%
	265,000	12/20/24	Santander Retail Auto Lease Trust 2020-B_2		0.65	%		262,507	0.19	%
	365,813	12/26/24	Bmw Vehicle Lease Trust 2021-2		0.33	%		361,355	0.26	%
	22,545	6/9/25	Carvana Auto Receivables Trust, Series 2020-P1		0.44	%		22,472	0.02	%
	53,730	6/18/25	Americredit Automobile Receivables Trust 2020-3		0.53	%		53,536	0.04	%
	118,000	10/15/25	Toyota Auto Receivables 2020-C Owner Trust		0.57	%		114,089	0.08	%
	214,362	1/15/26	Santander Drive Auto Receivables Trust 2022-7		5.81	%		214,864	0.15	%
	59,522	2/17/26	Carmax Auto Owner Trust 2021-2		0.52	%		57,443	0.04	%
	198,000	6/15/26	Santander Consumer Auto Receivables Trust 2021-A		0.48	%		188,187	0.14	%
	747,509	6/15/26	CarMax Auto Owner Trust 2021-3		0.55	%		717,202	0.52	%
	400,000	9/15/26	Capital One Prime Auto Receivables Trust 2021-1		0.77	%		382,188	0.28	%
	475,000	1/15/30	Ford Credit Auto Owner Trust 2018-Rev2		3.47	%		475,632	0.34	%
	395,000	7/15/30	Ford Credit Auto Owner Trust 2019-Rev1		3.52	%		390,620	0.28	%
	575,000	11/25/31	Toyota Auto Loan Extended Note Trust 2019-1		2.56	%		557,173	0.40	%
	916,957	4/15/33	Chesapeake Funding II LLC - 2018 - 2		0.47	%		884,002	0.63	%
Credit cards
	281,000	12/15/23	BA Credit Card Trust		0.34	%		274,475	0.20	%
Equipment
	120,088	5/22/26	Dell Equipment Finance Trust 2021-1		0.43	%		119,190	0.09	%
	575,000	1/21/25	Dllst 2022-1 Llc		3.40	%		565,662	0.41	%
	771,548	6/13/28	MMAF Equipment Finance LLC 2021-A		0.56	%		723,873	0.51	%
	645,020	3/14/29	CCG Receivables Trust 2021-2		0.54	%		620,188	0.45	%
	263,710	9/20/29	HPEFS Equipment Trust 2022-2		3.18	%		261,665	0.19	%
	147,771	4/21/25	Verizon Owner Trust 2020-C		0.41	%		146,379	0.11	%
Total U.S. asset backed securities (cost: $7,910,589)								7,939,782	5.72	%
Total investments in securities (cost: $81,655,914)							$	79,988,561	57.59	%

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

Futures Portfolio Fund, Limited Partnership

Condensed Schedule of Investments (continued)

June 30, 2023 (Unaudited)

OPEN FUTURES CONTRACTS⁽²⁾

	Description	Fair Value			% of Partners' Capital (Net Asset Value)
Long U.S. Futures Contracts
	Agricultural commodities	$	218,106		0.16	%
	Currencies		207,017		0.15	%
	Energy		114,419		0.08	%
	Equity indices		231,048		0.17	%
	Interest rate instruments		(29,766	)	(0.02	)%
	Metals		(2,000,701	)	(1.45	)%
Net unrealized gain (loss) on open long U.S. futures contracts			(1,259,877	)	(0.91	)%

Short U.S. Futures Contracts
	Agricultural commodities		182,742		0.13	%
	Currencies		266,245		0.19	%
	Energy		(216,019	)	(0.16	)%
	Equity indices		(137,715	)	(0.10	)%
	Interest rate instruments		1,396,093		1.01	%
	Metals		2,004,957		1.45	%
Net unrealized gain (loss) on open short U.S. futures contracts			3,496,303		2.52	%

Total U.S. Futures Contracts - net unrealized gain (loss) on open U.S. futures contracts			2,236,426		1.61	%

Long Foreign Futures Contracts
	Agricultural commodities		268,044		0.19	%
	Currencies		651,262		0.47	%
	Energy		2,981		0.00	%
	Equity indices		557,208		0.40	%
	Interest rate instruments		(116,893	)	(0.08	)%
	Metals		16,674		0.01	%
Net unrealized gain (loss) on open long foreign futures contracts			1,379,276		0.99	%

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

Futures Portfolio Fund, Limited Partnership

Condensed Schedule of Investments (continued)

June 30, 2023 (Unaudited)

OPEN FUTURES CONTRACTS⁽²⁾ (continued)

	Description	Fair Value			% of Partners' Capital (Net Asset Value)
Short Foreign Futures Contracts
	Agricultural commodities		(166,543	)	(0.12	)%
	Currencies		(47,486	)	(0.03	)%
	Energy		65,875		0.05	%
	Equity indices		42,363		0.03	%
	Interest rate instruments		1,381,682		0.99	%
Net unrealized gain (loss) on open short foreign futures contracts			1,275,891		0.92	%

Total foreign futures contracts - net unrealized gain (loss) on open foreign futures contracts			2,655,167		1.91	%

Net unrealized gain (loss) on open futures contracts		$	4,891,593		3.52	%

OPEN FORWARD CURRENCY CONTRACTS⁽²⁾

U.S. Forward Currency Contracts
	Long	$	136,342		0.09	%
	Short		50,557		0.04	%
Net unrealized gain (loss) on open U.S. forward currency contracts			186,899		0.13	%

Foreign Forward Currency Contracts
	Long		740,961		0.53	%
	Short		(123,203	)	(0.09	)%
Net unrealized gain (loss) on open foreign forward currency contracts			617,758		0.44	%

Net unrealized gain (loss) on open forward currency contracts		$	804,657		0.57	%


TOTAL RETURN SWAP CONTRACTS
	Long	$	—		0.00	%

INVESTMENT IN PRIVATE INVESTMENT COMPANIES⁽³⁾
	Galaxy East Alpha (cost: $1,657,000)	$	2,589,183		1.86	%

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

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.

Private investment company is a separate series that is part of the Galaxy Plus Managed Account Platform (Platform), which is sponsored by New Hyde Park Alternative Funds, LLC (Sponsor). Each series on the Platform invests in Master Fund that allocates assets to a Commodity Trading Advisor (“CTA”). The CTA of our master fund investment trades global commodities markets primarily through futures contracts. The CTA is paid a management fee of up to 1.00% and a 20% share of the trading profits which are included in the net asset value of the underlying investment. The Fund may redeem any portion of its investment on a daily basis. Any requested redemption will be satisfied within two days. There are no restrictions on liquidity for the Fund.

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

Futures Portfolio Fund, Limited Partnership

Condensed Schedule of Investments

December 31, 2022

			Description			Fair Value		% of Partners’ Capital (Net Asset Value)
INVESTMENTS IN SECURITIES
U.S. Treasury Securities
	Face Value	Maturity Date	Name	Yield¹
$	2,500,000	2/15/23	U.S. Treasury	2.00	%	$	2,511,464		1.65	%
	3,000,000	5/31/23	U.S. Treasury	2.75	%		2,984,284		1.97	%
	7,000,000	8/15/23	U.S. Treasury	2.50	%		6,967,663		4.59	%
	2,500,000	12/28/23	U.S. Treasury	4.68	%		2,387,563		1.57	%
Total U.S. Treasury securities (cost: $14,934,334)							14,850,974		9.78	%

U.S. Commercial Paper
	Face Value	Maturity Date	Name	Yield¹
Agriculture
$	1,200,000	2/2/23	Philip Morris International Inc.		4.27	%	$	1,195,307	0.79	%
Automotive
	1,200,000	1/12/23	PACCAR Financial Corp.		3.88	%		1,198,460	0.79	%
Beverages
	1,200,000	2/6/23	Brown-Forman Corporation		4.48	%		1,194,480	0.78	%
Diversified financial services
	1,200,000	1/6/23	DCAT, LLC		3.63	%		1,199,295	0.79	%
	1,200,000	1/18/23	Fairway Finance Corp.		3.98	%		1,197,620	0.79	%
	1,200,000	1/17/23	National Rural Utilities Cooperative Finance Corporation		4.34	%		1,197,547	0.79	%
Machinery
	1,200,000	1/24/23	Caterpillar Financial Services Corporation		4.13	%		1,196,703	0.79	%
Manufacturing
	1,200,000	1/3/23	Koch Industries, Inc.		3.04	%		1,199,729	0.79	%
Pharmaceuticals
	1,200,000	1/26/23	Roche Holdings, Inc.		4.09	%		1,196,458	0.79	%
	1,200,000	1/30/23	Novartis Finance Corporation		4.16	%		1,195,843	0.79	%
Water
	1,200,000	1/9/23	American Water Capital Corp.		3.83	%		1,198,867	0.79	%
Total U.S. commercial paper (cost: $13,143,256)								13,170,309	8.68	%

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

Futures Portfolio Fund, Limited Partnership

Condensed Schedule of Investments (continued)

December 31, 2022

			Description			Fair Value		% of Partners' Capital (Net Asset Value)
Foreign Commercial Paper
Diversified financial services
	1,200,000	1/11/23	Anglesea Funding Plc	3.99	%		1,198,550	0.79	%
	1,200,000	1/12/23	Experian Finance plc	4.17	%		1,198,343	0.79	%
	1,200,000	1/20/23	Longship Funding Designated Activity Company	4.04	%		1,197,315	0.79	%
Manufacturing
	1,200,000	3/1/23	Glencove Funding DAC	4.54	%		1,190,914	0.78	%
Telecommunications
	1,200,000	1/4/23	Telstra Group Limited	3.60	%		1,199,550	0.79	%
Total foreign commercial paper (cost: $5,969,247)							5,984,672	3.94	%
Total commercial paper (cost: $19,112,503)							19,154,981	12.62	%

U.S. Corporate Notes
	Face Value	Maturity Date	Name	Yield¹
Aerospace
$	3,000,000	5/1/25	Boeing Company	4.88	%		3,006,405	1.98	%
	1,600,000	8/16/23	Raytheon Technologies Corporation	3.65	%		1,608,614	1.06	%
Automotive
	4,000,000	6/14/24	NVIDIA Corporation	0.58	%		3,775,815	2.49	%
Banks
	2,000,000	7/23/24	Bank of America Corporation	3.86	%		2,012,167	1.33	%
	4,000,000	5/5/23	Credit Suisse AG, New York Branch	1.00	%		3,924,762	2.59	%
	4,000,000	12/5/24	JPMorgan Chase & Co.	4.02	%		3,954,678	2.59	%
	2,000,000	12/6/24	Truist Bank	2.15	%		1,908,014	1.26	%
	4,250,000	1/24/24	Wells Fargo & Company	3.75	%		4,270,464	2.81	%
Diversified financial services
	4,000,000	1/8/24	Athene Global Funding	0.95	%		3,818,549	2.52	%
	2,700,000	4/1/24	Brookfield Finance LLC	4.00	%		2,683,163	1.76	%
	4,600,000	3/8/24	Goldman Sachs Group, Inc.	0.67	%		4,556,776	3.00	%
	600,000	12/7/23	The Bank of New York Mellon Corporation	0.35	%		575,549	0.38	%
Machinery
	2,000,000	1/10/25	John Deere Capital Corp FXD	1.25	%		1,881,615	1.24	%
Media
	3,000,000	3/15/24	Warner Media Holdings, Inc.	3.43	%		2,940,371	1.94	%
Pharmaceuticals
	3,500,000	2/1/23	Zoetis Inc.	3.25	%		3,541,428	2.33	%
Telecommunications
	3,000,000	3/22/24	Verizon Communications Inc.	0.75	%		2,840,387	1.87	%
Total U.S. corporate notes (cost: $49,289,980)							47,298,757	31.15	%

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

Futures Portfolio Fund, Limited Partnership

Condensed Schedule of Investments (continued)

December 31, 2022

			Description				Fair Value		% of Partners' Capital (Net Asset Value)
Foreign Corporate Notes
Face Value		Maturity Date	Name	Yield¹
Banks
$	3,000,000	6/9/23	Nordea Bank		1.00	%	$	2,950,092	1.94	%
Diversified financial services
	4,000,000	1/13/25	UBS AG		1.38	%		3,745,827	2.47	%
Total foreign corporate notes (cost: $6,932,130)								6,695,919	4.41	%
Total corporate notes (cost: $56,222,110)								53,994,676	35.56	%

U.S. Asset Backed Securities
Face Value		Maturity Date	Name		Yield¹
Automotive
	246,857	6/18/25	Americredit Automobile Receivables Trust 2020-3		0.53	%		244,152	0.16	%
	794,312	12/26/24	Bmw Vehicle Lease Trust 2021-2		0.33	%		776,706	0.51	%
	400,000	9/15/26	Capital One Prime Auto Receivables Trust 2021-1		0.77	%		376,421	0.25	%
	323,939	12/16/24	CarMax Auto Owner Trust 2019-2		2.77	%		322,420	0.21	%
	86,691	2/17/26	Carmax Auto Owner Trust 2021-2		0.52	%		83,462	0.05	%
	174,329	1/10/25	Carvana Auto Receivables Trust 2021-P3		0.38	%		172,812	0.11	%
	83,817	6/9/25	Carvana Auto Receivables Trust, Series 2020-P1		0.44	%		82,401	0.05	%
	150,413	4/15/33	Chesapeake Funding II LLC - 2018 - 2		0.47	%		145,510	0.10	%
	124,563	4/15/24	Ford Credit Auto Lease Trust 2021-B		0.24	%		124,283	0.08	%
	475,000	1/15/30	Ford Credit Auto Owner Trust 2018-Rev2		3.47	%		469,456	0.31	%
	896,704	8/15/24	Nissan Auto Lease Trust 2022-A		4.49	%		897,953	0.60	%
	191,046	4/15/25	Santander Consumer Auto Receivables Trust 2020-B		0.54	%		189,805	0.13	%
	198,000	6/15/26	Santander Consumer Auto Receivables Trust 2021-A		0.48	%		185,002	0.12	%
	241,520	10/15/26	Santander Drive Auto Receivables Trust 2022-2		1.98	%		241,022	0.16	%
	279,144	3/17/25	Santander Drive Auto Receivables Trust 2022-3		2.76	%		278,344	0.18	%
	298,000	1/15/26	Santander Drive Auto Receivables Trust 2022-7		5.81	%		298,599	0.20	%
	331,403	4/22/24	Santander Retail Auto Lease Trust 2020-B		0.57	%		325,429	0.21	%
	265,000	12/20/24	Santander Retail Auto Lease Trust 2020-B		0.00	%		255,642	0.17	%
	181,367	3/20/25	TESLA 2021-A A2		0.36	%		179,909	0.12	%
	100,000	11/25/31	Toyota Auto Loan Extended Note Trust 2019-1		2.56	%		96,494	0.06	%
	118,000	10/15/25	Toyota Auto Receivables 2020-C Owner Trust		0.57	%		111,807	0.07	%
Credit cards
	281,000	12/15/23	BA Credit Card Trust		0.34	%		269,125	0.18	%
Equipment
	348,000	5/22/26	Dell Equipment Finance Trust 2021-1		0.43	%		341,506	0.22	%
	281,204	3/20/24	Dllmt 2021-1 LLC		0.60	%		278,181	0.18	%
	575,000	1/21/25	Dllst 2022-1 LLC		3.40	%		561,485	0.38	%
	239,148	3/20/31	HPEFS Equipment Trust 2021-1		0.32	%		236,672	0.16	%
	67,918	4/15/24	MMAF Equipment Finance LLC 2021-A		0.30	%		67,553	0.04	%
	19,683	7/22/24	Verizon Owner Trust 2020-A		1.85	%		19,602	0.01	%
	455,631	4/21/25	Verizon Owner Trust 2020-C		0.41	%		448,132	0.30	%
Total U.S. asset backed securities (cost: $8,114,040)								8,079,885	5.32	%
Total investments in securities (cost: $98,382,987)							$	96,080,516	63.28	%

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

Futures Portfolio Fund, Limited Partnership

Condensed Schedule of Investments (continued)

December 31, 2022

	Description	Fair Value			% of Partners' Capital (Net Asset Value)
OPEN FUTURES CONTRACTS
Long U.S. Futures Contracts
	Agricultural commodities	$	676,373		0.45	%
	Currencies		157,123		0.10	%
	Energy		873,475		0.58	%
	Equity indices		(35,890	)	(0.02	)%
	Interest rate instruments		(399,535	)	(0.27	)%
	Metals		3,082,088		2.03	%
Net unrealized gain (loss) on open long U.S. futures contracts			4,353,634		2.87	%

Short U.S. Futures Contracts
	Agricultural commodities		(95,781	)	(0.06	)%
	Currencies		(57,598	)	(0.04	)%
	Energy		259,179		0.17	%
	Equity indices		90,775		0.06	%
	Interest rate instruments		434,383		0.29	%
	Metals		(3,180,289	)	(2.10	)%
Net unrealized gain (loss) on open short U.S. futures contracts			(2,549,331	)	(1.68	)%

Total U.S. Futures Contracts - net unrealized gain (loss) on open U.S. futures contracts			1,804,303		1.19	%

Long Foreign Futures Contracts
	Agricultural commodities		156,831		0.10	%
	Currencies		18,701		0.01	%
	Energy		(46,067	)	(0.03	)%
	Equity indices		(1,489,856	)	(0.98	)%
	Interest rate instruments		(1,199,190	)	(0.79	)%
	Metals		(15,685	)	(0.01	)%
Net unrealized gain (loss) on open long foreign futures contracts			(2,575,266	)	(1.70	)%

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

Futures Portfolio Fund, Limited Partnership

Condensed Schedule of Investments (continued)

December 31, 2022

	Description	Fair Value			% of Partners' Capital (Net Asset Value)
OPEN FUTURES CONTRACTS (continued)
Short Foreign Futures Contracts
	Agricultural commodities	$	(36,442	)	(0.02	)%
	Currencies		259,386		0.17	%
	Energy		68,120		0.04	%
	Equity indices		111,152		0.07	%
	Interest rate instruments		2,768,374		1.83	%
Net unrealized gain (loss) on open short foreign futures contracts			3,170,590		2.09	%

Total foreign futures contracts - net unrealized gain (loss) on open foreign futures contracts			595,324		0.39	%

Net unrealized gain (loss) on open futures contracts		$	2,399,627		1.58	%

OPEN FORWARD CURRENCY CONTRACTS
U.S. Forward Currency Contracts
	Long	$	742,534		0.49	%
	Short		(442,599	)	(0.29	)%
Net unrealized gain (loss) on open U.S. forward currency contracts			299,935		0.20	%

Foreign Forward Currency Contracts
	Long		(151,160	)	(0.10	)%
	Short		(119,202	)	(0.08	)%
Net unrealized gain (loss) on open foreign forward currency contracts			(270,362	)	(0.18	)%

Net unrealized gain (loss) on open forward currency contracts		$	29,573		0.02	%

TOTAL RETURN SWAP CONTRACTS
	Long		1,072		0.00	%
	Short		(33	)	0.00	%
			1,039		0.00	%
INVESTMENT IN PRIVATE INVESTMENT COMPANY³
	Galaxy East Alpha (cost: $1,140,000)	$	3,296,431		2.17	%

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

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

Futures Portfolio Fund, Limited Partnership

Statements of Operations

For the Three and Six Months Ended June 30, 2023 and 2022

(Unaudited)


	Three Months Ended June 30,						Six Months Ended June 30,
	2023			2022			2023			2022
Realized and change in unrealized gain (loss) on investments
Net realized gain (loss) on:
Futures, swaps and forward contracts	$	4,018,789		$	18,254,499		$	(1,324,647	)	$	32,990,531
Investment in private investment company		—			—			—			1,480,463
Investments in securities		(64,490	)		(384,041	)		(154,943	)		(386,090	)
Net change in unrealized gain (loss) on:
Futures, swaps and forward contracts		5,197,993			(7,090,439	)		3,266,011			(853,346	)
Investment in private investment company		(832,178	)		(33,083	)		(1,224,248	)		106,287
Investments in securities		33,492			(138,533	)		535,829			(1,426,081	)
Exchange membership		(2,750	)		19,250			(53,500	)		46,250
Brokerage commissions and trading expenses		(241,234	)		(252,782	)		(523,366	)		(540,992	)
Net realized and change in unrealized gain (loss) on investments		8,109,622			10,374,871			521,136			31,417,022

Net investment income (loss)
Income
Interest income (loss)		1,196,780			340,680			2,276,730			519,418

Expenses
Trading Advisor management fee		492,204			654,125			1,017,683			1,258,428
Trading Advisor incentive fee		430,905			1,911,965			433,547			4,380,317
Cash manager fees		30,359			32,795			63,307			65,858
General Partner management and performance fees		533,849			647,036			1,090,845			1,238,834
Selling agent fees – General Partner		475,271			588,997			977,406			1,131,352
Broker dealer servicing fees – General Partner		19,734			22,950			39,777			43,670
General Partner 1% allocation		71,637			66,633			(11,524	)		234,458
Administrative expenses – General Partner		160,385			194,373			327,723			372,147
Total expenses		2,214,344			4,118,874			3,938,764			8,725,064
Net investment income (loss)		(1,017,564	)		(3,778,194	)		(1,662,034	)		(8,205,646	)
Net income (loss)	$	7,092,058		$	6,596,677		$	(1,140,898	)	$	23,211,376

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

Futures Portfolio Fund, Limited Partnership

Statements of Operations (continued)

For the Three and Six Months Ended June 30, 2023 and 2022 (unaudited)

	Three Months Ended June 30, 2023
	Class A		Class A2		Class A3		Class B		Class I		Class R
Increase (decrease) in net asset value per unit	$	205.94	$	59.74	$	—	$	373.98	$	67.13	$	63.20
Net income (loss) per unit^†	$	212.79	$	120.87	$	—	$	380.41	$	67.13	$	63.19

Weighted average number of units outstanding		21,564.8421		94.7737		—		5,456.3356		247.1650		6,323.8290

	Three Months Ended June 30, 2022
	Class A		Class A2		Class A3		Class B		Class I		Class R
Increase (decrease) in net asset value per unit	$	171.23	$	49.96	$	58.66	$	313.14	$	56.32	$	52.94
Net income (loss) per unit^†	$	175.59	$	49.96	$	58.66	$	318.98	$	56.32	$	53.16

Weighted average number of units outstanding		24,682.3696		340.7057		38.0000		5,907.1942		256.4767		6,486.0210

	Six Months Ended June 30, 2023
	Class A			Class A2			Class A3		Class B			Class I		Class R
Increase (decrease) in net asset value per unit	$	(40.85	)	$	(2.87	)	$	—	$	(3.32	)	$	5.27	$	0.65
Net income (loss) per unit^†	$	(49.74	)	$	(32.95	)	$	—	$	(4.28	)	$	2.89	$	0.97

Weighted average number of units outstanding		22,462.3396			207.5920			—		5,541.3250			251.1558		6,352.4940

	Six Months Ended June 30, 2022
	Class A		Class A2		Class A3		Class B		Class I		Class R
Increase (decrease) in net asset value per unit	$	611.06	$	170.94	$	175.50	$	1,059.65	$	185.91	$	178.18
Net income (loss) per unit^†	$	619.05	$	170.95	$	175.50	$	1,065.20	$	185.91	$	178.47

Weighted average number of units outstanding		25,163.5235		340.7057		38.0000		5,972.3428		256.4767		6,497.0459

†

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

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

Futures Portfolio Fund, Limited Partnership

Statements of Cash Flows

For the Six Months Ended June 30, 2023 and 2022

(Unaudited)


	Six Months Ended June 30,
	2023			2022
Cash flows from operating activities
Net income (loss)	$	(1,140,898	)	$	23,211,376
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Net change in unrealized (gain) loss from futures, swaps and forwards trading		(3,266,011	)		853,346
Net realized and change in unrealized (gain) loss on private investment company and securities		843,362			225,421
Purchases of securities		(225,933,289	)		(195,881,700	)
Proceeds from disposition of private investment company and securities		241,889,130			203,102,460
Changes in
Exchange membership		53,500			(46,250	)
Dividend and interest receivable		27,594			(15,009	)
Trading Advisor management fee payable		(22,269	)		37,242
Trading Advisor incentive fee payable		71,569			2,092,667
Commissions and other trading fees payable on open contracts		1,494			(6,797	)
Cash Manager fees payable		(4,266	)		(2,109	)
General Partner management and performance fees payable		(15,296	)		20,042
General Partner 1% allocation receivable/payable		(150,060	)		126,687
Selling agent fees payable – General Partner		(17,125	)		16,464
Broker dealer servicing fees payable – General Partner		(275	)		830
Administrative fee payable – General Partner		(4,539	)		6,148
Dividend and interest payable		(21,369	)		(3,384	)
Net cash provided by (used in) operating activities		12,311,252			33,737,434

Cash flows from financing activities
Subscriptions		1,216,000			185,000
Redemptions		(12,218,576	)		(7,365,149	)
Net cash provided by (used in) financing activities		(11,002,576	)		(7,180,149	)
Net increase (decrease) in cash and cash equivalents		1,308,676			26,557,285
Cash and cash equivalents, beginning of period		51,851,453			50,020,190
Cash and cash equivalents, end of period	$	53,160,129		$	76,577,475

End of period cash and cash equivalents consists of
Cash in broker trading accounts	$	43,532,055		$	55,820,339
Cash and cash equivalents not in broker trading accounts		9,628,074			20,757,136
Total end of period cash and cash equivalents	$	53,160,129		$	76,577,475

Supplemental disclosure of cash flow information
Prior period redemptions paid	$	701,837		$	1,285,931
Prior period subscriptions received in advance	$	162,000		$	—

Supplemental schedule of non-cash financing activities
Redemptions payable	$	1,660,465		$	2,310,913

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

Futures Portfolio Fund, Limited Partnership

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

For the Six Months Ended June 30, 2023 and 2022

(Unaudited)

	Class A			Class A2			Class A3			Class B			Class I			Class R			Total
2023
Balance at December 31, 2022	$	102,688,170		$	344,113		$	—		$	40,710,762		$	317,372		$	7,764,001		$	151,824,418
Net income (loss)		(5,705,972	)		(18,295	)		—			(2,099,372	)		(15,866	)		(393,451	)		(8,232,956	)
Subscriptions		202,000			—			—			75,000			—			—			277,000
Redemptions		(3,234,863	)		—			—			(685,954	)		(10,947	)		(123,358	)		(4,055,122	)
Transfers		(121,199	)		—			—			121,199			—			—			—
Balance at March 31, 2023		93,828,136			325,818			—			38,121,635			290,559			7,247,192			139,813,340
Net income (loss)		4,588,751			11,455			—			2,075,633			16,592			399,627			7,092,058
Subscriptions		549,000			—			—			552,000			—			—			1,101,000
Redemptions		(7,255,754	)		(225,937.00	)		—			(1,640,391	)		—			—			(9,122,082	)
Transfers		(32,232	)		—			—			32,232			—			—			—
Balance at June 30, 2023	$	91,677,901		$	111,336		$	—		$	39,141,109		$	307,151		$	7,646,819		$	138,884,316

2022
Balance at December 31, 2021	$	104,241,918		$	366,207		$	39,588		$	40,086,210		$	285,819		$	7,133,264		$	152,153,006
Net income (loss)		11,243,570			41,220			4,440			4,477,497			33,238			814,734			16,614,699
Subscriptions		35,000			—			—			—			—			—			35,000
Redemptions		(2,690,977	)		—			—			(900,516	)		—			—			(3,591,493	)
Transfers		(32,191	)		—			—			32,191			—			—			—
Balance at March 31, 2022		112,797,320			407,427			44,028			43,695,382			319,057			7,947,998			165,211,212
Net income (loss)		4,333,931			17,022			2,230			1,884,258			14,444			344,792			6,596,677
Subscriptions		—			—			—			150,000			—			—			150,000
Redemptions		(3,507,541	)		—			(46,258	)		(1,219,839	)		—			(25,000	)		(4,798,638	)
Transfers		(58,487	)		—			—			58,487			—			—			—
Balance at June 30, 2022	$	113,565,223		$	424,449		$	—		$	44,568,288		$	333,501		$	8,267,790		$	167,159,251

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

Futures Portfolio Fund, Limited Partnership

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

For the Six Months Ended June 30, 2023 and 2022

(Unaudited)

Units

	Class A			Class A2			Class A3			Class B			Class I			Class R
2023
Balance at December 31, 2022		23,487.0847			292.2072			—			5,635.1789			256.4767			6,424.1565
Subscriptions		46.0755			—			—			10.4628			—			—
Redemptions		(760.7261	)		—			—			(94.9886	)		(9.3117	)		(100.3277	)
Transfers		(27.9798	)		—			—			16.9078			—			—
Balance at March 31, 2023		22,744.4543			292.2072			—			5,567.5609			247.1650			6,323.8288
Subscriptions		129.6825			—			—			79.3225			—			—
Redemptions		(1,700.1095	)		(197.4320	)		—			(230.9533	)		—			—
Transfers		(7.4417	)		—			—			4.4636			—			—
Balance at June 30, 2023		21,166.5856			94.7752			—			5,420.3937			247.1650			6,323.8288

2022
Balance at December 31, 2021		25,762.1732			340.7072			38.0000			6,103.5404			256.4767			6,505.3148
Subscriptions		8.5136			—			—			—			—			—
Redemptions		(619.2722	)		—			—			(134.4111	)		—			(0.0001	)
Transfers		(7.9845	)		—			—			4.9119			—			—
Balance at March 31, 2022		25,143.4301			340.7072			38.0000			5,974.0412			256.4767			6,505.3147
Subscriptions		—			—			—			20.5080			—			—
Redemptions		(747.0429	)		—			(38.0000	)		(158.9329	)		—			(19.2938	)
Transfers		(12.4347	)		—			—			7.6041			—			—
Balance at June 30, 2022		24,383.9525			340.7072			—			5,843.2204			256.4767			6,486.0209

Net Asset Value per Unit

	Class A		Class A2		Class A3		Class B		Class I		Class R
June 30, 2023	$	4,331.26	$	1,174.77	$	—	$	7,221.08	$	1,242.70	$	1,209.21
December 31, 2022		4,372.11		1,177.64		—		7,224.40		1,237.43		1,208.56
June 30, 2022		4,657.38		1,245.79		—		7,627.35		1,300.32		1,274.71
December 31, 2021		4,046.32		1,074.85		1,041.81		6,567.70		1,114.41		1,096.53

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

Futures Portfolio Fund, Limited Partnership

Notes to Financial Statements

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 five classes, Class A, A2, B, I and R, which represent units of fractional undivided beneficial interest in and ownership of the Fund. The Fund no longer offers Class A3 units and there have been no outstanding Class A3 units since June 30, 2022.

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, LLC (“General Partner”), is the general partner of the Fund and a Maryland limited liability company registered with the CFTC as a commodity pool operator and is also registered with the SEC as a registered investment advisor. The General Partner is a member of the NFA. The General Partner manages all aspects of the Fund’s business and serves as one of the Fund’s selling agents.

The five 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 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.

Significant Accounting Policies

Accounting Principles

The Fund’s 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.

Use of Estimates

Preparing financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the 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 gain (loss) in the 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 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, certificates of deposit, commercial paper, corporate notes, 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 June 30, 2023 and year ended December 31, 2022, 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, swaps and exchange memberships are classified within Level 2.

The investment in 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 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. The Fund’s valuation policy for swaps is that fair value is based on the terms of the contracts (such as the notional amount and the contract maturity) and current market data and counterparty credit risk. Swaps are generally categorized as level 2 in the fair value hierarchy. The Fund’s investment in a private investment company is valued at net asset value as provided by the private fund’s administrator. This use of net asset value as the practical expedient to approximate fair value under ASC 820 is advisable due to the investment not having a readily determinable fair value. Investments measured at fair value using the new asset value practical expedient are not categorized in the fair value hierarchy.

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

The Fund incurs reduced fees for transactions on the Chicago Mercantile Exchange (CME) due to a membership interest in 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 June 30, 2023. With few exceptions, the Fund is no longer subject to U.S. federal, or state and local income tax examinations by tax authorities for the current and prior three years.

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 statements of operations.

Reclassification

Certain amounts reported in the 2022 financial statements may have been reclassified to conform to the 2023 presentation without affecting previously reported partners’ capital (net asset value) or net income (loss).

New Accounting Pronouncements

There are no relevant new accounting pronouncements to note for this period.

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:

*See the condensed schedule of investments for further description.

At June 30, 2023
	Level 1		Level 2		Valued at NAV		Total
Equity in broker trading accounts:
Net unrealized gain (loss) on open futures contracts*	$	4,891,593	$	—	$	—	$	4,891,593
Net unrealized gain (loss) on open forward currency contracts*		—		804,657		—		804,657
Cash and cash equivalents:
Money market funds		3,047,638		—		—		3,047,638
Investment in private investment company		—		—		2,589,183		2,589,183
Investment in securities:
U.S. Treasury securities*		18,127,726						18,127,726
Asset backed securities*		—		7,939,782		—		7,939,782
Commercial paper*		—		13,263,948		—		13,263,948
Corporate notes*		—		40,657,105		—		40,657,105
Exchange membership		—		133,500		—		133,500
Total	$	26,066,957	$	62,798,992	$	2,589,183	$	91,455,132

At December 31, 2022
	Level 1		Level 2		Valued at NAV		Total
Equity in broker trading accounts:
Net unrealized gain (loss) on open futures contracts*	$	2,399,627	$	—	$	—	$	2,399,627
Net unrealized gain (loss) on open forward currency contracts*		—		29,573		—		29,573
Net unrealized gain (loss) on swap contracts*		—		1,039		—		1,039
Cash and cash equivalents:
Money market funds		4,180,245		—		—		4,180,245
Investment in private investment company		—		—		3,296,431		3,296,431
Investment in securities:
U.S. Treasury securities*		14,850,974		—		—		14,850,974
Asset backed securities*		—		8,079,885		—		8,079,885
Commercial paper*		—		19,154,981		—		19,154,981
Corporate notes*		—		53,994,676		—		53,994,676
Exchange membership		—		187,000		—		187,000
Total	$	21,430,846	$	81,447,154	$	3,296,431	$	106,174,431

See the condensed schedule of investments for further description.

There were no Level 3 holdings at June 30, 2023 and December 31, 2022, 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.

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 June 30, 2023, the Fund’s derivative contracts had the following impact on the statements of financial condition:

	Derivative Assets and Liabilities, at fair value
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	$	1,442,473	$	(940,124	)	$	502,349
Currencies		1,217,200		(140,162	)		1,077,038
Energy		342,573		(375,317	)		(32,744	)
Equity indices		1,224,415		(531,511	)		692,904
Interest rate instruments		3,065,389		(434,273	)		2,631,116
Metals		2,346,942		(2,326,012	)		20,930
Net unrealized gain (loss) on open futures contracts	$	9,638,992	$	(4,747,399	)	$	4,891,593

Net unrealized gain (loss) on open forward currency contracts	$	2,935,974	$	(2,131,317	)	$	804,657

At June 30, 2023, there were 10,737 open futures contracts, 246 open swap contracts and 3,015 open forward currency contracts.

The Fund’s financial assets, derivative assets, and cash collateral held by counterparties at June 30, 2023 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	$	368,402	$	—	$	—	$	368,402
Deutsche Bank Securities, Inc.		929,954		—		—		929,954
Goldman Sachs & Co. LLC		120,069		—		—		120,069
SG Americas Securities, LLC		4,277,825		—		—		4,277,825
Total	$	5,696,250	$	—	$	—	$	5,696,250

For the three and six months ended June 30, 2023, the Fund’s derivative contracts had the following impact on the statements of operations:

	Three Months Ended June 30, 2023						Six Months Ended June 30, 2023
Types of Exposure	Net realized gain (loss)			Net change in unrealized gain (loss)			Net realized gain (loss)			Net change in unrealized gain (loss)
Futures contracts
Agricultural commodities	$	1,128,393		$	(368,899	)	$	1,425,094		$	(198,631	)
Currencies		1,473,228			957,840			1,870,857			699,428
Energy		(1,763,306	)		(12,950	)		(21	)		(1,187,450	)
Equity indices		2,941,318			(348,284	)		1,998,620			2,016,721
Interest rate instruments		(1,331,870	)		3,963,091			(2,906,658	)		1,027,082
Metals		(710,490	)		(145,338	)		(2,116,608	)		134,816
Total futures contracts		1,737,273			4,045,460			(2,413,176	)		2,491,966

Forward currency contracts		2,215,433			1,152,667			2,150,623			775,084

Swap contracts		75,873			(134	)		(1,045,517	)		(1,039	)
Total futures, forward and swap contracts	$	4,028,579		$	5,197,993		$	(1,308,070	)	$	3,266,011

For the three months ended June 30, 2023, the number of futures contracts closed was 97,589, the number of swap contracts closed was 3,821 and the number of forward currency contracts closed was 54,200. For the six months ended June 30, 2023, the number of futures contracts closed was 224,516, the number of swap contracts closed was 8,309 and the number of forward currency contracts closed was 123,790.

At December 31, 2022, the Fund’s derivative contracts had the following impact on the statements of financial condition:

	Derivative Assets and Liabilities, at fair value
Statements of Financial Condition Location	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statement of Financial Condition			Net Amount of Assets Presented in the Statement of Financial Condition
Equity in broker trading accounts:
Net unrealized gain (loss) on open futures contracts
Agricultural commodities	$	1,179,782	$	(478,801	)	$	700,981
Currencies		751,210		(373,598	)		377,612
Energy		1,331,889		(177,182	)		1,154,707
Equity indices		334,088		(1,657,907	)		(1,323,819	)
Interest rate instruments		3,320,907		(1,716,875	)		1,604,032
Metals		3,703,358		(3,817,244	)		(113,886	)
Net unrealized gain (loss) on open futures contracts	$	10,621,234	$	(8,221,607	)	$	2,399,627

Net unrealized gain (loss) on open forward currency contracts	$	2,172,854	$	(2,143,281	)	$	29,573

Net unrealized gain (loss) on swap contracts	$	1,072	$	(33	)	$	1,039

At December 31, 2022, there were 10,015 open futures contracts, 2,961 open forward currency contracts and 215 open swap contracts.

The Fund’s financial assets, derivative assets, and cash collateral held by counterparties at December 31, 2022 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	$	(197,217	)	$	—	$	—	$	(197,217	)
Deutsche Bank Securities, Inc		1,649,230			—		—		1,649,230
SG Americas Securities, LLC		429,851			—		—		429,851
Goldman Sachs & Co. LLC		548,375			—		—		548,375
Total	$	2,430,239		$	—	$	—	$	2,430,239

For the three and six months ended June 30, 2022, the Fund’s derivative contracts had the following impact on the statements of operations:

	Three Months Ended June 30, 2022						Six Months Ended June 30, 2022
Types of Exposure	Net realized gain (loss)			Net change in unrealized gain (loss)			Net realized gain (loss)			Net change in unrealized gain (loss)
Futures contracts
Agricultural commodities	$	(437,516	)	$	(1,430,226	)	$	2,260,457		$	(1,016,151	)
Currencies		1,304,641			23,236			703,488			290,186
Energy		5,154,408			(1,465,765	)		20,548,296			(1,582,201	)
Equity indices		(3,236,908	)		(431,020	)		(7,661,187	)		(108,429	)
Interest rate instruments		9,134,785			(2,102,011	)		8,611,651			1,654,670
Metals		724,136			(1,085,593	)		849,519			232,403
Total futures contracts		12,643,546			(6,491,379	)		25,312,224			(529,522	)

Forward currency contracts		5,085,352			(599,272	)		7,437,797			(53,256	)

Net open futures contracts		—			—			(508,190	)		—

Swap contracts		492,285			212			660,364			(270,568	)
		(126,563	)		—			(435,238	)		157,775
Total futures and forward contracts	$	18,221,183		$	(7,090,439	)	$	32,902,195		$	(853,346	)

For the three months ended June 30, 2022, the number of futures contracts closed was 125,134, the number of swap contracts closed was 239 and the number of forward currency contracts closed was 64,637. For the six months ended June 30, 2022, the number of futures contracts closed was 262,852, the number of futures options contracts closed was 730, the number of swap contracts closed was 481 and the number of forward currency contracts closed was 135,991.

General Partner

The General Partner does not maintain a capital balance in the Fund. 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 statements of financial condition and as General Partner 1% allocation in the statements of operations. At June 30, 2023 and December 31, 2022, the majority shareholder of the General Partner did not have an investment balance in the Fund.

The following fees are paid to the General Partner:

General Partner Management Fee – the Fund incurs a monthly fee on Class A, A2, B and R Units equal to 1/12^th of 1.5% of the month-end net asset value of the Class A, A2, 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. The General Partner was paid management fees of $533,849 and $1,090,845 for the three-month and six-month periods ended June 30, 2023, respectively, and was paid $647,036 and $1,238,834 for the three-month and six-month periods ended June 30, 2022, respectively.

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. During 2022 and through the six-months ended June 30, 2023, the General Partner did not earn any General Partner performance fees.

Selling Agent Fees – the Class A Units incur a monthly fee equal to 1/12th 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. 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 1/12th of 0.2% of the month-end net asset value of the Class B Units. 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. Broker-dealer servicing fees were $19,734 and $39,777 for the three-month and six-month periods ended June 30, 2023, respectively, and were $22,950 and $43,670 for the three-month and six-month periods ended June 30, 2022, respectively.

Administrative Expenses – the Fund incurs a monthly fee equal to 1/12th 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).

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 as the amount of Fund assets deposited in the account maintained with the broker plus any notional funds which may be allocated to the Trading Advisor, which, in aggregate, is typically greater than the Fund’s net assets), 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. The Fund incurs monthly fees, payable in arrears to the Cash Manager, equal to approximately 1/12^th of 0.14% and 0.14% of the investments in securities and certificates of deposit as of the period ended June 30, 2023 and 2022, respectively.

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 June 30, 2023 and December 31, 2022, the Fund had assets totaling $49,228,305 and $43,443,032, respectively, with brokers, which includes margin deposit requirements of $28,495,994 and $23,742,431, respectively.

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, 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, 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.

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, 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.

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.

The Portfolios are subject to investment and operational risks associated with financial, economic and other global market developments and disruptions, including those arising from war, terrorism, market manipulation, government interventions, defaults and shutdowns, political changes or diplomatic developments, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics) and natural/environmental disasters, which can all negatively impact the securities markets and cause a Portfolio to lose value. These events can also impair the technology and other operational systems upon which the Portfolios’ service providers rely and could otherwise disrupt the ability of the Portfolios’ service providers to perform essential tasks.

The foregoing could lead to a significant economic downturn or recession, increased market volatility, a greater number of market closures, higher default rates and adverse effects on the values and liquidity of securities or other assets. Such impacts, which may vary across asset classes, may adversely affect the performance of the Portfolios. In certain cases, an exchange or market may close or issue trading halts on specific securities or even the entire market, which may result in the Portfolios being, among other things, unable to buy or sell certain securities or financial instruments or to accurately price their investments.

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 SG Americas Securities, LLC and Deutsche Bank Securities, Inc. as its futures brokers. The Fund uses Goldman Sachs & Company, LLC and Deutsche Bank 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 statement 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 June 30, 2023.

Country or Region	U.S. Treasury Securities		Commercial Paper		Corporate Notes		Asset Backed Securities		Total		% of Partners' Capital (Net Asset Value)
United States	$	18,127,726	$	10,769,774	$	36,917,954	$	7,939,782	$	73,755,236		53.10	%
United Kingdom		—		2,494,174		3,739,151		—		6,233,325		4.49	%
Total	$	18,127,726	$	13,263,948	$	40,657,105	$	7,939,782	$	79,988,561		57.59	%

The following table presents the exposure at December 31, 2022.

Country or Region	U.S. Treasury Securities		Commercial Paper		Corporate Notes		Asset Backed Securities		Total		% of Partners' Capital (Net Asset Value)
United States	$	14,850,974	$	13,170,309	$	47,298,757	$	8,079,885	$	83,399,925		54.93	%
Ireland		—		3,586,779		—		—		3,586,779		2.36	%
United Kingdom		—		1,198,343		3,745,827		—		4,944,170		3.26	%
Finland		—		—		2,950,092		—		2,950,092		1.94	%
Australia		—		1,199,550		—		—		1,199,550		0.79	%
Total	$	14,850,974	$	19,154,981	$	53,994,676	$	8,079,885	$	96,080,516		63.28	%

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 financial statements for such indemnifications.

10.

Interim Financial Statements

The statements of financial condition, including the condensed schedule of investments, at June 30, 2023, the statements of operations for the three and six months ended June 30, 2023 and 2022, the statements of cash flows and statement of changes in partners’ capital (net asset value) for the six months ended June 30, 2023 and 2022, and the accompanying notes to the financial statements are unaudited. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP may be omitted pursuant to such rules and regulations. In the opinion of management, such financial statements and accompanying disclosures reflect all adjustments, which were of a normal and recurring nature, necessary to present fairly the financial position at June 30, 2023, results of operations, cash flows and changes in partners’ capital (net asset value) for the three and six months ended June 30, 2023 and 2022. The results of operations for the three and six months ended June 30, 2023 and 2022 are not necessarily indicative of the results to be expected for the full year or any other period. These 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 and six months ended June 30, 2023 and 2022, assuming the unit was outstanding throughout the entire period:

								^†
	Three Months Ended June 30, 2023
	Class A			Class A2			Class A3^†			Class B			Class I			Class R
Per Unit Operating Performance

Net asset value per unit, beginning of period	$	4,125.32		$	1,115.03		$	—		$	6,847.10		$	1,175.57		$	1,146.01

Net realized and change in unrealized gain (loss) on investments ⁽¹⁾		244.06			69.13			—			404.40			69.41			67.64
Net investment income (loss) ⁽¹⁾		(38.12	)		(9.39	)		—			(30.42	)		(2.28	)		(4.44	)
Total income (loss) from operations		205.94			59.74			—			373.98			67.13			63.20

Net asset value per unit, end of period	$	4,331.26		$	1,174.77		$	—		$	7,221.08		$	1,242.70		$	1,209.21

Total return ⁽⁴⁾		4.99	%		5.36	%		0.00	%		5.46	%		5.71	%		5.51	%

Other Financial Ratios
Ratios to average net asset value
Expenses prior to General Partner 1% allocation ^{(2) (3)}		6.82	%		8.35	%		0.00	%		4.90	%		3.89	%		4.64	%
General Partner 1% allocation		0.05	%		0.11	%		0.00	%		0.05	%		0.06	%		0.05	%
Net total expenses		6.87	%		8.46	%		0.00	%		4.95	%		3.95	%		4.69	%

Net investment income (loss) ^{(2) (3) (5)}		(3.36	)%		(2.82	)%		0.00	%		(1.49	)%		(0.52	)%		(1.28	)%

								^†
	Three Months Ended June 30, 2022
	Class A			Class A2			Class A3†			Class B			Class I			Class R
Per Unit Operating Performance

Net asset value per unit, beginning of period	$	4,486.15		$	1,195.83		$	1,158.65		$	7,314.21		$	1,244.00		$	1,221.77

Net realized and change in unrealized gain (loss) on investments ⁽¹⁾		282.44			74.88			76.37			459.63			77.88			76.55
Net investment income (loss) ⁽¹⁾		(111.21	)		(24.92	)		(17.71	)		(146.49	)		(21.56	)		(23.61	)
Total income (loss) from operations		171.23			49.96			58.66			313.14			56.32			52.94

Redemption value per share		—			—			(1,217.31	)		—			—			—

Net asset value per unit, end of period	$	4,657.38		$	1,245.79		$	—		$	7,627.35		$	1,300.32		$	1,274.71

Total return ⁽⁴⁾		3.82	%		4.18	%		5.06	%		4.28	%		4.53	%		4.33	%

Other Financial Ratios
Ratios to average net asset value
Expenses prior to General Partner 1% allocation ^{(2) (3)}		10.11	%		8.56	%		6.00	%		8.25	%		7.20	%		7.97	%
General Partner 1% allocation		0.04	%		0.04	%		0.05	%		0.04	%		0.04	%		0.04	%
Net total expenses		10.15	%		8.60	%		6.05	%		8.29	%		7.24	%		8.01	%

Net investment income (loss) ^{(2) (3) (5)}		(9.31	)%		(7.77	)%		(5.58	)%		(7.45	)%		(6.41	)%		(7.18	)%

								^†
	Six Months Ended June 30, 2023
	Class A			Class A2			Class A3†			Class B			Class I			Class R
Per Unit Operating Performance

Net asset value per unit, beginning of period	$	4,372.11		$	1,177.64		$	—		$	7,224.40		$	1,237.43		$	1,208.56

Net realized and change in unrealized gain (loss) on investments ⁽¹⁾		21.71			5.22			—			36.41			6.25			6.11
Net investment income (loss) ⁽¹⁾		(62.56	)		(8.09	)		—			(39.73	)		(0.98	)		(5.46	)
Total income (loss) from operations		(40.85	)		(2.87	)		—			(3.32	)		5.27			0.65

Net asset value per unit, end of period	$	4,331.26		$	1,174.77		$	—		$	7,221.08		$	1,242.70		$	1,209.21

Total return ⁽⁴⁾		(0.93	)%		(0.24	)%		0.00	%		(0.05	)%		0.43	%		0.05	%

Other Financial Ratios
Ratios to average net asset value
Expenses prior to General Partner 1% allocation ^{(2) (3)}		6.09	%		4.75	%		0.00	%		4.26	%		3.29	%		4.05	%
General Partner 1% allocation		(0.01	)%		(0.03	)%		0.00	%		0.00	%		0.00	%		0.00	%
Net total expenses		6.08	%		4.72	%		0.00	%		4.26	%		3.29	%		4.05	%

Net investment income (loss) ^{(2) (3) (5)}		(2.93	)%		(1.45	)%		0.00	%		(1.11	)%		(0.15	)%		(0.91	)%

								^†
	Six Months Ended June 30, 2022
	Class A			Class A2			Class A3†			Class B			Class I			Class R
Per Unit Operating Performance

Net asset value per unit, beginning of period	$	4,046.32		$	1,074.85		$	1,041.81		$	6,567.70		$	1,114.41		$	1,096.53

Net realized and change in unrealized gain (loss) on investments ⁽¹⁾		846.96			225.12			221.97			1,377.90			233.96			229.95
Net investment income (loss) ⁽¹⁾		(235.90	)		(54.18	)		(46.47	)		(318.25	)		(48.05	)		(51.77	)
Total income (loss) from operations		611.06			170.94			175.50			1,059.65			185.91			178.18

Redemption value per share		—			—			(1,217.31	)		—			—			—

Net asset value per unit, end of period	$	4,657.38		$	1,245.79		$	—		$	7,627.35		$	1,300.32		$	1,274.71

Total return ⁽⁴⁾		15.10	%		15.90	%		16.85	%		16.13	%		16.68	%		16.25	%

Other Financial Ratios
Ratios to average net asset value
Expenses prior to General Partner 1% allocation ^{(2) (3)}		11.10	%		9.59	%		8.55	%		9.22	%		8.21	%		8.98	%
General Partner 1% allocation		0.14	%		0.15	%		0.16	%		0.15	%		0.15	%		0.15	%
Net total expenses		11.24	%		9.74	%		8.71	%		9.37	%		8.36	%		9.13	%

Net investment income (loss) ^{(2) (3) (5)}		(10.46	)%		(8.95	)%		(8.09	)%		(8.58	)%		(7.57	)%		(8.34	)%

Total returns are calculated based on the change in value of a Class A, Class A2, Class A3, 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 A3 units were fully redeemed on July 1, 2022.

⁽¹⁾

The net investment income (loss) per unit is calculated by dividing the net investment income (loss) by the average number of Class A, A2, A3, 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 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 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 June 30, 2023, there were $115,000 of contributions into the Fund and an estimated $1,268,263 of redemptions from the Fund.

Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Current Positioning

Sector risk allocations and net positioning as of June 30, 2023 were as follows:

Sector	Risk Allocation	Net Position
Agriculture	7%	Long
Energy	13%	Long
Metals	6%	Short
Currencies	29%	Short USD
Equity indices	20%	Long
Interest rates	25%	Short

A prevalent strategy employed by the Fund’s trading advisors is trend-following. As such, the largest positions tend to reflect the strongest current market trends. Another prevalent strategy employed by the Fund is systematic macro, which tends to systematically trade positions based on non-price data or other fundamental data and factors. As of June 30, 2022, the Fund’s largest exposure was in commodity markets. Within this sector, positioning was long across energy, agricultural, and metal markets. Equity markets were also positioned long at the end of the second quarter, with the largest positions in U.S. indices. Currency exposure fluctuated during the quarter but finished June slightly short. Fixed income positions were long at the end of the period, both in U.S. and international markets.

Results of Operations

The returns for each Class of Units for the six months ended June 30, 2023 and 2023 were:

Class of Units	2023	2022
Class A	-0.93%	15.10%
Class A2	-0.24%	15.90%
Class A3†	N/A	16.85%
Class B	-0.05%	16.13%
Class I	0.43%	16.68%
Class R	0.05%	16.25%

† Class A3 units were fully redeemed on July 1, 2022.

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.

2023

January

Risk markets rebounded to start the new year, with the S&P 500 Index rising +6.28%. Investor confidence was sparked by hopes of a slowdown in the Federal Reserve’s interest rate hike campaign and optimism that a “hard landing” can be avoided. Bonds also rallied during the period, moving in tandem with equities, up +3.08%, after capping off the Bloomberg U.S. Aggregate Bond Index’s worst year since its inception in 1980. The U.S. Dollar, which had seen gains for much of 2022, continued its slide from its fourth quarter weakness, down over -1.3% in January.

Futures Portfolio Fund (the “Fund”) fell modestly in January as low volatility provided limited trading opportunities for the Fund’s managers. While a majority of the Fund’s sectors detracted from performance, the Fund was profitable in equity index and energy trading. Despite the negative performance, this month highlighted the Fund’s ability to be sizably invested in different themes, which has helped provide a positive return versus the losses sustained by major bond and equity indices in 2022. The Fund finished with a net loss of (0.93)%, (0.81)%, (0.78)%, (0.70)% and (0.76)% for Class A, A2, B, I, and R Units, respectively.

February

After a brief recovery in January, the S&P 500 Index resumed its downward trend in February, losing -2.44% and dropping its year-to-date return to +3.69%. At the same time, bonds again failed to protect investor capital, selling off -2.59% and leaving the Bloomberg U.S. Aggregate Bond Index up just +0.41% YTD. Negatively impacting equity and fixed income markets was a concern that elevated inflation would last longer than expected and therefore prevent the Federal Reserve from cutting interest rates. The U.S. Dollar, which slid in the fourth quarter of 2022, rebounded in February, up +2.72%. The strength in the Dollar, however, proved to be a headwind for commodities, as the Bloomberg Commodity TR USD Index fell -4.70% during the period.

Futures Portfolio Fund’s (the “Fund”) positive return in February was overwhelmingly driven by short bond positioning and, to a lesser extent, long U.S. Dollar positioning. While energy, metals, and equity trading were modest detractors, the strong month highlighted the Fund’s ability to be sizably invested in different themes, helping to provide positive returns against the losses suffered by major bond and equity indices. The Fund finished with a net gain of 2.35%, 2.47%, 2.50%, 2.58% and 2.52% for Class A, A2, B, I, and R Units, respectively.

March

Amid heightened volatility related to stress in the banking sector, stocks and bonds both recovered some of February’s losses in the month of March, with the S&P 500 Index up +7.50% YTD and the Bloomberg U.S. Aggregate Bond Index up +2.96%. Positively impacting both equity and fixed income markets was optimism surrounding a possible pause in rate hikes by the Federal Reserve. As a result, the short end of the U.S. Treasury yield curve (2-year Treasury) experienced its largest move since 1987.

Futures Portfolio Fund (the “Fund”) fell in March, as the short fixed income trend, which had heavily contributed year-to-date and in 2022, sharply reversed course. While a majority of other sectors detracted, the Fund’s managers were able to adjust for heightened market volatility and adjust position sizing accordingly. March performance was overwhelmingly driven by the aforementioned short bond positioning. This nimble approach, inherent in managing risk, allowed the Fund to mitigate losses. The Fund finished with a net loss of (6.95)%, (6.84)%, (6.81)%, (6.74)% and (6.79)% for Class A, A2, A3, B, I, and R Units, respectively.

April

Relative to recent months, April proved to be a quiet period for stocks and bonds as recessionary fears, stoked by rising interest rates and banking failures, subsided. The S&P 500 Index continued to move higher, albeit at a slower pace, gaining +1.56% in the period, bringing its YTD return to up +9.17%. Bonds, as represented by the Bloomberg U.S. Aggregate Bond Index, added +0.61% in the month which brought their YTD return to up +3.59%.

Futures Portfolio Fund’s (the “Fund”) positive return in April was overwhelmingly driven by agricultural commodities, specifically sugar and wheat, and long U.S. Dollar positioning, specifically against the Japanese Yen. While energies, metals, and interest rates were modest detractors, the strong month highlighted the Fund’s ability to be sizably invested in different themes, helping to provide positive returns even when traditional long only bond and stock indices were modestly positive. The Fund finished with a net gain of 2.51%, 2.63%, 2.67%, 2.75% and 2.68% for Class A, A2, B, I, and R Units, respectively.

May

Debt ceiling talks and risk of a U.S. default added to volatility during May. The Fed raised interest rates another 25 basis points early in the month, continuing its fight against persistently high inflation. The S&P 500 Index edged higher, up just +0.43% in the period, bringing its YTD return to +9.65%. Bonds, as represented by the Bloomberg U.S. Aggregate Bond Index, reversed course dropping -1.09% in May, bringing its YTD return to +2.46%.

Futures Portfolio Fund’s (the “Fund”) positive return in May was largely driven by currencies and energies trading, specifically long U.S. Dollar positioning against the Chinese Renminbi and short natural gas exposure. Agricultural commodities and interest rates also contributed to a lesser degree, while metals and equities detracted modestly. The Fund finished with a net loss of 1.16%, 1.28%, 1.31%, 1.39% and 1.33% for Class A, A2, B, I, and R Units, respectively.

June

Equities continued to move upward in June, with the S&P 500 Index posting its best month of 2023, up +6.61%, bringing the YTD return to up +16.89%. Bonds, however, did not fare as well with the Bloomberg U.S. Aggregate Bond Index continuing its slide from the previous month, down -0.36% in June, and up +2.09% YTD. Outside traditional asset classes, commodities rose during the period, particularly oil, which bounced following Saudi Arabia’s additional production cuts. The U.S. Dollar resumed its YTD downward trend against the backdrop of shifting investor appetite to risk on assets.

Futures Portfolio Fund’s (the “Fund”) positive return in June was driven by short fixed income, long equity, and short foreign currencies. Agricultural commodities and energy products were notable detractors to performance, while metals, to a lesser extent, also detracted during the period. The Fund finished with a net loss of 1.24%, 1.36%, 1.39%, 1.47% and 1.41% for Class A, A2, B, I, and R Units, respectively.

2022

January

As the new COVID-19 variant’s control and impact on financial markets lessened, fears of an aggressive Federal Reserve and inflation took hold. These events drove the S&P 500 Index down by about -9.7% in the opening weeks of 2022. The January Federal Reserve meeting saw a continuation of the hawkish stance set forth by the central bank, indicating the need to begin raising interest rates and winding down its $9 billion balance sheet. This drove yields higher as investors rotated out of fixed income securities. The U.S. 10-Year Treasury rose 0.27% in January, to close the month at 1.78%. Much to the surprise of economists, the U.S. added half a million new jobs in the month, showing the resilience of the labor market through the Omicron variant wave. Against the backdrop of geopolitical tensions with Russia and Ukraine, along with rising global demand, oil prices continued their upward trend as West Texas Intermediate surged over +17% to start the year.

Futures Portfolio Fund’s modest negative returns in January were driven by interest rates and equity indices, while energy and

agricultural commodities contributed positively to performance. Despite the overall negative return for the month, the Fund’s ability to go both long and short helped mitigate losses relative to major bond and equity indices. In fixed income, mixed bond positioning detracted as yields finished the month significantly higher. Also detracting was long equity positioning, as volatility in the U.S. and abroad proved difficult for the Fund’s managers. In energy trading, consistent long oil and oil product positioning contributed the most, as prices rose sharply due to the aforementioned reasons. The Fund finished with a net loss of (0.36)%, (0.25)%, (0.26)%, (0.21)%, (0.14)% and (0.20)% for Class A, A2, A3, B, I, and R Units, respectively.

February

COVID-19 related market shocks continue to fall by the wayside as rising interest rates and geopolitical tensions dominated the headlines in February. The combination of these events drove the S&P 500 Index down -2.99% in February, bringing year-to-date 2022 performance down to -8.01%. The continued hawkish stance by the Federal Reserve, coupled with persistent high inflation metrics drove bond yields higher for much of the month. This upward trend in bonds quickly shifted on reports of the invasion of Ukraine by Russia. The U.S. 10-Year Treasury fell from highs around 2% as investors quickly shifted to risk-off assets. This level of rates marks a new high since late 2019. Against the backdrop of geopolitical tensions with Russia and Ukraine, oil prices continued their blistering upward trend as West Texas Intermediate surged over +9% in February, bringing the year-to-date increase up over +28%.

Futures Portfolio Fund’s positive returns in February were driven by energy, agricultural commodities, and interest rates, while currencies and stock indices modestly detracted from performance. The strong month highlighted the Fund’s ability to be sizably invested in different themes, which has helped mitigate losses relative to major bond and equity indices. In energy, consistent long oil and oil product positioning contributed positively as supply fears stemmed from aforementioned reasons. Also contributing were long agricultural positioning which benefited from supply constraints. Detracting from performance was short dollar and long equity positioning, as volatility in those markets proved difficult for the Fund’s managers. The Fund finished with a net gain of 1.97%, 2.09%, 2.07%, 2.12%, 2.20% and 2.14% for Class A, A2, A3, B, I, and R Units, respectively.

March

Rising interest rates and the war in Ukraine dominated news headlines in March. While the S&P 500 Index finished the month up +3.71%, these events contributed to a significant amount of volatility, bringing year-to-date performance for the equity index down -4.60%. Renewed hawkish comments by the Federal Reserve, coupled with relentless higher inflation metrics drove bond yields up during the month. Most notably, on the last day of March, the U.S. 2-year Treasury yield briefly rose above the U.S. 10-year yield, also known as an “inversion”, which was last seen in 2019. Investors view this market phenomenon as a potential warning signal of a looming recession. Against the backdrop of Russia’s attack on Ukraine, oil prices continued their blistering upward trend as West Texas Intermediate surged over +7% in March, bringing the year-to-date increase up over +38%, reaching its highest level since 2008.

Futures Portfolio Fund’s strong return in March (+9.37%) received positive contributions from all sectors with energy, currencies, and interest rates leading the way. The strong month highlighted the Fund’s ability to be sizably invested in different themes, which has helped mitigate losses relative to major bond and equity indices in 2022. In energy, deceasing long positioning contributed positively as supply fears stemmed from the aforementioned reasons. Also contributing was long dollar/short foreign currency positioning, which benefited from a flight-to-quality early in the month. Consistent short bond positioning also contributed as yields rose across the globe on the back of rising inflation. While metals, agricultural commodities, and stock indices lagged the other sectors, we are still pleased with their contribution to overall portfolio performance and diversification. The Fund finished with a net gain of 9.12%, 9.25%, 9.24%, 9.29%, 9.37% and 9.30% for Class A, A2, A3, B, I, and R Units, respectively.

April

As Russia’s invasion of Ukraine entered its 3rd month, investors continued to size up daily news flow out of the region along with the increasing pressures of inflation. The S&P 500 Index added to its negative 2022 performance as April proved to be the worst month for the index since March of 2020, bringing the YTD return to down -12.92%. Continued hawkish comments by the Federal Reserve, coupled with relentless higher inflation metrics drove bond yields higher during the month. Most notably, the U.S. 10-year yield encroached on a critical 3% level, a point not seen since late 2018. Against the backdrop of Russia’s attack on Ukraine and the uncertainty of supply, oil prices continued their upward trend as West Texas Intermediate surged over +3% in April, bringing the year-to-date increase up over +43%.

Futures Portfolio Fund added to its strong start in 2022 with contributions from currencies, interest rates, energy products, and agricultural commodities, while equities modestly detracted. The strong month highlighted the Fund’s ability to be sizably invested in different themes, which has helped provide positive performance against the losses by major bond and equity indices in 2022. In currency trading, long U.S. dollar positioning throughout the month contributed positively as real yields moved into positive territory along with a boost from the flight to safety. Also contributing was consistent short bond positioning as yields rose across the globe on the back of rising inflation. Choppy equity markets (as opposed to more sustained trends) provided a difficult environment for the Fund’s managers to take advantage of. As we enter the second quarter of 2022, we are pleased with the portfolio performance and diversification it is providing investors. The Fund finished with a net gain of 5.88%, 6.00%, 5.99%, 6.04%, 6.12% and 6.06% for Class A, A2, A3, B, I, and R Units, respectively.

May

Rising inflation and concerns surrounding China’s zero COVID policy drove financial markets in May as investors assessed their subsequent impact on global economic growth. The S&P 500 Index posted modestly positive performance in May, bringing year-to-date performance to down -12.76%. The Index’s slight gain did not come without its fair share of volatility as numerous companies issued cautious outlooks, raising questions about economic growth and health of the consumer. Additionally, U.S. 10-year yields encroached on a critical 3% level, a point not seen since late 2018. Against the backdrop of Russia’s attack on Ukraine and the uncertainty of supply, oil prices continued their upward trend as West Texas Intermediate surged over +11% in May, bringing the year-to-date increase up over +60%.

Futures Portfolio Fund (“the Fund”) had a small net loss in May, as currencies, interest rates, and agricultural commodities gave back some of their sizable gains from earlier in the year. In currency trading, long U.S. dollar positioning throughout the month detracted as the extended rally stalled on the back of slowing U.S. yield increases. Also detracting from performance was fixed income as range-bound markets provided a difficult trading environment for the Fund’s managers. Energy trading was a positive contributor during the month, however, as consistent long exposure was able to capture the general upward trend due to aforementioned reasons. The Fund finished with a net loss of (0.98)%, (0.86)%, (0.88)%, (0.83)%, (0.75)%, and (0.81)% for Class A, A2, A3, B, I, and R Units, respectively.

June

While the macro drivers from earlier in the year continued into June, market participants’ focus shifted to the Federal Reserve’s response to these events. The S&P 500 Index added to its negative year-to-date return as June, down -8.25%, proved to be the second worst month this year. This brought the 2022 return to down -19.96% for the Index. Continued hawkish comments by the Federal Reserve, coupled with relentless higher inflation metrics drove bond yields higher during the month. Most notably, the U.S. 10-year treasury yield rose to 3.49%, before retreating and closing the month below 3%.

Futures Portfolio Fund (“the Fund”) had a small net loss in June, as agricultural commodities and energy products gave back some of their sizable gains from earlier in the year. Gains in interest rates and currency trading were not enough to offset the aforementioned losses. Agricultural commodities, specifically grains markets, detracted most from performance as persistently long positions were hurt by better-than-expected news regarding weather, crop conditions, and exports from Ukraine. Contributing the most to performance was short fixed income positioning as volatile markets provided ample trading opportunities to the Fund’s trading advisors. The Fund finished with a net loss of (0.98)%, (0.87)%, (0.83)%, (0.76)%, and (0.82)% for Class A, A2, B, I, and R 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.

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.

Contractual Obligations

The Fund does not have any contractual obligations of the type contemplated by Item 303(a)(5) of Regulation S-K. The Fund’s sole business is trading futures and forward currency contracts, both long (contracts to buy) and short (contracts to sell).

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 interest 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 is included in Note 1 to the 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, fixed income instruments and investments in private investment companies. 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. The Fund’s investment in a private investment company is valued at net asset value as provided by the private fund’s administrator. This use of net asset value as the practical expedient to approximate fair value under ASC 820 is advisable due to the investment not having a readily determinable fair value.

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.

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 June 30, 2023 and December 31, 2022. All open position trading risk exposures of the Fund have been included in calculating the figures set forth below.

	June 30, 2023					December 31, 2022
Market Sector	Value at Risk		% of Total Capitalization			Value at Risk		% of Total Capitalization

Agricultural commodities	$	621,757		0.44	%	$	1,247,500		0.82	%
Currencies		2,492,534		1.78			2,025,743		1.33	%
Energy		1,061,778		0.76			1,309,753		0.86	%
Equity indices		1,652,177		1.18			1,223,518		0.80	%
Interest rate instruments		2,124,787		1.52			1,892,102		1.24	%
Metals		545,093		0.39			600,326		0.39	%

Total	$	8,498,126		6.06	%	$	8,298,942		5.44	%

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.

The following were the primary trading risk exposures of the Fund as of June 30, 2023, 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 had 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 represent non-trading risk exposures of the Fund as of June 30, 2023.

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.

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 June 30, 2022 (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, 2022.

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 June 30, 2023. 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 June 30, 2023 were as follows:

	April			May			June			Total
A Units
Units redeemed		(661.8950	)		(743.5647	)		(283.0416	)		(1,688.5013	)
Average net asset value per unit	$	4,229.00		$	4,344.85		$	4,331.26		$	4,297.16

A2 Units
Units redeemed		(197.4300	)		—			—			(197.4300	)
Average net asset value per unit	$	1,144.39		$	—		$	—		$	1,144.39

A3 Units
Units redeemed		—			—			—			—
Average net asset value per unit	$	—			—		$	—			—

B Units
Units redeemed		(72.3815	)		(142.7734	)		(22.7714	)		(237.9263	)
Average net asset value per unit	$	7,029.63		$	6,773.96		$	7,221.08		$	6,894.53

I Units
Units redeemed		—			—			—			—
Average net asset value per unit	$	—		$	—		$	—		$	—

R Units
Units redeemed		—			—			—			—
Average net asset value per unit	$	—		$	—		$	—		$	—

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

(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.

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: August 14, 2023	Futures Portfolio Fund, Limited Partnership


	By:	Steben & Company, LLC
		General Partner

	By:	/s/ Kevin M. Kinzie
	Name:	Kevin M. Kinzie
	Title:	President, Chief Executive Officer and Director of the General Partner
		(Principal Executive Officer)

	By:	/s/ Jon C. Essen
	Name:	Jon C. Essen
	Title:	Chief Financial Officer and Director of the General Partner
		(Principal Financial and Accounting Officer)