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 2024-01-01
 2024-03-29

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 UNITED STATES

 SECURITIES
AND EXCHANGE COMMISSION

 Washington,
D.C. 20549

 FORM

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

 EXCHANGE
ACT OF 1934

 For the Fiscal Year
Ended December 31, 2023

 Commission file number: 000-50728

 FUTURES
PORTFOLIO FUND, LIMITED PARTNERSHIP

 Organized in Maryland

 IRS
Employer Identification No.: 52-1627106

 c/o Steben & Company, LLC

 687 Excelsior Boulevard

 Excelsior, MN 55331

 Telephone: (952) 767-6900

 Securities to be registered pursuant to Section 12(b)
of the Act: None

 Securities to be registered pursuant to Section
12(g) of the Act: Limited partner interests

 Indicate by check mark if the registrant is a well-known
seasoned issuer, as defined in Rule 405 of the Securities Act. Yes No

 Indicate by check mark if the registrant is not required
to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes No

 Indicate by check mark
whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days. Yes
No

 Indicate by check mark
whether the registrant has submitted electronically and posted on its corporate web site, if any, every Interactive Data File required
to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months
(or for such shorter period that the registrant was required to submit and post such files). Yes
No

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

 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

 Aggregate market value of the
voting and non-voting common equity held by non-affiliates: N/A.

 Item 1.

 Business

 Item 1A.

 Risk Factors

 Item 1B.

 Unresolved Staff Comments

 Item 2.

 Properties

 Item 3.

 Legal Proceedings

 Item 4.

 Mine Safety Disclosures

 Item 5.

 Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

 Item 6.

 Selected Financial Data

 Item 7.

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

 Item 7A.

 Quantitative and Qualitative Disclosures About Market Risk

 Item 8.

 Financial Statements and Supplementary Data

 Item 9.

 Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

 Item 9A.

 Controls and Procedures

 Item 9B.

 Other Information

 Item 10.

 Directors, Executive Officers, and Corporate Governance

 Item 11.

 Executive Compensation

 Item 12.

 Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

 Item 13.

 Certain Relationships and Related Transactions, and Director Independence

 Item 14.

 Principal Accountant Fees and Services

 Item 15.

 Exhibits and Financial Statement Schedules

 Signatures

 Item 1.
 Business

("Fund") is a Maryland limited partnership, was formed on May 11, 1989 and began trading on January 2, 1990. Using
professional trading advisors, the Fund engages in the speculative trading of futures contracts, forward currency contracts and
other financial instruments traded in the United States ("U.S.") and internationally. The Fund primarily trades within
seven market sectors: agricultural commodities, currencies, energy products, equity indices, interest rate instruments, metals
and single stock futures.

 The Fund's fiscal
year ends each December 31 unless terminated earlier as provided in the Sixth Amended and Restated Limited Partnership Agreement
("Partnership Agreement"). At December 31, 2023, the capitalization of the Fund and net asset value per limited partner
interest ("Units") was as follows:

 Net Asset

 Value

 Class of Units

 Capitalization

 per Unit

 $
 78,554,826

 $

 104,898

 -

 -

 33,308,431

 291,331

 7,116,554

 Total

 $
 119,376,040

 The Fund's assets are allocated among
professional trading advisors ("Trading Advisors"). Portions of the Fund's assets may be allocated to other investment
funds or pools at the discretion of Steben & Company, LLC ("General Partner"). The General Partner is responsible
for selecting and monitoring the Trading Advisors, and the General Partner may add new Trading Advisors in the future, terminate
the current Trading Advisors, and will, in general, allocate and reallocate the Fund's assets among the Trading Advisors
as it deems is in the best interests of the Fund and without prior notice to investors.

 The Fund maintains margin deposits and reserves
in cash, U.S. Treasury securities, registered U.S. money market funds, commercial paper, certificates of deposit, asset backed
securities and corporate notes in accordance with Commodity Futures Trading Commission ("CFTC") rules. All related
income earned accrues to the benefit of the Fund.

 The Fund's business constitutes only one
segment for financial reporting purposes. The Fund does not engage in material operations in foreign countries, although it does
trade on international futures markets, nor is a material portion of its revenues derived from foreign customers.

 General Partner

 Under the Partnership Agreement, management
of all aspects of the Fund's business and administration is carried out exclusively by the General Partner, a Maryland limited
liability company originally organized in February 1989. The General Partner is registered with the CFTC as a commodity pool operator
and is also registered with the U.S. Securities and Exchange Commission ("SEC") as an investment adviser. The General
Partner is a member of the National Futures Association ("NFA").

 The General Partner manages all aspects of the
Fund's business, including selecting the Fund's trading advisors; allocating the Fund's assets among them; investing
a portion of the Fund's assets in other investment pools; selecting the Fund's futures broker(s), accountants and attorneys;
computing the Fund's net assets; reporting to limited partners; directing the allocation of excess margin monies; and processing
subscriptions and redemptions. The General Partner maintains office facilities for and furnishes administrative and clerical services
to the Fund. There have been no material administrative, civil or criminal actions within the past five years against the General
Partner or its principals, and no such actions currently are pending.

 Trading Advisors

 As of February 29, 2024, the Trading Advisors of
the Fund and the allocation of the Fund's trading level are reflected as follows:

 % of Total
Allocations

 Crabel Capital Management, LLC

 30.4
 %

 Millburn Ridgefield Corporation

 18.9

 Graham Capital Management, LP

 16.9

 Transtrend BV

 14.5

 R.G. Niederhoffer Capital Management, Inc.

 10.1

 East X, LLP

 9.2

 Fulcrum Asset Management LLP

 0.0

 These allocations are subject to change at the General
Partner's sole discretion.

 An objective of the Fund's multi-manager
approach is to reduce the Fund's volatility without sacrificing overall rates of return. Trading Advisors are selected by
the General Partner based on a number of operational and performance factors.

 Selling Agents

 The General Partner acts as a selling agent
for the Fund. The General Partner has and intends to continue to appoint certain other broker-dealers registered under the Securities
Exchange Act of 1934, as amended ("1934 Act"), and members of FINRA, to act as additional selling agents with respect
to Class A, A2, B, I and R Units. As of March 1, 2023, Class A3 Units are no longer being offered. Selling agents are selected
to assist in the making of offers and sales of Class A, A2, B, I and R Units. The Fund currently has approximately 100 selling
agents. The selling agents are not required to purchase any Class A, A2, B, I or R Units, or sell any specific number or dollar
amount of Class A, A2, B, I and R Units, but instead use their best efforts to sell such Units. Where the General Partner acts
as the selling agent it may retain any selling agent fees.

 Futures Brokers and Forward Currency Counterparties

 The Fund's futures trading is currently
conducted with SG Americas Securities, LLC ("SGAS"), Goldman Sach & Company, LLC ("Goldman") and Deutsche
Bank Securities, Inc. ("DBSI"). The Fund's forward currency trading is conducted with Soci t G n rale
International Limited ("SGIL") and Deutsche Bank AG. SGAS and SGIL are wholly owned subsidiaries of Soci t
G n rale. Soci t G n rale is one of the largest financial institutions in Europe. DBSI
is an indirect, wholly owned subsidiary of Deutsche Bank AG, one of the largest bank holding companies in Europe.

 The General Partner may, in its discretion,
have the Fund use other futures brokers, swap or forward currency counterparties if it deems it to be in the best interest of the
Fund.

 Cash Managers

 The Fund has engaged Principal Global Investors,
LLC ("PGI" or the "Cash Manager") to provide cash management services to the Fund. PGI manages the Fund's
cash and excess margin through investments in fixed income instruments, pursuant to investment parameters established by the General
Partner.

 Description of Current Charges

 Charges

 Amount

 Trading Advisor Management Fees

 Each class of Units incurs monthly trading advisor management fees, payable monthly or quarterly in arrears, to the Trading Advisors (based on the assets under their management). The fees range from 0% to 3% annually.

 Charges

 Amount

 Trading Advisor Incentive Fees

 Each class of Units incurs quarterly or annual
 trading advisor incentive fees, payable in arrears to the Trading Advisors, for any "Net New Trading Profits" generated
 on the portion of the Fund the respective Trading Advisor manages. The incentive fees range from 0% to 30%.

 Net New Trading Profits
 are calculated based on formulas defined in each Trading Advisor's trading agreement. In determining Net New Trading Profits,
 any trading losses generated by the respective Trading Advisor for the Fund in prior periods are carried forward, so that the incentive
 fee is assessed only if and to the extent the profits generated by the Trading Advisor for the period exceed any losses from prior
 periods. The loss carry-forward is proportionally reduced if and to the extent the Fund reduces the amount of assets allocated
 to the Trading Advisor.

 Brokerage Commissions and Trading Expenses

 The Fund incurs brokerage
commissions and expenses on U.S. futures exchanges at an average of $2.61 per "round-turn" futures transaction (includes
NFA, execution, clearing and exchange fees). Brokerage commissions and expenses may be higher for trades executed on certain foreign
exchanges.

 Cash Manager Fees

 Each class of Units incurs a monthly cash manager fee, payable in arrears to the Cash Manager, equal to approximately 1/12 th of 0.15% of the investments in securities and certificates of deposit.

 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.

 General Partner Performance Fee

 The Fund incurs a monthly fee on Class I Units
 equal to 7.5% of any Net Profits of the Class I Units calculated monthly. The general partner performance fee is payable quarterly
 in arrears.

 In determining Net Profits, any net losses incurred
 by the Class I Units in prior periods are 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.

 General Partner 1 percent allocation

 Each year, the General Partner receives an annual allocation of 1% of net income earned by the Fund or pays to the Fund 1% of any net loss incurred by the Fund.

 Selling Agent Fees and Broker Dealer Servicing Fees

 The General Partner charges monthly selling
 agent fees and/or broker dealer servicing fees to certain classes of units, as follows:

 Class
 A Units pay 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 pay a 0.2% per annum broker dealer servicing fee.

 The General Partner, in turn, pays selling agent fees
 and broker dealer servicing fees to the respective selling agents. If selling agent fees are not paid to the selling agents, such
 portions of the selling agent fees may be retained by the General Partner.

 Administrative Fee

 Each class of Units incur a monthly General Partner administrative fee equal to 1/12 th of 0.45% of Fund net assets at the end of each month, payable in arrears. 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 commodity pools with which the Fund may have investments). The General Partner uses a portion of this fee to pay third party service providers.

 Market Sectors

 The Fund trades speculatively, through the
allocation of its assets to Trading Advisors, in U.S. and international futures markets, and may trade or hold futures, forwards,
swaps or options. Specifically, the Fund trades futures on agricultural commodities, currencies, energy products, equity indices,
interest rate instruments, metals and single stock futures. The Fund also trades forward currency contracts and may trade options,
swaps and other forwards other than currencies in the future.

 Market Types

 The Fund trades on a variety of U.S. and international
futures exchanges. As in the case of its market sector allocations, the Fund's commitments to different types of markets
- U.S. and non-U.S., regulated and non-regulated - differ substantially from time to time, as well as over time, and may change
at any time if a Trading Advisor, with the approval of the General Partner, determines such change to be in the best interests
of the Fund.

 Regulations

 The Fund is a registrant with the SEC pursuant
to the 1934 Act. As a registrant, the Fund is subject to the regulations of the SEC and the reporting requirements of the 1934
Act. As a commodity pool, the Fund is subject to the regulations of the CFTC, an agency of the U.S. government, which regulates
most aspects of the commodity futures industry; rules of the NFA, 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 futures commission
merchants, futures brokers and Interbank market makers through which the Fund trades.

 Commodity exchanges in the U.S. are subject
to regulation under the Commodity Exchange Act ("CEAct"), by the CFTC, the governmental agency having responsibility
for regulation of commodity exchanges and commodity interest trading conducted thereon. The function of the CFTC is to implement
the objectives of the CEAct of preventing price manipulation and excessive speculation and promoting orderly and efficient commodities
markets. In addition, the various commodity exchanges themselves exercise regulatory and supervisory authority over their members.

 The CFTC has exclusive authority to designate
exchanges for the trading of specific futures contracts and options on futures contracts and physicals and to prescribe rules and
regulations for the marketing of each. The CFTC also possesses exclusive jurisdiction to regulate the activities of commodity trading
advisors, commodity pool operators, introducing brokers, futures commodity merchants, swap dealers and floor brokers, among others,
and may suspend, modify or terminate the registration of any registrant for failure to comply with CFTC rules or regulations. Furthermore,
the CEAct establishes an administrative procedure under which commodity customers may institute complaints for damages arising
from alleged violations of the CEAct by persons registered with the CFTC ("reparations"). The CEAct also gives the
states certain powers to enforce its provisions and the regulations of the CFTC.

 Pursuant to authority in the CEAct, the NFA has
been formed and registered with the CFTC as a "registered futures association." At the present time, the NFA is the
only non-exchange self-regulatory organization for commodities professionals. The CFTC has delegated to the NFA responsibility
for certain registration processing. The General Partner, the Fund's futures brokers and swap dealers are members of the
NFA (the Fund itself is not required to become a member of the NFA). As members, they are subject to NFA standards relating to
fair trade practices, financial condition and consumer protection. As the self-regulatory body of the commodities industry, the
NFA promulgates rules governing the conduct of commodity professionals and disciplines those professionals which do not comply
with such standards. The NFA also arbitrates disputes between members and their customers and conducts registration and fitness
screening of applicants for membership and audits of its existing members.

 The regulations of the CFTC and the NFA prohibit
any representation by a person registered with the CFTC or by any member of the NFA that such registration or membership, respectively,
in any respect indicates that the CFTC or the NFA, as the case may be, has approved or endorsed such person or such person's
trading program or objectives. The registrations and memberships described above must not be considered as constituting any such
approval or endorsement. No commodity exchange has given or will give any such approval or endorsement.

 The regulation of commodity trading in the
U.S. and other countries is an evolving area of law, particularly in the context of implementing various aspects of Dodd-Frank
and similar laws being implemented in other countries. The various statements made herein are subject to modification by legislative
action and changes in the rules and regulations of the CFTC, NFA, and commodity exchanges or other regulatory bodies.

 Competition

 The Fund operates in a competitive environment
in which it faces several forms of competition, including, without limitation, the following:

 The Fund competes with other commodity pools and other
investment vehicles for investors.

 The Trading Advisors may compete with other traders in the markets in establishing or liquidating
positions on behalf of the Fund.

 Available Information

 The Fund files Forms 10-Q, 10-K, 8-K, 3 and
4, as required, with the SEC. The public may read and copy any materials filed with the SEC at the SEC's Public Reference
Room at 100 F Street, N.E., Washington, D.C. 20549. Additional information about the Reference Room may be obtained by calling
the SEC at (800) SEC-0330. Reports filed electronically with the SEC may be found at

 Reports to Security Holders

 None.

 Enforceability of Civil Liabilities Against
Foreign Persons

 None.

 Item 1A.
 Risk Factors

 No Limitations on Trading Policies

 The Fund's Partnership Agreement places no
limitation on the trading policies the General Partner may pursue for the Fund.

 Potential Increase in Leverage

 The General Partner may increase
the leverage used with a particular Trading Advisor by the use of notional funds. Notional funds are used when a Trading
Advisor is instructed to trade an account according to its trading system under the assumption that the account is larger
than the actual cash or securities on hand. This additional leverage, while creating additional profit potential which the
General Partner feels may be appropriate with certain Trading Advisors in light of the Fund's multi-trader
diversification, also increases the risk of loss to the Fund. It is anticipated that the General Partner will allocate
between $1 and $2 to the Trading Advisors for every $1 of equity in the Fund. Throughout 2023, the Fund maintained a notional
trading level of approximately $1.60 for every $1 of equity in the Fund.

 Volatility

 The volatility of the
Fund is expected to be similar to what it has been in the past, although it could be more or less volatile in the future depending
upon the volatility of the market, the success of the Trading Advisors and the level of notional funding used by the General Partner
in its allocations to the Trading Advisors.

 Liquidity

 Although the Fund offers
monthly redemptions, the Fund may delay payment if special circumstances require, such as a market emergency that prevents the
liquidation of commodity positions or a delay or default in payment to the Fund by a futures broker or a counterparty.

 Fund Expenses Will Be Substantial

 The Fund is obligated to pay brokerage expenses,
Trading Advisor management and incentive fees, General Partner management and incentive fees, ongoing selling agent fees, Cash
Manager fees and other administrative fees, regardless of whether it realizes profits. The Fund will need to make substantial trading
profits to avoid depletion of its assets from these expenses.

 Reliance on General Partner

 The Fund's success depends significantly
on the General Partner's ability to select Trading Advisors and support the operations of the Fund.

 Dependence on Key Personnel

 The General Partner is dependent
on the services of key management personnel.

 Reliance on the Trading Advisors

 The Fund's success depends largely on
the ability of its Trading Advisors. There can be no assurance that their trading methods will produce profits (or not generate
losses). Past performance is not necessarily indicative of future results.

 Reliance on Futures Brokers' Financial
Condition

 If one of the futures brokers becomes insolvent,
the Fund might incur a loss of all or a portion of the funds it had deposited directly or indirectly with such futures broker.
There is no government insurance for commodity brokerage accounts. Such a loss could occur if one of the futures brokers unlawfully
failed to segregate its customers' funds or if a customer failed to pay a deficiency in its account.

 Use of Cash Manager

 A significant percentage of the Fund's
assets not placed as margin with the futures brokers are managed by PGI. Using investment guidelines established by the General
Partner, PGI may invest the excess margin in U.S. Treasury securities, U.S. and foreign government sponsored enterprise notes,
commercial paper, corporate notes, asset backed securities 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.

 Investment in Other Investment Pools

 The Fund invests in other
pools. The Fund expects to be liable to those pools (e.g., limited partners), only for the amount of its investment plus any undistributed
profits. However, there can be no assurance in this regard, and the Fund might invest as a general partner if the situation warranted,
and thus be liable for additional amounts. If the Fund does invest in other pools, investors in the Fund could be subject to additional
fees, as the Fund would be charged fees by the other pools.

 Investment in pools (or similar investment vehicles),
as distinguished from direct participation in the markets, has several potential disadvantages. Those investments may increase
the Fund's expenses, since the Fund will have to pay its pro rata share of the expenses borne by the investors in the pools,
and the pools may have higher expenses. The Fund will generally be a minority investor in those pools and thus lack control over
the pools. The pools might (a) change trading policies, strategies and trading advisors without prior notice to the Fund; (b) substantially
restrict the ability of their investors to withdraw their capital from the pools; (c) be new ventures with little or no operating
history; (d) be general rather than limited partnerships, thus increasing the Fund's liability; and/or (e) use aggressive
leveraging policies.

 Use of Electronic Trading

 The Trading Advisors may use
electronic trading while implementing their strategies on behalf of the Fund. Electronic trading differs from traditional
methods of trading. Electronic system transactions are subject to the rules and regulations of the exchanges offering the
system or listing the specific contracts. Attributes of electronic trading may vary widely among the various electronic
trading systems with respect to order requirements, processes and administration. There may also be differences regarding
conditions for access and reasons for termination and limitations on the types of orders that may be placed into the system.
These factors may present various risk factors with respect to trading on or using a specific system. Electronic trading
systems may also possess particular risks related to system access, varying response times and security procedures. Internet
enabled systems may also have additional risks associated with service providers and the delivery and monitoring of
electronic communications.

 Electronic trading may also be subject to risks
associated with system or component failure. In the event of system or component failure, it is possible that a Trading Advisor
may not be able to initiate new orders, fill existing orders or modify or cancel orders that were previously entered, as well as
exit existing positions. System or component failure may also result in loss of orders or order priority. Some contracts offered
on an electronic trading system may also be traded electronically and through open outcry during the same trading hours. Exchanges
offering an electronic trading system which lists contracts may have implemented rules to limit their liability, the liability
of futures brokers, as well as software and communication system vendors and the damages that may be collected for system inoperability
and delays. These limitations of liability provisions may vary among the various exchanges.

 Changes in Trading Strategies

 The trading strategies
of the Trading Advisors are continually developing. The Trading Advisors are free to make any changes in their trading strategies,
without notice, if they feel that doing so will be in the Fund's best interest. The General Partner will notify the limited
partners of any such changes that the General Partner considers material. Changes in commodities or the markets traded shall not
be deemed a change in trading strategy.

 Disadvantages of Periodic Incentive Fees

 Because the Trading Advisor incentive fees
(if any) are paid on a quarterly or annual basis, they could receive incentive fees for a period even though their trading for
the year was unprofitable. Once an incentive fee is paid, the Trading Advisors retain the fee regardless of their subsequent performance,
but no new incentive fees will be paid until after all previous losses have been recovered.

 Disadvantages of Multi-Trader Structure

 The Fund's use of
multiple Trading Advisors to conduct its trading has several potential disadvantages. Each Trading Advisor is paid incentive fees
solely on the basis of its trading for the Fund. The Fund, therefore, could have periods in which it pays fees to one or more Trading
Advisors even though the Fund, as a whole, has a loss for the period (because the losses incurred by the Fund from unprofitable
Trading Advisors exceed the profits earned by the Fund from profitable Trading Advisors).

 Because the Trading Advisors trade independently
of each other, they may establish offsetting positions for the Fund. For example, one Trading Advisor may sell 12 March wheat contracts
at the same time another Trading Advisor buys 12 March wheat contracts. The net effect for the Fund will be the incurring of two
brokerage commissions without the potential for earning a profit (or incurring a loss).

 Under certain unusual circumstances, the Fund
might have to direct a Trading Advisor to liquidate positions in order to generate funds needed to meet margin calls, to fund the
redemption of Units, or to permit the reallocation of funds to another Trading Advisor. Such liquidations could disrupt the Trading
Advisor's trading system or method.

 Disadvantages of Replacing Trading Advisors

 The General Partner has the authority to reallocate
the Fund's assets among the Trading Advisors, terminate Trading Advisors and allocate assets to new Trading Advisor(s), or
invest the Fund's assets in other investment funds or commodity pools.

 Trading Advisors generally have to "make
up" previous trading losses incurred by the Fund on portions of the Fund the Trading Advisors are managing, before they can
earn an incentive fee. However, a Trading Advisor might terminate its services to the Fund or the General Partner might decide
to replace a Trading Advisor when it has such a loss carry-forward. The Fund might have to pay a new Trading Advisor higher advisory
fees than are currently being paid to the current Trading Advisor. In addition, the Fund would lose the potential benefit of not
having to pay the Trading Advisor an incentive fee during the time that the Trading Advisor was generating profits that made up
for the prior losses. The replacement Trading Advisor would "start from scratch," that is, the Fund would have to pay
a new Trading Advisor an incentive fee for each dollar of profit it generated for the Fund, regardless of the Fund's previous
experience.

 Limited Partners Do Not Participate in Management

 Limited partners are not entitled to participate
in the management of the Fund or the conduct of its business.

 Non-Transferability of Units

 Investors may acquire Units only for investment
and not for resale, and the Units are transferable only with the General Partner's consent, provided that the economic benefits
of ownership of a limited partner may be transferred or assigned without the consent of the General Partner. There will be no resale
market for the Units. However, limited partners may redeem all or (subject to certain limitations) any portion of their Units at
the end of any month, on five business days' written notice to the General Partner.

 Possible Adverse Effect of Large Redemptions

 The Trading Advisors' trading strategies
could be disrupted by large redemptions by limited partners. For example, such redemptions could require the Trading Advisors to
prematurely liquidate futures positions they had established for the Fund.

 Mandatory Redemptions

 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 nonexempt 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 state, federal, or other
self-regulatory organization regulations.

 Cybersecurity Breaches

 The Fund and Traders are subject to risks associated
with a breach in their cybersecurity. Cybersecurity is a generic term used to describe the technology, processes and practices
designed to protect networks, systems, computers, programs and data from "hacking" by other computer users, other unauthorized
access and the resulting damage and disruption of hardware and software systems, loss or corruption of data as well as misappropriation
of confidential information. If a cybersecurity breach occurs, the Fund may incur substantial costs, including (without limitation)
those associated with: forensic analysis of the origin and scope of the breach; increased and upgraded cybersecurity; investment
losses from sabotaged trading systems; identity theft; unauthorized use of proprietary information; litigation; adverse investor
reaction; the unauthorized dissemination of confidential and proprietary information; and reputational damage. Any such breach
could expose each of the General Partner, the applicable Trader, and/or the Fund to civil liability as well as regulatory inquiry
and/or action. In addition, any such breach could cause substantial withdrawals from the Fund.

 Indemnification

 The Fund is required to indemnify the General
Partner, the Trading Advisors and the futures brokers, and their affiliates, against various liabilities they may incur in providing
services to the Fund, provided the indemnified party met the standard of conduct specified in the applicable indemnification clause.
The Fund's indemnification obligations could require the Fund to make substantial indemnification payments.

 Termination of Fund

 The Fund will have an indefinite lifetime, unless
terminated earlier as provided in the Partnership Agreement. For example, the General Partner can withdraw as general partner on
90 days' prior written notice, and such a withdrawal could result in termination of the Fund. The General Partner has no
present intention of withdrawing and intends to continue the Fund business as long as it believes that it is in the best interest
of all partners to do so. In addition, certain other events may occur which could result in early termination.

 Lack of Regulation

 The Fund is not an investment company under
the federal securities laws. Thus, limited partners will not have the benefits of federal regulation of investment companies.

 Conflicts of Interest

 The General Partner and its principals have
organized and are involved in other business ventures and may have incentives to favor certain of these ventures over the Fund.
The Fund will not share in the risks or rewards of such other ventures. However, such other ventures will compete for the General
Partner's and its principals' time and attention, which might create other conflicts of interest. The Partnership Agreement
does not require the General Partner to devote any particular amount of time to the Fund.

 The General Partner or any of its affiliates
or any person connected with it may invest in, directly or indirectly, or manage or advise other investment funds or accounts which
invest in assets which may also be purchased or sold by the Fund. Neither the General Partner nor any of its affiliates nor any
person connected with it is under any obligation to offer investment opportunities of which any of them becomes aware to the Fund
or to account to the Fund in respect of (or share with the Fund or inform the Fund of) any such transaction or any benefit received
by any of them from any such transaction, but will allocate such opportunities on an equitable basis between the Fund and other
clients.

 Payment of Incentive Fees to the Trading Advisors

 The Trading Advisors are
entitled to incentive fees, therefore the Trading Advisors may have an incentive to cause the Fund to make riskier or more speculative
investments than it otherwise would.

 Personal Trading

 The Trading Advisors,
the futures brokers, the General Partner and the principals and affiliates thereof may trade commodity interests for their own
account. In such trading, positions might be taken which are opposite those of the Fund, or that compete with the Fund's
trades.

 Trades by the Trading Advisors and their Principals

 The Trading Advisors and their principals may
trade for their own accounts in addition to directing trading for client accounts. Therefore, the Trading Advisors and their principals
may be deemed to have a conflict of interest concerning the sequence in which orders for transactions will be transmitted for execution.
Additionally, a potential conflict may occur when the Trading Advisors and their principals, as a result of a neutral allocation
system, testing a new trading system, trading their own proprietary account(s) more aggressively, or any other actions that would
not constitute a violation of fiduciary duties, take positions in their own proprietary account(s) which are opposite, or ahead
of, the position(s) taken for a client. Proprietary accounts, in trading a new or experimental system, may enter the same markets
earlier than (either days before or on the same day) client accounts traded at the same or other futures commission merchants.
Since the principals of the Trading Advisors trade futures and foreign exchange for their own accounts, there is potentially a
conflict of interest between these principals and the Trading Advisors' clients when allocating prices on trades that are
executed by a futures commission merchant at multiple prices. In such instances, the Trading Advisors use a non-preferential method
of fill allocation. The clients of the Trading Advisors will not be permitted to inspect the personal trading records of the Trading
Advisors, futures brokers and forward currency counterparties, or their respective principals, or the written policies relating
to such trading. Client records are not available for inspection due to their confidential nature.

 Effects of Speculative Position Limits

 The CFTC and domestic exchanges have established
speculative position limits on the maximum net long or net short futures position which any person, or group of persons, or group
of persons acting in concert, may hold or control in particular futures contracts or options on futures traded on U.S. commodity
exchanges. All commodity accounts owned or controlled by the Trading Advisors and their principals are combined for speculative
position limits. Because speculative position limits allow the Trading Advisors and their principals to control only a limited
number of contracts in any one commodity, the Trading Advisors and their principals are potentially subject to a conflict among
the interests of all accounts the Trading Advisors and their principals control which are competing for shares of that limited
number of contracts. There exists a conflict between the Trading Advisors' interest in maintaining a smaller position in
an individual client's account in order to also provide positions in the specific commodity to other accounts under management
and the personal accounts of the Trading Advisors and their principals. The General Partner does not believe, however, that the
position limits are likely to impair the Trading Advisors' trading for the Fund, although it is possible the issue could
arise in the future.

 To the extent that position limits restrict
the total number of commodity positions which may be held by the Fund and those other accounts, the Trading Advisors will allocate
the orders equitably between the Fund and such other accounts. Similarly, where orders for the same commodity given on behalf of
both the Fund and other accounts managed by the Trading Advisors cannot be executed in full, the Trading Advisors will equitably
allocate between the Fund and such other accounts that portion of the total quantity able to be executed.

 Other Activities of the Principals of the Advisors

 Certain principals of the Trading Advisors
are currently engaged, and expect in the future to be engaged, in other activities, some of which may involve other business activities
in the futures industry. In addition, each principal of the Trading Advisors may be engaged in trading for his own personal account.
The principals will have a conflict of interest between their obligations to devote all of their attention to client accounts and
their interests in engaging in other activities. However, the principals of the Trading Advisors intend to devote substantial attention
to the operation and activities of the Trading Advisors consistent with the division of responsibilities among them as is described
herein.

 Fiduciary Responsibility of the General Partner

 The General Partner has a fiduciary duty to
the Fund to exercise good faith and fairness in all dealings affecting the Fund. If a limited partner believes this duty has been
violated, he/she may seek legal relief under applicable law, for himself/herself and other similarly situated partners, or on behalf
of the Fund. However, it may be difficult for limited partners to obtain relief because of the changing nature of the law in this
area, the vagueness of standards defining required conduct and the broad discretion given the General Partner in the Partnership
Agreement and the exculpatory provisions therein.

 Selling Agents

 The receipt by the selling agents and their
registered representatives of continued sales commissions and/or servicing fees for outstanding Units may give them an incentive
to advise limited partners to remain investors in the Fund. These payments cease to the extent the limited partners withdraw from
the Fund.

 The General Partner Serving as Selling Agent

 The General Partner also serves as a selling
agent for the Fund. As a result, the fees and other compensation received by the General Partner as selling agent have not been
independently negotiated.

 Futures Brokers

 The futures brokers affect transactions for
customers (including public and private commodity pools), including the Fund, who may compete with the Fund's transactions
including with respect to priorities or order entry. Since the identities of the purchaser and seller are not disclosed until after
the trade, it is possible that the futures brokers could affect transactions for the Fund in which the other parties to the transactions
are the futures brokers' officers, directors, employees, customers or affiliates. Such persons might also compete with the
Fund in making purchases or sales of commodities without knowing that the Fund is also bidding on such commodities. Since orders
are filled in the order in which they are received by a particular floor broker, transactions for any of such persons might be
executed when similar trades for the Fund are not executed or are executed at less favorable prices. However, in entering orders
for the Fund and other customer accounts, including with respect to priorities of order entry and allocations of executed trades,
CFTC regulations prohibit a futures commission merchant from utilizing its knowledge of one customer's trades for its own
or its other customer's benefit.

 Item 1B.
 Unresolved Staff Comments

 None.

 Item 2.
 Properties

 The Fund does not use any physical properties in
the conduct of its business. Its assets currently consist of futures and other contracts, cash and fixed income instruments.

 The General Partner's principal business office
is in Excelsior, Minnesota.

 Item 3.
 Legal Proceedings

 None.

 Item 4.
 Mine Safety Disclosures

 Not applicable.

 Item 5.
 Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases
of Equity Securities

 Market Information

 No class of Units of the Fund is publicly traded.
Interests in the Fund may be transferred or redeemed subject to the conditions imposed by the Partnership Agreement.

 Each class of Units is
offered continuously by selling agents on a best-efforts basis at subsequent closing dates at a price equal to the net asset value
per unit as of the close of business on each applicable closing date, which is the first business day of each month. The minimum
investment for Class A, A2, B and R Units is $10,000, and for Class I Units it is $2,000,000.

 Holders

 As of February 29, 2024, the
number of holder of units by class were:

 Unit

 Class

 Unit

 Holders

 A

 1,028

 A2

 B

 I

 R

 Dividends

 The General Partner has sole
discretion in determining what distributions, if any, the Fund will make to its limited partners. From inception through the date
of this filing, the General Partner has not made any distributions.

 Securities Authorized for Issuance under Equity
Compensation Plans

 No Units were authorized for issuance under equity
compensation plans.

 Recent Sales of Unregistered Securities and
Use of Proceeds from Registered Securities

 There were no sales of unregistered securities of
the Fund during the year ended December 31, 2023.

 The proceeds of the sale of registered securities
are deposited in the Fund's bank and brokerage accounts for the purpose of engaging in trading activities in accordance with
the Fund's trading policies and the Trading Advisors' trading programs.

 Issuer Purchases of Equity Securities

 All classes of Units are eligible for redemption on a
continuous basis at subsequent closing dates at a price equal to the net asset value per unit as of the close of business on
each applicable closing date, which is the last business day of each month. Redemptions may be made by a limited partner as
of the last business day of any month at the net asset value on such redemption date of the redeemed Units (or portion
thereof) on that date, on five business days' prior written notice to the General Partner. Partial redemptions must be
for at least $1,000, unless such requirement is waived by the General Partner. In addition, if making a partial redemption,
the limited partner must maintain at least $10,000 or his or her original investment amount, whichever is less, in the Fund
unless such requirement is waived by the General Partner.

 Redemptions of Units during the fourth quarter 2023
were as follows:

 October

 November

 Total

 A Units

 249.2052

 330.1866

 269.8172

 849.2090

 $
 4,337.37

 $
 4,195.67

 $

 $
 4,191.77

 A2 Units

 —

 —

 —

 —

 $
 —

 $
 —

 $
 —

 $
 —

 B Units

 175.6776

 154.4127

 56.4014

 386.4917

 $
 7,274.45

 $
 7,047.28

 $

 $
 7,116.93

 I Units

 —

 —

 —

 —

 $
 —

 $
 —

 $
 —

 $
 —

 R Units

 37.8937

 —

 57.9201

 95.8138

 $
 1,218.95

 $
 —

 $

 $
 1,172.84

 There were no redemptions of Class A2, or I Units
during the fourth quarter.

 Item 6. Selected Financial Data

 The following selected financial data of the
Fund as of and for the years ended December 31, 2023, 2022, 2021, 2020 and 2019 is derived from the financial statements that have
been audited by RSM US LLP, the Fund's independent registered public accountant. This financial data should be read in conjunction
with "Management's Discussion and Analysis of Financial Condition and Results of Operations," and with the Fund's
financial statements and notes thereto, included elsewhere in this Annual Report on Form 10-K.

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

 For the Year Ended December 31,

 2023

 2022

 2021

 2020

 2019

 Income Statement Items

 Net gain (loss) from trading

 $
 (7,065,396
)

 $
 23,972,708

 $
 19,254,765

 $
 (4,322,350
)

 $
 17,387,610

 Interest income

 4,896,631

 2,228,346

 926,861

 2,478,658

 7,294,584

 Net total expenses

 (6,929,820
)

 (12,485,975
)

 (9,512,311
)

 (10,023,816
)

 (16,714,998
)

 $
 (9,098,585
)

 $
 13,715,079

 $
 10,669,315

 $
 (11,867,508
)

 $
 7,967,196

 Balance Sheet Items

 Total assets

 $
 121,496,181

 $
 153,866,876

 $
 178,880,992

 $
 184,075,563

 $
 293,278,322

 Total partners' capital (net asset value)

 $
 119,376,040

 $
 151,824,418

 $
 172,437,632

 $
 180,040,735

 $
 286,259,124

 Class A Units

 $

 $

 $
 4,046.32

 $
 3,818.95

 $
 4,002.39

 $
 (319.59
)

 $
 325.79

 $
 227.37

 $
 (183.44
)

 $
 90.54

 (7.31
)%

 8.05
 %

 5.95
 %

 (4.58
)%

 2.31
 %

 Class A2 Units

 $

 $

 $
 1,074.85

 $
 1,000.45

 $
 1,034.04

 $
 (70.81
)

 $
 102.79

 $
 74.40

 $
 (33.59
)

 $
 37.33

 Total return 2

 (6.01
)%

 9.56
 %

 7.44
 %

 (3.25
)%

 3.75
 %

 Class A3 Units (began trading 7/1/19)

 $
 —

 $
 —

 $
 1,041.81

 $
 971.15

 $
 1,005.25

 $
 —

 $
 175.50

 $
 70.66

 $
 (34.10
)

 $
 5.25

 Total return 1

 —

 16.85
 %

 7.28
 %

 (3.39
)%

 0.53
 %

 Class B Units

 $

 $

 $
 6,567.70

 $
 6,088.92

 $
 6,268.44

 $
 (407.43
)

 $
 656.70

 $
 478.78

 $
 (179.52
)

 $
 250.24

 (5.64
)%

 10.00
 %

 7.86
 %

 (2.86
)%

 4.16
 %

 Class I Units

 $

 $

 $
 1,114.41

 $
 1,023.49

 $
 1,043.79

 $
 (58.74
)

 $
 123.02

 $
 90.92

 $
 (20.30
)

 $
 51.20

 (4.75
)%

 11.04
 %

 8.88
 %

 (1.94
)%

 5.16
 %

 Class R Units

 $

 $

 $
 1,096.53

 $
 1,014.58

 $
 1,042.42

 $
 (65.89
)

 $
 112.03

 $
 81.95

 $
 (27.84
)

 $
 43.59

 (5.45
)%

 10.22
 %

 8.08
 %

 (2.67
)%

 4.36
 %

 Results from past periods are not necessarily indicative
of results that may be expected for any future period.

 Class A3 Units were introduced in July 2019. Total return for 2019 is for
the period from introduction to year end and is not annualized. Class A3 Units were fully redeemed July 1, 2022. Total return for 2022
is for the period from January 1, 2022 to June 30, 2022.

 The following unaudited supplementary summarized quarterly
data are presented for the three-months ended March 31, June 30, September 30 and December 31, 2023 and 2022.

 March 31, 2023

 $
 (5,705,973
)

 $
 (18,295
)

 $
 —

 $
 (2,099,372
)

 $
 (15,866
)

 $
 (393,451
)

 (246.79
)

 (62.61
)

 —

 (377.30
)

 (61.86
)

 (62.55
)

 4,125.32

 1,115.03

 —

 6,847.10

 1,175.57

 1,146.01

 93,828,135

 325,818

 —

 38,121,634

 290,560

 7,247,192

 June 30, 2023

 $
 4,588,751

 $
 11,455

 $
 —

 $
 2,075,632

 $
 16,592

 $
 399,627

 205.94

 59.74

 —

 373.98

 67.13

 63.20

 4,331.26

 1,174.77

 —

 7,221.08

 1,242.70

 1,209.21

 91,677,901

 111,336

 —

 39,141,109

 307,151

 7,646,819

 September 30, 2023

 $
 2,391,688

 $
 3,437

 $
 —

 $
 1,233,561

 $
 10,543

 $
 247,793

 118.22

 36.26

 —

 230.30

 42.66

 39.18

 4,449.48

 1,211.03

 —

 7,451.38

 1,285.36

 1,248.39

 90,046,172

 114,774

 —

 39,270,191

 317,695

 7,894,613

 $
 (7,914,110
)

 $
 (9,875
)

 $
 —

 $
 (3,228,674
)

 $
 (26,364
)

 $
 (665,684
)

 (396.96
)

 (104.20
)

 —

 (634.41
)

 (106.67
)

 (105.72
)

 —

 78,554,826

 104,898

 —

 33,308,431

 291,331

 7,116,554

 March 31, 2022

 $
 11,243,570

 $
 41,220

 $
 4,440

 $
 4,477,497

 $
 33,238

 $
 814,734

 439.83

 120.98

 116.84

 746.51

 129.59

 125.24

 4,486.15

 1,195.83

 1,158.65

 7,314.21

 1,244.00

 1,221.77

 112,797,320

 407,427

 44,028

 43,695,382

 319,057

 7,947,998

 June 30, 2022

 $
 4,333,931

 $
 17,022

 $
 2,229

 $
 1,884,259

 $
 14,444

 $
 344,792

 171.23

 49.96

 (1,158.65
)

 313.14

 56.32

 52.94

 4,657.38

 1,245.79

 —

 7,627.35

 1,300.32

 1,274.71

 113,565,223

 424,449

 —

 44,568,288

 333,501

 8,267,790

 September 30, 2022

 $
 4,275,697

 $
 12,686

 $
 —

 $
 1,864,728

 $
 15,266

 $
 362,405

 180.08

 52.68

 —

 330.39

 59.52

 55.87

 4,837.46

 1,298.47

 —

 7,957.74

 1,359.84

 1,330.58

 115,267,200

 379,420

 —

 45,084,938

 348,767

 8,630,195

 December 31, 2022

 $
 (11,029,955
)

 $
 (35,307
)

 $
 —

 $
 (4,143,980
)

 $
 (31,395
)

 $
 (786,442
)

 (465.35
)

 (120.83
)

 —

 (733.34
)

 (122.41
)

 (122.02
)

 —

 102,688,170

 344,113

 —

 40,710,762

 317,372

 7,764,001

 Item 7.
 Management's Discussion and Analysis of Financial Condition and Results of Operations

 Current
Positioning

 The outcome of the ongoing coronavirus situation is
uncertain and could have a positive or negative impact on the performance of the Fund. In addition to the tragic human
impacts of the virus, the resulting economic fallout appears recessionary. The past two U.S. recessions, in 2000 and 2008,
were two of the best performing periods for the Fund. However, the future will not unfold exactly like the past and the
Fund's performance in the future is unknowable.

 The Fund's exposures evolve dynamically
based on the tactical opportunities perceived by the underlying systematic trading programs. As macroeconomic trends change course,
for example becoming more bearish, we would expect the portfolio's exposures to adapt accordingly. For example, the Fund's
current positioning has changed substantially from year end.

 Results of Operations

 The annual returns for each class of Units for the years
ended December 31, 2023, 2022 and 2021 were:

 Class of Units

 2023

 2022

 2021

 (7.31
)%

 8.05
 %

 5.95
 %

 (6.01
)%

 9.56
 %

 7.44
 %

 n/a

 16.85
 %

 7.28
 %

 (5.64
)%

 10.00
 %

 7.86
 %

 (4.75
)%

 11.04
 %

 8.88
 %

 (5.45
)%

 10.22
 %

 8.08
 %

 Class A3 Units were fully redeemed on July 1, 2022. The return for 2022 is for the period from January 1, 2022 to June 30, 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.

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.

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.

 July

 Equities continued to move upward in July,
albeit at a slower pace, up +3.21% and bringing the YTD return up to +20.65% for the S&P 500 Index. Bonds, however, did not
fare as well with the Bloomberg U.S. Aggregate Bond Index continuing its slide from the previous two months, down -0.07% in July,
and up +2.02% YTD. Outside traditional asset classes, commodities rose during the period, particularly oil, which
bounced on tighter supply. The U.S. Dollar ("USD") continued its downward trend this year against the backdrop of shifting
investor appetite to risk on assets.

 Futures Portfolio Fund's return in July
was driven by long USD against a basket of short foreign currencies positioning and to a lesser extent long Asian equities. Energy
trading was the largest contributor to performance over the period as long positioning in Brent Crude benefited from the spike
in prices. The Fund finished with a net loss of (1.21)%, (1.10)%, (1.07)%, (0.99)% and (1.05)% for Class A, A2, B, I, and R Units,
respectively.

 August

 Equities fell in August, deviating from the
year-long upward trend, with the S&P 500 Index falling -1.59%, bringing the YTD return to up +18.73%. At the same time, bonds
again failed to protect investor capital, with the Bloomberg U.S. Aggregate Bond Index selling off -0.64% in the period and briefly
moving into negative territory for 2023 before ending August up just +1.37% YTD. Negatively impacting equity and fixed income markets
was concern the Federal Reserve would continue its hawkish stance. The U.S. Dollar, however, strengthened against the backdrop
of the aforementioned potential Federal Reserve action.

fell modestly in August as low volatility provided limited trading opportunities for the Fund's managers. The Fund's
major sectors were mixed as stock indices, energy products, and metals detracted from performance, while currencies and agricultural
commodities, specifically wheat, were profitable. Fixed income trading was not a significant contributor to performance over the
period. The Fund finished with a net loss of (0.24)%, (0.13)%, (0.09)%, (0.02)% and (0.08)% for Class A, A2, B, I, and R Units,
respectively.

 September

 Equities fell in September, continuing the
stumble from the previous month, with the S&P 500 Index falling -4.77%, bringing the YTD return to up +13.07%. At the same
time, bonds again failed to protect investor capital, with the Bloomberg U.S. Aggregate Bond Index selling off -2.54% in the period
and moving into negative territory for 2023, down -1.21% YTD. Concerns over tighter monetary policy for longer and the potential
looming government shutdown pushed the U.S. 10-Year Treasury Yield to its highest level in more than 15 years. The U.S. Dollar,
however, strengthened against the backdrop of the aforementioned potential Federal Reserve action.

 Futures Portfolio Fund's positive return
in September was overwhelmingly driven by short bond and long energy positioning. While metals and agricultural commodities were
positive, these sectors were not a significant driver of performance. Currency and stock indices were modest detractors to September
returns. The Fund finished with a net gain of 4.25%, 4.37%, 4.40%, 4.48% and 4.42% for Class A, A2, B, I, and R Units, respectively.

 October

 Equities continued to slide in October, concluding the third
negative month in a row, with the S&P 500 Index falling -2.10%, bringing the YTD return to up +10.69%. At the same time, bonds
again failed to protect investor capital, with the Bloomberg U.S. Aggregate Bond Index selling off -1.58% in the period and moving
further into negative territory for 2023, down -2.77% YTD. Concerns over tighter monetary policy for longer pushed the U.S. 10-year
yield to its highest level in more than 15 years. The U.S. Dollar, however, modestly strengthened against the backdrop of the
aforementioned potential Federal Reserve action.

fell in October as a significant and swift shift in a long-term energy up trend proved to be difficult for the Fund's managers.
Outside of energy, the largest detractor to performance, the Fund's other major sectors were mixed as FX and interest rates
gained, while metals and agricultural commodities detracted. Overall, the Fund finished the month with a net loss of (2.52)%, (2.41)%,
(2.37)%, (2.30)% and (2.36)% for Class A, A2, B, I and R Units, respectively.

 November

 Equities rebounded from a three-month slide in November, with
the S&P 500 Index posting its best month of 2023, gaining +9.13% and bringing its YTD return to up +20.80%. Bonds continued
to move in the same direction, as the Bloomberg U.S. Aggregate Bond Index rebounded from a six-month slide, rising +4.53%. November
was, in fact, the best monthly return for the bond index since May 1985, and brought its YTD return to up +1.64%. Outside of traditional
asset classes, commodities fell during the period, particularly oil, which added to October's fall as geopolitical tensions
eased. The U.S. Dollar moved downward against the backdrop of shifting investor appetite to risk-on assets.

 Futures Portfolio Fund
(the "Fund") fell in November as a significant and swift reversal in a long-term bond trend proved difficult for the
Fund's managers. Foreign Currency ("FX") was also a notable detractor to Fund performance. Outside of fixed income
and FX – the two largest detractors this month - the Fund's other major market sectors were modest contributors, as
commodities and stock indices gained. Overall, the Fund finished the month with a net loss of (3.27)%, (3.15)%, (3.12)%, (3.05)%
and (3.11)% for Class A, A2, B, I and R Units, respectively.

 Equities capped off a strong 2023, up +26.29%
in the calendar year with a +4.54% return in December. Bonds continued to move in the same direction, as the Bloomberg U.S. Aggregate
Bond Index finished the year up +5.53%, with +3.83% of the return coming in December. Outside of traditional asset classes, commodities
fell during the month, particularly oil, which added to recent months' downward move as geopolitical tensions eased and excess
supply concerns surfaced. The U.S. Dollar moved down against the backdrop of shifting investor appetite to risk-on assets.

 Futures Portfolio Fund fell in December as
a significant and swift reversal in long-term bond and foreign currency trends proved difficult for the Fund's managers.
Metals, energy products, and agricultural commodities modestly detracted while stock indices were a positive contributor to performance.
Overall, the Fund finished the month with a net loss of (3.41)%, (3.30)%, (3.27)%, (3.19)% and (3.25% 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, decreasing 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.

 July

 Both stocks and bonds rebounded in July. While
employment metrics remain robust, falling energy prices and slowing economic growth boosted hopes that inflation is potentially
peaking. Accordingly, market participants became more optimistic that the Fed's interest rate hiking cycle may end sooner
than previously thought which contributed to the rally in equities and fixed income. The S&P 500 Index posted its best month
since 2020, up +9.22%, bringing year-to-date performance to down -12.58%. Bond yields fell steadily, with the U.S. 10-year treasury
yield finishing July at 2.64%, down from a high of 3.5%, earlier in the year.

 While Futures Portfolio Fund ("the Fund") has been
able to capitalize on most of the dominant trends in the markets this year, the Fund had a negative return in July, with all major
sectors experiencing losses. As persistent trends reversed, the largest losses were realized in interest rates, where long duration
fixed income, specifically in Europe, detracted most from performance. Additionally, within the equity sector, short European
positioning turned unprofitable as quickly reversing and volatile markets created a difficult environment for the Fund's
trading advisors. The Fund finished with a net loss of (4.59)%, (4.48)%, (4.45)%, (4.37)% and (4.43)% for Class A, A2, B, I, and
R Units, respectively.

 August

 Both stocks and bonds resumed their year-to-date
downward trend in August. While employment metrics remained historically robust, a hawkish Federal Reserve, to combat inflation,
signaled to markets the aggressive interest rate hikes were not over. The S&P 500 Index was down -4.08% for the month, bringing
year-to-date performance to down -16.14%. August signaled the seventh month, out of eight so far in 2022, in which broad-based
stock and bond indices moved in the same direction. The Bloomberg U.S. Aggregate Bond Index was down -2.83% as bond yields rose
quickly. The U.S. 10-year Treasury yield finished August at 3.15%, down from a high of 3.5%, earlier in the year.

 Futures Portfolio Fund added to its strong performance in 2022
with contributions from currencies and interest rates, while equities and agricultural commodities modestly detracted. The strong
month highlighted the Fund's ability to be sizably invested in different themes, which has helped provide a positive return
against the losses sustained by major bond and equity indices. In currency trading, long U.S. dollar positioning throughout the
month contributed positively as relatively high interest rates in the U.S. attracted foreign investment along with a boost from
flight to safety. Also contributing was short bond positioning as yields rose across the globe on the back of rising inflation.
Choppy equity markets, however, provided a difficult environment for the Fund's managers. As we enter the latter part of
2022, we are pleased with the portfolio's performance and diversification it is providing investors. The Fund finished with
a net gain of 3.58%, 3.70%, 3.73%, 3.81% and 3.75% for Class A, A2, B, I, and R Units, respectively.

 September

 Both stocks and bonds continued their downward trend in September.
The Federal Reserve maintained its hawkish stance amid elevated inflation reports, signaling to markets the aggressive rate hikes
were far from over. The S&P 500 Index was down - 9.21% in September, its worst month since March of 2020, bringing the year-to-date
return to negative -23.87%. The Bloomberg U.S. Aggregate Bond Index was also down, -4.32%, its worst month since February 1980.
This marked the eighth month out of nine in 2022 in which broad-based stock and bond indices moved in the same direction. Oil
markets fell as recessionary fears, sparked by a Federal Reserve misstep, overwhelmed supply concerns relating to geopolitical
tensions.

 Futures Portfolio Fund added to its solid performance
in 2022 with contributions from currencies and interest rates, while energies and agricultural commodities modestly detracted.
The strong month again 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 currency trading, long U.S. dollar positioning
contributed positively as relatively high interest rates in the U.S. attracted foreign investment along with a boost from flight
to safety. Also contributing was short bond positioning as yields rose across the globe on the back of rising inflation. Volatile
energy prices, however, provided a difficult environment for the Fund's managers, resulting in small losses. As we enter
the latter part of 2022, we are pleased with the portfolio's performance and the diversification it is providing investors.
The Fund finished with a net gain of 5.10%, 5.22%, 5.26%, 5.34% and 5.27% for Class A, A2, B, I, and R Units, respectively.

 October

 Stocks rebounded in October, in sharp contrast
to the prior month, while bonds did not fare so well, continuing the yearlong downward trend in fixed income. Optimism of a potential
pause in interest rate hikes buoyed global equity markets. The S&P 500 Index was up +8.10% in October, its second-best month
in 2022, bringing the year-to-date return to -17.70%. The Bloomberg U.S. Aggregate Bond Index was down -1.30%, bringing the year-to-date
return to -15.72%. Oil markets climbed as recessionary fears cooled, supporting demand
expectations, and OPEC announced production cuts to support falling prices.

 Futures Portfolio Fund added to its solid performance
in 2022 with contributions from energy products and stock indices, while agricultural commodities modestly detracted. The positive
month once again 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 energy trading, long positioning in oil and oil-related
products contributed positively as markets rose for the aforementioned reasons. Also profitable in October were equities, particularly
long Asian indices, as prices rose amid anticipation that economic conditions were improving. Volatile agricultural commodity prices
provided a difficult environment for the Fund's managers, resulting in small losses. The Fund finished with a net gain of
0.97%, 1.09%, 1.12%, 1.20% and 1.14% for Class A, A2, B, I, and R Units, respectively.

 November

 Stocks continued to recover in November, adding
to last month's gains, bringing the year-to-date return for the S&P 50 Index to -13.10%. Bonds posted their first positive
month since July, up +3.68%, and best month since December 2008. Despite the positive month, the Bloomberg U.S. Aggregate Bond
Index continues to be in its most difficult performance period since its inception in 1980, down -12.62% year-to-date. Positively
impacting both equity and fixed income was optimism surrounding a potential peak in inflation and possible pause in rate hikes.
As a result, the U.S. Dollar had its largest monthly loss since July 2010, down -5%, bringing its year-to-date return to +10.40%.

fell in November, posting its first monthly loss since July as many major trends, which had heavily contributed to year-to-date
performance, sharply reversed course. While all major sectors detracted, the Fund's managers were able to adjust for heightened
market volatility and adjust position sizing accordingly. This nimble approach, inherent in managing risk, allowed the Fund to
stay well in positive territory when it comes to the largest positive contributing markets thus far in 2022. 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 thus far in 2022. The Fund finished with a net loss
of (9.01)%, (8.90)%, (8.87)%, (8.80)% and (8.85)% for Class A, A2, B, I, and R Units, respectively.

 The S&P 500 Index resumed its downward trend in December,
dropping -5.76% and capping off its largest annual loss since 2008, down -18.11% for the year. In addition, bonds failed to protect
investor capital, selling off -0.45% during the month and finishing the year down -13.01%, which was the worst year on record
for the Bloomberg U.S. Aggregate Bond Index. Negatively impacting equity and fixed income markets was pessimism surrounding potential
Federal Reserve policy missteps in the central bank's pursuit to stifle elevated inflation. The U.S. Dollar, which had gained
for much of the year, but reversed course in October, continued to slide, down over -2%, bringing its year-to-date return to just
over +7.50%.

fell modestly in December as low volatility and range-bound markets 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 fixed income 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 (1.63)%, (1.52)%, (1.48)%, (1.41)% and (1.47)% for Class A, A2, B, I, and R Units, respectively.

 2021

 January

 Much of January was marked by increasing confidence
in a post-pandemic global recovery along with ongoing accommodative monetary policy which helped lift equities for the greater
part of the month. Ultimately global stocks finished down in January, however, as COVID variants and unusual retail activity in
several highly shorted stocks rattled investor confidence late in the month. Global bond yields rose (prices fell) with the 10-year
U.S. Treasury yield surging above 1%, buoyed by expectations for additional stimulus. Commodity prices also moved higher led by
gains in energy and agricultural markets. In oil markets, Saudi Arabia unexpectedly cut production helping to boost prices. Finally,
the U.S. Dollar strengthened on higher Treasury yields and expectations for fiscal stimulus.

 The Fund was profitable for most of January,
continuing to build on bullish trends in agricultural products and equities. However, the volatility of the markets in the last
few days of the month (the VIX spiked 62% on Jan. 27th) worked to offset those gains, resulting in a loss for the Fund that could
not recover before month-end. Overall, during the month unprofitable trading in currency and fixed income markets more than offset
positive contributions from positions in agricultural commodities and, to a lesser extent, equities. Long foreign
currency positions including the Euro and Yen were hurt by the rallying dollar, which clawed back some of its losses from last
year. In fixed income trading, long exposure in the U.S. and Europe were hurt by rising rates. Long positions in agricultural commodities
provided a lift, particularly in corn and soybean. The Fund finished with a net loss of (2.02)%,
(1.90)%, (1.92)%, (1.87)%, (1.80)% and (1.86)% for Class A, A2, A3, B, I, and R Units, respectively.

 February

 In February, the reflation trade remained the dominant theme
for investors as encouraging economic data along with surging vaccination rates and declining COVID cases/hospitalization helped
spur optimism. Against this backdrop, global equities moved higher with the rotation towards "re-opening stocks" continuing.
Commodities prices soared as oil surged nearly 20% on the improving economic outlook along with constrained production. Copper
moved above $4 per pound, its highest level since 2011. The bond market, as measured by the Bloomberg Barclay's U.S. Aggregate
Bond Index, was also impacted by the reflation trade and is now down -2.15% in 2021. These concerns led to a jump of approximately
50 basis-point in the 10-year U.S. Treasury yield, to 1.4%.

 The Fund had a positive return for February,
bringing its YTD return back into the black. Profitable trading in equity and commodity markets were the largest contributors as
long positions benefitted from the upward push in risk assets. Within commodities, the largest gains stemmed from long exposure
in energy, notably oil, while trading in metals and agricultural markets was also profitable. Fixed income produced losses, as
rates seemed to have found a bottom, and the uptick hurt the Fund's long positions. Trading models responded accordingly,
and as a result, long exposure fell sharply with long- and medium-term instruments shifting short by the end of the month. The
Fund finished with a net gain of 2.91%, 3.03%, 3.02%, 3.07%, 3.15% and 3.08% for Class A, A2, A3, B, I, and R Units, respectively.

 March

 In March, the Fed communicated its intention
to maintain easy monetary policy until the economy is further along in its recovery. Market participants, however, were increasingly
concerned about building inflationary pressure in the U.S. from improving economic growth, the rapid acceleration in vaccinations,
and implications of the massive proposed $2 trillion infrastructure package and the recently passed $1.9 trillion American Rescue
Plan Act of 2021. Accordingly, the 10-Year U.S. Treasury yield climbed to 1.75% intramonth as investors fear the Fed may need to
act sooner than it is currently communicating. Yields in Europe were little changed, however, as the increasing number of COVID
cases and potential for further lockdowns weighed on economic growth expectations. Global equities moved higher as the rotation
toward cyclical "recovery" stocks continued. Commodity prices retreated with oil correcting on demand worries from
European lockdowns/vaccine rollout along with the stronger dollar.

 The Fund had a positive return in March. Profitable
trading in equity and foreign currency positions were the largest contributors. Long positions in equities were buoyed by the continued
strength in stocks, led by gains in European markets and, to a lesser extent, in the United States. Rising yields in the U.S. contributed
to USD strength, which benefitted long dollar/short foreign currency positions, particularly in the Yen. The largest losses during
the month were from commodities, particularly long silver positions as precious metals were pressured by rising yields and the
strengthening dollar. The Fund finished with a net gain of 0.07%, 0.19%, 0.17%, 0.22%, 0.30% and 0.24% for Class A, A2, A3, B,
I, and R Units, respectively.

 April

 Investor apprehension toward building inflationary
pressure seemed to relax in April as the Federal Reserve maintained its easy monetary policy and Chairman Powell indicated it was
too early to taper. This helped foster a positive environment for risk assets as market participants instead focused on the continued
improvement in global economic activity. Concurrently, the worsening COVID-19 situation in India coupled with Europe's slow
progress in their vaccine rollout tempered growth expectations and contributed to the view that growth/inflation would not spiral
out-of-control to the upside. Against this backdrop, global stock prices continued to climb. U.S. Treasury yields and dollar declined
in April after moving higher in the first quarter. Eurozone bond yields, however, climbed during the month. The improving economic
growth outlook and the weak dollar helped fuel the continued rally in commodities which saw prices for many markets set new multi-year
highs.

 The Fund had a positive return in April, benefitting
from the reflationary trade driving risk assets higher, especially in the commodity and equity markets. In commodities, long exposure
benefitted from higher prices in agricultural, energy, and base metal markets with notable contributors including corn, brent crude,
and copper. The Fund's long equity positions were also profitable, particularly in the U.S. while in fixed income, long European
exposure accounted for the bulk of the losses as rates pushed higher. Unprofitable trading in currency markets was led by short
positions in the Euro and Yen which reversed course by moving higher versus the U.S. dollar in April. The Fund finished with a
net gain of 3.98%, 4.10%, 4.09%, 4.13%, 4.22% and 4.15% for Class A, A2, A3, B, I, and R Units, respectively.

 May

 Strengthening economic conditions helped push
global stock prices modestly higher in May as the ongoing vaccine roll-out and supportive fiscal/monetary policy fueled the recovery.
Evidence of the improving economic environment included the strong April 60.7 U.S. Manufacturing Purchasing Manager's Index
reading. In Europe, the Eurozone Manufacturing PMI was 62.9, also indicative of an expanding economy. While the global growth outlook
strengthened, inflationary pressure continued to build with the CPI rising a larger than expected +4.2% in April, its fastest pace
since 2008 and raising concerns of Fed tapering. These fears were alleviated in part by the disappointing non-farm payroll numbers
which fell well short of expectations and helped soften concerns that the economy may overheat. Against this backdrop, commodity
prices were generally mixed, though oil (West Texas Intermediate crude) prices moved to their highest level since 2018. Global
bond yields were little changed while the U.S. dollar weakened.

 The Fund's positive return in May was driven by long
positions in commodity markets. The largest gains in the sector were from long energy exposure, including oil and oil products
along with power markets. Long exposure in metals was also profitable while long positions in agricultural commodities had losses,
particularly grains where prices retreated from multi-year highs. Foreign currency trading was profitable, led by long positions
in emerging market currencies which benefitted from rising commodity prices. The Fund also had gains from long positions in equities,
particularly in the U.S. and Europe. Trading in fixed income produced small losses. The Fund finished with a gain loss of 2.05%,
2.17%, 2.15%, 2.20%, 2.28%, and 2.22%% for Class A, A2, A3, B, I, and R Units, respectively.

 June

 Economic conditions in the U.S. remain robust
as recent data suggests the recovery continues to strengthen. The U.S. added a better-than-expected 850,000 jobs in June while
wages were up +3.6% year-over-year. Consumer prices (CPI) jumped +5% in May, its fastest pace since August 2008 and higher-than-expected.
The economic recovery outside the U.S. generally remains at a slower pace, with rising concerns regarding the spread of the delta
variant, particularly in regions with lower vaccination rates. At the June meeting, the Fed's stance shifted more hawkish
as it projected two rate hikes in 2023. This contributed to the yield curve flattening as yields at the front end of the curve
moved higher while longer duration yields moved lower as the Fed's more hawkish comments tampered long-term inflation and
growth expectations. Against this backdrop the U.S. dollar moved higher against other major currencies. Stocks and commodities
also moved higher, with oil prices breaking out to the upside.

 Futures Portfolio Fund returns were slightly
positive in June, capping off a strong first half of the year. The Fund capitalized on rising oil prices as long exposure in oil
and oil products boosted returns, led by gains from WTI positions. Trading elsewhere in commodities was slightly unprofitable with
small losses in agricultural and metal markets. The largest losses were from currency trading as long foreign currency positions
were hurt by the strengthening U.S. dollar. Trading in Fixed Income produced small losses as gains from long exposure in long-term
instruments, where rates generally fell in June, were more than offset by losses from long positions in short-term fixed income
where rates rose. Long equity exposure produced modest gains. The Fund finished with a net gain of 0.14%, 0.26%, 0.24%, 0.29%,
0.37% and 0.31% for Class A, A2, A3, B, I, and R Units, respectively.

 July

 Markets provided conflicting signals in July
as the S&P 500 reached a new all-time high while global bond yields moved lower and, in the U.S., the yield curve flattened.
The rapid spread of the Delta variant along with the more hawkish rhetoric from the Federal Reserve has shifted the economic outlook
narrative. While fiscal and monetary policy remain supportive, market participants perhaps increasingly anticipate that future
economic growth will not spiral out of control. This view was reinforced by the +6.5% rise in the second quarter U.S. GDP growth,
well below the +8.5% consensus expectation. Commodity markets were mixed during the month as energy and industrial metals prices
generally rose while agricultural commodity prices declined. The U.S. dollar declined slightly versus other major currencies.

 Futures Portfolio Fund returns were slightly positive in July
as positive contributions from fixed income trading more than offset losses by currency markets. In fixed income, long exposure
in the U.S. and Europe benefitted from the downward move in global bond yields with the strongest contributions from the U.S.
Treasury Bond, Australian 10-year, and the Euro Bund. Trading in foreign currency markets versus the U.S. dollar was unprofitable
with the largest losses from short Euro and Yen positions. Commodity markets had small gains led by profitable long energy exposure,
partially offset by small losses in agricultural and metal markets. Equity trading was slightly unprofitable led by losses from
long positions in Asian markets, notably the Nikkei and Hang Seng. The Fund finished with a net gain of 0.18%, 0.30%, 0.28%, 0.33%,
0.41% and 0.35% for Class A, A2, A3, B, I, and R Units, respectively.

 August

 Global equity prices advanced during the month, supported by
strong second quarter earnings and dovish comments from Fed Chair Jerome Powell. The Fed Chair reiterated his view that recent
high inflation is likely transitory and that the Fed needs to be mindful of risks of tapering too aggressively while reassuring
investors that rate hikes are not expected for some time. Meanwhile, economic growth showed signs of stalling, culminating in
the jobs report that showed August nonfarm payroll growth of only 235,000 versus expectations
for 720,000. Consumer confidence also slumped to its lowest level since February of this year. Global bond yields moved higher
in August, both in the U.S. and international markets, while the U.S. Dollar slipped from a nine-month high on the dovish Fed comments.
Commodity prices were down slightly in August, as oil prices declined sharply on concerns that the spike in COVID-19 cases globally
would threaten the recovery in demand.

 Futures Portfolio Fund's returns were
negative in August as the positive contributions from equity trading were offset by losses in fixed income and, to a lesser extent,
commodities, and currency markets. In equities, persistent long U.S. exposure during the month produced the largest gains. Fixed
income losses were primarily attributable to trading in European markets, particularly long positions in the Euro Bund and Buxl.
Foreign currency trading was mixed, but overall had a small loss with a long Canadian Dollar position the most notable detractor.
In commodities, gains from trading softs, natural gas, power, and precious metals were more than offset by losses in oil &
oil products, grains, and base metal markets. The Fund finished with a net loss of (1.26)%, (1.14)%, (1.16)%, (1.11)%, (1.03)%
and (1.09)% for Class A, A2, A3, B, I, and R Units, respectively.

 September

 Many global markets reversed course in September,
leaving investors unsure about future Central Bank policy, world-wide economic growth, and the pandemic's lasting impact.
The S&P 500 Index was down -4.65% during the month of September. This pullback was concentrated in large cap technology names
as represented by the NASDAQ which was down -5.31% during September. This sell off was heavily influenced by upward moving yields
due to widespread inflation fears. Yields on the U.S. 10-year Treasury note finished the month at 1.53%, up from 1.30% at the end
of August, a level not seen since June of this year. Initial unemployment claims ticked upward to 362,000 during the last week
of September, up from 310,000 claims at the start of the month, a record low since the start of the pandemic. The U.S. Dollar continued
its upward trend versus most major currencies against the backdrop of hawkish comments by the Federal Reserve. Oil prices remained
at elevated levels as global travel continues to slowly return, closing the month at $75.03 a barrel, up over +50% this year.

 Futures Portfolio Fund returns were slightly negative in September
as positive contributions from Energy trading were offset by losses in fixed income and, to a lesser extent, equities. In energy,
persistent long European natural gas and power markets contributed the most as gas supply concerns drove prices higher. Fixed
income losses were primarily attributable to trading in U.S. and European markets, particularly long positions on the mid to long
end of the U.S. Treasury yield curve. In foreign currency trading, relatively small gains came from long U.S. Dollar positioning,
particularly against the Euro and Yen. 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.

 October

 After a brief pause in September, the S&P 500 Index resumed
its upward trend, up +7.01% in October, and up +26.56% for the year. Strong corporate earnings combined with robust economic growth
and accommodative Federal Reserve actions pushed the S&P 500 and NASDAQ to all time highs. Amidst higher equity prices, rising
inflation continued to be on the minds of investors as labor shortages and supply bottlenecks have the potential to magnify issues
during the busy Holiday shopping season. Movement on the U.S. 10-year note was modest, edging higher 0.02%. The U.S. economy added
531,000 jobs in October, bringing the unemployment rate down to 4.6%, a change of -0.2%. Oil prices continued to climb, reflecting
the rising demand for global manufacturing and travel. The price of West Texas Intermediate, soared over 11% in October to $83.57
per barrel, up from $75.03 per barrel at the end of September. So far in 2021, WTI has exploded over 70%.

 Futures Portfolio Fund's positive returns
in October were driven by energy, currency, and equity trading, while metals modestly detracted. In energy, persistent long oil
and oil product positioning contributed the most as higher demand coupled with supply concerns drove prices higher. In foreign
currency trading, gains came from long U.S. Dollar positioning, particularly against the Euro and Yen. In metals trading, short
positioning in precious metals detracted as prices rallied. Overall, the Fund finished the month with a net loss of 4.32%, 4.44%,
4.42%, 4.47%, 4.55% and 4.49% for Class A, A2, A3, B, I and R Units, respectively.

 November

 Despite a strong start to November for global
markets, a new COVID-19 variant emerged, spooking investors late in the month and causing reversals in many of the prevailing market
trends. The S&P 500 Index finished down -0.69% as investors transitioned to risk-off assets. Amongst the resurfacing virus
concerns, inflation fears also weighed on investors as Federal Reserve Chair Jerome Powell acknowledged elevated prices may not
be transitory and that the Fed may need to accelerate its tapering program. Bond yields ended November modestly lower as rising
yields earlier in the month reversed sharply following the emergence of the Omicron variant. Despite the U.S. economy adding just
half as many jobs as expected, the unemployment rate continued to drop and reached its lowest level since the pandemic began. Oil
prices broke their year-long upward trend, as West Texas Intermediate plummeted over 20% in November to $66.18 per barrel, down
from $83.57 at the end of October.

 Futures Portfolio Fund's negative returns
in November were driven by energy, equities, and agricultural commodities, while interest rates contributed positively to performance.
Despite the overall negative return for the month, the Fund's diversified approach helped mitigate losses as trend-following
strategies were hit hard by the reversal in markets while short-term and systematic macro strategies performed better. In energy,
persistent long oil and oil product positioning detracted the most as demand concerns surrounding the new variant and the potential
for oversupply pushed prices lower. Also detracting was long equity positioning, specifically in the U.S., which was positive for
the fund until the Thanksgiving Holiday. In fixed income, long positions in European bonds contributed as investors fled to risk-off
assets, driving bond prices higher. Overall, the Fund finished the month with a net gain of (2.87)%, (2.76)%, (2.77)%, (2.73)%,
(2.65)% and (2.71)% for Class A, A2, A3, B, I and R Units, respectively.

 The new COVID-19 variant, Omicron, dominated
global markets in the early days of December. As many unanswered questions about the variant were resolved, and fears of another
economic shutdown diminished, market participants returned to risk-on assets in the latter half of the month, as shown by the S&P
500 Index, finishing December up +4.48%. All eyes then turned to the Fed and the plan to accelerate the taper along with the ensuing
path of interest rates. The seemingly milder variant, along with persistent inflation, reduced the chances of a dovish Fed. This
perceived hawkishness by the market drove yields on the US 10-Year Treasury to 1.52% at the end of December, up from 1.43% a month
earlier. Despite the U.S. unemployment rate continuing to drop since pandemic highs, investors have begun to scrutinize labor shortages
and the subsequent impact on the economic recovery. Oil prices resumed their year-long upward trend, as West Texas Intermediate
rose over +13% in December.

 Futures Portfolio Fund's modest negative
returns in December were driven by interest rates and metals, while equity indices and agricultural commodities contributed positively
to performance. In fixed income, persistent long bond positioning detracted as yields rose significantly into the end of the month
against the backdrop of the more hawkish Fed. Also modestly detracting was short precious metal positioning, as prices ticked higher
in December amid lingering inflation worries. In equity indices, long positions in U.S. equities contributed positively as investors
shifted back to risk-on assets. Overall, the Fund finished the month with a net gain of (0.43)%, (0.32)%, (0.33)%, (0.28)%, (0.20)%
and (0.27)% for Class A, A2, A3, 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 interests positions of the Fund at the same time, and if the trading
advisors were unable to offset futures interest positions of the Fund, the Fund could lose all of its assets and the limited partners
would realize a 100% loss. The General Partner minimizes market risk through diversification of the portfolio allocations to multiple
trading advisors and strategies, 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, and fixed income instruments.
The Fund's futures contracts are exchange-traded, with the fair value of these contracts based on exchange settlement prices.
The fair values of non-exchange-traded contracts, such as forward currency contracts, are based on third-party quoted dealer values
on the interbank market. The fair value of money market funds is based on quoted market prices for identical shares. U.S. Treasury
securities are stated at fair value based on quoted market prices for identical assets in an active market. Notes of U.S. and foreign
government sponsored enterprises, as well as certificates of deposit, commercial paper, asset backed securities and corporate notes,
are stated at fair value based on quoted market prices for similar assets in an active market. Given the valuation sources, there
is little judgment or uncertainty involved in the valuation of these assets, and it is unlikely that materially different amounts
would be reported under different valuation methodologies or assumptions. 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 7A.
 Quantitative and Qualitative Disclosures about Market Risk

 Introduction

 The Fund is a speculative commodity pool.
The market-sensitive instruments held by it are acquired for speculative trading purposes, and all or a substantial amount 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 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 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 (including 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 provided may not be comparable
to similarly titled measures used by others.

 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 approximately
1% and 15% 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 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
to the Fund as a whole. 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, corporate notes, asset backed
securities 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 December 31, 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 as changes in supply factors such as weather and inventory levels.

 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.

 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.

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

 Single Stock Futures

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

 Qualitative Disclosures
Regarding Non-Trading Risk Exposure

 The following were the significant
non-trading risk exposures of the Fund as of December 31, 2023 and 2022.

 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 generally
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 8.
 Financial Statements and Supplementary Data

 Financial statements meeting the requirements
of Regulation S-X appear in Part IV of this report. The supplementary financial information specified by Item 302 of Regulation
S-K is included in this report under the heading "Selected Financial Data" above.

 Item 9.
 Changes in and Disagreements with Accountants on Accounting and Financial Disclosures

 None.

 Item 9A.
 Controls and Procedures

 Evaluation
of Disclosure Controls and Procedures

 The General Partner of the Fund, 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 December 31, 2023 (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.

 Management's Annual Report on Internal
Control over Financial Reporting

 The management of the General Partner is responsible
for establishing and maintaining adequate internal control over financial reporting by the Fund.

 The Fund's internal control over financial
reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation
of financial statements for external purposes in accordance with accounting principles generally accepted in the United States.
The Fund's internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance
of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Fund;
(ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in
accordance with accounting principles generally accepted in the United States, and that receipts and expenditures of the Fund are
being made only in accordance with authorizations of management of the Fund; and (iii) provide reasonable assurance regarding prevention
or timely detection of unauthorized acquisition, use, or disposition of the Fund's assets that could have a material effect
on the financial statements.

 Because of its inherent limitations, internal
control over financial reporting may not prevent or detect misstatements. All internal control systems, no matter how well designed,
have inherent limitations, including the possibility of human error and the circumvention of overriding controls. Accordingly,
even effective internal control over financial reporting can provide only reasonable assurance with respect to financial statement
preparation. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become
inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

 Management assessed the effectiveness of the
Fund's internal control over financial reporting as of December 31, 2023, based on the framework set forth by the Committee
of Sponsoring Organizations of the Treadway Commission (COSO) in Internal Control-Integrated Framework published in 2013. Based
on that assessment, management concluded that, as of December 31, 2023, the Fund's internal control over financial reporting
is effective based on the criteria established in Internal Control- Integrated Framework published in 2013.

 Changes in Internal Control Over Financial
Reporting

 There has been no change in internal control
over financial reporting that occurred during the year ended December 31, 2023 that has materially affected, or is reasonably likely
to materially affect, the Fund's internal control over financial reporting.

 Item 9B.
 Other Information

 None.

 Item 10.
 Directors,
Executive Officers and Corporate Governance

 Directors and Executive Officers

 The Fund itself has no directors
or officers and has no employees. It is managed by the General Partner in its capacity as General Partner. The General Partner
is a wholly owned subsidiary of Octavus Group, LLC. The directors and executive officers of the General Partner are Kevin Kinzie
and Jon Essen. Their respective biographies are set forth below.

 Kevin Kinzie is the General Partner's Chairman
and Chief Executive Officer. Mr. Kinzie founded the LoCorr Investment Trust ("LIT"), a family of mutual funds, in November
2010 and founded LoCorr Fund Management ("LFM"), a CPO, in March 2011. He has served as Chairman and Trustee of LIT
and as Chairman and CEO of LFM, since their inception. He has been listed as a Principal of LoCorr Distributors ("LD"),
an IB, since November 2005, and registered with the NFA as an Associated Person of LD since November 2007. He has been listed as
a Principal of LFM, a CPO since March 2013, and listed as a Principal of Steben & Company since November 9, 2019. Mr. Kinzie
holds a B.S. in Business and Marketing from the University of Colorado. He holds the FINRA series 6, 7, 24, 31 and 63 licenses
and the CLU designation.

 Jon C. Essen is Chief Financial Officer at Steben
& Company. He has served as Chief Financial Officer of LoCorr Fund Management, a CPO, since March 2011. He has also served
as Trustee, Treasurer, Chief Financial Officer and Portfolio Manager of the LoCorr Investment Trust, a family of mutual funds,
since March 2011. Mr. Essen has been listed as a Principal of LoCorr Distributors LLC, an Introducing Broker, since April 2008.
He has been registered as an Associated Person, approved as a Swap Associated Person, and listed as a CFTC Principal of LoCorr
Fund Management LLC, a CPO, since June 2013, August 2014 and May 2013 respectively. Mr. Essen became registered as an Associated
Person and listed as a CFTC principal of Steben & Company on February 10, 2020.Mr.
Essen received a Bachelor of Science in Business Administration from Minnesota State University Mankato, is a CPA (inactive), and
holds FINRA Series 3, 7, 24, 28 & 99 licenses.

 The General Partner has acted as the investment
manager for Steben Managed Futures Strategy Fund, an open-end mutual fund, which merged into the LoCorr Macro Strategies Fund in
January 2020. The General Partner also acted as either the general partner or investment manager for the Steben Select Multi-Strategy
funds. The Steben Select Multi-Strategy funds operated in a master feeder structure involving two registered closed-end funds and
a limited partnership. All of those funds liquidated during 2019. Because Steben & Company, LLC served as the general partner
or investment manager of these funds, the officers and directors of Steben & Company, LLC effectively managed the respective
funds.

 Significant Employees

 The General Partner is dependent on the services
of key management personnel. If their services became unavailable, another principal of the firm or a new principal (whose experience
cannot be known at this time) would need to take charge of the General Partner.

 Family Relationships

 None.

 Business Experience

 See "Item 10. Directors, Executive Officers and
Corporate Governance" above.

 Involvement in Certain Legal Proceedings

 None.

 Promoters and Control Persons

 Not applicable.

 Section 16 (A) Beneficial Ownership Reporting
Compliance

 Section 16(a) of the 1934 Act requires that reports
of beneficial ownership of limited partner interests and changes in such ownership be filed with the SEC by Section 16 "reporting
persons." The Fund is required to disclose in this annual report on Form 10-K each reporting person whom it knows to have
failed to file any required reports under Section 16(a) on a timely basis during the year ended December 31, 2023. During the year
ended December 31, 2023, all reporting persons complied with all Section 16(a) filing requirements applicable to them.

 Code of Ethics

 The General Partner has adopted a code of ethics,
as of the period covered by this report, which applies to the Fund's principal executive officer and principal financial
officer, or persons performing similar functions. A copy of the code of ethics is available without charge upon request by calling
952-767-2600.

 Item 11.
 Executive Compensation

 The Fund does not have any officers, directors
or employees. The managing officers of the General Partner are remunerated by the General Partner in their respective positions.
The directors and managing officers of the General Partner receive no other compensation from the Fund.

 The following fees were paid by the Fund to the General
Partner:

 General Partner Management Fee – the Fund incurs a monthly fee on Class A, A2, A3, B and
R Units equal to 1/12 th of 1.5% of the month-end net asset value of the Class A, A2, A3, B and R Units, payable in arrears.
The Fund incurs a monthly fee on Class I Units equal to 1/12 th of 0.75% of the month-end net asset value of the Class
I Units, payable in arrears. During 2023, 2022 and 2021, the General Partner earned $2,086,653, $2,458,100 and $2,468,582, respectively,
in General Partner management fees.

 General Partner Performance Fee – the Fund incurs a monthly fee on Class I Units equal
to 7.5% of new profits of the Class I Units. The general partner performance fee is payable quarterly in arrears. During 2023,
2022 and 2021, the General Partner did not earn any General Partner performance fees.

 Selling Agent Fees – the Class A Units incur a monthly fee equal to 1/12 th of
2% of the month-end net asset value of the Class A Units. Class A2 Units may pay an up-front sales commission of up to 3% of the
offering price and a 0.6% per annum selling agent fee. Class A3 Units may pay an up-front sales commission of up to 2% of the offering
price and a 0.75% per annum selling agent fee. Such amounts are included in selling agent and broker dealer servicing fees –
General Partner in the statements of operations. The General Partner, in turn, pays the selling agent fee 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
fee are retained by the General Partner. During 2023, 2022 and 2021, the General Partner earned $1,851,819, $2,237,118 and $2,253,920,
respectively, in selling agent fees.

 Broker Dealer Servicing Fees – the Class B Units incur a monthly fee equal to 1/12 th
of 0.2% of the month-end net asset value of the Class B Units and such amounts are included in selling agent and broker dealer
servicing fees – General Partner in the statements of operations. The General Partner, in turn, pays the fee 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 fee are retained by the General Partner. During 2023, 2022 and 2021, the General Partner earned $77,316, $87,032
and $87,884, respectively, in broker dealer servicing fees.

 Administrative Fee – each class of Units incurs a monthly General Partner administrative
fee equal to 1/12 th of 0.45% of Fund net assets at the end of each month, payable in arrears. 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 commodity pools with which the Fund may have investments).
The General Partner uses a portion of this fee to pay third party service providers. During 2023, 2022 and 2021, the General Partner
earned $626,921, $738,438 and $741,482, respectively, in administrative fees.

 Additionally, each year the General Partner
receives from the Fund 1% of any net income earned by the Fund or pays to the Fund 1% of any net loss incurred by the Fund. For
the years ended December 31, 2023, 2022 and 2021, the General Partner received from or paid the Fund the following amounts:

 Year

 Received
from the

Fund

 Paid
to the

Fund

 2023

 $
 —

 $
 91,905

 2022

 138,536

 —

 2021

 107,771

 —

 Total

 $
 246,307

 $
 91,905

 Item 12.
 Security Ownership of Certain Beneficial Owners and Management
and Related Stockholder Matters

 The
Fund has no officers or directors as its affairs are managed by the General Partner, and there are no securities authorized for
issuance under an equity compensation plan.

 At February 28, 2024, the General
Partner did not own any Units; however, a Principal of the General Partner had the following investment in the Fund: 13.9977 Class
B Units with a Value of $95,422 as of December 31. 2023. The General Partner does participate in the profits or losses of the Fund
through its general partner 1 percent allocation, in which it receives 1 percent of the profits or losses of the Fund.

 At February 28, 2024, no person or group is known
to have been the beneficial owner of more than 5% of the Units.

 On October 31, 2019, and the General Partner was acquired by Octavus.
See Item 2. for additional information.

 Item 13.
 Certain Relationships and Related Transactions, and Director Independence

 See "Item 1. Business" for a description
of the relationships between the General Partner, the Fund, the Trading Advisor, the futures brokers and the Cash Managers. See
"Item 11. Executive Compensation" and "Item 12. Security Ownership of Certain Beneficial Owners and Management
and Related Stockholder Matters."

 Item 14.
 Principal Accountant Fees and Services

 The following table sets forth the fees billed
to the Fund for professional audit services provided by RSM US LLP, the Fund's independent registered public accountant,
for the audits of the Fund's annual financial statements for the years ended December 31, 2023 and 2022, and fees billed
for other professional services rendered by RSM US LLP during those years.

 Fee Category

 2023

 2022

 Audit fees (1)

 $
 251,500

 $
 236,000

 Audit-related fees

 —

 —

 Tax fees (2)

 33,000

 30,000

 All other fees

 —

 —

 Total fees

 284,500

 266,000

 (1)

 Audit fees consist of fees for professional services
rendered for the audit of the Fund's financial statements and review of financial statements included in the Fund's
quarterly reports, as well as services normally provided by the independent accountant in connection with statutory and regulatory
filings or engagements.

 (2)

 Tax fees consist of fees for the preparation of original tax returns.

 The General Partner's Board of Directors
pre-approves all audit and permitted non-audit services of the Fund's independent accountants, including all engagement fees
and terms. The General Partner's Board of Directors approved all the services provided by RSM US LLP during 2023 and 2022
to the Fund described above. The General Partner's Board of Directors has determined that the payments made to RSM US LLP
for these services during 2023 and 2022 are compatible with maintaining that firm's independence.

 Our independent registered public
accounting firm is RSM US LLP, Chicago, IL, Auditor ID: 49.

 Item 15.
 Exhibits and Financial Statement Schedules

 Financial Statements

 Report of Independent Registered Public Accounting
Firm

 Statements of Financial Condition as of December 31, 2023 and 2022

 Condensed Schedule of Investments as of December 31, 2023

 Condensed Schedule of Investments as of December 31, 2022

 Statements of Operations
for the Years Ended December 31, 2023, 2022 and 2021

 Statements of Cash Flows for the Years

 Statements of Changes in Partners' Capital
(Net Asset Value) for the Years Ended December 31, 2023, 2022 and 2021

 Notes to Financial Statements

 Financial statement schedules not included
in this Form 10-K have been omitted for the reason that they are not required or are not applicable or that equivalent information
has been included in the financial notes or statements thereto.

 Exhibits.

 The following exhibits are filed herewith or 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

 16.1 (a)

 Letter regarding change in certifying accountant.

 31.01

 Certification of Chief Executive Officer of the General Partner in accordance with Section 302 of the Sarbanes-Oxley Act of 2002

 31.02

 Certification of Chief Financial Officer of the General Partner in accordance with Section 302 of the Sarbanes-Oxley Act of 2002

 32.01

 Certification of Chief Executive Officer of the General Partner in accordance with Section 906 of the Sarbanes-Oxley Act of 2002

 32.02

 Certification of Chief Financial Officer of the General Partner in accordance with Section 906 of the Sarbanes-Oxley Act of 2002

 101.INS

 101.SCH

 BRL Taxonomy Extension Schema Document

 101.CAL

 Document

 101.DEF

 Document

 101.LAB

 101.PRE

 Document

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

 SIGNATURES

 ursuant 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.

 Name

 Title

 Date

 /s/ Kevin Kinzie

 Kevin Kinzie

 Chief Executive Officer and managing member of the
General Partner

 March 28, 2024

 /s/ Jon Essen

 Jon Essen

 Chief Financial Officer of the General Partner

 March 28, 2024

 Pursuant to the requirements of Section 13 or
15(d) of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.

 Dated March 28, 2024

 By:

 Steben
 & Company, LLC

 General
 Partner

 By:

 /s/ Kevin Kinzie

 Name:

 Kevin Kinzie

 Title:

 Chief Executive Officer and managing member
 of the General Partner

 Report
of Independent Registered Public Accounting Firm

 To
the Partners of Futures Portfolio Fund, Limited Partnership

 Opinion on the Financial Statements

 We have audited the accompanying statements of financial condition, including
the condensed schedules of investments, of Futures Portfolio Fund, Limited Partnership (the Fund), as of December 31, 2023 and 2022, the
related statements of operations, and cash flows, and changes in partners' capital (net asset value) for each of the three years
in the period ended December 31, 2023, and the related notes to the financial statements. In our opinion, the financial statements present
fairly, in all material respects, the financial position of the Fund as of December 31, 2023 and 2022, and the results of its operations
and its cash flows for each of the three years in the period ended December 31, 2023, in conformity with accounting principles generally
accepted in the United States of America.

 Basis for opinion

 These financial statements are the responsibility of the Fund's management.
Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm
registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect
to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange
Commission and the PCAOB. We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan
and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether
due to error or fraud.

 Our audits included performing procedures to assess the risks of material
misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such
procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits
also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall
presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

 Critical Audit Matters

 Critical audit matters are matters arising from
the current period audit of the financial statements that were communicated or required to be communicated to the General Partner and
that: (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging,
subjective, or complex judgments. We determined that there are no critical audit matters.

 /s/
 RSM US LLP

 We
have served as the Fund's auditor since 2007.

 Chicago,
Illinois

 March
28, 2024

 F- 1

Statements of Financial Condition

December 31, 2023 and 2022

 2023

 2022

 Assets

 Equity in broker trading accounts

 Cash

 $
 38,283,809

 $
 41,012,793

)

)

 Net unrealized gain (loss) on swap contracts

 1,039

 Total equity in broker trading accounts

 35,822,071

 43,443,032

 Cash and cash equivalents

 5,806,473

 10,838,660

 Investment in private investment company, at fair value (cost$ 2,237,264 and $ 1,140,000)

 Investment in securities, at fair value (cost $ 77,451,839 and
 $ 98,382,987)

 77,382,955

 96,080,516

 General Partner 1 % allocation receivable

 91,905

 —

 Exchange membership, at fair value (cost $ 189,000 and
 $ 189,000)

 114,000

 187,000

 Dividend receivable

 30,595

 21,237

 Total assets

 $
 121,496,181

 $
 153,866,876

 Liabilities and Partners' Capital (Net Asset Value)
 Liabilities

 Trading Advisor management fees payable

 $
 143,713

 $
 186,021

 Trading Advisor incentive fees payable

 —

 354,828

 Commissions and other trading fees payable on open contracts

 19,591

 20,941

 Cash Managers fees payable

 27,533

 30,471

 General Partner management and performance fees payable

 151,291

 190,906

 General Partner 1 % allocation payable

 —

 138,536

 Selling Agent payable - General Partner

 133,452

 172,558

 Broker dealer servicing fees payable - General Partner

 5,622

 6,831

 Administrative fee payable - General Partner

 44,243

 56,160

 Interest payable

 40,887

 21,369

 Redemption payable

 1,544,109

 701,837

 Subscriptions received in advance

 9,700

 162,000

 Total liabilities

 2,120,141

 2,042,458

 Partners' Capital (Net Asset Value)

 Class A Interests – 19,384.2057 and 23,487.0847 units

 78,554,826

 102,688,170

 Class A2 Interests – 94.7752 and 292.2072 units

 104,898

 344,113

 Class B Interests – 4,886.1080 and 5,635.1789 units

 33,308,431

 40,710,762

 Class I Interests – 247.1650 and 256.4767 units

 291,331

 317,372

 Class R Interests – 6,228.0149 and 6,424.1565 units

 7,116,554

 7,764,001

 Total partners' capital (net asset value)

 119,376,040

 151,824,418

 Total liabilities and partners' capital (net asset value)

 $
 121,496,181

 $
 153,866,876

 F- 2

 INVESTMENTS IN SECURITIES

 U.S. Treasury Securities

 Name

 $

 1/31/24

 2.25
 %

 $
 2,516,593

 2.11
 %

 2/29/24

 1.50
 %

 1,997,160

 1.67
 %

 3/31/24

 2.25
 %

 998,094

 0.84
 %

 5,000,000

 4/15/24

 0.38
 %

 4,934,362

 4.13
 %

 6/30/24

 2.00
 %

 994,164

 0.83
 %

 4/30/25

 3.88
 %

 1,994,962

 1.67
 %

 5/31/25

 4.25
 %

 1,999,467

 1.67
 %

 11/15/25

 4.50
 %

 2,522,502

 2.12
 %

 4/15/26

 3.75
 %

 2,496,811

 2.09
 %

 Total U.S. Treasury securities (cost: $ 20,232,161)

 17.13
 %

 U.S. Commercial Paper

 Name

 $
 700,000

 2/23/24

 Toyota Motor Credit Corp.

 5.30
 %

 $
 694,225

 0.58
 %

 3/15/24

 Volvo Treasury NA LP

 5.38
 %

 790,796

 0.66
 %

 Banks

 1/5/24

 MUFG Bank, Ltd., New York Branch

 4.63
 %

 799,280

 0.67
 %

 Beverages

 1/4/24

 Brown-Forman Corporation

 4.52
 %

 799,398

 0.66
 %

 Diversified
financial services

 1/26/24

 Cabot Trail Funding LLC

 5.25
 %

 796,736

 0.67
 %

 700,000

 1/22/24

 DCAT, LLC

 5.29
 %

 697,530

 0.58
 %

 900,000

 1/4/24

 Equitable Short Term Funding LLC

 4.58
 %

 899,313

 0.76
 %

 3/4/24

 Fairway Finance Company LLC

 5.37
 %

 792,128

 0.66
 %

 2/27/24

 Gotham Funding Corporation

 5.39
 %

 792,814

 0.66
 %

 900,000

 1/12/24

 Liberty Street Funding LLC

 5.11
 %

 898,213

 0.75
 %

 1/2/24

 National Rural Utilities Cooperative Finance Corporation

 4.09
 %

 799,637

 0.68
 %

 1/31/24

 Sheffield Receivables Company LLC

 5.38
 %

 796,053

 0.67
 %

 2/6/24

 Thunder Bay Funding, LLC

 5.31
 %

 795,398

 0.67
 %

 1/8/24

 Berkshire Hathaway Energy Company

 4.93
 %

 798,904

 0.67
 %

 Insurance

 700,000

 2/9/24

 Pacific Life Short Term Funding LLC

 5.27
 %

 695,695

 0.58
 %

 Machinery

 1/16/24

 John Deere Capital Corporation

 5.02
 %

 797,994

 0.67
 %

 Total
U.S. commercial paper (cost: $ 12,583,605)

 12,644,114

 10.59
 %

 F- 3

 Futures Portfolio
Fund, Limited Partnership

 Foreign Commercial Paper

 Banks

 $

 1/22/24

 Bank of Montreal

 5.18
 %

 797,235

 0.67
 %

 1/11/24

 Barclays Bank PLC

 5.12
 %

 798,520

 0.67
 %

 900,000

 1/25/24

 National Bank of Canada

 5.22
 %

 896,477

 0.74
 %

 655,000

 1/18/24

 Oversea-Chinese Banking Corporation Limited

 5.24
 %

 653,092

 0.55
 %

 Diversified
financial services

 1/10/24

 Experian Finance plc

 5.04
 %

 798,656

 0.67
 %

 750,000

 1/2/24

 Longship Funding Designated Activity Company

 4.14
 %

 749,655

 0.63
 %

 Total
foreign commercial paper (cost: $ 4,664,983)

 4,693,635

 3.93
 %

 Total
commercial paper (cost: $ 17,248,588)

 17,337,749

 14.52
 %

 U.S. Corporate Notes

 Name

 Aerospace

 $

 5/1/25

 Boeing Company

 4.88
 %

 3,009,047

 2.52
 %

 6/14/24

 NVIDIA Corporation

 0.58
 %

 3,911,586

 3.28
 %

 Banks

 2/4/25

 Bank of America Corporation

 1.84
 %

 1,001,676

 0.84
 %

 3,500,000

 1/26/26

 KeyBank National Association

 4.70
 %

 3,484,531

 2.92
 %

 12/6/24

 Truist Bank

 2.15
 %

 1,943,377

 1.62
 %

 3,750,000

 1/24/24

 Wells Fargo & Company

 3.75
 %

 3,806,220

 3.19
 %

 Diversified
financial services

 8/18/24

 Air Lease Corporation

 0.80
 %

 971,412

 0.81
 %

 1/8/24

 Athene Global Funding

 0.95
 %

 4,009,724

 3.36
 %

 714,000

 4/1/24

 Brookfield Finance LLC

 4.00
 %

 718,093

 0.60
 %

 Machinery

 1/10/25

 John Deere Capital Corp FXD

 1.25
 %

 1,941,228

 1.63
 %

 Telecommunications

 1,500,000

 3/22/24

 Verizon Communications Inc.

 0.75
 %

 1,487,364

 1.25
 %

 Total
U.S. corporate notes (cost: $ 26,739,459)

 26,284,258

 22.02
 %

 F- 4

 Futures Portfolio
Fund, Limited Partnership

 Foreign Corporate Notes

 Name

 Banks

 $

 12/11/26

 The Toronto-Dominion Bank

 5.26
 %

 $
 1,023,217

 0.86
 %

 Diversified
financial services

 1/13/25

 UBS AG

 1.38
 %

 3,878,058

 3.25
 %

 Total
foreign corporate notes (cost: $ 4,931,400)

 4,901,275

 4.11
 %

 Total corporate notes (cost: $ 31,670,859)

 31,185,533

 26.13
 %

 U.S. Asset Backed Securities

 Name

 291,097

 9/15/26

 Capital One Prime Auto Receivables Trust 2021-1

 0.77
 %

 281,779

 0.24
 %

 36,022

 2/17/26

 CarMax Auto Owner Trust 2021-2

 0.52
 %

 35,232

 0.03
 %

 518,157

 6/15/26

 CarMax Auto Owner Trust 2021-3

 0.55
 %

 501,736

 0.42
 %

 605,434

 4/15/33

 Chesapeake Funding II LLC - 2018 - 2

 0.47
 %

 590,823

 0.49
 %

 395,000

 7/15/30

 Ford Credit Auto Owner Trust 2019-Rev1

 3.52
 %

 395,487

 0.33
 %

 261,063

 6/15/26

 Ford Credit Auto Owner Trust 2022-A

 1.29
 %

 254,303

 0.21
 %

 375,000

 11/16/26

 Mercedes-Benz Auto Receivables Trust 2023-2

 5.92
 %

 378,682

 0.32
 %

 198,000

 6/15/26

 Santander Consumer Auto Receivables Trust 2021-A

 0.48
 %

 193,739

 0.16
 %

 69,230

 1/15/26

 Santander Drive Auto Receivables Trust 2022-7

 5.81
 %

 69,394

 0.06
 %

 256,619

 1/15/26

 Santander Drive Auto Receivables Trust 2023-2

 5.87
 %

 257,284

 0.22
 %

 188,709

 2/16/27

 Santander Drive Auto Receivables Trust 2023-4

 6.18
 %

 189,696

 0.16
 %

 575,000

 11/25/31

 Toyota Auto Loan Extended Note Trust 2019-1

 2.56
 %

 570,846

 0.48
 %

 85,777

 10/15/25

 Toyota Auto Receivables 2020-C Owner Trust

 0.57
 %

 84,552

 0.07
 %

 550,000

 9/15/26

 Toyota Auto Receivables 2022-B Owner Trust

 2.93
 %

 539,781

 0.45
 %

 Credit
cards

 195,000

 11/16/26

 American Express Credit Account Master Trust, Series 2021-1

 0.90
 %

 188,188

 0.16
 %

 101,000

 9/16/24

 Barclays Dryrock Issuance Trust, Series 2021-1

 0.63
 %

 97,744

 0.08
 %

 1,625,000

 7/15/24

 Capital One Multi-Asset Execution Trust, Series 2021-1

 0.55
 %

 1,584,139

 1.33
 %

 450,000

 4/22/24

 Citibank Credit Card Issuance Trust

 6.09
 %

 451,129

 0.38
 %

 64,000

 9/15/24

 Discover Card Execution Note Trust

 0.58
 %

 61,896

 0.05
 %

 Equipment

 416,089

 3/14/29

 CCG Receivables Trust 2021-2

 0.54
 %

 404,233

 0.34
 %

 348,470

 1/21/25

 Dllst 2022-1 Llc

 3.40
 %

 346,532

 0.29
 %

 88,273

 9/20/29

 HPEFS Equipment Trust 2022-2

 3.15
 %

 88,052

 0.07
 %

 602,613

 6/13/28

 Mmaf Equipment Finance Llc 2021-A

 0.56
 %

 575,377

 0.48
 %

 275,000

 7/20/28

 Verizon Master Trust

 1.53
 %

 264,934

 0.22
 %

 Total
U.S. asset backed securities (cost: $ 8,300,231)

 7.04
 %

 Total investments in securities (cost: $ 77,451,839)

 $
 77,382,955

 64.82
 %

 F- 5

 OPEN FUTURES CONTRACTS

 Long U.S. Futures Contracts

 $
 ( 116,871
)

 ( 0.10
)%

 93,565

 0.08
 %

 ( 367,095
)

 ( 0.31
)%

 246,214

 0.21
 %

 143,787

 0.12
 %

 950,297

 0.80
 %

 Net unrealized gain (loss) on open long U.S. futures contracts

 949,897

 0.80
 %

 Short U.S. Futures Contracts

 404,628

 0.34
 %

 ( 170,074
)

 ( 0.14
)%

 96,029

 0.08
 %

 ( 137,980
)

 ( 0.12
)%

 ( 1,637,022
)

 ( 1.36
)%

 ( 1,135,292
)

 ( 0.96
)%

 Net unrealized gain (loss) on open short U.S. futures contracts

 ( 2,579,711
)

 ( 2.16
)%

 Total U.S. Futures Contracts - net unrealized gain (loss) on open U.S. futures contracts

 ( 1,629,814
)

 ( 1.36
)%

 Long Foreign Futures Contracts

 223,122

 0.19
 %

 ( 84,588
)

 ( 0.07
)%

 275,581

 0.23
 %

 1,037,120

 0.87
 %

 ( 6,427
)

 ( 0.01
)%

 Net unrealized gain (loss) on open long foreign futures contracts

 1,444,808

 1.21
 %

 F- 6

31, 2023

 OPEN FUTURES CONTRACTS (continued)

 Short Foreign Futures Contracts

 $
 159,588

 0.13
 %

 ( 141,652
)

 ( 0.11
)%

 ( 114,659
)

 ( 0.10
)%

 ( 103,131
)

 ( 0.09
)%

 ( 355,037
)

 ( 0.29
)%

 Net unrealized gain (loss) on open short foreign futures contracts

 ( 554,891
)

 ( 0.46
)%

 Total foreign futures contracts - net unrealized gain (loss) on open foreign futures contracts

 889,917

 0.75
 %

 $
)

 ( 0.61
)%

 OPEN FORWARD CURRENCY CONTRACTS

 U.S. Forward Currency Contracts

 Long

 $
 1,245,553

 1.04
 %

 Short

 ( 2,360,245
)

 ( 1.97
)%

 Net unrealized gain (loss) on open U.S. forward currency contracts

 ( 1,114,692
)

 ( 0.93
)%

 Foreign Forward Currency Contracts

 Long

 ( 535,092
)

 ( 0.45
)%

 Short

 ( 72,075
)

 ( 0.06
)%

 Net unrealized gain (loss) on open foreign forward currency contracts

 ( 607,167
)

 ( 0.51
)%

 $
)

 ( 1.44
)%

 TOTAL RETURN SWAP CONTRACTS

 Long

 0.00
 %

 Short

 —

 0.00
 %

 0.00
 %

 INVESTMENT IN PRIVATE INVESTMENT COMPANY 3

 Galaxy East Alpha (cost: $ 2,237,264)

 $

 1.88
 %

 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.

 F- 7

 INVESTMENTS IN SECURITIES

 U.S. Treasury Securities

 Name

 $

 2/15/23

 2.00
 %

 $
 2,511,464

 1.65
 %

 5/31/23

 2.75
 %

 2,984,284

 1.97
 %

 7,000,000

 8/15/23

 2.50
 %

 6,967,663

 4.59
 %

 12/28/23

 4.68
 %

 2,387,563

 1.57
 %

 Total U.S. Treasury securities (cost: $ 14,934,334)

 9.78
 %

 U.S. Commercial Paper

 Name

 Agriculture

 $

 2/2/23

 Philip Morris International Inc.

 4.27
 %

 $
 1,195,307

 0.79
 %

 1/12/23

 PACCAR Financial Corp.

 3.88
 %

 1,198,460

 0.79
 %

 Beverages

 2/6/23

 Brown-Forman Corporation

 4.48
 %

 1,194,480

 0.78
 %

 Diversified financial services

 1/6/23

 DCAT, LLC

 3.63
 %

 1,199,295

 0.79
 %

 1/18/23

 Fairway Finance Corp.

 3.98
 %

 1,197,620

 0.79
 %

 1/17/23

 National Rural Utilities Cooperative Finance Corporation

 4.34
 %

 1,197,547

 0.79
 %

 Machinery

 1/24/23

 Caterpillar Financial Services Corporation

 4.13
 %

 1,196,703

 0.79
 %

 Manufacturing

 1/3/23

 Koch Industries, Inc.

 3.04
 %

 1,199,729

 0.79
 %

 Pharmaceuticals

 1/26/23

 Roche Holdings, Inc.

 4.09
 %

 1,196,458

 0.79
 %

 1/30/23

 Novartis Finance Corporation

 4.16
 %

 1,195,843

 0.79
 %

 Water

 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
 %

 F- 8

 Foreign Commercial Paper

 Diversified financial services

 1/11/23

 Anglesea Funding Plc

 3.99
 %

 $
 1,198,550

 0.79
 %

 1/12/23

 Experian Finance plc

 4.17
 %

 1,198,343

 0.79
 %

 1/20/23

 Longship Funding Designated Activity Company

 4.04
 %

 1,197,315

 0.79
 %

 Manufacturing

 3/1/23

 Glencove Funding DAC

 4.54
 %

 1,190,914

 0.78
 %

 Telecommunications

 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

 Name

 Aerospace

 $

 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
 %

 6/14/24

 NVIDIA Corporation

 0.58
 %

 3,775,815

 2.49
 %

 Banks

 7/23/24

 Bank of America Corporation

 3.86
 %

 2,012,167

 1.33
 %

 5/5/23

 Credit Suisse AG, New York Branch

 1.00
 %

 3,924,762

 2.59
 %

 12/5/24

 JPMorgan Chase & Co.

 4.02
 %

 3,954,678

 2.59
 %

 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

 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

 1/10/25

 John Deere Capital Corp FXD

 1.25
 %

 1,881,615

 1.24
 %

 Media

 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

 3/22/24

 Verizon Communications Inc.

 0.75
 %

 2,840,387

 1.87
 %

 Total U.S. corporate notes (cost: $ 49,289,980)

 47,298,757

 31.15
 %

 F- 9

 Foreign Corporate Notes

 Name

 Banks

 $

 6/9/23

 Nordea Bank

 1.00
 %

 $
 2,950,092

 1.94
 %

 Diversified financial services

 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

 Name

 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)

 5.32
 %

 Total investments in securities (cost: $ 98,382,987)

 $
 96,080,516

 63.28
 %

 F- 10

 OPEN FUTURES CONTRACTS

 Long U.S. Futures Contracts

 $
 676,373

 0.45
 %

 157,123

 0.10
 %

 873,475

 0.58
 %

 ( 35,890
)

 ( 0.02
)%

 ( 399,535
)

 ( 0.27
)%

 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

 ( 95,781
)

 ( 0.06
)%

 ( 57,598
)

 ( 0.04
)%

 259,179

 0.17
 %

 90,775

 0.06
 %

 434,383

 0.29
 %

 ( 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

 156,831

 0.10
 %

 18,701

 0.01
 %

 ( 46,067
)

 ( 0.03
)%

 ( 1,489,856
)

 ( 0.98
)%

 ( 1,199,190
)

 ( 0.79
)%

 ( 15,685
)

 ( 0.01
)%

 Net unrealized gain (loss) on open long foreign futures contracts

 ( 2,575,266
)

 ( 1.70
)%

 F- 11

 OPEN FUTURES CONTRACTS (continued)

 Short Foreign Futures Contracts

 $
 ( 36,442
)

 ( 0.02
)%

 259,386

 0.17
 %

 68,120

 0.04
 %

 111,152

 0.07
 %

 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
 %

 $

 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
)%

 $

 0.02
 %

 TOTAL RETURN SWAP CONTRACTS

 Long

 1,072

 0.00
 %

 Short

 ( 33
)

 0.00
 %

 1,039

 0.00
 %

 INVESTMENT IN PRIVATE INVESTMENT COMPANY 3

 Galaxy East Alpha (cost: $1,140,000)

 $

 2.17
 %

 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.

 F- 12

of Operations

 Years

 2023

 2022

 2021

 Realized and Change in Unrealized Gain (Loss) on Investments

 Net realized gain (loss) on:

 Futures, futures options, swaps and forward contracts

 $
 ( 505,837
)

 $
 22,391,642

 $
 23,148,851

 Investment in private investment company

 ( 11,736
)

 2,212,908

 3,900,089

 Investments in securities

 ( 729,841
)

 ( 287,406
)

 374,615

 Net change in unrealized gain (loss) on:

 Futures, futures options, swaps and forward contracts

 ( 4,891,977
)

 2,555,134

 ( 8,119,173
)

 Investment in private investment company

 ( 2,145,513
)

 ( 261,911
)

 2,418,342

 Investments in securities and certificates of deposit

 2,215,424

 ( 1,721,642
)

 ( 1,372,619
)

 Exchange membership

 ( 73,000
)

 75,000

 61,000

 Brokerage commissions and trading expenses

 ( 922,916
)

 ( 991,017
)

 ( 1,156,340
)

 Net realized and change in unrealized gain (loss) on investments

 ( 7,065,396
)

 23,972,708

 19,254,765

 Net Investment Income (Loss)

 Income

 Interest and dividend income

 4,896,631

 2,228,346

 926,861

 Expenses

 Trading Advisor management fees

 1,944,813

 2,438,667

 2,443,592

 Trading Advisor incentive fees

 310,713

 4,254,074

 1,261,331

 Cash Managers fees

 123,490

 134,010

 147,749

 General Partner management and performance fees

 2,086,653

 2,458,100

 2,468,582

 Selling agent fees - General Partner

 1,851,819

 2,237,118

 2,253,920

 Broker dealer servicing fees - General Partner

 77,316

 87,032

 87,884

 General Partner 1 % allocation

 ( 91,905
)

 138,536

 107,771

 Administrative fee - General Partner

 626,921

 738,438

 741,482

 Total expenses

 6,929,820

 12,485,975

 9,512,311

 Net investment income (loss)

 ( 2,033,189
)

 ( 10,257,629
)

 ( 8,585,450
)

 Net Income (Loss)

 $
 ( 9,098,585
)

 $
 13,715,079

 $
 10,669,315

 F- 13

of Operations (continued)

 Years

 Class A Units

 Class A2 Units

 2023

 2022

 2021

 2023

 2022

 2021

 Increase (decrease) in net asset value per unit for the year

 $
 ( 319.59
)

 $
 325.79

 $
 227.37

 $
 ( 70.81
)

 $
 102.79

 $
 74.40

 Net income (loss) per unit

 $
 ( 310.45
)

 $
 359.59

 $
 233.75

 $
 ( 85.38
)

 $
 111.90

 $
 69.19

 Weighted average number of units outstanding

 21,387.3436

 24,536.7560

 28,354.7193

 155.5220

 318.3211

 397.0801

 Class
 A3 Units

 Class B Units

 2023

 2022

 2021

 2023

 2022

 2021

 Increase (decrease) in net asset value per unit for the year

 $
 —

 $
 ( 1,041.81
)

 $
 70.66

 $
 ( 407.43
)

 $
 656.70

 $
 478.78

 Net income (loss) per unit

 $
 —

 $
 175.50

 $
 64.64

 $
 ( 376.57
)

 $
 699.31

 $
 494.07

 Weighted average number of units outstanding

 —

 38.0000

 49.0909

 5,361.1194

 5,837.8944

 6,873.9572

 Class I Units

 Class R Units

 2023

 2022

 2021

 2023

 2022

 2021

 Increase (decrease) in net asset value per unit for the year

 $
 ( 58.74
)

 $
 123.02

 $
 90.92

 $
 ( 65.89
)

 $
 112.03

 $
 81.95

 Net income (loss) per unit

 $
 ( 60.55
)

 $
 123.03

 $
 90.92

 $
 ( 65.08
)

 $
 113.47

 $
 84.32

 Weighted average number of units outstanding

 249.3139

 6,326.0639

 6,481.6076

 7,011.1525

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

 Class
A3 Units were fully redeemed on July 1, 2022.

 F- 14

of Cash Flows

 Years

 2023

 2022

 2021

 Cash flows from operating activities

 $
 ( 9,098,585
)

 $
 13,715,079

 $
 10,669,315

 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:

 Net change in unrealized (gain) loss from futures, future options, forwards contracts and swap contracts

 4,891,977

 ( 2,555,134
)

 8,427,848

 Net realized and change in unrealized (gain) loss on private investment company, securities and certificates of deposit

 671,666

 58,051

 ( 5,320,427
)

 Purchases of securities and private investment company

 ( 211,876,630
)

 ( 360,508,855
)

 ( 369,358,038
)

 Proceeds from disposition of private investment
 company and securities

 230,950,774

 366,048,450

 389,541,159

 Changes in

 Exchange Membership

 73,000

 ( 75,000
)

 ( 61,000
)

 Dividend receivable

 ( 9,358
)

 ( 20,336
)

 ( 901
)

 Trading Advisor management fee payable

 ( 42,308
)

 ( 39,917
)

 ( 28,848
)

 Trading Advisor incentive fee payable

 ( 354,828
)

 ( 367,086
)

 721,914

 Commissions and other trading fees payable on open contracts

 ( 1,350
)

 ( 1,368
)

 ( 8,452
)

 Cash Manager fees Payable

 ( 2,938
)

 ( 6,204
)

 General Partner management and performance fees payable

 ( 39,615
)

 ( 1,190
)

 ( 30,932
)

 General Partner 1 % allocation receivable / payable

 ( 230,441
)

 30,765

 227,645

 Selling Agent fees payable - General Partner

 ( 39,106
)

 ( 3,773
)

 ( 29,183
)

 Broker dealer servicing fees payable - General Partner

 ( 1,209
)

 ( 1,066
)

 Administrative fee payable – General Partner

 ( 11,917
)

 ( 877
)

 ( 9,226
)

 Interest payable

 19,518

 17,985

 3,384

 Net cash provided by (used in) operating activities

 14,898,650

 16,297,024

 34,736,987

 Cash flows from financing activities

 1,406,000

 512,300

 1,903,492

 Subscriptions received in advance

 9,700

 162,000

 —

 ( 24,075,521
)

 ( 15,140,061
)

 ( 37,190,168
)

 Net cash provided by (used in) financing activities

 ( 22,659,821
)

 ( 14,465,761
)

 ( 35,286,676
)

 Net increase (decrease) in cash and cash equivalents

 ( 7,761,171
)

 1,831,263

 ( 549,689
)

 Cash and cash equivalents, beginning of year

 51,851,453

 50,020,190

 50,569,879

 Cash and cash equivalents, end of year

 $
 44,090,282

 $
 51,851,453

 $
 50,020,190

 End of year cash and cash equivalents consists of

 Cash in broker trading accounts

 $
 38,283,809

 $
 41,012,793

 $
 44,372,309

 Cash and cash equivalents

 5,806,473

 10,838,660

 5,647,881

 Total end of year cash and cash equivalents

 $
 44,090,282

 $
 51,851,453

 $
 50,020,190

 Supplemental disclosure of cash flow information

 Prior year redemptions paid

 $
 701,837

 $
 1,285,931

 $
 5,585,666

 Prior year subscriptions received in advance

 $
 162,000

 $
 —

 $
 33,000

 Supplemental schedule of non-cash financing activities

 Redemptions payable

 $
 1,544,109

 $
 701,837

 $
 1,285,931

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

 F- 15

of Changes in Partners' Capital (Net Asset Value)

 Years

 Total

 Balance at December 31, 2020

 $
 118,745,248

 $
 523,333

 $
 83,577

 $
 45,043,756

 $
 262,500

 $
 7,779,218

 $
 172,437,632

 6,627,899

 27,473

 3,173

 3,396,250

 23,319

 591,201

 10,669,315

 533,492

 —

 —

 1,403,000

 —

 —

 1,936,492

 ( 21,324,321
)

 ( 184,599
)

 ( 47,162.00
)

 ( 10,097,196
)

 —

 ( 1,237,155
)

 ( 32,890,433
)

 ( 340,400
)

 —

 —

 340,400

 —

 —

 —

 Balance at December 31, 2021

 104,241,918

 366,207

 39,588

 40,086,210

 285,819

 7,133,264

 152,153,006

 8,823,243

 35,621

 6,669

 4,082,504

 31,553

 735,489

 13,715,079

 85,000

 —

 —

 427,300

 —

 —

 512,300

 ( 10,051,849
)

 ( 57,715
)

 ( 46,257
)

 ( 4,295,394
)

 —

 ( 104,752
)

 ( 14,555,967
)

 ( 410,142
)

 —

 —

 410,142

 —

 —

 —

 Balance at December 31, 2022

 102,688,170

 344,113

 —

 40,710,762

 317,372

 7,764,001

 151,824,418

 ( 6,639,644
)

 ( 13,278
)

 —

 ( 2,018,853
)

 ( 15,095
)

 ( 411,715
)

 ( 9,098,585
)

 826,000

 —

 —

 742,000

 —

 —

 1,568,000

 ( 17,560,350
)

 ( 225,937
)

 —

 ( 6,884,828
)

 ( 10,946
)

 ( 235,732
)

 ( 24,917,793
)

 ( 759,350
)

 —

 —

 759,350

 —

 —

 —

 Balance at December 31, 2023

 $
 78,554,826

 $
 104,898

 $
 —

 $
 33,308,431

 $
 291,331

 $
 7,116,554

 $
 119,376,040

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

 F- 16

of Changes in Partners' Capital (Net Asset Value) continued

 Years

 Units

 Balance at December 31, 2020

 $
 31,093.6903

 $
 523.0978

 $
 86.0607

 $
 7,397.6585

 $

 $
 7,667.4336

 133.7636

 0.0000

 —

 218.3534

 —

 —

 ( 5,378.9986
)

 ( 182.39
)

 ( 48.0607
)

 ( 1,566.2308
)

 —

 ( 1,162.1188
)

 ( 86.2821
)

 —

 —

 53.7593

 —

 —

 Balance at December 31, 2021

 25,762.1732

 340.7072

 38.0000

 6,103.5404

 6,505.3148

 18.7502

 —

 —

 58.3221

 —

 —

 ( 2,203.8652
)

 ( 48.5000
)

 ( 38.0000
)

 ( 581.4620
)

 —

 ( 81.1583
)

 ( 89.9735
)

 —

 —

 54.7784

 —

 —

 Balance at December 31, 2022

 23,487.0847

 292.2072

 —

 5,635.1789

 6,424.1565

 193.3296

 —

 —

 105.8827

 —

 —

 ( 4,121.4827
)

 ( 197.4320
)

 —

 ( 959.6027
)

 ( 9.3117
)

 ( 196.1416
)

 ( 174.7259
)

 —

 —

 104.6491

 —

 —

 Balance at December 31, 2023

 19,384.2057

 94.7752

 —

 4,886.1080

 247.1650

 6,228.0149

 Net Asset Value per Unit

 $

 $

 $
 —

 $

 $

 $

 December 31, 2022

 —

 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.

 F- 17

 Notes
to Financial Statements

 1. Organization
and Summary of Significant Accounting Policies

of the Fund

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 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 a commodities introducing broker, 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.

 Octavus
Group is the parent company of LoCorr Fund Management, LLC, which serves as the investment advisor to multiple alternative investment
mutual funds. LoCorr Fund Management operates alternative investment funds with a low correlation to traditional asset classes.

 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 1.5 0% 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 and change in unrealized 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.

 F- 19

 Fair
Value of Financial Instruments

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

 Level 1 –

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

 Level 2 –

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

 Level 3 –

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

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

 The
Fund assesses the classification of the instruments at each measurement date, and any transfers between levels are recognized
on the actual date of the event or change in circumstances that caused the transfer in accordance with the Fund's accounting
policy regarding the recognition of transfers between levels of the fair value hierarchy. For the years ended December 31, 2023
and 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 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.

 F- 20

 Cash
and Cash Equivalents

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

 Exchange
Membership

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

 Brokerage
Commissions and Trading Expenses

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

Payable

payable represent redemptions that meet the requirements of the Fund and have been approved by the General Partner prior to year-end.
These redemptions have been recorded using the year 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 December 31, 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 in the 2022 and 2021 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.

 2. Fair
Value Disclosures

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

 At December 31, 2023

 Level 1

 Level 2

 Valued at NAV

 Total

 Equity in broker trading accounts:

 Net unrealized
gain (loss) on open futures contracts*

 $
)

 $
 —

 $
 —

 $
)

 Net unrealized gain (loss) on open forward currency contracts*

 —

)

 —

)

 Net unrealized gain (loss) on swap contracts*

 —

 —

 Cash and cash equivalents:

 Money market funds

 1,864,439

 —

 —

 1,864,439

 Investment in private investment company

 —

 —

 Investment in securities:

 U.S. Treasury securities*

 —

 —

 Asset backed securities*

 —

 —

 Commercial paper*

 —

 17,337,749

 —

 17,337,749

 Corporate notes*

 —

 31,185,533

 —

 31,185,533

 Exchange membership

 —

 114,000

 —

 114,000

 Total

 $
 21,578,657

 $
 55,320,999

 $

 $
 79,147,838

 *
 See the condensed schedule
 of investments for further description.

 F- 21

 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*

 $

 $
 —

 $
 —

 $

 Net unrealized gain (loss) on open forward
 currency contracts*

 —

 —

 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

 —

 —

 Investment in securities:

 U.S. Treasury securities*

 —

 —

 Asset backed securities*

 —

 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

 $

 $
 106,174,431

 *
 See the condensed schedule
 of investments for further description.

 There
were no Level 3 holdings at December 31, 2023 and 2022, or during the three years ended December 31, 2023.

 In
addition to the financial instruments listed above, substantially all 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.

 F- 22

 3. Derivative
Instruments Disclosures

 The
Fund's derivative contracts are comprised of futures, forward currency contracts and swap contracts, none of which are designated
as hedging instruments. At December 31, 2023 and 2022, the Fund's derivative contracts had the following impact on the statements
of financial condition:

31, 2023

 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:

 $
 1,459,095

 $
 ( 788,628
)

 $
 670,467

 333,251

 ( 636,000
)

 ( 302,749
)

 467,312

 ( 853,037
)

 ( 385,725
)

 765,085

 ( 484,401
)

 280,684

 1,392,319

 ( 2,203,471
)

 ( 811,152
)

 1,593,837

 ( 1,785,259
)

 ( 191,422
)

 $
 6,010,899

 $
 ( 6,750,796
)

 $
)

 $
 1,826,591

 $
 ( 3,548,450
)

 $
)

 Net unrealized gain (loss) on swap contract

 $

 $
 —

 $

 At
December 31, 2023, there were 9,399 open futures contracts, 2,620 open forward currency contracts and 253 open swap contracts.

 The
Fund's financial assets, derivative assets, and cash collateral held by counterparties at December 31, 2023 were:

 Gross Amounts Not Offset in the
 Statements of Financial Condition

 Counterparty

 Net Amount of
Liabilities in the
Statements of
 Condition

 Instruments

 Cash Collateral

 Received

 Net Amount

 Deutsche Bank, AG

 $
 ( 935,202
)

 $
 —

 $
 —

 $
 ( 935,202
)

 Deutsche Bank Securities, Inc

 ( 648,634
)

 —

 —

 ( 648,634
)

 SG Americas Securities, LLC

 ( 779,195
)

 —

 —

 ( 779,195
)

 Goldman Sachs & Co. LLC

 ( 98,707
)

 —

 —

 ( 98,707
)

 Total

 $
 ( 2,461,738
)

 $
 —

 $
 —

 $
 ( 2,461,738
)

 F- 23

 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

 $
 1,179,782

 $
 ( 478,801
)

 $
 700,981

 751,210

 ( 373,598
)

 377,612

 1,331,889

 ( 177,182
)

 1,154,707

 334,088

 ( 1,657,907
)

 ( 1,323,819
)

 3,320,907

 ( 1,716,875
)

 1,604,032

 3,703,358

 ( 3,817,244
)

 ( 113,886
)

 $
 10,621,234

 $
 ( 8,221,607
)

 $

 $
 2,172,854

 $
 ( 2,143,281
)

 $

 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

Condition

 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

 F- 24

 For
the years ended December 31, 2023, 2022 and 2021, the Fund's futures, forwards and swap contracts had the following impact
on the statements of operations:

 2023

 2022

 Types of Exposure

 Net realized

 Net change

 in unrealized

 Net realized

 Net change

 in unrealized

 Futures contracts

 $
 2,009,524

 $
 ( 30,513
)

 $
 ( 2,678,624
)

 $
 371,527

 513,203

 ( 680,360
)

 ( 389,809
)

 507,136

 ( 35,162
)

 ( 1,540,432
)

 12,294,731

 899,000

 ( 72,594
)

 1,604,502

 ( 8,906,934
)

 ( 1,717,334
)

 ( 242,998
)

 ( 2,415,184
)

 14,260,170

 3,149,938

 ( 2,444,933
)

 ( 77,537
)

 ( 457,696
)

 ( 86,924
)

 Total futures contracts

 ( 272,960
)

 ( 3,139,524
)

 14,121,838

 3,123,343

 Future options contracts

 —

 —

 ( 508,190
)

 —

 ( 95,205
)

 —

 —

 —

 Total future options contracts

 ( 95,205
)

 —

 ( 508,190
)

 —

 Forward currency contracts

 1,204,039

 ( 1,751,432
)

 9,720,459

 ( 298,466
)

 Swap contracts

 ( 1,311,983
)

 ( 1,021
)

 ( 872,588
)

 ( 269,743
)

 Total futures, futures options, swap and forward
 contracts

 $
 ( 476,109
)

 $
 ( 4,891,977
)

 $
 22,461,519

 $
 2,555,134

 2021

 Types of Exposure

 Net realized gain

 (loss)

 Net change

 in unrealized

 Futures contracts

 $
 5,286,889

 $
 ( 1,733,318
)

 695,409

 ( 348,301
)

 14,790,634

 ( 207,188
)

 16,065,310

 ( 2,335,551
)

 ( 11,179,266
)

 ( 2,120,036
)

 1,325,991

 ( 2,149,304
)

 Total futures contracts

 26,984,967

 ( 8,893,698
)

 Future options contracts

 45,100

 —

 ( 435,238
)

 157,775

 232,745

 —

 Total future options contracts

 ( 157,393
)

 157,775

 Forward currency contracts

 ( 3,842,125
)

 345,968

 Swap contracts

 178,623

 270,782

 Total futures, futures options, swap and forward currency

 $
 23,164,072

 $
 ( 8,119,173
)

 For
the years ended December 31, 2023, 2022 and 2021, the number of futures contracts closed was 412,833, 470,288 and 456,177, respectively,
the number of futures options contracts closed was 698, 730 and 2,286, respectively, the number of forward currency contracts
closed was 229,843, 257,987 and 371,440, respectively and the number of swap contracts closed was 2,347, 260 and 169, respectively.

 F- 25

 4.
 General Partner

 At December 31, 2023, 2022 and 2021, and for
the years then ended, the General Partner did not maintain a capital 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.

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

 Selling
 Agent Fees – the Class A Units incur a monthly fee equal to 1/12th 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.

 Administrative
 Fee – 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).

 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.

 5.
 Trading Advisors and Cash Managers

 The Fund has advisory agreements
with various 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 "Cash Manager"). The Fund incurs monthly fees, payable in arrears to the Cash Manager,
equal to approximately 1/12th of 0.15 % and 1/12th of 0.14 % of the investments in securities and certificates of deposit as of the
period ended December 31, 2023 and 2022, respectively.

 6.
 Deposits with Brokers

 To meet margin requirements, the Fund deposits
funds with brokers, subject to CFTC regulations and various exchange and broker requirements. The Fund earns interest income on
its assets deposited with brokers. At December 31, 2023 and 2022, the Fund had assets totaling
$ 35,822,071 and $ 43,443,032, respectively, with brokers and margin deposit requirements of $ 24,415,248 and $ 23,742,431,
respectively.

 F- 26

 7.
 Subscriptions, Distributions and Redemptions

 Investments in the Fund are made by
subscription agreement and must be received within five business days of the end of the month, subject to acceptance by the
General Partner. The minimum investment is $ 10,000 for Class A, A2, 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. At December 31,
2023 and 2022, the Fund received advance subscriptions of $ 9,700 and $ 162,000, respectively, which were recognized as
subscriptions to the Fund subsequent to period-end.

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

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

 8.
 Trading Activities and Related Risks

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

 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 ("CE Act") 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.

 F- 27

 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 December
31, 2023:

 Country or Region

 U.S. Treasury Securities

 Commercial Paper

 Corporate Notes

 Asset Backed Securities

 Total

 United States

 $

 $
 12,644,114

 $
 26,284,258

 $

 $
 67,788,045

 56.79
 %

 Ireland

 —

 749,655

 —

 —

 749,655

 0.62
 %

 United Kingdom

 —

 1,597,176

 3,878,058

 —

 5,475,234

 4.58
 %

 Canada

 —

 1,693,712

 1,023,217

 —

 2,716,929

 2.28
 %

 Singapore

 —

 653,092

 —

 —

 653,092

 0.55
 %

 Total

 $

 $
 17,337,749

 $
 31,185,533

 $

 $
 77,382,955

 64.82
 %

 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

 United States

 $

 $
 13,170,309

 $
 47,298,757

 $

 $
 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

 $

 $
 19,154,981

 $
 53,994,676

 $

 $
 96,080,516

 63.28
 %

 F- 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.

 F- 29

 10.
 Highlights

 The
following information presents per unit operating performance data and other ratios for the years ended December 31, 2023, 2022
and 2021, assuming the unit was outstanding throughout the entire year:

 2023

 Per Unit Operating Performance

 Net asset value per unit, beginning of year

 $

 $

 $

 $

 $

 Net realized and change in unrealized gain (loss) on investments (1)

 ( 229.78
)

 ( 60.79
)

 ( 387.10
)

 ( 67.28
)

 ( 65.26
)

 Net investment income (loss) (1)

 ( 89.81
)

 ( 10.02
)

 ( 20.33
)

 8.54

 ( 0.63
)

 Total income (loss) from operations

 ( 319.59
)

 ( 70.81
)

 ( 407.43
)

 ( 58.74
)

 ( 65.89
)

 Net asset value per unit, end of year

 $

 $

 $

 $

 $

 ( 7.31
)%

 ( 6.01
)%

 ( 5.64
)%

 ( 4.75
)%

 ( 5.45
)%

 Other Financial Ratios

 Ratios to average net asset value

 Expenses prior to General Partner 1% allocation (2)

 5.71
 %

 4.34
 %

 3.90
 %

 2.89
 %

 3.65
 %

 General Partner 1% allocation

 ( 0.07
)%

 ( 0.07
)%

 ( 0.05
)%

 ( 0.05
)%

 ( 0.05
)%

 Net total expenses

 5.64
 %

 4.27
 %

 3.85
 %

 2.84
 %

 3.60
 %

 Net investment income (loss) (2) (3)

 ( 2.17
)%

 ( 0.94
)%

 ( 0.34
)%

 0.65
 %

 ( 0.11
)%

 2022

 Per Unit Operating Performance

 Net asset value per unit, beginning of year

 $
 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)

 637.69

 170.40

 221.97

 1,031.19

 173.43

 171.00

 Net investment income (loss) (1)

 ( 311.90
)

 ( 67.61
)

 ( 46.47
)

 ( 374.49
)

 ( 50.41
)

 ( 58.97
)

 Total income (loss) from operations

 325.79

 102.79

 175.50

 656.70

 123.02

 112.03

 Redemption value per share

 —

 —

 ( 1,217.31
)

 —

 —

 —

 Net asset value per unit, end of year

 $

 $

 $
 —

 $

 $

 $

 8.05
 %

 9.56
 %

 16.85
 %

 10.00
 %

 11.04
 %

 10.22
 %

 Other Financial Ratios

 Ratios to average net asset value

 Expenses prior to General Partner 1% allocation (2)

 8.25
 %

 6.90
 %

 4.27
 %

 6.38
 %

 5.32
 %

 6.10
 %

 General Partner 1% allocation

 0.08
 %

 0.09
 %

 0.16
 %

 0.10
 %

 0.10
 %

 0.09
 %

 Net total expenses

 8.33
 %

 6.99
 %

 4.43
 %

 6.48
 %

 5.42
 %

 6.19
 %

 Net investment income (loss) (2) (3)

 ( 6.87
)%

 ( 5.55
)%

 ( 4.04
)%

 ( 5.00
)%

 ( 3.92
)%

 ( 4.70
)%

 F- 30

 2021

 Per Unit Operating Performance

 Net asset value per Unit, beginning of year

 $
 3,818.95

 $
 1,000.45

 $
 971.15

 $
 6,088.92

 $
 1,023.49

 $
 1,014.58

 Net realized and change in unrealized gain (loss) on investments (1)

 456.98

 118.17

 113.08

 735.11

 124.22

 122.57

 Net investment income (loss) (1)

 ( 229.61
)

 ( 43.77
)

 ( 42.42
)

 ( 256.33
)

 ( 33.30
)

 ( 40.62
)

 Total income (loss) from operations

 227.37

 74.40

 70.66

 478.78

 90.92

 81.95

 Net asset value per unit, end of year

 $
 4,046.32

 $
 1,074.85

 $
 1,041.81

 $
 6,567.70

 $
 1,114.41

 $
 1,096.53

 5.95
 %

 7.44
 %

 7.28
 %

 7.86
 %

 8.88
 %

 8.08
 %

 Other Financial Ratios

 Ratios to average net asset value

 Expenses prior to General Partner 1% allocation (2)

 6.37
 %

 4.93
 %

 5.07
 %

 4.57
 %

 3.54
 %

 4.33
 %

 General Partner 1% allocation

 0.06
 %

 0.07
 %

 0.07
 %

 0.08
 %

 0.08
 %

 0.08
 %

 Net total expenses (3)

 6.43
 %

 5.00
 %

 5.14
 %

 4.65
 %

 3.62
 %

 4.41
 %

 Net investment income (loss) (2) (4)

 ( 5.80
)%

 ( 4.34
)%

 ( 4.46
)%

 ( 4.00
)%

 ( 2.98
)%

 ( 3.77
)%

 Class A3 units were fully redeemed on July 1, 2022. The total return for 2022 is for the
period from January 1, 2022 to June 30, 2022 and is not annualized.

 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 year. 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.

 (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)
 Ratio excludes expenses from investment in private investment
company.

 (4)
 Ratio excludes General Partner 1% allocation.

 11.
 Subsequent Events

 After year end, there were $ 9,700 of contributions
and $ 2,037,427 of redemptions from the Fund.

 F- 31