Attached files
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2021
Commission file number: 000-50728
FUTURES PORTFOLIO FUND, LIMITED PARTNERSHIP
Organized in Maryland | IRS Employer Identification No.: 52-1627106 |
Address: c/o Steben & Company, LLC,
687 Excelsior Boulevard,
Excelsior, MN 55331
Telephone: (952) 767-6900
Securities registered pursuant to Section 12(b) of the Act: N/A
Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definition of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer | ☐ | Accelerated filer | ☐ | |
Non-accelerated filer | ☒ | Smaller reporting company | ☐ | |
Emerging growth company | ☐ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes ☐ No ☒
PART I: FINANCIAL INFORMATION
Item 1. Financial Statements
Futures Portfolio Fund, Limited Partnership
Statements of Financial Condition
March 31, 2021 (unaudited) and December 31, 2020
March 31, | ||||||||
2021 | December 31, | |||||||
(Unaudited) | 2020 | |||||||
Assets | ||||||||
Equity in broker trading accounts | ||||||||
Cash | $ | 40,788,575 | $ | 44,519,197 | ||||
Net unrealized gain (loss) on open futures contracts | 819,764 | 8,169,982 | ||||||
Net open futures options contracts (net premium paid $0 and $308,675) | — | 150,900 | ||||||
Net unrealized gain (loss) on open forward currency contracts | 510,294 | (17,929 | ) | |||||
Net unrealized gain (loss) on swap contracts | 97 | — | ||||||
Total equity in broker trading accounts | 42,118,730 | 52,822,150 | ||||||
Cash and cash equivalents | 8,632,899 | 6,050,682 | ||||||
Investment in private investment company, at fair value (cost$ 4,166,667 and $0) | 3,986,132 | — | ||||||
Investment in securities, at fair value (cost $114,155,430 and $119,021,021) | 114,711,526 | 119,837,286 | ||||||
General Partner 1% allocation receivable | — | 119,874 | ||||||
Exchange membership, at fair value (cost $189,000 and $189,000) | 46,000 | 51,000 | ||||||
Total assets | $ | 169,495,287 | $ | 178,880,992 | ||||
Liabilities and Partners’ Capital (Net Asset Value) | ||||||||
Liabilities | ||||||||
Trading Advisor management fees payable | $ | 255,835 | $ | 254,786 | ||||
Trading Advisor incentive fees payable | 304,999 | — | ||||||
Commissions and other trading fees payable on open contracts | 25,288 | 30,761 | ||||||
Cash Managers fees payable | 34,881 | 36,558 | ||||||
General Partner management and performance fees payable | 210,467 | 223,028 | ||||||
General Partner 1% allocation payable | 17,380 | — | ||||||
Selling Agent payable - General Partner | 192,789 | 205,514 | ||||||
Broker dealer servicing fees payable - General Partner | 7,439 | 7,784 | ||||||
Administrative fee payable - General Partner | 62,444 | 66,263 | ||||||
Dividend and interest payable | 2,510 | — | ||||||
Redemption payable | 5,191,505 | 5,585,666 | ||||||
Subscriptions received in advance | 300,000 | 33,000 | ||||||
Total liabilities | 6,605,537 | 6,443,360 | ||||||
Partners’ Capital (Net Asset Value) | ||||||||
Class A Interests – 28,924.7788 and 31,093.6904 units outstanding at March 31, 2021 and December 31, 2020, respectively | 111,465,264 | 118,745,248 | ||||||
Class A2 Interests – 340.7057 and 523.0963 units outstanding at March 31, 2021 and December 31, 2020, respectively | 345,152 | 523,333 | ||||||
Class A3 Interests – 38.0000 and 86.0607 units outstanding at March 31, 2021 and December 31, 2020, respectively | 37,354 | 83,577 | ||||||
Class B Interests – 7,037.5313 and 7,397.6585 units outstanding at March 31, 2021 and December 31, 2020, respectively | 43,433,557 | 45,043,756 | ||||||
Class I Interests – 256.4767 and 256.4767 units outstanding at March 31, 2021 and December 31, 2020, respectively | 266,696 | 262,500 | ||||||
Class R Interests – 7,135.6299 and 7,667.4336 units outstanding at March 31, 2021 and December 31, 2020, respectively | 7,341,727 | 7,779,218 | ||||||
Total partners’ capital (net asset value) | 162,889,750 | 172,437,632 | ||||||
Total liabilities and partners’ capital (net asset value) | $ | 169,495,287 | $ | 178,880,992 |
The accompanying notes are an integral part of these financial statements.
1
Futures Portfolio Fund, Limited Partnership
Condensed Schedule of Investments
March 31, 2021 (Unaudited)
% of Partners’ | |||||||||||||
Capital (Net | |||||||||||||
Description | Fair Value | Asset Value) | |||||||||||
INVESTMENTS IN SECURITIES | |||||||||||||
U.S. Treasury Securities | |||||||||||||
Face Value | Maturity Date | Name | Yield 1 | ||||||||||
$ | 6,000,000 | 10/31/21 | U.S. Treasury | 2.00% | $ | 6,117,887 | 3.76 | % | |||||
6,000,000 | 1/31/22 | U.S. Treasury | 1.38% | 6,078,362 | 3.73 | % | |||||||
Total U.S. Treasury securities (cost: $12,264,375) | 12,196,249 | 7.49 | % | ||||||||||
U.S. Commercial Paper | |||||||||||||
Face Value | Maturity Date | Name | Yield 1 | ||||||||||
Diversified financial services | |||||||||||||
$ | 1,200,000 | 5/3/21 | DCAT, LLC | 0.15% | 1,199,840 | 0.73 | % | ||||||
1,200,000 | 4/27/21 | Gotham Funding Corporation | 0.12% | 1,199,896 | 0.73 | % | |||||||
1,200,000 | 4/5/21 | Manhattan Asset Funding Company LLC | 0.10% | 1,199,984 | 0.74 | % | |||||||
Energy | |||||||||||||
1,200,000 | 4/13/21 | ONE Gas, Inc. | 0.13% | 1,199,944 | 0.74 | % | |||||||
Healthcare | |||||||||||||
1,200,000 | 4/21/21 | UnitedHealth Group Incorporated | 0.12% | 1,199,913 | 0.74 | % | |||||||
Manufacturing | |||||||||||||
1,200,000 | 4/6/21 | Sheffield Receivables Company LLC | 0.12% | 1,199,977 | 0.74 | % | |||||||
Water | |||||||||||||
1,200,000 | 4/5/21 | American Water Capital Corp. | 0.10% | 1,199,984 | 0.74 | % | |||||||
Total U.S. commercial paper (cost: $8,398,358) | 8,399,538 | 5.16 | % |
The accompanying notes are an integral part of these financial statements.
2
Futures Portfolio Fund, Limited Partnership
Condensed Schedule of Investments (continued)
March 31, 2021 (Unaudited)
% of Partners’ | |||||||||||||
Capital (Net | |||||||||||||
Description | Fair Value | Asset Value) | |||||||||||
Foreign Commercial Paper | |||||||||||||
Face Value | Maturity Date | Name | Yield 1 | ||||||||||
Banks | |||||||||||||
$ | 1,200,000 | 4/22/21 | DBS Bank Ltd. | 0.11% | $ | 1,199,923 | 0.74 | % | |||||
1,200,000 | 4/23/21 | KfW | 0.10% | 1,199,927 | 0.74 | % | |||||||
1,200,000 | 5/10/21 | National Bank of Canada | 0.14% | 1,199,818 | 0.73 | % | |||||||
1,200,000 | 4/20/21 | Nordea Bank Abp | 0.14% | 1,199,905 | 0.74 | % | |||||||
1,200,000 | 6/16/21 | Skandinaviska Enskilda Banken AB (publ.) | 0.00% | 1,199,620 | 0.73 | % | |||||||
1,200,000 | 6/2/21 | United Overseas Bank Limited | 0.10% | 1,199,793 | 0.73 | % | |||||||
1,200,000 | 4/12/21 | Westpac Banking Corporation | 0.15% | 1,199,941 | 0.74 | % | |||||||
Chemicals | |||||||||||||
1,200,000 | 5/25/21 | BASF SE | 0.18% | 1,199,676 | 0.73 | % | |||||||
Diversified financial services | |||||||||||||
1,200,000 | 4/7/21 | Nieuw Amsterdam Receivables Corporation B.V. | 0.12% | 1,199,972 | 0.74 | % | |||||||
Energy | |||||||||||||
1,200,000 | 4/28/21 | Total Capital Canada Ltd. | 0.14% | 1,199,874 | 0.74 | % | |||||||
Insurance | |||||||||||||
1,200,000 | 4/7/21 | Prudential plc | 0.06% | 1,199,986 | 0.74 | % | |||||||
Total foreign commercial paper (cost: $13,196,500) | 13,198,435 | 8.10 | % | ||||||||||
Total commercial paper (cost: $21,594,858) | 21,597,973 | 13.26 | % | ||||||||||
U.S. Corporate Notes | |||||||||||||
Face Value | Maturity Date | Name | Yield 1 | ||||||||||
Aerospace | |||||||||||||
$ | 4,000,000 | 5/1/22 | Boeing Company | 2.70% | 4,130,256 | 2.54 | % | ||||||
1,600,000 | 8/16/23 | Raytheon Technologies Corporation | 3.65% | 1,716,198 | 1.05 | % | |||||||
Agriculture | |||||||||||||
4,850,000 | 5/5/21 | Altria Group, Inc. | 4.75% | 4,961,569 | 3.05 | % | |||||||
Banks | |||||||||||||
4,000,000 | 5/5/23 | Credit Suisse AG, New York Branch | 1.00% | 4,035,742 | 2.48 | % | |||||||
5,000,000 | 4/25/23 | JPMorgan Chase & Co. | 2.78% | 5,178,222 | 3.18 | % | |||||||
4,000,000 | 5/17/22 | SunTrust Bank | 2.80% | 4,146,545 | 2.55 | % | |||||||
4,250,000 | 1/24/24 | Wells Fargo & Company | 3.75% | 4,625,701 | 2.84 | % | |||||||
Diversified financial services | |||||||||||||
4,000,000 | 1/8/24 | Athene Global Funding | 0.95% | 4,009,209 | 2.46 | % | |||||||
4,250,000 | 4/26/22 | Goldman Sachs Group, Inc. | 3.00% | 4,310,200 | 2.65 | % | |||||||
600,000 | 12/7/23 | The Bank of New York Mellon Corporation | 0.35% | 599,868 | 0.37 | % | |||||||
Equipment | |||||||||||||
3,500,000 | 4/24/23 | Micron Technology, Inc. | 2.50% | 3,669,035 | 2.25 | % | |||||||
Food | |||||||||||||
2,000,000 | 4/16/21 | General Mills, Inc. | 3.20% | 2,031,105 | 1.25 | % | |||||||
Healthcare | |||||||||||||
3,000,000 | 6/1/21 | CVS Health Corporation | 2.13% | 3,024,700 | 1.86 | % | |||||||
Pharmaceuticals | |||||||||||||
3,500,000 | 6/25/21 | Bayer US Finance II LLC | 0.83% | 3,502,879 | 2.15 | % | |||||||
4,000,000 | 5/16/22 | Bristol-Myers Squibb Company | 2.60% | 4,136,084 | 2.54 | % | |||||||
3,500,000 | 2/1/23 | Zoetis Inc. | 3.25% | 3,667,323 | 2.25 | % | |||||||
Telecommunications | |||||||||||||
4,000,000 | 2/9/22 | Apple Inc. | 2.50% | 4,083,952 | 2.51 | % | |||||||
3,500,000 | 6/30/22 | AT&T Inc. | 3.00% | 3,624,272 | 2.22 | % | |||||||
Total U.S. corporate notes (cost: $64,852,871) | 65,452,860 | 40.20 | % |
The accompanying notes are an integral part of these financial statements.
3
Futures Portfolio Fund, Limited Partnership
Condensed Schedule of Investments (continued)
March 31, 2021 (Unaudited)
% of Partners’ | |||||||||||||
Capital (Net | |||||||||||||
Description | Fair Value | Asset Value) | |||||||||||
Foreign Corporate Notes | |||||||||||||
Face Value | Maturity Date | Name | Yield 1 | ||||||||||
Banks | |||||||||||||
$ | 3,000,000 | 6/9/23 | Nordea Bank Abp | 1.00% | $ | 3,035,526 | 1.86 | % | |||||
Insurance | |||||||||||||
4,000,000 | 9/20/21 | AIA Group Limited | 0.71% | 4,004,273 | 2.46 | % | |||||||
Total foreign corporate notes (cost: $6,996,910) | 7,039,799 | 4.32 | % | ||||||||||
Total corporate notes (cost: $71,849,781) | 72,492,659 | 44.52 | % | ||||||||||
U.S. Asset Backed Securities | |||||||||||||
Face Value | Maturity Date | Name | Yield 1 | ||||||||||
Automotive | |||||||||||||
$ | 190,733 | 1/18/23 | Americredit Automobile Receivables Trust 2019-3 | 2.17% | 191,248 | 0.12 | % | ||||||
371,000 | 8/15/28 | Ford Credit Auto Owner Trust 2017-Rev1 | 2.62% | 378,828 | 0.23 | % | |||||||
203,062 | 6/20/22 | Honda Auto Receivables 2019-4 Owner Trust | 1.86% | 203,830 | 0.13 | % | |||||||
108,504 | 5/15/23 | Santander Drive Auto Receivables Trust 2020-2 | 0.62% | 108,597 | 0.07 | % | |||||||
146,319 | 4/20/22 | Santander Retail Auto Lease Trust 2019-B | 2.29% | 146,731 | 0.09 | % | |||||||
700,000 | 3/20/25 | TESLA 2021-A A2 | 0.36% | 699,874 | 0.43 | % | |||||||
276,922 | 4/20/22 | Tesla Auto Lease Trust 2019-A | 2.13% | 279,172 | 0.17 | % | |||||||
111,316 | 8/15/23 | World Omni Select Auto Trust 2019-A | 2.06% | 111,704 | 0.07 | % | |||||||
427,860 | 12/15/23 | World Omni Auto Receivables Trust 2020-C | 0.35% | 428,219 | 0.26 | % | |||||||
462,811 | 6/17/24 | World Omni Select Auto Trust 2020-A | 0.47% | 463,289 | 0.27 | % | |||||||
Credit cards | |||||||||||||
575,000 | 9/15/21 | American Express Credit Account Master Trust 2018 - 8 | 3.18% | 583,615 | 0.36 | % | |||||||
250,000 | 9/15/24 | Synchrony Card Issuance Trust, Series 2018-1 | 3.38% | 253,915 | 0.16 | % | |||||||
250,000 | 5/15/24 | Synchrony Credit Card Master Note Trust 2016-2 | 2.21% | 250,848 | 0.15 | % | |||||||
Equipment | |||||||||||||
600,000 | 10/22/24 | Dell Equipment Finance Trust 2019-2 | 1.91% | 607,204 | 0.37 | % | |||||||
604,470 | 6/22/22 | Dell Equipment Finance Trust 2020-1 | 2.26% | 610,155 | 0.37 | % | |||||||
546,293 | 6/15/22 | GreatAmerica Leasing Receivables Funding, LLC | 1.76% | 549,543 | 0.34 | % | |||||||
775,000 | 7/22/30 | HPEFS Equipment Trust 2020-2 | 0.69% | 777,083 | 0.48 | % | |||||||
1,000,000 | 3/20/31 | HPEFS Equipment Trust 2021-1 | 0.27% | 1,000,060 | 0.61 | % | |||||||
383,907 | 4/20/23 | Verizon Owner Trust 2018-A | 3.23% | 388,447 | 0.24 | % | |||||||
375,000 | 7/22/24 | Verizon Owner Trust 2020-A | 1.85% | 382,573 | 0.23 | % | |||||||
Student loans | |||||||||||||
9,704 | 11/25/27 | SLM Student Loan Trust 2011-2 | 0.71% | 9,710 | 0.01 | % | |||||||
Total U.S. asset backed securities (cost: $8,446,416) | 8,424,645 | 5.16 | % | ||||||||||
Total investments in securities (cost: $114,155,430) | $ | 114,711,526 | 70.43 | % |
The accompanying notes are an integral part of these financial statements.
4
Futures
Portfolio Fund, Limited Partnership
Condensed Schedule of Investments (continued)
March 31, 2021 (Unaudited)
Description | Fair Value | %
of Partners’ Capital (Net Asset Value) |
||||||||
OPEN
FUTURES CONTRACTS Long U.S. Futures Contracts |
||||||||||
Agricultural commodities | $ | 582,708 | 0.36 | % | ||||||
Currencies | (80,825 | ) | (0.05 | )% | ||||||
Energy | (578,310 | ) | (0.36 | )% | ||||||
Equity indices | 291,641 | 0.18 | % | |||||||
Interest rate instruments | (707,270 | ) | (0.43 | )% | ||||||
Metals2 | 2,123,542 | 1.30 | % | |||||||
Net unrealized gain (loss) on open long U.S. futures contracts | 1,631,486 | 1.00 | % | |||||||
Short U.S. Futures Contracts | ||||||||||
Agricultural commodities | (16,676 | ) | (0.01 | )% | ||||||
Currencies | 98,276 | 0.06 | % | |||||||
Energy | 41,253 | 0.03 | % | |||||||
Equity indices | 122,583 | 0.08 | % | |||||||
Interest rate instruments | 468,909 | 0.29 | % | |||||||
Metals2 | (1,846,380 | ) | (1.14 | )% | ||||||
Net unrealized gain (loss) on open short U.S. futures contracts | (1,132,035 | ) | (0.69 | )% | ||||||
Total U.S. Futures Contracts - net unrealized gain (loss) on open U.S. futures contracts | 499,451 | 0.31 | % | |||||||
Long Foreign Futures Contracts | ||||||||||
Agricultural commodities | (31,070 | ) | (0.02 | )% | ||||||
Currencies | 33,094 | 0.02 | % | |||||||
Energy | 257,619 | 0.16 | % | |||||||
Equity indices | 550,635 | 0.34 | % | |||||||
Interest rate instruments | (351,726 | ) | (0.22 | )% | ||||||
Metals | 343 | 0.00 | % | |||||||
Net unrealized gain (loss) on open long foreign futures contracts | 458,895 | 0.28 | % | |||||||
Short Foreign Futures Contracts | ||||||||||
Agricultural commodities | (1,614 | ) | 0.00 | % | ||||||
Currencies | 27,410 | 0.02 | % | |||||||
Equity indices | (242,218 | ) | (0.15 | )% | ||||||
Interest rate instruments | 80,351 | 0.05 | % | |||||||
Metals | (2,511 | ) | 0.00 | % | ||||||
Net unrealized gain (loss) on open short foreign futures contracts | (138,582 | ) | (0.08 | )% | ||||||
Total foreign futures contracts - net unrealized gain (loss) on open foreign futures contracts | 320,313 | 0.20 | % | |||||||
Net unrealized gain (loss) on open futures contracts | $ | 819,764 | 0.51 | % |
The accompanying notes are an integral part of these financial statements.
5
Futures
Portfolio Fund, Limited Partnership
Condensed Schedule of Investments (continued)
March 31, 2021 (Unaudited)
Description | Fair Value | %
of Partners’ Capital (Net Asset Value) |
||||||||
OPEN
FORWARD CURRENCY CONTRACTS U.S. Forward Currency Contracts |
||||||||||
Long2 | $ | (2,463,374 | ) | (1.51 | )% | |||||
Short2 | 2,779,594 | 1.71 | % | |||||||
Net unrealized gain (loss) on open U.S. forward currency contracts | 316,220 | 0.20 | % | |||||||
Foreign Forward Currency Contracts | ||||||||||
Long | 179,930 | 0.11 | % | |||||||
Short | 14,144 | 0.01 | % | |||||||
Net unrealized gain (loss) on open foreign forward currency contracts | 194,074 | 0.12 | % | |||||||
Net unrealized gain (loss) on open forward currency contracts | $ | 510,294 | 0.32 | % | ||||||
TOTAL RETURNS SWAP CONTRACTS | ||||||||||
Long | $ | 97 | 0.00 | % | ||||||
INVESTMENT IN PRIVATE INVESTMENT COMPANY 3 | ||||||||||
Investment in private investment company (cost :$4,166,667) | 3,986,132 | 2.45 | % |
1 Represents the annualized yield at date of purchase for discount securities or the stated coupon rate for coupon-bearing securities.
2 No individual futures or forward currency contract position constituted one percent or greater of partners’ capital (net asset value). Accordingly, the number of contracts and expiration dates are not presented.
3 Private investment company is managed by a Commodity Trading Advisor (“CTA”) that 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. The Fund may redeem any portion of its investment on a daily basis. Any requested redemption will be satisfied within two days. There are no restrictions on liquidity for the Fund.
The accompanying notes are an integral part of these financial statements.
6
Futures
Portfolio Fund, Limited Partnership
Condensed Schedule of Investments
December 31, 2020
Description | Fair Value | %
of Partners’ Capital (Net Asset Value) |
|||||||||||||||
INVESTMENTS IN SECURITIES U.S. Treasury Securities |
|||||||||||||||||
Face Value | Maturity Date | Name | Yield1 | ||||||||||||||
$ | 6,000,000 | 10/31/21 | U.S. Treasury | 2.00 | % | $ | 6,113,365 | 3.55 | % | ||||||||
6,000,000 | 1/31/22 | U.S. Treasury | 1.38 | % | 6,115,149 | 3.55 | % | ||||||||||
Total U.S. Treasury securities (cost: $12,320,011) | 12,228,514 | 7.10 | % | ||||||||||||||
U.S. Commercial Paper | |||||||||||||||||
Face Value | Maturity Date | Name | Yield1 | ||||||||||||||
Banks | |||||||||||||||||
$ | 1,200,000 | 1/21/21 | Mitsubishi UFJ Trust & Banking Corporation (U.S.A.) | 0.19 | % | 1,199,867 | 0.70 | % | |||||||||
1,200,000 | 2/8/21 | Mizuho Bank Ltd. , New York Branch | 0.20 | % | 1,199,734 | 0.69 | % | ||||||||||
1,200,000 | 2/3/21 | United Overseas Bank Limited | 0.17 | % | 1,199,802 | 0.70 | % | ||||||||||
Diversified financial services | |||||||||||||||||
1,200,000 | 2/1/21 | DCAT, LLC | 0.15 | % | 1,199,845 | 0.70 | % | ||||||||||
1,200,000 | 2/5/21 | Manhattan Asset Funding Company LLC | 0.18 | % | 1,199,790 | 0.70 | % | ||||||||||
Manufacturing | |||||||||||||||||
1,200,000 | 3/2/21 | Koch Industries, Inc. | 0.18 | % | 1,199,640 | 0.69 | % | ||||||||||
1,200,000 | 2/3/21 | Sheffield Receivables Company LLC’ | 0.20 | % | 1,199,769 | 0.69 | % | ||||||||||
Total U.S. commercial paper (cost: $8,397,259) | 8,398,447 | 4.87 | % |
The accompanying notes are an integral part of these financial statements.
7
Futures
Portfolio Fund, Limited Partnership
Condensed Schedule of Investments (continued)
December 31, 2020
Description | Fair Value | %
of Partners’ Capital (Net Asset Value) |
|||||||||||||||
Foreign Commercial Paper | |||||||||||||||||
Face Value | Maturity Date | Name | Yield1 | ||||||||||||||
Automotive | |||||||||||||||||
$ | 1,200,000 | 1/2/20 | Nationwide Building Society | 0.14 | % | $ | 1,199,977 | 0.70 | % | ||||||||
Banks | |||||||||||||||||
1,200,000 | 2/11/21 | DNB Bank ASA | 0.19 | % | 1,199,740 | 0.69 | % | ||||||||||
1,200,000 | 2/23/21 | Commonwealth Bank of America | 0.22 | % | 1,199,611 | 0.69 | % | ||||||||||
1,200,000 | 1/21/21 | National Australia Bank Limited | 0.16 | % | 1,199,887 | 0.70 | % | ||||||||||
1,200,000 | 3/1/21 | Skandinaviska Enskida Banken AB(publ.) | 0.20 | % | 1,199,597 | 0.69 | % | ||||||||||
1,200,000 | 1/22/21 | Standard Chartered Bank | 0.17 | % | 1,199,874 | 0.70 | % | ||||||||||
1,200,000 | 3/24/21 | The Toronto- Domomion Bank | 0.25 | % | 1,199,303 | 0.69 | % | ||||||||||
1,200,000 | 1/12/21 | Westpac Banking Corporation | 0.14 | % | 1,199,945 | 0.70 | % | ||||||||||
Diversified financial services | |||||||||||||||||
1,200,000 | 1/19/21 | Anglesea Funding Plc | 0.19 | % | 1,199,880 | 0.70 | % | ||||||||||
1,200,000 | 1/8/21 | Longship Funding Designated Activity Company | 0.13 | % | 1,199,965 | 0.70 | % | ||||||||||
Energy | |||||||||||||||||
1,200,000 | 1/28/21 | Total Capital Canada Ltd. | 0.14 | % | 1,199,874 | 0.69 | % | ||||||||||
Telecommunications | |||||||||||||||||
Total foreign commercial paper (cost: $13,195,645) | 13,197,653 | 7.65 | % | ||||||||||||||
Total commercial paper (cost: $21,592,904) | 21,596,100 | 12.52 | % | ||||||||||||||
U.S. Corporate Notes | |||||||||||||||||
Face Value | Maturity Date | Name | Yield1 | ||||||||||||||
Aerospace | |||||||||||||||||
$ | 4,000,000 | 5/1/22 | Boeing Company | 2.70 | % | 4,115,948 | 2.39 | % | |||||||||
600,000 | 8/16/23 | Raytheon Technologies Corporation | 3.65 | % | 654,625 | 0.38 | % | ||||||||||
Agriculture | |||||||||||||||||
4,850,000 | 5/5/21 | Altria Group, Inc. | 4.75 | % | 4,955,274 | 2.87 | % | ||||||||||
Banks | |||||||||||||||||
4,000,000 | 5/5/23 | Credit Suisse AG, New York Branch | 1.00 | % | 4,069,774 | 2.36 | % | ||||||||||
3,000,000 | 4/25/23 | JPMorgan Chase & Co. | 2.78 | % | 5,187,922 | 3.01 | % | ||||||||||
4,000,000 | 5/17/22 | SunTrust Bank | 2.80 | % | 4,144,297 | 2.40 | % | ||||||||||
4,750,000 | 1/15/21 | Wells Fargo Bank, National Association | 2.60 | % | 4,806,985 | 2.79 | % | ||||||||||
Diversified financial services | |||||||||||||||||
4,250,000 | 4/26/22 | Goldman Sachs Group, Inc. | 3.00 | % | 4,308,632 | 2.50 | % | ||||||||||
600,000 | 12/7/23 | The Bank of New York Mellon Corporation | 0.35 | % | 600,814 | 0.35 | % | ||||||||||
Energy | |||||||||||||||||
4,850,000 | 2/15/21 | Enterprise Products Operating LLC | 2.80 | % | 4,907,287 | 2.85 | % | ||||||||||
Equipment | |||||||||||||||||
3,500,000 | 4/24/23 | Micron Technology, Inc. | 2.50 | % | 3,667,014 | 2.13 | % | ||||||||||
Food | |||||||||||||||||
2,000,000 | 4/16/21 | General Mills, Inc. | 3.20 | % | 2,029,905 | 1.18 | % | ||||||||||
Healthcare | |||||||||||||||||
5,000,000 | 9/17/21 | Cigna Corporation | 3.40 | % | 5,157,401 | 2.99 | % | ||||||||||
3,000,000 | 6/1/21 | CVS Health Corporation | 2.13 | % | 3,024,078 | 1.75 | % | ||||||||||
Pharmaceuticals | |||||||||||||||||
3,500,000 | 6/25/21 | Bayer US Finance II LLC | 0.88 | % | 3,507,152 | 2.03 | % | ||||||||||
4,000,000 | 5/16/22 | Bristol-Myers Squibb Company | 2.60 | % | 4,127,928 | 2.39 | % | ||||||||||
3,500,000 | 2/1/23 | Zoetis Inc. | 3.25 | % | 3,731,114 | 2.16 | % | ||||||||||
Telecommunications | |||||||||||||||||
4,000,000 | 2/9/22 | Apple Inc. | 2.50 | % | 4,132,312 | 2.40 | % | ||||||||||
3,500,000 | 6/30/22 | AT&T Inc. | 3.00 | % | 3,621,045 | 2.10 | % | ||||||||||
Total U.S. corporate notes (cost: $69,880,261) | 70,749,507 | 41.03 | % |
The accompanying notes are an integral part of these financial statements.
8
Futures
Portfolio Fund, Limited Partnership
Condensed Schedule of Investments (continued)
December 31, 2020
Description | Fair Value | %
of Partners’ Capital (Net Asset Value) |
|||||||||||||||
Foreign Corporate Notes | |||||||||||||||||
Face Value | Maturity Date | Name | Yield1 | ||||||||||||||
Banks | |||||||||||||||||
$ | 3,000,000 | 6/9/23 | Nordea Bank Abp | 1.00 | % | $ | 3,038,160 | 1.76 | % | ||||||||
Insurance | |||||||||||||||||
4,000,000 | 9/20/21 | AIA Group Limited | 0.76 | % | 4,000,771 | 2.32 | % | ||||||||||
Total foreign corporate notes (cost: $6,996,909) | 7,038,931 | 4.08 | % | ||||||||||||||
Total corporate notes (cost: $76,877,170) | 77,788,438 | 45.11 | % | ||||||||||||||
U.S. Asset Backed Securities | |||||||||||||||||
Face Value | Maturity Date | Name | Yield1 | ||||||||||||||
Automotive | |||||||||||||||||
$ | 33,644 | 9/19/22 | Americredit Automobile Receivales Trust 2019-2 | 2.43 | % | 33,725 | 0.02 | % | |||||||||
440,163 | 1/18/23 | Americredit Automobile Receivables Trust 2019-3 | 2.17 | % | 442,057 | 0.26 | % | ||||||||||
86,991 | 7/20/21 | BMW Vehicle Lease Trust 2018-1 | 3.26 | % | 87,186 | 0.05 | % | ||||||||||
400,000 | 7/15/22 | Carmax Auto Owner Trust 2016-4 | 2.26 | % | 400,607 | 0.23 | % | ||||||||||
353,042 | 6/20/22 | Honda Auto Receivables 2019-4 Owner Trust | 1.86 | % | 355,128 | 0.21 | % | ||||||||||
248,998 | 4/20/22 | Santander Drive Auto Receivables Trust 2019-B | 2.29 | % | 250,474 | 0.15 | % | ||||||||||
186,940 | 5/15/23 | Santander Drive Auto Receivables Trust 2020-2 | 0.62 | % | 186,689 | 0.11 | % | ||||||||||
354,181 | 4/20/22 | Tesla Auto Lease Trust 2019-A | 2.13 | % | 358,011 | 0.21 | % | ||||||||||
199,302 | 8/15/23 | World Omni Selecgt Auto Trust 2019-A | 2.06 | % | 200,366 | 0.12 | % | ||||||||||
450,000 | 12/15/23 | World Omni Auto Receivables Trust 2020-C | 0.35 | % | 450,177 | 0.26 | % | ||||||||||
562,000 | 6/17/24 | World Omni Auto Receivables Trust 2020-A | 0.47 | % | 563,057 | 0.33 | % | ||||||||||
Credit cards | |||||||||||||||||
575,000 | 4/15/24 | American Express Credit Account Master Trust 2018-8 | 3.18 | % | 587,735 | 0.34 | % | ||||||||||
250,000 | 5/15/24 | Synchrony Credit Card Master Note Trust 2016-2 | 2.21 | % | 251,619 | 0.15 | % | ||||||||||
Equipment | |||||||||||||||||
600,000 | 10/22/24 | Dell Equipment Finance Trust 2019-2 | 1.91 | % | 610,611 | 0.35 | % | ||||||||||
826,000 | 6/22/22 | Dell Equipment Finance Trust 2020-1 | 2.26 | % | 836,041 | 0.48 | % | ||||||||||
84,761 | 5/20/22 | DLL 2019-2 LLC | 2.27 | % | 85,024 | 0.04 | % | ||||||||||
752,245 | 6/15/22 | GreatAmerica Leasing Receivables Funding LLC | 1.76 | % | 757,972 | 0.44 | % | ||||||||||
775,000 | 7/22/30 | HPEFS EquipmentTrust 2020-2 | 0.69 | % | 777,815 | 0.45 | % | ||||||||||
585,609 | 4/20/23 | Verizon Owner Trust 2018-A | 3.23 | % | 593,710 | 0.34 | % | ||||||||||
375,000 | 7/22/24 | Verizon Owner Trust 2020-A | 1.85 | % | 383,342 | 0.22 | % | ||||||||||
Student loans | |||||||||||||||||
12,900 | 11/25/27 | SLM Student Loan Trust 2011-2 | 0.75 | % | 12,888 | 0.01 | % | ||||||||||
Total U.S. asset backed securities (cost: $8,230,936) | 8,224,834 | 4.77 | % | ||||||||||||||
Total investments in securities (cost: $119,021,021) | $ | 119,837,286 | 69.50 | % |
The accompanying notes are an integral part of these financial statements.
9
Futures
Portfolio Fund, Limited Partnership
Condensed Schedule of Investments (continued)
December 31, 2020
Description | Fair Value | %
of Partners’ Capital (Net Asset Value) |
|||||||
OPEN FUTURES CONTRACTS | |||||||||
Long U.S. Futures Contracts | |||||||||
Agricultural commodities | $ | 2,135,596 | 1.24 | % | |||||
Currencies | 185,459 | 0.11 | % | ||||||
Energy | 247,270 | 0.14 | % | ||||||
Equity indices | 1,377,249 | 0.80 | % | ||||||
Interest rate instruments | 176,792 | 0.10 | % | ||||||
Metals | 7,267,230 | 4.21 | % | ||||||
Net unrealized gain (loss) on open long U.S. futures contracts | 11,389,596 | 6.60 | % | ||||||
Short U.S. Futures Contracts | |||||||||
Agricultural commodities | (341,526) | (0.20) | % | ||||||
Currencies | (16,365) | (0.01) | % | ||||||
Energy | 35,440 | 0.02 | % | ||||||
Equity indices | (230,173) | (0.13) | % | ||||||
Interest rate instruments | (128,860) | (0.07) | % | ||||||
Metals | (5,147,830) | (2.99) | % | ||||||
Net unrealized gain (loss) on open short U.S. futures contracts | (5,829,315) | (3.38) | % | ||||||
Total U.S. Futures Contracts - net unrealized gain (loss) on open U.S. futures contracts | 5,560,281 | 3.22 | % | ||||||
Long Foreign Futures Contracts | |||||||||
Agricultural commodities | 270,069 | 0.16 | % | ||||||
Currencies | (7,733) | 0.00 | % | ||||||
Energy | 251,686 | 0.15 | % | ||||||
Equity indices | 14,770,692 | 0.86 | % | ||||||
Interest rate instruments | 466,173 | 0.27 | % | ||||||
Metals | 2,942 | 0.00 | % | ||||||
Single stock futures | 403 | 0.00 | % | ||||||
Net unrealized gain (loss) on open long foreign futures contracts | 2,460,632 | 1.44 | % |
The accompanying notes are an integral part of these financial statements.
10
Futures
Portfolio Fund, Limited Partnership
Condensed Schedule of Investments (continued)
December 31, 2020
Description | Fair Value | %
of Partners’ Capital (Net Asset Value) |
|||||||
OPEN FUTURES CONTRACTS (continued) | |||||||||
Short Foreign Futures Contracts | |||||||||
Agricultural commodities | $ | (1,367) | 0.00 | % | |||||
Currencies | 57,417 | 0.03 | % | ||||||
Energy | (71,502) | (0.04) | % | ||||||
Equity indices | 104,496 | 0.06 | % | ||||||
Interest rate instruments | 60,025 | 0.03 | % | ||||||
Net unrealized gain (loss) on open short foreign futures contracts | 149,069 | 0.08 | % | ||||||
Total foreign futures contracts - net unrealized gain (loss) on open foreign futures contracts | 2,609,701 | 1.52 | % | ||||||
Net unrealized gain (loss) on open futures contracts | $ | 8,169,982 | 4.74 | % | |||||
OPEN FUTURE OPTIONS CONTRACTS | |||||||||
Long U.S. Future Options Contracts | |||||||||
Equity Indices (premium paid $588,413) | $ | 264,100 | 0.15 | % | |||||
Short U.S. Future Options Contracts | |||||||||
Equity Indices (premium paid $279,738) | |||||||||
(113,200) | (0.07) | % | |||||||
Net unrealized gain (loss) on open futures options contracts | $ | 150,900 | 0.08 | % | |||||
OPEN FORWARD CURRENCY CONTRACTS | |||||||||
U.S. Forward Currency Contracts | |||||||||
Long2 | $ | 2,003,451 | 1.16 | % | |||||
Short2 | (2,376,232) | (1.38) | % | ||||||
Net unrealized gain (loss) on open U.S. forward currency contracts | (372,781) | (0.22) | % | ||||||
Foreign Forward Currency Contracts | |||||||||
Long | 189,777 | 0.11 | % | ||||||
Short | 165,075 | 0.10 | % | ||||||
Net unrealized gain (loss) on open foreign forward currency contracts | 354,852 | 0.21 | % | ||||||
Net unrealized gain (loss) on open forward currency contracts | $ | (17,929) | (0.01) | % |
1 Represents the annualized yield at date of purchase for discount securities, the stated coupon rate for coupon-bearing securities, or the stated interest rate for certificates of deposit.
2 No individual futures or forward currency contract position constituted one percent or greater of partners’ capital (net asset value). Accordingly, the number of contracts and expiration dates are not presented.
The accompanying notes are an integral part of these financial statements.
11
Futures Portfolio Fund, Limited Partnership
Statements of Operations
For the Three Months Ended March 31, 2021 and 2020
(Unaudited)
Three Months Ended March 31, | ||||||||
2021 | 2020 | |||||||
Realized and Change in Unrealized Gain (Loss) on Investments | ||||||||
Net realized gain (loss) on: | ||||||||
Futures, swaps and forward contracts | $ | 11,273,818 | $ | (27,101,585 | ) | |||
Investments in SMFSF | — | (2,753,150 | ) | |||||
Investments in securities | 263,047 | 278,233 | ||||||
Net change in unrealized gain (loss) on: | ||||||||
Futures, swaps and forward contracts | (6,664,122 | ) | 6,092,379 | |||||
Investments in SMFSF | — | 2,882,001 | ||||||
Investment in private investment company | (180,535 | ) | — | |||||
Investments in securities | (603,832 | ) | (1,146,766 | ) | ||||
Exchange membership | (5,000 | ) | 17,500 | |||||
Brokerage commissions and trading expenses | (269,129 | ) | (529,032 | ) | ||||
Net realized and change in unrealized gain (loss) on investments | 3,814,247 | (22,260,420 | ) | |||||
Net Investment Income (Loss) | ||||||||
Income | ||||||||
Interest income (loss) | 328,865 | 1,083,448 | ||||||
Expenses | ||||||||
Trading Advisor management fee | 626,580 | 889,708 | ||||||
Trading Advisor incentive fee | 304,999 | 213,562 | ||||||
Cash Manager fees | 39,491 | 51,205 | ||||||
General Partner management and performance fees | 636,442 | 875,437 | ||||||
Selling agent fees – General Partner | 584,079 | 782,424 | ||||||
Broker dealer servicing fees – General Partner | 22,340 | 32,098 | ||||||
General Partner 1% allocation | 17,380 | (242,554 | ) | |||||
Administrative expenses – General Partner | 191,153 | 234,010 | ||||||
Total expenses | 2,422,464 | 2,835,890 | ||||||
Net investment income (loss) | (2,093,599 | ) | (1,752,442 | ) | ||||
Net Income (Loss) | $ | 1,720,648 | $ | (24,012,862 | ) |
The accompanying notes are an integral part of these financial statements.
12
Futures Portfolio Fund, Limited Partnership
Statements of Operations (continued)
For the Three Months Ended March 31, 2021 and 2020
(unaudited)
Three Months Ended March 31, 2021 | |||||||||||||||||||
Class A | Class A2 | Class A3 | Class B | Class I | Class R | ||||||||||||||
Increase (decrease) in net asset value per unit | $ | 34.68 | $ | 12.60 | $ | 11.86 | $ | 82.78 | $ | 16.36 | $ | 14.30 | |||||||
Net income (loss) per unit† | $ | 32.59 | $ | 12.25 | $ | 12.67 | $ | 80.28 | $ | 16.36 | $ | 14.26 | |||||||
Weighted average number of units outstanding | 30,085.4184 | 454.8693 | 62.0304 | 7,242.2796 | 256.4767 | 7,456.7224 |
Three Months Ended March 31, 2020 | |||||||||||||||||||
Class A | Class A2 | Class A3 | Class B | Class I | Class R | ||||||||||||||
Increase (decrease) in net asset value per unit | $ | (413.29 | ) | $ | (103.55 | ) | $ | (101.01 | ) | $ | (622.14 | ) | $ | (101.38 | ) | $ | (102.99 | ) | |
Net income (loss) per unit† | $ | (398.49 | ) | $ | (107.66 | ) | $ | (101.00 | ) | $ | (618.84 | ) | $ | (101.38 | ) | $ | (88.13 | ) | |
Weighted average number of units outstanding | 40,634.2480 | 597.4029 | 86.0607 | 10,583,8129 | 1,769.1082 | 11,556.0472 |
† (based on weighted average number of units outstanding during the period)
13
Futures Portfolio Fund, Limited Partnership
Statements of Cash Flows
For the Three Months Ended March 31, 2021 and 2020
(Unaudited)
Three Months Ended March 31, | ||||||||
2021 | 2020 | |||||||
Cash flows from operating activities | ||||||||
Net income (loss) | $ | 1,720,648 | $ | (24,012,862 | ) | |||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities | ||||||||
Net change in unrealized (gain) loss from futures and forwards trading | 6,972,798 | (6,092,379 | ) | |||||
Net realized and change in unrealized (gain) loss on SMFSF, securities and certificates of deposit | 521,320 | 739,682 | ||||||
Purchases of securities, private investment company and certificates of deposit | (83,697,426 | ) | (156,019,995 | ) | ||||
Proceeds from disposition of SMFSF, securities and certificates of deposit | 84,315,734 | 187,974,570 | ||||||
Changes in | ||||||||
Exchange membership | 5,000 | (17,500 | ) | |||||
Trading Advisor management fee payable | 1,049 | (115,005 | ) | |||||
Trading Advisor incentive fee payable | 304,999 | (388,846 | ) | |||||
Commissions and other trading fees payable on open contracts | (5,473 | ) | (32,138 | ) | ||||
Cash Manager fees payable | (1,677 | ) | 51,205 | |||||
General Partner management and performance fees payable | (12,561 | ) | (50,393 | ) | ||||
General Partner 1% allocation receivable/payable | 137,254 | (323,031 | ) | |||||
Selling agent fees payable – General Partner | (12,725 | ) | (45,767 | ) | ||||
Broker dealer servicing fees payable – General Partner | (345 | ) | (1,338 | ) | ||||
Administrative fee payable – General Partner | (3,819 | ) | 15,497 | |||||
Dividend and interest payable | 2,510 | — | ||||||
Net cash provided by operating activities | 10,247,286 | 1,681,700 | ||||||
Cash flows from financing activities | ||||||||
Subscriptions | 136,000 | 248,803 | ||||||
Subscriptions received in advance | 300,000 | 121,911 | ||||||
Redemptions | (11,831,691 | ) | (16,710,308 | ) | ||||
Net cash used in financing activities | (11,395,691 | ) | (16,339,594 | ) | ||||
Net increase (decrease) in cash and cash equivalents | (1,148,405 | ) | (14,657,894 | ) | ||||
Cash and cash equivalents, beginning of period | 50,569,879 | 69,988,877 | ||||||
Cash and cash equivalents, end of period | $ | 49,421,474 | $ | 55,330,983 | ||||
End of period cash and cash equivalents consists of | ||||||||
Cash in broker trading accounts | $ | 40,788,575 | $ | 37,373,064 | ||||
Cash and cash equivalents not in broker trading accounts | 8,632,899 | 17,957,919 | ||||||
Total end of period cash and cash equivalents | $ | 49,421,474 | $ | 55,330,983 | ||||
Supplemental disclosure of cash flow information | ||||||||
Prior period redemptions paid | $ | 5,585,666 | $ | 4,780,643 | ||||
Prior period subscriptions received in advance | $ | 33,000 | $ | 266,000 | ||||
Supplemental schedule of non-cash financing activities | ||||||||
Redemptions payable | $ | 5,191,505 | $ | 4,442,475 |
The accompanying notes are an integral part of these financial statements.
14
Futures Portfolio Fund, Limited Partnership
Statements of Changes in Partners’ Capital (Net Asset Value)
For the Three Months Ended March 31, 2021 and 2020
(Unaudited)
Class A | Class A2 | Class A3 | Class B | Class I | Class R | Total | ||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||||||
March 31, 2021 | ||||||||||||||||||||||||||||
Balance at December 31, 2020 | $ | 118,745,248 | $ | 523,333 | $ | 83,577 | $ | 45,043,756 | $ | 262,500 | $ | 7,779,218 | $ | 172,437,632 | ||||||||||||||
Net income (loss) | 1,006,946 | 6,418 | 939 | 593,906 | 4,196 | 108,243 | 1,720,648 | |||||||||||||||||||||
Subscriptions | 136,000 | — | — | 33,000 | — | — | 169,000 | |||||||||||||||||||||
Redemptions | (8,297,140 | ) | (184,599 | ) | (47,162 | ) | (2,362,895 | ) | — | (545,734 | ) | (11,437,530 | ) | |||||||||||||||
Transfers | (125,790 | ) | — | — | 125,790 | — | — | — | ||||||||||||||||||||
Balance at March 31, 2021 | $ | 111,465,264 | $ | 345,152 | $ | 37,354 | $ | 43,433,557 | $ | 266,696 | $ | 7,341,727 | $ | 162,889,750 | ||||||||||||||
Three Months Ended | ||||||||||||||||||||||||||||
March 31, 2020 | ||||||||||||||||||||||||||||
Balance at December 31, 2019 | $ | 166,191,101 | $ | 544,240 | $ | 86,512 | $ | 66,498,788 | $ | 1,846,574 | $ | 13,081,928 | $ | 248,249,143 | ||||||||||||||
Net income (loss) | (16,192,422 | ) | (64,315 | ) | (8,692 | ) | (6,549,700 | ) | (179,354 | ) | (1,018,379 | ) | (24,012,862 | ) | ||||||||||||||
Subscriptions | 303,803 | 98,000 | — | 113,000 | — | — | 514,803 | |||||||||||||||||||||
Redemptions | (9,387,547 | ) | — | — | (4,207,077 | ) | — | (2,777,516 | ) | (16,372,140 | ) | |||||||||||||||||
Transfers | (219,684 | ) | — | — | 219,684 | — | — | — | ||||||||||||||||||||
Balance at March 31, 2020 | $ | 140,695,251 | $ | 577,925 | $ | 77,820 | $ | 56,074,695 | $ | 1,667,220 | $ | 9,286,033 | $ | 208,378,944 |
Units | ||||||||||||||||||||||||
Class A | Class A2 | Class A3 | Class B | Class I | Class R | |||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||
March 31, 2021 | ||||||||||||||||||||||||
Balance at December 31, 2020 | 31,093.6903 | 523.0963 | 86.0607 | 7,397.6586 | 256.4767 | 7,667.4336 | ||||||||||||||||||
Subscriptions | 36.3455 | — | — | 5.4197 | — | — | ||||||||||||||||||
Redemptions | (2,171.6400 | ) | (182.39 | ) | (48.06 | ) | (386.6001 | ) | — | (531.8037 | ) | |||||||||||||
Transfers | (33.6170 | ) | — | — | 21.0531 |