FORM 10-Q
                      SECURITIES AND EXCHANGE COMMISSION
                            Washington, D.C. 20549

(Mark One)
[X]     QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
        SECURITIES AND EXCHANGE ACT OF 1934
        For the quarterly period ended March 31, 2006

OR

[ ]     TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
        SECURITIES EXCHANGE ACT OF 1934
        For the transition period from        to

                    Commission file number  333-119635

                  Providence Select Fund, Limited Partnership
            (Exact name of registrant as specified in its charter)

                    Delaware                            20-0069251
 (State or other jurisdiction of incorporation     (I.R.S. Employer
                 or organization)                   Identification No.)

                     505 Brookfield Drive, Dover, DE 19901
         (Address of principal executive offices, including zip code)

                                (800) 331-1532
             (Registrant's telephone number, including area code)

             (Former name, former address and former fiscal year,
                         if changed since last report)

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 __X__ No _______

Indicate by check mark whether the registrant is an accelerated filer (as
defined in Exchange Act Rule 12b-2)

Yes _____ No __X____


Part 1 - FINANCIAL INFORMATION

Item 1.  Financial Statements.

The reviewed financial statements for the Registrant for the three months
ended March 31, 2006 are attached hereto and made a part hereof.

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

General Information

The Registrant (the "Fund") was granted an effective date by the Securities
and Exchange Commission on September 12, 2005.  However, the Fund has not yet
commenced business.  At some time in the future, the Fund will, pursuant to
the terms of the Limited Partnership Agreement, engage in the business of
speculative and high risk trading of commodity futures and options markets
through the services of the commodity trading advisor its management has
selected.

The partnership filed a post effective amendment on November 2, 2005 that
went effective November 15, 2005 to change the trading advisor and offering
terms.  Offers and solicitations have been made pursuant to that prospectus.
Upon effectiveness, the Fund intends to sell the partnership interests in the
face amount of $50,000,000 that it has registered.

Description of Fund Business

The Fund grants one or more commodity trading advisors ("CTA") a power of
attorney that is terminable at the will of either party to trade the equity
assigned to each CTA by Fund management.  NuWave Investment Corp. is the sole
commodity trading advisor of the Fund.  The CTA has sole discretion to select
the trades and does not disclose the methods it uses to make those
determinations in its disclosure documents or to the Fund or to Fund
management.  There is no promise or expectation of a fixed return to the
partners.  The partners must look solely to trading profits for a return
their investment as the interest income is expected to be less than the fixed
expenses to operate the Fund.

Assets

The Fund assets consist of cash used as margin to secure futures (formerly
called commodity) trades entered on its behalf by the commodity trading
advisors it selects.  The Fund deposits its cash with one or more futures
commission merchants (brokers) who hold and allocate the cash to use as
margin to secure the trades made.  The futures held in the Fund accounts are
valued at the market price on the close of business each day by the Futures
Commission Merchant or Merchants that hold the Fund equity made available for
trading.  The Capital accounts of the Partners are immediately responsible
for all profit and losses incurred by trading and payment and accrual of the
expenses of offering partnership interests for sale and the operation of the
partnership.  The fixed costs of operation are a management fee of 2% and
incentive fee of 20% paid to the commodity trading advisor, an incentive fee
of 3% paid to the general partner, fixed annual brokerage commissions of 6%,
an annual continuing service fee of 3%, and accounting and legal fees that
must be paid before the limited partners may earn a profit on their
investment.

The Fund does not intend to borrow from third parties.  Its trades are
entered pursuant to a margin agreement with the futures commission merchant
which obligates the fund to the actual loss, if any, without reference or
limit by the amount of cash posted to secure the trade.  The limited partners
are not personally liable for the debts of the Fund, including any trading
losses.  The Registrant will in the future offer Units for sale to the public
until $50,000,000 in face amount of registered Units are sold.  Units that
have been sold and redeemed will not be resold.  Capital available will be
dependent upon the marketing and sales effort put in place by Fund management
to sell the registered limited partnership interests.

Value an Investment in the Fund Depends upon Redemption of Fund Units

The Fund Units are not traded and they have no market value.  Liquidity of an
investment in the Fund depends upon the credit worthiness of the exchanges,
brokers, and third parties of off exchange traded futures that hold Fund
equity or have a lien against Fund assets for payment of debts incurred.
Those parties must honor their obligations to the Fund for the Fund to be
able to obtain the return of its cash from the futures commission merchant
that holds the Fund account.

The commodity trading advisor selects the markets and the off exchange
instruments to be traded.  The General Partner selects the futures commission
merchants to hold the Fund assets.  Both the commodity trading advisor and
the general partner believe all parties who hold Fund assets or are otherwise
obligated to pay value to the Fund are credit worthy.  Margin is an amount to
secure the entry of a trade and is not a limit of the profit or loss to be
gained from the trade.  The general partner intends to allocate approximately
97% of the Fund equity to be used as margin to enter trades.  Although it is
customary for the commodity trading advisor to use 40% or less of the equity
available as margin, there is no limit imposed by the Fund upon the amount of
equity the advisors may commit to margin.  It is possible for the Fund to
suffer losses in excess of the margin it posts to secure the trades made.

To have the purchase price or appreciation, if any, of the Units, paid to
them, partners must use the redemption feature of the Partnership.
Distributions, although possible in the sole discretion of the general
partner, are not expected to be made.  There is no current market for the
Units sold, none is expected to develop and the partnership agreement limits
the ability of a partner to transfer the Units.

Results of Operations

The Fund has not yet sold the minimum amount of limited partnership interests
to commence business and, therefore, has no results of operations.

Quantitative and Qualitative Disclosures about Market Risk

The business of the Fund is speculative and involves a high degree of risk of
loss.

Controls and Procedures

The Registrant has adopted procedures in connection with the operation of its
business including, but not limited to, the review of account statements sent
to the general partner before the open of business each day that disclose the
positions held overnight in the Fund accounts, the margin to hold those
positions, and the amount of profit or loss on each position, and the net
balance of equity available in each account.  The Fund brokerage account
statements and financial books and records accounts are prepared by an
independent CPA Firm and then are reviewed each quarter and audited each year
by a different independent CPA firm.

Internal Control over Financial Reporting

Each month, the general partner reviews the profit and loss statements for
the month and once approved each partner is sent a statement to disclose
total Fund performance and the amount in the partner's capital account.
Checks are paid for expenses only upon approval of invoices submitted to the
general partner or pursuant to standing authorizations for periodic fixed
expenses.  Payment of a redemption is only upon receipt of a request form
signed by the person with authority over the partner's account.  The general
partner balances the daily account information with the monthly compilation
and financial statements prepared by the independent CPA.

Part II - OTHER INFORMATION

Item 1.  Legal Proceedings

None

Item  2.  Changes in Securities

None

Item 3.  Defaults Upon Senior Securities

None

Item 4.  Submission of Matters to a Vote of Security Holders

None

Item 5.  Other Information

None

Item 6.  Exhibits and Reports on Form 8-K

(a)	None

(b)	None

SIGNATURES

Pursuant to the requirements of Section 13 or 15 (d) of the Securities
Exchange Act of 1934, the Registrant has duly caused this Form 10-Q for the
period ended March 31, 2006, to be signed on its behalf by the undersigned,
thereunto duly authorized.

Registrant:			Providence Select Fund, Limited Partnership
				By White Oak Financial Services, Incorporated
				Its General Partner


				By: /s/ Michael Pacult
				Mr. Michael Pacult
				Sole Director, Sole Shareholder,
				President, and Treasurer of the General Partner


Date:	May 15, 2006



*******************************************************************************
                            PROVIDENCE SELECT FUND,
                              LIMITED PARTNERSHIP
                       (A Development Stage Enterprise)

                         INDEX TO FINANCIAL STATEMENTS




                                                                Page

Accountants' Review Report                                      F-2

Financial Statements

  Balance Sheets as of March 31, 2006 and December 31, 2005     F-3

  Statements of Operations for the Three Months
  Ended March 31, 2006 and 2005 and the cumulative period
  from May 16, 2003 (date of inception) to March 31, 2006       F-4

  Statements of Partners' Equity from May 16, 2003
  to March 31, 2006                                             F-5

  Statements of Cash Flows for the Three Months
  Ended March 31, 2006 and 2005 and the cumulative period
  from May 16, 2003 (date of inception) to March 31, 2006       F-6

  Notes to Financial Statements                              F-7 - F-11

































                                      F-1


                            Frank L. Sassetti & Co.

                         Certified Public Accountants


To The Partners
Providence Select Fund, Limited Partnership
Fremont, Indiana




                              We have reviewed the balance sheet of
PROVIDENCE SELECT FUND, LIMITED PARTNERSHIP (a development stage enterprise)
as of March 31, 2006 and the related statements of operations for the three
months ended March 31, 2006 and 2005 and the cumulative period from May 16,
2003 (date of inception) to March 31, 2006, the statement of partners' equity
from May 16, 2003 to March 31, 2006 and the statement of cash flows for the
three months ended March 31, 2006 and 2005 and the cumulative period from May
16, 2003 to March 31, 2006.  These financial statements are the
responsibility of the Partnership's management.

                              We conducted our review in accordance with the
standards of the Public Company Accounting Oversight Board (United States).
A review of interim financial information consists principally of applying
analytical procedures to financial data and making inquires of persons
responsible for financial and accounting matters.  It is substantially less
in scope than an audit conducted in accordance with auditing standards
generally accepted in the United States, the objective of which is the
expression of an opinion regarding the financial statements taken as a whole.
Accordingly, we do not express such an opinion.

                              Based on our review we are not aware of any
material modifications that should be made to the financial statements
referred to above for them to be in conformity with accounting principles
generally accepted in the United States.

                              We have previously audited, in accordance with
auditing standards of the Public Company Accounting Oversight Board (United
States), the balance sheet of PROVIDENCE SELECT FUND, LIMITED PARTNERSHIP as
of December 31, 2005 and the related statements of operations, partner's
equity and cash flows for the year and cumulative period then ended (not
presented herein); and in our report dated March 22, 2006, we expressed an
unqualified opinion on these financial statements.  In our opinion, the
information set forth in the accompanying balance sheet as of December 31,
2005 is fairly stated, in all material respects, in relation to the balance
sheet from which it has been derived.


/s/ Frank L. Sassetti & Co.

5//2006
Oak Park, Illinois







               6611 W. North Avenue * Oak Park, Illinois 60302
                  * Phone (708) 386-1433 * Fax (708) 386-0139
                                      F-2


                            PROVIDENCE SELECT FUND,
                              LIMITED PARTNERSHIP
                       (A Development Stage Enterprise)

                                BALANCE SHEETS

                     MARCH 31, 2006 AND DECEMBER 31, 2005

                                                     March 31,
                                                      2006      December 31,
                                                    (A Review)      2005

                                    ASSETS


Cash                                                $   1,894    $    381
Reimbursable syndication costs                        115,294     105,776
Prepaid operating costs                                   576         562

  Total Assets                                       $117,764    $106,719





                       LIABILITIES AND PARTNER'S EQUITY

Liabilities -
    Due to corporate general partner                 $115,764   $104,719


Partners' Capital -
    Limited partners  (1 unit)
            Initial capital contribution                1,000      1,000

    General partners  (1 unit)
            Initial capital contribution                1,000      1,000

  Total Partners'  Capital                              2,000      2,000


                                                     $117,764   $106,719



















   The accompanying notes are an integral part of the financial statements.
                                      F-3


                            PROVIDENCE SELECT FUND,
                              LIMITED PARTNERSHIP
                       (A Development Stage Enterprise)

                           STATEMENTS OF OPERATIONS

              FOR THE THREE MONTHS ENDED MARCH 31, 2006 AND 2005
        AND THE CUMULATIVE PERIOD FROM MAY 16, 2003 (DATE OF INCEPTION)
                               TO MARCH 31, 2006
                                  ( A Review)


                                                              May 16, 2003
                                           Three months ended      to
                                                 March 31,      March 31,
                                             2006      2005       2006

REVENUES                                     $-        $-         $-


  Total Revenues                              -         -          -


EXPENSES                                      -         -          -


  Total Expenses                              -         -          -



NET INCOME                                   $-        $-         $-


NET INCOME -
     Limited partnership unit                $-        $-         $-

     General partnership unit                $-        $-         $-
























   The accompanying notes are an integral part of the financial statements.
                                      F-4


                            PROVIDENCE SELECT FUND,
                              LIMITED PARTNERSHIP
                       (A Development Stage Enterprise)

                         STATEMENT OF PARTNERS' EQUITY

                           MAY 16, 2003 (INCEPTION)
                               TO MARCH 31, 2006
                                  ( A Review)

                                                                Total
                       Limited Partners  General Partners  Partners' Equity
                       Amount     Units  Amount     Units  Amount     Units

Initial partner
  contributions        $1,000        1   $1,000        1   $2,000        2

Net income-
  May 16, 2003
  to December 31, 2003      -                 -                 -

Balance -
  December 31, 2003     1,000        1    1,000        1    2,000        2

Net income-
  January 1, 2004
  to December 31, 2004      -                 -                 -

Balance -
 December 31, 2004     $1,000        1   $1,000        1   $2,000        2

Net income-
  January 1, 2005
  to December 31, 2005      -                 -                 -

Balance -
 December 31, 2005     $1,000        1   $1,000        1   $2,000        2

Net income-
  January 1, 2006
  to March 31, 2006         -                 -                 -

Balance -
 March 31, 2006        $1,000        1   $1,000        1   $2,000        2


                                              March 31,      December 31,
                                                2006             2005

Value per unit                                 $1,000           $1,000

Total partnership units                             2                2









   The accompanying notes are an integral part of the financial statements.
                                      F-5


                            PROVIDENCE SELECT FUND,
                              LIMITED PARTNERSHIP
                       (A Development Stage Enterprise)

                           STATEMENTS OF CASH FLOWS

       FOR THE THREE MONTHS ENDED MARCH 31, 2006 AND 2005 AND THE PERIOD
            FROM MAY 16, 2003 (DATE OF INCEPTION) TO MARCH 31, 2006
                                  ( A Review)
                                                              May 16, 2003
                                           Three months ended      to
                                                 March 31,      March 31,
                                             2006      2005       2006

CASH FLOWS FROM OPERATING
 ACTIVITIES
  Net income                                 $     -   $     -    $     -
    Adjustments to reconcile net income
     to net cash used in operating
     activities-

    Changes in assets and liabilities-
      Prepaid operating costs                    (14)      (175)     (576)
      Amounts due general partner              1,527          -       470

        Net Cash Used In
          Operating Activities                 1,513       (175)     (106)


CASH FLOWS FROM FINANCING
 ACTIVITIES
  Initial partner contributions                    -          -     2,000

NET INCREASE IN CASH                           1,513       (175)    1,894

CASH -
     Beginning of period                         381      1,872         -

     End of period                           $ 1,894    $ 1,697   $ 1,894


NON-CASH INVESTING ACTIVITIES

     Reimbursable syndication costs
       paid by and owed to affiliate         $ 9,518    $ 5,300   $115,294
















   The accompanying notes are an integral part of the financial statements.
                                      F-6


                  PROVIDENCE SELECT FUND, LIMITED PARTNERSHIP
                       (A Development Stage Enterprise)

                         NOTES TO FINANCIAL STATEMENTS

                            MARCH 31, 2006 AND 2005
                                  (A Review)

1.    NATURE OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES

      Providence Select Fund, Limited Partnership (the Fund) was formed on
May 16, 2003 under the laws of the State of Delaware.  The Fund expects to
engage in high risk, speculative and hedge trading of futures and forward
contracts, options on futures and forward contracts, and other instruments
selected by the commodity trading advisors (CTA's). However, the Fund will
not commence business until at least $1,030,000 worth of partnership
interests are sold.  The maximum offering is $50,000,000. White Oak Financial
Services, Inc. (White Oak) and Michael Pacult are the General Partners and
commodity pool operators (CPO's) of the Fund.  The initial CTA is expected to
be NuWave Investment Corp., which will have the authority to trade as much of
the Fund's equity as is allocated to it by the General Partner. The selling
agent is Futures Investment Company (Futures), which is controlled by Michael
Pacult and his wife.

      The Partnership is in the development stage and its efforts through
March 31, 2006 have been principally devoted to organizational activities.

      Regulation - The Fund is a registrant (effective September 12, 2005)
with the Securities and Exchange Commission (SEC) pursuant to the Securities
and Exchange Act of 1934 (the Act). The Fund is subject to the regulations of
the SEC and the reporting requirements of the Act. The Fund is also subject
to the regulations of the Commodities Futures Trading Commission (CFTC), an
agency of the U.S. government which regulates most aspects of the commodity
futures industry, the rules of the National Futures Association and the
requirements of various commodity exchanges where the Fund executes
transactions. Additionally, the Fund is subject to the requirements of
futures commission merchants and interbank market makers through which the
Fund trades.

      Offering Expenses and Organizational Costs -  White Oak has incurred
$115,764 and $104,719 in offering costs through March 31, 2006 and December
31, 2005, respectively.  The Fund has agreed to reimburse White Oak for all
organization and offering expenses incurred up to the end of the twelfth
month of operations after the twelfth month following the commencement of
business.  The commencement of business is contingent upon the sale of at
least $1,030,000 of partnership interests. All offering costs after the
twelfth month of operations will be paid directly by the Fund.

      Registration Costs - Costs incurred for the initial filings with
Securities and Exchange Commission, Commodity Futures Trading Commission,
National Futures Association (the "NFA") and the states where the offering is
expected to be made are accumulated, deferred and charged against the gross
proceeds of offering as part of the offering expenses to be reimbursed to the
General Partner after the twelfth month of operation following commencement
of business. Recurring registration costs, if any, will be charged to expense
as incurred.






                                      F-7


                  PROVIDENCE SELECT FUND, LIMITED PARTNERSHIP
                       (A Development Stage Enterprise)

                         NOTES TO FINANCIAL STATEMENTS

                            MARCH 31, 2006 AND 2005
                                  (A Review)

1.    NATURE OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

      Revenue Recognition - Forward contracts, futures and other investments
are recorded on the trade date and will be reflected in the statement of
operations at the difference between the original contract amount and the
market value on the last business day of the reporting period.

      Market value of forward contracts, futures and other investments is
based upon exchange or other applicable closing quotations related to the
specific positions.

      Use of Accounting Estimates - The preparation of financial statements
in conformity with generally accepted accounting principles requires
management to make estimates and assumptions that affect the reported amounts
of assets and liabilities and disclosure of contingent assets and liabilities
at the date of the financial statements and reported amounts of revenues and
expenses during the reporting period.  Actual results could differ from these
estimates.

      Income Taxes - The Fund is not required to provide a provision for
income taxes. Income tax attributes that arise from its operations are passed
directly to the individual partners. The Fund may be subject to state and
local taxes in jurisdictions in which it operates.

      Statement of Cash Flows - For purposes of the Statement of Cash Flows,
the Fund will consider only money market funds to be cash equivalents.  Net
cash provided by operating activities includes no cash payments for interest
or income taxes through March 31, 2006. There were no cash equivalents at
March 31, 2006 or December 31, 2005.

2.    GENERAL PARTNER DUTIES

      The responsibilities of the General Partner, in addition to directing
the trading and investment activity of the Fund, including suspending all
trading, includes executing and filing all necessary legal documents,
statements and certificates of the Fund, retaining independent public
accountants to audit the Fund, employing attorneys to represent the Fund,
reviewing the brokerage commission rates to determine reasonableness,
maintaining the tax status of the Fund as a limited partnership, maintaining
a current list of the names, addresses and numbers of units owned by each
Limited Partner and taking such other actions as deemed necessary or
desirable to manage the business of the Partnership.

      The Corporate General Partner has contributed $1,000 in cash for
deposit to the capital of the Fund for a non-trading General Partnership
interest in the Partnership.








                                      F-8


                  PROVIDENCE SELECT FUND, LIMITED PARTNERSHIP
                       (A Development Stage Enterprise)

                         NOTES TO FINANCIAL STATEMENTS

                            MARCH 31, 2006 AND 2005
                                  (A Review)

2.    GENERAL PARTNER DUTIES (CONTINUED)

      If the net unit value of the partnership falls to  less than 50% of the
greater of the original $1,000 selling price,  less commissions and other
charges or such higher value earned  through trading, then the General
Partner will immediately suspend  all trading, provide all limited partners
with notice of the  reduction in net unit value and give all limited partners
the opportunity, for fifteen  days after such notice, to redeem partnership
interests. No trading shall commence until after the lapse of such fifteen
day period.

3.    THE LIMITED PARTNERSHIP AGREEMENT

      The Limited Partnership Agreement provides, among other things, that-

      Capital Account - A capital account shall be established for each
partner.  The initial balance of each partner's capital account shall be the
amount of the initial contributions to the partnership.

      Monthly Allocations - Any increase or decrease in the Partnership's net
asset value as of the end of a month shall be credited or charged to the
capital account of each Partner in the ratio that the balance of each account
bears to the total balance of all accounts.

      Any distribution from profits or partners' capital will be made solely
at the discretion of the General Partner.

      Federal Income Tax Allocations - As of the end of each fiscal year, the
Partnership's realized capital gain or loss and ordinary income or loss shall
be allocated among the Partners, after having given effect to the fees and
expenses of the Fund.

      Subscriptions - Investors must submit subscription agreements and funds
at least five business days prior to month end. Subscriptions must be
accepted or rejected by the general partner within five business days. The
investor also has five business days to withdraw his subscription. Funds are
deposited into an interest bearing subscription account and will be
transferred to the Fund's account on the first business day of the month
after the subscription is accepted. Interest earned on the subscription funds
will accrue to the account of the investor.

      Redemptions - A limited partner may request any or all of his
investment be redeemed at the net asset value as of the end of a month.
Unless this requirement is waived, the written request must be received by
the general partner no less than ten business days prior to a month end.
Redemptions will generally be paid within twenty days of the effective month
end. However, in various circumstances due to liquidity, etc. the general
partner may be unable to comply with the request on a timely basis. There
will be a redemption fee commencing from the date of purchase of units of 3%
during the first four months, 2% during the second four months, 1% during the
third four months and no redemption fee after the twelfth month.



                                      F-9


                  PROVIDENCE SELECT FUND, LIMITED PARTNERSHIP
                       (A Development Stage Enterprise)

                         NOTES TO FINANCIAL STATEMENTS

                            MARCH 31, 2006 AND 2005
                                  (A Review)

4.    FEES

      The Fund will be charged the following fees on a monthly basis as of
the commencement of trading.

      A monthly management fee of 2% (annual rate) of the Fund's net assets
allocated to the CTA to trade will be paid to the CTA.

      The Fund will pay the Corporate General Partner a fixed brokerage
commission of 6%, from which the Corporate General Partner will pay the
round turn commissions to the introducing broker and the futures commission
merchant for trades made on U.S. markets. Trades on foreign markets, if any,
will be charged to the Fund.

      A quarterly incentive fee of 20% of "new trading profits" will be paid
to each CTA and a 3% quarterly incentive fee will be paid to the Corporate
General Partner.  "New trading profits" includes all income earned by a CTA
and expense allocated to his activity.  In the event that trading produces a
loss for a CTA, no incentive fees will be paid and all losses will be carried
over to the following months until profits from trading exceed the loss.  It
is possible for one CTA to be paid an incentive fee during a quarter or a
year when the Fund experienced a loss.

      After the Fund commences trading, the Fund will pay the selling agents
a 3% continuing service fee per year on the investment in the Fund.

      The General Partner has reserved the right to change the management fee
and the incentive fee at its sole discretion. The total incentive fees may be
increased to 27% if the management fee is eliminated. The Fund may also
increase the management fees paid to the CTA's and general partner to 6% if
the total incentive fees are decreased to 15%.























                                     F-10


                  PROVIDENCE SELECT FUND, LIMITED PARTNERSHIP
                       (A Development Stage Enterprise)

                         NOTES TO FINANCIAL STATEMENTS

                            MARCH 31, 2006 AND 2005
                                  (A Review)

5.    RELATED PARTY TRANSACTIONS

      The sole shareholder of White Oak has made an initial limited partner
capital contribution in the Fund of $1,000. He is also the sole shareholder
of Ashley Capital Management, Inc. (the general partner of another commodity
fund), which along with the shareholder has temporarily funded the
syndication costs incurred by the Fund to date. In Accordance with Financial
Accounting Standards Board Interpretation No. 46(R), Consolidation of
Variable Interest Entities, a variable interest entity relationship exists
between White Oak and the Fund.

      Financial Accounting Standards Board Interpretation No. 45, Guarantor's
Accounting and Disclosure Requirements for Guarantees, Including Indirect
Guarantees of Indebtedness of Others, identifies certain disclosures to be
made by a guarantor in its financial statements about its obligations under
certain guarantees that it has issued. In the normal course of business, the
Fund has provided general indemnifications to the General Partner, its CTA
and others when they act, in good faith, in the best interests of the Fund.
The Fund is unable to develop an estimate for future payments resulting from
hypothetical claims, but expects the risk of having to make any payments
under these indemnifications to be remote.

6.    CONCENTRATIONS

      The Fund will maintain all of its initial subscription deposits with a
commercial financial institution. In the event of the financial institution's
insolvency, recovery of Fund deposits may be limited to account insurance or
other protection afforded deposits by the institution.


























                                     F-11