Pool Quarterly Reporting Overview

How will the report be filed?

The Pool Quarterly Reports will be accessed and completed through NFA’s web-based EasyFile PFS 

System – the same system used by CPOs to file annual financial statements on behalf of their pools. 

Thus, there is just one location for pool filings – no additional sign-ons or passwords are necessary.

Upon entering the EasyFile system, CPOs will see the Pool Index – a listing of all pools with current or 

previous filing requirements: 

To begin the filing process, click on the name of the pool to get a list of current and past filing 

requirements via the Filing Index: 

The form type for this filing is the “PQR”. Click on the applicable “End Date” to initiate the filing. 
What must be filed?

Each Quarterly Pool Report consists of four different components: 

1. Key Relationships 

2. Statement of Changes in NAV 

3. Monthly Rates of Return 

4. Schedule of Investments. 

Each of these components will be separately addressed later in this help guide. 

Note that while in the system, you can easily navigate to any of the 

four reporting areas by using the menu on the left side of each page. 

Just click on the desired component name from the menu and the 

system will take you directly to the chosen page. 

Also note that using this menu, you can navigate to a summary of your 

itemized entries from the schedule of investments by clicking on the 

heading entitled “Summary of Itemized Balances”. 

In addition, each filing must meet minimum standards with respect to 

actual data entry. If a particular balance is entered incorrectly or if it 

conflicts with other existing data, then the system will automatically 

track this and log these issues as errors and warnings. To view a 

summary of the errors and warnings for your filing, click on the heading 

entitled “Review Statement for Errors”. 
Table of Contents:

The initial screen for each filing is the Table of Contents: 

The Table of Contents screen lists out all the required components of the filing along with their current 

statuses. The status for each section must read “No errors” before the filing can be successfully 

submitted. A "View Errors/Warnings" link, which links directly to the "Review filings for error" screen, 

will appear next to each applicable section. Note that each of the listed items can be clicked to provide 

easy and direct access to any section. 

 
Key Relationships

Pools are required to report key relationships with third parties in four areas: 

1. Pool Administrators—Any entity or individual responsible for the preparation of the pool's 

financial statements, the calculation of the pool's performance, and the maintenance of the 

pool's books and records. (Note: the CPO should not identify itself as a pool administrator. 

This category is only intended for third parties.) 

2. Carrying Brokers—Any entity that provides clearing services to the pool (e.g., FCM, Prime 

Broker, etc.) 

3. Trading Managers—Any entity or individual with sole or partial authority to invest pool 

funds or allocate assets to other managers or investee pools (this category includes cash 

management firms). (Note: the CPO should not identify itself as a trading manager. This 

category is only intended for third parties.) 

4. Custodians—any entity responsible for safeguarding the pool’s financial assets (e.g., agent, 

bank, or trust company). 

There is a separate entry screen for each of these four different relationships. Also note that the 

relationship data will persist from filing to filing so it doesn’t have to be re-entered each quarter. 

However, please keep in mind that if a prior relationship has ended, you must delete it from the listing 

and indicate the date the relationship was terminated. 

For each page, you must add the pool's relationships, as applicable. For example, on the Carrying 

Brokers page you would begin by clicking on the "Click here to add a relationship" link. 
The following pop-up box will appear, allowing you to search for the name of the firm that the pool has 

a relationship with or copy relationships that were previously entered on other PQRs/PQRSs. Enter the

name of the entity that the pool does business with in the search box and click "Continue" to perform 

the search (see "Option 1" below for subsequent instructions) or click the "Click here to select from a list 

of existing relationship entities." to copy relationships from other filings (see "Option 2" for subsequent 

instructions). Note that you will not be able to copy relationships if this is the CPO's first PQR/PQRS 

filing. 

Add Relationship Option #1

If your perform a firm name search, the following screen will display the results of your search. If the 

firm you are searching for displays, click on the "Select" link next to the firm's NFA ID. If the firm you are 

searching for does not display, click on the "I don't see the firm listed above" link. 

If the search locates your firm and you click on the "Select" link, you will encounter the following screen, 

where you can verify the firm's contact information. You are required to enter the start date of the 

pool's relationship with the firm prior to clicking on the "Add Relationship" button. If you can recall the 

month and year that a relationship began but not the day, enter the first day of the month (e.g., 

4/1/10). If you can recall only the year that a relationship began, enter the first day of the year (e.g., 

1/1/10). 
If the search does not locate your firm, you will encounter the following screen, where you can manually 

enter your firm's information. Aside from the name and address, you will be required to enter the start 

date of the relationship prior to clicking on the "Add Relationship" button. As noted above, if you can 

recall the month and year that a relationship began but not the day, enter the first day of the month 

(e.g., 4/1/10). If you can recall only the year that a relationship began, enter the first day of the year 

(e.g., 1/1/10). 

Add Relationship Option #2

If you wish to copy relationships, simply enter the start date and click the "Copy" button for each 

applicable relationship. 
Once all relationships have been added, click on the "Click here if the above relationship information is 

complete" link. Even if the pool does not have a relationship in a certain category (e.g., no carrying 

broker relationship), you should still click on the "Click here if the above relationship information is 

complete" link to indicate that you have completed the relationship screen. Note that you can add a 

relationship at any time, even if you already indicated that all relationship information is complete.

You must complete these steps for each of the four relationship screens before the quarterly report can 

be submitted. 

 
Statement of Changes in NAV

The Statement of Changes in NAV is straightforward and requires little explanation. The following, 

however, should be noted: 

The pool's Beginning NAV will be auto populated with the Ending NAV from the previous filing, if 

applicable. 

Withdrawals during the quarter should be entered as positive values. The system will automatically add 

additions and subtract withdrawals to calculate the pool's Ending NAV. 

The fields in the Total column and the Ending NAV balances will be calculated automatically as values 

are entered in the General Partner and Limited Partner columns. 

The remaining questions on the Schedule of Changes in NAV pertain to halts on redemptions. Please 

note that a halt on redemptions should not be confused with a pool's lock-up period, which is a predetermined and disclosed period of time after making a deposit that funds cannot be withdrawn. 

Monthly Rates of Return

You can begin to enter the pool's monthly and annual rates of return by clicking on the "Edit" link in the 

Performance box. 

The following screen will then display, allowing you to enter each box with the applicable rates. Once all 

rates of return have been entered, click on the "Save" button. 

Note that the pool is required to report performance in this quarterly report the same way it reports to 

its participants. In particular, if the pool is subdivided into classes and the pool reports performance to 

participants according to class, then the pool must do the same for the quarterly report. 
In order to add a class for performance entry, click on the "Add Layer" button. Then, enter the name of 

the layer and click the "Save Layer" button. (Perform this same process for each additional class. Also 

note that you can report a class within a class if necessary by adding a layer to a new class.) 

Once a layer has been saved, it will appear beneath the pool's name. The method of adding rates of 

return for the layer is the same as noted above for the pool—just click on the “Edit” button at the layer 

level and an entry screen will pop-up. Add the rates of return and click the "Save" button. In addition, 

you have the option to add sub-layers by clicking the "Add Layer" button, change the layer's name by 

clicking the "Change Name" button", or delete the layer completely by clicking the "Delete Layer" 

button. 

 
Schedule of Investments

The reporting requirements for the Schedule of Investments are twofold: First, you must provide an 

overview of your pool’s overall investment mix according to seven broad investment categories. Next, 

you must provide more specific details of any individual pool investments whose current value is 10% or 

more of the pool’s ending NAV. Each of these requirements is explained in more detail below: 

The Schedule of Investments is divided into seven main investment categories: 

• Equities, 

• Fixed Income, 

• Alternative Investments, 

• Derivatives, 

• Options, 

• Funds and 

• Cash. 

Each of these seven main investment categories has a separate page within the Quarterly Filing system. 

In addition, each of these main categories is divided into more specific subcategories of investments. 

For example, the “Equities” category is broken down into Stocks, ETFs and ADRs. (Note that context 

sensitive help is available within each page via the question mark icons that appear to the left of select 

category items. By clicking on these icons, you can view a description of the category item.) 

On each category page, the main category appears in bold text as the top line item in the investment 

listing. Once you have determined how the pool’s investments can be categorized, begin the data entry 

process by entering a dollar value for the total investment in each category on the top bold line of each 

category listing. Note that if your pool has investments in a particular main category, you must enter a 

balance on the top line--even if the investments do not exceed 10% of the pool’s ending NAV. 

After the top line is complete, proceed to the respective subcategories under each main category. If the 

total investment on the top line can be broken down into investments on the subsidiary lines and these

investments equal or exceed 10% of NAV, then include the dollar value of each qualifying investment on

the appropriate line. If you reach the final subcategory and the value of the investment is still 10% or 

more of the pool’s ending NAV, then you must click the itemize link. This will generate a separate 

detailed entry screen for capturing more specific details of the investment. Thus, in a general sense, the 

idea of this schedule is to keep entering the dollar value of the pool’s investments in each defined 

subcategory until the amount goes below 10% of NAV.

Note that for the Equities, Fixed Income and Alternative Investment categories, you report the total 

dollar value long or short for each investment line. Because Derivatives can have a negative value, the 

breakdown for these investments is according to positive or negative Open Trade Equity. For Options 

and Swaptions, the breakdown is by Long Option Value and Short Option Value. 

For pools that invest in other Futures funds (e.g., in a master-feeder type relationship), you may be 

required to also report the investments of the investee pool under certain circumstances if the 

investment in the investee pool is equal to or greater than 10% of ending NAV. In this case, once you

itemize and enter a balance for investments in other futures funds, the system will prompt you to enter 
the name of the investee fund. Once a fund name is entered, the system will search for it and return a 

series of pool names in a grid. You must identify your investee pool and select it from this grid. Once 

you select the investee pool, the system will automatically determine if you act as the CPO for the pool 

or whether an affiliate of yours acts as the CPO. If either of these checks is met and the investee pool 

does not normally file a quarterly report, then the system will generate a call for a supplementary filing 

that you will use to enter the Schedule of Investments and Relationships for the investee pool. Note 

that you (or your affiliate if applicable) must then complete this supplementary filing as a part of your 

overall quarterly filing requirement. Also note that by treating this as a separate filing, you will only 

have to complete it once for the quarter, even if you have multiple pools that invest in this same 

investee pool. 

The best way to illustrate the overall process for the schedule of investments is by looking at a simple 

example on the following page: 

 
Example Schedule of Investments

Sample Facts: 

Pool Name: ABC Fund 1 

Ending NAV: $1,000,000 

Investments: 

• Microsoft Common Stock: Long $200,000 

• 10 Yr US T-Bond: Long $150,000 

• PacBell 6 5/8 2034 Corp Bond: Long $150,000 

• CHICAGO ILL O HARE INTL ARPT REV GEN ARPT SER A Municipal Bond: Long $50,000 

• Spot Gold: Long $75,000 

1. Begin by entering the common stock to the Equities category: 

 

Enter overall investment on top line of 

category. 

Since the investment can be broken 

down into a subcategory that exceeds 

10% of NAV, enter the balance next to 

the applicable subcategory.

Since investment can be broken down 

further into a subcategory that 

exceeds 10% of NAV, enter the 

balance for the next applicable 

subcategory. Since this is the last 

subcategory in stocks and the 

investment in Microsoft still exceeds 

10% of NAV, a detail itemization must 

be made by clicking on “Itemize”. 
2. Next, enter the three bond investments in the “Fixed Income” category: 

The total investment across all three 

bonds is $350,000 so this balance goes 

on the main line for this category. 

All of the investments in this category 

are bonds; therefore, the total bond 

investment should be entered. 

Of the three bond investments that 

make up the total, only two exceed 

10% of NAV. Therefore, these 

individual investments go on the 

applicable subcategory lines. 

Since the corporate bond and US 

Treasury Bond investments both 

individually exceed 10% of NAV, they 

must be itemized by clicking on the 

“itemize” link in the respective field. 
3. Finally, address the gold investment. Investments in physical metals are categorized under 

“Alternative Investments”. 

4. To review the individual investments that were itemized, click on the "Summary of Itemized 

Balances" link on the upper left hand side of the screen, which will display the following screen. 

Again, begin by entering the dollar 

value of the Gold investment on the 

main line in the Alternative 

Investments category. 

Since the Gold investment represents 

less than 10% of total NAV, there is no 

need to reflect the balance at the 

subcategory level. 
Reviewing & Submitting the Report

You can check the status of your filing by clicking on the "Table of Contents" link on the left hand side of 

the screen. The status column will display either "No errors" or "Incomplete". A section will remain

incomplete if errors exist. You can review the outstanding errors by clicking on the "Review statement 

for errors" link on the left hand side of the screen. 

After clicking on the "Review statement for errors page", the following page will display. Any 

outstanding errors or warnings will be described. Errors must be corrected before the report can be 

submitted. A warning, on the other hand, prompts the filer to review the statement for accuracy and 

completion. A report with outstanding warnings (but not outstanding errors) may be submitted. 
If no errors or warnings exist, the following screen will display and you may click the "Submit" button. 
If warnings exist, a screen similar to the following will display, which will allow you to click on the 

"Submit with Warnings" button to submit the report with warnings. 
After clicking the "Submit with Warnings" button, the following page will display, providing you with an 

opportunity to add a note to explain away the warning. Click on either "Submit With Note" or "Submit 

Without Note", as applicable. You are encouraged to add a detailed note for any outstanding warnings. 

Submitting a report without a note (or an inadequate note) may result in NFA contacting your firm for 

further explanation. 
The last step required to submit the report will be the oath or affirmation. Once you are ready to 

submit the report, click the "Submit Filing" button. 
 
Pool Quarterly Report FAQs

General 

Q: What do I need to upload on the File Upload screen?

A: Uploading files is optional at this time. You can skip this screen and still successfully submit the 

quarterly report. 

Q: I have a pool that liquidated prior to the quarter end date. Do I need to file a report for this pool? 

A: A pool that has completely liquidated as of the quarter end date does not need to file a report. 

However, the CPO must update the pool's annual questionnaire to reflect the date that the pool 

liquidated. The pool will then have 90 days from the date of liquidation to file a liquidation statement 

with NFA. The annual questionnaire can be accessed here: http://www.nfa.futures.org/NFA-electronicfilings/annual-questionnaire.HTML. 

Q: I've completed certain sections but the "Table of Contents" indicates that these sections are 

"Incomplete". How do I complete the applicable sections?

A: Click on the Review filing for errors button on the left hand side of the screen to review all 

outstanding errors/warnings. The errors/warnings will explain the action necessary to complete each 

section and submit the report. 

Q: Can I submit a report with errors or warnings?

A: All errors must be corrected before a report can be submitted. However, a report can be submitted 

with warnings and you are given the opportunity to submit with a note if warnings exist. You are 

encouraged to add a note if submitting a report with warnings, as it may prevent NFA from contacting 

your firm later for additional information. 

Key Relationships 

Q: I completed the Key Relationships section but it still shows that this section is "Incomplete" and I'm

getting errors. What did I do wrong? 

A: You need to click on the Click here if the above relationships information is complete button in order 

to complete each page of the Key Relationships section. 

Q: I accidentally entered the pool's CPO as a key relationship. How do I delete it from the list? 

A: If you accidentally entered the CPO or any firm that the pool never did business with as a key 

relationship, you can delete the firm from the list by clicking on the Delete button and entering an "End 

Date" that agrees with the "Start Date". You will then be provided with the option to indicate that the 

relationship never existed. 

Q: I performed a name search and found the firm that my pool has a relationship with. However, the 

contact person and/or address of the firm does not appear to be correct. What should I do?

A: Large firms with several locations may appear more than once in search results. In some instances, a 

firm may appear more than once with the same city and state. In these instances, select the firm that

appears to be the best match. 

Q: My pools have the same administrator, carrying broker, trading manager, and/or custodian. How do I 

copy relationships from one PQR to another? 
A: Relationships that have been added to a PQR can be easily copied to other PQR reports. After adding 

relationships for a PQR, open a new PQR and begin work on the "Key Relationships" section. To add a 

relationship, select the "Click here to add a relationship" button and then the "Click here to select from a 

list of existing relationship entities" button. You will then be presented with a list of all relationships 

that were previously added on other PQRs. To copy relationships, simply enter the start date and click 

the "Copy" button for each applicable relationship.

Statement of Changes in NAV 

Q: Our pool does not operate under a general partner / limited partner structure. How should we 

complete the "GP" and "LP" columns? 

A: Regardless of the your specific structure, subscriber/participant investments in the pool should be 

entered in the "LP" column and the CPO's investment in the fund, if any, should be entered in the "GP"

column. 

Q: What qualifies as a "special allocation to general partner"? And should I enter a balance in this box if 

special allocations to the general partner are already factored in the balances entered above for the 

General Partner and Limited Partner? 

A: Special allocations may include accruals during the quarter for management and incentive fees. 

Follow standard accounting conventions when entering balances in the "GP" and "LP" columns (e.g., fee 

accruals during the quarter may be reflected as a reduction to the General Partner's net income balance 

and an addition to the Limited Partner's net income balance). 

Monthly Rates of Return 

Q: How many monthly RORs do I need to enter? 

A: You are only required to enter monthly RORs for the three months during the quarter. Entering 

monthly RORs for prior months is optional. 

Q: How do I delete a layer that I accidentally entered? 

A: A "Delete Layer" button appears next to each layer. Click on this button to remove the layer. 

Alternatively, if only a name change is necessary for layer, click on the "Change Name" button and input 

the new name. 

Schedule of Investments 

Q: My firm operates a master-feeder structure. When completing the report for the feeder fund, do I 

enter the feeder pool's pro-rata share of the master pool's investments on the Schedule of Investments? 

A: No. When completing the Schedule of Investments for a feeder pool that invests entirely in a master 

pool, you only need to enter the feeder pool's investment in the master pool on the Funds screen. 

When itemizing the feeder pool's investment in the master pool, you will be required to search for the

name of the master pool, which will then generate a supplemental pool quarterly report ("PQRS"). You 

are required to enter the details of the master pool's investments on the PQRS' Schedule of 

Investments. 

Q: Do I aggregate all open derivative positions to determine if the fund's position has exceeded the 10% 

of NAV threshold for reporting purposes? 
A: No. Derivative positions with positive open trade equity should be grouped separately from 

derivative positions with negative open trade equity. You should not net together positions with 

positive open trade equity and negative open trade equity when determining if the 10% of NAV 

threshold has been exceed. 

Q: Where do I enter cash-equivalent Treasury holdings on the Schedule of Investments? 

A: All fixed income products, regardless of maturity date, should be entered on the Fixed Income screen. 

Q: Should I enter negative signs in front of balances that I enter in the "-OTE" column of the Derivatives 

screen? 

A: No. All balances on the Schedule of Investments should be entered as positive values.