As Filed with the Securities and Exchange Commission on October 29, 2010

                                              Registration  No. ___-________

                      SECURITIES AND EXCHANGE COMMISSION
                            Washington, D. C. 20549

                                   FORM S-1

            REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933

                    ATLAS FUTURES FUND, LIMITED PARTNERSHIP
            (Exact name of registrant as specified in its charter)

                                   DELAWARE
                            [State of organization]

                            6289           51-0380494
                     (Primary SIC Number)   (IRS EIN)

                             505 Brookfield Drive
                             Dover, Delaware 19901
                          Telephone:  (800) 331-1532
                       (address and telephone number of
                   registrant's principal executive offices)

                              Mr. Michael Pacult
                      c/o Ashley Capital Management, Inc.
                               5914 N. 300 West
                            Fremont, Indiana 46737
             Telephone:  (260) 833-1306; Facsimile (260) 833-4411
     (Name, address and telephone number of agent for service of process)

                                  Copies to:
                         William Sumner Scott, Esquire
                           The Scott Law Firm, Ltd.
                        201 West Lake Street, Suite 243
                               Chicago, IL 60606
                                (312) 957-5553

If any of the securities being offered on the Form are to be offered on a
continuous basis pursuant to Rule 415 under the Securities Act of 1933, check
the following box:  [X]

If this Form is filed to register additional securities for an offering
pursuant to Rule 462(b) under the Securities Act, please check the following
box and list the Securities Act registration statement number of the earlier
effective registration statement for the same offering. [ ]

If this Form is a post-effective amendment filed pursuant to Rule 462(c) under
the Securities Act, check the following box and list the Securities Act
registration statement number of the earlier effective registration statement
for the same offering. [ ]

If this Form is a post-effective amendment filed pursuant to Rule 462(d) under
the Securities Act, check the following box and list the Securities Act
registration statement number of the earlier effective registration statement
for the same offering. [ ]

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

Large Accelerated filer  [ ]	Accelerated filer  [ ]
Non-accelerated filer    [X]	Smaller reporting company  [ ]

<table>
<s>				<c>		<c>			<c>			<c>

                        CALCULATION OF REGISTRATION FEE

Title of Each Class of		Amount being	Maximum Offering	Maximum Aggregate	Amount of
Securities Being Registered:	Registered:	Price Per Unit:		Offering Price:		Registration Fee:

Units of Membership
Interest ("Units")		2,445.9267*	$4,088.43*		$10,000,000		$713
</table>

* Units will be offered at the prior month-end net asset value per Unit which,
as of September 30, 2010 was $4,088.43.

The registrant hereby amends this registration statement on such date or dates
as may be necessary to delay its effective date until the registrant shall
file a further amendment which specifically states that this registration
statement shall thereafter become effective in accordance with section 8(a) of
the Securities Act of 1933 or until the registration statement shall become
effective on such date as the Commission acting pursuant to said section 8(a),
may determine.

<page>
Prospectus - Part I

                    Atlas Futures Fund, Limited Partnership
                   Amended and Restated Prospectus to Offer
             $10,000,000 of Units of Limited Partnership Interest

                  To Be Sold at the Net Asset Value per Unit
             Computed At the End of Each Month During the Offering

The Offering

The partnership is a registered commodity pool that trades futures, options on
futures, and forward contracts.

Two general partners, Ashley Capital Management, Inc. and Mr. Michael P.
Pacult, manage us.  We refer to them collectively as "the general partner."
The general partner is authorized by the partnership agreement to employ,
establish the terms of employment, and terminate investment managers called
commodity trading advisors and clearing brokers called futures commission
merchants.

This is a best efforts offering. The selling agent is not required to sell any
specific number or dollar amount of securities but will use its best efforts
to sell the securities offered.  Compensation to the selling agent will be a
1% selling commission of the gross subscription amount in addition to $2,000
in legal fees the partnership has paid associated with the review of this
offering by FINRA.  You must purchase at least $25,000 in partnership
interests, though the general partner may reduce this to no less than $5,000.
You have the right to rescind your subscription for five days after it is
submitted.  After five days, your subscription is irrevocable and you may only
withdraw from the partnership after twelve months by redeeming your
partnership interests.  This offering has no minimum and will terminate on
October __, 2013, three years from the date of this prospectus, or at an
earlier date at the sole discretion of the general partner.  There is no
redemption fee, but there is a twelve month lock-in.  See Summary,
Subscription Procedure in this prospectus.

All subscriptions received will be placed in a depository account maintained
by the general partner until we accept them.  Interest accrued on your
subscription amount will be used to buy additional partnership interests for
you.  Partnership interests are offered for sale at their net asset value as
of the close of business on the last day of the month in which the
subscription is received and become effective on the open of business on the
first day of the subsequent month.

The Risks - These securities are highly speculative and involve a high degree
of risk.  Consider carefully the risk factors below and the complete
description beginning on page 5 of this prospectus.

*	Our business is the speculative trading in futures, commodity options
and unregulated currency contracts selected by registered commodity trading
advisors.

*	This partnership pays substantial commission and other costs.  There is
no guarantee that you will receive a return on your investment.

*	To receive your investment back after one year, the partnership must
currently generate a return of 17.38% and 16.75% should we sell the maximum
number of partnership interests offered.

*	Transfer of your partnership interests will be restricted and there are
limitations on your right of redemption to surrender your partnership
interests in return for their value.  No public market for the partnership
interests exists and none is expected to develop.

*	This partnership will not make distributions.  To receive a return of
your investment, you must use our redemption procedure.

*	Although you will not receive distributions, you must pay annual Federal
and state income taxes on your share of any profits earned by this
partnership.

*	The general partner and affiliates have conflicts of interest with
regard to the management of this partnership.

You are required to understand fully the terms of this investment.  Therefore,
you are encouraged to discuss this investment with your independent financial
and tax advisers.

These securities have not been approved or disapproved by the Securities and
Exchange Commission, or any state securities commission or agency, nor have
any of them confirmed or passed upon the accuracy or adequacy of this
supplement to prospectus.  Any representation to the contrary is a criminal
offense.

THE COMMODITY FUTURES TRADING COMMISSION HAS NOT PASSED UPON THE MERITS OF
PARTICIPATING IN THIS POOL NOR HAS THE COMMISSION PASSED ON THE ADEQUACY OR
ACCURACY OF THIS DISCLOSURE DOCUMENT.

The partnership has commenced trading.  As of September 30, 2010, the current
net asset value of the partnership is $10,963,894.

                          FUTURES INVESTMENT COMPANY
                        5914 N. 300 West, P. O. Box 760
                                (260) 833-1306
                          Best Efforts Selling Agent

                The date of this prospectus is October __, 2010

<page>
       Commodity Futures Trading Commission - Risk Disclosure Statement

YOU SHOULD CAREFULLY CONSIDER WHETHER YOUR FINANCIAL CONDITION PERMITS YOU TO
PARTICIPATE IN A COMMODITY POOL.  IN SO DOING, YOU SHOULD BE AWARE THAT
FUTURES AND OPTIONS TRADING CAN QUICKLY LEAD TO LARGE LOSSES AS WELL AS GAINS.
SUCH TRADING LOSSES CAN SHARPLY REDUCE THE NET ASSET VALUE OF THE POOL AND
CONSEQUENTLY THE VALUE OF YOUR INTEREST IN THE POOL.  IN ADDITION,
RESTRICTIONS ON REDEMPTIONS MAY AFFECT YOUR ABILITY TO WITHDRAW YOUR
PARTICIPATION IN THE POOL.

FURTHER, COMMODITY POOLS MAY BE SUBJECT TO SUBSTANTIAL CHARGES FOR MANAGEMENT,
AND ADVISORY AND BROKERAGE FEES.  IT MAY BE NECESSARY FOR THOSE POOLS THAT ARE
SUBJECT TO THESE CHARGES TO MAKE SUBSTANTIAL TRADING PROFITS TO AVOID
DEPLETION OR EXHAUSTION OF THEIR ASSETS.  THIS DISCLOSURE DOCUMENT CONTAINS A
COMPLETE DESCRIPTION OF EACH EXPENSE TO BE CHARGED THIS POOL AT PAGE 17 AND A
STATEMENT OF THE PERCENTAGE RETURN NECESSARY TO BREAK EVEN, THAT IS, TO
RECOVER THE AMOUNT OF YOUR INITIAL INVESTMENT, AT PAGE 13.

THIS BRIEF STATEMENT CANNOT DISCLOSE ALL THE RISKS AND OTHER FACTORS NECESSARY
TO EVALUATE YOUR PARTICIPATION IN THIS COMMODITY POOL.  THEREFORE, BEFORE YOU
DECIDE TO PARTICIPATE IN THIS COMMODITY POOL, YOU SHOULD CAREFULLY STUDY THIS
DISCLOSURE DOCUMENT, INCLUDING A DESCRIPTION OF THE PRINCIPAL RISK FACTORS OF
THIS INVESTMENT, AT PAGE 5.

YOU SHOULD ALSO BE AWARE THAT THIS COMMODITY POOL MAY TRADE FOREIGN FUTURES OR
OPTIONS CONTRACTS.  TRANSACTIONS ON MARKETS LOCATED OUTSIDE THE UNITED STATES,
INCLUDING MARKETS FORMALLY LINKED TO A UNITED STATES MARKET, MAY BE SUBJECT TO
REGULATIONS WHICH OFFER DIFFERENT OR DIMINISHED PROTECTION TO THE POOL AND ITS
PARTICIPANTS.  FURTHER, UNITED STATES REGULATORY AUTHORITIES MAY BE UNABLE TO
COMPEL THE ENFORCEMENT OF THE RULES OF REGULATORY AUTHORITIES OR MARKETS IN
NON-UNITED STATES JURISDICTIONS WHERE TRANSACTIONS FOR THE POOL MAY BE
EFFECTED.

    [The balance of this page has been intentionally left blank]


                                       i
<page>
Table of Contents

Commodity Futures Trading Commission - Risk Disclosure Statement           i
Table of Contents                                                          ii
Suitability Standards                                                      v
Summary of the Offering                                                    1
The Partnership                                                            1
Description of Securities Offered for Sale                                 1
Plan for Sale of Partnership Interests and Use of Depository Account       1
Subscription Procedure                                                     1
Who Will Benefit From an Investment in the Partnership                     1
Business Objectives and Expenses                                           1
Summary Risk Factors                                                       2
Charges to the Partnership                                                 2
Use of Proceeds                                                            3
Selection of Commodity Trading Advisors and Allocation of Equity           3
Federal Income Tax Aspects                                                 3
Redemptions                                                                3
Diagram of Partnership Structure & Commissions Atlas Futures Fund, Limited
Partnership                                                                4
The Risks You Face                                                         5
We must pay substantial charges, which may limit your ability to receive a
return on your investment.                                                 5
You may not transfer your partnership interests and must rely on our
redemption procedures to receive your investment back.                     5
Your right of redemption is limited.                                       5
The partnership depends upon the individual general partner, and his absence
could cause the partnership to cease operations.                           5
General partner and commodity trading advisor will serve other businesses and
may not have adequate time to devote to the partnership.                   5
There are conflicts of interest in the partnership structure which may limit
our profits.                                                               6
You will be taxed on profits regardless of whether they are distributed.   6
You will have to pay taxes on profits in a current year which may be lost in
future years.                                                              6
If the general partner selects a new trading advisor, it may not be as
profitable as the one replaced, and the new advisor will not be responsible
for recouping any previous losses.                                         6
The general partner may change the commodity trading advisor and its
allocation of equity without notice to you.                                6
Factors beyond a Trading Advisor's control may cause a Trading Advisor to
deviate from its trading program or strategy.                              6
You will not participate in management and may not contest the business
decisions of the general partner.                                          6
Commodity futures trading is speculative.                                  6
During partnership trading, a small price movement can lead to large
losses.          							   6
The general partner does not control the trading advisor or its methods and
may not be able to prevent large losses.                                   7
The partnership may be unable to execute a trade before large losses are
incurred due to market illiquidity.                                        7
Changes in trading equity may adversely affect performance.                7
Denomination of Partnership Assets at the Futures Commission Merchant in
Foreign Currencies                                                         7
Failure of commodity brokers or banks could result in loss of assets.      7
When trading in foreign exchanges, if the creditworthiness of the other
parties or the value of the currency is not maintained, we may lose the value
of our positions in those markets.                                         8
Option trading is highly risky and requires less equity to secure a trade,
thus providing greater potential for loss.                                 8
Position Limits May Limit Profitability and Changes Thereof Can Produce
Dramatic Price Swings.                                                     8
We may not be able to compete with others with greater resources.          8
Resignation of individual general partner and subsequent failure of Ashley to
maintain its net worth may cause suspension of trading or taxation as a
corporation.                                                               8
The general partner will not advise you, and you must rely upon your own
counsel before investing in the partnership.                               9
The partnership is not covered by the Investment Company Act of 1940.      9
Possibility of audit - you may be subject to audit and penalties.          9
General partner may settle IRS claim not in your best interest.            9
You may be subject to back taxes and penalties.                            9
The general partner may cause higher fees to be paid or riskier trading by
altering the management and incentive fees without prior notice to you.    9
Conflicts Of Interest                                                      9
The general partner, the commodity trading advisor, the futures commission
merchant, the introducing broker, the selling agent and their principals may
preferentially trade for themselves and others.                            9

                                       ii
<page>
Possible retention of voting control by the general partner may limit your
ability to control issues.                                                 10
The general partner is not likely to resign, even if it would be in your best
interest.                                                                  10
The introducing broker and selling agent is affiliated with the general
partner.                                                                   10
Partnership fees may be higher than they would be if they were negotiated. 10
Our profitability may be limited due to competition among traders and their
unaccountability for previous losses.                                      10
Your ability to redeem your partnership interests may be lessened due to the
nature of the general partner's compensation.                              10
The commodity trading advisor may engage in high risk trading to generate
fees.                                                                      10
The individual general partner has sole control over the time he will allocate
to the management of the partnership.                             10
No Resolution of Conflicts Procedures                                      11
Interests of Named Experts and Counsel                                     11
Cautionary Note Regarding Forward-Looking Statements                       11
Management's Discussion and Analysis                                       11
The Partnership                                                            11
The General Partners                                                       12
Experience                                                                 12
Authority                                                                  12
Partnership Books and Records                                              12
The Commodity Trading Advisors                                             12
The Advisory Contract                                                      13
Business Objective and Expenses                                            13
Explanatory Notes:                                                         13
Securities Offered                                                         14
Management's Discussion                                                    14
Description of Intended Operations                                         14
Risk Control                                                               14
Trading Risks                                                              15
Fiduciary Responsibility of the General Partner                            15
Indemnification                                                            16
Provisions of Limited Partnership Agreement                                16
Provisions of Law                                                          16
Provisions of Federal and State Securities Laws                            16
Provisions of the Securities Act of 1933 and NASAA Guidelines              16
Provisions of the Clearing Agreement                                       16
Other Indemnification Provisions                                           16
Relationship with the Futures Commission Merchant, the Introducing Broker and
the General Partner                                                        16
Fixed Commissions are Competitive                                          17
Relationship with the Commodity Trading Advisors                           17
The Commodity Trading Advisors Will Trade for Other Accounts               17
Non-Disclosure of the Commodity Trading Advisor's Methods                  17
Charges to the Partnership                                                 17
Compensation of the Commodity Trading Advisors                             17
Restrictions on Management Fees                                            18
Compensation of Futures Commission Merchant, Introducing Broker, Selling Agent
and General Partner                                                  	   18
Fee Paid By Partnership to the Corporate General Partner                   18
Selling Commission                                                         18
Brokerage Fees Paid By the Corporate General Partner to the Futures Commission
Merchant                                                        	   18
Miscellaneous Fees to Futures Commission Merchant                          18
Rights of General Partner                                                  18
Other Expenses                                                             19
Charges to the Partnership                                                 19
Investor Suitability                                                       20
Potential Advantages                                                       20
Equity Management                                                          20
Investment Diversification                                                 20
Limited Liability                                                          21
Administrative Convenience                                                 21
Access to the Commodity Trading Advisors                                   21
Use of Proceeds                                                            21
Determination of the Offering Price                                        21
The General Partner                                                        22
Identification                                                             22
Michael P. Pacult                                                          22
Ownership in Commodity Trading Advisors and Futures Commission Merchant    23
Ownership in the Partnership                                               23
Trading By the General Partner; Interest in the Pool                       23
Regulatory Notice                                                          23
Trading Management                                                         23
No Affiliation with Commodity Trading Advisor                              23
Rights of the General Partner With Respect To Commodity Trading Advisor
Selection and Allocation of Equity                                         23
Performance Record of the Partnership                                      23

                                       iii
<page>
The Commodity Trading Advisor                                              24
Clarke Capital Management, Inc.                                            24
Business Background                                                        24
Description of Trading Program                                             25
Performance Record of Other Programs Sponsored By the General Partner      26
The Futures Commission Merchant                                            26
The Introducing Broker                                                     30
Federal Income Tax Aspects                                                 30
Scope of Tax Presentation                                                  30
No Legal Opinion as To Certain Material Tax Aspects                        30
Partnership Tax Status                                                     31
No IRS Ruling                                                              31
Tax Opinion                                                                31
Passive Loss and Unrelated Business Income Taxes Rules                     32
Basis Loss Limitation                                                      32
At-Risk Limitation                                                         32
Income and Losses from Passive Activities                                  32
Allocation of Profits and Losses                                           32
Taxation of Futures and Forward Transactions                               32
Section 988 Foreign Currency Transactions                                  33
Capital Gain and Loss Provisions                                           33
Business for Profit                                                        33
Self-Employment Income and Tax                                             33
Alternative Minimum Tax                                                    34
Interest Related To Tax Exempt Obligations                                 34
Not a Tax Shelter                                                          34
Taxation of Foreign Partners                                               34
Partnership Entity-Audit Provisions-Penalties                              34
Employee Benefit, Retirement Plans and IRA's                               35
The Limited Partnership Agreement                                          35
Formation of the Partnership                                               35
Units of Partnership Interests                                             35
Management of Partnership Affairs                                          35
General Prohibitions                                                       36
Additional Offerings                                                       36
Partnership Accounting, Reports, and Distributions                         36
Income, Loss and Expense Allocations                                       36
Transfer of Partnership Interests Only With Consent of the General Partner 37
Termination of the Partnership                                             37
Meetings                                                                   37
Redemptions                                                                37
Plan for Sale of Partnership Interests                                     37
The Selling Agent                                                          37
Underwriting Compensation                                                  38
No Sales to Discretionary Accounts                                         38
Depository Agreement                                                       38
Subscription Procedure                                                     38
Subscription Amounts                                                       38
Revocation and Acceptance of Subscription                                  38
Net Worth Tests                                                            39
Investor Warranties                                                        39
Compliance with Anti-Money Laundering Laws                                 39
Legal Matters                                                              39
Litigation and Claims                                                      39
Legal Opinion                                                              40
Experts                                                                    40
Additional Information                                                     40


A.	Atlas Futures Fund, Limited Partnership
 	Reviewed Financial Statements as of June 30, 2010

 	Audited Financial Statements - years ended December 31, 2009,
 	2008, and 2007

B.	Ashley Capital Management, Inc.
 	Audited Financial Statements - years ended December 31, 2009,
 	2008, and 2007

         [The balance of this page has been intentionally left blank.]

                                       iv
<page>
                             Suitability Standards

You should only invest a limited amount of the risk portion of your total
portfolio and should not invest more than you can afford to lose.

To invest the minimum $25,000 in this partnership, you must have either:

*	a net worth of at least $250,000, exclusive of home, furnishings and
automobiles, or

*	an annual gross income of at least $70,000 and a net worth, similarly
calculated of at least $70,000.

Residents of the following States must meet the specific requirements set
forth below.  Net worth, is in all cases, to be calculated exclusive of home,
furnishings and automobiles.  You may not invest more than 10% of your net
worth, exclusive of home, furnishings and automobiles, in the partnership.  No
entity, including ERISA plans, should invest more than 10% of its liquid net
worth (readily marketable securities) in the partnership.

1.	California-Net worth of at least $250,000 or a net worth of at least
$70,000 and annual taxable income of at least $70,000.

2.	Kansas-It is recommended by the Office of the Kansas Securities
Commissioner that Kansas investors not invest, in the aggregate, more than 10%
of their "liquid net worth" in this and similar direct participation programs.
For these purposes, "liquid net worth" is defined as that portion of net worth
which consists of cash, cash equivalents and readily marketable securities.

3.	Nebraska-Net worth of at least $250,000 or a net worth of at least
$70,000 and annual taxable income of at least $70,000.

4.	South Carolina-Net worth of at least $250,000 or a net income in the
preceding year some portion of which was subject to maximum federal and State
income tax.

5.	Texas-Net worth of at least $250,000 or a net worth of at least $70,000
and annual taxable income of at least $70,000.

In the case of sales to fiduciary accounts, the net worth and income standards
may be met by the beneficiary, the fiduciary account, or, if the donor or
grantor is the fiduciary, by the donor or grantor who supplies the funds to
purchase the partnership interests.

The foregoing suitability standards are regulatory minimums only.  Merely
because you meet such requirements does not necessarily mean that a high risk,
speculative and illiquid investment such as one in the partnership is, in
fact, suitable for you.

[The balance of this page has been intentionally left blank.]

                                       v
<page>
                            Summary of the Offering

This summary is to assist your understanding of the offer.  To be certain you
have a full understanding of the risks of this investment, you must carefully
review the entire document, including the exhibits.

The Partnership

The Atlas Futures Fund, LP allows you to participate in alternative or non-
traditional investments, namely the U.S. and international futures, forward
and swap markets.  Futures contracts are traded on a wide variety of
commodities, including agricultural products, metals, energies, livestock
products, government securities, currencies and stock market indices.  Options
on futures contracts are also traded on U.S. and foreign commodity exchanges.
The general partner uses its discretion to employ advisors that look to manage
risk and volatility.

The principal of the general partner has provided advisory services for
individual managed accounts for 30 years similar to the services he is
providing for the partnership, and he has developed and refined his approach
to evaluating professional advisors over that period.

Atlas Futures Fund, Limited Partnership is a Delaware limited partnership
organized on January 12, 1998 and maintains its main business office at 505
Brookfield Drive, Dover, DE 19901, (800) 331-1532.  Its books and records are
kept at the offices of the corporate general partner, 5914 N. 300 West,
Fremont, IN 46737, (260) 833-1306.  The partnership is operated pursuant to a
limited partnership agreement which is included as Exhibit A and is managed
and controlled by Ashley Capital Management, Inc., a Delaware corporation, and
Michael P. Pacult, who are collectively referred to as the general partner.
The general partner employs independent registered trading managers called
commodity trading advisors to select trades for the partnership.  The pool
will be continuously offered to the public and currently employs a single
trading advisor.

Description of Securities Offered for Sale

Pursuant to previous offerings, we sold a total of $14,221,306  of partnership
interests.  As of the effective date of this prospectus, we are offering by
this prospectus an additional $10,000,000, in value of partnership interests,
which will be sold at the partnership's net asset value per partnership
interest on the close of business on the last day of the month in which the
subscription agreement is received.  This offering has no minimum and will
terminate three years from the date of this prospectus, or at an earlier date
at the sole discretion of the general partner.

Plan for Sale of Partnership Interests and Use of Depository Account

All sales will be made through the selling agent, which will receive a 1% up
front selling commission on gross subscription proceeds.  It will use its best
efforts, which means it will try, but not guarantee, to sell the partnership
interests.  To have good funds available on the last day of the month when
your subscription will be accepted, the corporate general partner will
maintain a depository account at Star Financial Bank, Angola, IN to hold your
subscription from the date of submission to the date you become a partner.

Subscription Procedure

To purchase partnership interests, you must complete and execute a
subscription agreement (Exhibit D), deliver your executed subscription
documents and check for your investment, which should be made payable to "Star
Financial Bank for the exclusive benefit of the customers of Atlas Futures
Fund, LP," and pay for at least $25,000 in partnership interests, though the
general partner may reduce this amount to not less than $5,000.

You must also have the minimum net worth and income provided in the Notice to
Residents of the State of your residence if it is listed at the front of this
prospectus or, one of the following: (i) a minimum net worth, exclusive of
your home, home furnishings and automobiles, of $250,000, or (ii) a minimum
annual gross income of $70,000 and a minimum net worth of $70,000, both
exclusive of your home, home furnishings and automobiles.

Who Will Benefit From an Investment in the Partnership

You are likely to benefit from an investment in the partnership if you want to
diversify your portfolio and if you have investment money available that you
can afford to lose without adverse consequences to your ability to support
your family and your lifestyle.  Recent volatility in the U.S. equity market
has made clear the risks associated with investments concentrated within a
single market.  This investment presents the opportunity to participate in
markets which are typically not represented in most investors' portfolios and
which can be profitable in both rising and falling markets.

However, if you cannot afford the risk of losing your entire investment in
this partnership, you should not purchase these partnership interests.

Business Objectives and Expenses

We are organized to be a commodity pool to engage in the speculative trading
of futures and forward contracts, which are instruments designed to permit
producers to hedge or investors to speculate in various interest rates,
commodities, currencies, stock indices and other financial instruments, both
domestic and globally.  We also trade options on futures and forward
contracts, which give the purchaser the right to acquire or sell a given
contract at a specified time at a specified price, and other financial
instruments.

                                       1
<page>
We do not anticipate you will receive distributions and cannot guarantee that
we will meet our objectives or avoid substantial losses.

We are subject to substantial charges.  To return after one year an initial
investment at $4,088.43 per unit of partnership interest, we must earn a
profit of 17.38%, or $705.66 per partnership interest.

Summary Risk Factors

Investment in the partnership interests is speculative, illiquid, and highly
risky.  You should purchase partnership interests only if you can afford to
lose your entire investment.  For a complete description of the risks of an
investment in the partnership, see the Risk Factors section beginning on page
5.

Our business is the speculative trading in futures and forward contracts, and
options on those contracts, selected by a registered commodity trading
advisor.  This trading is highly leveraged and takes place in very volatile
markets.

Past results of this partnership or the commodity trading advisor do not
guarantee future results.

This partnership pays substantial fixed management fees and commission costs.
There is no guarantee that you will receive a return on your investment.

Transfer of your partnership interests will be restricted and there are
limitations on your right of redemption to surrender your partnership
interests in return for their value.  No public market for the partnership
interests exists and none is expected to develop.

This partnership will not make distributions.  To receive a return on your
investment, you must use our redemption procedure.

Although you will not receive distributions, you must pay Federal and state
income taxes on your share of any profits earned by this partnership.

The general partner and affiliates have conflicts of interest with regard to
the management of this partnership.  Specifically, the individual general
partner is the sole principal of the corporate general partner and is a 50%
owner of the affiliated selling agent and introducing broker.  Accordingly,
their fees have not been negotiated at arm's length and there will be no
independent due diligence performed in regard to interests sold.  However, the
brokerage commissions are less than the presumptive fair and reasonable limit
provided by the guidelines of the North American Securities Administrators
Association.

Charges to the Partnership

The following table identifies who is paid by the partnership, what they do
for the partnership, and their rate of compensation:

Entity /
Nature of Service /
Amount of Compensation
___________________________________
The general partner
(Ashley Capital Management, Inc. and Mr. Michael P. Pacult)

Manages the partnership; negotiates and pays trading costs; assumes credit
risk of the partnership to the futures commission merchant

The partnership pays the corporate general partner a fixed annual brokerage
commission of 11% of equity allocated to trading, of which it retains 4% and
pays 7% to the introducing broker to clear domestic trades.  [$2,750+]

___________________________________
The commodity trading advisor
(Clarke Capital Management, Inc.)

Makes trades for the partnership

Clarke: 25% quarterly incentive fee on all new net profits it has generated
(this includes all new profits generated during the quarter, adjusted for
changes in trading equity and losses in previous quarters)

___________________________________
The futures commission merchant
(MF Global, Inc.)

Accepts trades from the advisor, clears the trades; holds the partnership's
trading equity

The introducing broker pays the futures commission merchant for the per round
turn commissions for domestic trades entered by the trading advisor.  The
partnership pays the per round turn commission for trades made on foreign
exchanges.

                                       2
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___________________________________
The introducing broker
(Futures Investment Company)

Introduces the trades from the advisor to the futures commission merchant

Shares 7% of the 11% brokerage commissions paid to the corporate general
partner, with which it pays the futures commission merchant for domestic
trades generated by the trading advisor. [$1,750+]

___________________________________
The selling agent
(Futures Investment Company)

Sells investment in the partnership

FIC, as selling agent, will receive a 1% selling commission of the gross
subscription amount.  Other compensation to it includes $2,000 paid by the
partnership for legal fees associated with the review of the offering by
FINRA. [$250+]

___________________________________
Lawyers and Accountants
(The Scott Law Firm, Ltd., Patke & Associates, Ltd., CPA, and other
accountants)

Continuing legal and accounting work

Operating expenses are estimated at $149,000 annually, with $62,000 for
accounting, $38,000 for audit, $27,000 for legal, $8,000 for regulatory fees
and $14,000 for other.  Expenses related to this offering are estimated to be
$25,000.  Claims cannot be estimated but will be paid as incurred.  [$57+
offering; $323+ ongoing annual expenses]
___________________________________

+  Each $25,000 investment pays this amount per year for these particular
expenses.  When the expense is not based on a percentage, but rather a fixed
amount, we have computed the expense upon the partnership's current net asset
value.

Use of Proceeds

The partnership has paid the organizational expenses.  Offering and operating
expenses are paid as incurred.

The general partner reserves the right to apply all partnership assets not
allocated to pay expenses toward trading commodities and cash reserves,
including investments in U.S. Treasuries, cash management funds that invest in
only U.S. Treasuries, and foreign treasuries held with the respective issuing
department of treasury, all held in the name of the partnership.

Selection of Commodity Trading Advisors and Allocation of Equity

The general partner has allocated substantially all trading equity to Clarke
Capital Management, Inc. to trade as the sole commodity trading advisor to the
partnership.  The trading advisor is responsible for selecting the markets
traded and the number of contracts per trade entered on behalf of the
partnership under the authority granted by a power of attorney from the
partnership to the trading advisor.  The advisor is authorized to make short
sales, with unlimited risk of loss, on behalf of the partnership.  The general
partner, without prior notice to you, in its sole discretion, may adjust the
allocation of equity to the advisor and terminate or add trading advisors.

Federal Income Tax Aspects

Although you will not be paid distributions, you will have to pay income taxes
on profits and interest, if any, for the taxable year in which it is earned.
The partnership reports on a December 31 year end.

Redemptions

You may request the general partner to accept the surrender of your
partnership interests for cash through our redemption procedures.  The general
partner will use its best efforts to comply with all redemption requests, but
may not be able to do so because of insufficient liquid assets.  Though past
performance is no guarantee of future results, all redemption requests made to
pools that the individual general partner has managed since he began managing
commodity pools in August, 2003 were fulfilled on time.  You will not be
allowed to make any redemption during the first twelve months of your initial
investment.  There will be no charge for redemptions.  See, The Limited
Partnership Agreement, Redemptions.

                                       3
<page>
Diagram of Partnership Structure & Commissions

Atlas Futures Fund, Limited Partnership

Please see the previous table under Charges to the Partnership for a
description of the below parties.

                                       4
<page>
The Risks You Face

Investment in the partnership interests is speculative, illiquid, and highly
risky.  You should purchase partnership interests only if you can afford to
lose your entire investment.  All of the following risks, except payment of
fixed expenses, are present without regard to the amount of partnership
interests sold.

We must pay substantial charges, which may limit your ability to receive a
return on your investment.

We must pay our expenses before you will realize a profit.  They are (i) fixed
brokerage commissions of 11% per year upon the partnership's equity allocated
to trading for domestic trades plus actual commissions charged by the futures
commission merchant for trades made on foreign futures exchanges and forward
markets, if any; (ii) an incentive fee of 25% to Clarke, the commodity trading
advisor to the partnership, of its new net profits; (iii) yearly expenses
estimated at $149,000, of which $62,000 is paid for accounting, $38,000 for
audit, $27,000 for legal, $8,000 for regulatory and the balance of $14,000 for
variable operating expenses such as printing, telephone, postage, and office
supplies, and (iv) extra-ordinary expenses such as claims and defense of
claims from brokers, partners, and other parties.

The incentive fees are determined and accrued monthly, but paid quarterly to
the commodity trading advisor.  We may be subject to substantial incentive
fees in the initial quarters of any given year which will not be refunded,
even if we experience subsequent losses which produce a net loss for that
year.  See Charges to the Partnership.

You may not transfer your partnership interests and must rely on our
redemption procedures to receive your investment back.

You can assign or transfer your partnership interests only with the consent of
the general partner, which will be granted only upon limited circumstances.
See The Limited Partnership Agreement, Transfer Of Units Only With Consent Of
The General Partner and the Limited Partnership Agreement (Exhibit A).

Therefore, you must rely on our redemption procedures to receive your initial
investment adjusted to reflect profits, payment of expenses, and losses.  See
The Limited Partnership Agreement, Redemptions.

Your right of redemption is limited.

Our redemption procedures provide that the redemption amount will be based
upon the net asset value of the partnership interests as calculated at the end
of the month in which the redemption request is received.  The redemption
request must be received no less than 10 days prior to the redemption
effective date and be approved by the general partner, and it may not be
granted if we do not have enough liquid assets.

Subject to the foregoing limitations, the general partner intends to grant all
redemption requests received no less than ten days prior to the last business
day of the month and will use its best efforts to pay those requests within
twenty days after the last business day of the month in which the redemption
request was received.  You may be prevented from redeeming your partnership
interests before they are significantly devalued.  In such circumstances, the
general partner will use its best efforts to cause partnership assets,
including open trading positions, if any, to be converted into cash to meet
redemption requests and fulfill them as soon as is practicable.  However, if
this cannot be done in a timely fashion due to illiquid markets, for instance,
those non-cash assets could be further devalued and reduce the partnership's
net asset value per unit, thus potentially having a negative effect on the
eventual redemption amount.  See The Limited Partnership Agreement, Exhibit A,
Redemptions.

Though past performance is no guarantee of future results, all redemption
requests made to pools that the individual general partner has managed since
he began managing commodity pools in August, 2003 were fulfilled on time.

Further, substantial redemption requests could adversely affect us by the
liquidation of positions too rapidly or on unfavorable terms which prevent us
from satisfaction of all redemption requests, or the reduction of our
available trading equity at a time when we have an opportunity to earn
substantial profit.

The partnership depends upon the individual general partner, and his absence
could cause the partnership to cease operations.

You will be relying entirely on the ability of the general partner to select
and monitor the commodity trading advisors selected for the partnership.  The
individual general partner is the sole principal and officer of the corporate
general partner.  If he becomes unable to perform his duties, we could be
required to cease operations and trading until a replacement for him is found.

General partner and commodity trading advisor will serve other businesses and
may not have adequate time to devote to the partnership.

The individual general partner currently manages other commodity pools and
both general partners expect to manage additional pools in the future.  They
may negotiate better terms for advisors, clearing and other services for those
other pools in competition with this pool.   The commodity trading advisor
currently manages other commodity accounts and may manage new accounts,
including personal accounts and other commodity pools.  The

                                       5
<page>
commodity trading advisor has developed special trading programs to trade this
partnership's account.  Accordingly, there is no guarantee that our trading
results will be similar to or better than any of the trading advisor's other
accounts.  Our business could be adversely affected by the failure of either
the individual general partner and sole principal of the corporate general
partner, or the trading advisor to devote sufficient time to the partnership
affairs.  See Risk Factors, Trading Management, and The Commodity Trading
Advisors.

There are conflicts of interest in the partnership structure which may limit
our profits.

Before investing in this partnership, you must consider the actual and
potential conflicts of interest that exist in our structure and operation.
Specifically, the individual general partner is also a principal of Futures
Investment Company, the selling agent and introducing broker.  Therefore, the
individual general partner will probably not replace Futures Investment
Company in either of such capacities because it receives 7% brokerage
commissions as introducing broker and a 1% selling commission as selling
agent.

In addition, because the selling agent is affiliated with the general partner,
no independent due diligence of this offering will be conducted in regard to
interests it sells.  The individual general partner, through its 50% ownership
in the introducing broker, retains a portion of the fixed brokerage
commissions and, therefore, is unlikely to resign.  See Risk Factors,
Conflicts of Interest, and the Limited Partnership Agreement (Exhibit A).

You will be taxed on profits regardless of whether they are distributed.

We do not intend to make cash distributions from profits.   Regardless of
whether distributions are made, if we realize profits for a fiscal year, you
must report that income on your tax returns.

You will have to pay taxes on profits in a current year which may be lost in
future years.

We might sustain losses that offset our profits after the end of the year.  So
you might never receive a distribution equal to your share of our prior year's
taxable income.  See Federal Income Tax Aspects and The Limited Partnership
Agreement (Exhibit A).

If the general partner selects a new trading advisor, it may not be as
profitable as the one replaced, and the new advisor will not be responsible
for recouping any previous losses.

We rely upon a commodity trading advisor to generate profits pursuant to an
Advisory Contract and Power of Attorney (Exhibit F).  Either the general
partner or a trading advisor may terminate the relationship at any time.  If
this happens, or if a trading advisor becomes unable to serve us for any other
reason, the general partner may have to find one or more alternate trading
advisors.  We cannot guarantee that any alternate trading advisor will trade
as profitably as the original trading advisor, or that it would be retained on
terms which are as favorable.  Also, any new trading advisor will not be
obligated to recoup losses, if any, incurred by the prior trading advisor
before it is paid incentive fees on new net profits it generates.

The general partner may change the commodity trading advisor and its
allocation of equity without notice to you.

Without prior notice to you, the general partner may change the commodity
trading advisor and the amount of equity allocated to it at any time, for any
reason.

Factors beyond a Trading Advisor's control may cause a Trading Advisor to
deviate from its trading program or strategy.

Economic, market and other conditions may cause a trading advisor to deviate
from its stated trading program or strategy. There can be no guarantee that
any trading advisor would alert the general partner to such a change.

You will not participate in management and may not contest the business
decisions of the general partner.

You may not manage or conduct our business in any way or you would be deemed a
general partner, which is not allowed by the Limited Partnership Agreement
(Exhibit A).  Accordingly, you are bound by the business decisions of the
general partner.

Commodity futures trading is speculative.

Commodity futures, forward, and option contract prices have a high risk of
loss and are volatile.  Specifically (i) price movements are influenced by
such unpredictable variables as: changes in supply and demand; weather;
agricultural trade, fiscal, monetary and exchange control programs and
policies of governments; national and international political and economic
events; and, changes in interest rates, governments, exchanges, and other
market authorities that intervene to influence prices; (ii) even if the
analysis of the fundamental conditions by a commodity trading advisor is
correct, prices still may not react as predicted; (iii) analysis by the use of
a computer program to measure price, historical price averages, momentum and
other technical factors deemed important by a commodity trading advisor may
also fail to predict price direction; (iv) it is possible for most of our open
positions to be unprofitable at the same time; (v) price changes may reach a
limit upon which trading rules require a suspension of trading for a specified
period of time.  It is possible for these limits to be reached in the same
direction for successive days.  This may prevent us from exiting a position,
and when the market reopens, we could suffer a substantial loss on the
position; (vi) losses are not limited to the margin allocated to hold the
position and may exceed the total equity in our account, though the general
partner assumes the risk in this event; and (vii) short positions, which have
unlimited risk of loss, will be taken on our behalf by the trading advisor.

                                       6
<page>
During partnership trading, a small price movement can lead to large losses.

A small amount of money relative to the value of the contract traded, called
margin, must be deposited to place and hold a trade.  The margin amount is
typically between 5% and 15% of the value of the contract traded.  This
permits a large percentage gain or loss relative to the margin deposit.  For
example, if at the time of purchase, 5% of the futures contract price is
deposited as margin, a 5% decrease in the position's value will cause a loss
of all the equity allocated to the trade, which could equal the entire value
of the account.  The losses could be substantially more than the margin
deposited and the total value of the account, though the partners will not be
subject to margin calls.

The general partner does not control the trading advisor or its methods and
may not be able to prevent large losses.

The commodity trading advisor enters trades on our behalf directly with the
futures commission merchant.  The general partner does not know the trades
before they are made, nor does it know the trading advisor's methods, the
number of contracts bought or sold, or the margin required.  The trading
advisor will not notify the general partner of any modifications, additions or
deletions to its trading methods and money management principles.  We may
suddenly suffer large losses before the general partner knows remedial action
must be taken.

The partnership may be unable to execute a trade before large losses are
incurred due to market illiquidity.

It is not always possible to execute a buy or sell order.  Such illiquidity
can be caused by a lack of interest in the contract caused by market
conditions which produce no persons willing to buy or sell, or the suspension
of trading which may occur because the price limit for a contract has been
reached.

Most United States commodity exchanges limit price movement in a single
direction by rules referred to as price limits.  Once these limits have been
reached, no trades may be executed at prices beyond the limits for a specified
amount of time, usually until the next trading day.  However, given sufficient
price movement the following day, price limits may be imposed again.
Accordingly, price limits may be in effect for protracted time periods.  No
trading may be made in the direction of the price movement while the limit is
in place.  The frequency of the imposition of price limits or the length of
time they will be in effect cannot be predicted.  This causes illiquidity and
exposure to substantial losses. These losses could exceed the total equity in
our account, for which the general partners, not the limited partners, are
responsible.

Changes in trading equity may adversely affect performance.

Commodity trading advisors often are unable to adjust to changes in the amount
of money they manage.  This is because (i) the larger amount of equity under
management requires larger trades to be made, which may be more difficult to
execute, (ii) there are legal limits called position limits upon the number of
positions that may be taken on a particular commodity, and (iii) it may be
more difficult to scale in positions, which is when a trading advisor takes
positions at different prices at different times and then allocates those
positions on a ratable basis when a change in its allocated equity occurs.
See Appendix I for the full definitions of position limits and scale in
positions.

The commodity trading advisor may not limit the total equity it accepts and
may suffer losses which cause a withdrawal of the equity it manages.  A
commodity trading advisor's rate of return tends to decrease as the amount of
equity under management increases.

Denomination of Partnership Assets at the Futures Commission Merchant in
Foreign Currencies

The general partner may change the currency denomination in which the
partnership assets are held at the futures commission merchant (e.g., U.S.
Dollars, Euros, British Pound, Yen, etc.).  Although the assets will be
physically held by the merchant selected by the general partner in a United
States account, they will be subject to currency rate fluctuations, which may
work to the benefit or detriment of fund assets.

Failure of commodity brokers or banks could result in loss of assets.

If the futures commission merchant or other entity with which our money is on
deposit becomes bankrupt, we might only recover some, if any, of the equity in
our account.  The deposits in our bank accounts will be insured for only
$100,000 and payment on insured deposits may be delayed. As of April 1, 2008,
the General Partner began to exercise its discretion to put partnership equity
not used for margin in accounts not maintained by or accessible by the futures
commission merchant.  This includes U.S. Treasuries held at the U.S. Treasury
and investments in cash management funds that invest in only U.S. Treasuries,
all held in the name of the partnership.  The General partner reserves the
right to put partnership equity not used for margin in accounts not maintained
by or accessible by the futures commission merchant.  This includes U.S.
Treasuries held at the U.S. Treasury, investments in cash management funds
that invest in only U.S. Treasuries, and foreign treasuries held with the
respective issuing department of treasury, all held in the name of the
partnership.

                                       7
<page>
When trading in foreign exchanges, if the creditworthiness of the other
parties or the value of the currency is not maintained, we may lose the value
of our positions in those markets.

Trading commodities involves entering a contract, or option to contract, for
the delivery of goods or money at a future date.  The value of the contract or
option depends directly upon the creditworthiness of the parties and the value
of the item traded.   The commodity trading advisor trades commodities on
United States commodity exchanges, foreign commodity exchanges, and the inter-
bank currency markets.  The commodity exchange contracts and options traded on
United States exchanges are guaranteed by the members' credit.  Contracts and
options upon foreign commodity exchanges and the inter-bank currency markets
are usually not regulated by specific laws and are backed only by the parties
to the contracts.  It is possible for a price movement or a devaluation of a
currency in a particular contract or option to be large enough to destroy the
creditworthiness of the contracts and options issued by a particular party or
government, or all of the contracts and options of an entire market.  In
either of those situations, we could lose the entire value of a position with
little recourse to regain any of its value. In addition, the price of any
foreign futures or foreign options contract and, therefore, the potential
profit and loss thereon, may be affected by any variance in the foreign
exchange rate between the time a position is established and the time it is
liquidated, offset or exercised.

Option trading is highly risky and requires less equity to secure a trade,
thus providing greater potential for loss.

We expect to trade options, both puts and calls.  After a position is taken, a
liquid market may not exist for any particular commodity option or at any
particular time.  In an illiquid market, we may not be able to buy or sell to
offset, or liquidate, the positions we have taken.

Option trading allows us to trade with less equity on deposit.  Accordingly,
the risk of loss of the entire account is great in the case of selling option
premium.

Position Limits May Limit Profitability and Changes Thereof Can Produce
Dramatic Price Swings.

The Commodity Futures Trading Commission and the United States commodity
exchanges have established limits referred to as Speculative Position Limits
or Position Limits.  These are different from the price limits described
before.  They are limits on the maximum net long or net short futures or
options positions which any person or group of persons may own, hold, or
control in futures contracts.  The positions taken among all commodity
accounts owned, controlled or managed by a trading advisor and its principals
are combined for position limit purposes.  Thus, a trading advisor may not be
able to hold sufficient positions for us to maximize the return on a
particular trade because it may be taking similar positions for others.  A
material change in the position limits of one or more futures markets could
cause a large liquidation of or large addition to positions in such markets,
which could cause dramatic price swings.

We may not be able to compete with others with greater resources.

Commodity futures trading is highly competitive.  We compete with others who
may have greater experience, more extensive information about developments
affecting the futures markets, more sophisticated means of analyzing and
interpreting the futures markets, and greater financial resources.

Those with greater experience and financial resources have a better chance at
trading profitably.  For instance, we will not maintain a warehouse to take
delivery of commodities and will not have a large capital base to allow us to
hold positions through bad times.

Resignation of individual general partner and subsequent failure of Ashley to
maintain its net worth may cause suspension of trading or taxation as a
corporation.

Any general partner wishing to voluntarily withdraw from the partnership must
give 120 days prior written notice to the limited partners.  If a general
partner withdraws and the limited partners or remaining general partner elects
to continue the partnership, the withdrawing general partner shall pay all
expenses incurred as a result of its or his withdrawal.

When the sole general partner of a partnership is a corporation, the tax rules
require conditions to be met to allow the partnership to be taxed as a
partnership and not as a corporation.  To be taxed as a partnership requires
that two or more of the following tests be met: decentralized management,
unlimited liability, limited transferability of shares, and limited
continuation of existence.

No tax IRS ruling has been or will be requested to confirm the tax opinions
expressed in this prospectus.  If we were taxed as a corporation for Federal
income tax purposes, our income or loss would not be passed through to you, we
would be taxed at corporate rates, all or a portion of any distributions made
to you would be taxed to you as dividend income, and the amount of such
distributions would not be deductible in computing our taxable income.
However, the partnership tax counsel has delivered an opinion to the general
partner that this partnership, as presently operated by the general partner,
will be taxed as a partnership and not as a corporation.  See Federal Income
Tax Aspects.

                                       8
<page>
The general partner will not advise you, and you must rely upon your own
counsel before investing in the partnership.

Purchasing partnership interests does not create an Individual Retirement
Account, commonly called an IRA, and the creation and administration of an IRA
are solely your responsibility.  The assets of a retirement account should be
carefully diversified and you should only allocate high risk capital to this
partnership.  If you invest a significant portion of your retirement plan or
IRA assets in this partnership, you could be exposing that portion to
significant loss.  The general partner will not advise you in any manner on an
investment in this partnership, including matters of diversification,
prudence, interpretation of the partnership agreement, and liquidity.
Accordingly, you must rely upon the experience of qualified legal, investment
and tax counsel you select.

The partnership is not covered by the Investment Company Act of 1940.

Stock investment companies and investment advisors must be registered under
the Investment Company Act of 1940, as amended.  Because the business of the
partnership, the individual and corporate general partners, and the commodity
trading advisor involves only the trade of futures regulated pursuant to the
Commodity Exchange Act, none of them is required, nor does any intend, to be
registered under the Investment Company Act of 1940 or any similar state law.
Therefore, you are not protected by any such legislation.

Possibility of audit - you may be subject to audit and penalties.

If our return is audited, the IRS may make adjustments to our reported items.
If an audit results in an adjustment, you may be required to file amended
returns, subject to a separate audit, and required to pay back taxes, plus
penalty and interest.

General partner may settle IRS claim not in your best interest.

Ashley Capital Management, Inc. is named tax matters partner.  This grants it
the power to settle any IRS claim on your behalf if you hold 1% or less
interest in this partnership and do not timely object to the tax matters
partner's authority, after notice.  Such settlement may not necessarily be in
your best interest.  See Federal Income Tax Aspects.

You may be subject to back taxes and penalties.

The Scott Law Firm, Ltd. has delivered an opinion to the general partner that
this partnership, as presently operated by the general partner, will be taxed
as a partnership and not as a corporation.  This opinion does not include the
tax treatment of expenses to prepare the prospectus and selling expenses
because they have to be allocated between expenses attendant to formation and
ordinary business expenses by the general partner.  In addition, commodity
trading advisor fees are combined with employee business expenses and other
expenses of producing income and are deductible only if the operation of the
partnership is the conduct of a trade or business.  The general partner
believes that our intended operations qualify as a trade or business.

The general partner may cause higher fees to be paid or riskier trading by
altering the management and incentive fees without prior notice to you.

The general partner has reserved the right to raise, without prior notice to
you, the incentive fee to a maximum of 27% while lowering the total management
fees between the commodity trading advisor and general partner to 0%.  Also,
the general partner may institute or raise the total management fees to 6%
provided the total incentive fees are lowered to 15%.  In general, a lower
management fee and higher incentive fee may result in higher fees being paid
during times of profit, whereas a higher management fee and lower incentive
fee would result in higher fees being paid in times of losses.  The general
partner does not expect to make changes in the management and incentive fees
often, and will only make changes effective as of the first business day of a
subsequent month.  The general partner will notify you of any change in fees
within seven business days.

Conflicts Of Interest

There are present and potential future conflicts of interest in our structure
and operation you should consider before you purchase partnership interests.
The general partner will use this explanation of conflicts as a defense
against any claim or other proceeding made against the individual or corporate
general partner, the commodity trading advisor, the introducing broker, the
selling agent, the futures commission merchant or any principal or affiliate,
agent or employee of any of them.

The general partner, the commodity trading advisor, the futures commission
merchant, the introducing broker, the selling agent and their principals may
preferentially trade for themselves and others.

Because the general partner, the commodity trading advisor, the introducing
broker, the selling agent, the futures commission merchant and their
principals and affiliates may trade for themselves and others, conflicts of
interest may exist or be created in the future.  For example, if these people
trade their own account, you will not have access to their trading records.
They could possibly take their positions prior to the positions they know will
be placed for the partnership, although, they have stated they will not do so.

                                       9
<page>
Possible retention of voting control by the general partner may limit your
ability to control issues.

The general partner, its principal and its affiliates may purchase an
unlimited amount of partnership interests.  These persons include the
individual general partner.  It is possible that they could purchase enough
partnership interests to retain voting control.  They could then vote,
individually or as a block, to create a conflict with your best interests.
Such voting control may limit the limited partners' ability to achieve a
majority vote on such issues as amendment of the Limited Partnership
Agreement,

change in our basic investment policy, dissolution of this partnership, or the
sale or distribution of our assets.  However, neither general partner may,
directly or indirectly vote on the issue of their removal.

The general partner is not likely to resign, even if it would be in your best
interest.

It is unlikely that either general partner would voluntarily resign, even if
it would be in your best interest, because the corporate general partner
retains a portion of the fixed brokerage commissions paid to it, and the
individual general partner also serves as the sole shareholder, director and
principal of the corporate general partner.

The introducing broker and selling agent is affiliated with the general
partner.

The president and 50% owner of the introducing broker and selling agent,
Futures Investment Company, is the sole principal, officer and director of the
general partner.  As introducing broker, it will receive a portion of the
brokerage commissions paid to the futures commission merchant for trades
placed by the trading advisor.  As selling agent, it will receive a 1% selling
commission.

Partnership fees may be higher than they would be if they were negotiated.

The fixed brokerage commission to Ashley Capital Management, Inc., corporate
general partner and commodity pool operator, has not been negotiated at arm's
length, though they are less than the presumptive fair and reasonable limit
provided by the guidelines of the North American Securities Administrators
Association.  The general partner accepts the credit risk of the partnership
to the futures commission merchant, reviews the daily positions and margin
requirements of the partnership, and pays the futures commission merchant's
domestic charges.  From the fixed brokerage commissions paid to the corporate
general partner, it must pay round turn brokerage commissions to the futures
commission merchant.  Some of the remaining portion of the fixed brokerage
commissions will be kept by the corporate general partner.  Conversely, the
corporate general partner will pay the futures commission merchant any
domestic round turn commissions incurred that exceed the fixed brokerage
commissions.

Our profitability may be limited due to competition among traders and their
unaccountability for previous losses.

The general partner has sole and absolute discretion to select and terminate
commodity trading advisors.  If it appoints multiple trading advisors, each
will trade independently of the others.  Also, they may compete for similar
positions or take positions opposite each other, which may limit our
profitability.  If a trading advisor is replaced, the new trading advisor will
receive any earned incentive fees regardless of the previous trading advisor's
performance.  As incentive fees are paid based upon each trading advisor's
performance, it would be possible for us to experience a net loss and be
required to pay out incentive fees to one or more of the traders.

Your ability to redeem your partnership interests may be lessened due to the
nature of the general partner's compensation.

The general partner receives a fee based upon our net asset value available
for trading.  This gives it an incentive to withhold distributions and to
discourage redemption.  The general partner will try to honor all redemption
requests within twenty days after the last day of the preceding month in which
the request was made.  However, if the partnership does not have enough liquid
assets, it may not be able to honor the request on time, or possibly at all.

The commodity trading advisor may engage in high risk trading to generate
fees.

As a general rule, the greater the risk assumed, the greater the potential for
profit.  Because the commodity trading advisor receives incentive fees on our
new net profits, it might select trades which are too risky for us.

The individual general partner has sole control over the time he will allocate
to the management of the partnership.

The individual general partner is responsible for managing this partnership
and managing three other commodity pools, Bromwell Financial Fund, LP, TriView
Global Fund, LLC, and Strategic Opportunities Fund, LLC.  He also sells
limited partnership interests in some of the above commodity pools, from time
to time and performs other investor relations services as a principal and
registered representative of Futures Investment Company, an introducing broker
and broker dealer of which he is a 50% owner.

He has also reserved the right to trade for his own account and to form and
manage other commodity pools and ventures.  He is solely responsible for the
allocation of his time to the management of this partnership as well as the
other projects he currently manages and will manage in the future.  He manages
his time, in part, by the delegation of many of the tasks, such as trade
selection and preparation of financial reports and offering documentation, to
independent commodity trading advisors, accountants, and attorneys.  He
believes he presently has and will, in the future, have sufficient time to
devote to the affairs of the partnership.

                                       10
<page>
No Resolution of Conflicts Procedures

As is typical in many futures partnerships, the general partner has not and
will not establish formal procedures to resolve potential conflicts of
interest.  These future potential conflicts may adversely affect both you and
us.  However, the general partner has taken steps to alleviate any real or
potential conflict of interest by the establishment of segregated accounts to
hold partnership equity at the banks, the U.S. Treasury, the futures
commission merchant, cash management funds, and any foreign departments of
treasury.  Also, the general partner has assured the partners that all money
on deposit is in the name of and for the beneficial use of the partnership.

The previous risk factors and conflicts of interest are complete as of the
date of this prospectus, however, additional risks and conflicts may occur
which are not presently foreseen by the general partner.  You may not construe
this prospectus as legal or tax advice.  Before making an investment in this
partnership, you should read this entire prospectus, including the Limited
Partnership Agreement (Exhibit A) and the subscription agreement.  You should
also consult with your personal legal, tax, and other professional advisors.
See Investor Suitability.

Interests of Named Experts and Counsel

The general partner has employed The Scott Law Firm, Ltd., an Illinois
corporation, to prepare this prospectus, provide tax advice and opine upon the
legality of issuing the partnership interests.  Neither the law firm, its
principal, any accountant, nor any other expert hired by the partnership to
give advice on the preparation of this offering document has been hired on a
contingent fee basis.  The foregoing persons do not have any present or future
expectation of interest in the general partner, the commodity trading advisor,
the introducing broker, the selling agent or the futures commission merchant.

Cautionary Note Regarding Forward-Looking Statements

This prospectus includes "forward-looking statements" within the meaning of
Section 27A of the Securities Act and Section 21E of the Exchange Act that
reflect the general partner's current expectations about the future results,
performance, prospects and opportunities of the Trust. All statements other
than statements of historical facts included in this prospectus may constitute
forward-looking statements. The general partner has tried to identify these
forward-looking statements by using words such as "may," "will," "expect,"
"anticipate," "believe," "intend," "should," "estimate," "foresee,"
"continue," "plan" or the negative of those terms or similar expressions.
These forward-looking statements are based on information currently available
to the general partner and are subject to a number of risks, uncertainties and
other factors, both known, such as those described in "Risk Factors" and
elsewhere in this prospectus, and unknown, that could cause the Trust's actual
results, performance, prospects or opportunities to differ materially from
those expressed in, or implied by, these forward-looking statements. Although
the general partner believes that the expectations and underlying assumptions
reflected in these forward-looking statements are reasonable, there can be no
assurance that these expectations or underlying assumptions ultimately will
prove to have been correct. Important factors that could cause actual results
to differ materially from projected or forecasted results or stated
expectations are disclosed in this prospectus, including under the heading
"Risk Factors."

You should not place undue reliance on any forward-looking statements. In
light of the significant uncertainties inherent in the forward-looking
statements included herein, the inclusion of such information should not be
regarded as a representation by the general partner or any other person that
the objective and expectations of the partnership will be achieved. Except as
expressly required by the Federal securities laws, the general partner
undertakes no obligation to publicly update or revise any forward-looking
statements or the risks, uncertainties or other factors described in this
prospectus, as a result of new information, future events or changed
circumstances or for any other reason after the date of this prospectus.

Management's Discussion and Analysis

The Partnership

Atlas Futures Fund, Limited Partnership is a Delaware limited partnership
organized on January 12, 1998 and maintains its main business office at 505
Brookfield Drive, Dover, DE 19901, (800) 331-1532.  It is qualified to be a
commodity pool to engage in the speculative trading of futures, commodity
options and forward contracts on currencies, interest rates, energy and
agriculture products, metals, and stock indices.  See page 23 for the
performance record of the partnership.

Our business objective is to let our invested capital appreciate while
controlling losses; however, there can be no assurance that we will meet this
objective.

The partnership is managed by Ashley Capital Management, Inc., a Delaware
corporation, and Mr. Michael P. Pacult.  The partnership does not have
officers, which is why there is no report of executive compensation in this
prospectus.

                                       11
<page>
We operate pursuant to the terms of the limited partnership agreement attached
as Exhibit A, which  grants full management control to the general partner
including the right to employ independent trading managers called commodity
trading advisors, and will terminate at 11:59 p.m. on January 12, 2019, or
upon an event causing an earlier termination.

Except for the limited partnership agreement, the partnership may not enter
any contract with the general partner or commodity trading advisor that is
greater than one year in duration.  However, all such contracts are expected
to be renewed yearly and are terminable without penalty upon sixty days, or
less, written notice by the partnership.

The General Partners

The corporate general partner is Ashley Capital Management, Inc., a Delaware
corporation incorporated on October 15, 1996.  It was registered as a
commodity pool operator and became an NFA member on January 15, 1998 and
maintains its main business office at 5914 N. 300 West, P.O. Box 760, Fremont,
IN 46737, (260) 833-1306.  It was registered as a commodity trading advisor on
July 5, 2005, though it does not currently provide services in that capacity.
It is managed by Michael P. Pacult, its sole shareholder, director and
president.

The individual general partner is Michael P. Pacult, who was registered as a
commodity pool operator and became an NFA member on July 28, 2003 and
maintains his main business office at 5914 N. 300 West, P.O. Box 760, Fremont,
IN 46737, (260) 833-1306.

Both the individual and corporate general partners, as well as the
partnership, will comply with all applicable registration requirements under
the Commodity Exchange Act as amended.

Experience

The corporate general partner has managed this commodity pool since its
inception on January 12, 1998.  The individual general partner has been
supervising individual managed commodity accounts for over 30 years and serves
in several capacities in four other commodity pools, as follows:

Commodity Pool					Mr. Pacult Serves As

Bromwell Financial Fund, LP 			Sole principal of the
(publicly offered, commenced business 7/00)	corporate general partner

Providence Select Fund, LP 			Individual general partner
(publicly offered, closed as of 1/10)		and sole principal of the
						corporate general partner

TriView Global Fund, LLC 			Individual managing member
(publicly offered, became effective 8/10/10)	and sole principal of the
						corporate managing member

Strategic Opportunities Fund, LLC 		Sole principal of the
(commenced business 11/05)			corporate managing member

Authority

Mr. Pacult is the sole shareholder, director and principal of Ashley Capital
Management, Inc. and also the individual general partner; therefore, he is the
sole decision maker of this partnership.  Having said that, the signature of
either the corporate or individual general partner may legally bind this
partnership.

The general partner is authorized to take all actions necessary to manage the
affairs of the partnership.   See Article II of the Limited Partnership
Agreement attached as Exhibit A.

Partnership Books and Records

Our books and records will be maintained for six years at the office of the
corporate general partner, 5914 N. 300 West, Fremont, IN 46737.  You may
access our books and records by visiting the corporate general partner's
office at a time convenient for both parties, and you may have copies made at
that time at a reasonable charge per page.    The corporate general partner
serves as tax partner for the partnership.  The CPA firm ofPatke & Associates,
Ltd., 300 Village Green Drive Ste 210, Lincolnshire, IL 60069 conducts our
annual audit and the annual audit of the corporate general partner, and
prepares our tax returns and sends the IRS Form K-1s to the partners.

The Commodity Trading Advisors

To conduct trading on our behalf, the general partner has selected an
independent commodity trading advisor, Clarke Capital Management, Inc.
Without prior notice to you, the general partner has sole discretion to employ
additional trading advisors, terminate any trading advisor, and change the
amount of equity any advisor may trade.  However, the general partner will
give you notice of any change in trading advisor within seven days of such
change.  Such notice will include a description of your right to redemption.

                                       12
<page>
No change in trading advisor will constitute a material change to the limited
partnership agreement or the structure of our operation.  Any trading advisor
employed to trade for the partnership will be registered with the Commodity
Futures Trading Commission and will have at least three years of experience as
a trading advisor.

The Advisory Contract

The general partner has assigned a substantial portion of our assets to the
trading advisor, the terms of which are governed by an advisory contract and
power of attorney between us and the trading advisor.  See Exhibit F.

These agreements provide the trading advisor with revocable powers of
attorney, which gives them sole authority to determine the markets to be
traded, the location of those markets, the size of the position to be taken in
each market, and the timing of entry and exit in a market.  The agreements may
be terminated, at any time, upon notice from one party to the other and to the
futures commission merchant.

Business Objective and Expenses

Our objective is to achieve the potentially high rates of return that are
possible through the speculative trading of futures, commodity options and
forward contracts.  We do not expect to engage in any other business.

The general partner organized this partnership to be a commodity pool, as that
term is defined in the Commodity Exchange Act.  It employs independent
commodity trading advisors to trade for us.

The general partner intends to allocate substantially all of our net assets to
the trading advisor to conduct this trading.  The trading advisor typically
allocates 20% to 40% of the trading equity assigned to it to secure the
trading positions it selects.

Although we do not expect to make distributions, you will nevertheless be
required to pay yearly Federal, state and local taxes upon income, if any,
earned by this partnership.  The general partner recommends partnership
interests be purchased as a long-term investment.

There can be no assurance that we will achieve our business objectives, be
able to pay the substantial fixed and other costs to do business, or avoid
substantial trading losses.  See Charges to the Partnership.

Below is a chart explaining the expenses we expect to incur over the twelve
months following the date of this prospectus.  All interest income is paid to
the partnership.  The chart below assumes the value of each unit of
partnership interest will remain constant during the next twelve months.

        Expenses per $1,000 of Investment of Partnership Interest
              for the Next 12-Month Period of Operations

<table>
<s>						<c>		<c>		<c>		<c>
						Based Upon Units		Based Upon Maximum
						Presently Outstanding		Units To Be Sold

Actual Units Sold to Date; Value		2,682 Units ($10,963,894)

Actual Units Sold Plus New Units to be Sold 					5,128 Units ($20,963,894)
 Pursuant to this Prospectus; Value

Base Price (1)					$1,000				$1,000

Selling Commission (1)				$10.00		1.00%		$10.00		1.00%

Annual Expenses and Offering Expenses (2)	$15.71		1.57%		$10.97		1.10%

Brokerage Commissions and Trading Fees (3)	$109.89		10.99%		$109.89		10.99%

Trading Advisors' Incentive Fees on
 New Net Profits (4)				$39.71		3.97%		$38.13		3.81%

Interest Income (5)				$(1.49)		(0.15)%		$(1.49)		(0.15)%

Amount of Trading Income Required to Redeem
 Unit At Selling Price After One Year (6)	$173.82				$167.50

Percentage of Initial Selling Price Per Unit			17.38%				16.75%
</table>

Explanatory Notes:

(1) Investors will purchase partnership interests at the partnership's month
end net asset value per partnership interest.  As of September 30, 2010, this
was $4,088.43; however, the table is presented to reflect expenses per $1,000
investment.  The initial allocation of partnership interests to an investor
will be after deduction of a 1% up front selling commission on the gross
subscription proceeds.

(2) At the current net asset value, the partnership must pay yearly expenses
of approximately $149,000, of which $62,000 is for accounting, $38,000 for
audit, $27,000 for legal, $8,000 for regulatory fees, and $14,000 for other.
If the maximum is sold, annual expenses are estimated to be $205,000.
Offering expenses are estimated to be $25,000.

                                       13
<page>
 (3) Brokerage commissions and domestic trading fees are fixed by the general
partner at 11/12% monthly, 11% annually, of our equity allocated to trading
plus actual commissions for trades made on foreign exchanges or forward
markets, if any, estimated by the General Partner to be 0.1% annually.  For
purposes of this calculation, we assumed that the advisor frequency of trading
and the number of partnership interests outstanding during the next twelve
months will remain constant.

(4) This is the amount of incentive fees the trading advisor would earn if it
produced only enough profits to allow you to redeem after one year your
partnership interests at the net asset value used in this table.  The trading
advisor is not paid an incentive fee on brokerage commissions paid to the
futures commission merchant which, for purposes of this table, are estimated
to be 1.5% annually.

(5) We earn interest on margin deposits with the futures commission merchant
and on our bank deposits.  Based on current interest rates, interest income is
estimated at 0.15% annually of our net assets.

(6) This computation assumes there will be no claims or other extra-ordinary
expenses during the first year.

We do not represent that the above table will reflect our actual offering
expenses, operating expenses or interest income.  There can be no assurance
that our expenses will not exceed the amounts projected or that there will not
be claims or other extra-ordinary expenses.

Securities Offered

We, Atlas Futures Fund, Limited Partnership, will offer and sell limited
partnership interests in this partnership at a value determined by the month
end net asset value of the partnership.  See Determination Of The Offering
Price.

You, the Investor will have pro rata rights to profit and losses which will
vary with your investment amount and the right to vote on partnership matters
such as the replacement of the general partner.  See The Limited Partnership
agreement attached as Exhibit A.  You will not be responsible for our debts in
excess of your investment amount, unless, (i) we become insolvent and you
receive distributions which represent a return on your investment which, under
certain circumstances, you would have to return to us to pay our debts, (ii)
acquire any interest in the corporate general partner, Ashley Capital
Management, Inc., or (iii) manage this partnership.  See Plan For Sale of
Partnership Interests and Subscription Requirements.

Your subscription agreement and check (i) must be approved by the general
partner before you will become a partner and will be accepted or rejected
within five business days of receipt, (ii) becomes irrevocable and may not be
withdrawn five days after submission, unless, a longer statutory withdrawal
period applies to you, and (iii) will be deposited and held until you are
admitted into the partnership in a segregated depository account maintained by
Star Financial Bank as depository agent.

There cannot be any assurance that additional partnership interests will be
sold.  The general partner is authorized, in its sole discretion, to terminate
this or any future offering of partnership interests.

Management's Discussion

This is the continuation of the offering of our partnership interests.  We may
conduct future offerings after the close of this offering and intend to raise
money only through offerings, such as this one, and do not intend to borrow
any money.  We must pay expenses to qualify and sell our partnership
interests, such as fees for the preparation of this prospectus, sales
literature, and web site promotion as well as other expenses.  We allocate
substantially all our net assets to trading and other investments, except
those assets used to pay capital and operating expenses.  We have no
directors, officers or employees, which is why there is no report of executive
compensation in this prospectus, and conduct all our business through the
general partner.

Description of Intended Operations

The general partner has selected MF Global, Inc. to serve as the futures
commission merchant and Futures Investment Company to serve as the introducing
broker.  The partnership has deposited its funds to the futures commission
merchant to hold as security for the trades selected by the commodity trading
advisor. The general partner reserves the right to put partnership equity not
used for margin in accounts not maintained by or accessible by the futures
commission merchant.  This includes U.S. Treasuries held at the U.S. Treasury,
investments in cash management funds that invest in only U.S. Treasuries, and
foreign treasuries held with the respective issuing department of treasury,
all held in the name of the partnership.   The futures commission merchant has
been directed to send the general partner, before the open of business each
day, a computer or fax report which describes the positions held, the margin
allocated, and the profit or loss on the positions from the date the positions
were taken

Risk Control

The general partner reviews the daily transmissions provided by the futures
commission merchant and makes appropriate adjustments to the allocation of
trading equity.  Based upon the amount of available trading equity, the
trading advisor has discretion to make specific trades, determine the number
of positions taken, and decide the timing of entry and departure from each
trade made. In managing the partnership's business and affairs, the general
partner may contract with, and rely upon, information, research and advice
provided by third parties.

                                       14
<page>
The general partner will use its best efforts to monitor the daily value of
the partnership, which it calculates from the daily information provided by
the futures commission merchant, and will make such information available to
limited partners upon request.  However, the independent accountant calculates
the net asset value at the end of the last business day of each month.  If the
daily unit value falls to less than 50% of the highest value earned through
trading, then the general partner will immediately suspend all trading,
provide you with immediate notice of the reduction in net unit value, and give
you the opportunity, for 15 days after the date of such notice, to redeem your
partnership interests according to the provisions of Article IX, Sections 9.5
and 9.6 of the Limited Partnership Agreement.  No trading shall commence until
after the lapse of such fifteen day period.  See Exhibit A attached.

Trading Risks

Most United States commodity exchanges limit daily fluctuations in commodity
futures contracts prices by regulations referred to as daily price fluctuation
limits or daily limits.  Once the price of a futures contract has reached the
daily limit for that day, positions in that contract can neither be taken nor
liquidated.  Commodity futures prices have occasionally moved the daily limit
for several consecutive days with little or no trading.

Such an occurrence could prevent us from promptly liquidating unfavorable
positions and subject us to substantial losses.  These losses could exceed the
margin initially required to make the trade.  In addition, even if commodity
futures prices have not moved the daily limit, we may not be able to execute
futures trades at favorable prices.  This may be caused by light trading in
such contracts or by a sudden and substantial price move in a futures or
forward contract.  These limitations on liquidity are inherent in our proposed
commodity futures trading operations.  Otherwise, our assets are expected to
be highly liquid.

Except for payment of offering and other expenses, the general partner is
unaware of any anticipated known demands, commitments or required capital
expenditures, material trends, favorable or unfavorable, which will affect our
capital resources, or trends or uncertainties that will have a material effect
on operations.

Each United States commodity exchange, with the approval of the Commodity
Futures Trading Commission, and the futures commission merchant establish
minimum margin requirements for each traded contract.  The futures commission
merchant will require the margin assigned for each account to be on deposit
before a trade will be accepted.  The futures commission merchant may increase
the margin requirements above these minimums for any or all contracts for its
customers.  Because we generally use a small percentage of assets for margin,
we do not believe that any increase in margin requirements will materially
affect our proposed operations.  However, it is possible for an increase in
margins applicable to the trades the advisor selects for us to force us to
liquidate positions because we cannot meet the additional margin requirements.

Management cannot predict whether the value of our partnership interests will
increase or decrease.  Inflation is not projected to be a significant factor
in our operations, except to the extent inflation influences futures prices.

Fiduciary Responsibility of the General Partner

You have legal rights under Delaware partnership and applicable Federal and
state securities laws.  In all dealings affecting this partnership, the
general partner has a fiduciary responsibility to you and all other partners
to exercise good faith and fairness.  No contract shall permit the general
partner to contract away its fiduciary obligation under common law.  The
limited partnership agreement conforms to the Uniform Limited Partnership Act
for the State of Delaware in regard to the definition of the fiduciary duties
of the general partner.

You have a right to initiate legal proceedings related to the partnership in
the following circumstances:

In the event, after demand from you, the general partner fails to take action
to recover damages from third parties, you may initiate proceedings on behalf
of the partnership and, upon an appropriate award from the court pursuant to
Delaware law, obtain reimbursement of your legal fees and costs from the
amount recovered.

You may bring an action against the general partner in either Federal or state
court should you believe the general partner or others have breached its
fiduciary duty to the partnership or committed a breach of any Federal or
state securities laws.

You may seek reparations for the amount of your investment and damages should
the general partner or others breach of the Commodity Exchange Act or order of
the Commodity Exchange Commission in regard to your investment.

                                       15
<page>
If the general partner acts in good faith and exercises its best judgment, it
will not be liable merely because we lost money or otherwise did not meet our
business objectives.  Additionally, there are substantial and inherent
conflicts of interest in the partnership's structure which are disclosed in
the prospectus.  The general partner intends to raise the disclosures made in
this prospectus and the representations you made in the subscription agreement
as a defense in any proceeding brought which seeks relief based on the
existence of such conflicts of interest.  See Conflicts of Interest.

The responsibility of a general partner to you and other partners is a
changing area of the law.  If you have questions concerning the
responsibilities of the general partner, you should consult your legal
counsel.

Indemnification

Provisions of Limited Partnership Agreement

The limited partnership agreement protects the general partner from being
responsible or accountable for any act or omission, for which you, other
limited partners or the partnership itself may claim it is liable, provided
that the general partner determined such act or omission was within the scope
of its authority and in the best interest of this partnership, and such action
or failure to act does not constitute misconduct or a breach of the Federal or
state securities laws related to the sale of partnership interests.

Specifically, if the general partner has acted within the scope of its
authority and is being assessed a demand, claim or lawsuit by a partner or
other entity, the partnership will defend, indemnify and hold the general
partner harmless from and against any loss, liability, damage, cost or
expense, including attorneys' and accountants' fees and expenses incurred in
defense of any demands, claims or lawsuits which were actually and reasonably
incurred and arising from any act, omission, activity or conduct undertaken by
or on behalf of the partnership.

Provisions of Law

According to applicable law, indemnification of the general partner is payable
only if (i) the general partner determined, in good faith, that the act,
omission or conduct that gave rise to the claim for indemnification was in the
best interest of the partnership, (ii) the act, omission or activity that was
the basis for such loss, liability, damage, cost or expense was not the result
of negligence or misconduct, (iii) such liability or loss was not the result
of negligence or misconduct by the general partner, and (iv) such
indemnification or agreement to hold harmless is recoverable only out of the
assets of the partnership and not from the partners, individually.

Provisions of Federal and State Securities Laws

This offering is made pursuant to Federal and state securities laws.  If any
indemnification of the general partner arises out of an alleged violation of
such laws, it is subject to the following legal conditions.

Those conditions require that no indemnification may be made in respect of any
losses, liabilities or expenses arising from or out of an alleged violation of
Federal or state securities laws unless (i) there has been a successful
adjudication on the merits of each count involving alleged securities law
violations as to the general partner or other particular indemnitee, (ii) such
claim has been dismissed with prejudice on the merits by a court of competent
jurisdiction as to the general partner or other particular indemnitee, or
(iii) a court of competent jurisdiction approves a settlement of the claims
against the general partner or other agent of the partnership and finds that
indemnification of the settlement and related costs should be made, provided,
however, before seeking such approval, the general partner or other indemnitee
must apprise the court of the position held by regulatory agencies against
such indemnification.  These agencies are the Securities and Exchange
Commission and the securities administrator of the state or states in which
the plaintiffs claim they were offered or sold partnership interests.

Provisions of the Securities Act of 1933 and NASAA Guidelines

The Securities and Exchange Commission and the various state securities
administrators believe that indemnification for liabilities arising under the
Securities Act of 1933 are unenforceable because such indemnification is
against public policy as expressed in the Securities Act of 1933 and the North
American Securities Administrators Association, Inc. commodity pool
guidelines.

Provisions of the Clearing Agreement

We clear trades through our futures commission merchant, MF Global, Inc.
According to the clearing agreements that govern these trades, we must
indemnify MF Global, Inc. for any reasonable outside and in-house attorney's
fees incurred by it arising from any failure for the partnership to perform
its duties under the clearing agreement.

Other Indemnification Provisions

The general partner has indemnified the selling agent that there are no
misstatements or omissions of material facts in this prospectus.

Relationship with the Futures Commission Merchant, the Introducing Broker and
the General Partner

Ashley Capital Management, Inc., the corporate general partner, supervises the
relationship with the futures commission merchant and the affiliated
introducing broker, including the negotiation of the round turn commission
rates incurred through trading via the commodity trading advisor, and review
of the daily reports.

                                       16
<page>
Ashley has engaged MF Global, Inc. to serve as the futures commission merchant
to open and close the trades selected by the trading advisor.  It has also
engaged Futures Investment Company to introduce the trades to MF Global, Inc.

Fixed Commissions are Competitive

The fixed brokerage commissions that we pay to clear our trades plus actual
costs for foreign markets, if any, are less than the presumptive fair and
reasonable limit provided by the guidelines of the North American Securities
Administrators Association.  Also, the general partner has the right to select
any substitute or additional futures commission merchants or introducing
brokers at any time, for any reason.

The futures commission merchant acts for other commodity pools that have
retained either or both of the general partners of this partnership.  Either
general partner or any other commodity pool may obtain rates to clear trades
from the general partner which are more favorable to their accounts than the
fixed commissions the general partner charges the partnership.

Relationship with the Commodity Trading Advisors

The Commodity Trading Advisors Will Trade for Other Accounts

The commodity trading advisor will trade for its own accounts and for others
on a discretionary basis.  It may use trading methods, policies and strategies
for others which differ from those used for us.  Consequently, such accounts
may have different trading results from ours.

Because the trading advisor trades for itself and others, it is possible for
it to take positions ahead of or opposite to the positions taken for us, which
presents a potential conflict of interest.  See Appendix I for Taking
Positions Ahead of the Partnership.

Pursuant to Commodity Futures Trading Commission Regulation 421.03, the
trading advisor will use the average price system for those futures and
options contracts where its use is authorized, when trades taken on behalf of
both the partnership and a trading advisor's other accounts are identical, and
the prices of such trades are different.  See Appendix I for the definition of
Average Price System.

The commodity trading advisor has also informed the general partner that when
the average price system is not available, trades will be filled in order
based on the numerical account numbers, with the lowest price allocated to the
lowest account number and in numerical matching sequence, thereafter.

Non-Disclosure of the Commodity Trading Advisor's Methods

We have provided a general description of the commodity trading advisor's
methods and strategies under The Commodity Trading Advisors, Description of
Trading Program.  However, the specific details of its trading methods are
proprietary and complex in nature and will not be disclosed to us or you.  No
notice will be given to you of any changes the trading advisor may make in its
trading methods.  See Risk Factors, No Notice of Trades or Trading Method.

Charges to the Partnership

As an investor in this partnership, you will pay your prorated share of the
cost of our operation.  These charges are described in narrative form and in
the chart which follows this narrative.  In this prospectus, we have disclosed
all compensation, fees, profits and other benefits, including reimbursement of
out-of-pocket expenses, which the general partner will earn in connection with
this offering.  Most of these charges were not negotiated at arm's length, but
rather were determined by the two general partners.

Compensation of the Commodity Trading Advisors

Clarke Capital Management, Inc., the commodity trading advisor, has been
allocated equity to trade, which has been deposited in accounts with the
futures commission merchant, investments in U.S. Treasuries held at the U.S.
Treasury, investments in cash management funds that invest only in U.S.
Treasuries, and foreign treasuries held with the respective issuing department
of treasury, all held only in the name of the partnership.

Though no management fee is currently paid to the general partner or Clarke,
the general partner has reserved the right to change these fees at its sole
discretion.  See Charges to the Partnership, Restrictions on Management Fees.

The partnership pays Clarke incentive fees of the new net profit produced by
it of 25%.  Any incentive fee paid to the trading advisor will not count
against the new net profit calculation in the following period.  New net
profit:

*	is calculated to determine how much a trading advisor has increased our
net assets through trading alone

*	is based upon the net value of the equity assigned to the trading
advisor to trade

*	is calculated after the payment of brokerage costs to the futures
commission merchant

*	is calculated monthly but paid quarterly

                                       17
<page>
*	is only paid when any losses in previous quarters have been offset by
new profits by the trading advisor, regardless of whether:

*	the general partner has changed the trading advisor's compensation, or

*	the partnership and trading advisor have entered a new contract

*	is adjusted to eliminate the effects of:

*	any new subscriptions for partnership interests

*	redemptions by partners

*	interest income paid by the futures commission merchant, and

*	any other income earned on our assets which are not related to such
trading activity, regardless of whether such assets are held separately or in
a margin account.

The following hypothetical table illustrates the quarterly incentive fee that
would be earned by a trading advisor based on the net income, as calculated
above, that it has earned for the partnership.

Qtr	Net Income	Incentive Fee (25%)

1	$1,000		$250
2	(200)		0
3	1,000		200
4	500		125

Restrictions on Management Fees

Some of the states in which we sell partnership interests require that we
comply with the North American Securities Administrators Association
Guidelines for commodity pools.  These guidelines provide that the total
management fees, including those of the general partner and the commodity
trading advisor, may not exceed 6% of our net assets, and the total incentive
fees, including those of the general partner and commodity trading advisor,
based upon profits earned may not exceed 15% of new net profits. Provided,
however, without prior notice to you, the general partner has the right to
increase the incentive fee by 2% over 15% for every 1% decrease from 6% in the
management fee.  The general partner will notify you of any change in fees
within seven business days after they are made and afford you notice and
opportunity to redeem your partnership interests.

Compensation of Futures Commission Merchant, Introducing Broker, Selling Agent
and General Partner

Fee Paid By Partnership to the Corporate General Partner

The corporate general partner, Ashley Capital Management, Inc., is responsible
for payment of costs to clear the trades made by the trading advisor through
the futures commission merchant, MF Global, Inc. and for payment to the
affiliated introducing broker for introducing the trades to the futures
commission merchant.  The partnership pays the corporate general partner a
monthly fixed rate of 11/12 of 1%, 11% annually, upon the partnership's equity
allocated to trading, regardless of where it is held, to trade domestic
markets.  Commissions charged on foreign exchanges and forward markets, if
any, are paid directly by the partnership.  Costs for trades on foreign
exchanges and forward markets can vary widely, and are estimated by the
general partner to be from $9 to $27.  The corporate general partner retains
4% of this 11% annual charge and pays the introducing broker the remaining 7%.
From this 7%, the introducing broker pays approximately 1.0% to 1.5% to the
futures commission merchant.  Assets on deposit with the futures commission
merchant include all cash, T-Bills at market value, and open trade equity held
in all accounts in the name of the partnership at the futures commission
merchant as of the date and time of calculation of the monthly fee.  See The
Futures Commission Merchant.  The fixed commission that we pay to clear our
trades plus actual costs for foreign markets, if any, is less than the
presumptive fair and reasonable limit provided by the guidelines of the North
American Securities Administrators Association.

Selling Commission

On the admission date of a new investment, which will be the first business
day of a month, prior to allocation of partnership interests, 1% of the gross
subscription proceeds will be paid to the selling agent as a selling
commission.  The remaining amount, including 100% of any interest earned while
in the depository account, will be used to allocate partnership interests in
the capital account of the investor based on the previous month end net asset
value per partnership interest.

Brokerage Fees Paid By to the Futures Commission Merchant

MF Global, Inc. charges the introducing broker the round turn commissions.
The round turn charge covers all clearing costs, including the pit brokerage
fees, National Futures Association fees, and exchange fees.

Miscellaneous Fees to Futures Commission Merchant

We will reimburse the futures commission merchant for all delivery, insurance,
storage or other charges incidental to trading and paid to third parties.  The
general partner has instructed the trading advisor to avoid these charges and,
therefore, no significant charges of this nature are anticipated.

                                       18
<page>
Rights of General Partner

Without prior notification to you, the general partner has reserved the right
to (i) add, change and delete broker/dealers as selling agents, (ii) add,
change and delete introducing brokers, (iii) change the management  and
incentive fees within the limits prescribed herein, (iv) add, change and
delete commodity trading advisors, (v) add, change and delete futures
commission merchants, (vi) add, change and delete selling agents, (vii) change
the fixed brokerage commission rate, and (vii) have the partnership pay a per
round-turn brokerage commission as opposed to a fixed percentage, at any time,
with or without a change in circumstances;  provided, however, such brokerage
commissions are presumed reasonable if they do not exceed 80% of the published
retail rate of the affiliated introducing broker plus pit brokerage fees, or
14% annually, including pit brokerage fees, of the average net assets related
to trading activity.

Other Expenses

We must pay legal and accounting fees, as well as other expenses and claims.
For each year of normal operations, based on the current net asset value, we
must pay yearly costs of approximately $149,000, which includes $62,000 for
accounting, $38,000 for audit of all financial statements that appear in this
prospectus, $27,000 for legal, $8,000 for Blue Sky and other regulatory fees,
and the balance of $14,000 for variable operating expenses such as printing,
delivery charges, website promotion, statement preparation and mailing,
telephone, postage, and office supplies.  If the maximum is sold, total annual
operating costs are estimated to be $205,000.

Costs for this offering of the partnership's interests are estimated to be
$25,000, which includes legal and accounting fees, as well as regulator filing
fees and printing fees.  Costs to continue the offering after initial
effectiveness, such as the cost to prepare and file periodic amendments and
restatements of the registration statement, are included in the annual
operating costs.

Charges to the Partnership

The following table includes all charges to the partnership.

Entity \
Form of Compensation \
Amount of Compensation
_____________________________
General Partner
(Ashley Capital Management, Inc.)

Fixed brokerage commission

11% fixed annual charge for domestic trades, of which it retains 4% and pays
7% to the introducing broker, paid monthly, upon the partnership's equity
allocated to trading.  From this amount it will pay brokerage commissions to
MF Global, Inc.  [$2,750+]

_____________________________
Futures Commission Merchant
(MF Global, Inc.)

Round-turn commissions paid from the fixed commissions paid by the partnership


From its 7% the introducing broker pays the futures commission merchant per
round turn brokerage commissions for domestic trades.  The partnership pays
the per round turn commission for trades made on foreign exchanges.

Reimbursement of delivery, insurance, storage and any other charges incidental
to trading and paid to third parties	Reimbursement by the partnership of
actual payments to third parties in connection with partnership trading

                                       19
<page>
_____________________________
The introducing broker
(Futures Investment Company)

Paid from the fixed commissions paid by the partnership

Shares 7% of the 11% brokerage commissions paid to the corporate general
partner, out of which it pays the futures commission merchant for domestic
trades generated by the trading advisor. [$1,750+]

_____________________________
Commodity Trading Advisors
(Clarke Capital Management, Inc.)

Incentive Fee

Clarke is paid 25% of the new net profits it generates each quarter

_____________________________
The selling agent
(Futures Investment Company)

Selling Commission

FIC, as selling agent, will receive a 1% selling commission of the gross
subscription amount.  Other compensation to it includes $2,000 paid by the
partnership for legal fees associated with the review of the offering by
FINRA. [$250+]

_____________________________
Third Parties
(The Scott Law Firm, Ltd., Patke & Associates, Ltd., CPA, and other
accountants)

Legal, accounting fees, and other actual expenses necessary to the operation
of the partnership, and all claims and other extraordinary expenses of the
partnership.

Operating expenses are estimated at $149,000 annually, with $62,000 for
accounting, $38,000 for audit, $27,000 for legal, $8,000 for regulatory fees
and $14,000 for other.  Expenses related to this offering are estimated to be
$25,000.  Claims cannot be estimated but will be paid as incurred.  [$57+
offering; $323+ ongoing annual expenses]
_____________________________

+  Each $25,000 investment pays this amount per year for these particular
expenses.  When the expense is not based on a percentage, but rather a fixed
amount, we have computed the expense upon the partnership's current net asset
value.  Net asset value means the total assets, including all cash and cash
equivalents (valued at cost plus accrued interest and earned discount), less
total liabilities, of the partnership (each determined on the basis of
generally accepted accounting principles, consistently applied under the
accrual method of accounting or as required by applicable laws, regulations
and rules including those of any authorized self regulatory organization).

Investor Suitability

You should only invest a limited amount of the risk portion of your total
portfolio and should not invest more you can afford to lose.

To invest the minimum $25,000 in this partnership, you must have a net worth
of at least $250,000, exclusive of your home, furnishings and automobiles, or
an annual gross income of at least $70,000 and a net worth, as calculated
above, of at least $70,000, or such higher amounts imposed by your state of
residence.

You may not invest more than 10% of your net worth in this partnership.  The
foregoing standard and the additional standards applicable to residents of
certain states and the subscription documents are regulatory minimums only.

Potential Advantages

Commodity trading is speculative and involves a high degree of risk.  See Risk
Factors.  However, your investment in this partnership will offer the
following potential advantages:

Equity Management

We offer the opportunity for you to:

*	place equity with registered commodity trading advisors which have
demonstrated an ability to trade profitably based on its track record,

*	have that equity allocated to the trading advisors in a manner which is
intended by the general partner to optimize future profit potential, and

*	with limited liability, invest a fraction of what is typically required
by a trading advisor.

The individual general partner has experience managing several other commodity
pools and has over twenty-seven years of experience in selecting commodity
trading advisors to manage individual investor accounts and describing to
investors how managed futures accounts work.

We expect this experience to benefit us in the quality of trading advisors
selected and in the explanation to prospective investors of our operation and
the attendant risks of investment.

Investment Diversification

If you are not prepared to spend substantial time trading various commodity
contracts or options, you may participate in these markets through a $25,000
investment in the partnership, thereby obtaining diversification from other
investments you may have in stocks, bonds and real estate.

                                       20
<page>
Limited Liability

You will not be subject to margin calls and cannot lose more than your
original investment amount plus your share of distributed and undistributed
profits; provided the below legal conditions are met.

In the opinion of our legal counsel, The Scott Law Firm, Ltd., there are no
circumstances, including bankruptcy of this partnership, which will subject
your personal assets that were never invested or paid from this partnership to
our debts; provided the partnership's structure is maintained by the general
partner, and you do not participate in any phase of our management other than
the exercise of your right to vote as a limited partner.  See the Limited
Partnership Agreement (Exhibit A).

Administrative Convenience

We are structured to provide you with services that alleviate the
administrative details involved in trading commodities contracts directly,
including providing monthly and annual financial reports showing, among other
things, the value of each unit of partnership interest, trading profits or
losses, and expenses.  We also prepare all tax information relating to your
investment in this partnership.

Access to the Commodity Trading Advisors

The commodity trading advisor selected by the general partner requires a
minimum account size substantially greater than the $25,000 minimum investment
required by us.  For instance, Clarke currently requires a minimum investment
of $250,000 to open an account, depending on the investment program.
Accordingly, you have access to the trading advisor for a smaller investment
than is available by a direct investment in a managed account with the trading
advisor.

Use of Proceeds

The partnership has paid for the offering and organizational expenses.  There
is no redemption charge and you must retain your full initial investment in
the partnership for at least twelve months.

After the subscriptions are deposited in good funds to the partnership bank
account and you are accepted as a limited partner, the general partner will
transfer the money you paid to the partnership accounts at the bank, U.S.
Treasury, cash management fund, any foreign department of treasury, and
futures commission merchant, and may allocate additional trading equity to the
commodity trading advisor.  Such assets at the futures commission merchant are
maintained in the form of cash or U.S. Treasury bills in segregated accounts
with the futures brokers pursuant to the Commodity Exchange Act and
regulations thereunder.

At the end of each month, the fixed brokerage commissions are paid by the
partnership.  At the end of each quarter, the incentive fees, if any are due,
are paid to the trading advisor.  See Charges to the Partnership.

The general partner has sole authority to determine the percentage of our
assets that will be held on deposit with the futures commission merchant, used
for other investments, and held in bank accounts to pay current obligations.
The partnership maintains approximately 44% of its assets in a Treasury Direct
Account maintained with the United States Department of the Treasury, and 9%
in a cash management fund that invests in U.S. Treasuries and has high
liquidity.  Specifically, the partnership invests in the Capital Preservation
Fund managed by American Century Investments, 4500 Main Street, Kansas City,
MO 64111.  It also retains the right to invest in foreign treasuries held with
the respective issuing department of treasury, specifically, those of Germany,
Great Britain, Switzerland, Canada, Japan and Australia.  Funds maintained
with the Department of Treasury and any cash management funds are in the name
of the partnership and not commingled with those of any other entity.  The
general partner maintains approximately 45% of our net assets in segregation
with the futures commission merchant for margin for trading by the trading
advisor.  Approximately 2% of the previous month's net assets are retained in
our bank accounts to pay expenses and redemptions.


All entities that will hold or trade our assets will be based in the United
States and will be subject to United States regulations.

The general partner believes that 20% to 40% of our assets will normally be
committed as margin for commodity futures contracts.  However, from time to
time, the percentage of assets committed as margin may be substantially more,
or less, than such range.  All interest income is used for the partnership's
benefit.  To estimate interest income earned upon our deposits, the general
partner has assumed that we will receive 0.15% interest on our deposits.

The futures commission merchant, a government agency or commodity exchange
could increase margins applicable to us to hold trading positions or reduce
the number of contracts in a particular market that we are permitted to hold.
This could force us to liquidate positions in a market at a loss that would
not have occurred had we been permitted to hold the positions as the advisor
intended.

Determination of the Offering Price

Currently, we are offering partnership interests at their net unit value, or
the price per unit equal to our net assets divided by the number of

                                       21
<page>
outstanding units of partnership interests.  This amount is calculated after
the close of business on the last business day of the month in which the
general partner accepts a duly executed subscription agreement and
subscription amount from you.  You are admitted as a partner on the open of
business on the first day of business of the following month.

The General Partner

Identification

Two general partners, Ashley Capital Management, Inc. and Mr. Michael P.
Pacult, manage us.  See Management's Discussion and Analysis of Financial
Condition, The General Partners.

Current audited financials for Ashley are included in this prospectus.  Also,
see Experts.

You will not acquire or otherwise have any interest in Ashley, the corporate
general partner, or any entity other than Atlas, by purchasing the partnership
interests offered by the prospectus.

Michael P. Pacult

Mr. Pacult, age 66, is one of the general partners, and the sole shareholder,
director, principal, and officer of the corporate general partner.  He grew up
in Detroit, MI and went to high school at Howe Military School in Howe, IN.
In 1969 he received a B.A. Degree from the University of California, Berkeley,
where he majored in English and in Zoology.

Mr. Pacult worked as a commodities broker for Heinold Commodities Inc. from
May, 1980 until December, 1983.  Heinold was an FCM and became registered with
the CFTC as such on June 30, 1982.  On July 1, 1982, it became registered with
the CFTC as a CPO as well as an NFA member.  On December 31, 1988, Heinold
withdrew its registrations and NFA membership. In December, 1983, Mr. Pacult
and his wife, Shira Del Pacult, as 50% owners, established Futures Investment
Company, an Illinois corporation, to sell futures investments managed by
independent commodity trading advisors to retail clients.  From inception to
present, Mr. Pacult has been a Director and President of Futures Investment
Company.  In addition to his positions at Future Investment Company and as
individual general partner and sole principal of the corporate general partner
of the partnership, Mr. Pacult's business background for the past five years
is as follows:

<table>
<s>	<c>		<c>		<c>			<c>					<c>
Employed		Registered	Registered As
From	To		As Principal	Associated Person	Employer Name & Address			Position Held and Type of Business

1983	Present		02/3/87		2/3/87			Futures Investment Company, 5914 N. 	President, Director and 50% Owner of Broker-
								300 West, Fremont, IN 46737		Dealer/Introducing Broker

9/03	Present		09/10/03	1/07/04			Ashley Capital Management, Inc., 	President, Director and Owner of Commodity
								5914 N. 300 West, Fremont, IN 46737	Pool Operator*

8/03	Present		08/21/03	8/21/03			Belmont Capital Management, Inc., 	President, Director and Owner of Commodity
								5914 N. 300 West, Fremont, IN 46737	Pool Operator

04/03	6/07		05/14/03 to	5/14/03	to		White Oak Financial Services, Inc., 	President, Director and Owner of Commodity
			6/27/10		6/27/10			5914 N. 300 West, Fremont, IN 46737	Pool Operator*

10/04	Present		06/10/05	7/5/05			TriView Capital Management, Inc., 	President, Director and Owner of Commodity
								5914 N. 300 West, Fremont, IN 46737	Pool Operator*

05/05	Present		05/16/05	6/1/05			Evergreen Capital Management, Inc., 	President, Director and Owner of Commodity
								5914 N. 300 West, Fremont, IN 46737	Pool Operator

05/99	Present		N/A		N/A			Tree King, Inc., 5914 N. 300 West, 	President of Landscaping Business
								Fremont, IN 46737
</table>

* Ashley and TriView are also registered commodity trading advisors; however,
they have not conducted any business in this capacity.  White Oak was also a
registered commodity trading advisor; however it did not conduct any business
in this capacity.

His duties as a Director and Officer of the above named corporations, as a
general partner of those partnerships, and as a managing member of those
limited liability companies are to make all of the decisions and supervise all
of the actions they take.

In 1995, Mr. and Mrs. Pacult were featured in a book titled Master Brokers-
Interviews with Top Futures Brokers by John Walsh that was published by the
Center for Futures Education.

                                       22
<page>
Mr. Pacult also manages two other public and one private commodity pools.
Though he provides less than his full time to the business affairs of this
partnership, he devotes what time he believes is necessary to properly handle
his responsibilities as a general partner and as the principal of the
corporate general partner.  See Management's Discussion and Analysis of
Financial Condition, The General Partners.

Ownership in Commodity Trading Advisors and Futures Commission Merchant

Neither the individual general partner, nor any of his affiliates, has any
ownership in the commodity trading advisor, or the futures commission
merchant.

Ownership in the Partnership

As of September 30, 2010, the individual and corporate general partners had no
investment in the partnership.  Neither the trading advisor nor any of its
principals has any interest in the partnership.

Trading By the General Partner; Interest in the Pool

The corporate and individual general partners, may, from time to time, trade
commodity interests for their own accounts.  The records of any such trading
activities will not be made available to you.  Neither general partner will
knowingly take positions ahead of identical positions taken by this
partnership.  Currently, neither the individual nor corporate general partner
maintains an interest in the partnership.

Regulatory Notice

The regulations of the Commodity Futures Trading Commission and the National
Futures Association prohibit any representation by a person registered with
the Commodity Futures Trading Commission or by any member of the National
Futures Association, respectively, that such registration or membership in any
respect indicates that the Commodity Futures Trading Commission or the
National Futures Association, as the case may be, has approved or endorsed
such person or such person's trading programs or objectives.  The
registrations and memberships described in this prospectus must not be
considered as constituting any such approval or endorsement.  Likewise, no
commodity or securities exchange, nor the Securities and Exchange Commission,
nor any other regulatory agency has given or will give any such approval or
endorsement.

Trading Management

No Affiliation with Commodity Trading Advisor

The trading advisor is not affiliated with either general partner.
Additionally, the general partner will not serve as a trading advisor or
select any other trading advisors to trade that are affiliated with either
general partner.  However, in its capacity as commodity pool operator, the
general partner may consult with the trading advisor with regard to money
management and trading strategy issues.

Rights of the General Partner With Respect To Commodity Trading Advisor
Selection and Allocation of Equity

The general partner believes that a trading advisor should be retained on a
medium to long-term basis and should be allowed to implement fully its trading
strategy.  However, the general partner may, in its sole discretion and
without prior notice to you terminate the current or any future trading
advisor, select additional trading advisors, or change the allocation of
equity to any trading advisor.

Should any change in advisors be made, you will be notified within seven
business days.  The notice will also remind you of your right to request a
redemption of your partnership interest pursuant to our redemption procedures.

The general partner periodically reviews our performance to determine if a
current trading advisor should be changed or if others should be added.  In
doing so, the general partner may use computer generated correlation analysis
or other types of automated review procedures to evaluate trading advisors.

If a trading advisor is replaced, the new trading advisor will receive
incentive fees independent of the previous trading advisor's performance.

If the general partner engages more than one trading advisor, we may pay an
incentive fee to one trading advisor which is trading profitably while the
other trading advisor produces losses which cause us to be unprofitable
overall.  Because trading advisors trade independently, they may compete for
similar positions or take positions opposite each other, which may limit our
profitability.

Performance Record of the Partnership

The following capsule shows our past performance for the period from the year
2005 through September 30, 2010.

                                       23
<page>
PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.

                    Atlas Futures Fund, Limited Partnership
                           Percentage Rate of Return
                   (Computed on a compounded monthly basis)*

Month		2010	2009	2008	2007	2006	2005
January		(3.70)	(3.00)	(8.64)	5.92	1.76	(4.02)
February	(3.99)	0.77	25.18	(2.97)	(9.11)	3.77
March		(1.11)	(5.14)	(2.99)	(1.58)	(3.37)	15.01
April		(1.57)	0.27	16.07	0.70	13.26	(3.60)
May		(0.61)	2.73	(2.10)	(2.15)	1.40	6.94
June		(1.12)	(5.73)	7.24	4.92	(4.51)	(3.01)
July		1.37	(0.34)	(8.17)	(3.51)	(6.56)	(1.34)
August		0.43	(8.44)	4.49	(5.66)	1.46	7.56
September	11.19	(0.23)	(5.77)	14.88	9.05	0.01
October			(4.13)	7.29	3.63	0.28	(3.85)
November		0.99	2.57	6.90	(0.81)	6.06
December		(5.18)	(3.76)	(1.24)	3.13	(0.86)
Year		0.12	(24.46)	29.46	19.65	3.94	22.91

Name of Pool:	Atlas Futures Fund, LP
How Offered:	Publicly offered pursuant to Form S-1 Registration Statement
Name of Commodity Trading Advisor:	Clarke Capital Management, Inc.
Principal Protected:	No
Date of Inception of trading:	October, 1999
Aggregate Subscriptions:	$14,221,306
Net Asset Value of the pool:	$10,963,894  on total units outstanding:
2,681.69
Net Asset Value Per Unit:	$4,088.43
Largest Monthly Draw-Down**:	2-06/9.11%
Worst Peak-to-Valley Draw-Down***:	7-08 to 6-10/36.02%

*  Rate of Return
is computed by dividing net performance by beginning net asset value for the
period.  For those months when additions or withdrawals exceed ten percent of
beginning net assets, the Time-Weighting of Additions and Withdrawals method
is used to compute rates of return.

**  "Draw-down" is defined by applicable CFTC regulations to mean losses
experienced by a pool or program over a specified period.

***  Worst Peak-to-Valley Draw-Down means the greatest cumulative percentage
decline in month-end net asset value due to losses sustained by a pool,
account or trading program during any period in which the initial month-end
net asset value is not equaled or exceeded by a subsequent month-end net asset
value.

The Commodity Trading Advisor

Clarke Capital Management, Inc.

The general partner has engaged Clarke Capital Management, Inc. ("CCM") to
trade for the partnership, and has assigned to it approximately 98% of the
partnership's equity, after retention of approximately a 2% cash reserve, and
deposits of approximately 44% in accounts with the U.S. Treasury, 9% in a cash
management fund, 45% at the futures commission merchant.  The general partner,
in its sole discretion, may adjust the allocation of equity allocated any time
in the future.

Clarke Capital Management, Inc., ("CCM") is an Illinois corporation and
registered with the Commodity Futures Trading Commission and the National
Futures Association as a Commodity Trading Advisor on October 25, 1993.
Effective December 31, 2009, CCM's sole owner is John W. O'Brien, who also
became a principal as of June 4, 2010. However, Mr. O'Brien is solely a
passive owner and principal, and exercises no control over the day-to-day
management of CCM or any trading authority on behalf of CCM. Michael J. Clarke
is the president of CCM and is responsible for the day-to-day management of
CCM and trading on behalf of CCM. Both CCM and Mr. Clarke are members of the
National Futures Association.  CCM maintains its main business office and main
business telephone at: 750 Pasquinelli Drive, Suite 220, Westmont, IL 60559,
(630) 323-7033.  The books and records of CCM will be kept and made available
for inspection at its main business office.

Business Background

The business background of CCM and its principals for at least five (5) years
is as follows:

Michael Clarke is president and owner of CCM, and has been a registered
principal and associated person of CCM since October 25, 1993. Mr. Clarke's

                                       24
<page>
employment history is the following: The period 2/83 through 2/85 was spent as
an independent contractor trading equities and options for Rice, Naegele &
Associates of Chicago, a firm involved in private speculation. From 2/85
through 3/89, Mr. Clarke as an independent contractor traded equities and
options in a firm account of Shatkin Investment Corp., then a clearing member
of the Chicago Board Options Exchange. From 3/89 to 11/89, Mr. Clarke as an
independent contractor traded equities and options in a firm account of
French-American Securities, a private investment company based in Chicago.
From 11/89 to December 9, 1993, Mr. Clarke was self-employed, developing
methods to trade futures and other commodity interests and trading various
personal accounts.

James Andersen is currently Vice President of CCM with the primary
responsibility for its operations. Mr. Andersen has been an associated person
of CCM since August 25, 2003 and has been a registered principal since January
24, 2007.  Mr. Andersen has had an extensive career in commodities and options
beginning in the early 1990's. From November 1991 to January 2001, Mr.
Andersen was employed by Nesbitt-Burns bank, more specifically, a Chicago-
based branch group of options market makers on the CBOT floor. Mr. Andersen
performed various clerical-type duties in addition to being an options market
maker during this period. His experience includes the development of
specialized option market-maker software, back-office procedures, and was
involved in futures organizational operations for the firm. From January 2001
to October 2002, Mr. Andersen traded bond futures and options (for his own
account) on his own behalf. From October 2002 to present, he has been employed
by CCM as Director of Operations before being named VP. He also has extensive
prior experience in sales and fund raising. Mr. Andersen holds a Series III
Commodities Broker's license and has served on the Board of Directors of C-
Line Products, Inc. (a polyurethane manufacture) since 1999.

David G. Wesolowicz has served as Chief Financial Officer and Chief Compliance
Officer for CCM since August, 2004.  Mr. Wesolowicz has been an associated
person of CCM since September 3, 2004 and a registered principal since January
24, 2007.  He graduated cum laude from Michigan State University in August,
1976 with a bachelor's degree in Accounting and became a Certified Public
Accountant in November, 1976. He was employed as a CPA from September, 1976 to
April, 1981 for Coopers & Lybrand (n/k/a PriceWaterhouseCoopers) and Beatrice
Foods. From April, 1981 to January, 1990, he traded both options and futures
for his own account as a member of the Chicago Board Options Exchange and the
Chicago Board of Trade and was a member of several exchange committees. From
January, 1990 to May, 1990, Mr. Wesolowicz was involved in self-directed
research of financial markets. From May, 1990 to August, 2004, Mr. Wesolowicz
was president of DDJ Brokerage Corporation Inc. D/B/A Essex Trading Group,
Ltd. and its affiliate, Essex Trading Company, Ltd., a leader in the research
and development of trading systems and techniques.  Essex Trading Company,
Ltd. was a registered commodity trading advisor from October 8, 2005 to
December 3, 2003 and Mr. Wesolowicz was an associated person and listed
principal of it from June 12, 1990 to December 3, 2003.  DDJ Brokerage
Corporation was a registered commodity trading advisor from November 25, 1992
until February 20, 2004 and registered as an introducing broker from November
7, 1989 to December 30, 1992 and from April 19, 1996 to February 7, 1999.  Mr.
Wesolowicz was an associated person and listed principal of DDJ Brokerage
Corporation from June 1, 1990 until February 20, 2004.

Clarke Capital Management, Inc. was incorporated in September 1993 for the
purpose of acting as a commodity trading advisor.  It became a member of the
National Futures Association and was registered as a commodity trading advisor
with the Commodity Futures Trading Commission on October 25, 1993.  It became
registered as a commodity pool operator on October 4, 2004, and subsequently
withdrew its registration as such on October 24, 2007.

There have never been any administrative, civil, or criminal proceedings
against Clarke Capital Management, Inc. or any of its principals.

Any one or any combination of the three principals may direct the trades CCM
enters on behalf of the partnership.

Description of Trading Program

The exact nature of CCM's trading strategy is proprietary and confidential.
The following description is of necessity general and is not intended to be
all-inclusive.

Although the programs offered by CCM differ in certain respects, they share a
number of common elements. Under all programs, CCM's trading strategy is
strictly technical in nature;  i.e., the programs are based upon computer
generated analysis of price movements and patterns and are not based on
analysis of fundamentals such as supply and demand, general economic factors,
or world events. CCM has conducted analysis of these price patterns to
determine procedures for initiating and liquidating positions in the markets
in which it trades.

The general trading strategy of all of CCM's programs is trend following.
Most, but not all, trade initiations and liquidations are in the direction of
the trend. CCM employs techniques that utilize a number of trading models
acting independently. Each model generates its own entry and exit signals and
trades both sides of the market (long and short). With minor differences only
for long or short positions, a particular model trades all markets with the
same rules and parameters, regardless of the program.

                                       25
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A specially designed CCM program trades the Atlas account.  CCM reserves the
right to change the program used to trade the partnership account and to make
adjustments in the exact entry or exit price a model uses for the Atlas
program in order to attempt to reduce the impact of slippage from large block
orders being executed at the same price.  The models used in the Atlas program
are implemented through the use of computer analysis and vary from
intermediate through long-term to very long-term in time-frame focus and
testing has been done in order to select only those models that have good
performance characteristics across a wide range of conditions and
complementary performance with all other models in a program.  None of the
models has been custom tailored to any individual market or group of markets.

The principals of CCM and members of the CCM's staff under their direct
supervision, direct the trading of the partnership pursuant to the advisory
agreement attached to this prospectus as an exhibit and the standard power of
attorney to grant trading authority to the advisor provided by the futures
commission merchant.

CCM, its principal and affiliates, have no present or future expectation of a
beneficial interest in the pool or its corporate general partner but look
solely to its incentive fee for compensation for its services.

A PURCHASE IN ATLAS DOES NOT INCLUDE A PURCHASE OF CLARKE OR ITS PROGRAMS.

Performance Record of Other Programs Sponsored By the General Partner

Within the last ten years, the individual general partner of the partnership,
Michael Pacult, has managed four other commodity pools, one of which,
Strategic Opportunities Fund, LLC, is privately offered and commenced business
in July, 2005.  Mr. Pacult is the sole principal of Evergreen Capital
Management, Inc., the corporate general partner of Strategic Opportunities
Fund, LLC.  The other three pools are publicly offered: Bromwell Financial
Fund, LP, Providence Select Fund, LP and TriView Global Fund, LLC.  Bromwell
previously commenced trading but has temporarily ceased operations.
Providence commenced business on March 5, 2007 and was closed as of January,
2010 because it was not profitable.  TriView, which became effective August
10, 2010 has not yet commenced business.  The partnership's corporate general
partner has not managed any other commodity pools.  As of August, 2003, Mr.
Pacult became an individual general partner and sole principal of the
corporate general partner of Bromwell, but is no longer an individual general
partner of Bromwell.  Mr. Pacult has been the individual managing member and
principal of the corporate managing member of TriView since inception.  He was
also the individual general partner and principal of the corporate general
partner of Providence from inception to close.  As of September 30, 2010, (1)
the total amount of money raised for Bromwell was $2,525,062 and the total
number of investors was one and, (2) the total amount of money raised for
Providence was $4,053,883 and the total number of investors was none.  In
November, 2003, the two trading advisors for Bromwell were replaced because
they were unprofitable.  As of January 12, 2005, the new trading advisor, Fall
River Capital, LLC had not been profitable and the general partner of Bromwell
suspended the offering and trading, and caused substantially all of the
partners to redeem their accounts in Bromwell.  Bromwell is currently
undergoing reorganization with new terms and a new commodity trading advisor.

The Futures Commission Merchant

The general partner has selected an unaffiliated futures commission merchant,
MF Global Inc. ("MFG") to hold, supervise and control approximately 45% of our
equity, that which is used for margin for trading by the commodity trading
advisor.  MFG, formerly known as Man Financial Inc ("MFI"), is registered
under the Commodity Exchange Act, as amended, as a futures commission merchant
and a commodity pool operator, and is a member of the National Futures
Association in such capacities. The change of name was effected on July 19,
2007. MFG is a member of all major U.S. futures exchanges.  MFG's main office
is located at 717 Fifth Avenue, 9th Floor, New York, New York 10022-8101.
MFG's telephone number at such location is (212) 589-6200.  As required by
law, the general partner will provide notice to you within 21 days of any
change in futures commission merchant.

At any given time, MFG is involved in numerous legal actions and
administrative proceedings, which in the aggregate, are not, as of the date of
this prospectus, expected to have a material effect upon its condition,
financial or otherwise, or to the services it will render to the partnership.
There have been no administrative, civil or criminal proceedings pending, on
appeal or concluded against MFG or its principals within the five years
preceding the date of this Memorandum that MFI would deem material for
purposes of Part 4 of the Regulations of the Commodity Futures Trading
Commission, except as follows:

                                       26
<page>
In May 2006, MFI was sued by the Receiver for Philadelphia Alternate Asset
Fund ("PAAF") and associated entities for common law negligence, common law
fraud, violations of the Commodity Exchange Act and RICO violations (the
"Litigation").  In December 2007, without admitting any liability of any party
to the Litigation to any other party to the Litigation, the Litigation was
settled with MFI agreeing to pay $69 million, plus $6 million of legal
expenses, to the Receiver, in exchange for releases from all applicable
parties and the dismissal of the Litigation with prejudice.  In a related
action, MFI settled a CFTC administrative proceeding (In the Matter of MF
Global, f/k/a Man Financial Inc., and Thomas Gilmartin) brought by the CFTC
against MFI and one of its employees for failure to supervise and
recordkeeping violations.  Without admitting or denying the allegations, MFI
agreed to pay a civil monetary penalty of $2 million and accept a cease and
desist order.

On February 20, 2007, MFI settled a CFTC administrative proceeding (In the
Matter of Steven M. Camp and Man Financial Inc., CFTC Docket No. 07-04) in
which MFI was alleged to have failed to supervise one of its former associated
persons ("AP") who was charged with fraudulently soliciting customers to open
accounts at MFI.  The CFTC alleged that the former AP misrepresented the
profitability of a web-based trading system and of a purported trading system
to be traded by a commodity trading advisor.  Without admitting or denying the
allegation, MFI agreed to pay restitution to customers amounting to
$196,900.44 and a civil monetary penalty of $120,000.  MFI also agreed to a
cease and desist order and to strengthen its supervisory system for overseeing
sales solicitations by employees in connection with accounts to be traded
under letters of direction in favor of third party system providers.

On March 6, 2008, and thereafter, 5 virtually identical proposed class action
securities suits were filed against MFG's parent, MF Global Ltd. ("MF
Global"), certain of its officers and directors, and Man Group plc. These
suits have now been consolidated into a single action.  The complaints seek to
hold defendants liable under Sec 11, 12 and 15 of the Securities Act of 1933 by
alleging that the registration statement and prospectus issued in connection
with MF Global's initial public offering in July 2007 were materially false
and misleading to the extent that representations were made regarding  MF
Global's risk management policies, procedures and systems. The allegations are
based upon MF Global's disclosure of $141.5 million in trading losses incurred
in a single day by an AP in his personal trading account ("Trading Incident"),
which losses MFG was responsible to pay as an exchange clearing member.  The
consolidated cases have been dismissed on a motion to dismiss by defendants.
Plaintiffs have appealed.

On December 17, 2009, MFG settled a CFTC administrative proceeding in
connection with the Trading Incident and three other matters without admitting
or denying any allegations and accepting a charge of failing to supervise (In
the Matter of MF Global Inc. CFTC Docket No. 10-03). The three additional
matters that were settled involved allegations that MF Global failed to
implement procedures to ensure proper transmissions of price information for
certain options that were sent to a customer, specifically that the price
indications reflected a consensus taken on [a particular] time and date and
were derived from different sources in the market place; failed to diligently
supervise the proper and accurate preparation of trading cards and failed to
maintain appropriate written authorization to conduct trades for a certain
customer. Under the Commission's order, MFG agreed to pay an aggregate civil
monetary penalty of $10 million (which it had previously accrued) and agreed
to a cease and desist order.  In addition, MFG agreed to specific undertakings
related to its supervisory practices and procedures and MFG agreed that it
would engage an independent outside firm to review and assess the
implementation of the undertakings and certain recommendations that MFG
previously accepted. At the same time, MFG, without admitting or denying the
allegations made by the CME, settled a CME disciplinary action relating to the
Trading Incident by paying a fine of $495,000.

On August 28, 2009, Bank of Montreal ("BMO") instituted suit against MFG and
its former broker, Joseph Saab ("Saab") (as well as a firm named Optionable,
Inc. and five of its principals or employees), in the United States District
Court for the Southern District of New York.  In its complaint, BMO asserts
various claims against all defendants for their alleged misrepresentation of
price quotes to BMO's Market Risk Department ("MRD") as independent quotes
when defendants knew, or should have known, that David Lee ("Lee"), BMO's
trader, created the quotes which, in circular fashion, were passed on to BMO
through MFG's broker, thereby enabling Lee substantially to overvalue his book
at BMO.  BMO further alleges that MFG and Saab knew that Lee was fraudulently
misrepresenting prices in his options natural gas book and aided and abetted
his ability to do so by MFG's actions in sending price indications to the BMO
MRD, and substantially assisted Lee's breach of his fiduciary duties to BMO as
its employee.  The Complaint seeks to hold all defendants jointly and
severally liable and, although it does not specify an exact damage claim, it
claims CAD 680.0 million (approximately $635.9 million) as a pre-tax loss for
BMO in its natural gas trading, claims that it would not have paid brokerage
commissions to MFG (and Optionable), would not have continued Lee and his
supervisor as employees at substantial salaries and bonuses, and would not
have incurred substantial legal costs and expenses to deal with the Lee
mispricing. MFG has made a motion to dismiss, which is pending.

                                       27
<page>
In or about October 2003, MFI uncovered an apparent fraudulent scheme
conducted by third parties unrelated to MFI that may have victimized a number
of its clients.  CCPM, a German Introducing Broker, introduced to MFI all the
clients that may have been victimized.  An agent of CCPM, Michael Woertche
(and his asssociates), apparently engaged in a Ponzi scheme in which allegedly
unauthorized transfers from and trading in accounts maintained at MFI were
utilized to siphon money out of these accounts, on some occasions shortly
after they were established.  MFI was involved in two arbitration proceedings
relating to these CCPM introduced accounts.  The first arbitration involved
claims made by two claimants before a NFA panel.  The second arbitration
involves claims made by four claimants before a FINRA panel.  The claims in
both arbitrations are based on allegations that MFI and an employee assisted
CCPM in engaging in, or recklessly or negligently failed to prevent,
unauthorized transfers from, and trading in, accounts maintained by MFI.
Damages sought in the NFA arbitration proceeding were approximately $1,700,000
in compensatory damages, unspecified punitive damages and attorney's fees in
addition to the rescission of certain deposit agreements.  The NFA arbitration
was settled for $200,000 as to one claimant and a net of $240,000 as to the
second claimant during fiscal 2008.  Damages sought in the FINRA proceeding
were approximately $6,000,000 in compensatory damages and $12,000,000 in
punitive damages.  During the year ended March 31, 2009, the FINRA arbitration
was settled for an aggregate of $800,000.

MFI was named as a co-defendant in an action filed in Florida State Court by
Eagletech Communications Inc. ("Eagletech") and three of its alleged
shareholders against 21 defendants, including banks, broker-dealers and
clearing brokers, as well as "100 John Doe defendants or their nominee
entities". The complaint alleges that the defendants engaged in a criminal
conspiracy designed to manipulate the publicly traded share price of Eagletech
stock. Plaintiffs seek unspecified compensatory and special damages, alleging
that "Man Group PLC d/b/a Man Financial Inc" participated in the conspiracy by
acting as a clearing broker for a broker-dealer that traded in Eagletech
stock. The complaint asserts claims under RICO, the Florida Securities and
Investor Protection Act, the Florida Civil Remedies for Criminal Practices Act
and a related negligence claim. On May 9, 2007, defendants filed a notice
removing the State Court action to the United States District Court for the
Southern District of Florida pursuant to 28 U.S.C. Sec 1441(a). On October 2,
2007, Plaintiffs filed a first amended complaint in the Federal Court action
asserting additional claims against MFG under Florida common law, including
civil conspiracy, conversion and trespass to chattels. On February 26, 2008,
the financial institution defendants, including MF Global Inc., filed a motion
to dismiss seeking dismissal of all claims asserted in the amended complaint
on the ground that the claims are barred by the Private Securities Litigation
Reform Act ("PSLRA") and preempted by the federal securities laws. On June 27,
2008, the Court partially granted the motion, holding that the federal RICO
claims are barred by the PSLRA and dismissing the RICO claims with prejudice.
The Court declined to exercise supplemental jurisdiction over the state law
claims and remanded those claims to the Florida State Court. On July 25, 2008,
plaintiffs filed a notice of appeal of the Court's June 27, 2008 decision to
the United States Court of Appeals for the Eleventh Circuit but subsequently
withdrew its appeal.

In December 2007, MFG, along with four other futures commission merchants
("FCMs"), were named as defendants in an action filed in the United States
District Court in Corpus Christi, Texas by 47 individuals who were investors
in a commodity pool (RAM I LLC) operated by Renaissance Asset Management LLC.
The complaint alleges that MFG and the other defendants violated the Commodity
Exchange Act and alleges claims of negligence, common law fraud, violation of
a Texas statute relating to securities fraud and breach of fiduciary duty for
allegedly failing to conduct due diligence on the commodity pool operator and
commodity trading advisor, having accepted executed trades directed by the
commodity trading advisor, which was engaged in a fraudulent scheme with
respect to the commodity pool, and having permitted the improper allocation of
trades among accounts. The plaintiffs claim damages of $32.0 million, plus
exemplary damages, from all defendants. All of the FCM defendants moved to
dismiss the complaint for failure to state a claim upon which relief may be
granted. Following an initial pre-trial conference, the court granted
plaintiffs leave to file an amended complaint. On May 9, 2008, plaintiffs
filed an amended complaint in which plaintiffs abandoned all claims except a
claim alleging that the FCM defendants aided and abetted violations of the
Commodity Exchange Act. Plaintiffs now seek $17.0 million in claimed damages
plus exemplary damages from all defendants. MFG filed a motion to dismiss the
amended complaint which was granted by the court and appealed by the
plaintiffs.

The Liquidation Trustee ("Trustee") for Sentinel Management Group, Inc.
("Sentinel") sued MFG in June 2009 on the theory that MFG's withdrawal of
$50.2 million within 90 days of the filing of Sentinel's bankruptcy petition
on August 17, 2007 is a voidable preference under Section 547 of the
Bankruptcy Code and, therefore, recoverable by the Trustee, along with
interest and costs.

In May 2009, investors in a venture set up by Nicholas Cosmo ("Cosmo") sued
Bank of America and MFG, among others, in the United States District Court for
the Eastern District of New York, alleging that MFG, among others, aided and
abetted Cosmo and related entities in a Ponzi scheme in which investors lost
$400 million. MFG has made a motion to dismiss which is currently pending
before the court.

                                       28
<page>
In the late spring of 2009, MFG was sued in Oklahoma State Court by customers
who were substantial investors with Mark Trimble ("Trimble") and/or
Phidippides Capital Management ("Phidippides"). Trimble and Phidippides may
have been engaged in a Ponzi scheme. Plaintiffs allege that MFG "materially
aided and abetted" Trimble's and Phidippides' violations of the anti-fraud
provisions of the Oklahoma securities laws and they are seeking damages "in
excess of" $10,000 each. MFG made a motion to dismiss which was granted by the
court. Plaintiffs have appealed.

MFG and an affiliate, MF Global Market Services LLC ("Market Services"), are
currently involved in litigation with a former customer of Market Services,
Morgan Fuel & Heating Co., Inc. ("Morgan Fuel") and its principals, Anthony
Bottini, Jr., Brian Bottini and Mark Bottini (the "Bottinis"). The litigations
arise out of trading losses incurred by Morgan Fuel in over-the-counter
derivative swap transactions, which were unconditionally guaranteed by the
Bottinis.

On October 6, 2008, Market Services commenced an arbitration against the
Bottinis to recover $8.3 million, which is the amount of the debt owed to
Market Services by Morgan Fuel after the liquidation of the swap transactions.
MF Global Market Services LLC v. Anthony Bottini, Jr., Brian Bottini and Mark
Bottini, FINRA No. 08-03673. Each of the Bottinis executed a guaranty in favor
of Market Services personally and unconditionally guaranteeing payment of the
obligations of Morgan Fuel upon written demand by Market Services. Market
Services asserted a claim of breach of contract based upon the Bottinis'
failure to honor the guarantees.

On October 21, 2008, Morgan Fuel commenced a separate arbitration proceeding
before FINRA against MFG and Market Services. Morgan Fuel claims that MFG and
Market Services caused Morgan Fuel to incur approximately $14.2 million in
trading losses. Morgan Fuel v. MFG and Market Services, FINRA No. 08-03879.
Morgan Fuel seeks recovery of $5.9 million in margin payments that it
allegedly made to Market Services and a declaration that it has no
responsibility to pay Market Services for the remaining $8.3 million in
trading losses because Market Services should not have allowed Morgan Fuel to
enter into, or maintain, the swap transactions.

The Bottinis also asserted a third-party claim against Morgan Fuel, which in
turn asserted a fourth-party claim against MFG, Market Services and Steven
Bellino (an MFG employee) in the arbitration proceeding commenced by Market
Services.

On December 12, 2008, MFG settled three CME Group disciplinary actions
involving allegations that on a number of occasions in 2006 and 2007, MFG
employees engaged in impermissible pre-execution communications in connection
with trades executed on the e-cbot electronic trading platform, withheld
customer orders that were executable in the market for the purpose of
soliciting, and brokering contra-orders and crossed orders on the e-cbot
trading platform without allowing for the minimum required exposure period
between the entry of the orders. MFG was also charged with failing to properly
supervise its employees in connection with these trades. Without admitting or
denying any wrongdoing, MFG consented to an order of a CME Business Conduct
Committee Panel which found that MFG violated legacy CBOT Rule 504.00 and
Regulations 480.10 and 9B.13 and 9B.13(c) and ordered MFG to pay a $400,000
fine, cease and desist from similar conduct and, in consultation with CME
Market regulation Staff, enhance its training practices and supervisory
procedures regarding electronic trading practices.

MFG acts only as clearing broker for the partnership's futures accounts and as
such is paid commissions for executing and clearing trades.  MFG has not
passed upon the adequacy or accuracy of the partnership's prospectus or this
report and will not act in any supervisory capacity with respect to the CPO or
the CTA, as the case may be, nor participate in the management of the CPO or
of the partnership or of the CTA.  Therefore, investors should not rely on MFG
in deciding whether or not to participate in the partnership.

The futures commission merchant acts only as a clearing broker for the
partnership and, as such, is paid commissions for executing and clearing
trades.  It has not passed upon the adequacy or accuracy of this prospectus.
The futures commission merchant will not act in any supervisory capacity with
respect to the general partner nor participate in the management of the
general partner or the partnership.  Therefore, prospective investors should
not rely on the futures commission merchant's agreements to clear trades for
the partnership or for any other reason related to it in deciding whether or
not to purchase interests in the partnership.

                                       29
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The partnership is not aware of any threatened or potential claims or legal
proceedings to which the partnership is a party or to which any of its assets
are subject.  The partnership has no involvement in the claims against the
futures commission merchant described above.  The futures commission merchant
has assured the partnership that none of the above events will interfere with
its ability to perform its duties on behalf of the partnership.

The Introducing Broker

The partnership trading account was introduced to MF Global, Inc as futures
commission merchant by the affiliated introducing broker, Futures Investment
Company, 5914 N. 300 West, Fremont, IN 46737, (260) 833-1306.  Futures
Investment Company is a registered introducing broker under the Commodity
Exchange Act, as amended, and is a member of the National Futures Association
in such capacity.  It shares 7% of the 11% in the brokerage commission paid by
the partnership to the corporate general partner.

Federal Income Tax Aspects

Scope of Tax Presentation

This presentation is based on:

*	the Internal Revenue Code of 1986, as amended, and the rules and
regulations promulgated thereunder which were in effect on the date of this
prospectus, and

*	the express intent of the general partner to:

*	operate the partnership as authorized and limited by the limited
partnership agreement, and

*	cause us to invest only our equity capital and not to borrow money to
operate the partnership , and

*	the belief by the general partner that no less than ninety percent of
the income generated by us will be from interest income and the trade of
commodities.

Any change in the Internal Revenue Code or deviation from the above intentions
of operation could alter this presentation and also have adverse tax
consequences on this partnership and you.  For instance, if we were taxed as a
corporation, we would pay tax and you would have to pay a second tax.  In
addition, if we were taxed as a corporation, none of the deductions for
expenses would pass through to your tax return.

Any adjustment made to our return by our auditors or the IRS will flow through
to your return and could result in a separate audit of your individual return.
If we or you are audited by the IRS, significant factual questions may arise
which, if challenged by the IRS, might only be resolved at considerable legal
and accounting expense.  We will report our income for tax and book purposes
under the accrual method of accounting and our tax year will be the calendar
year.  During taxable years in which little or no profit is generated from
trading activities, you may still have interest income which will be taxed to
you as ordinary income.

Subject to the above scope of presentation and assumption, following is the
opinion of The Scott Law Firm, Ltd. that summarizes the material Federal
income tax consequences to individual investors in the partnership.

This discussion assumes you are an individual and is not intended as a
substitute for careful planning; particularly, since the income tax
consequences of an investment in the partnership will not be the same for all
taxpayers.  Accordingly, you are urged to consult your tax advisors with
specific reference to your tax situation.

No Legal Opinion as To Certain Material Tax Aspects

We will not request a legal opinion in regard to any State income tax issue.
In addition, our tax counsel cannot opine upon any Federal income tax issue
that involves a determination by the IRS of the facts related to our
operation, or any other matter that may be subject to IRS interpretation or
adjustment upon audit.

For an example of an item that could be subject to determination by the IRS,
the Code provides that, for non-corporate taxpayers who itemize deductions
when computing taxable income, expenses of producing income, including
investment advisory fees, are to be aggregated with unreimbursed employee
business expenses and other expenses of producing income (collectively, the
"Aggregate Investment Expenses"), and the aggregate amount of such expenses
will be deductible only to the extent such amount exceeds 2% of a taxpayer's
adjusted gross income.  In addition, for taxpayers whose adjusted gross income
exceeds a certain threshold amount (the "AGI Threshold"), Aggregate Investment
Expenses in excess of the 2% threshold, when combined with certain of a
taxpayer's other miscellaneous deductions, are subject to a reduction
(scheduled to be phased out between 2006 and 2010) equal to the lesser of 3%
of the taxpayer's adjusted gross income in excess of the AGI Threshold and 80%
of the amount of certain itemized deductions otherwise allowable for the
taxable year (the "Phase-out").  Moreover, such Aggregate Investment Expenses
are miscellaneous itemized deductions which are not deductible by a non-
corporate taxpayer in calculating its alternative minimum tax liability.  The
IRS could contend that some or all of the management fees and incentive fees,
as well as other ordinary expenses of the partnership, constitute "investment
advisory fees."  If this contention were sustained, each non-corporate limited
partner's pro rata share of the amounts characterized would be deductible only
to the extent that such limited partner's Aggregate Investment Expenses exceed
2% of such limited partner's adjusted gross income and, when combined with
certain other itemized deductions, exceed the Phase-out.

                                       30
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PROSPECTIVE INVESTORS MUST CONSULT THEIR OWN TAX ADVISERS CONCERNING THE
FOREGOING "INVESTMENT ADVISORY FEES" ISSUE, WHICH IS A MATTER OF UNCERTAINTY
AND COULD HAVE A MATERIAL IMPACT ON AN INVESTMENT IN THE FUND.

Partnership Tax Status

The Internal Revenue Code, at Section 7701, provides the criteria used to
identify a corporation which cannot be present if a partnership is to be taxed
as a partnership.  A partnership must have two or more of the following: (i)
decentralized management, (ii) unlimited liability, (iii) limited
transferability of shares, and (iv) limited continuation of existence.  The
limited partnership agreement obligates the general partner to operate the
partnership in a manner which meets this test.

If we were taxed as a corporation, we would pay taxes at the corporate rates
upon our income and gains, items of deduction and losses would be deductible
only by us and not by you, tax credits would be available only to us and not
to you, and all or a part of any distributions we make to you could be taxable
as dividend income and would not be deductible by us in computing our taxable
income.  This would substantially increase the total amount of taxes paid on
your investment income and potentially limit your expense deductions.

Historically, the right of redemption, similar to your right to redeem your
partnership interests, renders a pool, such as ours, to be deemed a publicly
traded partnership, taxed as a corporation.  However, the Revenue Act of 1987
provides an exception.  The exception requires 90% or more of our gross income
to be derived from interest and the trade of commodities.  Provided the
principal activity of the partnership is buying and selling commodities,
income may include interest, dividends, and income from the trade or holding
of futures, options or forward contracts on commodities.  The general partner
intends to limit the principal business activity and sources of income so that
this exception will apply to us.  In addition, the general partner has placed
restrictions upon the right of redemption.  See The Limited Partnership
Agreement, Redemptions and Exhibit A, Right of Redemption.

No IRS Ruling

We have not applied for a ruling from the Internal Revenue Service regarding
our status as a partnership or with regard to any other tax aspect, nor do we
intend to seek a ruling.  In the absence of a ruling, there can be no
assurance that the IRS will not attempt to take a position adverse to the
partnership and the opinions expressed in this prospectus.

Tax Opinion

Subject to the assumption that you are an individual United States resident
taxpayer, in the opinion of The Scott Law Firm, Ltd., this prospectus
accurately summarizes all material Federal tax matters and consequences or
identifies those matters that cannot presently be determined.  Particularly,
(i) we will be treated as a partnership for Federal income tax purposes; (ii)
the allocations of profits and losses made when partners redeem their
partnership interests should be upheld for Federal income tax purposes; (iii)
based upon our contemplated trading activities, the IRS should consider us as
conducting a trade or business; and, as a result, the ordinary and necessary
business expenses we incur while conducting our commodity futures trading
business should not be subject to limitation under Section 67 or Section 68 of
the Internal Revenue Code; (iv) the profit share should be respected as a
distributive share of our equity income allocable to Atlas Futures Fund,
Limited Partnership; and (v) the contracts we trade, as described in this
prospectus, should satisfy the commodities trading safe harbor as described in
section 864(b) of the Internal Revenue Code.

Such opinion is based on the Internal Revenue Code as of the date of this
Prospectus and a review of the Limited Partnership Agreement, and is
conditioned upon the following representations of facts by the general
partner:

*	at all times, we will be operated in accordance with the Delaware
Uniform Limited Partnership Act and the Limited Partnership Agreement attached
hereto as Exhibit A

*	for our first two years of operation, the aggregate deductions claimed
by the partners as their distributive shares of our net losses will not exceed
the equity capital invested in the partnership

*	no creditor who makes us a loan, including margin accounts, will have or
acquire, as a result of making the loan, any direct or indirect interest in
our capital, profits or property, other than as a secured creditor

*	the general partner will at all times actively direct the affairs of the
Partnership

*	interests in the partnership:

*	will be transferable or redeemed only upon approval of the general
partner

*	will not be traded on an established securities market, and

*	will not be readily tradable on a secondary market or the substantial
equivalent thereof

*	we will not be registered under the Investment Advisor's Act of 1940;
and

*	over 90% of our earned income will be qualifying income as that term is
defined in the Revenue Act of 1987.

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No opinion is expressed in regard to the tax treatment of expenses because
that determination depends upon questions of fact to be resolved by the
general partner on our behalf.  In addition, commodity trading advisor fees
are aggregated with employee business expenses and other expenses of producing
income, and the aggregate of such expenses is deductible only to the extent
such amount exceeds 2% of your adjusted gross income.  It is the general
partner's position that our intended operations will qualify as a trade or
business.  If this position is sustained, the brokerage commissions and
performance fees will be deductible as ordinary and necessary business
expenses.  Syndication costs to organize the partnership and offering expenses
are subject to limitations upon deduction imposed by the Internal Revenue
Code.

Any change in the representations of the general partner or the operative
facts will prevent us and you from relying upon the tax opinion from The Scott
Law Firm, Ltd.

Passive Loss and Unrelated Business Income Taxes Rules

In addition to the imposition of a corporate level tax on publicly traded
partnerships, special rules apply to partnerships in regard to the application
of the passive loss and unrelated business income tax rules.  In Notice 88-75
issued on June 17, 1988, the IRS provided guidance as to partnership
operation.  The general partner intends to cause us to comply with the
applicable provisions of these guidelines.  In the event our expenses were
deemed not to qualify as deductions from trading profits, your total taxes
would increase while your distributions would remain the same.

Basis Loss Limitation

Generally, the basis of your interest in the partnership for tax purposes is
equal to the cost decreased, but not below zero, by your share of any
partnership losses and distributions, and increased by your share of any
partnership income.  You may not deduct losses in excess of the adjusted basis
for your interest in the partnership at the end of the partnership year in
which such losses occurred.  However, you may carry forward any excess to such
time, if ever, as the basis for the interest in the partnership is sufficient
to absorb the loss.  Upon the sale or liquidation of your interest in the
partnership, you will recognize a gain or loss for Federal income tax purposes
equal to the difference between the amount you realize in the transaction and
the basis for your interest in the partnership at the time of such sale.  For
individuals, capital losses would offset capital gains on a dollar for dollar
basis, with any excess capital losses subject to a $3,000 annual limitation.
Accordingly, it is possible for you to sustain a loss from our operation which
will not be allowed as a deduction for tax purposes or will be limited to a
$3,000 annual limitation.

At-Risk Limitation

If you borrow money to invest in the partnership, there are at risk
limitations that will apply to you.  Section 465 of the Internal Revenue Code
provides that the amount of any loss allowable for any year to be included in
your personal tax return is limited to the amount paid for the partnership
interests, or tax basis, of the amount at risk.  Losses already claimed may be
subject to recapture if the amount at risk is reduced as a result of cash
distributions from the activity, deduction of losses from the activity,
changes in the status of indebtedness from recourse to non-recourse, the
commencement of a guarantee, or other events that affect your risk of loss.
The at risk provisions must be considered should you elect to arrange debt
financing for purchasing a partnership interest.

Income and Losses from Passive Activities

Internal Revenue Code Section 469 limits the deductibility of what are called
passive losses from business activities in which the taxpayer does not
materially participate.  Under temporary Treasury regulations, the trading of
personal property, such as futures contracts, will not be treated as a passive
activity, partnership gains allocable to you will not be available to offset
passive losses from sources outside the partnership, and partnership losses
will not be subject to limitation under the passive loss rules.

Allocation of Profits and Losses

The allocation of profits, losses, deductions and credits contained in the
Limited Partnership Agreement will be recognized for tax purposes only if the
allocations have substantial economic effect.  While the general partner
believes that the Limited Partnership Agreement either meets the requirements
or satisfies a substitute capital account equivalency test, the Limited
Partnership Agreement does not meet a third requirement, that a partner must
make a capital contribution to the partnership equal to any deficit in its
capital account.  Accordingly, under the regulations and the Limited
Partnership Agreement, losses would not be allocable to you in excess of your
capital contribution plus properly allocated profits less any prior
distributions.  The general partner intends to allocate income and losses in
accordance with the Limited Partnership Agreement which it believes complies
with applicable Internal Revenue Code Section 704.  However, no assurances can
be given that the IRS will not attempt to change any allocation that is made
among partners admitted on different dates, which could adversely affect the
amount of taxable income to one partner as opposed to another partner.

Taxation of Futures and Forward Transactions

The commodity trading advisor selected to trade for us is expected to trade
primarily, but not exclusively, in Section 1256 Contracts, which is any
regulated futures contract, foreign currency contract, non-equity option, or
dealer equity option.  A regulated futures contract is a futures contract:

*	if it is traded on or subject to the rules of:

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*	a national securities exchange which is registered with the Securities
and Exchange Commission,

*	a domestic board of trade designated as a contract market by the
Commodity Futures Trading Commission or any other board of trade, exchange or
other market designated by the Secretary of Treasury, and

*	which is marked-to-market to determine the amount of margin which must
be deposited or may be withdrawn.  Marked-to-market means that the position is
taken in the account on day one at that price.  Each day the position is held,
it is valued for account purposes at the price of the contract on the close of
that day.

A foreign currency contract is negotiated between banks and accepted for trade
among banks and private investors.   The partnership is expected to purchase
or sell these contracts to speculate on the value of foreign currency as
contrasted with the U. S. dollar.  These contracts are exempt from the
Commodity Exchange Act and are excluded from marked-to-market treatment.

A non-equity option means an option which is treated on a qualified board or
exchange and the value of which is not determined directly or indirectly by
reference to any stock, group of stocks, or stock index unless there is in
effect a designation by the Commodity Futures Trading Commission of a contract
market for a contract bond or such group of stocks or stock index.

A dealer equity option means, with respect to an options dealer, only a listed
option which is an equity option, is purchased or granted by such options
dealer in the normal course of his activity of dealing in options, and is
listed on the qualified board or exchange on which such options dealer is
registered.

All Section 1256 contracts will be marked-to-market upon the closing of every
contract, including closing by taking an offsetting position or by making or
taking delivery, by exercise or being exercised, by assignment or being
assigned; or by lapse or otherwise.  Also, all open Section 1256 contracts
held by us at our fiscal year-end will be treated as sold for their fair
market value on the last business day of such taxable year.  This will result
in all unrealized gains and losses being recognized for Federal income tax
purposes for the taxable year.  As a consequence, you may have tax liability
relating to unrealized partnership profits in open positions at year-end.
Sixty percent of any gain or loss from a Section 1256 contract will be treated
as long-term capital gain or loss, and 40% as short-term capital gain or loss,
regardless of the actual holding period of the individual contracts.  The
character of a your distributive share of profits or losses of the partnership
from Section 1256 contracts will thus be 60% long-term capital gain or loss
and 40% short-term capital gain or loss.  Your distributive share of such gain
or loss for a taxable year will be combined with your other items of capital
gain or loss for such year in computing your Federal income tax liability.
The Internal Revenue Code contains rules designed to eliminate the tax
benefits flowing to high-income taxpayers from the graduated tax rate schedule
and from the personal and dependency exemptions.  The effect of these rules is
to tax a portion of a high-income taxpayer's income at a marginal tax rate of
35%.  Most long-term capital gains after May 6, 2003 are subject to a maximum
tax rate of 15%.  A limited partner, other than a corporation, estate or
trust, may elect to carry-back any net Section 1256 contract losses to each of
the three preceding years.  The marked-to-market rules do not apply to
interests in personal property of a nature which are actively traded other
than Section 1256 contracts.

Section 988 Foreign Currency Transactions

A Section 988 transaction is defined as the entering or acquiring of any
forward contract, futures contract, option or similar financial instrument if
the amount to be received or to be paid by reason of a transaction is
denominated in a nonfunctional currency or is determined by reference to one
or more nonfunctional currencies.  If the Section 988 transaction results in a
gain or loss, it is considered to be a foreign currency gain or loss to the
extent it does not exceed gain or loss realized by reason of changes in
exchange rates.

Capital Gain and Loss Provisions

If short-term capital gains exceed long-term capital losses, the net capital
gain will be taxed at the same rates as ordinary income.  Subject to an annual
limitation of $3,000, you may deduct the excess of capital losses over capital
gains against ordinary income.  Excess capital losses which are not used to
reduce ordinary income in a particular taxable year may be carried forward to,
and treated as capital losses incurred in, future years.

Business for Profit

Internal Revenue Code Section 183 sets forth the general rule that no
deduction is allowable to an individual for an activity not engaged in for
profit.  These are activities other than those constituting a trade or
business or engaged in for the production or collection of income or for the
management, conservation, or maintenance of property held for the production
of income.  The determination of whether an activity is engaged in for profit
is based on all facts and circumstances, and no single factor is
determinative.  The general partner believes that by employing independent
commodity trading advisors with strong track records of production of profits,
it is more likely than not, that our activity will be considered an activity
engaged for profit.

Self-Employment Income and Tax

Section 1402 of the Internal Revenue Code provides that an individual's net
earnings from self-employment shall not include the distributive share of
income or loss from any trade or business carried on by a partnership of

                                       33
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which he is a limited partner.  Therefore, you should not consider that the
ordinary income from the partnership constitutes net earnings from self-
employment for purposes of either the Social Security Act or the Internal
Revenue Code.

Alternative Minimum Tax

The alternative minimum tax for individuals is imposed on certain high income
persons as a method of collection of tax although income may to sheltered or
otherwise not subject to tax.  Alternative minimum taxable income consists of
income deemed taxable without regard to availability of deductions or tax
preferences provided by the tax law.  Alternative minimum taxable income may
not be offset by certain deductions, including (in certain circumstances)
interest incurred to purchase or carry interests in partnership such as this
partnership.  Taxpayers subject to the alternative minimum tax could be
required to make estimated payments.  The extent to which the alternative
minimum tax will be imposed or estimated payments required will depend on the
overall tax situation of each limited partner at the end of each taxable year
and, therefore, this question should be referred to your tax advisor.

Interest Related To Tax Exempt Obligations

Section 265(a)(2) of the Internal Revenue Code will disallow any deduction for
interest on indebtedness of a taxpayer incurred or continued to purchase or
carry obligations the interest on which is wholly exempt from tax.  The IRS
announced in Revenue Procedure 72-18 that the proscribed purpose will be
deemed to exist with respect to indebtedness incurred to finance a portfolio
investment.  The Revenue Procedure further states that a limited partnership
interest will be regarded as a portfolio investment, unless rebutted by other
evidence.  Therefore, if you own tax-exempt obligations, the IRS might take
the position that any interest expense incurred by you to purchase or carry
partnership interests should be viewed as incurred by you to continue carrying
tax exempt obligations, and that you should not be allowed to deduct all or a
portion of the interest on any such loans.

Not a Tax Shelter

In the opinion of tax counsel, we do not constitute a tax shelter, as defined
in Internal Revenue Code Section 6111(c), since the general partner intends to
operate the partnership so that the tax shelter ratio will not exceed two-to-
one at the close of any of the first five years.  Accordingly, the general
partner has not registered us as a tax shelter with the IRS.

Taxation of Foreign Partners

An investment in the partnership should not, by itself, cause a foreign
partner to be engaged in a trade or business within the United States.  A
foreign person is subject to a 30% withholding tax, unless reduced or exempted
by treaty, on United States source income which is not effectively connected
with the conduct of a United States trade or business.  The person having
control over the payment of such income must withhold this tax.

Because we have permitted the trading advisor to trade foreign currency and
other contracts on foreign exchanges or derivative transactions such as energy
or interest rate swaps or forwards, based on current law it is uncertain
whether entering into foreign and derivative transactions may cause us, and
therefore any foreign limited partners, to be treated as engaged in a trade or
business within the United States.  However, the Treasury Department has
issued proposed regulations which, if finalized in their current form, would
provide that foreign limited partners should not be deemed to be engaged in a
United States trade or business solely by virtue of an investment as a limited
partner in the partnership even if the partnership enters into foreign
exchange trades of currency and derivative transactions. These regulations are
proposed to be effective for taxable years beginning 30 days after the date
final regulations are published in the Federal Register. We may elect to apply
the final regulations retroactively once they are finalized.  The Scott Law
Firm, Ltd. has not opined on the issues related to the withholding by us from
distributions to foreign investors as the determination of how the treat this
issue will be resolved at the end of each taxable year or upon receipt of a
redemption request and the tax opinion is limited to tax consequences to
United States residents.

Accordingly, we may be required to withhold tax on items of such income that
are included in the distributive share of a foreign partner, whether or not
the income was actually distributed.  If we are required to withhold tax on
such income of a foreign partner, the general partner may pay such tax out of
its own funds and then be reimbursed out of the proceeds of any distribution
to or redemption of partnership interests by the foreign partner.

Partnership Entity-Audit Provisions-Penalties

The Internal Revenue Code provides that the tax treatment of items of
partnership income, gain, loss, deduction and credit will be determined at the
partnership level in a single partnership proceeding.  The Limited Partnership
Agreement has appointed Ashley Capital Management, Inc. as the tax matters
partner to settle any issue involving any partner with less than a 1% profits
interest unless such a partner, upon notice, properly elects not to give such
authority to the tax matters partner.  The tax matters partner may seek
judicial review for any adjustment to partnership income, but there

                                       34
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will be only one such action for judicial review to which all partners will be
bound.  The Internal Revenue Code provides that a partner must report a
partnership item consistently with its treatment on the partnership return,
unless the partner specifically identifies the inconsistency or can show that
its treatment of the partnership item on its return is consistent with a
schedule furnished to the partner by the partnership.  Failure to comply with
this requirement may result in penalties for underpayment of tax and could
result in an extended statute of limitations.  The statute of limitations for
adjustment of tax with respect to partnership items will generally be three
years from the date of filing the partnership return.

Internal Revenue Code Section 6662 imposes a penalty for a substantial
understatement of income tax equal to 20% of the amount of any underpayment
attributable to that understatement.  Understatement is defined as meaning the
excess of the correct amount of tax required to be shown on the return over
the amount of tax that is actually shown on the return.  A substantial
understatement exists for any taxable year if the amount of the understatement
for the taxable year exceeds the greater of 10% of the correct tax or $5,000,
or $10,000, in the case of a corporation other than an S corporation or a
personal holding company.

Employee Benefit, Retirement Plans and IRA's

The Employee Retirement Income Security Act of 1974 governs:

*	employee benefit plans, such as:

*	a qualified pension, profit-sharing or stock bonus plan, or

*	a qualified health and welfare plan; and

*	individual retirement accounts, commonly called IRAs.

You may not purchase partnership interests with the assets of a plan if we,
the general partner, the selling agent, the introducing broker, the futures
commission merchant, or any of their affiliates, agents or employees have
investment discretion over such plan, give investment advice with respect to
such plan assets for a fee, or are an employer maintaining or contributing to
such plan.

Before you invest in us through one of these qualified plans, you should
consult your own legal and financial advisors, and the fiduciary of your plan
should take into account the facts and circumstances of your plan, and
consider applicable fiduciary standards under the above act.

Acceptance of subscriptions on behalf of employee benefit plans is not a
representation by the general partner or any other party that this investment
meets all legal requirements or is appropriate with respect to investments by
any particular plan.  The person with investment discretion should consult the
attorney for the plan as to the propriety of an investment in this
partnership.

The Limited Partnership Agreement

The partnership agreement was amended and fully restated on December 23, 2003
and is attached to this prospectus as Exhibit A.   Following is an explanation
of the material terms of the Limited Partnership Agreement; however, you are
urged to read the entire agreement.  See Exhibit A.

Formation of the Partnership

Our Certificate of Limited Partnership is dated and was filed on January 12,
1998 pursuant to the Delaware Uniform Limited Partnership Act.

You are not liable for our losses, debts and obligations beyond your
investment amount and your share of any of our undistributed assets, so long
as you do not take part in the management of the business of the partnership
or transact any business for the partnership other than exercise your right to
vote on partnership matters as a limited partner.

According to the Limited Partnership Agreement, this partnership will not
terminate or dissolve upon any limited partner's death, incompetence,
withdrawal, insolvency, bankruptcy, termination, liquidation, dissolution or
other legal incapacity.  Also, legal representatives of such limited partner
may redeem their partnership interests, but will not have the right to
withdraw their interest or become a substituted limited partner solely by
reason of such incapacity.

Units of Partnership Interests

The amount of partnership interests you hold will determine your percentage
interest in our net assets.  The value of a single unit will be calculated
from time to time by dividing the net assets of the partnership by the number
of outstanding units of partnership interests.  The value of your partnership
interest will be determined by multiplying the number of units of partnership
interests you hold by the value of a single unit.  Your percentage interest in
the partnership will also be determined by dividing the number of units you by
the total number of units outstanding.

Management of Partnership Affairs

Only the general partner may manage this partnership.  You will not take part
in our business or affairs nor will you have any voice in our management or
operations other than to vote on partnership matters as a limited partner.

The limited partners who collectively hold a majority of the partnership
interests must give written approval of any material change in either the
Limited Partnership Agreement or the partnership structure; provided, however,
without the limited partners' approval, the general partner is

                                       35
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allowed to (i) change the management and incentive fees within the limits
prescribed herein, (ii) add, change and delete trading advisors, (iii) add,
change and delete introducing brokers, (iv) add, change and delete futures
commission merchants, (v) add, change and delete selling agents, (vi) redeem
and return a limited partner account, (vii) change the commodity contracts
traded, or (viii) change the diversification of our assets among the various
types of or in the positions held in commodity contracts.

To the extent the law permits, such limited partners who hold a majority of
the partnership interests may vote to amend any term in the Limited
Partnership Agreement and, if necessary, the Certificate of Limited
Partnership without the agreement of the general partner.  This includes
removing the general partner and electing a new general partner.

In its capacity as commodity pool operator, the general partner may consult
with the trading advisor with regard to money management and trading strategy
issues, but the general partner will not serve as a trading advisor or select
any other trading advisors to trade that are affiliated with either general
partner.

General Prohibitions

We may not borrow from or loan money or any other assets to any person;
provided, however, this shall not apply to the incurrence of an obligation to
a futures commission merchant or debt to a partner or any of their affiliates
with respect to the offering of partnership interests for sale, registration,
or initiation and maintenance of our trading positions.

We may not permit rebates or give-ups to be received by the general partner or
any of its affiliates.  Nor may we permit the general partner or any of its
affiliates to engage in reciprocal business arrangements that would circumvent
the foregoing prohibition.  However, an affiliate or the general partner may
provide goods or services, including brokerage, at a competitive cost to us.

The general partner or its affiliates are not required to advance or loan
funds to the partnership.  If the general partner makes any advance or loan to
the partnership, it will not receive interest in excess of its interest costs,
nor will it receive interest in excess of the amounts which would be charged
the partnership by unrelated banks on comparable loans for the same purpose.
The general partner shall not receive points or other financing charges or
fees regardless of the amount.  Currently, no agreement exists for the general
partner to make any loan to the partnership nor does the general partner
expect to enter one; however, you will be notified of such an agreement,
should one be entered.

Additional Offerings

The general partner has sole discretion to end any offering of partnership
interests, register additional partnership interests, and make additional
public or private offerings of partnership interests.

You will not have any preemptive, preferential or other rights with respect to
the issuance or sale of any additional partnership interests.  Although we are
offering a maximum of $10,000,000 in partnership interests pursuant to this
offering, we have not limited the amount of capital contributions or the
maximum amount of partnership interests that may be issued, offered or sold
pursuant to other offerings.

Partnership Accounting, Reports, and Distributions

You will have a capital account, and its initial balance will be the amount
you paid for your partnership interests.  The net assets of this partnership
will be determined monthly, and any change from the previous month will be
passed on to your account in the ratio that your account bears to all
accounts.

The general partner has sole discretion to make distributions from profits or
net assets.  On a monthly basis you will receive a report containing (i) the
net unit value as of the end of both the current and previous month, (ii) the
percentage change in net unit value between the two months, (iii) the amount
of distributions during the month (iv) the aggregate fixed commission in lieu
of round-turn brokerage commissions, other fees, administrative expenses, and
reserves for claims and other extra-ordinary expenses incurred or accrued by
us during the month, and (v) any other information required by the rules of
the Commodity Futures Trading Commission.

The general partner will notify you within seven days of any change in trading
advisor or partnership fee structure, including a notice of your right to
redemption.  For all other material changes to the disclosures made in this
document, the general partner will notify you of such change within 21 days.

You or your duly authorized representative may inspect our books and records
and any records related to your account, provided you give adequate notice,
you do so at a reasonable time, and you make copies at your expense.

Income, Loss and Expense Allocations

At the end of each fiscal year, our capital gain or loss and ordinary income
or loss and expenses will be allocated to units held by all partners.  You are
responsible for the proper reporting of these items on your personal income
tax return.

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Transfer of Partnership Interests Only With Consent of the General Partner

You are admitted to this partnership and are registered on the partnership
records as the owner of the partnership interests you purchase.  As a
registered investor in this partnership, you may receive all distributions,
allocations of losses and withdrawals, and reductions of capital
contributions, and vote on any matters submitted to the limited partners for
voting.

You may transfer your partnership interests only with the written consent of
the general partner.  The general partner may not approve the transfer if it
(i) is requested before six months from the date of purchase, (ii) is not made
for all of your partnership interests or, if you are not assigning all of your
partnership interests, you will retain more than $5,000 of partnership
interests, (iii) will violate any applicable laws or governmental rules or
regulations, including without limitation, any applicable Federal or state
securities laws, or the Delaware limited partnership laws, (iv) will
jeopardize our ability to be taxed as a partnership and not as a corporation,
or (v) will affect characterizations or treatment of income or loss.

Termination of the Partnership

This partnership will terminate (i) at 11:59 p.m. twenty-one years from the
date of the Certificate of Limited Partnership, (ii) by election of the
general partner, in its sole discretion, to terminate and dissolve this
partnership, (iii) upon the dissolution, death, resignation, withdrawal,
bankruptcy or insolvency of the general partner, unless the partners, by
majority interest, vote to carry on the business and elect a new general
partner, (iv) if it does not pay its annual franchise fee and file its annual
report with the State of Delaware, which will cause it to be dissolved under
Delaware law, (v) upon any event which makes the continued existence of the
partnership unlawful, or (vi) upon the majority vote of the partners.

Meetings

We are not required to hold regular meetings, however, partners may call
meetings to vote on certain issues, including (i) amendment of the limited
partnership agreement; provided, however, any amendment which modifies the
compensation or distributions to the general partner or which affects the
duties of the general partner requires its consent; (ii) removal of the
general partner and election of a new general partner; (iii) cancellation of
any contract for services with the general partner, without penalty, upon 60
days written notice; provided, however, the maximum period of any contract
between the general partner and the partnership is one year; and, provided
further, should any amendment to this partnership agreement attempt to modify
the compensation or distributions to which the general partner is entitled or
which affects the duties of the general partner, such amendment will become
effective only upon the consent of the general partner; (iv) the right to
approve, prior to sale, the sale or distribution, outside the ordinary course
of business, of all or substantially all of the assets of the partnership; (v)
dissolution of the partnership; and (vi) change of any of the partnership's
basic investment policies or in the structure of the partnership.  See
Management of Partnership Affairs.

The general partner must receive in person or by certified mail a written
request with a check to cover the cost of sending notice of the meeting to all
partners.  One or more partners who collectively own 10% or more of the
outstanding partnership interests must sign the request.  The general partner
then has 15 days to call the meeting.

Redemptions

Redemption allows you to receive your share of the net assets of this
partnership.  You may not redeem or liquidate any partnership interests until
twelve months after you have been allocated partnerships interests from your
subscription proceeds.  The general partner must receive a written request for
redemption no less than ten days prior to the desired effective date of
redemption.  The effective date of redemption must be the last day of the then
current or a future month.

The general partner will try its best to comply with the redemption request
within twenty days following the effective date.  However, you should be aware
that the general partner may be unable to timely comply with the request if
there is not enough cash.  This may be because the trading advisor cannot
liquidate the positions it has taken or because there are contingent claims on
partnership assets.

If the general partner notifies you in writing, it may declare additional
redemption dates or cause the partnership to redeem fractions of units of
partnership interests.  Though past performance is no guarantee of future
results, all redemption requests made to pools that the individual general
partner has managed since he began managing commodity pools in August, 2003
were fulfilled on time.  We will not charge a redemption fee.

Plan for Sale of Partnership Interests

The Selling Agent

We are offering and selling the partnership interests solely through Futures
Investment Company, an Illinois corporation incorporated on December 6, 1983,
the address of which is 5914 N. 300 West, P.O. Box 760, Fremont, Indiana
46737.  It was registered as a fully disclosed broker/dealer registered with
the Financial Industry Regulatory Authority on July 24, 1997 and has been
appointed the selling agent.  All partnership interests will be sold on a best
efforts basis, which means the selling agent will try, but not guarantee, to
sell the partnership interests.

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Currently, Futures Investment Company principally offers securities and
interests in futures.  It has and will continue to participate in offerings of
other commodity pools sponsored by the general partner or other persons or
entities in competition with us.

The individual general partner and his spouse own Futures Investment Company.
They are also registered with the National Futures Association as associated
persons and with the Financial Industry Regulatory Authority as registered
representatives of Futures Investment Company.

Although we are offering a maximum of $10,000,000 in partnership interests
pursuant to this registration statement, the Limited Partnership Agreement
authorizes the general partner to determine the amount of partnership
interests to be sold.  If the partnership is to sell any partnership interests
in excess of the $10,000,000, such partnership interests must also be
registered with the Securities and Exchange Commission or sold by private
offering pursuant to applicable exemption from registration.

Accordingly, the partnership may sell an unlimited amount of partnership
interests.

Underwriting Compensation

The only underwriting or other compensation to be paid to the selling agent or
any other FINRA member any underwriting or other compensation from any source
in connection with the offering in terms of offering proceeds, is (i) a 1% up
front selling commission on all gross subscription proceeds pursuant to this
offering, and (2) $2,000 paid by the partnership for legal fees, which are
associated with FINRA's review of this offering submitted to it by the selling
agent.  Neither the partnership nor the selling agent will engage in
wholesaling.

No Sales to Discretionary Accounts

There will be no sales to discretionary accounts without the prior specific
written approval of the customer.

Depository Agreement

New partners will be admitted to the partnership on the first business day of
the month following the month in which their subscription documents were
accepted.  Until they are admitted to the partnership and assigned partnership
interests, all subscription proceeds and subscription documents will be placed
by the selling agent in a segregated depository account maintained by Star
Financial Bank as depository agent.  No funds in the depository account will
be available to pay partnership debts or claims.


The interest earned on your subscription during the period it is held in the
depository account will be deposited in our account, and you will receive a
corresponding amount of additional partnership interests at the current month
end net asset value per partnership interest.

If you are investing in the partnership by transferring funds from an account
at a futures commission merchant, your funds may be invested in the
partnership on the admission date without use of the depository account.

Cash from subscriptions held in the depository account will be invested in
short-term investments that meet applicable regulatory requirements until
delivered to the partnership after the close on the last business day of the
month.  These investments will be in United States Treasury Bills, bank
savings accounts, or other comparable interest-bearing instruments and
accounts that are expected to be liquid, substantially low risk investments,
with correspondingly low yields.

There cannot be any assurance that any additional partnership interests will
be sold.  The general partner is authorized, in its sole discretion, to
terminate this or any future offering of partnership interests.

Subscription Procedure

To purchase partnership interests, you must complete and execute an
acknowledgement of suitability and a subscription agreement (Exhibit D), and
deliver the executed subscription documents and check to the partnership.

You should make out the check to "Star Financial Bank for the exclusive
benefit of the customers of Atlas Futures Fund, LP".  Your check will then be
sent by the selling agent to the depository agent by noon of the second
business day following its receipt.  Under no circumstances should you make
payment in cash, or make any checks payable to the partnership, the general
partner or any of their affiliates or any other party.

Subscription Amounts

You must purchase at least $25,000 in partnership interests; however, the
general partner may reduce this to not less than the regulatory minimum of
$5,000.  You may make additional investments above $25,000 in $1,000
increments.  However, you may not invest more than 10% of your net worth in
the partnership.  If you have not provided collectible funds, whether in the
form of a bad check or draft, or otherwise, any partnership interests recorded
on our books in your favor shall be cancelled.

Revocation and Acceptance of Subscription

Once you have delivered your subscription agreement and sent us your check,
you may revoke your subscription within five business days after you send it
to us.  After the lapse of five business days from submission, your
subscription will be irrevocable and, thereafter, you must redeem pursuant to
the terms of the Limited Partnership Agreement.  The partnership interests

                                       38
<page>
offered to you are subject to prior sale.  The general partner has sole
discretion to reject any subscription, in whole or in part, at any time prior
to admission of the subscriber as a partner.  If your subscription is
accepted, the general partner will send you written confirmation of your
purchase, and you will be admitted as a limited partner on the first business
day of the following month.

Net Worth Tests

To purchase partnership interests, you must have at least a minimum net worth
of $250,000, exclusive of your home, home furnishings and automobiles, or a
minimum annual gross income of $70,000 and a minimum net worth of $70,000,
exclusive of your home, home furnishings and automobiles.  You may have to
satisfy higher amounts if you live in certain states.

In the case of sales to fiduciary accounts, the beneficiary, the fiduciary
account, or the donor or grantor who supplies the funds to purchase the
partnership interests, if the donor or grantor is the fiduciary, may meet the
net worth and income standards.

Investor Warranties

When you execute and deliver your Subscription Agreement and Power of
Attorney, you are making representations and warranties to the general
partner, the introducing broker and the futures commission merchant.
Specifically:

(a)	you are of legal age to execute the Subscription Agreement and Power of
Attorney and are legally competent to do so;

(b)	you acknowledge that you have received the prospectus, including the
Limited Partnership Agreement, prior to subscribing for partnership interests;

(c)	all information you have given to the general partner or that is set
forth in the Subscription Agreement and Power of Attorney submitted by you is
correct and complete as of the date of the agreement and if there are any
changes in such information prior to acceptance of your subscription, you will
immediately furnish the revised or corrected information to the general
partner;

(d)	unless (e) or (f) below applies to you, your subscription is made with
your own funds for your own account and not as trustee, custodian or nominee
for another.

(e)	the subscription, if made as custodian for a minor, is a gift you have
made to the minor and is not made with the minor's funds; or, if not a gift,
the representations as to net worth and annual income apply only to such
minor.

(f)	if you are subscribing in a representative capacity:

*	you have full power and authority to purchase the partnership interests
and enter and be bound by the Subscription Agreement and Power of Attorney on
behalf of the entity for which you are purchasing the partnership interests,
and

*	such entity has full right and power to purchase the partnership
interests and enter and be bound by the Subscription Agreement and Power of
Attorney and become a limited partner pursuant to the Limited Partnership
Agreement attached as Exhibit A.

The general partner, the introducing broker and the futures commission
merchant may rely upon any of the above representations and warranties as a
defense to any claim made against it.

Compliance with Anti-Money Laundering Laws

To satisfy the partnership's, the general partner's and the selling agent's
obligations under applicable anti-money laundering laws and regulations,
subscribers will be required to make representations and warranties in the
subscription agreement concerning the nature of the subscriber, its source of
investment funds and other related matters. The general partner and the
selling agent reserve the right to request additional information from
subscribers as either of the general partner or the selling agent, in its sole
discretion, requires in order to satisfy applicable anti-money laundering
obligations. By subscribing for units in the partnership, each subscriber
agrees to provide this information upon request.

A PURCHASE OF THE UNITS SHOULD BE MADE ONLY BY THOSE PERSONS WHOSE FINANCIAL
CONDITION WILL PERMIT THEM TO BEAR THE RISK OF A TOTAL LOSS OF THEIR
INVESTMENT IN THE FUND. AN INVESTMENT IN THE UNITS SHOULD BE CONSIDERED ONLY
AS A LONG-TERM INVESTMENT.

Legal Matters

Litigation and Claims

Within the past 5 years as of the date of this prospectus, there have been no
material administrative, civil or criminal actions against either general
partner, the commodity trading advisor, the introducing broker, the selling
agent, or any principal or affiliate of any of them.  This includes any
actions pending, on appeal, concluded, threatened, or otherwise known to them.
There is litigation against the futures commission merchant within the past 5
years, which is disclosed beginning on page 26 of this prospectus.

                                       39
<page>
Legal Opinion

The Scott Law Firm, Ltd., 201 West Lake Street, Suite 243, Chicago, IL 60606,
wscott@wscottlaw.com serves as special counsel to us and the general partner
with respect to the offering of partnership interests, the preparation of this
prospectus, the legality of the partnership interests offered, and the
classification of the partnership as a partnership for tax purposes.

From time to time, the firm will also advise the general partner and us in
regard to the maintenance of our tax status, the legality of any subsequent
offers, and the legality of any transfers by partners.

The general partner has granted the firm the right to employ other law firms
to help in matters that relate to the sale of partnership interests or our
operation.

The Scott Law Firm, Ltd. will not give you or any other partner legal advice.
You should seek investment, legal, and tax advice from your own legal counsel
and other professionals of your choice.

Experts

We rely on various experts to perform services for us.

Patke & Associates, Ltd. is our independent registered public accounting firm
expert, and is responsible for auditing the books and records of us and Ashley
Capital Management, Inc., as well as preparing the partnership K-1's and our
tax returns.  All audited financial statements appearing in this prospectus
were conducted by Patke & Associates, Ltd.

The corporate general partner serves as our tax partner.  The general partner
is required by the rules and regulations of the Commodity Futures Trading
Commission to send you unaudited monthly statements and annual financial
statements audited by an independent certified public accountant.

We will send you the unaudited monthly statements within 30 days of month end,
and will send you the audited annual financial statements within 90 days after
the end of each calendar year.

Additional Information

By our general partner, we have filed a registration statement on Form S-1
with the Securities and Exchange Commission under the Securities Act of 1933
to allow us to issue and sell our limited partnership interests.

This prospectus does not contain all of the information in the Form S-1
filing, for example, the Selling Agreement and the futures commission merchant
Customer Agreements which established the partnership accounts.  The
descriptions in this prospectus of these exhibits are summaries.  For further
information regarding the partnership and the partnership interests offered,
you may inspect and copy our complete filings, including this prospectus, the
exhibits and periodic reports, at the public reference facilities of the
Securities and Exchange Commission at 450 Fifth Street, NW, Washington, D.C.
20549

Also, the Securities and Exchange Commission offices will send you copies of
all or any part of this filing by mail, upon payment of the prescribed rates.
This prospectus and other electronic filings made through the Electronic Data
Gathering, Analysis and Retrieval (EDGAR) system are publicly available
through the Commission's Web site, http://www.sec.gov.

In addition, our books and records will be maintained for six years at the
office of the corporate general partner, 5914 N. 300 West, Fremont, IN 46737.

You are invited to review any materials available to the general partner
relating to this partnership, our operations, this offering, the Advisory
Agreement between us and the commodity trading advisor, the Customer
Agreements between us and our Commodity Brokers, the commodity trading
advisor's disclosure document, the forms filed with the National Futures
Association for any registered entity or person related to this partnership,
and any other matters relating to the laws applicable to this offering or this
partnership.

The officer and staff of the general partner will answer all reasonable
inquiries you may have.  All the above materials will be made available at any
mutually convenient location at any reasonable hour after reasonable prior
notice.

The general partner will allow you to obtain any additional information
necessary to verify any representations or information in this prospectus and
its exhibits, assuming the general partner possess such information or can
acquire it with reasonable effort and expense.  However, your review is
limited by the proprietary and confidential nature of the commodity trading
advisor's trading systems and by the confidentiality of personal information
relating to other investors.

         [The balance of this page has been intentionally left blank.]

                                       40
<page>
                    ATLAS FUTURES FUND, LIMITED PARTNERSHIP
                       (A Delaware Limited Partnership)

                               QUARTERLY REPORT

                                 June 30, 2010























                               GENERAL PARTNER:
                        Ashley Capital Management, Inc.
                           % Corporate Systems, Inc.
                             505 Brookfield Drive
                      Dover, Kent County, Delaware 19901

<page>
                       Index to the Financial Statements





									Page

  Report of Independent Registered Public Accounting Firm		F-2

  Statements of Assets and Liabilities					F-3

  Schedule of Investments - Cash and Securities - June 30, 2010		F-4

  Schedule of Investments - Futures Contracts - June 30, 2010		F-5

  Schedule of Investments - Cash and Securities - December 31, 2009	F-6

  Statements of Operations						F-7

  Statements of Changes in Net Assets					F-8

  Statements of Cash Flows						F-9

  Notes to the Financial Statements				    F-10 - F-16

  Affirmation of the Commodity Pool Operator				F-17

                                      F-1
<page>
                           Patke & Associates, Ltd.

                         Certified Public Accountants

            Report of Independent Registered Public Accounting Firm


To the Partners of
Atlas Futures Fund, Limited Partnership
Dover, Delaware

We have reviewed the accompanying statements of assets and liabilities of
Atlas Futures Fund, Limited Partnership, as of June 30, 2010 and the related
statements of operations for the three and six months ended June 30, 2010 and
2009, and the statements of changes in net assets and cash flows for the six
months ended June 30, 2010 and 2009.  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 and making
inquiries of persons responsible for financial and accounting matters.  It is
substantially less in scope than an audit conducted in accordance with the
standards of the Public Company Accounting Oversight Board (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 such interim financial statements for them to be in
conformity with accounting principles generally accepted in the United States
of America.

We have previously audited, in accordance with the auditing standards of the
Public Accounting Oversight Board (United States), the statement of assets and
liabilities of Atlas Futures Fund, Limited Partnership as of December 31, 2009
and the related statements of operations, changes in net assets and cash flows
for the year then ended (not presented herein) and in our report dated March
15, 2010, we expressed an unqualified opinion on those financial statements.
In our opinion, the information set forth in the accompanying statement of
assets and liabilities as of December 31, 2009 is fairly stated, in all
material respects, in relation to the statement of assets and liabilities from
which it has been derived.

/s/ Patke & Associates, Ltd.
Patke & Associates, Ltd.
Lincolnshire, Illinois
August 9, 2010


                     300 Village Green Drive, Suite 210 *
                  Lincolnshire, Illinois 60069 *(847)913-5400

                                      F-2
<page>
                    Atlas Futures Fund, Limited Partnership
                       (A Delaware Limited Partnership)

                     Statements of Assets and Liabilities

<table>
<s>								<c>		<c>
								June 30,	December 31,
								2010		2009
								(A Review)
Assets

  Investments

    Equity in broker trading accounts

      Cash and cash equivalents at broker			$660,238 	$4,359,494
      Net unrealized gain on open futures contracts		60,751 		-

        Total equity in broker trading accounts			720,989 	4,359,494

    U.S. Treasury Bills (cost $9,996,208 and $9,997,725)	9,999,675 	9,998,497

    Cash							233,030 	120,240
    Money market fund						501,038 	501,014
    Prepaid expenses						5,698 		11,395
      Total assets						11,460,430 	14,990,640

Liabilities

  Partner redemptions payable					716,329 	168,311
  Accrued commissions payable to related parties		54,259 		86,485
  Other accrued liabilities					17,210 		24,366

    Total liabilities						787,798 	279,162

Net assets							$10,672,632 	$14,711,478


Analysis of net assets

  Limited partners						$10,672,632 	$14,711,478
  General partners						-   		-

    Net assets (equivalent to $3,611.60 and $4,083.24 per unit)	$10,672,632 	$14,711,478


Partnership units outstanding

  Limited partners units outstanding				2,955.10 	3,602.89
  General partners units outstanding				-   		-

    Total partnership units outstanding				2,955.10 	3,602.89

</table>

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

                                      F-3
<page>
                    Atlas Futures Fund, Limited Partnership
                       (A Delaware Limited Partnership)

                 Schedule of Investments - Cash and Securities

                                 June 30, 2010

                                  (A Review)


<table>
<s>				<c>		<c>		<c>		<c>		<c>		<c>
											Fair Value		Percent
Description			Maturity Date	Cost		Face Value	Local Currency	U.S. Dollars	of Net Assets

United States Treasury Bills:
  United States Treasury Bill	July 1, 2010	$4,998,167 	$5,000,000 	4,999,980 	$4,999,980
  United States Treasury Bill	July 15, 2010	4,998,041 	5,000,000 	4,999,695 	4,999,695
    Total United States
     Treasury Bills				$9,996,208 	$10,000,000 			$9,999,675 	93.69%


Cash in trading accounts:
  United States Markets								616,200 	$616,200

    Total cash in trading accounts denominated in U.S. Dollars					616,200 	5.77%

Cash denominated in foreign currency:
  Euro Dollar Markets - EUR							36,028 		44,059
  British Pound Markets - GBP							(14)		(21)
						44,038								0.41%
    Total cash denominated in foreign currency

          Total cash in trading accounts 							$660,238 	6.18%

Money market fund (501,038.47 shares at $1 per share)				501,038 	$501,038 	4.69%
</table>


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

                                      F-4
<page>
                    Atlas Futures Fund, Limited Partnership
                       (A Delaware Limited Partnership)

                  Schedule of Investments - Futures Contracts
                                 June 30, 2010

                                  (A Review)


<table>
<s>							<c>		<c>		<c>		<c>		<c>
												Fair Value		Percent of
Description						Expiration Date	Contracts	Local Currency	U.S. Dollars	Net Assets

Net unrealized gain (loss) on open futures contracts

  United States commodity futures positions held long:
  CBT TNOTE 5Y						September 2010	10		10,078 		$10,078
  ICEUS COFFEEC						September 2010	5		29,156 		29,156
  ICEUS COFFEEC						September 2010	5		13,125 		13,125

  Total United States commodity futures positions held long						52,359 		0.49%

  United States commodity futures positions held short:
  IMM CANADIAN $					September 2010	5		7,150 		7,150
  CBT BEAN OIL						December 2010	5		3,120 		3,120
  CBT BEAN OIL						December 2010	5		(690)		(690)
  CBT BEAN OIL						December 2010	5		420 		420

  Total United States commodity futures positions held short						10,000 		0.09%

  Euro commodity futures positions held long:
  EURX EUROBOBL						September 2010	5		(600)		(734)
  EURX E-BUND						September 2010	5		(1,850)		(2,262)
  EURO E-SCHATZ						September 2010	5		600 		734

  Total Euro commodity futures positions held long							(2,262)		(0.02%)

  British Pounds commodity futures positions held long:
  LIF 3M STG IR						December 2010	5		375 		561
  LIF 3M STG IR						December 2010	5		63 		93

  Total British Pounds commodity futures positions held long						654 		0.01%


  Net commodity futures positions									$60,751 	0.57%
</table>


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

                                      F-5
<page>
                    Atlas Futures Fund, Limited Partnership
                       (A Delaware Limited Partnership)

                 Schedule of Investments - Cash and Securities

                               December 31, 2009


<table>
<s>					<c>			<c>		<c>		<c>		<c>		<c>
													Fair Value		Percent
Description				Maturity Date		Cost		Face Value	Local Currency	U.S. Dollars	of Net Assets


United States Treasury Bills:
United States Treasury Bill		January 14, 2010	$4,999,115	$5,000,000	4,999,872	$4,999,872
United States Treasury Bill		April 1, 2010		4,998,610	5,000,000	4,998,625	4,998,625
  Total United States Treasury Bills				$9,997,725	$10,000,000			$9,998,497	67.96%


Cash in trading accounts:
United States Markets										4,149,299	$4,149,299

     Total cash in trading accounts denominated in U.S. Dollars							4,149,299	28.20%

Cash denominated in foreign currency:
Euro Dollar Markets - EUR									128,214		183,622
British Pound Markets - GBP									16,451		26,573
  														210,195		1.43%
Total cash denominated in foreign currency

          Total cash in trading accounts									$4,359,494	29.63%

Money market fund (501,013.80 shares at $1 per share)						501,014		$501,014	3.41%
</table>


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

                                      F-6
<page>
                    Atlas Futures Fund, Limited Partnership
                       (A Delaware Limited Partnership)

                           Statements of Operations

                                  (A Review)

<table>
<s>									<c>		<c>		<c>		<c>
									Three Months Ended June 30,	Six Months Ended June 30,
									2010		2009		2010		2009

Investment income

  Interest income							$3,563 		$7,921 		$5,499 		$13,777

  Total investment income						3,563 		7,921 		5,499 		13,777

Expenses

  Commission expense							327,485 	560,126 	709,940 	1,173,540
  Professional fees							28,350 		38,700 		51,850 		76,200
  Other operating expenses						4,335 		8,036 		9,134 		10,000

    Total expenses							360,170 	606,862 	770,924 	1,259,740

      Net investment (loss)						(356,607)	(598,941)	(765,425)	(1,245,963)

Realized and unrealized gain (loss) from investments and foreign currency

  Net realized gain (loss) from:
    Investments								(84,877)	33,227 		(923,056)	(967,680)
    Foreign currency transactions					(1,292)		28,001 		(10,358)	29,489

      Net realized gain (loss) from investments and foreign currency
       transactions
									(86,169)	61,229 		(933,414)	(938,191)

  Net unrealized appreciation on investments				47,764 		60,289 		60,751 		60,289

    Net realized and unrealized gain (loss) from investments		(38,405)	121,518 	(872,663)	(877,902)

    Net (decrease) in net assets resulting from operations		$(395,012)	$(477,423)	$(1,638,088)	$(2,123,865)


Net income (loss) per unit (for a single unit outstanding during the entire
period)
  Limited partnership unit						$(121.83)	$(126.62)	$(471.64)	$(519.71)
  General partnership unit						$-   		$-   		$-   		$-
</table>

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

                                      F-7
<page>
                    Atlas Futures Fund, Limited Partnership
                       (A Delaware Limited Partnership)

                      Statements of Changes in Net Assets

                                  (A Review)

<table>
<s>									<c>		<c>		<c>		<c>
											Six Months Ended June 30,
										2010				2009
									Units		Net Assets	Units 		Net Assets

Increase (decrease) in net assets from operations

Net investment (loss)									$(765,425)			$(1,245,963)
Net realized (loss) from investments and foreign currency transactions			(933,414)			(938,191)
Net unrealized appreciation on investments and foreign currency
 transactions										60,751 				60,289
  Net (decrease) in net assets resulting from operations				(1,638,088)			(2,123,865)

Capital contributions from limited partners				10.44 		40,361 		63.85 		339,344
Redemptions by limited partners						(658.23)	(2,441,119)	(443.68)	(2,252,837)

  Total (decrease) in net assets					(647.79)	(4,038,846)	(379.83)	(4,037,358)

Net assets at the beginning of the period				3,602.89 	14,711,478 	4,198.35 	22,691,035

Net assets at the end of the period					2,955.10 	$10,672,632 	3,818.52 	$18,653,677
</table>


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

                                      F-8
<page>
                    Atlas Futures Fund, Limited Partnership
                       (A Delaware Limited Partnership)

                           Statements of Cash Flows

                                  (A Review)

<table>
<s>										<c>		<c>
										Six Months Ended June 30,
										2010		2009

Cash Flows from Operating Activities

Net (decrease) in net assets resulting from operations				$(1,638,088)	$(2,123,865)

Adjustments to reconcile net increase (decrease) in net assets from
  operations to net cash provided by (used in) operating activities:

  Changes in operating assets and liabilities:

  Unrealized (appreciation) on investments					(60,751)	(60,289)
  Decrease in prepaid expenses							5,697 		-
  Decrease in interest receivable						-   		203
  (Decrease) in accrued commissions payable to related parties			(32,226)	(61,694)
  (Decrease) in incentive fees payable						-   		(57,490)
  Increase (decrease) in other accrued liabilities				(7,156)		359

  Net cash (used in) operating activities					(1,732,524)	(2,302,776)


Cash Flows from Financing Activities

  Proceeds from sale of units							40,361 		339,344
  Partner redemptions								(1,893,101)	(1,809,911)

  Net cash (used in) financing activities					(1,852,740)	(1,470,567)

  Net (decrease) in cash and cash equivalents					(3,585,264)	(3,773,343)

  Cash and cash equivalents, beginning of period				14,979,245 	22,925,186


  Cash and cash equivalents, end of period					$11,393,981 	$19,151,843


  End of period cash and cash equivalents consist of:

  Cash and cash equivalents at broker						$660,238 	$3,915,419
  Treasury Bills								9,999,675 	14,998,294
  Cash										233,030 	237,121
  Money market fund								501,038 	1,009

    Total cash and cash equivalents						$11,393,981 	$19,151,843
</table>



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

                                      F-9
<page>
                    Atlas Futures Fund, Limited Partnership
                       (A Delaware Limited Partnership)

                       Notes to the Financial Statements
                                 June 30, 2010
                                  (A Review)


1.  Nature of the Business

  Atlas Futures Fund, Limited Partnership (the "Fund") was formed January 12,
1998 under the laws of the state of Delaware.  The Fund is engaged in the
speculative trading of futures contracts in commodities, which commenced in
October, 1999.  Ashley Capital Management, Inc. (the "Corporate General
Partner") and Michael Pacult (the "Individual General Partner" and
collectively the "General Partner") are the General Partners and the commodity
pool operators ("CPO's") of the Fund.  The sole registered commodity trading
advisor ("CTA") of the fund is Clarke Capital Management, Inc. ("Clarke").
Effective July, 2004 the Fund began to sell issuer direct on a best efforts
basis with no sales commissions.

  The Fund is a registrant with the Securities and Exchange Commission ("SEC")
pursuant to the Securities Act of 1933 ("the Act"). The Fund is subject to the
regulations of the SEC and the reporting requirements of the Securities and
Exchange Act of 1934. 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 ("FCM's")
and interbank market makers through which the Fund trades and regulated by
commodity exchanges and by exchange markets that may be traded by the advisor.

2.  Significant Accounting Policies

  Registration Costs - Costs incurred for the initial filings with the SEC,
Financial Industry Regulatory Authority and the states where the offering was
made were accumulated, deferred and charged against the gross proceeds of
offering at the initial closing as part of the offering expense.  The Fund
remains open to new partners, and incurs costs required to retain the ability
to issue new units.  Such costs, in addition to the costs of recurring annual
and quarterly filings with regulatory agencies are expensed as incurred.

  Revenue Recognition - Commodity futures contracts are recorded on the trade
date and are reflected in the balance sheet at the difference between the
original contract amount and the market value on the last business day of the
reporting period.

  Market value of commodity futures contracts is based upon exchange or other
applicable market best available closing quotations.

  Interest income is recognized when it is earned.

  Use of Accounting Estimates - The preparation of financial statements in
conformity with accounting principles generally accepted in the United States
of America ("GAAP") requires management to make estimates and assumptions that
affect the reported amount 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.


                                      F-10
<page>
                    Atlas Futures Fund, Limited Partnership
                       (A Delaware Limited Partnership)

                       Notes to the Financial Statements
                                 June 30, 2010
                                  (A Review)


2.  Significant Accounting Policies - Continued

  Foreign Currency - The accounting records of the Fund are denominated in
U.S. dollars. Assets and liabilities denominated in currencies other than U.S.
dollars are translated into U.S. dollars at the exchange rates in effect on
the valuation date. Commodity futures contract transactions are translated
into U.S. dollars at the exchange rates on the dates of such transactions. On
the accompanying financial statements, effects of changes in exchange rates
from all transactions denominated in currencies other than U.S. dollars are
disclosed separately.


  Fair Value Measurement and Disclosures - Accounting Standards Codification
("ASC") 820 establishes a fair value hierarchy which prioritizes the inputs to
valuation techniques used to measure fair value into three broad levels.  The
fair value hierarchy gives the highest priority to unadjusted quoted prices in
active markets for identical assets or liabilities (Level 1 measurements) and
the lowest priority to unobservable inputs (Level 3 measurements).

  Level 1 inputs are unadjusted quoted prices in active markets for identical
assets or liabilities that the Fund has the ability to access at the
measurement date.

  Level 2 inputs are inputs other than quoted prices included in Level 1 that
are observable for the asset or liability, either directly or indirectly.

  Level 3 inputs are unobservable inputs for an asset or liability, including
the Fund's own assumptions used in determining the fair value of investments.
Unobservable inputs shall be used to measure fair value to the extent that
observable inputs are not available, thereby allowing for situations in which
there is little, if any, market activity for the asset or liability at the
measurement date.  As of and for the period ended June 30, 2010 and year ended
December 31, 2009, the Fund did not have any Level 3 assets or liabilities.

  The following table sets forth by level within the fair value hierarchy the
Fund's investments accounted for at fair value on a recurring basis as of June
30, 2010 and December 31, 2009.

<table>
<s>						<c>		<c>		<c>		<c>
				Fair Value at June 30, 2010

Description 					Level 1		Level 2		Level 3		Total

  Money Market Accounts				$501,038 	$- 		$- 		$501,038
  US Treasury Bills 				- 		9,999,675 	- 		9,999,675
  Exchange traded - futures contracts		60,751 		- 		- 		60,751
  Total  					$561,789 	$9,999,675 	$- 		$10,561,464


				Fair Value at December 31, 2009

Description 					Level 1		Level 2		Level 3		Total

  Money Market Accounts				$501,014 	$- 		$- 		$501,014
  US Treasury Bills 				- 		9,998,497 	- 		9,998,497
  Total  					$501,014 	$9,998,497 	$- 		$10,499,511
</table>

  Income Taxes - The Fund prepares calendar year U.S. Federal and applicable
state information tax returns and reports to the partners their allocable
shares of the Fund's income, expenses and trading gains or losses.  No
provision for income taxes has been made in the accompanying financial
statements as each partner is individually responsible for reporting income or
loss based on such partner's respective share of the Fund's income and
expenses as reported for income tax purposes.

  Management has continued to evaluate the application of ASC 740-10-25,
"Income Taxes-Overall-Recognition" to the Fund, and has determined that ASC
740-10-25 does not have a material impact on the Fund's financial statements.
The Fund files federal and state tax returns.  The 2006 through 2009 tax years
generally remain subject to examination by the U.S. federal and most state tax
authorities.

  Statement of Cash Flows - For purposes of the Statement of Cash Flows, the
Fund considers cash at broker, cash, money market funds and U.S. Treasury
Bills to be cash equivalents.  Net cash provided by operating activities
includes no cash payments for interest or income taxes for the six months
ended June 30, 2010 or June 30, 2009.

  Reclassifications - Certain prior year amounts were reclassified to conform
to current year presentation.


                                      F-11
<page>
                    Atlas Futures Fund, Limited Partnership
                       (A Delaware Limited Partnership)

                       Notes to the Financial Statements
                                 June 30, 2010
                                  (A Review)


3.  General Partner Duties

  The responsibilities of the General Partner, in addition to directing the
trading and investment activity of the Fund, include 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 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 Fund.

  If the daily net unit value of the Fund falls to less than 50% of  the
highest value earned through trading at the close of any month, then the
General Partner will immediately suspend all trading, provide all limited
partners with notice of the reduction and give all limited partners the
opportunity, for fifteen days after such notice, to redeem partnership
interests. No trading will commence until after the lapse of the fifteen day
period.

4.  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 Fund.

  Monthly Allocations - Any increase or decrease in the Fund'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
Fund'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 - After holding the investment for a minimum of twelve months, 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. The written request must be received
by the General Partner no less than ten 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.


5.  Fees

  The Fund charged the following fees:

  The Corporate General Partner is entitled to a fixed annual brokerage
commission of 11% of assets on deposit with the FCM for domestic trades plus
actual commissions charged by the FCM for trades made on foreign exchanges and
forward markets, if any. It receives 4% of the commissions and the Fund pays
the introducing broker the remaining 7%.

  A quarterly incentive fee of 25% of "new net profits" is paid to Clarke.
There were no incentive fees for the six months ended June 30, 2010 and 2009.

  The General Partner reserves the right to change the fee structure at its
sole discretion.


                                      F-12
<page>
                    Atlas Futures Fund, Limited Partnership
                       (A Delaware Limited Partnership)

                       Notes to the Financial Statements
                                 June 30, 2010
                                  (A Review)


6.  Related Party Transactions

  The Fund pays commissions to the Corporate General Partner and Futures
Investment Company, the introducing broker.  These related parties are 100%
and 50%, respectively, owned by Michael Pacult.  Related party commissions
were as follows:

Commissions included in expense:
						For The Six Months Ended June 30,
						2010		2009

  Corporate General Partner			$257,807 	$428,304
  Futures Investment Company			436,291 	681,788

  Total related party expenses			$694,098 	$1,110,092

  Commissions included in accrued expenses:

						June 30,	December 31,
						2010		2009

  Corporate General Partner			$38,215 	$51,924
  Futures Investment Company			16,044 		34,561

  Total accrued commissions payable to
   related parties				$54,259 	$86,485



  ASC 460, Guarantees, 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.


                                      F-13
<page>
                    Atlas Futures Fund, Limited Partnership
                       (A Delaware Limited Partnership)

                       Notes to the Financial Statements
                                 June 30, 2010
                                  (A Review)

7.  Trading Activities and Related Risks

  The Fund is engaged in speculative trading of U.S. and foreign futures
contracts in commodities.  The Fund is exposed to both market risk, the risk
arising from changes in market value of the contracts, and credit risk, the
risk of failure by another party to perform according to the terms of a
contract.

  A certain portion of cash in trading accounts are pledged as collateral for
commodities trading on margin.  Additional deposits may be necessary for any
loss on contract value.  The Commodity Exchange Act requires a broker to
segregate all customer transactions and assets from such broker's proprietary
activities.

  Each U.S. commodity exchange with the approval of the CFTC establishes
minimum margin requirements for each traded contract.  The FCM may increase
the margin requirements above these minimums for any or all contracts.  The
Fund maintains cash and cash equivalents to satisfy these margin requirements.
Cash and cash equivalents at June 30, 2010 and December 31, 2009 were
$11,393,981 and $14,979,245, respectively. Based upon the types and amounts of
contracts traded and the amount of liquid assets of the Fund, the General
Partner believes there is minimal risk of not being able to meet its margin
requirement.

  Trading in futures contracts involves entering into contractual commitments
to purchase or sell a particular commodity at a specified date and price. The
gross or face amount of the contract, which is typically many times that of
the Fund's net assets being traded, significantly exceeds the Fund's future
cash requirements since the Fund intends to close out its open positions prior
to settlement. As a result, the Fund is generally subject only to the risk of
loss arising from the change in the value of the contracts. The market risk is
limited to the gross or face amount of the contracts held of approximately
$5,804,890 and $0 on long positions at June 30, 2010 and December 31, 2009,
respectively. However, when the Fund enters into a contractual commitment to
sell commodities, it must make delivery of the underlying commodity at the
contract price and then repurchase the contract at prevailing market prices or
settle in cash. Since the repurchase price to which a commodity can rise is
unlimited, entering into commitments to sell commodities exposes the Fund to
unlimited potential risk.

  Market risk is influenced by a wide variety of factors including government
programs and policies, political and economic events, the level and volatility
of interest rates, foreign currency exchange rates, the diversification
effects among the derivative instruments the Fund holds and the liquidity and
inherent volatility of the markets in which the Fund trades.

  The net unrealized gains on open commodity futures contracts at June 30,
2010 and December 31, 2009 were $60,751 and $0 respectively.

  Open contracts generally mature within three months of June 30, 2010.  The
latest maturity for open futures contracts is in December 2010. However the
Fund intends to close all contracts prior to maturity.


                                      F-14
<page>
                    Atlas Futures Fund, Limited Partnership
                       (A Delaware Limited Partnership)

                       Notes to the Financial Statements
                                 June 30, 2010
                                  (A Review)

7.  Trading Activities and Related Risks - Continued


  The following tables disclose the fair values of derivative and hedging
activities in the Statement of Assets and Liabilities and the Statement of
Operations.


				Derivative Instruments
			Statement of Assets and Liabilities
<table>
<s>					<c>			<c>						<c>			<c>			<c>
														Asset Derivatives 	Liability Derivatives
														at June 30, 2010 	at June 30, 2010
  								Statement of Assets and Liabilities Location	Fair Value	  	Fair Value		Net

Derivatives not designated as 					Net unrealized gain (loss) on open futures
hedge instruments under ASC 815		Commodity contracts	contracts					$64,437 		$(3,686)	 	$60,751

														Asset Derivatives 	Liability Derivatives
														at December 31, 	at December 31,
  								Statement of Assets and Liabilities Location	2009 Fair Value	  	2009 Fair Value		Net

Derivatives not designated as hedge 	Commodity contracts	Net unrealized gain (loss) on open 		$-			$-			$-
instruments under ASC 815					futures contracts


  				Derivative Instruments
  				Statement of Operations

  														For the three 		For the six
														months ended		months ended
								Line Item in the Statement of Operations	June 30, 2010		June 30, 2010

Derivatives not designated as hedge 	Commodity contracts	Net realized (loss) from investments
instruments under ASC 815					and foreign currency transactions		$(86,169)		$(933,414)


Derivatives not designated as hedge
instruments under ASC 815		Commodity contracts	Net unrealized appreciation from investments	$47,764 		$60,751


  														For the three 		For the six
														months ended		months ended
								Line Item in the Statement of Operations	June 30, 2009		June 30, 2009

Derivatives not designated as hedge 				Net realized gain (loss) from investments and
instruments under ASC 815		Commodity contracts	foreign currency transactions			$61,229 		$(938,191)

Derivatives not designated as hedge
instruments under ASC 815		Commodity contracts	Net unrealized appreciation from investments	$60,289 		$60,289

</table>

  Credit risk is the possibility that a loss may occur due to the failure of a
counter party to perform according to the terms of a contract.

  The Fund has a substantial portion of its assets on deposit with financial
institutions. In the event of a financial institution's insolvency, recovery
of Fund deposits may be limited to account insurance or other protection
afforded deposits.

  The Fund has established procedures to actively monitor market risk and
minimize credit risk although there can be no assurance that it will succeed.
The basic market risk control procedures consist of continuously monitoring
open positions, diversification of the portfolio and maintenance of a
desirable margin-to-equity ratio. The Fund seeks to minimize credit risk
primarily by depositing and maintaining its assets at financial institutions
and brokers which it believes to be creditworthy.

8.  Financial Instruments with Off-Balance Sheet Credit and Market Risk

  All financial instruments are subject to market risk, the risk that future
changes in market conditions may make an instrument less valuable or more
onerous.  As the instruments are recognized at fair market value, those
changes directly affect reported income.

  Included in the definition of financial instruments are securities,
restricted securities and derivative financial instruments.  Theoretically,
the investments owned by the Fund directly are exposed to a market risk (loss)
equal to the notional value of the financial instruments purchased and
substantial liability on certain financial instruments purchased short.
Generally, financial instruments can be closed.  However, if the market is not
liquid, it could prevent the timely close-out of any unfavorable positions or
require the Fund to hold those positions to maturity, regardless of the
changes in their value or the trading advisor's investment strategies.

  Credit risk represents the accounting loss that would be recognized at the
reporting date if counterparties failed to perform as contracted.
Concentrations of credit risk (whether on or off balance sheet) that arise
from financial instruments exist for groups of counterparties when they have
similar economic characteristics that would cause their ability to meet
contractual obligations to be similarly affected by changes in economic or
other conditions.


9.  Derivative Financial Instruments and Fair Value of Financial Instruments

  A derivative financial instrument is a financial agreement whose value is
linked to, or derived from, the performance of an underlying asset.  The
underlying asset can be currencies, commodities, interest rates, stocks, or
any combination.  Changes in the underlying asset indirectly affect the value
of the derivative.  As the instruments are recognized at fair value, those
changes directly affect reported income.

  All investment holdings are recorded in the statement of assets and
liabilities at their net asset value (fair value) at the reporting date.
Financial instruments (including derivatives) used for trading purposes are
recorded in the statement of assets and liabilities at fair value at the
reporting date.  Realized and unrealized changes in fair values are recognized
in net investment gain (loss) in the period in which the changes occur.
Interest income arising from trading instruments is included in the statement
of operations as part of interest income.

  Notional amounts are equivalent to the aggregate face value of the
derivative financial instruments.  Notional amounts do not represent the
amounts exchanged by the parties to derivatives and do not measure the Fund's
exposure to credit or market risks.  The amounts exchanged are based on the
notional amounts and other terms of the derivatives.

                                      F-15
<page>
                    Atlas Futures Fund, Limited Partnership
                       (A Delaware Limited Partnership)

                       Notes to the Financial Statements
                                 June 30, 2010
                                  (A Review)

10.  Indemnifications

  In the normal course of business, the Fund enters into contracts and
agreements that contain a variety of representations and warranties and which
provide general indemnifications. The Fund's maximum exposure under these
arrangements is unknown, as this would involve future claims that may be made
against the Fund that have not yet occurred. The Fund expects the risk of any
future obligation under these indemnifications to be remote.


11.  Financial Highlights

<table>
<s>								<c>		<c>		<c>		<c>
								Three Months Ended June 30,	Six Months Ended June 30,
								2010		2009		2010		2009
  Performance per unit (1)
  Net unit value, beginning of the period			$3,733.43 	$5,011.67 	$4,083.24 	$5,404.76

  Net realized and unrealized (loss) on
  commodity transactions					(11.32)		23.99 		(245.09)	(215.48)
  Investment and other income					1.11 		1.97 		1.66 		3.37
  Expenses  							(111.62)	(152.58)	(228.21)	(307.60)

  Net (decrease) for the period					(121.83)	(126.62)	(471.64)	(519.71)

  Net unit value at the end of the period			$3,611.60 	$4,885.05 	$3,611.60 	$4,885.05

  Net assets at the end of the period ($000)			$10,673 	$18,654 	$10,673 	$18,654
  Total return (2)						(3.26%)		(2.53%)		(11.55%)	(9.62%)

  Number of units outstanding at the end of the period		2,955.10 	3,818.52 	2,955.10 	3,818.52


  Supplemental Data:
  Ratio to average net assets
  Investment and other income (3)				0.12% 		0.16% 		0.09% 		0.13 %
  Expenses  (3)							(12.43%)	(12.20%)	(12.28%)	(12.07%)
</table>

  Total return is calculated based on the change in value of a unit during the
period.  An individual partner's total return and ratios may vary from the
above total returns and ratios based on the timing of additions and
redemptions.


  (1) Investments and other income and expenses and net realized and
unrealized gains and losses on commodity transactions are calculated based on
a single unit outstanding during the period.

  (2)  Not annualized

  (3)  Annualized

                                      F-16
<page>
                    Atlas Futures Fund, Limited Partnership
                  Affirmation of the Commodity Pool Operator
                For the Six Months Ended June 30, 2010 and 2009


*****************************************************************************



To the best of the knowledge and belief of the undersigned, the information
contained in this report is accurate and complete.


  /s/ Michael Pacult
  Michael Pacult
  President, Ashley Capital Management, Inc.
  General Partner
  Atlas Futures Fund, Limited Partnership


                                      F-17
<page>
                    ATLAS FUTURES FUND, LIMITED PARTNERSHIP
                       (A Delaware Limited Partnership)

                                 ANNUAL REPORT

                               December 31, 2009























                               GENERAL PARTNER:
                        Ashley Capital Management, Inc.
                           % Corporate Systems, Inc.
                             505 Brookfield Drive
                      Dover, Kent County, Delaware 19901
<page>

                       Index to the Financial Statements





									Page

  Report of Independent Registered Public Accounting Firm		F-2

  Statements of Assets and Liabilities					F-3

  Schedule of Investments - Cash and Securities - December 31, 2009	F-4

  Schedule of Investments - Cash and Securities - December 31, 2008	F-5

  Statements of Operations						F-6

  Statements of Changes in Net Assets					F-7

  Statements of Cash Flows						F-8

  Notes to the Financial Statements					F-9 - F-16

  Affirmation of the Commodity Pool Operator				F-17


                                      F-1
<page>
                           Patke & Associates, Ltd.

                         Certified Public Accountants

            Report of Independent Registered Public Accounting Firm


To the Partners of
Atlas Futures Fund, Limited Partnership
Dover, Delaware

We have audited the accompanying statements of assets and liabilities,
including the schedule of investments, of Atlas Futures Fund, Limited
Partnership, as of December 31, 2009 and 2008, and the related statements of
operations, changes in net assets and cash flows for each of the three years
in the period ended December 31, 2009.  These financial statements are the
responsibility of the Partnership's management. Our responsibility is to
express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with the standards of the Public Company
Accounting Oversight Board (United States).  Those standards require that we
plan and perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. The Partnership is not
required to have, nor were we engaged to perform an audit of its internal
control over financial reporting. Our audit included consideration of internal
control over financial reporting as a basis for designing audit procedures
that are appropriate in the circumstances, but not for the purpose of
expressing an opinion of the effectiveness of the Partnership's internal
control over financial reporting. Accordingly, we do not express such an
opinion. An audit includes, examining on a test basis, evidence supporting the
amounts and disclosures in the financial statements, assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audit provides a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Atlas Futures Fund, Limited
Partnership as of December 31, 2009 and 2008, and the results of its
operations, its changes in net assets and its cash flows for each of the three
years in the period ended December 31, 2009 are in conformity with accounting
principles generally accepted in the United States of America.

/s/ Patke & Associates, Ltd.
Patke & Associates, Ltd.
Lincolnshire, Illinois
March 15, 2010


                     300 Village Green Drive, Suite 210 *
                  Lincolnshire, Illinois 60069 *(847)913-5400

                                      F-2
<page>
                    Atlas Futures Fund, Limited Partnership
                       (A Delaware Limited Partnership)

                     Statements of Assets and Liabilities
                          December 31, 2009 and 2008

<table>
<s>								<c>		<c>
  								2009		2008

Assets

  Investments

  Equity in broker trading accounts


  Cash and cash equivalents at broker				$4,359,494	$7,826,204


  Total equity in broker trading accounts			4,359,494	7,826,204

  U.S. Treasury Bills (cost $9,997,725 and $14,977,729)		9,998,497	14,997,985

  Cash								120,240		99,988
  Money market fund						501,014		1,009
  Interest receivable						-		203
  Prepaid expenses						11,395		-
  Total assets							14,990,640	22,925,389

Liabilities

  Partner redemptions payable					168,311		1,027
  Accrued commissions payable to related parties		86,485		151,937
  Incentive fees payable					-		57,490
  Other accrued liabilities					24,366		23,900

  Total liabilities						279,162		234,354

Net assets							$14,711,478	$22,691,035


Analysis of net assets

  Limited partners						$14,711,478	$22,691,035
  General partners						-		-

  Net assets (equivalent to $4,083.24 and $5,404.76 per unit)	$14,711,478	$22,691,035


Partnership units outstanding

  Limited partners units outstanding				3,602.89	4,198.35
  General partners units outstanding				-		-

  Total partnership units outstanding				3,602.89	4,198.35
</table>


    The accompanying notes are an integral part of the financial statements
                                      F-3
<page>
                    Atlas Futures Fund, Limited Partnership
                       (A Delaware Limited Partnership)

                 Schedule of Investments - Cash and Securities

                               December 31, 2009



<table>
<s>					<c>			<c>		<c>		<c>		<c>		<c>
													 Fair Value		Percent
Description				Maturity Date		Cost		Face Value	Local Currency	U.S. Dollars	of Net Assets

United States Treasury Bills:
  United States Treasury Bill		January 14, 2010	$4,999,115	$5,000,000	4,999,872	$4,999,872
  United States Treasury Bill		April 1, 2010		4,998,610	5,000,000	4,998,625	4,998,625
    Total United States Treasury Bills				$9,997,725	$10,000,000			$9,998,497	67.96%


Cash in trading accounts:
United States Markets										4,149,299	$4,149,299

   Total cash in trading accounts denominated in U.S. Dollars							4,149,299	28.20%

Cash denominated in foreign currency:
Euro Dollar Markets - EUR									128,214		183,622
British Pound Markets - GBP									16,451		26,573
														210,195		1.43%
   Total cash denominated in foreign currency

     Total cash in trading accounts										$4,359,494	29.63%

Money market fund (501,013.80 shares at $1 per share)						501,014		$501,014	3.41%
</table>

    The accompanying notes are an integral part of the financial statements
                                      F-4
<page>
                    Atlas Futures Fund, Limited Partnership
                       (A Delaware Limited Partnership)

                 Schedule of Investments - Cash and Securities

                               December 31, 2008



<table>
<s>					<c>			<c>		<c>		<c>		<c>		<c>
													 Fair Value		Percent
Description				Maturity Date		Cost		Face Value	Local Currency	U.S. Dollars	of Net Assets

United States Treasury Bills:
  United States Treasury Bill		January 2, 2009		$4,985,944	$5,000,000	5,000,000	$5,000,000
  United States Treasury Bill		January 15, 2009	4,993,681	5,000,000	4,999,017	4,999,017
  United States Treasury Bill		February 19, 2009	4,998,104	5,000,000	4,998,968	4,998,968
    Total United States Treasury Bills				$14,977,729	$15,000,000			$14,997,985	66.10%


Cash and cash equivalents in trading accounts:
  United States Markets										7,826,204	$7,826,204

     Total cash and cash equivalents in trading accounts denominated in U.S. Dollars				7,826,204	34.49%

          Total cash and cash equivalents in trading accounts							$7,826,204	34.49%


Money market fund (1,009.26 shares at $1 per share)						1,009		$1,009		0.00%
</table>


    The accompanying notes are an integral part of the financial statements
                                      F-5
<page>
                    Atlas Futures Fund, Limited Partnership
                       (A Delaware Limited Partnership)

                           Statements of Operations

             For the Years Ended December 31, 2009, 2008 and 2007

<table>
<s>										<c>		<c>		<C>
										2009		2008		2007

Investment income

  Interest income								$25,287		$282,259	$710,446

  Total investment income							25,287		282,259		710,446

Expenses

  Commission expense								2,108,568	2,474,512	1,887,822
  Management fees								-		-		63,946
  Incentive fees								-		2,562,761	1,687,737
  Professional accounting and legal fees					135,300		150,500		203,992
  Other operating and administrative expenses					13,838		37,052		14,362

  Total expenses								2,257,706	5,224,825	3,857,859

  Net investment (loss)								(2,232,419)	(4,942,566)	(3,147,413)

Realized and unrealized gain (loss) from investments and foreign currency

  Net realized gain (loss) from:
  Investments									(2,533,985)	11,614,138	7,053,695
  Foreign currency transactions							(364,459)	(1,210,393)	1,115,290

  Net realized gain (loss) from investments and
  foreign currency transactions							(2,898,444)	10,403,745	8,168,985

  Net unrealized (depreciation) on:
  Investments									-		-		(1,344,852)
  Foreign currency transactions							-		-		(588,830)

  Net unrealized (depreciation) on
  investments and foreign currency transactions					-		-		(1,933,682)

  Net realized and unrealized income (loss) from investments
  and foreign currency transactions						(2,898,444)	10,403,745	6,235,303

  Net increase (decrease) in net assets resulting from operations		$(5,130,863)	$5,461,179	$3,087,890


Net income (loss) per unit (for a single unit outstanding during the entire
year)
  Limited partnership unit							$(1,321.52)	$1,229.64	$685.25
  General partnership unit							$-		$-		$-
</table>

    The accompanying notes are an integral part of the financial statements
                                      F-6
<page>
                    Atlas Futures Fund, Limited Partnership
                       (A Delaware Limited Partnership)

                      Statements of Changes in Net Assets

               For the Years Ended December 2009, 2008 and 2007


<table>
<s>										<c>		<c>		<C>
  										2009		2008		2007


Increase (decrease) in net assets from operations
Net investment (loss)								$(2,232,419)	$(4,942,566)	$(3,147,413)
Net realized gain (loss) from investments and foreign currency transactions	(2,898,444)	10,403,745	8,168,985
Net unrealized (depreciation) on investments and foreign currency
transactions									-		-		(1,933,682)
Net increase (decrease) in net assets resulting from operations			(5,130,863)	5,461,179	3,087,890

Capital contributions from limited partners					345,345		411,613		281,915
Redemptions by limited partners							(3,194,039)	(1,818,467)	(1,747,881)

  Total increase (decrease) in net assets					(7,979,557)	4,054,325	1,621,924

Net assets at the beginning of the year						22,691,035	18,636,710	17,014,786

Net assets at the end of the year						$14,711,478	$22,691,035	$18,636,710
</table>

    The accompanying notes are an integral part of the financial statements
                                      F-7
<page>
                    Atlas Futures Fund, Limited Partnership
                       (A Delaware Limited Partnership)

                           Statements of Cash Flows

             For the Years Ended December 31, 2009, 2008 and 2007


<table>
<s>										<c>		<c>		<C>
  										2009		2008		2007

Cash Flows from Operating Activities

Net increase (decrease) in net assets resulting from operations			$(5,130,863)	$5,461,179	$3,087,890

Adjustments to reconcile net increase (decrease) in net assets from
  operations to net cash provided by (used in) operating activities:

  Changes in operating assets and liabilities:

  (Increase) in prepaid expenses						(11,395)	-		-
  Unrealized depreciation on investments					-		-		1,933,681
  Increase (decrease) in interest receivable					203		43,906		(44,109)
  Increase (decrease) in accrued commissions payable				(65,452)	144,593		(669)
  Increase (decrease) in accrued incentive fees					(57,490)	(599,788)	422,250
  Increase in other payables and accruals					466		1,820		21,231


  Net cash provided by (used in) operating activities				(5,264,531)	5,051,710	5,420,274


Cash Flows from Financing Activities

  Proceeds from sale of units, net of sales commissions				345,345		411,613		281,915
  Partner redemptions								(3,026,755)	(1,871,257)	(1,860,287)

  Net cash (used in) financing activities					(2,681,410)	(1,459,644)	(1,578,372)

  Net increase (decrease) in cash and cash equivalents				(7,945,941)	3,592,066	3,841,902

  Cash and cash equivalents, beginning of year					22,925,186	19,333,120	15,491,218


  Cash and cash equivalents, end of year					$14,979,245	$22,925,186	$19,333,120


  End of year cash and cash equivalents consist of:

  Cash and cash equivalents at broker						$4,359,494	$7,826,204	$19,285,953
  Treasury Bills								9,998,497	14,997,985	-
  Cash										120,240		99,988		47,167
  Money market fund								501,014		1,009		-

  Total cash and cash equivalents						$14,979,245	$22,925,186	$19,333,120


 										$14,979,245	$22,925,186	$19,333,120

										$-		$-		$-
</table>

    The accompanying notes are an integral part of the financial statements
                                      F-8
<page>
                    Atlas Futures Fund, Limited Partnership
                       (A Delaware Limited Partnership)

                       Notes to the Financial Statements
                               December 31, 2009



1.  Nature of the Business

  Atlas Futures Fund, Limited Partnership (the "Fund") was formed January 12,
1998 under the laws of the state of Delaware.  The Fund is engaged in the
speculative trading of futures contracts in commodities, which commenced in
October, 1999.  Ashley Capital Management, Inc. (the "General Partner") and
Michael Pacult are the General Partners and the commodity pool operators
("CPO's") of the Fund.  As of September 30, 2007, the sole registered
commodity trading advisor ("CTA") of the fund was Clarke Capital Management,
Inc. ("Clarke"), which has served as CTA since commencement of Fund business.
From February 1, 2005 until October 1, 2007, NuWave Investment Corp.
("NuWave") also served as CTA.  The CTAs have the authority to trade as much
of the Fund's equity as is allocated to them by the General Partner, which is
currently estimated to be 99% of total equity. Effective July, 2004 the Fund
began to sell issuer direct on a best efforts basis with no sales commissions.

  The Fund is a registrant with the Securities and Exchange Commission ("SEC")
pursuant to the Securities Act of 1933 ("the Act"). The Fund is subject to the
regulations of the SEC and the reporting requirements of the Securities and
Exchange Act of 1934. 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 and regulated by
commodity exchanges and by exchange markets that may be traded by the advisor.

2.  Significant Accounting Policies

  FASB 168 "Accounting Standards Codification" - On July 1, 2009, the
Financial Accounting Standards Board ("FASB") officially released the
Accounting Standards Codification (the "Codification" or "ASC").  Pursuant to
FASB Statement No. 168, the FASB Accounting Standards Codification and the
Hierarchy of Generally Accepted Accounting Principles will be effective for
interim and annual periods ending after September 15, 2009.  The fund adopted
FASB 168 "Accounting Standards Codification" on July 1, 2009.
  The Codification does not change accounting principles generally accepted in
the United States of America ("GAAP") but it is a major restructuring of how
accounting and reporting standards that constitute how GAAP are organized.
That is, the Codification will be the single source of authoritative non-
governmental GAAP.  The organizational changes are expected to make GAAP
easier to research by simplifying user access to all authoritative guidance.
As a result, content will reside in new locations within the Codification
which means referencing to specific guidance will change.

  Registration Costs - Costs incurred for the initial filings with the SEC,
Financial Industry Regulatory Authority and the states where the offering was
made were accumulated, deferred and charged against the gross proceeds of
offering at the initial closing as part of the offering expense.  The Fund
remains open to new partners, and incurs costs required to retain the ability
to issue new units.  Such costs, in addition to the costs of recurring annual
and quarterly filings with regulatory agencies are expensed as incurred.

  Revenue Recognition - Commodity futures contracts are recorded on the trade
date and are reflected in the balance sheet at the difference between the
original contract amount and the market value on the last business day of the
reporting period.

  Market value of commodity futures contracts is based upon exchange or other
applicable market best available closing quotations.

  Interest income is recognized when it is earned.

  Use of Accounting Estimates - The preparation of financial statements in
conformity with GAAP requires management to make estimates and assumptions
that affect the reported amount 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.

                                      F-9
<page>
                    Atlas Futures Fund, Limited Partnership
                       (A Delaware Limited Partnership)

                       Notes to the Financial Statements
                               December 31, 2009



2.  Significant Accounting Policies - Continued

  Foreign Currency - Investment securities and other assets and liabilities
denominated in foreign currencies are translated into U.S. dollar amounts at
the date of valuation.  Purchases and sales of investment securities and
income and expense items denominated in foreign currencies are translated into
U.S. dollar amounts on the respective dates of such transactions.

  The Fund does not isolate that portion of the results of operations
resulting from changes in foreign exchange rates on investments from the
fluctuations arising from changes in market prices of securities held.  Such
fluctuations are included with the net realized and unrealized gain or loss
from investments.

  Reported net realized foreign exchange gains or losses arise from sales of
foreign currencies, currency gains or losses realized between the trade and
settlement dates on securities transactions, and the difference between the
amounts of dividends, interest, and foreign withholding taxes recorded on the
Fund's books and the U.S. dollar equivalent of the amounts actually received
or paid.  Net unrealized foreign exchange gains and losses arise from changes
in the fair values of assets and liabilities, other than investments in
securities at fiscal period end, resulting from changes in exchange rates.


  Fair Value Measurement and Disclosures - The Fund adopted the provisions of
Accounting Standards Codification 820 - "Fair Value Measurement and
Disclosures", or ASC 820, as of January 1, 2008.  ASC 820 provides guidance
for determining fair value and requires increased disclosure regarding the
inputs to valuation techniques used to measure fair value.  ASC 820 clarifies
the definition of fair value as the price that would be received to sell an
asset or paid to transfer a liability in an orderly transaction between market
participants at the measurement date.
  ASC 820 establishes a fair value hierarchy which prioritizes the inputs to
valuation techniques used to measure fair value into three broad levels.  The
fair value hierarchy gives the highest priority to unadjusted quoted prices in
active markets for identical assets or liabilities (Level 1 measurements) and
the lowest priority to unobservable inputs (Level 3 measurements).

  Level 1 inputs are unadjusted quoted prices in active markets for identical
assets or liabilities that the Fund has the ability to access at the
measurement date.

  Level 2 inputs are inputs other than quoted prices included in Level 1 that
are observable for the asset or liability, either directly or indirectly.

  Level 3 inputs are unobservable inputs for an asset or liability, including
the Fund's own assumptions used in determining the fair value of investments.
Unobservable inputs shall be used to measure fair value to the extent that
observable inputs are not available, thereby allowing for situations in which
there is little, if any, market activity for the asset or liability at the
measurement date.  As of and for the years ended December 31, 2009 and 2008,
the Fund did not have any Level 3 assets or liabilities.

  The following table sets forth by level within the fair value hierarchy the
Fund's investments accounted for at fair value on a recurring basis as of
December 31, 2009 and 2008.

  						    Fair Value at December 31, 2009
  Description				Level 1		Level 2		Level 3		Total

  Money Market Accounts			$501,014	$-		$-		$501,014
  US Treasury Bills			-		9,998,497	-		9,998,497
  Total					$501,014	$9,998,497	$-		$10,499,511


   						    Fair Value at December 31, 2008
  Description				Level 1		Level 2		Level 3		Total

  Money Market Accounts			$1,009		$-		$-		$1,009
  US Treasury Bills			-		14,997,985	-		14,997,985
  Total					$1,009		$14,997,985	$-		$14,998,994


  Income Taxes - The Fund prepares calendar year U.S. Federal and applicable
state information tax returns and reports to the partners their allocable
shares of the Fund's income, expenses and trading gains or losses.  No
provision for income taxes has been made in the accompanying financial
statements as each partner is individually responsible for reporting income or
loss based on such partner's respective share of the Fund's income and
expenses as reported for income tax purposes.

  Management has continued to evaluate the application of ASC 740-10-25,
"Income Taxes-Overall-Recognition" to the Fund, and has determined that ASC
740-10-25 does not have a material impact on the Fund's financial statements.
The Fund files federal and state tax returns.  The 2006 through 2009 tax years
generally remain subject to examination by the U.S. federal and most state tax
authorities.

  Statement of Cash Flows - For purposes of the Statement of Cash Flows, the
Fund considers cash at broker, cash, money market funds and U.S. Treasury
Bills to be cash equivalents.  Net cash provided by operating activities
includes no cash payments for interest or income taxes for the years ended
December 31, 2009 , 2008 and 2007.

                                      F-10
<page>
                    Atlas Futures Fund, Limited Partnership
                       (A Delaware Limited Partnership)

                       Notes to the Financial Statements
                               December 31, 2009



3.  General Partner Duties

  The responsibilities of the General Partner, in addition to directing the
trading and investment activity of the Fund, include 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 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 Fund.

  If the daily net unit value of the Fund falls to less than 50% of  the
highest value earned through trading at the close of any month, then the
General Partner will immediately suspend all trading, provide all limited
partners with notice of the reduction and give all limited partners the
opportunity, for fifteen days after such notice, to redeem partnership
interests. No trading will commence until after the lapse of the fifteen day
period.

4.  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 Fund.

  Monthly Allocations - Any increase or decrease in the Fund'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 Partners.

  Federal Income Tax Allocations - As of the end of each fiscal year, the
Fund'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 - After holding the investment for a minimum of twelve months, 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. The written request must be received
by the General Partner no less than ten 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.


5.  Fees

  The Fund was charged the following fees:

  The General Partner is entitled to an 11% fixed annual brokerage commission.
It receives 4% of the commissions and the Fund pays the introducing broker
that remaining 7%.

  A quarterly incentive fee of 25% of "new net profits" is paid to Clarke.

  NuWave was paid a quarterly incentive fee of 20% of "new profits" and also
received a monthly management fee based upon the rate of trading assigned by
NuWave and approved by the General Partner of up to 3% (annualized) on the
first $2,000,000 in allocated equity and up to 2% on the allocated equity
above $2,000,000.

  Effective October 1, 2007, NuWave Investment Corp. was removed as a CTA to
the Fund and it ceased earning management and incentive fees.

  The General Partner reserves the right to change the fee structure at its
sole discretion.

                                      F-11
<page>
                    Atlas Futures Fund, Limited Partnership
                       (A Delaware Limited Partnership)

                       Notes to the Financial Statements
                               December 31, 2009



6.  Related Party Transactions

  The Fund pay commissions to the General Partner and Futures Investment
Company, the introducing broker.  These related parties are 100% and 50%,
respectively, owned by Michael Pacult, the Fund's individual CPO and president
of the corporate CPO.  Related party commissions were as follows:

  Commissions included in expense:

 						2009		2008		2007

  General Partner				$766,090	$898,144	$683,623
  Futures Investment Company			1,251,360	1,423,668	1,049,076

  Total related party expenses			$2,017,450	$2,321,812	$1,732,699

  Commissions included in accrued expenses:

						December 31,	December 31,
  						2009		2008

  General Partner				$51,924		$79,523
  Futures Investment Company			34,561		72,414

  Total accrued expenses to related parties	$86,485		$151,937



  ASC 460, Guarantees, 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.

                                      F-12
<page>
                    Atlas Futures Fund, Limited Partnership
                       (A Delaware Limited Partnership)

                       Notes to the Financial Statements
                               December 31, 2009



7.  Partnership Unit Transactions

  As of December 31, 2009 , 2008, and 2007 partnership units were valued at
$4,083.24, $5,404.76 and $4,175.12 respectively.

  Transactions in partnership units were as follows:

<table>
<s>				<c>		<c>		<c>		<c>		<c>		<c>
						Units						Amount
				2009		2008		2007		2009		2008		2007

  Limited Partner Units
  Subscriptions			65.09		78.15		75.10		$345,345	$411,613	$281,915
  Redemptions			(660.55)	(343.56)	(486.83)	(3,194,039)	(1,818,467)	(1,747,881)
  Total				(595.46)	(265.41)	(411.73)	(2,848,694)	(1,406,854)	(1,465,966)

  General Partner Units
  Subscriptions			-		-		-		-		-		-
  Redemptions			-		-		-		-		-		-
  Total				-		-		-		-		-		-

  Total Units
  Subscriptions			65.09		78.15		75.10		345,345		411,613		281,915
  Redemptions			(660.55)	(343.56)	(486.83)	(3,194,039)	(1,818,467)	(1,747,881)
  Total				(595.46)	(265.41)	(411.73)	$(2,848,694)	$(1,406,854)	$(1,465,966)
</table>

                                      F-13
<page>
                    Atlas Futures Fund, Limited Partnership
                       (A Delaware Limited Partnership)

                       Notes to the Financial Statements
                               December 31, 2009


8.  Trading Activities and Related Risks

  The Fund is engaged in speculative trading of U.S. and foreign futures
contracts in commodities.  The Fund is exposed to both market risk, the risk
arising from changes in market value of the contracts, and credit risk, the
risk of failure by another party to perform according to the terms of a
contract.

  A certain portion of cash in trading accounts are pledged as collateral for
commodities trading on margin.  Additional deposits may be necessary for any
loss on contract value.  The Commodity Exchange Act requires a broker to
segregate all customer transactions and assets from such broker's proprietary
activities.

  Each U.S. commodity exchange, with the approval of the CFTC and the futures
commission merchant, establish minimum margin requirements for each traded
contract.  The futures commission merchant may increase the margin
requirements above these minimums for any or all contracts.  In general, the
amount of required margin should never fall below 10% of the Net Asset Value.
The cash deposited in trading accounts at December 31, 2009 and 2008 was
$4,359,494 and $7,826,204, respectively, which equals approximately 29.63% and
34.49% of Net Asset Value, respectively.  Cash and cash equivalents exceeded
Net Asset Value because of accrued expenses and partner redemptions at
December 31, 2009 and 2008. Cash payments for these expenses were made prior
to the end of the subsequent quarter. Prior to April, 2007, the fund purchased
United States Treasury Bills as a form of margin and the Fund earned interest
on this margin.  As of April 2007, the Fund benefits from an arrangement with
the FCM whereby the FCM pays the Fund the daily Treasury Bill or Libor rate
minus 10 basis points on the net liquidity of the Fund. Beginning in the
second quarter of 2008, the Fund resumed investing in United States Treasury
Bills.

  Trading in futures contracts involves entering into contractual commitments
to purchase or sell a particular commodity at a specified date and price. The
gross or face amount of the contract, which is typically many times that of
the Fund's net assets being traded, significantly exceeds the Fund's future
cash requirements since the Fund intends to close out its open positions prior
to settlement. As a result, the Fund is generally subject only to the risk of
loss arising from the change in the value of the contracts. The market risk is
limited to the gross or face amount of the contracts held of approximately $0
and $0 on long positions at December 31, 2009 and 2008, respectively. However,
when the Fund enters into a contractual commitment to sell commodities, it
must make delivery of the underlying commodity at the contract price and then
repurchase the contract at prevailing market prices or settle in cash. Since
the repurchase price to which a commodity can rise is unlimited, entering into
commitments to sell commodities exposes the Fund to unlimited potential risk.

  Market risk is influenced by a wide variety of factors including government
programs and policies, political and economic events, the level and volatility
of interest rates, foreign currency exchange rates, the diversification
effects among the derivative instruments the Fund holds and the liquidity and
inherent volatility of the markets in which the Fund trades.

  The net unrealized gains on open commodity futures contracts at December 31,
2009 and 2008 were $0 and $0 respectively.

  Open contracts generally mature within three months of December 31, 2009.
The Fund had no open contracts at December 31, 2009


                                      F-14
<page>
                    Atlas Futures Fund, Limited Partnership
                       (A Delaware Limited Partnership)

                       Notes to the Financial Statements
                               December 31, 2009


8.  Trading Activities and Related Risks - Continued


  In March 2008, the FASB issued Accounting Standards Codification 815 (ASC
815), "Derivatives and Hedging".  ASC 815 provides for disclosures about
derivative instruments and hedging activities.  ASC 815 is intended to improve
financial reporting about derivative instruments and hedging activities by
requiring enhanced disclosures to enable investors to better understand how
those instruments and activities are accounted for; how and why they are used;
and their effects on a Fund's financial position, financial performance, and
cash flows.  ASC 815 is effective for financial statements issued for fiscal
years beginning after November 15, 2008, and interim periods within those
fiscal years.

  The Fund adopted the provisions of ASC 815 effective January 1, 2009.

  The following tables disclose the fair values of derivative and hedging
activities in the Statement of Assets and Liabilities and the Statement of
Operations.

<table>
<s>				  <c>			<c>						<c>			<c>			<c>
				Derivative Instruments
				Statement of Assets and Liabilities

													Asset Derivatives 	Liability Derivatives
													at December31, 		at December 31,
  							Statement of Assets and Liabilities Location	2009 Fair Value		2009 Fair Value		Net

Derivatives not designated as 	  Commodity contracts	Net unrealized gain (loss) on open		$-			$-			$-
hedge instruments under ASC 815				futures contracts

				Derivative Instruments
				Statement of Operations

													For the Year Ended
  							Line Item in the Statement of Operations	December 31, 2009

Derivatives not designated as 	  Commodity contracts	Net realized (loss) from investments  		$(2,898,444)
hedge instruments under ASC 815				and foreign currency transactions
</table>


  Credit risk is the possibility that a loss may occur due to the failure of a
counter party to perform according to the terms of a contract.

  The Fund has a substantial portion of its assets on deposit with financial
institutions. In the event of a financial institution's insolvency, recovery
of Fund deposits may be limited to account insurance or other protection
afforded deposits.

  The Fund has established procedures to actively monitor market risk and
minimize credit risk although there can be no assurance that it will succeed.
The basic market risk control procedures consist of continuously monitoring
open positions, diversification of the portfolio and maintenance of a
desirable margin-to-equity ratio. The Fund seeks to minimize credit risk
primarily by depositing and maintaining its assets at financial institutions
and brokers which it believes to be creditworthy.

9.  Financial Instruments with Off-Balance Sheet Credit and Market Risk

  All financial instruments are subject to market risk, the risk that future
changes in market conditions may make an instrument less valuable or more
onerous.  As the instruments are recognized at fair market value, those
changes directly affect reported income.

  Included in the definition of financial instruments are securities,
restricted securities and derivative financial instruments.  Theoretically,
the investments owned by the Fund directly are exposed to a market risk (loss)
equal to the notional value of the financial instruments purchased and
substantial liability on certain financial instruments purchased short.
Generally, financial instruments can be closed.  However, if the market is not
liquid, it could prevent the timely close-out of any unfavorable positions or
require the Fund to hold those positions to maturity, regardless of the
changes in their value or the trading advisor's investment strategies.

  Credit risk represents the accounting loss that would be recognized at the
reporting date if counterparties failed to perform as contracted.
Concentrations of credit risk (whether on or off balance sheet) that arise
from financial instruments exist for groups of counterparties when they have
similar economic characteristics that would cause their ability to meet
contractual obligations to be similarly affected by changes in economic or
other conditions.


10.  Derivative Financial Instruments and Fair Value of Financial Instruments

  A derivative financial instrument is a financial agreement whose value is
linked to, or derived from, the performance of an underlying asset.  The
underlying asset can be currencies, commodities, interest rates, stocks, or
any combination.  Changes in the underlying asset indirectly affect the value
of the derivative.  As the instruments are recognized at fair value, those
changes directly affect reported income.

  All investment holdings are recorded in the statement of assets and
liabilities at their net asset value (fair value) at the reporting date.
Financial instruments (including derivatives) used for trading purposes are
recorded in the statement of assets and liabilities at fair value at the
reporting date.  Realized and unrealized changes in fair values are recognized
in net investment gain (loss) in the period in which the changes occur.
Interest income arising from trading instruments is included in the statement
of operations as part of interest income.

  Notional amounts are equivalent to the aggregate face value of the
derivative financial instruments.  Notional amounts do not represent the
amounts exchanged by the parties to derivatives and do not measure the Fund's
exposure to credit or market risks.  The amounts exchanged are based on the
notional amounts and other terms of the derivatives.

                                      F-15
<page>
                    Atlas Futures Fund, Limited Partnership
                       (A Delaware Limited Partnership)

                       Notes to the Financial Statements
                               December 31, 2009


11.  Indemnifications

  In the normal course of business, the Fund enters into contracts and
agreements that contain a variety of representations and warranties and which
provide general indemnifications. The Fund's maximum exposure under these
arrangements is unknown, as this would involve future claims that may be made
against the Fund that have not yet occurred. The Fund expects the risk of any
future obligation under these indemnifications to be remote.

12.  Subsequent Events

  In 2009, the Fund adopted ASC 855 "Subsequent Events". The objective of ASC
855 is to establish general standards of accounting for and disclosure of
events that occur after the balance sheet date but before financial statements
are issued or available to be issued. The General Partner evaluated subsequent
events through March 15, 2010. There were no subsequent events to disclose.


13.  Financial Highlights

<table>
<s>							<c>		<c>		<c>		<c>		<c>
									   For the Years Ended December 31,
  							2009		2008		2007		2006		2005
  Performance per unit (3)
  Net unit value, beginning of the year			$5,404.76	$4,175.12	$3,489.87	$3,357.08	$2,731.41

  Net realized and unrealized gain (loss) on
  commodity transactions				(753.79)	2,355.63	1,365.97	505.12		1,206.19
  Investment and other income				6.44		64.59		151.43		139.17		80.59
  Expenses (1)						(574.17)	(1,190.58)	(832.15)	(511.50)	(661.11)

  Net increase (decrease) for the year			(1,321.52)	1,229.64	685.25		132.79		625.67

  Net unit value at the end of the year			$4,083.24	$5,404.76	$4,175.12	$3,489.87	$3,357.08

  Net assets at the end of the year ($000)		$14,711		$22,691		$18,637		$17,015		$16,842
  Total return (1)					(24.45%)	29.45%		19.64%		3.94%		22.91%

  Number of units outstanding at the end of the year	3,602.89	4,198.35	4,463.75	4,875.48	5,016.79


  Supplemental Data:
  Ratio to average net assets
  Investment and other income (3)			0.13%		1.30%		4.14%		4.22%		2.57%
  Expenses  (2)						(12.02%)	(24.03%)	(22.47%)	(4.36%)		(10.19%)
</table>

  Total return is calculated based on the change in value of a unit during the
period.  An individual partner's total return and ratios may vary from the
above total returns and ratios based on the timing of additions and
redemptions.


  (1)  Includes brokerage commissions

  (2)  Excludes brokerage commissions for 2005 and prior years.

  (3)  For the years ended December 31, 2006 and 2005, investment and other
income and expenses are calculated using the average number of units
outstanding during the year.  Net realized and unrealized gains and losses on
commodity transactions is a balancing amount necessary to reconcile the change
in net unit value.  For the years ended December 31, 2009, 2008 and 2007,
investments in other income and expenses and net realized and unrealized gains
and losses on commodity transactions are calculated based on a single unit
outstanding during the period.

                                      F-16
<page>
                    Atlas Futures Fund, Limited Partnership
                       (A Delaware Limited Partnership)

                       Notes to the Financial Statements
                               December 31, 2009


*****************************************************************************



To the best of the knowledge and belief of the undersigned, the information
contained in this report is accurate and complete.


  /s/ Michael Pacult
  Michael Pacult
  President, Ashley Capital Management, Inc.
  General Partner
  Atlas Futures Fund, Limited Partnership



                                      F-17
<page>
                        Ashley Capital Management, Inc.

                             FINANCIAL STATEMENTS
                               December 31, 2009


<page>
                       Index to the Financial Statements



							Page

Independent Auditor's Report				F-2

Financial Statements

Balance Sheets						F-3

Statements of Income and Retained Earnings		F-4

Statements of Cash Flows				F-5

Notes to the Financial Statements		     F-6 - F-7
















         Purchase of units in the Fund will not acquire or otherwise
                   have any interest in the General Partner.

<page>
                           Patke & Associates, Ltd.

                         Certified Public Accountants

                         Independent Auditor's Report

To the Board of Directors of
Ashley Capital Management, Inc.
Fremont, Indiana


We have audited the accompanying balance sheets of Ashley Capital Management,
Inc. (an S-Corporation) as of December 31, 2009 and 2008, and the related
statements of income and retained earnings and cash flows for each of the
three years in the period ended December 31, 2009.  These financial statements
are the responsibility of the Company's management.  Our responsibility is to
express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with auditing standards generally
accepted in the United States of America.  Those standards require that we
plan and perform the audit to obtain reasonable assurance about whether the
financial statements are free from material misstatement.  An audit involves
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements.  An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation.  We believe that our
audit provides a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Ashley Capital Management,
Inc. as of December 31, 2009 and 2008 and the results of its operations and
its cash flows for each of the three years in the period ended December 31,
2009 are in conformity with accounting principles generally accepted in the
United States of America.


/s/ Patke & Associates, Ltd.
Patke & Associates, Ltd.
Lincolnshire, Illinois
March 16, 2010









       300 Village Green Drive, Suite 210 * Lincolnshire, Illinois 60069
                 Phone: (847) 913-5400 * Fax:  (847) 913-5435

<page>
                        Ashley Capital Management, Inc.

                                Balance Sheets

                          December 31, 2009 and 2008


<table>
<s>							<c>		<c>

Assets							2009		2008

Current assets

  Cash							$766		$1,911
  Commissions receivable				51,923		79,523
  Due from related parties				33,734		33,734

    Total current assets				86,423		115,168

    Total assets					$86,423		$115,168

Liabilities

Current liabilities

  Accounts payable and accrued liabilities		$216		$343

    Total current liabilities				216		343

Stockholder's equity

  Capital stock  (common 1,500 shares authorized,
   no par value; 1,000 issued and outstanding)		1,000		1,000
  Retained earnings					85,207		113,825

    Total stockholder's equity				86,207		114,825

    Total liabilities and stockholder's equity		$86,423		$115,168
</table>

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

                                      F-3
<page>
                        Ashley Capital Management, Inc.

                  Statements of Income and Retained Earnings

             For the Years Ending December 31, 2009, 2008 and 2007




<table>
<s>						<c>		<c>		<c>
						2009		2008		2007
Revenue
  Commissions					$766,090	$898,144	$683,623

Operating expenses

  Payroll and related expenses			348,708		365,904		219,390
  Charitable contributions			-		500		-
  Other operating expenses			-		-		1,550

    Total operating expenses			348,708		366,404		220,940

Net income					417,382		531,740		462,683


Retained earnings

Beginning of the year				113,825		109,115		107,406

  Stockholder contributions			-		23,470		68,000
  Stockholder distributions			(446,000)	(550,500)	(528,974)

End of the year					$85,207		$113,825	$109,115
</table>

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

                                      F-4
<page>
                        Ashley Capital Management, Inc.

                           Statements of Cash Flows

             For the Years Ending December 31, 2009, 2008 and 2007



<table>
<s>							<c>		<c>		<c>
							2009		2008		2007

Cash flows from operating activities

  Net income						$417,382	$531,740	$462,683

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

    Changes in operating assets and liabilities  -

      (Increase) decrease commissions receivable	27,600		(78,325)	4,385
      Increase (decrease) accounts payable
       and accrued liabilities				(127)		(27,902)	9,755

        Net cash provided by operating activities	444,855		425,513		476,823

Cash flows from financing activities

  (Increase) decrease due from related parties		-		102,789		(23,500)
  Stockholder contributions				-		23,470		68,000
  Stockholder distributions				(446,000)	(550,500)	(525,200)

    Net cash (used in) financing activities		(446,000)	(424,241)	(480,700)

Net increase (decrease) in cash				(1,145)		1,272		(3,877)

  Cash at the beginning of the year			1,911		639		4,516

  Cash at the end of the year				$766		$1,911		$639

Non-cash financing activities
Related party receivable distributed to the Company's
 stockholder						$-		$-		$3,774
</table>

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

                                      F-5
<page>
                        Ashley Capital Management, Inc.

                       Notes to the Financial Statements

                               December 31, 2009

1.	Nature of the Business

Ashley Capital Management, Inc. (the "Company") was formed on October 15, 1996
under the laws of the state of Delaware.  It has authority to act as general
partner and commodity pool operator of the Atlas Futures Fund, Limited
Partnership ("Atlas" or the "Fund") that also was formed pursuant to the laws
of Delaware.  The Company became registered as a commodity pool operator by
the National Futures Association pursuant to the Commodity Exchange Act, 7 USC
Sec. 1, et seq, (the "Act") on January 15, 1998.

The responsibilities of the Company, in addition to the selection of trading
advisors and other activity of the Fund, include 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 Fund and compliance with
the Act.  The Company, as general partner, is liable for the debts of the Fund
including, but not limited to, any losses from trading in the pool account not
covered by equity on deposit.

2.	Significant Accounting Policies

"New Accounting Standards - On July 1, 2009, the Financial Accounting
Standards Board (?FASB?) officially released the Accounting Standards
Codification (the ?Codification? or ?ASC?).  Pursuant to FASB Statement No.
168, the FASB Accounting Standards Codification and the Hierarchy of Generally
Accepted Accounting Principles is effective for interim and annual periods
ending after September 15, 2009.  The Company adopted FASB 168 for the year
ended December 31, 2009.

The Codification does not change accounting principles generally accepted in
the United States of America (?GAAP?) but it is a major restructuring of how
accounting and reporting standards that constitute how GAAP are organized.
That is, the Codification will be the single source of authoritative non-
governmental GAAP.  The organizational changes are expected to make GAAP
easier to research by simplifying user access to all authoritative guidance.
As a result, content will reside in new locations within the Codification
which means referencing to specific guidance will change.

Use of Accounting Estimates - The accompanying financial statements have been
prepared in accordance with GAAP.  The preparation of financial statements in
accordance with GAAP 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
the reported amounts of revenue and expenses during the reporting period.
Actual results could differ from those estimates.

Statement of Cash Flows - The Company considers all short-term investments
with an original maturity of three months or less to be cash equivalents.  The
Company had no cash equivalents at December 31, 2009 or 2008.  There were no
cash payments for interest nor for income taxes for the years ended December
31, 2009, 2008 and 2007.


Income Tax Status - For federal income tax purposes, the Company elected S-
Corporation status and therefore pays no federal income taxes, since income or
losses are passed through to the respective stockholders.

Management has continued to evaluate the application of ASC 740-10-25, Income
Taxes-Overall-Recognition (formerly FIN No. 48, ?Accounting for Uncertainty in
Income Taxes?) to the Company, and has determined that no reserves for
uncertain tax positions were required to have been recorded as a result of the
adoption of ASC 740-10-25. There are no tax positions for which it is
reasonably possible that the total amounts of unrecognized tax benefits will
significantly increase or decrease within twelve months. The 2006 through 2009
tax years generally remain subject to examination by the U.S. federal and most
state tax authorities.

Reclassifications - Certain accounts in the prior year financial statements
have been reclassified for comparative purposes to conform with the
presentation in the current year financial statements.

3.	Related Party Transactions

The Company's sole stockholder, Michael Pacult, is the sole stockholder of the
following related parties which are either general partners or managing
members of associated investment funds:

Related Party	Investment Fund

Belmont Capital Management, Inc.	Bromwell Financial Fund, L.P.
TriView Capital Management, Inc.	TriView Global Fund, L.L.C.
White Oak Financial Services, Inc.	Providence Select Fund, L.P.
Evergreen Capital Management, Inc.	Strategic Opportunities Fund, L.L.C.

Michael Pacult is also a 50% owner of Futures Investment Company, an
affiliated introducing broker registered under the Act.


              Purchase of units in the Fund will not acquire or
              otherwise have any interest in the General Partner.

                                      F-6
<page>
                        Ashley Capital Management, Inc.

                       Notes to the Financial Statements

                               December 31, 2009

3.	Related Party Transactions, Continued


Due from related parties result from offering, organizational and operating
costs paid by the Company on behalf of the related party and cash advances.
These amounts bear no interest or due dates and are unsecured.  The balance is
usually paid back within a year or when the related fund is financially
capable of repaying the advance.  The following amounts were due to the
Company as of December 31, 2009 and 2008:

					    December 31,
					2009		2008

Bromwell Financial Fund, L.P.		$3,033		$3,033
TriView Capital Management, Inc.	4,225		4,225
TriView Global Fund, L.L.C.		26,476		26,476

Due from related parties		$33,734		$33,734

Atlas pays the Company a 4% commission.  For the years ended December 31,
2009, 2008 and 2007 brokerage commissions from Atlas were $766,090, $898,144
and $683,623, respectively.  At December 31, 2009 and 2008 the Company was
owed $51,923 and $79,523, respectively, under this agreement.

In 2007 a receivable due from Futures Investment Company was assumed by the
Company's sole stockholder and subsequently recorded as a stockholder
distribution.

4.	Guarantees

The Company and Michael Pacult, the individual general partner, are liable for
the debts of Atlas.  Specifically, the Company has provided a written
guarantee to the FCM to provide that any Atlas overdraft will be paid to the
FCM if it should default in its payments.

5.	Concentrations

The Company deposits its cash funds at a local financial institution.  The
balance may, at times, exceed federally insured credit limits.

The Company receives all of its net revenues from Atlas.

6.	Subsequent Events
In 2009, the Fund adopted ASC 855 ?Subsequent Events?, or ASC 855 (formerly
known as FAS 165, ?Subsequent Events?).  The objective of ASC 855 is to
establish general standards of accounting for and disclosure of events that
occur after the balance sheet date but before financial statements are issued
or available to be issued.  The Company evaluated subsequent events through
March 16, 2010, the date the financial statements were issued.  There were no
subsequent events to disclose.

              Purchase of units in the Fund will not acquire or
              otherwise have any interest in the General Partner.

                                      F-7
<page>
                                    Part II

                      Statement of Additional Information

                    Atlas Futures Fund, Limited Partnership

This Statement of Additional Information is the second part of a two-part
document and should be read in conjunction with Part I of Atlas Futures Fund's
disclosure document dated October  __, 2010, both of which are combined in
this single prospectus.

Summary of the Fund                                                        2
Fund Performance                                                           4
Correlation Comparison                                                     5
Fund and Offering Details                                                  6
The Opportunity                                                            7
Why Atlas Futures Fund?                                                    7
Investment Factors                                                         7
Value of Diversification - Managed Futures Industry                        8
Managed Futures vs. Stocks During Draw-Downs                               10
The Futures, Forward, Option and Swap Markets                              11
Advantages of Managed Futures Fund Investments                             13
Important Disclosures                                                      14

Appendixes & Exhibits

Appendix I	-	Commodity Terms and Definitions; State Regulatory Glossary
Appendix II	-	Privacy Statement
Exhibit A	-	Limited Partnership Agreement
Exhibit B	-	Request for Redemption
Exhibit C	-	Suitability Information
Exhibit D	-	Subscription Agreement and Power Of Attorney
Exhibit E	-	Depository Agreement
Exhibit F	-	Investment Advisory Contract - Clarke Capital Management,
			Inc.

   The date of this Statement of Additional Information is October __, 2010

<page>
                            Atlas Futures Fund, LP

*  Trading advisor with 17 years experience

*  10 year trading program track record

*  Low historical correlation to stocks and bonds

*  Profit potential (and risk of loss) in both rising and falling markets

*  Participation in a wide variety of global markets

*  Monthly liquidity

THE OFFERING OF UNITS IN ATLAS FUTURES FUND, LP (THE "FUND") CAN ONLY BE MADE
IN CONJUNCTION WITH PART I OF THIS PROSPECTUS, WHICH CONTAINS IMPORTANT
INFORMATION REGARDING CERTAIN RISKS ASSOCIATED WITH THE FUND AND SHOULD BE
READ CAREFULLY AND RETAINED BY ANYONE CONSIDERING INVESTMENT IN THE FUND. THE
UNITS HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE SECURITIES AND EXCHANGE
COMMISSION NOR HAS THE SECURITIES EXCHANGE COMMISSION, THE COMMODITY FUTURES
TRADING COMMISSION, OR ANY STATE SECURITIES COMMISSION PASSED UPON THE
ACCURACY OR ADEQUACY OF THE PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS
A CRIMINAL OFFENSE. AN INVESTMENT IN THE FUND IS SPECULATIVE AND INVOLVES A
HIGH DEGREE OF RISK.

                                    -SAI 1-
<page>
                            Atlas Futures Fund, LP

Summary of the Fund

Fund Objectives

Atlas Futures Fund, L.P. allows investors to participate in a wide range of
markets within a single investment. With access to an array of market sectors
and investment opportunities, an investment in the Fund may encompass
everything from financial futures to commodity futures. The Fund also provides
investors with the potential for above average rates of return, as well as an
important diversification from stocks, bonds and mutual funds through a
professionally managed futures investment. Markets also traded by the Fund
include global interest rates, foreign currencies, metals, energy products,
global equity indices and agricultural commodities.

Professional Management

The advisor selected by the General Partner to trade on behalf of the Fund has
over 16 years experience in professional money management and, in the opinion
of the General Partner, is well known for excellence in the managed futures
industry.

Portfolio Diversification

The ability of futures trading advisors to trade in a market by going either
long or short creates profit potential in both rising and falling markets. The
strategy of the Fund acts independently of economic prosperity, interest rates
or currency stability. Futures trading advisors can perform as well in a bear
market as in a bull market. Of course, where there is profit potential, there
is also risk of loss. The correlation between the performance of managed
futures funds and stocks and bonds has historically been very low.  Thus,
managed futures funds provide vital diversification for suitable investors.

Disciplined, Multi-Manager Trading Approach

The trading programs used for the Fund represent a unique blend of strategies
with access to global market sectors. This custom blend of strategies creates
an opportunity for investors interested in diversifying their portfolios
across multiple sectors using complimentary trading styles.

Limited Risk

An investor in the Fund has limited liability and is liable for principal and
profits only.

Liquidity

Investors in the Fund can generally withdraw their capital at the net asset
value as of the end of any month, with 10 days advance written notice, and
after an initial 12 month lock-in period.

Administrative Convenience

The Fund's General Partner sends each investor a comprehensive monthly
statement showing the results of the Fund's previous month's trading. The
General Partner provides audited reports for the Fund and a year-end statement
containing information necessary for income tax preparation. Investors may
call the General Partner for intra-month updates if desired.

The General Partner

The Fund's General Partner is Ashley Capital Management, Inc., whose principal
is Mr. Michael Pacult, experienced in the field of managed futures in the
United States since 1980. Please see Part I of this prospectus for a more
detailed description of the advantages and risks associated with an investment
in the Fund that you need to read prior to investment in the Atlas Futures
Fund.

Principal Selling Agent

The Fund is offered by Futures Investment Company, which is registered with
the Financial Industry Regulatory Authority.  Futures Investment Company,
through its affiliate relationship with Ashley Capital Management, Inc., is
the selling agent for the Fund.  Futures Investment Company is also a member
of SIPC, is registered with the SEC and CFTC, and is an NFA member.. All sales
are on a best efforts basis.

                                    -SAI 2-
<page>
Checks and Balances

The following is to advise you of the structure of the Fund's business, which
is a combination of independently functioning and regulated organizations that
provide a system of checks and balances on the accuracy and integrity of one
another and your investment.

Broker: Your broker and his or her Broker/Dealer are regulated by the
Securities and Exchange Commission (SEC), the Financial Industry Regulatory
Authority (FINRA), formerly the National Association of Securities Dealers
(NASD), and the various state securities boards in which they operate.

CPO: The Fund managers are registered pursuant to the US Commodity Exchange
Act in accordance with rules established by the US Commodity Futures Trading
Commission (CFTC) as Commodity Pool Operators (CPOs).  The Fund CPOs are
regulated by the National Futures Association (NFA), a CFTC authorized self
regulatory organization.   The corporate CPO's financial statements are
audited annually by an independent Certified Public Accounting firm, Patke &
Associates, Ltd.   In addition to auditing the financial statements of the
CPO, Patke also audits the Fund financial statements.

CTA: The CPO selects one or more independent traders who are registered
pursuant to the US Commodity Exchange Act as Commodity Trading Advisors
(CTAs).  The CTA is then granted authority to enter trades utilizing the
amount of money the CPO grants the CTA for that purpose.    The CTA is
regulated by the NFA.

FCM: The CTA executes the Fund trades with MF Global Inc., an independent
Futures Commission Merchant (FCM), which is a registered member of various
world-wide futures exchanges.  Both the FCM and the US exchanges are regulated
pursuant to the Commodity Exchange Act and are audited by the NFA.  All Fund
trades are executed as standardized futures contracts that have complete
transparency.

Assets: All investor funds are pooled and held in the name of the Fund.
Approximately 45% of the Fund assets are held at the FCM as margin for
trading, 9% is held in a cash management fund that invests only in US T-Bills,
and 2% is held in a Fund checking account to pay Fund expenses as necessary.
The balance of 44% of the assets are held in the Fund's name in T-Bills in a
Treasury Direct account at the US Treasury.

Statements: At the end of each trading day, the FCM generates an account
statement that shows the day's trading activity, if any, and the Fund's open
market positions, if any, which shows the original date and price of each
commodity contract marked to the market's daily close.  This produces a
resulting unrealized profit or loss on each position, as well as the total
value of the Fund account.  The CPO, CTA, and independent Fund bookkeeper,
Investor Services, all review the account statements daily.

Bookkeeper: The independent bookkeeper produces a daily and monthly report of
the Fund's Net Asset Value (NAV) per Unit, both of which are immediately
reviewed by the CPO when completed, and compared to the CPO's own records.  In
addition to the Fund bookkeeping, the bookkeeper completes the partnership
accounting and sends out the monthly individual investor statements.

Auditor:  All of the bookkeeper's activities with respect to the preparation
of the Fund financial statements are reviewed and audited by Patke &
Associates, Ltd., the Fund's independent CPA, which in turn is subject to the
rules and regulations of the American Institute of Certified Public
Accountants (AICPA) and the Public Company Accounting Oversight Board (PCAOB).

Legal: The Fund employs independent law firms to work with the bookkeeper and
auditor to produce and update the Fund prospectus and to keep in compliance
and interface with the SEC, FINRA, NFA, CFTC, and various state securities
administrators to submit the required regulatory filings as periodically
required.

Although your investment in futures presents the risk of loss from the trades
made, please be assured that all of us-your broker, the CPO, CTA, FCM,
bookkeeper, auditor, and attorneys -while independent from each other, are
working together in a system of checks and balances to monitor your investment
for performance, accuracy, integrity, and safety to be certain the reports of
earnings and losses to you are accurate and complete.

                                    -SAI 3-
<page>
                            Atlas Futures Fund, LP

Fund Performance

Monthly Compounded Rate of Return (%)
October 1999 - September 2010

<table>
<s>	<c>	<c>	<c>	<c>	<c>	<c>	<c>	<c>	<c>	<c>	<c>	<c>	<c>
	Jan.	Feb.	Mar.	Apr.	May	Jun.	Jul.	Aug.	Sep.	Oct.	Nov.	Dec.	AROR
2010	-3.70	-3.99	-1.11	-1.57	-0.61	-1.12	1.37	0.43	11.19				0.12
2009	-3.00	0.77	-5.14	0.27	2.73	-5.37	-0.34	-8.44	-0.23	-4.13	0.99	-5.18	-24.46
2008	-8.64	25.18	-2.99	16.07	-2.10	7.24	-8.17	4.49	-5.77	7.29	2.57	-3.76	29.46
2007	5.92	-2.97	-1.58	0.70	-2.15	4.92	-3.51	-5.66	14.88	3.63	6.90	-1.24	19.65
2006	1.76	-9.11	-3.37	13.26	1.40	-4.51	-6.56	1.46	9.05	0.28	-0.81	3.13	3.94
2005	-4.02	3.77	15.01	-3.60	6.94	-3.01	-1.34	7.56	0.01	-3.85	6.06	-0.86	22.91
2004	-5.08	11.26	3.09	-0.90	15.08	-2.42	4.15	7.18	4.12	10.75	7.09	-6.56	56.04
2003	4.08	21.04	-3.47	2.92	12.60	-5.23	-3.93	-2.37	3.58	-1.95	-8.61	14.78	33.47
2002	-4.86	-5.41	3.42	-5.24	0.00	12.85	5.22	3.32	7.65	-12.94	-5.65	15.99	10.97
2001	-7.36	-4.44	7.62	-4.29	0.86	-2.93	3.91	1.92	-5.98	11.62	4.05	-0.95	-5.70
2000	-2.88	-1.04	-4.46	1.47	12.16	4.95	-7.90	9.72	-0.68	-7.23	8.44	18.97	31.76
1999										-0.66	2.36	-6.45	-4.88
</table>


PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

Value of Initial $10,000 Investment	Performance vs. Benchmarks

October 1999 - September 2010		October 1999 - September 2010

The S&P 500 and NASDAQ 100 indices are unmanaged and are generally
representative of certain portions of the U.S. equity markets. The Barclays
CTA Index is representative of the average performance of Commodity Trading
Advisors reporting to the Barclays Database. These indices are shown for
illustrative purposes only and are not indicative of any fund's performance.
An investor cannot invest directly in an index. Moreover, indices do not
reflect commissions or fees which might be charged to a similar fund and which
might materially affect the performance data presented.

THE ABOVE TABLE AND TWO GRAPHS WERE PREPARED BY THE FUND.  AN INVESTMENT IN
ATLAS FUTURES FUND, L.P. INVOLVES SUBSTANTIAL RISK AND MAY RESULT IN THE
COMPLETE LOSS OF PRINCIPAL INVESTED.

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS. TRADING IN THE FUTURES,
FORWARD, OPTION AND SWAP MARKETS IS SPECULATIVE, INVOLVES SUBSTANTIAL RISK,
AND IS NOT SUITABLE FOR ALL INVESTORS.

                                    -SAI 4-
<page>
Correlation Comparison

Performance Through Diversification

The value of diversification can be seen by looking at the correlation
comparison of the performance of the Fund versus benchmark stock market and
managed futures indices. Since October 1999, not only has the Fund
outperformed the major indices, but was also not correlated to such indices.
In general, this attribute will allow investors to potentially reduce the risk
and improve the performance in their portfolios through diversification.

Annual Rates of Return
October 1999 - May 2010

	Atlas Fund	S&P 500		NASDAQ 100	Barclays CTA

1999	-4.88%		14.54%		53.97%		-1.97%
2000	31.76%		-10.12%		-36.83%		10.46%
2001	-5.70%		-13.05%		-32.65%		4.92%
2002	10.97%		-23.36%		-37.58%		13.40%
2003	33.47%		26.39%		49.11%		11.07%
2004	56.04%		9.00%		10.45%		3.83%
2005	22.91%		3.01%		1.48%		2.44%
2006	3.94%		13.62%		6.78%		5.67%
2007	19.65%		3.55%		18.67%		11.57%
2008	29.46%		-38.50%		-41.90%		19.64%
2009	-24.66%		23.45%		53.54%		0.32%
2010	0.12%		2.35%		7.41%		2.45%

Value of Initial $10,000 Investment vs. Benchmarks
October 1999 - October 2010

$10,000 invested Oct 1999 in Atlas would be worth $40,880
$10,000 invested Oct 1999 in S&P 500 would be worth $8.900
$10,000 invested Oct 1999 in the NASDAQ 100 would be worth $8,791
$10,000 invested Oct 1999 in Barclays CTA would be worth $18,560

<table>
<s>			<c>				<c>		<c>		<c>		<c>
Correlation Comparison

Oct 1999 - Oct 2010	Total Months: 132		Atlas Fund	S&P 500		NASDAQ 100	Barclays CTA

Performance		Total Rate of Return		308.80%		-15.05%		-23.08%		114.37%
			Avg. Annual Rate of Return	15.75%		0.99%		4.77%		5.87%

Risk			Worst Peak-to-Valley Drawdown*	-36.02%		-52.56%		-81.07%		-8.75%
			Standard Deviation**		22.03%		19.17%		35.82%		4.64%

Statistics		Sharpe Ratio***			0.60		-0.09		0.04		0.59
			Correlation to Atlas		1.00		-0.18		-0.27		0.47
</table>


* Worst Peak-to-Valley Drawdown is the greatest cumulative percentage decline
in month end net asset value of the program due to losses sustained by an
account during any period in which the initial month-end net asset value of an
account is not equaled or exceeded by a subsequent month-end net asset value
of the account and includes the time period in which it occurred.

** Standard Deviation shows the annualized performance volatility by
quantifying the amount of dispersion you can expect performances to fall
around the average or mean return.

*** Sharpe Ratio is a risk-adjusted measure used to determine reward per unit
of risk. The higher the ratio, the better the fund's historical risk-adjusted
performance. The measure uses a compounded annual return minus the available
annual risk free rate in 13 Week T-Bill returns divided by annualized standard
deviation.

The S&P 500 and NASDAQ 100 indices are unmanaged and are generally
representative of certain portions of the U.S. equity markets. The Barclays
CTA Index is representative of the average performance of Commodity Trading
Advisors reporting to the Barclays Database. These indices are shown for
illustrative purposes only and are not indicative of any fund's performance.
An investor cannot invest directly in an index. Moreover, indices do not
reflect commissions or fees which might be charged to a similar fund and which
might materially affect the performance data presented.

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS. TRADING IN THE FUTURES,
FORWARD, OPTION AND SWAP MARKETS IS SPECULATIVE, INVOLVES SUBSTANTIAL RISK,
AND IS NOT SUITABLE FOR ALL INVESTORS.  THE ABOVE THREE TABLES WERE PREPARED
BY THE FUND.

                                    -SAI 5-
<page>
Atlas Futures Fund, LP

Fund and Offering Details

The Fund

Investment Goal	Intermediate to Long-Term Capital Appreciation

General Partner	Ashley Capital Management, Inc.

Trading Advisor	Clarke Capital Management, Inc.

Clearing Broker	MF Global Inc.

The Offering

Minimum Investment	$25,000

Increment Amount	$1,000

Subscription Fee	None

Subscription Price	Net Asset Value

Subscription Notice	Subscriptions Available Monthly with 5 Business Days
Notice

Subscription Procedure	Subscribers Must Complete, Execute and Deliver to the
Fund the Subscription Agreement and Power of Attorney Signature Page Which
Accompanies the Prospectus

Redemption Notice	Liquidity Available Monthly with 10 Days Notice after an
initial 12 month lock-in period

Investor Liability	Limited to the Amount of Capital Invested

Investor Suitability	Net Worth of $250,000 -or-

Income of $70,000 and Net Worth of $70,000

Plus Specific State Requirements

Please Refer to the Prospectus for Additional Information

Fees and Expenses

General Partner Compensation	Fixed Brokerage Commission of 4% Annually

Introducing Broker Compensation	Fixed Brokerage Commission of 7% Annually

Trading Advisor Compensation	Incentive Fee: 25% New Profit Quarterly

Management Fee: None

Selling Agent Compensation	1% up front selling commission on gross
subscription amount

Annual Expenses	Estimated $149,000

                                    -SAI 6-
<page>
The Opportunity

*	Professionally managed futures funds offer access to global markets,
along with the potential to profit from rising or falling markets.

*	Professionally managed futures funds add an important component to a
diversified growth portfolio.

*	In the opinion of the General Partner, Atlas Futures Fund, L.P. offers a
more simple and effective way to use the services of a successful futures
trading advisor with a long-term track record than with a managed account or
through discretionary trading yourself.

*	An individual investor seeking to utilize the services of the Fund's
traders through a direct account would need to meet a substantially higher
minimum investment requirement.

How to Subscribe

*	After reviewing the Offering Memorandum, please complete and sign the
items in the Subscription Booklet.

*	Forward to the Fund the Subscription Booklet and a check made payable to
"Special account for the exclusive benefit of the customers of Atlas Futures
Fund, LP".

The Fund is open to qualified investors and the current minimum investment is
$25,000.  New investments are entered into the Fund at the end of the month in
which they are received and must be received on the 5th business day prior to
the end of the month.

Why Atlas Futures Fund?

Why a Managed Futures Fund?

Managed futures investments are intended to generate long-term capital growth
by providing global portfolio diversification. This diversification can be
utilized by investing in the Fund. A primary reason to invest in a managed
futures (alternative investment) product, such as Atlas Futures Fund, is to
provide a fully diversified portfolio of investments that has the potential to
improve returns while protecting against risk. This is possible because
managed futures (alternative investment) products historically have not been
correlated to traditional markets, such as stocks and bonds.

The Atlas Futures Fund employs a professional commodity trading advisor,
Clarke Capital Management, Inc., that trades as many as 40 futures markets
worldwide using proprietary trading systems. The trading advisor has
consistently produced positive returns, even during down markets, due to
diversified trades and the ability to spot trends, while insuring strict risk
controls are always in place.  Of course, past performance is not necessarily
indicative of future results.

Why Now?

The recent fluctuation in world markets has proven that long-only equity
portfolios cannot make money during downward cycles. For continued portfolio
performance, a fund that hedges its trades is the only way to potentially
limit losses and possibly achieve gains in any economic environment.

Historical Non Correlated Performance

Historically, managed futures investments have had very little correlation to
the stock and bond markets. While there is no guarantee of positive
performance in a managed futures component of a portfolio, the non-correlation
characteristic of managed futures can improve risk adjusted returns in a
diversified investment portfolio. Having the ability to go long and short
gives managed futures the ability to profit from up or down markets. In other
words, profit or loss in managed future funds is not dependent on economic
cycles.

Investment Factors

The Advantages of Non-Correlation and Diversification of Your Portfolio

The Nobel Prize for Economics in 1990 was awarded to Dr. Harry Markowitz for
demonstrating that the total return can increase, and/or risk can be reduced,
when portfolios have positively performing asset categories that are
essentially non-correlated. Even many seemingly diverse portfolios may
actually be quite correlated. For instance, over time, alternative investment
classes such as real estate and international stocks and bonds may correlate
closely with domestic equities as the global economy expands and contracts.

                                    -SAI 7-
<page>
Historically, alternative investments such as managed futures funds have had
very little correlation to the stock and bond markets. Ashley Capital
Management, Inc. believes that the performance of the Fund should also exhibit
a substantial degree of non-correlation (not, however, necessarily negative
correlation) with the performance of traditional equity and debt portfolio
components, in part because of the ease of selling futures short. This feature
of futures -- being able to be long or short a futures position with similar
ease - means that profit and loss from futures trading is not dependent upon
economic or geopolitical prosperity or stability.

However, non-correlation will not provide any diversification advantages
unless the non-correlated assets are outperforming other portfolio assets, and
there is no guarantee that the Fund will outperform other sectors of an
investor's portfolio (or not produce losses). Additionally, although adding
managed futures funds to a portfolio may provide diversification, managed
futures funds are not a hedging mechanism and there is no guarantee that
managed futures funds will appreciate during periods of inflation or stock and
bond market declines.

Non-correlated performance should not be confused with negatively correlated
performance. Non-correlation means only that the Fund's performance will
likely have no relation to the performance of equity and debt instruments,
reflecting Ashley Capital's belief that factors that affect equity and debt
prices may affect the Fund differently and that certain factors which affect
the former may not affect the latter. The net asset value per unit may decline
or increase more or less than equity and debt instruments during both rising
and falling markets. Ashley Capital has no expectation that the Fund's
performance will be negatively correlated to the general debt and equity
markets, i.e., likely to be profitable when the latter are unprofitable or
vice versa.

Value of Diversification - Managed Futures Industry

Money Under Management in Managed Futures

Money Under Management in Managed Futures is updated on a quarterly basis and
is usually ready by month end of the month following the quarter.  Money Under
Management during the 2nd quarter of 2010 was $223.4 billion.

This chart was prepared by the Fund and shows industry growth since 1980 using
data obtained from Barclay Trading Group, Ltd.  See the glossary in Appendix I
of this Statement of Additional Information for information integral to this
chart.  This chart reflects the managed futures industry as a whole and is not
indicative of the Fund in particular.

PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.

                                    -SAI 8-
<page>
Market Diversification

The Fund's CTAs use proprietary systems designed to ensure minimal correlation
to traditional investments.  The spectrum of traded instruments globally
consists of up to 40 futures markets in both commodity and financial futures.
Fundamental to the Fund's selection of CTAs is low correlation between the
different instruments they trade and high liquidity for order execution.

This chart was prepared by the Fund.  See the glossary in Appendix I of this
Statement of Additional Information for information integral to this chart.
This chart reflects the managed futures industry as a whole and is not
indicative of the Fund in particular.

PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.

Historical Correlation

The chart below shows the historical correlation of the monthly returns of the
NASDAQ Composite Index, Europe, Australasia, Far East (EAFE) Index with the
S&P 500 Index than managed futures investments, as represented by the Barclays
CTA Index. This low correlation shows that managed futures have a tendency to
behave somewhat independently from stocks.

Historical Correlation Of Monthly Returns

With The S&P 500 Index

January 1980* - October 2010

* Barclays data was not available prior to 1980.

This chart was prepared by the Fund.  See the glossary in Appendix I of this
Statement of Additional Information for information integral to this chart.
This chart reflects the managed futures industry as a whole and is not
indicative of the Fund in particular.  The S&P 500, NASDAQ composite, and
Europe, Australia, Far East indices are unmanaged and are generally
representative of certain portions of the U.S. and global equity markets. The
Barclays Aggregate  Bond Index is unmanaged and generally representative of
the global central government bond market.  The Barclays CTA Index reflects

                                    -SAI 9-
<page>
the dollar-weighted performance of CTAs reporting to the Barclays Database.
These indices are shown for illustrative purposes only and are not indicative
of any fund's performance. An investor cannot invest directly in an index.
Moreover, indices do not reflect commissions or fees which might be charged to
a similar fund and which might materially affect the performance data
presented.

PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.

Risk Perspective

The proper evaluation of any investment must include an assessment of the risk
which must be taken to achieve the prospective return. Another measure of
risk, in addition to standard deviation, is historical worst-case decline, or
largest draw-down. In other words, if you had purchased an investment at a
month-end peak in performance and then subsequently sold at the lowest month-
end price thereafter, the worst-case decline would be the largest percentage
loss experienced. The chart below shows the worst-case cumulative monthly
decline in the Barclays Government Bond Index, Barclays CTA Index, S&P 500
Index, EAFE Index and NASDAQ Composite Index since 1980. The Barclays CTA
Index experienced a smaller peak to valley decline than three of the other
indices. This does not imply that managed futures are necessarily safer than
the benchmarks compared; it is merely intended to put risk in a historical
perspective.

Worst-Case Declines

1980* - October 2010

[Amounts In Percents]

* Barclays data was not available prior to 1980.

This chart was prepared by the Fund.  See the glossary in Appendix I of this
Statement of Additional Information for information integral to this chart.
This chart reflects the managed futures industry as a whole and is not
indicative of the Fund in particular.  The S&P 500, NASDAQ composite, and
Europe, Australia, Far East indices are unmanaged and are generally
representative of certain portions of the U.S. and global equity markets. The
Barclays Govt. Bond Index is unmanaged and generally representative of the
global central government bond market.  The Barclays CTA Index reflects the
dollar-weighted performance of CTAs reporting to the Barclays Database.  These
indices are shown for illustrative purposes only and are not indicative of any
fund's performance. An investor cannot invest directly in an index. Moreover,
indices do not reflect commissions or fees which might be charged to a similar
fund and which might materially affect the performance data presented.

PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.

Managed Futures vs. Stocks During Draw-Downs

The following charts show the comparison between the performance of managed
futures and stocks during the five worst declines for each since 1980. These

                                    -SAI 10-
<page>
charts demonstrate the historical non-correlation between these two asset
classes over the stated time periods. The managed futures portion is
represented by the Barclays CTA Index and the stocks portion is represented by
the S&P 500 Index.

Managed Futures vs. Stocks During Stock Market Drawdowns.

(January, 1980* - October 2010)

Source: Stocks: S&P 500 Index,

Managed Futures: Barclays Trading Advisor Qualified Universe Index (MAR)

* Barclays data was not available prior to 1980.

This chart was prepared by the Fund.  See the glossary in Appendix I of this
Statement of Additional Information for information integral to this chart.
This chart reflects the managed futures industry as a whole and is not
indicative of the Fund in particular.  The S&P 500 index is unmanaged and is
generally representative of a certain portion of the U.S. equity markets. The
Barclays Trading Advisor Qualified Universe Index reflects the dollar-weighted
performance of CTAs reporting to the CASAM Barclays Database.  These indices
are shown for illustrative purposes only and are not indicative of any fund's
performance. An investor cannot invest directly in an index. Moreover, indices
do not reflect commissions or fees which might be charged to a similar fund
and which might materially affect the performance data presented.

PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.

The Futures, Forward, Option and Swap Markets

Futures Contracts

Futures contracts are standardized agreements traded on commodity exchanges
that call for the future delivery of the commodity or financial instrument at
a specified time and place. A futures trader that enters into a contract to
take delivery of the underlying commodity is "long" the contract, or has
"bought" the contract. A trader that is obligated to make delivery is "short"
the contract or has "sold" the contract. Actual delivery on the contract
rarely occurs. Futures traders usually offset (liquidate) their contract
obligations by entering into equal but offsetting futures positions. For
example, a trader who is long one September Treasury bond contract on the
Chicago Board of Trade can offset the obligation by entering into a short
position in a September Treasury bond contract on that exchange. Futures
positions that have not yet been liquidated are known as "open" contracts or
positions.

Futures contracts are traded on a wide variety of commodities, including
agricultural products, metals, energies, livestock products, government
securities, currencies and stock market indices. Options on futures contracts
are also traded on U.S. and foreign commodity exchanges. The Fund concentrates
its futures trading in financial instruments, such as interest rate, foreign
exchange and stock index contracts, and metal and energy contracts.

                                    -SAI 11-
<page>
Forward Contracts

Currencies and other commodities may be purchased or sold for future delivery
or cash settlement through banks or dealers pursuant to forward, option or
swap contracts. Currencies also can be traded pursuant to futures contracts on
organized futures exchanges; however, the Fund will use the dealer market in
foreign exchange contracts for most of the Fund's trading in currencies. Such
dealers will act as "principals" in these transactions and will include their
profit in the price quoted on the contracts. Unlike futures contracts, foreign
exchange contracts are not standardized. In addition, the forward market is
largely unregulated. Forward contracts are not "cleared" or guaranteed by a
third party.  There also is no daily settlement of unrealized gains or losses
on open foreign exchange contracts as there is with futures contracts on U.S.
exchanges.

Option Contracts

An option on a futures contract or on a physical commodity or currency gives
the buyer of the option the right to take a position of a specified amount at
a specified price in a specific underlying instrument (the "striking,"
"strike" or "exercise price"). The buyer of a "call" option acquires the right
to take a long position (i.e., the obligation to take delivery of a specified
amount at a specified price in a specific underlying instrument). The buyer of
a "put" option acquires the right to take a short position (i.e., the
obligation to make delivery of a specified amount at a specified price in a
specific underlying instrument).

The purchase price of an option is referred to as its "premium." The seller
(or "writer") of an option is obligated to take a position at a specified
price opposite to the option buyer if the option is exercised. Thus, the
seller of a call option must stand ready to sell (take a short position in)
the underlying instrument at the striking price if the buyer should exercise
the option. The seller of a put option, on the other hand, must stand ready to
buy (take a long position in) the underlying instrument at the striking price
if the buyer should exercise the option.

A call option is said to be "in the money" if the striking price is below
current market levels, and "out of the money" if the striking price is above
current market levels. Conversely, a put option is said to be "in the money"
if the striking price is above current market levels, and "out of the money"
if the striking price is below current market levels.

Options have limited lifespans. An option that is out of the money and not
offset by the time it expires becomes worthless. Options usually trade at a
premium above their intrinsic value (i.e., the difference between the market
price for the underlying instrument and the striking price), because the
option trader is speculating on (or hedging against) future movements in the
price of the underlying instrument. As an option nears its expiration date,
the market value and intrinsic value typically move into parity. The
difference between an option's intrinsic value and market value is referred to
as the "time value" of the option.

Swap Transactions

The Fund periodically enters into transactions in the forward or other markets
which could be characterized as swap transactions and which may involve
interest rates, currencies, securities interests, commodities and other items.
A swap transaction is an individually negotiated, non-standardized agreement
between two parties to exchange cash flows measured by different interest
rates, exchange rates, or prices, with payments calculated by reference to a
principal ("notional") amount or quantity. Transactions in these markets
present risks similar to those in the futures, forward and options markets:

(1)	the swap markets are generally not regulated by any United States or
foreign governmental authorities;

(2)	there are generally no limitations on daily price moves in swap
transactions;

(3)	speculative position limits are not applicable to swap transactions,
although the counterparties with which the Fund may deal may limit the size or
duration of positions available as a consequence of credit considerations;

(4)	participants in the swap markets are not required to make continuous
markets in swaps contracts; and

(5)	the swap markets are "principal markets," in which performance with
respect to a swap contract is the responsibility only of the counterparty with
which the trader has entered into a contract (or its guarantor, if any), and
not of any exchange or clearinghouse. As a result, the Fund will be subject to
the risk of the inability of or refusal to perform with respect to such
contracts on the part of the counterparties with which the Fund trades.

The CFTC has adopted Part 35 to its Rules which provides non-exclusive safe
harbor treatment from regulations under the Commodity Exchange Act as amended
for swap transactions which meet specified criteria, over which the CFTC will
not exercise its jurisdiction and regulate as futures or commodity option
transactions. In addition, on December 21, 2000, the Commodity Futures
Modernization Act of 2000 amended the Commodity Exchange Act so that it does
not apply to any agreement, contract, or transaction in a commodity, other
than an agricultural commodity (including swap transactions), if the

                                    -SAI 12-
<page>
agreement, contract, or transaction is entered into only between eligible
contract participants (which includes commodity pools meeting certain
capitalization requirements), is subject to individual negotiation by the
parties, and is not executed or traded on a trading facility. It is expected
that the Fund will engage only in swap transactions for which exemptive/safe
harbor relief is available to it under the CFTC policy statements or
regulations, or which are otherwise excluded from the CFTC's jurisdiction. If
the CTAs were restricted in its ability to trade in the swap markets, the
activities of the Fund, to the extent that its CTAs trade in such markets on
behalf of the Fund, might be materially affected.

Regulation

The U.S. futures markets are regulated under the Commodity Exchange Act, which
is administered by the CFTC, a Federal agency created in 1974. The CFTC
licenses and regulates commodity exchanges, commodity pool operators,
commodity trading advisors and clearing firms which are referred to in the
futures industry as "futures commission merchants." The Fund is licensed by
the CFTC as a commodity pool operator. Futures professionals are also
regulated by the NFA, a self-regulatory organization for the futures industry
that supervises the dealings between futures professionals and their
customers. If its pertinent CFTC licenses or NFA memberships were to lapse, be
suspended or be revoked, the Fund would be unable to act as the Fund's
commodity pool operator.

The CFTC has adopted disclosure, reporting and recordkeeping requirements for
commodity pool operators and disclosure and recordkeeping requirements for
commodity trading advisors. The reporting rules require pool operators to
furnish to the participants in their pools a monthly statement of account,
showing the pool's income or loss and change in net asset value, and an annual
financial report, audited by an independent certified public accountant.

The CFTC and the exchanges have pervasive powers over the futures markets,
including the emergency power to suspend trading and order trading for
liquidation of existing positions only. The exercise of such powers could
adversely affect the Fund's trading.

The CFTC does not regulate forward contracts. Federal and state banking
authorities also do not regulate forward trading or forward dealers. Trading
in foreign currency forward contracts may be less liquid and the Fund's
trading results may be adversely affected.

Margin

The Fund will use margin in its trading. In order to establish and maintain a
futures position, a trader must make a type of good-faith deposit with its
broker, known as "margin," of approximately 2%-10% of contract value. Minimum
margins are established for each futures contract by the exchange on which the
contract is traded. The exchanges alter their margin requirements from time to
time, sometimes significantly. For their protection, futures brokers may
require higher margins from their customers than the exchange minimums. Margin
also is deposited in connection with forward contracts, but is not required by
any applicable regulation.

There are two types of margin. "Initial" margin is the amount a trader is
required to deposit with its broker to open a futures position. The other type
of margin is "maintenance" margin. When the contract value of a trader's
futures position falls below a certain percentage, typically about 75%, of its
value when the trader established the position, the trader is required to
deposit additional margin in an amount equal to the loss in value.

Advantages of Managed Futures Fund Investments

Both the futures, forward, option and swap markets and funds investing in
those markets offer many structural advantages that make managed futures an
efficient way to participate in global markets.  The Fund believes that this
investment should be considered as a medium to long-term investment and should
not be purchased with the intent to redeem the investment within the first
three years.

Profit Potential

Futures and related contracts can easily be leveraged, which magnifies the
potential profit or loss.

Interest Credit

Unlike some other alternative investment funds, the Fund does not borrow money
in order to obtain leverage, so the Fund does not incur any interest expense.
Rather, the Fund's margin deposits are maintained in cash and cash
equivalents, such as U.S. Treasury bills.

                                    -SAI 13-
<page>
Global Diversification Within a Single Investment

Futures and related contracts can be traded in many countries, which makes it
possible to diversify risk around the world. This diversification is available
both geographically and across market sectors. For example, an investor can
trade interest rates, stock indices and currencies in several countries around
the world, as well as energy and metals. While the Fund itself trades across a
diverse selection of global markets, an investment in the Fund is not a
substitute for overall portfolio diversification.

Ability to Profit or Lose in a Rising or Falling Market Environment

The Fund can establish short positions and thereby profit from declining
markets as easily as it can establish long positions. This potential to make
or lose money, whether markets are rising or falling around the world, makes
managed futures particularly attractive to sophisticated investors. Of course,
if markets go higher while the Fund has a short position, the Fund will lose
money until the short position is exited and vice versa.

Professional Trading

Ashley Capital's approach includes the following elements:

- Disciplined Money Management.  The CTAs selected by Ashley Capital generally
allocate a portion of portfolio equity to any single market position. However,
no guarantee is provided that losses will be limited to these percentages.

- Balanced Risk.  The Fund's capital is allocated to as many as 40 markets 24
hours a day. Among the factors considered for determining the portfolio mix
are market volatility, liquidity and trending characteristics.

- Capital Management.  When proprietary risk/reward indicators reach
predetermined levels, the Fund may increase or decrease commitments in certain
markets in an attempt to reduce performance volatility.

- Multiple Systems.  While the Fund's approach is to find emerging trends and
follow them to conclusion, no one system is right all of the time. The CTAs
utilize a multi-system trading strategy on behalf of the Fund that divides
capital among different trading systems in an attempt to reduce performance
volatility and manage risk.

Convenience

Through the Fund, investors can participate in global markets and
opportunities without needing to master complex trading strategies and monitor
multiple international markets.

Liquidity

In most cases, the underlying markets have sufficient liquidity. Some markets
trade 24 hours a day when global markets are open. While there can be cases
where there may be no buyer or seller for a particular contract, the Fund
tries to select markets for investment based upon, among other things, their
perceived liquidity. However, unexpected market illiquidity has caused major
losses in recent years in such sectors as emerging markets and mortgage-backed
securities. There can be no assurance that the same will not happen to the
Fund at any time or from time to time.

Important Disclosures

Atlas Futures Fund, LP is a registered commodity pool and is not subject to
the same regulatory requirements

as a mutual fund, including mutual fund requirements to provide certain daily
standardized pricing and evaluation

information to investors. The following should be noted:

*	The Fund is a speculative investment and involves a high degree of risk.
An investor could lose all of his/her investment.

*	An investment in the Fund is not suitable for all investors.

*	The Fund may be leveraged and the Fund's performance can be volatile.

*	A substantial portion of the Fund's trades may be executed on foreign
exchanges, which could mean higher risk.

*	An investment in the Fund may be illiquid (monthly redemptions are
available subject to market disruption) and there are significant restrictions
on transferring interests in the Fund. There is no secondary market for an
investor's investment in the Fund and none is expected to develop.

*	The Fund's fees and expenses - which may be substantial regardless of
any positive return - are deducted from profits, and returns to clients will
be net of fees.

*	Diversification does not assure a profit or provide a guarantee against
loss in a declining market.

This summary is not a complete list of the risks and other important
disclosures involved in investing in the Fund and is subject to the more
complete disclosures contained in the Fund's Prospectus and other offering
documents, which should be reviewed carefully.

                                    -SAI 14-
<page>
General Partner:
Ashley Capital Management, Inc.
P.O. Box C
5914 North 300 West
Fremont, IN 46737
(260) 833-1306

THE OFFERING OF UNITS IN ATLAS FUTURES FUND, LP (THE "FUND") CAN ONLY BE MADE
IN CONJUNCTION WITH PART I OF THIS PROSPECTUS, WHICH CONTAINS IMPORTANT
INFORMATION REGARDING CERTAIN RISKS ASSOCIATED WITH THE FUND AND SHOULD BE
READ CAREFULLY AND RETAINED BY ANYONE CONSIDERING INVESTMENT IN THE FUND. THE
UNITS HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE SECURITIES AND EXCHANGE
COMMISSION NOR HAS THE SECURITIES EXCHANGE COMMISSION, THE COMMODITY FUTURES
TRADING COMMISSION, OR ANY STATE SECURITIES COMMISSION PASSED UPON THE
ACCURACY OR ADEQUACY OF THE OFFERING MEMORANDUM OR THIS BROCHURE. ANY
REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE. AN INVESTMENT IN THE
FUND IS SPECULATIVE AND INVOLVES A HIGH DEGREE OF RISK.

                                    -SAI 15-
<page>
                                  APPENDIX I

                        Commodity Terms and Definitions

Identification of the parties and knowledge of various terms and concepts
relating to trading in futures and forward contracts and this offering are
necessary for a potential investor to identify the risks of investment in the
Fund.

1256 Contract.  See Taxation - Section 1256 Contract.

Additional Sellers.  See definition of Selling Agent.

Associated Persons.  The persons registered pursuant to the Commodity Exchange
Act with the futures commission merchant, who are eligible to service the
partnership or the partnership accounts.

Average Price System.  The method approved by the Commodity Futures Trading
Commission to permit the commodity trading advisor to place positions sold or
purchased in a block to the numerous accounts managed by the advisor.  See The
Commodity Trading Advisor in the main body of the prospectus.

Best Efforts.  The term to describe that the party will try to accomplish a
result without any contractual obligation to achieve that result.

Broker.   See definitions of Futures Commission Merchant and Introducing
Broker.

Capital means cash invested in the partnership by any partner and placed at
risk for the business of the partnership.

Commodity Futures trading Commission.  Commodity Futures Trading Commission,
1155 21st St NW, Washington, D.C., 20036.  An independent regulatory
commission of the United States government empowered to regulate commodity
futures transactions and the registration of the general partner, futures
commission merchant, trading advisor and commodity exchanges pursuant to the
U.S. Commodity Exchange Act.

Commodity.  Goods, wares, merchandise, produce, currencies, and stock indices
and in general everything that is bought and sold in commerce.  Traded
commodities on U. S. Exchanges are sold according to uniform established grade
standards, in convenient predetermined lots and quantities such as bushels,
pounds or bales, are fungible and, with a few exceptions, are storable over
periods of time.

Commodity Broker.  See definitions of Futures Commission Merchant and
Introducing Broker.

Commodity Exchange Act.  The statute providing the regulatory scheme for
trading in commodity futures and options contracts and the commodity pool
operators, futures commission merchants, and trading advisors in the United
States under the administration of the Commodity Futures Trading Commission.

Commodity Pool Operator.  Ashley Capital Management, Inc., 5914 N. 300 West,
P. O. Box 760, Fremont, IN 46737, (260) 833-1306; and, Mr. Michael P. Pacult,
5914 N. 300 West, P.O. Box 760, Fremont, IN 46737.  A person who raises
capital through the sale of interests in an investment trust, partnership,
corporation, syndicate or similar form of enterprise, that uses that capital
to invest either entirely or partially in futures contracts.

Commodity Trading Advisor.  A person or entity which renders advice about
commodities or about the trading of commodities, as part of a regular
business, for profit.  Particularly, those who will be responsible for the
analysis and placement of trades for the partnership.

Daily Price Limit.  The maximum permitted movement in a single direction
(imposed by an exchange and approved by the CFTC) in the price of a commodity
futures contract for a given commodity that can occur on a commodity exchange
on a given day in relation to the previous day's settlement price, which is
subject to change, from time to time, by the exchange (with CFTC approval).

Depository Agent and Depository Account.  An account maintained by the
corporate general partner that will hold all the subscription documents and
proceeds until such time as either the subscription is accepted or rejected or
the offering is terminated.

                                       1
<page>
Exchange for Physicals.  A practice whereby positions in futures contracts may
be initiated or liquidated by first executing the transaction in the
appropriate cash market and then arbitraging the position into the futures
market (simultaneously buying the cash position and selling the futures
position, or vice versa).

Form K-1.  The section of the Federal Income Tax Return filed by the
partnership which identifies the amount of investment in the partnership, the
gains and losses for the tax year, and the amount of such gains and losses
reportable by a partner on the partner's tax return.

Fully-Committed Position.  Each commodity trading advisor has an objective
percentage of equity to be placed at risk.  In addition, the CFTC places
limits upon the number of positions a single commodity trading advisor may
have in commodities.  When either the objective percentage of equity is placed
at risk or the commodity trading advisor reaches the limit in number of
positions, the account or accounts have a fully-committed position.

Futures Commission Merchant.  The person that solicits or accepts orders for
the purchase or sale of any commodity for future delivery subject to the rules
of any contract market and in connection with such solicitation or acceptance
of orders, accepts money or other assets to margin, guarantee, or secure any
trades or contracts that result from such orders for a commission.  The
corporate general partner is responsible for the negotiation and payment of
the commission to the futures commission merchant.


Futures Contract.  A contract providing for (1) the delivery or receipt at a
future date of a specified amount and grade of a traded Commodity at a
specified price and delivery point, or (2) cash settlement of the change in
the value of the contract.  The terms of these contracts are standardized for
each commodity traded on each exchange and vary only with respect to price and
delivery months.  A futures contract should be distinguished from the actual
physical commodity, which is termed a cash commodity.  Trading in futures
contracts involves trading in contracts for future delivery of commodities and
not the buying and selling of particular physical lots of commodities.  A
contract to buy or sell may be satisfied either by making or taking delivery
of the commodity and payment or acceptance of the entire purchase price
therefore, or by offsetting the contractual obligation with a countervailing
contract on the same exchange prior to delivery.

General Partner.  Ashley Capital Management, Inc., 5914 N. 300 West, P. O. Box
760, Fremont, IN 46737, (260) 833-1306; and, Mr. Michael P. Pacult, 5914 N.
300 West, P.O. Box 760, Fremont, IN 46737.  The managers of the fund.

Gross Profits.  The income or loss from all sources, including interest income
and profit and loss from non-trading activities, if any.

Introducing Broker (IB).  An entity that may share the brokerage commissions
and is responsible for introducing trades to the futures commission merchant.
Futures Investment Company, 5914 N. 300 West, P. O. Box 760, Fremont, IN
46737, (260) 833-1306, is the affiliated introducing broker of the
partnership.

Limited Partner.  Persons admitted without management authority pursuant to
the partnership agreement.

Margin.  A good faith deposit with a broker to assure fulfillment of the terms
of a futures contract.

Margin Call.  A demand for additional monies to hold positions taken to
maintain a customer's account in compliance with the requirements of a
particular commodity exchange or of a futures commission merchant.

Minimum Offering/Maximum Offering.  The Minimum is the amount required to be
invested before trading will commence, and the Maximum is the amount the
general partner establishes as the amount which will terminate this offering.

National Futures Association (NFA).  The self regulatory organization that is
responsible for the legal and fair operation of commodity pool operators, such
as the general partner of the partnership, commodity trading advisors, such as
the trading advisor for the partnership, introducing brokers, such as the
introducing broker for the partnership, for futures commission merchants, such
as the clearing broker of the partnership, and such other matters within the
authority granted to it by the CFTC pursuant to the Commodity Exchange Act.

                                       2
<page>
Net Assets or Net Asset Value means the total assets, including all cash and
cash equivalents (valued at cost plus accrued interest and earned discount),
including investments in U.S. Treasuries, cash management funds that invest in
only U.S. Treasuries, and foreign treasuries held with the respective issuing
department of treasury, including investments in U.S. Treasuries and in cash
management funds that invest in only U.S. Treasuries, less total liabilities,
of the partnership (each determined on the basis of generally accepted
accounting principles, consistently applied under the accrual method of
accounting or as required by applicable laws, regulations and rules including
those of any authorized self regulatory organization).  See Exhibit A, The
Limited Partnership Agreement, 1.2(e).

Net Unit Value.  The net assets of the partnership divided by the total number
of units of partnership interests outstanding.

Net Gains.  The net profit from all sources.

New Net Profit.  The amount of income earned from trading, less the trading
losses and brokerage commissions and fees paid to clear the trades which are
incurred or accrued during the then current accounting period.  See Charges to
the Partnership.

Net Worth.  The excess of total assets over total liabilities as determined by
generally accepted accounting principles.  Net worth for a prospective
investor shall be exclusive of home, home furnishings and automobiles.

Offering and Organizational Expenses.  The partnership has paid the offering
and organizational expenses from the gross proceeds of the offering at the
time of the sale of the minimum and the subsequent initial closing.  North
American Securities Administrator Association Guidelines for Commodity Pools
define offering and organizational expenses to include selling commissions and
redemption fees as well; and, for purposes of limitation, these expenses
cannot exceed 15% of capital raised pursuant to the offering.

Option Contract.  An option contract gives the purchaser the right (as opposed
to the obligation) to acquire (call) or sell (put) a given quantity of a
commodity or a futures contract for a specified period of time at a specified
price to the seller of the option contract.  The seller has unlimited risk of
loss while the loss to a buyer of an option is limited to the amount paid
(premium) for the option.

Partners.  The general partners and all limited partners in the partnership.

Partnership or Limited Partnership or Commodity Pool or Pool or Fund.  The
Atlas Futures Fund, Limited Partnership, evidenced by Exhibit A to this
Prospectus, 505 Brookfield Drive, Dover, DE 19901, (800) 331-1532.

Position Limits.  The Commodity Futures Trading Commission has established
maximum positions which can be taken in some, but not in all commodity
markets, to prevent the corner or control of the price or supply of those
commodities.  These maximum number of positions are called position limits.

Principal.  Mr. Michael P. Pacult, one of the general partners and the
principal of the corporate general partner.

Round-turn Trade.  The initial purchase or sale of a futures or forward
contract and the subsequent offsetting sale or purchase of such contract.

Redemption.  The right of a partner to tender its or his or her partnership
interests to the partnership for surrender at the net unit value.  See the
Limited Partnership Agreement attached as Exhibit A.

Selling Agent.  Futures Investment Company, 5914 N. 300 West, Fremont, IN
46737, which is to offer the partnership interests for sale on a best efforts
basis.  See Plan of Distribution.

Selling Commissions.   A commission paid from the subscription amount for
selling the partnership interests.  There is a 1% up front selling commission
on gross subscription amounts in this offering.

                                       3
<page>
Scale in Positions.  The commodity trading advisor selected by the general
partner presently has a large amount of equity under management.  In some
situations, the positions desired to be taken on behalf of the partnership and
other accounts under management will be too large to be executed at one time.
The trading advisor intends to take positions at different prices, at
different times and allocate those positions on a ratable basis in accordance
with rules established by the Commodity Futures Trading Commission.  This
procedure is defined as to scale in positions.  The same definition and rules
apply when the trading advisor elects to exit a position.

Taxation - Section 1256 Contract is defined to mean:  (1) any regulated
futures contract (RFC); (2) any foreign currency contract; (3) any non-equity
option; and (4) any dealer equity option.  The term RFC means a futures
contract whether it is traded on or subject to the rules of a national
securities exchange which is registered with the Securities and Exchange
Commission, a domestic board of trade designated as a contract market by the
Commodity Futures Trading Commission or any other board of trade, exchange or
other market designated by the Secretary of Treasury (a qualified board of
exchange) and which is marked-to-market to determine the amount of margin
which must be deposited or may be withdrawn.  A "foreign currency contract" is
a contract which requires delivery of, or the settlement of, which depends
upon the value of foreign currency which is currency in which positions are
also entered at arm's length at a price determined by reference to the price
in the interbank market. (The Secretary of Treasury is authorized to issue
regulations excluding certain currency forward contracts from marked-to-market
treatment.) A non-equity option means an option which is treated on a
qualified board or exchange and the value of which is not determined directly
or indirectly by reference to any stock (or group of stocks) or stock index
unless there is in effect a designation by the Commodity Futures Trading
Commission of a contract market for a contract bond or such group of stocks or
stock index.  A dealer equity option means, with respect to an options dealer,
only a listed option which is an equity option, is purchased or granted by
such options dealer in the normal course of his activity of dealing in
options, and is listed on the qualified board or exchange on which such
options dealer is registered.  See Federal Income Tax Aspects.

Trading Advisor.  See Commodity Trading Advisor.

Taking Positions Ahead of the Partnership.  The allocation of trades by other
than legally accepted methods by the commodity trading advisor or other trader
which favors parties who took the position unfairly.

Trading Matrix.  The dollar value used by a commodity trading advisor to
define the number of positions to be taken by the accounts under management.
Some commodity trading advisors have different trading matrices for different
sized accounts.  For example, they may trade all accounts over one million in
size differently than accounts under one million.

Unit.  The term used to describe the Net Asset Value of general and limited
partner interests of the partnership.

Unrealized Profit or Loss.  The profit or loss which would be realized on an
open position if it were closed at the current settlement price or the most
recent appropriate quotation as supplied by the broker or bank through which
the transaction is effected.

Underwriter.  This term is not applicable to this offering.  All sales of
partnership interests will be on a best efforts basis.  The price of the units
will not be guaranteed, supported or underwritten in any way.  See Selling
Agent.

                                       4
<page>
                           State Regulatory Glossary

The following definitions are supplied by the state securities administrators
responsible for the review of public futures fund (commodity pool) offerings
made to residents of their respective states.  They belong to the North
American Securities Administrators Association, Inc. which publishes
"Guidelines for the Registration of Commodity Pool Programs", such as the
Fund, which contain these definitions.  The following definitions are
published from the Guidelines, however, the general partner has made additions
to, but no deletions from, some of these definitions to make them more
relevant to an investment in the Fund.

Administrator-The official or agency administering the security laws of a
state.  This will usually be the State of residence of the Fund or the
domicile of the broker or brokerage firm which makes the offer or the
residence of the potential investor.

Advisor-Any person who, for any consideration, engages in the business of
advising others, either directly or indirectly, as to the value, purchase, or
sale of commodity contracts or commodity options.  This definition applies to
the commodity trading advisor and, when it provides such advice, to the
general partner.

Affiliate-An Affiliate of a Person means: (a) any Person directly or
indirectly owning, controlling or holding with power to vote 10% or more of
the outstanding voting securities of such Person; (b) any Person 10% or more
of whose outstanding voting securities are directly or indirectly owned,
controlled or held with power to vote, by such Person; (c) any Person,
directly or indirectly, controlling, controlled by, or under common control of
such Person; (d) any officer, director or partner of such Person; or (e) if
such Person is an officer, director or partner, any Person for which such
Person acts in any such capacity.  See "Conflicts".

Capital Contributions-The total investment in a Program by a Participant or by
all Participants, as the case may be.  The purchase price, less sales
commissions, for the partnership interests.

Commodity Broker-Any Person who engages in the business of effecting
transactions in commodity contracts for the account of others or for his own
account.  See Futures Commission Merchant and Introducing Broker.

Commodity Contract-A contract or option thereon providing for the delivery or
receipt at a future date of a specified amount and grade of a traded commodity
at a specified price and delivery point.

Cross Reference Sheet-A compilation of the Guideline sections, referenced to
the page of the prospectus, Program agreement, or other exhibits, and
justification of any deviation from the Guidelines.  This sheet is used by the
State Administrator to review this prospectus.

Net Assets-The total assets, less total liabilities, of the Program determined
on the basis of generally accepted accounting principles.  Net Assets shall
include any unrealized profits or losses on open positions, and any fee or
expense including Net Asset fees accruing to the Program.

Net Asset Value Per Program Interest-The Net Assets divided by the number of
Program Interests outstanding.

Net Worth-The excess of total assets over total liabilities are determined by
generally accepted accounting principles.  Net Worth shall be determined
exclusive of home, home furnishings and automobiles.

New Trading Profits-The excess, if any, of Net Assets at the end of the period
over Net Assets at the end of the highest previous period or Net Assets at the
date trading commences, whichever is higher, and as further adjusted to
eliminate the effect on Net Assets resulting from new Capital Contributions,
redemptions, or capital distributions, if any, made during the period
decreased by interest or other income, not directly related to trading
activity, earned on Program assets during the period, whether the assets are
held separately or in a margin account.  See New Net Profit.

Organizational and Offering Expenses-All expenses incurred by the Program in
connection with and in preparing a Program for registration and subsequently
offering and distributing it to the public, including, but not limited to,
total underwriting and brokerage discounts and commissions (including fees of
the underwriter's attorneys), expenses for printing, engraving, mailing,
salaries of employees while engaged in sales activity, charges of transfer
agents, registrars, trustees, escrow holders, depositories, experts, expenses
of qualification of the sale of its Program Interest under Federal and state
law, including taxes and fees, accountants' and attorneys' fees.

                                       5
<page>
Participant-The holder of a Program Interest.  A Partner in the Fund.

Person-Any natural Person, partnership, corporation, association or other
legal entity.

Pit Brokerage Fee-Pit Brokerage Fee shall include floor brokerage, clearing
fees, National Futures Association fees, and exchange fees.  These fees will
be paid by the corporate general partner from the fixed commissions.

Program-A limited partnership, joint venture, corporation, trust or other
entity formed and operated for the purpose of investing in Commodity
Contracts.  The Fund.

Program Broker-A Commodity Broker that effects trades in Commodity Contracts
for the account of a Program.  See the Futures Commission Merchant and
Introducing Broker.

Program Interest-A limited partnership interest or other security representing
ownership in a program.  The units in the Fund.  See Exhibit A, the Limited
Partnership Agreement.

Pyramiding-A method of using all or a part of an unrealized profit in a
Commodity Contract position to provide margin for any additional Commodity
Contracts of the same or related commodities.

Sponsor-Any Person directly or indirectly instrumental in organizing a Program
or any Person who will manage or participate in the management of a Program,
including a Commodity Broker who pays any portion of the Organizational
Expenses of the Program, and the general partner(s) and any other Person who
regularly performs or selects the Persons who perform services for the
Program.  Sponsor does not include wholly independent third parties such as
attorneys, accountants, and underwriters whose only compensation is for
professional services rendered in connection with the offering of the
partnership interests.  The term Sponsor shall be deemed to include its
Affiliates.  The general partner is a sponsor of this partnership.

Valuation Date-The date as of which the Net Assets of the Program are
determined.  For the Fund, this will be after the close of business on the
last business day of each month.

Valuation Period-A regular period of time between Valuation Dates.  For the
Fund, this will be the close of business for each calendar month and each
calendar year.

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                                       6
<page>
                                  APPENDIX II

                               PRIVACY STATEMENT

                            ATLAS FUTURES FUND, LP
                             505 Brookfield Drive
                                Dover, DE 19901
                          Telephone:  (800) 331-1532

Atlas Futures Fund, LP is committed to safeguarding the confidential
information of its partners.  We hold all personal information provided to us
in the strictest confidence. These records include all personal information
that we collect from you.  We have never disclosed information to
nonaffiliated third parties, except as directed by you or required by law, and
we do not anticipate any change in these procedures in the future.  If we were
to change this disclosure policy, we would not take such action without your
permission.

A full statement of our privacy policy with respect to personal information
about you is as follows:

*	We limit employee and independent contractor representatives of ours
access to information in your file to only to those persons who have a
business or professional reason for knowing.

*	We limit the delivery of your information to only those nonaffiliated
parties who directly service your account such as trustees and clearing
brokers, or as directed by you or as required by law.  As examples, Federal
regulations permit us to share a limited amount of information about you with
a clearing brokerage firm in order to execute securities transactions on your
behalf and we have implied permission from you to discuss your financial
situation with your accountant or other professional.

*	We use our best efforts to maintain a secure office and computer
environment to ensure that your information is not placed at unreasonable
risk.

*	The categories of nonpublic personal information that we collect from a
prospect, partner, client and independent third parties depend upon the scope
of the client engagement. It will include information about your personal
finances, information about your health to the extent that it is needed for
the planning process, information about transactions between you and third
parties, and information from consumer reporting agencies.

*	For unaffiliated third parties that require access to your personal
information, including financial service companies, consultants, and auditors,
we also require strict confidentiality in our agreements with them and expect
them to keep this information private. Federal and state regulators also may
review firm records as permitted under law.

*	Personally identifiable information about you will be maintained during
the time you are a partner or client, and for the required time thereafter
that such records are required to be maintained by Federal and state
securities laws. After this required period of record retention, all such
information is expected to be destroyed.

         [The balance of this page has been intentionally left blank.]


<page>
              EXHIBIT A TO ATLAS FUTURES FUND DISCLOSURE DOCUMENT

                      AGREEMENT OF LIMITED PARTNERSHIP OF

                    ATLAS FUTURES FUND, LIMITED PARTNERSHIP

THIS LIMITED PARTNERSHIP AGREEMENT, (the "Agreement") dated the 23rd of
December, 2003, is to amend and restate in full that certain partnership
agreement entered on the 1st day of February, 1998, that formed Atlas Futures
Fund, Limited Partnership (hereinafter called either the "Partnership" or the
"Fund") and was previously amended and restated in full on the 15th day of
May, 1999 as follows:

                                  WITNESSETH:

IN CONSIDERATION of good and valuable consideration, the receipt of which is
hereby acknowledged, Ashley Capital Management, Incorporated, ("Ashley") the
Corporate General Partner, Michael P. Pacult, the Other General Partner, and
Ashley as agent for the Limited Partners, pursuant to the authority granted to
the General Partner by this Agreement at formation and the powers of attorney
granted by the Limited Partners to Ashley at the time of their admission to
the Partnership, hereby adopt this Amended and Fully Restated Limited
Partnership Agreement to govern and control the operation of the Partnership
pursuant and subject to the Delaware Uniform Limited Partnership Act (the
"Act").

The resignation of Shira Del Pacult ("Ms. Pacult") pursuant to her prior 120
day notice to the Partners given on August 20, 2003, became effective on the
date of this Agreement.  Ms. Pacult is no longer a General Partner of the
Fund.  Ashley and Michael P. Pacult continue to serve as the General Partners
of the Fund and from this date forward the term General Partner shall refer to
both Ashley and Mr. Pacult.

                                   ARTICLE I

                   Definitions and Risk Disclosure Statement

Certain terms used in this Agreement shall have the special meaning designated
below:

1.1	The term AFFILIATE means (1) any person controlled by or under common
control with another person, (2) a person owning or controlling 10% or more of
the outstanding voting securities of such other person, (3) any officer or
director of such other person, and (4) if such other person is an officer or
director, any other company for which such person acts as an officer or
director.

1.2	When referring to the capital of the Partnership:

(a)	the term CAPITAL shall mean cash invested in the Partnership by any
Partner and placed at risk for the business of the Partnership;

(b)	the term CAPITAL CONTRIBUTION shall mean, with respect to any Partner,
the sum of all Capital contributed to the Partnership pursuant to Article I;

(c)	the term CAPITAL SUBSCRIPTION shall mean the amount set forth opposite
the name of such Partner in the schedule of Partners, which amount shall be
the purchase price, less sales commissions, if any, to be paid or paid by such
Partner for the Unit or Units in the Partnership purchased by such Partner;

(d)	the term INITIAL CAPITAL shall mean the sum of all Capital Subscriptions
received by the General Partner prior to commencement of trading;

(e)	the term NET ASSETS OR NET ASSET VALUE means the total assets, including
all cash and cash equivalents (valued at cost plus accrued interest and earned
discount), less total liabilities, of the Partnership (each determined on the
basis of generally accepted accounting principles, consistently applied under
the accrual method of accounting or as required by applicable laws,
regulations and rules including those of any authorized self regulatory
organization), specifically:

                                       1
<page>
(i)	Net Asset Value includes any unrealized profit or loss on open security
and commodity positions subject to reserves for loss established, from time to
time, by the General Partner;

(ii)	All open stock, option, and commodity positions are calculated on the
then current market value, which shall be based upon the settlement price for
that particular position on the date with respect to which Net Asset Value is
being determined; provided, however, that if a position could not be
liquidated on such day due to the operation of the daily limits or other rules
of the exchange upon which that position is traded or otherwise, the
settlement price on the first subsequent day on which the position could be
liquidated shall be the basis for determining the market value of such
position for such day.  As used herein, "settlement price" includes, but is
not limited to:  (1) in the case of a futures contract, the settlement price
on the commodity exchange on which such futures contract is traded; and (2) in
the case of a foreign currency forward contract which is not traded on a
commodity exchange, the average between the lowest offered price and the
highest bid price, at the close of business on the day Net Asset Value is
being determined, established by the bank or broker through which such forward
contract was acquired or is then currently traded;

(iii)	Brokerage commissions to close security and commodity positions, if
charged on a round-turn basis, are accrued in full at the time the position is
initiated (i.e., on a round-turn basis) as a liability of the Partnership;

(iv)	Interest earned on all Partnership accounts is accrued at least monthly;

(v)	The amount of any distribution made by the Partnership is a liability of
the Partnership from the day when the distribution is declared by the General
Partner or as provided in this Agreement and the amount of any redemption is a
liability of the Partnership as of the Valuation Date; and

(vi)	Syndication Costs incurred in organizing and all present and future
costs to increase or maintain the qualification of the Units available for
sale and the cost to present the initial and future offering of Units for sale
shall be capitalized when incurred and amortized and paid from Capital or
Monthly Profit as required by applicable law.

(f)	The term VALUATION DATE means the date as of which the Net Assets of the
Partnership are determined, which will be after the close of business on the
last business day of each month.

(g)	the term PROFIT (LOSS) ATTRIBUTABLE TO UNITS means the product of A) the
number of Units divided into B) an amount equal to the Net Profit (Loss)
determined as follows: (1) the net of profits and losses realized on all
trades closed out, plus (2) the net of any unrealized profits and losses an
open positions as of the end of the period, less (3) the net of any unrealized
profits and losses on open positions as of the end of the preceding period,
minus, (4) the Expenses attributable to Units.  Profit (Loss) shall include
interest earned on Partnership assets, realized and unrealized capital gains
or losses on U.S. Treasury bills, and other securities;

(h)	the term MANAGEMENT FEE shall mean up to six percent (6%) annually of
the Net Assets of the Partnership computed on the close of business on the
last day of each month and payable to the General Partner or independent
Commodity Trading Advisor, or both, without regard to the income or loss of
the Partnership for that period; presently, the General Partners and the CTA
receive no Management Fee;

(i)	the term INCENTIVE FEE means a percentage of the profits accrued and
paid to the General Partner, or its Affiliates, of up to fifteen percent (15%)
annually of New Net Profit earned from inception of trading, through the date
of the computation, based upon total Capital of the Partnership. The General
Partner has reserved the right to both reduce the Incentive Fee below fifteen
percent (15%) and increase the Incentive Fee to a maximum of twenty-seven
percent (27%), provided that in such case the Management Fee is
correspondingly lowered to 0%; presently, the Incentive Fee paid to the CTA is
twenty five percent (25%);

                                       2
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 (j)	the term GROSS PROFIT OR LOSS means the income or loss from all sources,
including interest income and profit and loss from non-trading activities, if
any.

(k)	the term NEW NET PROFIT OR LOSS means the amount of income earned from
trading, less the trading losses and brokerage commissions and fees paid to
clear the trades which are incurred or accrued during the then current
accounting period; and,

(l)	the term NET GAINS means net profit from all sources.

(m)	the term UNIT shall mean a partnership interest in the Partnership
requiring a Capital Contribution of the Net Asset Value of the initial Unit,
as adjusted to reflect increases and decreases caused by receipt, accrual, and
payment of profit, Expenses, losses, bonuses, and fees, less a sales
commission, from time to time.

1.3	When referring to costs and expenses of the Partnership to be allocated
and charged pursuant to this Agreement:

(a)	the term EXPENSES shall mean costs allocated, incurred, paid, accrued,
or reserved, including the fixed commissions payable to the Corporate General
Partner of eleven percent (11%) of the total equity placed under management
with the Commodity Trading Advisor, which are, in the opinion of the General
Partner, required, necessary or desirable to establish, manage, continue and
promote the business of the Partnership including, but not limited to, all
deferred organization costs, brokerage commissions, and all management and
incentive fees payable to the General Partner or to independent investment and
Commodity Trading Advisor by the Partnership as negotiated and determined by
the General Partner on behalf of the Partnership on a basis consistently
applied in accordance with generally accepted accounting principals under the
accrual method of accounting or as required by applicable laws, regulations
and rules including those of any authorized self regulatory organization with
proper jurisdiction over the business of the Partnership; provided, however,
Expenses shall not include salaries, rent, travel, expenses and other items of
General Partner overhead and, provided, further, management fees, advisory
fees and all other fees, except for incentive fees and commodity brokerage
commissions;

(b)	the term NET UNIT VALUE shall mean the Net Asset Value divided, from
time to time, by the total number of Units outstanding;

(c)	the term OFFERING PERIOD means the period of time established by the
General Partner after the Partnership begins to offer to sell Units at the Net
Unit Value ; and,

(d)	the term SYNDICATION COSTS shall mean the promotion and syndication
costs of the Partnership and the costs of the offering of Units, and to
establish the initial business relationships on behalf of the Partnership,
including all legal and printing costs to prepare the Disclosure Documents,
registrations and filing fees, contract negotiation, and travel incurred which
are deemed necessary or desirable by the General Partner to form the
Partnership, be ready to engage in business, and to sell the Units.


1.4	The terms DISCLOSURE DOCUMENT, MEMORANDUM, OFFERING CIRCULAR, PROSPECTUS
and REGISTRATION STATEMENT shall mean the document or documents, together with
the exhibits and any subsequent continuations thereof, which describes this
Partnership to persons selected by the General Partner including, but not
limited to, potential purchasers of Units, or the Partners or to any
government or self regulatory agency or to persons selected by the General
Partner to participate in the affairs or provide services to the Partnership.

1.5	When referring to this Agreement and the Partners of the Partnership:

(a)	the term ACT shall refer to the partnership act of Delaware.

(b)	the term AGREEMENT refers to this Partnership agreement;

(c)	the term GENERAL PARTNER shall refer to both Ashley Capital Management,
Incorporated, 5914 N. 300 West, P.O. Box 760, Fremont, IN 46737 (260) 833-1306
("Ashley") and Michael P. Pacult, 5914 N. 300 West, P.O. Box 760, Fremont, IN
46737 (260) 833-1306 ("Mr. Pacult") collectively or singularly, as the context
requires;

(d)	the term LIMITED PARTNER shall refer to any party listed on the Schedule
of Limited Partners attached to this Agreement as Attachment I, as amended,
from time to time, pursuant to Article VI hereof;

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 (e)	the term MAJORITY IN INTEREST shall refer to that number of Partners who
collectively hold over 50% of all of the outstanding Units held by all
Partners in the Partnership; provided, however, the Units held by the General
Partner cannot be considered to determine a MAJORITY IN INTEREST or otherwise
vote or consent regarding the question of removal of the General Partner or
other matters specifically expressed in Article V, Section 5.3.  In addition,
see the rights and duties of the General Partner in Article IV and of the
Limited Partners in Articles V;

(f)	the term OTHER GENERAL PARTNER refers to any General Partner other than
Ashley Capital Management, Incorporated; and

(g)	the term PARTNERS refers to the General Partner, any Other General
Partner, and the Limited Partners, collectively.

1.6	RISK DISCLOSURE STATEMENT.

YOU SHOULD CAREFULLY CONSIDER WHETHER YOUR FINANCIAL CONDITION PERMITS YOU TO
PARTICIPATE IN A COMMODITY POOL.  IN SO DOING, YOU SHOULD BE AWARE THAT
FUTURES AND OPTIONS TRADING CAN QUICKLY LEAD TO LARGE LOSSES AS WELL AS GAINS.
SUCH TRADING LOSSES CAN SHARPLY REDUCE THE NET ASSET VALUE OF THE POOL AND
CONSEQUENTLY THE VALUE OF YOUR INTEREST IN THE POOL.  IN ADDITION,
RESTRICTIONS ON REDEMPTIONS MAY AFFECT YOUR ABILITY TO WITHDRAW YOUR
PARTICIPATION IN THE POOL.

FURTHER, COMMODITY POOLS MAY BE SUBJECT TO SUBSTANTIAL CHARGES FOR MANAGEMENT,
AND ADVISORY AND BROKERAGE FEES.  IT MAY BE NECESSARY FOR THOSE POOLS THAT ARE
SUBJECT TO THESE CHARGES TO MAKE SUBSTANTIAL TRADING PROFITS TO AVOID
DEPLETION OR EXHAUSTION OF THEIR ASSETS.  THIS DISCLOSURE DOCUMENT CONTAINS A
COMPLETE DESCRIPTION OF EACH EXPENSE TO BE CHARGED THIS POOL AT PAGES 2 AND 3
AND A STATEMENT OF THE PERCENTAGE RETURN NECESSARY TO BREAK EVEN, THAT IS, TO
RECOVER THE AMOUNT OF YOUR INITIAL INVESTMENT, AT PAGE 13.

THIS BRIEF STATEMENT CANNOT DISCLOSE ALL THE RISKS AND OTHER FACTORS NECESSARY
TO EVALUATE YOUR PARTICIPATION IN THIS COMMODITY POOL.  THEREFORE, BEFORE YOU
DECIDE TO PARTICIPATE IN THIS COMMODITY POOL, YOU SHOULD CAREFULLY STUDY THIS
DISCLOSURE DOCUMENT, INCLUDING A DESCRIPTION OF THE PRINCIPAL RISK FACTORS OF
THIS INVESTMENT, AT PAGE 2 AND PAGES 5 TO 9.

YOU SHOULD ALSO BE AWARE THAT THIS COMMODITY POOL MAY TRADE FOREIGN FUTURES OR
OPTIONS CONTRACTS.  TRANSACTIONS ON MARKETS LOCATED OUTSIDE THE UNITED STATES,
INCLUDING MARKETS FORMALLY LINKED TO A UNITED STATES MARKET, MAY BE SUBJECT TO
REGULATIONS WHICH OFFER DIFFERENT OR DIMINISHED PROTECTION TO THE POOL AND ITS
PARTICIPANTS.  FURTHER, UNITED STATES REGULATORY AUTHORITIES MAY BE UNABLE TO
COMPEL THE ENFORCEMENT OF THE RULES OF REGULATORY AUTHORITIES OR MARKETS IN
NON-UNITED STATES JURISDICTIONS WHERE TRANSACTIONS FOR THE POOL MAY BE
EFFECTED.

                                  ARTICLE II

                     Partnership Organization and Purpose

2.1	PARTNERSHIP NAME AND LOCATION OF BOOKS AND RECORDS.  The name of the
Partnership, as filed with the state of Delaware, shall be Atlas Futures Fund,
Limited Partnership.  The address where the books and records of the
Partnership will be maintained for inspection by the Partners is at the
offices of the Corporate General Partner, 5914 N. 300 West, Fremont, IN 46737
or such other address as the General Partner shall, from time to time,
determine.

2.2	PARTNERSHIP AFFILIATES.

(a)	POOL OPERATOR NAME AND PRINCIPALS.  The General Partner shall serve as
the commodity pool operator for the Partnership.  In addition to being one of
the general partners, Michael P. Pacult is the sole principal, shareholder,
director and officer of Ashley Capital Management, Inc., the other general
partner, and is solely responsible for the business decisions of the
Partnership, including, but not limited to, selection of the Commodity Trading
Advisors (the "CTAs").  The signature of either Mr. Pacult or Ashley may bind
the Partnership.  Ashley and Mr. Pacult are registered commodity pool
operators with the Federal Commodity Futures Trading Association pursuant to
the Commodity Exchange Act and members of the futures self regulatory
organization, the National Futures Association.

                                       4
<page>
THE REGULATIONS OF THE FEDERAL COMMODITY FUTURES TRADING COMMISSION AND THE
NATIONAL FUTURES ASSOCIATION PROHIBIT ANY REPRESENTATION BY A PERSON
REGISTERED WITH THE CFTC OR BY ANY MEMBER OF THE NFA, RESPECTIVELY, THAT SUCH
REGISTRATION OR MEMBERSHIP IN ANY RESPECT INDICATES THAT THE CFTC OR THE NFA,
AS THE CASE MAY BE, HAS APPROVED OR ENDORSED SUCH PERSON OR SUCH PERSON'S
TRADING PROGRAMS OR OBJECTIVES.  THE REGISTRATIONS AND MEMBERSHIPS DESCRIBED
IN THIS PARTNERSHIP AGREEMENT MUST NOT BE CONSIDERED AS CONSTITUTING ANY SUCH
APPROVAL OR ENDORSEMENT.  LIKEWISE, NO COMMODITY EXCHANGE HAS GIVEN OR WILL
GIVE ANY SUCH APPROVAL OR ENDORSEMENT.

(b)	COMMODITY TRADING ADVISOR NAMES AND PRINCIPALS.  The General Partner
selects and assigns partnership equity to one or more independent CTAs to
trade on behalf of the partnership.  The CTA will have no ownership in the
Partnership and its compensation is described in 4.6(f).  The CTA will enter
trades on behalf of the Partnership directly with the FCM without the prior
knowledge or approval of the General Partner of the methods used by the CTA to
select the trades, the number of contracts, or the margin required.  From 20%
to 40% of the Net Asset Value on deposit with the FCM is expected to be
committed to margin to hold positions taken by the CTA for the account of the
Partnership.

(c)	COMMODITY POOL OPERATOR AND FUTURES COMMISSION MERCHANT NAMES AND
PRINCIPALS.  Ashley Capital Management, Inc. 5914 N. 300 West, P.O. Box 760,
Fremont, IN 46737 (260) 833-1306 will serve as the Commodity Pool Operator
("CPO") of the Partnership and will be paid a fixed amount for brokerage
commissions of eleven percent (11%) per year, payable monthly by the
Partnership, for introducing domestic trades through MF Global Inc., the
futures commission merchant (the "FCM").  The Partnership will pay actual
commissions charged by the FCM for trades made on foreign exchanges or forward
markets, if any.  The CPO will pay the round-turn brokerage commissions, pit
brokerage and other clearing expenses to the FCM, which will act in the normal
capacity as a futures commission merchant and will hold the equity assigned by
the General Partner for trading and will clear the trades entered by the CTA
pursuant to the power of attorney granted by the General Partner to the CTA to
trade on behalf of the Partnership.  The General Partner has the right
pursuant to this Agreement to change the FCM at their sole discretion subject
only to notices of such change to the Partners as are required by law.

2.3	MATERIAL ADMINISTRATIVE AND/OR CIVIL ACTIONS. There have been no
material administrative, civil or criminal actions against Ashley or Mr.
Pacult (who are the general partners and Commodity Pool Operators), the
Commodity Trading Advisor or any principal or any Affiliate of any of them,
pending, on appeal, or concluded, threatened or otherwise known to them,
within the five (5) years preceding the date of this Partnership Agreement.
There have been such actions against the Futures Commission Merchant that are
fully disclosed in the Prospectus but, in the opinion of the General Partner
and the FCM, are not material to the fulfillment of the clearing duties the
FCM will perform for the Partnership.

2.4	CHARACTER OF THE BUSINESS.  The Partnership's business purpose is to
increase Capital through the speculative and hedge trading of futures and
options on futures.  The General Partner is authorized to do any and all
things on behalf of the Partnership incident thereto or connected therewith
including, but not limited to:

(a)	trade, buy, sell or otherwise acquire, hold or dispose of all forms of
investments (including tangibles and intangibles, foreign currencies,
mortgage-backed securities, money market instruments, stock and futures
options, and any other securities or items which are now, or may hereafter be,
the subject of barter or stock or futures trading), commodity futures, and
forward contracts and any rights pertaining thereto.  The Partnership shall
carry on the foregoing activities through the exercise of judgment by its
General Partner and/or the Investment and/or Commodity Trading Advisors and
consultants and brokers selected by the General Partner.  The General Partner
may serve as an investment or trading advisor to the Partnership for
management fees, incentive fee, reimbursement of costs and other remuneration
at the same rates charged either by independent third parties for similar
services to other partnerships or by the General Partner to others for the
same service.

                                       5
<page>
 (b)	invest and trade, on margin or otherwise, in capital stocks, bonds,
debentures, trust receipts and other obligations, instruments or evidences of
indebtedness, gold, silver, cattle, corn, wheat, soybeans, or any other asset
for which a trading market is maintained or otherwise paid for by cash or
otherwise including, but not limited to, the right to sell short and to cover
such short sales.

(c)	possess, sell, exchange, discount, transfer, mortgage, pledge, deal in,
maintain multiple accounts for, and to exercise all rights, powers, privileges
and other rights, incidental to ownership of the assets held by the
Partnership.

(d)	borrow or raise monies and, from time to time without limit as to
amount, to issue, accept, endorse and execute promissory notes, draft bills of
exchange, warrants, bonds, debentures and other negotiable or non-negotiable
instruments and evidences of indebtedness, and to secure the payment of any
thereof and the interest thereon by mortgage or pledge, conveyance or
assignment in trust of the whole or any part of the property of the
Partnership, whether at the time owned or thereafter acquired, and to sell,
pledge of otherwise dispose of such instruments issued by the Partnership for
its purposes; form and own one or more corporations to engage in such
businesses as the General Partner shall deem advisable.

(e)	lend any of its properties or funds, either with or without security in
furtherance of the objects and purposes of the Partnership as the General
Partner shall deem advisable and consent.

(f)	rent or own and maintain one or more offices staffed as the General
Partner shall determine and to do such other acts attendant thereto as may be
necessary or desirable.

(g)	waive the sales commission to acquire investment Capital as the General
Partner, in its sole discretion, may determine.

(h)	enter, make and perform all contracts, surety and guarantees as may be
necessary or advisable or incidental to the carrying out of the foregoing
objects and purposes.

2.5	ADDRESS OF PARTNERS.  The General Partner's address is listed in
paragraph 2.1 hereof and the Limited Partners' addresses are on record at the
office of the General Partner to the Partnership.

2.6	TERM OF PARTNERSHIP.  The term of the Partnership shall commence on the
date of this Agreement and shall continue until dissolved or terminated
pursuant to Article IX.

2.7	REGISTRATION.  The General Partner, on behalf of the Partnership, shall
have the authority, but not the obligation, to cause a Registration statement
to be filed, and such amendments thereto as the General Partner deems
advisable, with the appropriate Federal and state regulatory agencies,
including the United States Securities and Exchange Commission and the
commission of securities for registration under the securities laws of the
various states and any other jurisdiction desirable or proper to the sale of
Units to qualify for public offerings.  Each of the Limited Partners hereby
confirm and ratify all action taken and things done by the General Partner
with respect to such filings and public offerings.  The General Partner may
make such other arrangements for the sale of Units, including the private
placement of Units, as it deems appropriate.

                                  ARTICLE III

          Capital Contributions and Allocation of Profits and Losses

3.1	CAPITAL CONTRIBUTIONS OF LIMITED PARTNERS.

(a)	Each Limited Partner has delivered to the Partnership an executed
Subscription which has been accepted by the General Partner on behalf of the
Partnership, an Amended Certificate of Limited Partnership, and a check in the
amount of his Capital Subscription. The Partnership shall use the funds thus
contributed solely to pay, sales commissions, Expenses, Organization Costs and
to otherwise make the payments required to be made by the Partnership to
engage in active trading and to pay the management fees, if any, and, from
profits, the incentive fees and distributions to Partners Capital Accounts.

(b)	The General Partner has filed a Form S-1 to qualify the Partnership
Units for public sale. Except for payment of Partnership expenses from Capital
as provided by this Agreement, there will be no required contribution or
assessments of the Limited Partners.

                                       6
<page>
3.2	CAPITAL CONTRIBUTIONS OF GENERAL PARTNER.

(a)	The General Partner has not made and shall not be required to make any
capital contribution to the Partnership except for purchases that are required
by law.  The General Partner shall use its best efforts to maintain its status
as a partnership for tax purposes.

(b)	Partnership interests shall be evidenced by Units.  The General Partner,
on behalf of the Partnership, may, in accordance with applicable law and the
Offering Memorandum of the Partnership, issue Units to persons desiring to
become Limited Partners.  A Partner shall contribute an amount equal to the
Net Asset Value of a Unit calculated as of the end of the last business day of
the previous month, plus the sales commission, if any, on the Valuation Date.
The General Partner will have five (5) days to review the Partner's
subscription, and the Partner will have five (5) days to rescind his
subscription, after which time period all subscriptions will be irrevocable,
subject to any applicable law which may extend the Partner's rescission
period.  The General Partner and Affiliates of the General Partner may
purchase Limited Partnership Units with the same rights as other Limited
Partners.

(c)	All subscriptions for Units made pursuant to the offering of the Units
must be on the form provided with the Prospectus. The partnership has offered
$15,000,000 Units (the "Maximum") for sale and has reserved the right to
increase this Maximum.  Ashley maintains an escrow account to continuously
accept Partners' subscriptions until such time as they are admitted into the
Partnership.

3.3	ALLOCATION OF PROFITS AND LOSSES

(a)	A distribution account shall be established for each Partner that shall
include, as the initial balance thereof, each Partner's initial contribution
to the Partnership expressed in total dollars and Units purchased.  As of the
close of business each month, allocations shall be made as follows:

(i)	The Incentive Fee.  The incentive fee upon New Net Profit at the rate of
twenty-five percent (25%), or such other rate as may be established pursuant
to 1.2(h), shall be paid quarterly to the CTA but allocated to the Partners
monthly.

(ii)	The Profit (Loss) Attributable to Units shall be added to (subtracted
from) the distribution accounts of the Partners.  Items of income, gain or
loss, accrued and paid Expenses shall be added to (subtracted from) the
distribution account of each Partner in accordance with the ratio that such
distribution account bears to the sum of all of the Partners' distribution
accounts.

(iii)	The amount of any cash distributions to a Partner during such month and
any amount paid upon Redemption of Units as of the end of such month shall be
subtracted from the distribution account of such Partner.

(iv)	The distribution account of any Unit that was redeemed shall be reduced
by the Redemption Charge per Unit multiplied by the number of Units that were
redeemed by the Partner represented by such distribution account.  The
Redemption Charge, if any, shall be first used to defray expenses and any
excess treated as interest earned by the Fund; provided, however, Partners
admitted after the date of this Agreement will not be charged a Redemption
Charge.

                                  ARTICLE IV

                 Rights and Obligations of the General Partner

4.1	GENERAL.  The General Partner shall have full, exclusive and complete
discretion in the management and control of the affairs of the Partnership to
the best of its ability and shall use its best efforts to carry out the
purposes of the Partnership set forth in Article II.  In connection therewith,
it shall have all powers of a general partner under the Act, including,
without limitation, the power to:

(a)	enter, execute and maintain contracts, agreements and any or all other
instruments, and to do and perform all such things, as may be required or
desirable in furtherance of Partnership purposes or necessary or appropriate
to the conduct of Partnership activities including, but not limited to,
contracts with third parties for:

(i)	brokerage services on behalf of the Partnership (which brokerage
services may be performed by the General Partner or an Affiliate of the
General Partner), or any successor to its business, and an Affiliated
introducing broker or futures commission merchant of the General Partner may
clear the trades, in consideration of the payment of eleven percent (11%) of
the total equity placed with the Commodity Trading Advisor or advisors it
selects, and will cause and pay for the domestic trades to be cleared through
one or more futures commission merchants selected by the General Partner;

                                       7
<page>
 (ii)	trading advisory services relating to the purchase and sale of all
stocks, options, commodity futures contracts, commodity options and contracts
for forward delivery of foreign currencies on behalf of the Partnership (which
advisory services may be performed by the General Partner or an Affiliate of
the General Partner); and

(iii)	rent, salaries, computer, accounting, legal and other services attendant
to the maintenance of the Fund.

(b)	open and maintain bank accounts on behalf of the Partnership with banks
and money market funds.

(c)	deposit, withdraw, pay, retain and distribute the Partnership's funds in
any manner consistent with the provisions of this Agreement.

(d)	supervise the preparation and filing of all documentation required by
law including, but not limited to, Registration Statements to be filed with
Federal and state agencies.

(e)	pay or authorize the payment of distributions to the Partners and pay
Expenses of the Partnership.

(f)	invest or direct the investment of funds of the Partnership not
involving the purchases or sale of stocks, futures contracts, options, and
contracts for forward delivery of foreign currencies.

(g)	purchase, at the expense of the Partnership, liability and other
insurance to protect the Partnership's proprieties and business.

(h)	borrow money from banks and other lenders for Partnership purposes, and
may pledge any or all of the Partnership's assets for such loans.  No bank or
other lender to which application is made for a loan by the lender to which
application is made for a loan by the General Partner shall be required to
inquire as to the purposes for which such loan is sought and, as between the
Partnership and such bank or other lender, it shall be conclusively presumed
that the proceeds of such loan are to be and will be used for the purposes
authorized under this Agreement.

(i)	confess judgment for and against the Partnership and control any matters
affecting the rights and obligations of the Partnership, including the
employment of attorneys, in the conduct of litigation and otherwise incur
legal expenses and costs of consultation, settlement of claims, and litigation
against or on behalf of the Partnership.

4.2	LOANS BY GENERAL PARTNER.  The General Partner or its Affiliates will be
not be required to advance or loan funds to the Partnership.  In the event the
General Partner makes any advance or loan to the Partnership, the General
Partner will not receive interest in excess of its interest costs, nor will
the General Partner receive interest in excess of the amounts which would be
charged the Partnership (without reference to the General Partner's financial
abilities or guarantees) by unrelated banks on comparable loans for the same
purpose and the General Partner shall not receive points or other financing
charges or fees regardless of the amount.

4.3	TRANSACTION WITH PARTNERSHIP.  Notwithstanding anything to the contrary
which may be contained herein, the General Partner shall not:

(a)	sell, or otherwise dispose of, any of the Partnership's assets to the
General Partner or its Affiliates.

(b)	subject to the provisions regarding and without diminishment of the
right of the General Partner or any Affiliate to compensation for services
provided to the Partnership as set forth in this Agreement, cause or permit
the Partnership to enter any agreement with the General Partner or an
Affiliate which is not in the best interest of and for the benefit of the
Partnership or which would be in contravention of the General Partner's
fiduciary obligations to the Partnership or pursuant to which the General
Partner or any Affiliate;

(i)	would provide or sell any services, equipment, or supplies at other than
rates charged to others; or

(ii)	would receive from the Partnership, Units of Partnership interest in
consideration for services rendered.

                                       8
<page>
4.4	OBLIGATIONS OF GENERAL PARTNER.  In addition to the obligations provided
by law or this Agreement, the General Partner shall:

(a)	Devote such of its time to the business and affairs of the Partnership
as it shall, in its discretion exercised in good faith, determine to be
necessary to conduct the business and affairs of the Partnership for the
benefit of the Partnership and the Limited Partners.

(b)	Execute, file, record and/or publish all certificates, statements and
other documents and do any and all other things as may be appropriate for the
formation , qualification and operation of the Partnership and for the conduct
of its business in all appropriate jurisdictions including, but not limited
to, the compliance, at its expense, with all laws related to its qualification
to serve as the commodity pool operator of the Fund.

(c)	Retain independent public accountants to audit the accounts of the
Partnership.

(d)	Employ attorneys to represent the Partnership.

(e)	Use its best efforts to maintain the status of the Partnership as a
partnership for United States Federal income tax purposes.

(f)	Employ only CTAs which are registered pursuant to the Commodity Exchange
Act to conduct trading and to otherwise establish and monitor the trading
policies of the Partnership; and the activities of the partnership's trading
advisor(s) in carrying out those policies.

(g)	Have fiduciary responsibility for the safekeeping and use of all funds
and assets of the Partnership, whether or not in the General Partner's
immediate possession or control, and the General Partner will not employ or
permit others to employ such funds or assets in any manner except for the
benefit of the Partnership.

(h)	Agree that if it becomes the sole General Partner of the Partnership, it
will use its best efforts to maintain the Partnership as a limited partnership
as required by all applicable laws.  Mr. Pacult intends to resign as a general
partner.   Before Mr. Pacult resigns, Ashley will secure an opinion of counsel
to the effect that sufficient IRS elements exist to permit the Partnership to
continue to be taxed as a partnership and not as a corporation.  A letter of
credit may be included.  The requirements of this subparagraph (i) may be
modified if the General Partner obtains an opinion of counsel for the
Partnership to effect that a proposed modification will not (1) adversely
affect the classification of the Partnership as a partnership for Federal
income tax purposes; (2) will not adversely affect the status of the Limited
Partners as limited partners under the Act.

(i)	Maintain a current list of the name, address, and number of Units owned
by each Limited Partner at the General Partner's principal office.  Such list
shall be disclosed to any Partner or their representative at reasonable times,
upon request, either in person or by mail, upon payment, in advance, of the
reasonable cost of reproduction and mailing. The Partners and their
representatives shall be permitted access to all other records of the
Partnership, after adequate notice, at any reasonable time, at the offices of
the Partnership.  The General Partner shall maintain and preserve such records
for a period of not less than six (6) years.

4.5	GENERAL PROHIBITIONS.  The Partnership shall not:

(a)	borrow from or loan to any person, except that the foregoing is not
intended to prohibit the incurring of any indebtedness to a Partner or an
Affiliate with respect to the offering of Units for sale, Registration, or
initiation and maintenance of the Partnership's trading positions.

(b)	commingle its assets with those of any other person, except to the
extent permitted under the Securities and Exchange Act or the Commodity
Exchange Act and the regulations promulgated under each.

(c)	permit rebates or give-ups to be received by the General Partner or any
Affiliate of the General Partner, or permit the General Partner or any
Affiliate of the General Partner to engage in reciprocal business arrangements
which would circumvent the foregoing prohibition; provided, however, that an
Affiliate or the General Partner may provide goods or services, including
brokerage, at a competitive cost to the Partnership.

                                       9
<page>
 (d)	engage in the pyramiding of its positions (i.e., the use of unrealized
profits on existing positions to provide margins for additional positions in
the same or a related stock or commodity); provided, however, that there may
be taken into account the Partnership's open trade equity on existing
positions in determining whether to acquire additional unrelated stock or
commodity positions.

(e)	margins of all open positions in all stocks and commodities combined
would exceed 250% of the partnership's Net Asset Value at the time such
position would otherwise be initiated.

(f)	permit churning of the Partnership's trading account for the purpose of
generating brokerage commissions to any person.

(g)	directly or indirectly pay or award any finder's fees, commissions or
other compensation to any persons engaged by a potential limited partner for
independent investment advice as an inducement to such advisor to advise the
potential limited partner to purchase Units in the Partnership without the
knowledge of such potential limited partner.

(h)	No Partnership funds will be held outside the United States.  The
Partnership funds committed to trading will be on deposit with and under the
control of a futures commission merchant regulated pursuant to the Commodity
Exchange Act, as may be amended, from time to time.  The funds not committed
to trading will be in investments that are properly registered under the
United States securities or other financial institution regulations.

(i)	The CTA may not receive a management fee pursuant to the terms of this
Partnership Agreement if it shares or participates, directly or indirectly, in
any commodity brokerage commissions generated by the Partnership.

4.6	FEES AND EXPENSES.

(a)	The Partnership shall pay all Organization Costs and offering Expenses
incurred in the creation of the Partnership and sale of Units.  The foregoing
expenses may be paid directly by the Partnership or may be reimbursed by the
Partnership to the General Partner or an Affiliate of the General Partner.
Notwithstanding the foregoing, in no event will reimbursement by the
Partnership to the General Partner for Organization Costs and offering
Expenses charged to the Partnership exceed an amount equal to 15% of the gross
proceeds from the sale of Units.  Organization Costs and Offering Expenses
shall mean those Expenses incurred in connection with the formation,
qualification and Registration of the Partnership and in distributing and
processing the Units under applicable Federal and state law, sales
commissions, and any other expenses such as:  (i) registration fees, filing
fees and taxes; (ii) the costs of qualifying, printing, amending,
supplementing, mailing and distributing, including publication by website, the
Registration Statement and Prospectus; (iii) the costs of qualifying,
printing, amending, supplementing, publication by website, mailing and
distributing sales materials used in connection with the issuance of the
Units; (iv) salaries of officers and employees of the General Partner and any
Affiliate of the General Partner while directly engaged in distributing and
processing the Units and establishing its records; (v) rent, travel,
remuneration of personnel, telegraph, telephone and other expenses in
connection with the offering of the Units; (vi) accounting, auditing, and
legal fees incurred in connection therewith; and (vii) any extraordinary
expenses related thereto. Organization Costs and Offering Expenses do not
include salaries, rent, travel, expenses and other items of General Partner
overhead.

(b)	All operating expenses of the Partnership shall be billed directly to
and paid by the Partnership.

(c)	The General Partner or any Affiliate of the General Partner may be
reimbursed for the actual costs of any Expense including, but not limited to,
legal, accounting and auditing services used for or by the Partnership, as
well as printing and filing fees and extraordinary expenses incurred for or by
the Partnership; provided, however, the limitations of contained in Article X
- Exoneration and Indemnification contained in this Agreement will apply to
restrict the purchase of certain insurance coverage and the assumption of the
defense of certain claims.

(d)	The General Partner may establish its compensation, from time to time,
for its services; provided, however, such charges shall be no more than:

(i)	A sales commission of up to six percent (6%) to be established, from
time to time, by the General Partner, for sales of Units;

                                       10
<page>
(ii)	A management fee of one half of one percent (1/2 of 1%) per month (6%
per year) of the Net Asset Value of the Partnership, computed and paid to the
General Partner and/or non-affiliated independent investment or trading
advisor on the close of business on the last day of each month;

(iii)	An incentive fee, paid quarterly, of up to fifteen percent (15%) of the
first one hundred percent (100%) of New Net Profit, or less earned upon
Capital, and prorated to consider the date of deposit of such Capital to the
Partnership each year.  The incentive fee may be increased up to 27%, provided
that the management fee is correspondingly reduced to 0%.  Each trading sub-
account established by the General Partner shall be considered separately for
purposes of incentive fee. The incentive fee will be non-refundable; i.e., in
the event that the Partnership earns substantial New Net Profit during the
first month of any year and, thereafter, suffers losses, the General Partner
will not refund any of the profit incentive fee paid for the prior month or
months.  However, the Partnership will not pay or accrue to the General
Partner any further incentive fee during that year until such time as the New
Net Profit, when added to Net Asset Value, after additions, deductions of
Redemptions and distributions, exceeds the highest Net Asset Value, computed
for that year; i.e., incentive fees will only be earned and paid or accrued
upon New Net Profit for that year; and

(iv)	A share of the brokerage commissions paid for trades made by the
Partnership.

(e)	The General Partner is hereby authorized to employ brokers, attorneys,
accountants, consultants, and administrative personnel who may be Affiliated
with the General partner to perform Partnership business at the expense of the
Partnership.  Ashley has advanced the initial offering and organizational
expenses.  The offering expenses were reimbursed by the Partnership
immediately upon the Initial Closing and the organizational expenses are being
repaid to the corporate General Partner monthly.

(f)	The General Partner is hereby authorized, individually or through an
Affiliate, to employ non-affiliated independent investment and trading
advisors to trade the assets of all or a portion of the Fund to be paid (i) an
annual management fee not to exceed six percent (6%) of the assigned trading
equity when combined with the General Partner's management fee, if any; and,
(ii) an incentive fee of up to fifteen percent (15%) on New Net Profit earned
by such advisor, which may be increased by 2% for each 1% reduction of
management fee from 6% or decreased pursuant to the terms of this Agreement.
All incentive fees may be prorated monthly but must be paid quarterly.

4.7	ACTIVITIES OF PARTNERS.

(a)	The General Partner and its Affiliates shall devote to the Partnership
only such time as shall be reasonably required to fulfill their
responsibilities hereunder.

(b)	Any Partner may, notwithstanding the existence of this Agreement, engage
in whatever other activities they may choose, whether the same be competitive
with the Partnership or otherwise, without having or incurring any obligation
or conflict of interest in such activities with the Partnership or to any
party hereto.  The Partners are specifically authorized to deal with other
partnerships and to acquire interests in positions and trading without having
to offer participation therein to the Partnership or the other Partners.
Neither this Agreement nor any activities undertaken pursuant hereto shall
prevent any Partner, including the General Partner and its Affiliates and
their officers, directors and employees, from engaging in the trading
contemplated by this Partnership individually, jointly with others, or as a
part of any other association to which any of them are or may become parties,
in the same trades as the Partnership, or require any of them to permit the
Partnership, the General Partner or any other Partner to participate in any of
the foregoing.  As a material part of the consideration for each party's
execution hereof, each Partner hereby waives, relinquishes and renounces any
such right or claim of conflict of interest and participation from any other
Partner.

(c)	Ashley is a corporation which was formed on October 15, 1996, and prior
to that date, it didn't have any experience in the management of a partnership
which trades commodity futures or options, or any other securities; however,
on the date of this Agreement, Ashley has over four years of successful
operation of this Fund.  In addition, Mr. Pacult, has been engaged in
supervision of individual managed commodity accounts for over 24 years and has
managed one other commodity pool.  The past and future results of trading by
the principals of the General Partner, both within and without the
partnership, will be confidential and not disclosed to the other Partners.
Such positions taken by the principals may be the same as or different from
any positions taken by the General Partner or any advisor to the Fund.
Nothing in this Section, or elsewhere in this Partnership Agreement, shall
permit the General Partner to violate their fiduciary or legal obligations to
the Partnership.

                                       11
<page>
4.8	CONFLICTS OF INTEREST.  Significant actual and potential conflicts of
interest exist in the structure and operation of the Partnership.  The General
Partner has used its best efforts to identify and describe all potential
conflicts of interest that may be present under this heading and elsewhere in
the Partnership's Prospectus and the Exhibits attached thereto.  Prospective
investors should consider that the General Partner intends to assert that
Partners have, by subscribing to the Partnership, consented to the existence
of such potential conflicts of interest as are described in this Agreement and
the Prospectus and its Exhibits, in the event of any claim or other proceeding
against the General Partner, any principal of the General Partner, the CTA,
any Principal of the CTA, the Partnership's FCM, or any principal of the FCM
or any principal or any Affiliate of any of them alleging that such conflicts
violated any duty owed by any of them to said subscriber.  Specifically, the
Partnership is selling its Units through an affiliated broker/dealer and,
therefore,  no independent due diligence of the Partnership or the General
Partner will be made by a Financial Industry Regulatory Authority, Inc.
member.

(a)	MANAGEMENT OF OTHER EQUITY AND FOR THEIR OWN ACCOUNTS BY THE GENERAL
PARTNER, THE CTAs, AND THEIR PRINCIPALS.  The right of both Mr. Pacult, in any
capacity, and Ashley to manage and the actual management by the CTA of
accounts they or their Affiliates own or control and other commodity accounts
and pools presents the potential for conflicts of interest.  There is no
limitation upon the right of Mr. Pacult, Ashley, the CTA, or any of their
Affiliates to engage in trading commodities for their own account. It is
possible for these persons to take their positions in their personal accounts
prior to the orders they know they are going to place for the money they
manage for others.  The General Partner will obtain representations from all
of these persons and their Affiliates that no such prior orders will be
entered for their personal accounts.  The Partnership's CTA will be effecting
trades for its own accounts and for others (including other commodity pools in
competition with this Pool) on a discretionary basis.  It is possible that
positions taken by the CTA for other accounts may be taken ahead of or
opposite positions taken on behalf of the Partnership.  Conflicts may arise as
a result of the involvement of Mr. Pacult in the management of Bromwell
Financial Fund, L. P. and Providence Select Fund, L. P. and other conflicts
could arise should either Ashley or he exercise their right to form other
commodity pools in the future.  Conflicts could also arise because the CTA may
have financial incentives to favor other accounts over the Partnership.  In
the event Mr. Pacult, Ashley or the CTA, or any of their principals trade for
their own account, such trading records shall not be made available for
inspection by the Partners.  Ashley does not presently intend to engage in
trading for its own account; however, Mr. Pacult reserves the right to trade
for his own account.  The CTA also reserves the right to trade for its own
account and other public and private commodity pools in competition with the
Fund.  Any trading for their personal accounts or other commodity pools by the
General Partner, any Commodity Trading Advisor selected to trade for the
Partnership or any of their principals could present a conflict of interest in
regard to position limits, timing of the taking of positions or other similar
conflicts.  The result to the Partnership could be a reduction in the
potential for profit should the entry or exit of positions be at unfavorable
prices by virtue of position limits or entry of other trades in front of the
Partnership trades by the General Partner or CTA responsible for the
management of the Partnership.

(b)	POSSIBLE RETENTION OF VOTING CONTROL BY THE GENERAL PARTNER.  There is
no limit upon the number of Units in the Partnership the General Partner and
its principal and Affiliates may purchase.  It will be possible for them to
vote, individually or as a block, to create a conflict with the best interests
of the Partnership, in regard to the selection of Commodity Trading Advisors
which do not trade frequently to protect the eleven percent (11%) fixed
commission paid by the Partnership to the Corporate General Partner.

(c)	GENERAL PARTNER TO REMAIN AGAINST POSSIBLE BEST INTEREST OF PARTNERSHIP.
As Ashley has financial interest in the operation of the Partnership in the
form of the eleven percent (11%) fixed brokerage commission and because Mr.
Pacult serves as the other general partner and is also the sole principal of
Ashley, the other general partner, it is unlikely that either general partner
would voluntarily resign, even if such resignation would be in the best
interest of the Partnership.

(d)	FEES AND CHARGES TO THE PARTNERSHIP PAID TO GENERAL PARTNER NOT
NEGOTIATED.  The fixed commission of  eleven percent (11%) per year for
domestic trades entered by the CTA in lieu of round-turn brokerage
commissions, payable to Ashley that is Affiliated with Mr. Pacult, has not
been negotiated at arm's length, nor has the one percent (1%) selling
commission to the affiliated selling agent.  The General Partner has a
conflict of interest between its responsibility to manage the Partnership for
the benefit of the Limited Partners and its interest in receiving the
difference between the fixed commission charged the Partnership and the actual
transaction costs incurred by the FCM as a result of the frequency of trades
entered by the CTA.  See "Charges to the Partnership" in the

                                       12
<page>
Partnership's Prospectus.  The General Partner will select the CTAs to manage
the Partnership assets and the CTAs determine the frequency of trading.
Because the General Partner will receive the difference between the brokerage
commissions and other costs which will be paid on behalf of the Partnership
and the fixed commission, the General Partner's best interests are served if
it selects trading advisors which will trade the Partnership's Net Assets
assigned to them in a way to minimize the frequency of trades to maximize the
difference between the fixed commission and the round-turn commissions for
domestic trades and other costs to trade charged by the FCM; i.e., it is in
the best interest of the General Partner to reduce the frequency of trading
rather than concentrate on the expected profitability of the CTAs without
regard to frequency of trades.  This conflict is offset by the fact the
General Partner does not select any of the trades and the CTA is paid an
incentive of 25% of New Net Profits.  The arrangements between the General
Partner and the Partnership with respect to the payment of the commissions are
consistent in cost with arrangements other comparable commodity pools have
made to clear their trades.  These arrangements are fair to the Partnership
and its investors because the General Partner has assumed the risk of
frequency of trading, up to a maximum of three times the normal rate by the
CTA.  Also, the 11% annual fixed commission that the partnership pays to clear
its trades plus actual costs for foreign markets, if any, is less than the
presumptive fair and reasonable limit provided by the guidelines of the North
American Securities Administrators Association

(e)	CONFLICTS OF INTEREST IN THE PARTNERSHIP STRUCTURE.  Certain actual and
potential conflicts of interest do exist in the structure and operation of the
Partnership which must be considered by investors before they purchase Units
in the Partnership.  See "Risk Factors", and "Conflicts of Interest" in the
Partnership's Prospectus.  In addition, the Partnership is selling its Units
through an affiliated selling agent and, therefore, no independent due
diligence of the offering will be conducted for the protection of the
investors.  The General Partner has taken steps to insure that the Partnership
equity is held in segregated accounts at the banks, the futures commission
merchant and other accounts, and has otherwise assured the Partnership that
all money on deposit is in the name of and for the beneficial use of the
Partnership.

(f)	GENERAL PARTNER TO DISCOURAGE REDEMPTIONS.  The General Partner has an
incentive to withhold distributions and to discourage Redemption because
Ashley receives compensation based on the Net Asset Value of the Partnership
assigned to the CTAs to trade.

(g)	HIGH RISK TRADING BY THE CTAs TO GENERATE INCENTIVE FEES.  As a general
rule, the greater the risk assumed, the greater the potential for profit.
Because the CTA is compensated by the General Partner based on a percentage of
the New Net Profit of the Partnership, it is possible that the CTA will select
trades which are otherwise too risky for the Partnership to assume to earn the
percentage incentive fee on the profit should that ill-advised speculative
trade prove to be profitable.

(h)	NO RESOLUTION OF CONFLICTS PROCEDURES.  As is typical in many futures
partnerships, the General Partner has not established formal procedures, and
none are expected to be established in the future, to resolve the potential
conflicts of interest which may arise.  It will be extremely difficult, if not
impossible, for the General Partner to assure that these and future potential
conflicts will not, in fact, result in adverse consequences to the Partnership
or the Limited Partners.  The foregoing list of risk factors and conflicts of
interest is complete as of the date of this Prospectus, however, additional
risks and conflicts may occur which are not presently foreseen by the General
Partner.  Investors are not to construe this Prospectus as legal or tax
advice.  Before determining to invest in the Units, potential investors should
read this entire Agreement as well as the Partnership's Prospectus and the
subscription agreement, and consult with their own personal legal, tax, and
other professional advisors as to the legal, tax, and economic aspects of a
purchase of Units and the suitability of such purchase for them.  See
"Investor Suitability" in the Partnership's Prospectus.

(i)	INTERESTS OF NAMED EXPERTS AND COUNSEL.  The General Partner has
employed The Scott Law Firm, Ltd. to prepare this Prospectus, provide certain
tax advice and opine upon the legality of the issuance of the Units.  Neither
the Law Firm nor its principal, nor any accountant or other expert employed by
the General Partner to render advice in connection with the preparation of the
Prospectus or any documents attendant thereto, have been retained on a
contingent fee basis nor do they have any present interest or future
expectation of ownership in the Partnership or its General Partner or the
Underwriter or the CTAs or the IB or the FCM.

4.9	LIMITATION OF POWERS.  Without concurrence of a Majority in Interest,
the General Partner may not:

(a)	Amend this Agreement except for those amendments that are specifically
authorized by this Agreement or do not adversely affect the rights of the
Limited Partners.

                                       13
<page>
(b)	Voluntarily withdraw as a General Partner other than upon 120 days
notice.

(c)	Appoint a new General Partner or additional general partners; provided,
however, additional general partners may be appointed without obtaining the
consent of a Majority in Interest if the addition of such person is necessary
to preserve the tax status of the Partnership as a partnership and not as a
corporation; and the admission of such additional general partner does not
materially adversely affect the Limited Partners.

(d)	Sell all or substantially all of the Partnership assets other than in
the ordinary course of business.

(e)	Cause the merger or other reorganization of the Partnership.

(f)	Dissolve the Partnership other than because of an event, which by law,
requires such dissolution.

                                   ARTICLE V

                  Rights and Obligations of Limited Partners

5.1	LIMITATION OF LIABILITY.  No Limited Partner shall be personally liable
for any of the debts of the Partnership or any of the losses thereof.
However, the amount committed by him to the Capital of the Partnership and his
interest in Partnership assets shall be subject to liability for Partnership
debts and obligations.  Limited Partners may be liable to repay any wrongful
distribution of profits to them and may be liable for distributions (with
interest thereon) considered to be a return of Capital if necessary to satisfy
creditors of the Partnership.

5.2	NO MANAGEMENT RIGHTS.  No Limited Partner shall take part in the
management of the business of the Partnership or transact any business for the
Partnership.  No Limited Partner, as such, shall have the power to sign for or
to bind the Partnership.

5.3	CERTAIN RIGHTS.  Provided the following, does not either (i) subject the
Limited Partners to unlimited liability or (ii) subject the Partnership to be
taxable as a Corporation for purposes of Federal Income tax laws, the
Partners, by a vote of a Majority in Interest, without the necessity for
concurrence by the General Partner, shall have the following rights in
addition to those granted elsewhere in this Agreement:

(a)	Amend the Partnership Agreement; provided, however, any amendment which
modifies the compensation or distributions to the General Partner or which
affects the duties of the General Partner requires the consent of a majority
of the Limited Partners.

(b)	The General Partner may be removed and a new General Partner elected in
accordance with the terms of this Agreement.

(c)	Cancel any contract for services with the General Partner, without
penalty, upon 60 days written notice; provided, however, the maximum period of
any contract between the General Partner and the Partnership is one year; and,
provided further, should any amendment to this Partnership Agreement attempt
to modify the compensation or distributions to which the General Partner is
entitled or which affects the duties of the General Partner, such amendment
will become effective only upon the consent of the General Partner.

(d)	The right to approve, prior to sale, the sale or distribution, outside
the ordinary course of business, of all or substantially all of the assets of
the Partnership.

(e)	Dissolve the Partnership.

(f)	Any material changes in the Partnership's basic investment policies
identified in Article III including, but not limited to, the speculation and
trade in commodity futures, forward futures contracts, and options upon those
contracts both within and without the United States or the structure of the
Partnership as a limited partnership requires prior written notification of a
meetings which identifies the purpose of the meeting and the approval by a
vote of the Majority in Interest of the Partners.

                                       14
<page>
5.4	GENERAL PARTNER ACTION WITHOUT LIMITED PARTNER APPROVAL.
Notwithstanding anything in this Agreement, particularly section 5.3, to the
contrary, the General Partner may amend this Agreement without any vote,
consent, approval, authorization or other action of any other Partner and
without notice to any other Partner to:

(a)	add to the representations, duties or obligations of the General Partner
or its Affiliates or surrender any right or power granted to the General
Partner or its Affiliates in this Agreement for the benefit of the Limited
Partners;

(b)	cure any ambiguity, correct or supplement any provision in this
Agreement which may be inconsistent with any other provision in this
Agreement, or make any other provisions with respect to matters or questions
arising under this Agreement which will not be inconsistent with the intent of
this Agreement;

(c)	delete or add any provision of this Agreement required to be so deleted
or added by the staff of the Securities and Exchange Commission, or by a state
securities law administrator or similar such official, which addition or
deletion is deemed by such official to be for the benefit or protection of the
Limited Partner or does not have a material adverse effect on the Limited
Partners generally or the Partnership;

(d)	reflect the withdrawal, expulsion, addition or substitution of Partners;

(e)	reflect the proposal, promulgation or amendment of Regulations under
Code section 704, or otherwise, to preserve the uniformity of interest in the
Partnership issued or sold from time to time, if, in the opinion of the
General Partner, the amendment does not have a material adverse effect on the
Limited Partners generally;

(f)	elect for the Partnership to be bound by any successor statute to the
Act, if, in the opinion of the General Partner, the amendment does not have a
material adverse effect on the Limited Partners generally;

(g)	conform this Agreement to changes in the Act or interpretations thereof
which, in the exclusive desecration of the General Partner, it believe
appropriate, necessary or desirable, if, in the General Partner's reasonable
opinion, such amendment does not have a materially adverse effect on the
Limited Partners generally or the Partnership;

(h)	change the name of the Partnership;

(i)	conform the provisions of this Agreement to any applicable requirements
of Federal of state law which, in the exclusive discretion of the General
Partner, it believes appropriate, necessary or desirable, if, in the General
Partner's reasonable opinion, such amendment does not have a material adverse
effect on the Limited Partners generally or the Partnership; and

(j)	make any change which, in the exclusive discretion of the General
Partner, is advisable to qualify or to continue the qualification of the
Partnership as a limited partnership or a partnership in which the Limited
Partners have limited liability under the laws of any state or that is
necessary or advisable, in the exclusive discretion of the General Partner, so
that the Partnership will not be treated as an association taxable as a
corporation for Federal income tax purposes.

5.5	EXPULSION OF LIMITED PARTNERS. Anything herein to the contrary
notwithstanding,

(a)	no Partner, including any corporation, partnership, trust or other
entity may, at any time, have an ownership percentage of ten percent or more
of the aggregate ownership percentages of the Limited Partners.  If, at any
time, the General Partner determines that any Limited Partner has an ownership
percentage of ten percent or more, the Partnership, in the General Partner's
exclusive discretion, may cause a Redemption by that Limited Partner of the
number of Units necessary or advisable to reduce that Limited Partner's
ownership percentage to less than ten percent.  The Redemption shall be
effective as of the next Valuation Date or such other Valuation Date, at the
discretion of the General Partner.

(b)	the General Partner has the right, in its sole discretion, to raise or
lower the minimum investment in the Partnership required for the admission or
retention of Units in the Partnership by a Partner; however such minimum
investment may not be lowered below $5,000.  In the event the General Partner
does raise the minimum investment in the Partnership to an amount in excess of
any Partners Capital account, the Partnership shall provide notice to the
Partner of such event and allow the Partner 30 days to raise the Capital
account for that Partner to such raised amount, or more.  In the event the
Partner does not so raise his Capital account to such minimum amount, the
Partner shall be deemed to have elected to withdraw from the Partnership and
all of his Units shall be redeemed at the next redemption date as provided in
this Agreement.

                                       15
<page>
 (c)	notwithstanding the foregoing, the General Partner, at its sole
discretion, may expel any Partner at anytime, by causing the redemption of
that Partner's Units as of the next Valuation Date, or such other Valuation
Date as the General Partner may determine.

5.6	NOTIFICATION.  Notice shall be sent to each Partner within seven
business days from the date of:

(a)	any decline in the Net Unit Value to less than 50% of the Net Asset
Value on the last Valuation Date;

(b)	any material change in contracts with the FCM or CTA including, but not
limited to, any change in CTAs or any modification in connection with the
method of calculating the incentive fee;

(c)	any other material change affecting the compensation of the General
Partner, FCM, CTA or any Affiliated party;

5.7	NOTIFICATION CONTENTS.

(a)	a material change related to brokerage commissions shall not be made
until notice is given and the Partners, after such notice, have the
opportunity to Redeem pursuant to Article IX;

(b)	in addition, in regard to all other changes, the required notification
shall describe the change in detail, include a description of the Partners'
Redemption rights pursuant to Article IX and voting rights pursuant to this
Article V and a description of any material effect such changes may have on
the interests of the Partners.

5.8	EXERCISE OF RIGHTS.  Upon receipt of a written request, executed by the
holders of Units aggregating ten percent (10%) or more of the Units, for a
vote upon and to take action with respect to any rights of the Partners under
this Agreement, the General Partner shall call a meeting of all Partners of
the Partnership in the time and manner as provided in Section 8.7 hereof.  The
General Partner will assume the cost for distribution of the request for the
meeting.

5.9	EXAMINATION OF BOOKS AND RECORDS.  A Limited Partner shall have the
right to examine the books and records of the Partnership at all reasonable
times, including the right to have such examination conducted at his sole
expense by any reasonable number of representatives.  Notwithstanding the
foregoing, the General Partner may keep and withhold the names of the other
Partners, specific trading and other designed information confidential from
the Partners.

                                       16
<page>
                                  ARTICLE VI

                   Assignment of Limited Partnership Units;
                         Admission of Limited Partners

6.1	RESTRICTION ON ASSIGNMENT.  A Partner may not assign or transfer some or
all of his Units in the Partnership without the written consent of the General
Partner; provided, however, that in no event may an assignment be made or
permitted until after six months from the date of purchase of such assigned or
transferred Units(s) by said Partner; and, provided, further, that full Units
must be assigned and the assignor, if he is not assigning all of his Units,
will retain more than five Units.  Any such assignment shall be subject to all
applicable securities, commodity, and tax laws and the regulations promulgated
under each such law.  The General Partner shall review any proposed assignment
and shall withhold its consent in the event it determines, in its sole
discretion, that such assignment could have an adverse effect on the business
activities or the legal or tax status of the Partnership.

6.2	QUALIFIED PLAN RESTRICTIONS.  In no event shall a Partner be entitled to
transfer all or part of a Partnership interest if, under applicable United
States Department of Labor law or regulations, such transfer would result in a
violation of such law or regulations.

6.3	DOCUMENTATION OF ASSIGNMENT.  The General Partner shall furnish to the
assigning Limited partner a proper form to duly effect such assignment.  The
General Partner shall not be required to recognize any assignment and shall
not be liable to the assignee for any distributions made to the assigning
Limited Partner until the General Partner has received such form of
assignment, properly executed with signature guaranteed, together with the
Certificate of Ownership originally issued to the Limited Partner (or an
indemnity bond in lieu therefor) and such evidence of authority as the General
Partner may reasonably request and the General Partner shall have accepted
such assignment.

                                       17
<page>
                                  ARTICLE VII

                 Accounting Records, Reports and Distributions

7.1	DISTRIBUTIONS.  Each Partner will have a Capital account, and its
initial balance will be the amount the Partner paid for the Partner's Units.
The Net Assets of the Partnership will be determined monthly, and any increase
or decrease from the end of the preceding month will be added to or subtracted
from the accounts of the Partners in the ratio that each account bears to all
accounts.  Distributions from profits or Capital will  be made solely at the
discretion of the General Partner.

7.2	BOOKS OF ACCOUNT.  Proper books of account shall be kept and there shall
be entered therein all transactions, matters and things relating to the
Partnership's business as required by applicable law and the regulations
promulgated thereunder and as are usually entered into books of account kept
by persons engaged in business of like character.  The books of account shall
be kept at the principal office of the General Partner and each Limited
Partner (or any duly constituted agent of a Limited Partner) shall have, at
all times during reasonable business hours, free access, subject to rules of
confidentiality established by the General Partner, the right to inspect and
copy the same.  Such books of account shall be kept on an accrual basis.  A
Capital account shall be established and maintained from each Partner, as set
forth above.

(a)	Each Partner shall be furnished as of the end of each Fiscal Year with
(1) annual financial statements, audited by a certified public accountant,
within 90 days from the end of such year; together with such other reports (in
such detail) as are required to be given to Partners by applicable law,
specifically, annual and periodic reports will be supplied by the General
Partner to the other Partners in conformance with the provisions of CFTC
regulations for reporting to Pool Participants, 17 C.F.R. Section 4.22, as
amended, from time to time, and, (2) any other reports or information which
the General Partner, in its sole discretion, determines to be necessary or
appropriate.

(b)	Appropriate tax information (adequate to enable each Partner to complete
and file his Federal tax return) shall be delivered to such Partner no later
than March 1 following the end of each Calendar Year.

7.3	CALCULATION OF NET ASSET VALUE.  Net Asset Value shall be calculated
daily and reports delivered to Partners as of the last day of each month by
the 20th of the following month.  Upon request, the General Partner shall make
available to any Partner the Net Unit Value.

7.4	MAINTENANCE OF RECORDS.  The General Partner shall maintain all records
as required by law including, but not limited to, (1) all books of account
required by paragraph 7.1 of this Article VII; and, (2) a record of the
information obtained to indicate that a Partner meets the applicable investor
suitability standards.

7.5	TAX RETURNS  The General Partner shall cause tax returns for the
Partnership to be prepared and timely filed with the appropriate authorities.
The General Partner shall cause the Partnership to pay any taxes payable by
the Partnership; provided, however, that the General Partner shall not be
required to cause the Partnership to pay any tax so long as the General
Partner or the Partnership shall be in good faith and by appropriate means
contesting the applicability, validity or amount thereof and such contest
shall not materially endanger any right or interest of the Partnership.

7.6	TAX ELECTIONS  The General Partner shall from time to time, make such
tax elections or allocations deemed necessary or desirable to carry out the
business of the Partnership or the purposes of this Agreement.  Ashley shall
be authorized to perform all duties imposed by Sections 6221 through 6232 of
the Internal Revenue Code on the General Partner as "tax matters partner" of
the Partnership, including, but not limited to, the following: (i) the power
to conduct all audits and other administrative proceedings with respect to
Partnership tax items; (ii) the power to extend the statute of limitations for
all Limited Partners with respect to Partnership tax items; (iii) the power to
file a petition with an appropriate federal court for a review of a final
Partnership administrative adjustment; and, (iv) a power of attorney on behalf
of each Limited Partner having less than a 1% interest in the Partnership to
enter a settlement with the Internal Revenue Service on behalf of, and binding
upon, those Limited Partners unless any said Limited Partner shall have
notified the Internal Revenue Service and the General Partner, within 30 days
of service of the notice of claim up said Limited Partner, that the General
Partner may not act on such Limited Partner's behalf.

                                 ARTICLE VIII

                      Amendments of Partnership Agreement

8.1	RESTRICTION ON AMENDMENTS.  No amendment to this Agreement shall be
effective or binding upon the partners unless the same shall have been
approved by a Majority in Interest of the Partners; provided, however, the
General Partner may adopt amendments without such approval which are, in the
sole judgment of the General Partner, deemed necessary or desirable to
maintain the business or limited partnership or other favorable tax status of
the Partnership, or permit a Public Offering of the Units, or to maintain the
Partnership and the General Partner and its principals in compliance with the
laws which govern the business, including the requirements of any self
regulatory organization, or to substitute or add persons as Limited Partners.

8.2	ADMISSION OF ADDITIONAL PARTNERS.  At any time, the General Partner may,
in its sole discretion and subject to applicable law, admit additional
Partners.  Each newly admitted Partner shall contribute cash equal to the Net
Unit Value of the Partnership for each Unit to be acquired.  The terms of any
additional offering may be different from the terms of the initial offering.
All expenses of any such additional offering shall be borne by the either the
Partnership or the subscribers thereto, as determined in the sole discretion
of the General Partner.  Pursuant to Article VI, the General Partner may
consent to and admit any assignee of Units as a substituted Partner.  There is
no maximum aggregate amount of Units which may be offered and sold by the
Partnership or on the amount of contributions which may be received by the
Partnership.

8.3	TERMINATION OF OFFERINGS; ADDITIONAL OFFERINGS.  Notwithstanding
anything stated herein to the contrary, the General Partner may from time to
time, in its sole discretion, limit the number of Units to be offered,
terminate any offering of Units, or register additional Units and/or make
additional public or private offerings of Units.  No Limited Partner shall
have any preemptive, preferential or other rights with respect to the issuance
or sale of any additional Units.  No Limited Partner shall have the right to
consent to the admission of any additional Limited Partners.

8.4	NOTICE OF RESTRICTED TRANSFER.  Should the General Partner elect to
issue certificates of Limited Partnership, each certificate shall be subject
to and contain the following notice:

THESE LIMITED PARTNERSHIP INTERESTS SHALL NOT BE TRANSFERABLE BY THE
REGISTERED HOLDER EXCEPT BY CONSENT OF THE GENERAL PARTNER AND AS OTHERWISE
PROVIDED IN THE PARTNERSHIP AGREEMENT.

8.5	MEETINGS OF PARTNERS.  Upon receipt of a written request, together with
the costs to distribute such request to all Partners, executed by Partners
holding ten percent (10%) or more of the Units, for the calling of a meeting
of the Partners or should the General Partner desire a meeting for any
purpose, the General Partner shall, within fifteen (15) days thereafter,
provide written notice, either in person or by certified mail, after the date
of receipt of said notice.  Such written notice shall state the purpose of the
meeting, specify a reasonable time, place, and date, which shall be not less
than thirty (30) or more than sixty (60) days thereafter.  An Amendment shall
be adopted and binding upon all parties hereto if a Majority in Interest of
the Partners vote for the adoption of such amendment.  Partners may vote in
person or by written proxy delivered to any such meeting.  Meetings of
Partners may also be held by conference telephone where all Partners can hear
one another.

8.6	RIGHT OF GENERAL PARTNER TO RESIGN.  The individual General Partner, Mr.
Pacult, may resign upon one hundred twenty (120) days notice to all other
Partners.  The corporate General Partner, Ashley, may resign or assign any
portion of its interest in the Partnership at anytime to a third party and
become a Limited Partner with respect to the balance of its interest in the
Partnership, if any, if it provides one hundred twenty (120) days prior
written notice to all other Partners of its intention to resign and states in
such notice the name of the intended assignee who is to become substitute
corporate General Partner and the information reasonably appropriate to enable
the Partners to decide whether or not to approve the substitution or, in the
alternative, provide that the partners must elect a successor general partner.
In the event of the voluntary withdrawal by the corporate General Partner, the
corporate General Partner shall pay the legal fees, recording fees and all
other expenses incurred as a result of its withdrawal.  Upon resignation, the
corporate General Partner shall be paid the items identified in Section 8.7
below.

8.7	AMENDMENT INVOLVING SUCCESSOR CORPORATE GENERAL PARTNER.  Should a
resignation or an amendment to the Agreement provide for a change in the
general partner upon the conditions provided in this Agreement, the election
and admission of a person or persons as a successor or successors to the
corporate General Partner, shall require the following conditions: the

                                       18
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General Partner shall retire and withdraw as General Partner and the
Partnership business shall be continued by the successor general partner or
general partners, and such amendment shall expressly provide that on or before
the effective date of removal.

(a)	The corporate General Partner shall be permitted to Redeem 100% of its
Units as of the Valuation Date following its removal or resignation in cash
equal to the Net Asset Value of such corporate General Partner's interest in
the Partnership.

(b)	The Partnership shall pay to the removed corporate General Partner an
amount equal to the Appraised Value of such General Partner's assets to be
transferred to the successor General Partner to enable the successor to
continue the business of the Partnership.  The Appraised Value of the
withdrawing corporate General Partner's interest in the Partnership shall
equal such General Partner's interest in the sum of (1) the Expenses advanced
by the corporate General Partner to the Partnership, (2) all cash items, (3)
all prepaid expenses and accounts receivable less a reasonable discount for
doubtful accounts, and (4) the net book value of all other assets, unless the
withdrawing General Partner of the successor corporate General Partner
believes that the net book value of an asset does not fairly represent its
fair market value in which event such corporate General Partner shall cause,
at the expense of the Partnership, an independent appraisal to be made by a
person selected by the General Partner with approval of a Majority in Interest
of the Partners to determine its value.

(c)	The successor General Partner or Partners shall indemnify the former
General Partner for all future activities of the Fund.

                                  ARTICLE IX

                    Dissolution, Liquidation and Redemption

9.1	DISSOLUTION.  The Partnership shall be dissolved, and shall terminate
and wind-up its affairs, upon the first to occur of the following:

(a)	the affirmative vote of a Majority in Interest of the Partners adopting
an amendment to this Agreement providing for the dissolution of the
Partnership;

(b)	the sale, exchange, forfeiture or other disposition of all or
substantially all the properties of the Partnership out of the ordinary course
of business;

(c)	the resignation of the General Partner after one hundred twenty days
notice to the Partners, of the bankruptcy, insolvency or dissolution, of the
General Partner without a successor, promptly after any such event, but in no
event beyond one hundred twenty (120) days after the effective date of such
event;

(d)	at 11:59 p.m. on the day which is twenty-one (21) years from the 1st day
of February, 1998; or

(e)	any event which legally dissolves the Partnership.

9.2	EFFECT OF LIMITED PARTNER STATUS. The death, legal disability,
bankruptcy, insolvency, dissolution, or withdrawal of any Limited Partner
shall not result in the dissolution or termination of the Partnership, and
such Limited Partner, his estate, custodian or personal representative shall
have no right to withdraw or value such Limited Partner's interest in the
Partnership except as provided in Paragraph 9.3.  Each Limited Partner (any
assignee thereof) expressly agrees that the provisions of the Act, as amended,
titled "Powers of Legal Representative or Successor of Deceased, Incompetent,
Dissolved or Terminated Partner", shall not apply to his interest in the
Partnership and expressly waives any rights and benefits thereunder.  Each
Limited Partner (and any assignee of such Partner's interest) expressly agrees
that in the event of his death, that he waives on behalf of himself and his
estate, and he directs the legal representative of his estate and any person
interested therein to waive the furnishing of any inventory, accounting or
appraisal of the assets and any right to an audit or examination of the books
of the Partnership.  The General Partner may assign, sell, or otherwise
dispose of all or any portion of its shares of common stock without any legal
effect upon the operation of the Partnership and no Limited Partner may object
to any such transfer.

9.3	LIQUIDATION. Upon the termination and dissolution of the Partnership,
the General Partner (or in the event the dissolution is caused by the
dissolution or the cessation to exist as a legal entity of the General
Partner, voluntary withdrawal, bankruptcy or insolvency, such person as the
Majority in Interest of the Partners may select) shall act as liquidating
trustee and shall take full charge of the Partnership assets and liabilities.
Thereafter, the business and affairs of the Partnership shall be wound up and

                                       19
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all assets shall be liquidated as promptly as is consistent with obtaining the
fair value thereof, and the proceeds therefrom shall be applied and
distributed in the following order:  (i) to the expenses of liquidation and
termination and to creditors, including the General Partner, in order or
priority as provided by law, and (ii) to the Partners pro rata in accordance
with his or its Capital account, less any amount owed by such Partner to the
Partnership.

9.4	RETURN OF CAPITAL CONTRIBUTION SOLELY OUT OF ASSETS.  A Partner shall
look solely to the properties and assets of the Partnership for the return of
his Capital Contribution, and if the properties and assets of the Partnership
remaining after the payment or discharge of the debts and liabilities of the
Partnership are insufficient to return his Capital Contribution, he shall have
no recourse against the General Partner or any other Limited Partner for that
purpose.

9.5	REDEMPTION.  A Partner (including any approved assignee who becomes a
Limited Partner) may withdraw any part or all of his Capital Contribution and
undistributed profits, if any, by requiring the Partnership to redeem any or
all of his Units at the Net Asset Value thereof (such withdrawal being herein
referred to as "Redemption").  The General Partner has the right to establish
the notice cut-off date and the Redemption effective date.  Such Redemptions
shall be no less often than quarterly; provided, however, Redemption may be
deferred until after the lapse of twelve months from the date of purchase of
the Units.

9.6	REDEMPTION PROCEDURES.  Redemption shall be after all liabilities,
contingent, accrued, reserved in amounts determined by the General Partner
have been deducted and there remains property of the Partnership sufficient to
pay the Net Unit Value as defined in Paragraph 1.3(b).  As used herein,
"request for Redemption" shall mean a letter mailed or delivered by a Partner
and received by the General Partner no less than 10 business days prior to the
effective date for which Redemption is requested.  Upon Redemption, a Partner
shall receive, on or before the last day of the following month, an amount
equal to the Net Unit Value redeemed as of the date for which the request for
Redemption was received, less accrued expenses and any amount owed by such
Partner to the Partnership. Redemption is subject to a Redemption fee to be
paid by the Partners as provided below; provided, however, no Partner other
than the initial Limited Partner, may redeem any Units until the last day of
the twelfth month after the commencement of trading.   All Redemption requests
shall be subject to the following:

(a)	Under special circumstances including, but not limited to, the inability
to liquidate positions as of such Redemption date or default or delay in
payments due the Partnership from banks, brokers, or other persons, the
Partnership may in turn delay payment to Partners requesting Redemption of
Units of the proportionate part of the Net Unit Value represented by the sums
which are the subject of such delay or default.

(b)	The General Partner in its sole discretion may, upon notice to the
Partners, declare additional Redemption dates and may cause the Partnership to
redeem fractions of Units and, prior to registration of Units for public sale,
redeem Units held by Partners who do not hold the required minimum amount of
Units established, from time to time, by the General Partner.

(c)	For Partners admitted after the date of this Agreement, there will be no
redemption charge or fee.  The General Partner may withdraw from the
Partnership at any time and have return of the proceeds attributable to his
Units without any delay or payment of fees.

9.7	SPECIAL REDEMPTION.  In the event the Net Unit Value falls to less than
fifty percent (50%) of the Net Asset Value established by the greater of the
initial offering price of one thousand dollars ($1,000), less commissions and
other charges, or such higher value earned after payment of the incentive fee
for the addition of profits, the General Partner shall immediately suspend all
trading, provide immediate notice, in accordance with the terms of this
Agreement, to all Partners of the reduction in Net Asset Value, and afford all
Partners the opportunity for fifteen (15) days after the date of such notice
to Redeem their Units in accordance with the provisions of Section 9.5 and
9.6, above.  No trading shall commence until after such fifteen day period.

                                   ARTICLE X

                  Nature of Partner's Liabilities for Claims

10.1	PROSECUTION OF CLAIMS.  The General Partner shall arrange to prosecute,
defend, settle or compromise actions at law or in equity or with any self
regulatory organizations at the expense of the Partnership as such may be
necessary or desirable to enforce, protect, or maintain Partnership interests.

                                       20
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10.2	SATISFACTION OF CLAIMS.  The General Partner shall satisfy any claims
against, errors asserted, or other liability of the Partnership and any
judgment, decree, decision or settlement, first out of any insurance proceeds
available therefor, next, out of Partnership assets and income, and finally
out of the assets and income of the General Partner.

10.3	GENERAL PARTNER DECISION. The decisions made by the General Partner in
regard to the prosecution or settlement of claims, errors, and other
liabilities, will be final unless contested and put to a vote pursuant to
Section 5.8, in which case the outcome of the vote will determine the course
of action.

10.4	EXONERATION, INDEMNIFICATION, AND NO ANTICIPATION OF PAYMENTS.  The
General Partner shall not be liable to the Partnership or the Partners for any
failure to comply with its obligations hereunder except for breach of
fiduciary obligation owed to the partnership or negligence on its part in the
management of Partnership affairs or violation of Federal and state
securities laws in connection with the offering of Units for sale.  In
addition:

(a)	The General Partner will be indemnified for liabilities and expenses
arising from any threatened, pending or completed action or suit in which it
or any affiliate is a party or is threatened to be made a party by reason of
the fact that it is or was the General Partner of the Partnership (other than
an action by the Partnership or a Partner against the General Partner which is
finally resolved in favor of the Partnership or Partner).  The Partnership
will indemnify the General Partner and its affiliates against expenses,
including attorney's fees, judgments and amounts paid in settlement of an
action, suit or proceeding if it has acted in good faith and in a manner it
reasonably believed to be in or not opposed to the best interest of the
Partnership, and provided that its conduct did not constitute negligence or a
breach of fiduciary obligations in the performance of its duty to the
Partnership or a violation of the securities laws.  The termination of any
action, suit or proceeding by judgment, order or settlement against the
Partnership shall not of itself create a presumption that the General Partner
or any affiliate did not act in good faith and not in the best interest of the
Partnership.

Notwithstanding any provision of this Agreement to the contrary, the
Partnership shall advance or pay the General Partner or any of its Affiliates
for legal expenses and other costs incurred as a result of any legal action
which alleges a breach of the Federal or state securities laws only if the
following conditions are satisfied:  (i) the legal action relates to acts or
omissions with respect to the performance of duties or services on behalf of
the Partnership; (ii) the legal action is initiated by a third party who is
not a Limited Partner, or the legal action is initiated by a Limited Partner
and an independent arbitration panel, administrative law judge, or court of
competent jurisdiction specifically approves such advancement; and, (iii) the
General Partner or its Affiliates undertake to repay the advanced funds to the
Partnership, together with the applicable legal rate of interest thereon, in
cases which such party is not entitled to indemnification under NASAA
Guideline II.F.

To the extent that a General Partner or an Affiliate has been successful on
the merits or otherwise in defense of any action, suit or proceeding referred
to above or in defense of any claim, issue or other matter related to the
Partnership or any other Partner or person who applied to be a Partner, the
Partnership shall indemnify such General Partner against the expenses,
including attorneys' fees and costs, actually and reasonably incurred by it in
connection therewith.

(b)	The indemnification of a General Partner shall be limited to and
recoverable only out of the assets of the Partnership.  Notwithstanding the
foregoing, the Partnership's indemnification of the General Partner shall be
limited to the amount of such loss, liability or damage which is not otherwise
compensated for by insurance carried for the benefit of the Partnership.
Additionally, the Partnership may not incur the cost of that portion of
liability insurance which insures the General Partner for any liability as to
which the General Partner is prohibited from being indemnified under this
Agreement.

(c)	Notwithstanding any provision in this Agreement to the contrary, the
Partnership shall not advance the expenses or pay for any insurance to pay for
the costs of the defense or any liability which is prohibited from being
indemnified pursuant to NASAA Guideline II.F.  Specifically, no
indemnification which is the result of negligence or misconduct by the General
Partner or for any allegation of a violation of the Federal or state
securities laws by or against the General Partner, any broker/dealer or any
other party unless there has been a successful adjudication on the merits of
each count involving alleged securities law violation as to the General
Partner or broker/dealer or such other party; or a court of competent
jurisdiction approves a settlement of the claims against the General Partner
or any broker/dealer or any other party and finds, specifically, that the

                                       21
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indemnification of the settlement and related costs should be made after the
court of law has been made aware that the Securities and Exchange Commission
opposes such indemnification and the position of any applicable state
securities regulatory authority where the Partnership Interests were offered
or sold without the compliance with specific conditions upon such
indemnification and the action covered satisfies the provisions of Section
10.4 (a) of this Agreement.  Any change in the requirements imposed by the
Securities and Exchange Commission and the state securities administrators in
regard to indemnification shall cause a corresponding change in the right of
the General Partner to indemnification.

(d)	The indemnification of the General Partner provided in this Article
shall extend to any employee, agent, attorney, certified public accountant, or
Affiliate of the Partnership and the General Partner.

(e)	The Partnership shall indemnify, to the extent of the Partnership
assets, each Partner against any claims of liability asserted against a
Partner solely because he is a Partner in the Partnership.

(f)	In the event the Partnership or any Partner is made a party to any
claim, dispute or litigation or otherwise incurs any loss or expense, as a
result of or in connection with any Partner's activities unrelated to the
Partnership business or as a result of an unfounded claim against the
Partnership or any other Partner brought as a result of alleged actions by
said Partner, the Partner which was responsible for the allegations which
caused such loss or expense shall indemnify and reimburse the Partnership and
all other Partners for all loss and expense incurred, including attorneys'
fees and costs.

(g)	No creditor of a Partner shall have a right to vote Units.  Nor may any
Partner or creditor of a Partner anticipate any principal or income from the
Fund prior to the approval of a Redemption Request or the payment of a
distribution from the Fund.

                                  ARTICLE XI

                               Power of Attorney

11.1	POWER OF ATTORNEY EXECUTED CONCURRENTLY.  Concurrent with the written
acceptance and adoption of the provisions of this Agreement, each Partner
shall execute and deliver to the General Partner, a Power of Attorney
(paragraph 5 of the Subscription Agreement).  Said Power of Attorney
irrevocably constitutes and appoints the General Partner as a true and lawful
attorney-in-fact and agent for such Partner with full power and authority to
act in his name and on his behalf in the execution, acknowledgment and filing
of documents, which will include, but shall not be limited to, the following:

(a)	Any certificates and other instruments, including but not limited to, a
Certificate of Limited partnership and amendments thereto and a certificate of
doing business under an assumed name, which the General Partner deems
appropriate to qualify or continue the Partnership as a limited partnership in
the jurisdictions in which the Partnership may conduct business, so long as
such qualifications and continuations are in accordance with the terms of this
Agreement or any amendment hereto, or which may be required to be filed by the
Partnership or the Partners under the laws of any jurisdiction;

(b)	Any other instrument which may be required to be filed by the
Partnership under Federal or any state laws or by any governmental agency or
which the General Partner deems advisable to file; and

(c)	Any documents required to effect the continuation of the Partnership,
the admission of the signer of the Power as a Limited Partner or of others as
additional or substituted Partners or Limited Partners, or the dissolution and
termination of the Partnership, provided such continuation, admission,
dissolution or termination is pursuant to the terms of this Agreement.

11.2	EFFECT OF POWER OF ATTORNEY.  The Power of Attorney concurrently granted
by each Partner to the General Partner is a special Power of Attorney coupled
with an interest, is irrevocable, and shall survive the death or legal
incapacity of the Partner; and may be exercised by the General Partner for
each Partner by a facsimile signature of one of its officers or by listing all
of the Partners executing any instrument with a single signature of one of its
officers acting as attorney-in-fact for all of them; and shall survive the
delivery of an assignment by a Partner of the whole or any portion of his
interest in the Partnership; except that where the assignee thereof has been
approved by the General Partner for admission to the Partnership as a
substituted partner, the Power of Attorney shall survive the delivery of such
assignment for the sole purpose of enabling the General Partner to execute,
acknowledge and file an instrument necessary to effect such substitution.

                                       22
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11.3	FURTHER ASSURANCES.  Upon request, each Limited Partner agrees to
execute and deliver to the Partnership, within thirty (30) days after receipt
of a written request from the General Partner, a separate form of power of
attorney granting the same powers described above; and such other further
statements of interest, holdings, designations, powers of attorney and other
instruments as the General Partner deems necessary or desirable.

                                  ARTICLE XII

                           Miscellaneous Provisions

12.1	NOTICES.  Notices, requests, reports, payments or other communications
required to be given or made hereunder shall be in writing and shall be deemed
to be delivered when properly addressed and posted by United States registered
or certified mail or delivered by independent courier which provides an record
of receipt, postage or delivery fees prepaid, properly addressed to the party
being given such notice at its last known address.  Addresses shown on the
Schedule of Limited Partners records of the Partnership shall be considered
the last known address of each said party unless the General Partner is
otherwise notified in writing.

12.2	NATURE OF INTEREST OF PARTNERS.  The interest of each Partner in the
Partnership is personal property.  No Partner may anticipate the distribution
or redemption of principal or income from the Partnership and no assignment to
secure the position of a lender to a Partner shall be valid without the
express written consent of the General Partner.

12.3	GOVERNING LAW.  This Agreement shall be construed in accordance with and
governed in all respects by the laws of the State of Delaware.  All Partners
agree to consent to the jurisdiction and to bring all actions for claims
related to the Partnership and the sale of the Units in the State and County
of the principal office of the Partnership as it is established, from time to
time, by the General Partner.  Currently, the principal office of the
Partnership is located in Kent County, Delaware.

12.4	SUCCESSORS IN INTEREST.  This Agreement shall be binding on and inure to
the benefit of he parties hereto and, to the extent permitted by this
Agreement, their respective heirs, executors, administrators, personal
representatives, successors and assigns.

12.5	INTEGRATION.  This Agreement constitutes the entire agreement among the
parties pertaining to the subject matter hereof and supersedes all prior and
contemporaneous agreements and understandings of such parties in connection
herewith.  Any amendment or supplement made hereto must be in writing.

12.6	COUNTERPARTS.  This Agreement may be executed in one or more
counterparts.  In such event, each counterpart shall constitute an original
and all such counterparts shall constitute one agreement.  The addition of
Limited Partners pursuant to the power of attorney granted to the General
Partner shall not be deemed amendments to alter the rights of the other
Partners under this Agreement.

12.7	SEVERABILITY.  Any provision of this Agreement which is invalid,
illegal, or unenforceable in any respect in any jurisdiction shall be, as to
such jurisdiction, ineffective to the extent of such invalidity, illegality or
unenforceability.  The remaining provisions hereof in such jurisdiction shall
be and remain effective.  Any such invalidity, illegality or unenforceability
in any jurisdiction shall not invalidate or in any way effect the validity,
legality or enforceability of such provision or the remainder of this
Agreement in any other jurisdiction.

12.8	WAIVERS.  The failure of any Partner to seek redress for violation of or
to insist upon the strict performance of any covenant or condition of this
agreement shall not prevent a subsequent act, which would have originally
constituted a violation, from having the effect of an original violation.

12.9	HEADINGS.  The headings in this Agreement are inserted for convenience
and identification only and are in no way intended to describe, interpret,
define or limit the scope, extent or intent of this Agreement or any provision
hereof.

12.10	RIGHTS AND REMEDIES CUMULATIVE.  This rights and remedies provided by
this Agreement are cumulative and the use of any one right or remedy by any
Partner shall not preclude or waive his right to use addition to any other
rights such Partner may have by law, statute, ordinance or otherwise.

12.11	WAIVER OF RIGHT TO PARTITION.  Each of the Partners irrevocably waives,
during the term of the Partnership, any right that it may have to maintain any
action for partition with respect to the property and assets of the
Partnership.

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12.12	INTEREST OF CERTAIN SECURED CREDITORS.  No creditor who makes
nonrecourse loan to the Partnership shall have or acquire at any time as a
result of making the loan, any direct or indirect interest in the profits,
Capital, or property of the Partnership other than as a secured creditor.

	IN WITNESS WHEREOF, the parties hereto have executed and delivered this
Agreement the day and year first above written.

General Partner:

ASHLEY CAPITAL MANAGEMENT, INCORPORATED


By: __________________________
Michael P. Pacult
President

Other General Partner:


By: __________________________
Michael P. Pacult

Agent for Limited Partners:
Ashley Capital Management, Inc.


By: __________________________
Michael P. Pacult
President

                                       24
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              EXHIBIT B TO ATLAS FUTURES FUND DISCLOSURE DOCUMENT

                    ATLAS FUTURES FUND, LIMITED PARTNERSHIP
                            REQUEST FOR REDEMPTION


To:  Ashley Capital Management, Inc.
     General Partner                        _____________________________
     5914 N. 300 West                       Our Social Security Number or
     P. O. Box 760			    Taxpayer ID Number
     Fremont, IN 46737
					    _____________________________
					    Joint Social Security Number or
					    Taxpayer ID Number

Dear General Partner:

The undersigned hereby requests redemption ("Redemption"), as defined in and
subject to all the terms and conditions disclosed in the Offering Circular
(the "Prospectus") delivered to the undersigned at the time of our purchase of
limited partnership interests (the "Units") in Atlas Futures Fund, Limited
Partnership, (the "Fund"), of $___________________ of Units (or insert the
number of Units to be Redeemed).  This Redemption request, once approved and
accepted by you as General Partner, will be at the Net Asset Value per Unit,
as described in the Prospectus, as of the close of business at the end of the
current month following such approval.

The undersigned hereby represents and warrants that the undersigned is the
true, lawful and beneficial owner of the Units to which this Request relates
with full power and authority to request Redemption of such Units.   Such
Units are not subject to any pledge or otherwise encumbered.

United States Taxable Limited Partners Only - Under penalty of perjury, the
undersigned hereby certifies that the Social Security Number or Taxpayer ID
Number indicated on this Request for Redemption is the undersigned's true,
cared and complete Social Security Number or Taxpayer ID Number and that the
undersigned is not subject to backup withholding under the provisions of
section 3406(a)(1)(C) of the Internal Revenue Code.

Non United States Limited Partners Only - Under penalty of perjury, the
undersigned hereby certifies that (a) the undersigned is not a citizen or
resident of the United States or (b) (in the case of an investor which is not
an individual) the investor is not a United States corporation, partnership,
estate or trust.

SIGNATURE(S) MUST BE IDENTICAL TO NAME(S) IN WHICH UNITS ARE REGISTERED

Please forward redemption funds by mail to the undersigned at:

_____________________________________________________________________________
Name                   Street                 City, State and Zip Code

Entity Limited Partner                        Individual Limited Partners(s)

________________________________              _______________________________
(Name of Entity)                              (Signature of Limited Partner)


By:
________________________________             ________________________________
(Authorized corporate officer, partner,       (Signature of Limited Partner)
 custodian or trustee)

________________________________
(Title)

<page>
              EXHIBIT C TO ATLAS FUTURES FUND DISCLOSURE DOCUMENT

                    ATLAS FUTURES FUND, LIMITED PARTNERSHIP

                           SUBSCRIPTION REQUIREMENTS

By executing the Subscription Agreement and Power of Attorney for Atlas
Futures Fund Limited Partnership (the "Fund"), each purchaser ("Purchaser") of
Limited Partnership Interests (the "Units") in the Partnership irrevocably
subscribes for Units at a price equal to the Net Asset Value per Unit as of
the end of the month in which the subscription is accepted as described in the
Partnership's prospectus dated October__, 2010, (the "Prospectus").  The
minimum subscription is $25,000, however, it may be lowered to not less than
$5,000 by the General Partner; additional Units may be purchased in multiples
of $1,000.  Subscriptions must be accompanied by a check in the full amount of
the subscription and made payable to "Star Financial Bank for the exclusive
benefit of the customers of Atlas Futures Fund, LP".  Purchaser is also
delivering to the Partnership an executed Subscription Agreement and Power of
Attorney (Exhibit D to the Prospectus).   Upon acceptance of Purchaser's
Subscription Agreement and Power of Attorney, Purchaser agrees to contribute
Purchaser's subscription to the Partnership and to be bound by the terms of
the Partnership's Limited Partnership Agreement, attached as Exhibit A to the
Prospectus.  Purchaser agrees to reimburse the Partnership and Ashley Capital
Management, Incorporated (the "General Partner") for any expense or loss
incurred as a result of the cancellation of Purchaser's Units due to a failure
of Purchaser to deliver good funds in the amount of the subscription price.
By execution of the Subscription Agreement and Power of Attorney, Purchaser
shall be deemed to have executed the Limited Partnership Agreement.

As an inducement to the General Partner to accept this subscription, Purchaser
(for the Purchaser and, if Purchaser is an entity, on behalf of and with
respect to each of Purchaser's shareholders, partners or beneficiaries), by
executing and delivering Purchaser's Subscription Agreement and Power of
Attorney, represents and warrants to the General Partner, the Commodity Broker
and the Fund, as follows:

(a)	Purchaser is of legal age to execute the Subscription Agreement and
Power of Attorney and is legally competent to do so.  Purchaser acknowledges
that Purchaser has received a copy of the Prospectus, including the Limited
Partnership Agreement, prior to subscribing for Units.

(b)	All information that Purchaser has heretofore furnished to the General
Partner or that is set forth in the Subscription Agreement and Power of
Attorney submitted by Purchaser is correct and complete as of the date of such
Subscription Agreement and Power of Attorney, and if there should be any
change in such information prior to acceptance of Purchaser's subscription,
Purchaser will immediately furnish such revised or corrected information to
the General Partner.

(c)	Unless (d) or (e) below is applicable, Purchaser's subscription is made
with Purchaser's funds for Purchaser's own account and not as trustee,
custodian or nominee for another.

(d)	The subscription, if made as custodian for a minor, is a gift Purchaser
has made to such minor and is not made with such minor's funds or, if not a
gift, the representations as to net worth and annual income set forth below
apply only to such minor.

(e)	If Purchaser is subscribing in a representative capacity, Purchaser has
full power and authority to purchase the Units and enter and be bound by the
Subscription Agreement and Power of Attorney on behalf of the entity for which
he is purchasing the Units, and such entity has full right and power to
purchase such Units and enter and be bound by the Subscription Agreement and
Power of Attorney and become a Limited Partner pursuant to the Limited
Partnership Agreement which is attached to the Prospectus as Exhibit A.

(f) Purchaser either is not required to be registered with the Commodity
Futures Trading Commission ("CFTC") or to be a member of the National Futures
Association ("NFA") or if required to be so registered is duly registered with
the CFTC and is a member in good standing of the NFA.

(g) If the undersigned is acting on behalf of an "employee benefit plan," as
defined in and subject to the Employee Retirement Income Security Act of 1974,
as amended ("ERISA"), or a "plan" as defined in and subject to Section 4975 of
the Internal Revenue Code of 1986, as amended (the "Code") (a "Plan"), the
individual signing this Subscription Agreement and Power of Attorney on behalf
of the undersigned hereby further represents and warrants as, or on behalf of,
the Plan responsible for purchasing units (the "Plan

                                       1
<page>
Fiduciary") that: (a) the Plan Fiduciary has considered an investment in the
Fund for such plan in light of the risks relating thereto; (b) the Plan
Fiduciary has determined that, in view of such considerations, the investment
in the Fund is consistent with the Plan Fiduciary's responsibilities under
ERISA; (c) the Plan's investment in the Fund does not violate and is not
otherwise inconsistent with the terms of any legal document constituting the
Plan or any trust agreement thereunder; (d) the Plan's investment in the Fund
has been duly authorized and approved by all necessary parties; (e) none of
the General Partner, the Fund's advisors, the Fund's cash manager, the Fund's
futures brokers, any selling agent, any of their respective affiliates or any
of their respective agents or employees: (i) has investment discretion with
respect to the investment of assets of the Plan used to purchase units; (ii)
has authority or responsibility to or regularly gives investment advice with
respect to the assets of the Plan used to purchase units for a fee and
pursuant to an agreement or understanding that such advice will serve as a
primary basis for investment decisions with respect to the Plan and that such
advice will be based on the particular investment needs of the Plan; or (iii)
is an employer maintaining or contributing to the Plan; and (f) the Plan
Fiduciary (i) is authorized to make, and is responsible for, the decision to
invest in the Fund, including the determination that such investment is
consistent with the requirement imposed by Section 404 of ERISA that Plan
investments be diversified so as to minimize the risks of large losses, (ii)
is independent of the General Partner, the Fund's advisors, the Fund's cash
manager, the Fund's futures brokers, any selling agent, each of their
respective affiliates, and (iii) is qualified to make such investment
decision. The undersigned will, at the request of the General Partner, furnish
the General Partner with such information as the General Partner may
reasonably require to establish that the purchase of the units by the Plan
does not violate any provision of ERISA or the Code, including without
limitation, those provisions relating to "prohibited transactions" by "parties
in interest" or "disqualified persons" as defined therein.

(h) If the undersigned is acting on behalf of a trust (the "Subscriber
Trust"), the individual signing the Subscription Agreement and Power of
Attorney on behalf of the Subscriber Trust hereby further represents and
warrants that an investment in the Trust is permitted under the trust
agreement of the Subscriber Trust, and that the undersigned is authorized to
act on behalf of the Subscriber Trust under the trust agreement thereof.

(i) Purchaser represents and warrants that purchaser has (i) a net worth of at
least $250,000 (exclusive of home, furnishings and automobiles) or (ii) an
annual gross income of at least $70,000 and a net worth (similarly calculated)
of at least $70,000. Residents of the following states must meet the
requirements set forth below (net worth in all cases is exclusive of home,
furnishings and automobiles). In addition, purchaser may not invest more than
10% of his net worth (exclusive of home, furnishings and automobiles) in the
Fund.

State Suitability Requirements

1.	California-Net worth of at least $250,000 or a net worth of at least
$70,000 and annual taxable income of at least $70,000.

2.	Kansas-It is recommended by the Office of the Kansas Securities
Commissioner that Kansas investors not invest, in the aggregate, more than 10%
of their "liquid net worth" in this and similar direct participation programs.
For these purposes, "liquid net worth" is defined as that portion of net worth
which consists of cash, cash equivalents and readily marketable securities.

3.	Nebraska-Net worth of at least $250,000 or a net worth of at least
$70,000 and annual taxable income of at least $70,000.

4.	South Carolina-Net worth of at least $250,000 or a net income in the
preceding year some portion of which was subject to maximum federal and State
income tax.

5.	Texas-Net worth of at least $250,000 or a net worth of at least $70,000
and annual taxable income of at least $70,000.

In the case of sales to fiduciary accounts, the net worth and income standards
may be met by the beneficiary, the fiduciary account, or, if the donor or
grantor is the fiduciary, by the donor or grantor who supplies the funds to
purchase the partnership interests.

The foregoing suitability standards are regulatory minimums only.  Merely
because you meet such requirements does not necessarily mean that a high risk,
speculative and illiquid investment such as one in the Fund is, in fact,
suitable for you.

                                       2
<page>
              EXHIBIT D TO ATLAS FUTURES FUND DISCLOSURE DOCUMENT

                    ATLAS FUTURES FUND, LIMITED PARTNERSHIP

                     UNITS OF LIMITED PARTNERSHIP INTEREST

                           SUBSCRIPTION INSTRUCTIONS

                    Any person considering subscribing for
            Units should carefully read and review the Prospectus.

The Units are speculative and involve a high degree of risk.  No person may
invest more than 10% of his or her liquid net worth (exclusive of home,
furnishings and automobiles) in the Partnership. No entity-and, in particular,
no ERISA plan-may invest more than 10% of its liquid net worth (readily
marketable securities) in the Partnership. The purchaser must have a minimum
annual gross income of $70,000 and a minimum net worth of $70,000 or, in the
alternative, a minimum net worth of $250,000.

A Subscription Agreement and Power of Attorney Signature Page (the "Signature
Page") is attached to these Subscription Instructions and the following
Subscription Agreement and Power of Attorney. The Signature Page is the
document which you must execute if you wish to subscribe for Units. One copy
of such Signature Page should be retained by you for your records and the
others delivered to the Partnership.

FILL IN ALL OF THE INFORMATION ON THE ATTACHED SIGNATURE PAGE, USING BLACK INK
ONLY, AS FOLLOWS

Item 1	-	Enter the dollar amount of the purchase.

Items 2 - 7	-	Enter the Social Security Number or Taxpayer ID Number and
check the appropriate box to indicate the type of individual ownership desired
or of the entity that is subscribing. In the case of joint ownership, either
Social Security Number may be used.

The Signature Page is self-explanatory for most ownership types; however, the
following specific instructions are provided for certain of the ownership
types identified on the Signature Page:

Trusts-Enter the trust's name on Line 3 and the trustee's name on Line 4,
followed by "Ttee." If applicable, use Line 7 also for the custodian's name.
Be sure to furnish the Taxpayer ID Number of the trust.

Custodian Under Uniform Gifts to Minors Act-Complete Line 3 with the name of
minor followed by "UGMA." On Line 7, enter the custodian's name followed by
"Custodian." Be sure to furnish the minor's Social Security Number.

Partnership or Corporation-The partnership's or corporation's name is required
on Line 4. Enter a partner's or officer's name on Line 4. Be sure to furnish
the Taxpayer ID Number of the partnership or corporation. A subscriber who is
not an individual must provide a copy of documents evidencing the authority of
such entity to invest in the Partnership.

Item 8	-	The investor(s) must execute the Subscription Agreement and
Power of Attorney Signature Page and review the representations relating to
backup withholding tax or non-resident alien status underneath the signature
and telephone number lines in Item 8.

Item 9	-	General Partner must complete.

The Selling Agent's copy of the Subscription Agreement and Power of Attorney
Signature Page may be required to be retained in the Selling Agent's office.

<page>
                    ATLAS FUTURES FUND, LIMITED PARTNERSHIP

                     UNITS OF LIMITED PARTNERSHIP INTEREST

        BY EXECUTING THIS SUBSCRIPTION AGREEMENT AND POWER OF ATTORNEY
               SUBSCRIBERS ARE NOT WAIVING ANY RIGHTS UNDER THE
                   SECURITIES ACT OF 1933 OR THE SECURITIES
                             EXCHANGE ACT OF 1934

                          SUBSCRIPTION AGREEMENT AND
                               POWER OF ATTORNEY

To:  Ashley Capital Management, Inc.
     General Partner                        _____________________________
     5914 N. 300 West                       Our Social Security Number or
     P. O. Box 760			    Taxpayer ID Number
     Fremont, IN 46737
					    _____________________________
					    Joint Social Security Number or
					    Taxpayer ID Number

Dear General Partner:

1. Subscription For Units. I hereby subscribe for the number of Limited
Partnership Units ("Units") in Atlas Futures Fund, Limited Partnership  (the
"Fund") set forth below (minimum $25,000) in the Subscription Agreement and
Power of Attorney Signature Page, at a price per Unit as set forth in the
Fund's prospectus dated October __, 2010 (the "Prospectus").  I have completed
and executed a Subscription Agreement and Power of Attorney Signature Page in
the form attached hereto as Exhibit "D", and delivered the executed
Subscription Documents to the Sales Agent and executed a check made payable to
"Star Financial Bank for the exclusive benefit of the customers of Atlas Futures
Fund, LP" to be delivered by the Sales Agent to the Depository Agent within 24
hours after receipt for deposit to the Depository Account.  The General
Partner may, in its sole and absolute discretion, accept or reject this
subscription, in whole or in part.  If this subscription is accepted, I
understand subscribers will earn additional Units in lieu of interest earned
on the undersigned's subscription during any period of time, if any, such
subscription is held in the depository account.  If this subscription is
rejected, all funds remitted by the undersigned will be returned, together
with any interest earned from the depository account, if any.

2. Representations and Warranties of Subscriber.  I have received a copy of
the Prospectus.  I understand that by submitting this Subscription Agreement
and Power of Attorney I am making the representations and warranties set forth
in "Exhibit C - Subscription Requirements" contained in the Prospectus,
including, without limitation, representations and warranties relating to my
net worth and annual income.  Additionally, I understand that the General
Partner will review my suitability for this investment.

3. Power of Attorney.  In connection with my acceptance of an Interest in the
Partnership, I do hereby irrevocably constitute and appoint the General
Partner, and its successors and assigns, as my true and lawful Attorney-in-
Fact, with full power of substitution, in my name, place and stead, to (i)
file, prosecute, defend, settle or compromise litigation, claims or
arbitration on behalf of the Partnership; and, (ii) make, execute, sign,
acknowledge, swear to, deliver, record and file any documents or instruments
which may be considered necessary or desirable by the General Partner to carry
out fully the provisions of the Limited Partnership Agreement of the
Partnership, which is attached as Exhibit A to the Prospectus, including,
without limitation, the execution of the said Agreement itself and by
effecting all amendments permitted by the terms thereof.  The Power of
Attorney granted hereby shall be deemed to be coupled with an interest and
shall be irrevocable and shall survive, and shall not be affected by, my
subsequent death, incapacity, disability, insolvency or dissolution or any
delivery by me of an assignment of the whole or any portion of my interest in
the Partnership.

4. Irrevocability; Governing Law. You may revoke your subscription for five
business days after you send it to us (the "Revocation Period").  After the
lapse of five business days from submission, your subscription will be
irrevocable.  The Units offered to you are subject to prior sale.  I hereby
acknowledge and agree that after the Revocation Period I am not entitled to
cancel, terminate or revoke this subscription or any of my agreements
hereunder and that this subscription and such agreements shall survive my
death or disability.  This Subscription Agreement and Power of Attorney shall
be governed by and interpreted in accordance with the laws of the State of
Delaware.

<page>
                    ATLAS FUTURES FUND, LIMITED PARTNERSHIP

                    Units of Limited Partnership Interests

                 Subscription Agreement and Power of Attorney

                                Signature Page

The investor named below, by execution and delivery of this Subscription
Agreement and Power of Attorney, by payment of the purchase price for Limited
Partnership Interests (the "Units") in Atlas Futures Fund, Limited Partnership
(the "Partnership"), and by enclosing a check payable to "Star Financial Bank
for the exclusive benefit of the customers of Atlas Futures Fund, LP", hereby
subscribes for the purchase of Units, at a price per Unit as set forth in the
Partnership's prospectus dated October __, 2010 (the "Prospectus").

The named investor further, by signature below, acknowledges (i) receipt of
the Prospectus; (ii) that such Prospectus includes the Partnership's Limited
Partnership Agreement, the Subscription Requirements, and the Subscription
Agreement and Power of Attorney set forth therein, the terms of which govern
the investment in the Units being subscribed for hereby; (iii) that this
subscription may be revoked within five business days after submission; and,
(iv) after the lapse of five business days from submission, this subscription
will be irrevocable.

By my signature below, I represent that I satisfy the requirements relating to
net worth and annual income as set forth in Exhibit C to the Prospectus.

1)	Total $ Amount	(minimum of $25,000, unless lowered to less than
$25,000 but not less than $5,000 by the General Partner;  $1,000 minimum for
investors making an additional investment)

2)	Social Security Number (SSN)  ____________-____________-____________
	Joint SSN or Taxpayer ID #  ____________-____________-____________

Taxable Investors (check one):
O Individual Ownership
O Trust other than a Grantor or Revocable Trust
O Joint Tenants with Right of Survivorship
O Estate
O UGMA/UTMA (Minor)
O Tenants in Common
O Community Property
O Partnership
O Corporation
O Grantor or Other Revocable Trust

Non-Taxable Investors (check one):
O IRA
O Profit Sharing
O IRA Rollover
O Defined Benefit
O Pension
O Other (specify)
O SEP

3) Investor's Name _________________________________________________________

4) _________________________________________________________________________
  Additional Information (for Estates, Trusts, Partnerships and Corporations)

5) Resident Address of Investor
   _________________________________________________________________________
   Street (P.O. Box not acceptable)    City       State          Zip Code

6) Mailing Address(if different)
   _________________________________________________________________________
   Street                              City       State          Zip Code

7) Custodian Name and Mailing Address
   _________________________________________________________________________
   Name      Street (P.O. Box not acceptable)    City      State    Zip Code

Signature(s) - do not sign without familiarizing yourself with the information
in the Prospectus, including: (i) the fundamental risks and financial hazards
of this investment, including the risk of losing your entire investment; (ii)
the Partnership's substantial charges; (iii) the Partnership's highly
leveraged trading activities; (iv) the lack of liquidity of the Units
including a lock-in period of twelve months; (v) the existence of actual and
potential conflicts of interest in the structure and operation of the
Partnership; (vi) that Limited Partners may not take part in the management of
the Partnership; and (vii) the tax consequences of the Partnership.

8)                         INVESTOR(S) MUST SIGN

   X_________________________________________________________
   Signature of Investor                Date    Telephone No.

   X_________________________________________________________
   Signature of Joint Investor (if any)   Date

Investor must sign individually, or pursuant to a power of attorney; provided,
however, that such power of attorney has not been granted to a registered
representative of the Selling Agent.

Executing and delivering this Subscription Agreement and Power of Attorney
shall in no respect be deemed to constitute a waiver of any rights under the
Securities Act of 1933 or under the Securities Exchange Act of 1934.

UNITED STATES INVESTORS ONLY

I have checked the following box if I am subject to backup withholding under
the provisions of Section 3406(a)(1)(C) of the Internal Revenue Code:  0.
Under the penalties of perjury, by signature above I hereby certify that the
Social Security Number or Taxpayer ID Number set forth in Item 2 above is my
true, correct and complete Social Security Number of Taxpayer ID Number and
that the information given in the immediately preceding sentence is true,
correct and complete.

NON-UNITED STATES INVESTORS ONLY

Under the penalties of perjury, by signature above, I hereby certify that (a)
I am not a citizen or resident of the United States or (b) (in the case of an
investor which is not an individual) the investor is not a United States
corporation, partnership, estate or trust:  0.

9)	REGISTERED REPRESENTATIVE MUST SIGN

I hereby certify that I have informed the investor of all pertinent facts
relating to the:  risks;  liquidity and marketability;  management;  and
control of the Managing Owner with respect to an investment in the Units, as
set forth in the Prospectus.  I  have also informed the investor of the
unlikelihood of a public trading market developing for the Units.  I do not
have discretionary authority over the account of the investor.

I have reasonable grounds to believe, based on information obtained from the
investor concerning his/her investment objectives, other investments,
financial situation and needs and any other information known by me, that an
investment in the Fund is suitable for such investor in light of his/her
financial position, net worth and other suitability characteristics. The
Registered Representative MUST sign below in order to substantiate compliance
with Article III, Section 34 of the FINRA's Rules of Fair Practice.

X____________________________________________________________________
Registered Representative Signature	Date

X____________________________________________________________________
Office Manager Signature		Date

10)	REGISTERED REPRESENTATIVE

Name:
Selling Agent:
Reg. Rep. No.:
Branch Office:
Address:
City, State, Zip:
Tel. Number:
Facsimile:
Email:

11)	SELLING AGENT - Futures Investment Company, 5914 N. 300 West, P.O. Box
760, Fremont, IN 46737, (260) 833-1306

<page>
              EXHIBIT E TO ATLAS FUTURES FUND DISCLOSURE DOCUMENT

                             DEPOSITORY AGREEMENT

THIS AGREEMENT (the "Agreement") is made and entered into as of the ___ day of
_________, 2010, by and among Atlas Futures Fund, Limited Partnership,
("Atlas" or the "Fund"), Ashley Capital Management, Inc., 5914 N. 300 West, P.
O. Box 760, Fremont, IN 46737, (the "General Partner"), and Star Financial
Bank (the "Depository"), 2004 N. Wayne St., Angola, IN 46703, a bank
unaffiliated with the Fund or General Partner and otherwise qualified to be a
depository within the definition of Section 3(a)(2) of the Securities Act of
1933.

1.	Account Opened.  The General Partner establishes and the Depository
accepts and opens a savings account that complies with SEC Rule 15c2-4 titled
"Star Financial Bank for the exclusive benefit of the customers of Atlas
Futures Fund, LP" to clear proceeds of sale of limited partnership interests
(the "Units") and hold such proceeds until the General Partner either accepts
the proceeds into the Atlas account or rejects the subscription and directs
the Depository to return the proceeds to the prospective investor.  Limited
partnership interests (the "Units") will be sold by the Selling Agent on a
best efforts basis.  Units will be sold at the Net Asset Value per Unit
computed after the close of business on the last business day of each month
and transferred to the Fund as of the open on the first business day of each
month.  The Selling Agent shall direct all subscribers to make their checks to
"Star Financial Bank for the exclusive benefit of the customers of Atlas
Futures Fund, LP."  Any instrument not so made out shall be promptly returned
to the subscriber, with notice to the General Partner.  The Selling Agent will
supply the Depository with a list of the subscribers to identify their name,
address and amount of subscription.  The General Partner will be solely
responsible for the allocation of interest earned among the subscribers.

2.	Transfer of Subscribers' Funds.  The Selling Agent shall promptly
transmit all checks for the purchase of Units by noon of the second business
day directly to the Depository.  For customers that wish to make wire
transfers, the Selling Agent will provide wire instructions to them for the
Depository Account and will not take custody of any customer funds.  At the
time of delivery of the proceeds to the Depository, the Selling Agent shall
provide the Depository with the name and address of the subscriber for the
Units.  On the first business day of each month (the "Delivery Date"), the
Depository shall deliver all proceeds plus interest by check or account
transfer to the Fund.  Should the Fund reject a subscription for any reason or
cease business prior to the Delivery Date, the Depository shall promptly
return the proceeds directly to each subscriber plus interest as allocated by
the General Partner without deduction for costs or expenses from the amounts
paid to the subscribers, and the Depository shall notify the General Partner
and the Selling Agent of its distribution of the funds.  The proceeds returned
to each subscriber shall be free and clear of any and all claims of the Fund
or any of its creditors.

3.	No Creditor's Rights.  The General Partner and Selling Agent agree,
individually and on behalf of the Fund, that neither it nor the Fund is
entitled to any funds in the Depository account prior to the Delivery Date,
and no amounts deposited in the Depository Account shall become the property
of or be subject to the debts of the General Partner, Selling Agent, Fund or
any other entity or person.

4.	Collection Procedure.  The Depository is hereby authorized to forward
each check for collection and, upon collection of the proceeds of each check,
deposit the collected proceeds in the account. As an alternative, the
Depository may telephone the bank on which the check is drawn to confirm that
the check has been paid.  Any check returned unpaid shall be returned by Star
Financial Bank to the subscriber with notice to the General Partner and
Selling Agent. If the Fund rejects any subscription for which the Depository
has already collected funds, the Depository shall promptly issue a refund
check to the rejected subscriber. If the General Partner rejects any
subscription for which the Depository has not yet collected funds but has
submitted the subscriber's check for collection, the Depository shall promptly
issue a check in the amount of the subscriber's check to the rejected
subscriber after the Depository has cleared such funds. If the Depository has
not yet submitted a rejected subscriber's check for collection, the Depository
shall promptly remit the subscriber's check directly to the subscriber.

                                       1
<page>
5.	Depository Liability Limited.  Depository shall have no liability under,
or duty to inquire into, the terms and provisions of any other document or
instrument utilized in connection with the Offering, and it is agreed that the
duties of Depository are purely ministerial in nature, and that Depository
shall incur no liability whatsoever under this Agreement, except for acts or
omissions of the Depository involving or constituting willful misconduct,
fraud, gross negligence or bad faith.

6.	Depository May Resign.  Depository may, at any time, resign hereunder by
giving written notice of its intent to resign to the other parties hereto, at
their respective addresses set forth above, at least ten (10) days prior to
the date specified for such resignation to take effect, and upon the effective
date of such resignation the proceeds, including all accrued interest, shall
be delivered by Depository to the person designated in writing by the General
Partner or a court of competent jurisdiction, whereupon all of Depository's
obligations hereunder shall cease and terminate.  Notwithstanding the
foregoing, nothing in this paragraph releases Depository or relieves it of any
of its obligations that existed prior to the effective date of Depository's
resignation including, without limitation, liability for willful misconduct,
fraud, gross negligence or bad faith.  Notwithstanding the foregoing, nothing
in this paragraph releases the General Partner or the Selling Agent of their
obligations under the Securities and Exchange Act including, but not limited
to, Rules 15c2-4 and 10b-9.

7.	Depository Indemnification.  The Selling Agent and General Partner agree
to indemnify, defend and hold Depository harmless from and against any and all
loss, damage, tax, liability and expense that may be incurred by Depository
and arising out of or in connection with its acceptance of appointment as
depository hereunder, including reasonable attorneys' fees and other legal
costs and expenses of defending itself against any claim or liability in
connection with its performance hereunder, except in the case of willful
misconduct, fraud, gross negligence or bad faith on the part of Depository.
Depository may consult with and rely on its attorneys with respect to any
dispute not assumed or defended by the Selling Agent and the General Partner,
and this indemnification shall include all reasonable and necessary attorneys'
fees of Depository in connection with such consultation.

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the
day and year first above written.

ASHLEY CAPITAL MANAGEMENT, INC.		STAR FINANCIAL BANK


By:					By:
Mr. Michael Pacult			Thad Wright
President				Vice President


ATALS FUTURES FUND, LP

By:  Ashley Capital Management, Inc.


By:
Mr. Michael Pacult
President

                                       2
<page>
                     Dealer Prospectus Delivery Obligation

Until one year from the date of this prospectus, all dealers that effect
transactions in these securities, whether or not participating in this
offering, may be required to deliver a prospectus.  This is in addition to the
dealers' obligation, if any, to deliver a prospectus when acting as
underwriters and with respect to their unsold allotments or subscriptions.

         [The balance of this page has been intentionally left blank.]


<page>
                                   FORM S-1

                                              Registration No. ____-________

                                    PART II

                    INFORMATION NOT REQUIRED IN PROSPECTUS

Item 13. Other Expenses of Issuance and Distribution.

(b)	The Selling Agreement between Futures Investment Company and the
Registrant contains an indemnification from the General Partner to the effect
that the disclosures in the Prospectus and this Amendment are in compliance
with Rule 10b5 and otherwise true and complete.  This indemnification speaks
from the date of the first offering of the Units through the end of the
applicable statute of limitations.  The Partnership has assumed no
responsibility for any indemnification to Futures Investment Company and the
General Partner is prohibited by the Partnership Agreement from receiving
indemnification for breach of any securities laws or for reimbursement for
insurance for coverage for any such claims.  See Article X, Section 10.4 (b)
and (e).

(d)	There are no indemnification agreements which are not contained in the
Limited Partnership Agreement attached as Exhibit A, the Selling Agreement or
the Clearing Agreement.

(c)	The following reflects all expenses in connection with the issuance and
distribution of the securities to be registered, other than underwriting
discounts and commissions:

Expense						Cost
______________________________________________  __________________
Registration fees				$2,213
Federal taxes					0
States taxes and fees				4,000
Trustees' and transfer agents' fees		0
Costs of printing and engraving			2,500
Legal						15,000
Accounting					1,000
Engineering					0
Other						287
						__________________
 						$25,000

Item 15. Recent Sales of Unregistered Securities.

None within three years.

Item 16. Exhibits and Financial Statement Schedules.

The following documents (unless indicated) are filed herewith and made a part
of this Registration Statement:

(a)	Exhibits.

Exhibit

Number	Description of Document

(1) - 01	Selling Agreement dated October 28, 2010, among the Partnership,
the Corporate General Partner, and Futures Investment Company, the Selling
Agent

(2)	None

(3) - 01	Articles of Incorporation of the General Partner*

                                       1
<page>
(3) - 02	By-Laws of the General Partner *

(3) - 03	Board Resolution of General Partner to authorize formation of
Delaware Limited Partnership *

(3) - 04	Amended and Restated Agreement of Limited Partnership of the
Registrant dated February 1, 1998 (included as Exhibit A to the Prospectus)

(3) - 05	Certificate of Limited Partnership, Designation of Registered
Agent, Certificate of Initial Capital filed with the Delaware Secretary of
State, and Delaware Secretary of State acknowledgment of filing of Certificate
of Limited Partnership *

(4) - 01	Amended and Restated Agreement of Limited Partnership of the
Registrant dated February 1, 1998 (included as Exhibit A to the Prospectus)

(5) - 01	Opinion of The Scott Law Firm, Ltd. relating to the legality of
the Partnership Units.

(6)	Not Applicable

(7)	Not Applicable

(8) - 01	Opinion of The Scott Law Firm, Ltd. with respect to Federal income
tax consequences.

(9)	None

(10) - 01	Form of Advisory Agreements between the Partnership and the
Commodity Trading Advisor. (included as Exhibit F to the Prospectus)

(10) - 02	Form of New Account Agreement between the Partnership and the
Futures Commission Merchant*

(10) - 03	Form of Subscription Agreement and Power of Attorney.
(included as Exhibit D to the Prospectus).

(10) - 04	Depository Agreement among Depository Agent, Selling Agent, and
the Partnership.  (included as Exhibit E to the Prospectus).

(11)	Not Applicable

(12)	Not Applicable

(13)	Not Required

(14)	None

(15)	None

(16)	Not Applicable

(17)	Not Required

(18)	Not Required

(19)	Not Required

(20)	Not Required

(21)	None

(22)	Not Required

(23) - 01	Consent of The Scott Law Firm, Ltd.

(23) - 02	Consent of Patke & Associates, Ltd.

(24)	None

(25)	None

(26)	None

(27)	Not Applicable

(28)	Not Applicable

(99) - 01	Subordinated Loan Agreement for Equity Capital*

(99) - 02	Representative's Agreement between Futures Investment Company and
Shira Del Pacult*

*  Filed as an exhibit to the Registrant's Registration Statement on Form S-1
(File No. 333-59976) and incorporated herein by reference.

(b)	Financial Statement Schedules.

No Financial Schedules are required to be filed herewith.

Item 17. Undertakings.

(a)	The undersigned registrant hereby undertakes:

                                       2
<page>
(1)	To file, during any period in which offers or sales are being made, a
post-effective amendment to this registration statement:

(i)	To include any prospectus required by section 10(a)(3) of the Securities
Act of 1933;

(ii)	To reflect in the prospectus any facts or events arising after the
effective date of the registration statement (or the most recent post-
effective amendment thereof) which, individually or in the aggregate,
represents a fundamental: change in the information set forth in the
registration statement;

(iii)	To include any material information with respect to the plan of
distribution not previously disclosed in the registration statement or any
material change to such information in the registration statement.

(2)	That, for the purpose of determining any liability under the Securities
Act of 1933, each such post-effective amendment shall be deemed to be a new
registration statement relating to the securities offered therein, and the
offering of such securities at that time shall be deemed to be the initial
bona fide offering thereof.

(3)	To remove from registration by means of a post-effective amendment any
of the securities being registered which remain unsold at the termination of
the offering.

(4)	That the registrant is not a foreign private issuer.

(5)	That, for the purpose of determining liability under the Securities Act
of 1933:

(i)	Each prospectus filed by the registrant pursuant to Rule 424(b)(3)shall
be deemed to be part of the registration statement as of the date the filed
prospectus was deemed part of and included in the registration statement; and
each prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5), or
(b)(7) as part of a registration statement in reliance on Rule 430B relating
to an offering made pursuant to Rule 415(a)(1)(i), (vii), or (x) for the
purpose of providing the information required by section 10(a) of the
Securities Act of 1933 shall be deemed to be part of and included in the
registration statement as of the earlier of the date such form of prospectus
is first used after effectiveness or the date of the first contract of sale of
securities in the offering described in the prospectus. As provided in Rule
430B, for liability purposes of the issuer and any person that is at that date
an underwriter, such date shall be deemed to be a new effective date of the
registration statement relating to the securities in the registration
statement to which that prospectus relates, and the offering of such
securities at that time shall be deemed to be the initial bona fide offering
thereof. Provided, however, that no statement made in a registration statement
or prospectus that is part of the registration statement or made in a document
incorporated or deemed incorporated by reference into the registration
statement or prospectus that is part of the registration statement will, as to
a purchaser with a time of contract of sale prior to such effective date,
supersede or modify any statement that was made in the registration statement
or prospectus that was part of the registration statement or made in any such
document immediately prior to such effective date; or

(ii)	Each prospectus filed pursuant to Rule 424(b) as part of a registration
statement relating to an offering, other than registration statements relying
on Rule 430B or other than prospectuses filed in reliance on Rule 430A, shall
be deemed to be part of and included in the registration statement as of the
date it is first used after effectiveness. Provided, however, that no
statement made in a registration statement or prospectus that is part of the
registration statement or made in a document incorporated or deemed
incorporated by reference into the registration statement or prospectus that
is part of the registration statement will, as to a purchaser with a time of
contract of sale prior to such first use, supersede or modify any statement
that was made in the registration statement or prospectus that was part of the
registration statement or made in any such document immediately prior to such
date of first use.

                                       3
<page>
 (6)	That, for the purpose of determining liability of the registrant under
the Securities Act of 1933 to any purchaser in the initial distribution of the
securities: The undersigned registrant undertakes that in a primary offering
of securities of the undersigned registrant pursuant to this registration
statement, regardless of the underwriting method used to sell the securities
to the purchaser, if the securities are offered or sold to such purchaser by
means of any of the following communications, the undersigned registrant will
be a seller to the purchaser and will be considered to offer or sell such
securities to such purchaser:

(i)	Any preliminary prospectus or prospectus of the undersigned registrant
relating to the offering required to be filed pursuant to Rule 424;

(ii)	Any free writing prospectus relating to the offering prepared by or on
behalf of the undersigned registrant or used or referred to by the undersigned
registrant;

(iii)	The portion of any other free writing prospectus relating to the
offering containing material information about the undersigned registrant or
its securities provided by or on behalf of the undersigned registrant; and

(iv)	Any other communication that is an offer in the offering made by the
undersigned registrant to the purchaser.

(b)	The undersigned Registrant hereby undertakes that:

(1)	For purposes of determining any liability under the Securities Act of
1933, the information omitted from the form of prospectus filed as part of
this registration statement in reliance upon Rule 430A, if any pre-effective
amendment was used, and contained in a form of prospectus filed by the
registrant pursuant to Rule 424(b)(1) or (4), or 497(h) under the Securities
Act shall be deemed to be part of this registration statement as of the time
it was declared effective.

(2)	For the purpose of determining any liability under the Securities Act of
1933, each post-effective amendment that contains a form of prospectus shall
be deemed to be a new registration statement relating to the securities
offered therein, and the offering of such securities at that time shall be
deemed to be the initial bona fide offering thereof.

(c)	The General Partner has provided an indemnification to Futures
Investment Company, the best efforts selling agent.  The Registrant (issuer)
has not made any indemnification to Futures Investment Company.

Insofar as indemnification for liabilities under the Securities Act of 1933
may be permitted to directors, officers and controlling persons of the
Registrant including, but not limited to, the General Partner pursuant to the
provisions described in Item 14 above, or otherwise, the Registrant had been
advised that, in the opinion of the Securities and Exchange Commission, such
indemnification is against public policy as expressed in the Securities Act of
1933 and is, therefore, unenforceable.   In the event that a claim for
indemnification against such liabilities (other than the payment by the
Registrant of expenses incurred or paid by a director, officer or controlling
person of the Registrant in the successful defense of any such action, suit or
proceeding) is asserted by such director, officer or controlling person in
connection with the securities being registered, the Registrant will, unless
in the opinion of its counsel the matter has been settled by controlling
precedent, submit to a court of appropriate jurisdiction the question whether
such indemnification by it is against public policy as expressed in the Act
and will be governed by the final adjudication of such issue.

                                       4
<page>

                                  SIGNATURES

Pursuant to the requirements of the Securities Act of 1933, in the City of
Fremont in the State of Indiana on this 29th day of October, 2010, Mr. Michael
Pacult, the individual general partner of the Registrant, signed this
Registration Statement; and Ashley Capital Management, Inc., the corporate
general partner of the Registrant, has duly caused this Registration Statement
to be signed on its behalf by the undersigned, thereunto duly authorized.

ASHLEY CAPITAL MANAGEMENT, INC.        ATLAS FUTURES FUND, L.P.
                                       BY ASHLEY CAPITAL MANAGEMENT, INC.
                                       GENERAL PARTNER



BY: /s/ Michael Pacult               BY: /s/ Michael Pacult
    MR. MICHAEL PACULT                   MR. MICHAEL PACULT
    PRESIDENT                            PRESIDENT

                                       ATLAS FUTURES FUND, L.P.
                                       BY MR. MICHAEL PACULT
                                       GENERAL PARTNER



BY: /s/ Michael Pacult               BY: /s/ Michael Pacult
    MR. MICHAEL PACULT                   MR. MICHAEL PACULT

Pursuant to the requirements of the Securities Act of 1933, this Registration
Statement has been signed below by the following person on behalf of Ashley
Capital Management, Inc., General Partner of the Registrant in the capacities
and on the date indicated.

/s/ Michael Pacult
MR. MICHAEL PACULT
PRESIDENT

Date:  October 29, 2010

(Being the principal executive officer, the principal financial and accounting
officer and the sole director of Ashley Capital Management, Inc., General
Partner of the Partnership)

<page>
[{"type": "S-1", "sequence": "1", "filename": "atlass1.txt", "secsgml_size_bytes": 558543}]
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As Filed with the Securities and Exchange Commission on October 29, 2010

                                              Registration  No. ___-________

                      SECURITIES AND EXCHANGE COMMISSION
                            Washington, D. C. 20549

                                   FORM S-1

            REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933

                    ATLAS FUTURES FUND, LIMITED PARTNERSHIP
            (Exact name of registrant as specified in its charter)

                                   DELAWARE
                            [State of organization]

                            6289           51-0380494
                     (Primary SIC Number)   (IRS EIN)

                             505 Brookfield Drive
                             Dover, Delaware 19901
                          Telephone:  (800) 331-1532
                       (address and telephone number of
                   registrant's principal executive offices)

                              Mr. Michael Pacult
                      c/o Ashley Capital Management, Inc.
                               5914 N. 300 West
                            Fremont, Indiana 46737
             Telephone:  (260) 833-1306; Facsimile (260) 833-4411
     (Name, address and telephone number of agent for service of process)

                                  Copies to:
                         William Sumner Scott, Esquire
                           The Scott Law Firm, Ltd.
                        201 West Lake Street, Suite 243
                               Chicago, IL 60606
                                (312) 957-5553

If any of the securities being offered on the Form are to be offered on a
continuous basis pursuant to Rule 415 under the Securities Act of 1933, check
the following box:  [X]

If this Form is filed to register additional securities for an offering
pursuant to Rule 462(b) under the Securities Act, please check the following
box and list the Securities Act registration statement number of the earlier
effective registration statement for the same offering. [ ]

If this Form is a post-effective amendment filed pursuant to Rule 462(c) under
the Securities Act, check the following box and list the Securities Act
registration statement number of the earlier effective registration statement
for the same offering. [ ]

If this Form is a post-effective amendment filed pursuant to Rule 462(d) under
the Securities Act, check the following box and list the Securities Act
registration statement number of the earlier effective registration statement
for the same offering. [ ]

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

Large Accelerated filer  [ ]	Accelerated filer  [ ]
Non-accelerated filer    [X]	Smaller reporting company  [ ]
CALCULATION OF REGISTRATION FEE

Title of Each Class of		Amount being	Maximum Offering	Maximum Aggregate	Amount of
Securities Being Registered:	Registered:	Price Per Unit:		Offering Price:		Registration Fee:

Units of Membership
Interest ("Units")		2,445.9267*	$4,088.43*		$10,000,000		$713
* Units will be offered at the prior month-end net asset value per Unit which,
as of September 30, 2010 was $4,088.43.

The registrant hereby amends this registration statement on such date or dates
as may be necessary to delay its effective date until the registrant shall
file a further amendment which specifically states that this registration
statement shall thereafter become effective in accordance with section 8(a) of
the Securities Act of 1933 or until the registration statement shall become
effective on such date as the Commission acting pursuant to said section 8(a),
may determine.
Prospectus - Part I

                    Atlas Futures Fund, Limited Partnership
                   Amended and Restated Prospectus to Offer
             $10,000,000 of Units of Limited Partnership Interest

                  To Be Sold at the Net Asset Value per Unit
             Computed At the End of Each Month During the Offering

The Offering

The partnership is a registered commodity pool that trades futures, options on
futures, and forward contracts.

Two general partners, Ashley Capital Management, Inc. and Mr. Michael P.
Pacult, manage us.  We refer to them collectively as "the general partner."
The general partner is authorized by the partnership agreement to employ,
establish the terms of employment, and terminate investment managers called
commodity trading advisors and clearing brokers called futures commission
merchants.

This is a best efforts offering. The selling agent is not required to sell any
specific number or dollar amount of securities but will use its best efforts
to sell the securities offered.  Compensation to the selling agent will be a
1% selling commission of the gross subscription amount in addition to $2,000
in legal fees the partnership has paid associated with the review of this
offering by FINRA.  You must purchase at least $25,000 in partnership
interests, though the general partner may reduce this to no less than $5,000.
You have the right to rescind your subscription for five days after it is
submitted.  After five days, your subscription is irrevocable and you may only
withdraw from the partnership after twelve months by redeeming your
partnership interests.  This offering has no minimum and will terminate on
October __, 2013, three years from the date of this prospectus, or at an
earlier date at the sole discretion of the general partner.  There is no
redemption fee, but there is a twelve month lock-in.  See Summary,
Subscription Procedure in this prospectus.

All subscriptions received will be placed in a depository account maintained
by the general partner until we accept them.  Interest accrued on your
subscription amount will be used to buy additional partnership interests for
you.  Partnership interests are offered for sale at their net asset value as
of the close of business on the last day of the month in which the
subscription is received and become effective on the open of business on the
first day of the subsequent month.

The Risks - These securities are highly speculative and involve a high degree
of risk.  Consider carefully the risk factors below and the complete
description beginning on page 5 of this prospectus.

*	Our business is the speculative trading in futures, commodity options
and unregulated currency contracts selected by registered commodity trading
advisors.

*	This partnership pays substantial commission and other costs.  There is
no guarantee that you will receive a return on your investment.

*	To receive your investment back after one year, the partnership must
currently generate a return of 17.38% and 16.75% should we sell the maximum
number of partnership interests offered.

*	Transfer of your partnership interests will be restricted and there are
limitations on your right of redemption to surrender your partnership
interests in return for their value.  No public market for the partnership
interests exists and none is expected to develop.

*	This partnership will not make distributions.  To receive a return of
your investment, you must use our redemption procedure.

*	Although you will not receive distributions, you must pay annual Federal
and state income taxes on your share of any profits earned by this
partnership.

*	The general partner and affiliates have conflicts of interest with
regard to the management of this partnership.

You are required to understand fully the terms of this investment.  Therefore,
you are encouraged to discuss this investment with your independent financial
and tax advisers.

These securities have not been approved or disapproved by the Securities and
Exchange Commission, or any state securities commission or agency, nor have
any of them confirmed or passed upon the accuracy or adequacy of this
supplement to prospectus.  Any representation to the contrary is a criminal
offense.

THE COMMODITY FUTURES TRADING COMMISSION HAS NOT PASSED UPON THE MERITS OF
PARTICIPATING IN THIS POOL NOR HAS THE COMMISSION PASSED ON THE ADEQUACY OR
ACCURACY OF THIS DISCLOSURE DOCUMENT.

The partnership has commenced trading.  As of September 30, 2010, the current
net asset value of the partnership is $10,963,894.

                          FUTURES INVESTMENT COMPANY
                        5914 N. 300 West, P. O. Box 760
                                (260) 833-1306
                          Best Efforts Selling Agent

                The date of this prospectus is October __, 2010
Commodity Futures Trading Commission - Risk Disclosure Statement

YOU SHOULD CAREFULLY CONSIDER WHETHER YOUR FINANCIAL CONDITION PERMITS YOU TO
PARTICIPATE IN A COMMODITY POOL.  IN SO DOING, YOU SHOULD BE AWARE THAT
FUTURES AND OPTIONS TRADING CAN QUICKLY LEAD TO LARGE LOSSES AS WELL AS GAINS.
SUCH TRADING LOSSES CAN SHARPLY REDUCE THE NET ASSET VALUE OF THE POOL AND
CONSEQUENTLY THE VALUE OF YOUR INTEREST IN THE POOL.  IN ADDITION,
RESTRICTIONS ON REDEMPTIONS MAY AFFECT YOUR ABILITY TO WITHDRAW YOUR
PARTICIPATION IN THE POOL.

FURTHER, COMMODITY POOLS MAY BE SUBJECT TO SUBSTANTIAL CHARGES FOR MANAGEMENT,
AND ADVISORY AND BROKERAGE FEES.  IT MAY BE NECESSARY FOR THOSE POOLS THAT ARE
SUBJECT TO THESE CHARGES TO MAKE SUBSTANTIAL TRADING PROFITS TO AVOID
DEPLETION OR EXHAUSTION OF THEIR ASSETS.  THIS DISCLOSURE DOCUMENT CONTAINS A
COMPLETE DESCRIPTION OF EACH EXPENSE TO BE CHARGED THIS POOL AT PAGE 17 AND A
STATEMENT OF THE PERCENTAGE RETURN NECESSARY TO BREAK EVEN, THAT IS, TO
RECOVER THE AMOUNT OF YOUR INITIAL INVESTMENT, AT PAGE 13.

THIS BRIEF STATEMENT CANNOT DISCLOSE ALL THE RISKS AND OTHER FACTORS NECESSARY
TO EVALUATE YOUR PARTICIPATION IN THIS COMMODITY POOL.  THEREFORE, BEFORE YOU
DECIDE TO PARTICIPATE IN THIS COMMODITY POOL, YOU SHOULD CAREFULLY STUDY THIS
DISCLOSURE DOCUMENT, INCLUDING A DESCRIPTION OF THE PRINCIPAL RISK FACTORS OF
THIS INVESTMENT, AT PAGE 5.

YOU SHOULD ALSO BE AWARE THAT THIS COMMODITY POOL MAY TRADE FOREIGN FUTURES OR
OPTIONS CONTRACTS.  TRANSACTIONS ON MARKETS LOCATED OUTSIDE THE UNITED STATES,
INCLUDING MARKETS FORMALLY LINKED TO A UNITED STATES MARKET, MAY BE SUBJECT TO
REGULATIONS WHICH OFFER DIFFERENT OR DIMINISHED PROTECTION TO THE POOL AND ITS
PARTICIPANTS.  FURTHER, UNITED STATES REGULATORY AUTHORITIES MAY BE UNABLE TO
COMPEL THE ENFORCEMENT OF THE RULES OF REGULATORY AUTHORITIES OR MARKETS IN
NON-UNITED STATES JURISDICTIONS WHERE TRANSACTIONS FOR THE POOL MAY BE
EFFECTED.

    [The balance of this page has been intentionally left blank]

                                       i
Table of Contents

Commodity Futures Trading Commission - Risk Disclosure Statement           i
Table of Contents                                                          ii
Suitability Standards                                                      v
Summary of the Offering                                                    1
The Partnership                                                            1
Description of Securities Offered for Sale                                 1
Plan for Sale of Partnership Interests and Use of Depository Account       1
Subscription Procedure                                                     1
Who Will Benefit From an Investment in the Partnership                     1
Business Objectives and Expenses                                           1
Summary Risk Factors                                                       2
Charges to the Partnership                                                 2
Use of Proceeds                                                            3
Selection of Commodity Trading Advisors and Allocation of Equity           3
Federal Income Tax Aspects                                                 3
Redemptions                                                                3
Diagram of Partnership Structure & Commissions Atlas Futures Fund, Limited
Partnership                                                                4
The Risks You Face                                                         5
We must pay substantial charges, which may limit your ability to receive a
return on your investment.                                                 5
You may not transfer your partnership interests and must rely on our
redemption procedures to receive your investment back.                     5
Your right of redemption is limited.                                       5
The partnership depends upon the individual general partner, and his absence
could cause the partnership to cease operations.                           5
General partner and commodity trading advisor will serve other businesses and
may not have adequate time to devote to the partnership.                   5
There are conflicts of interest in the partnership structure which may limit
our profits.                                                               6
You will be taxed on profits regardless of whether they are distributed.   6
You will have to pay taxes on profits in a current year which may be lost in
future years.                                                              6
If the general partner selects a new trading advisor, it may not be as
profitable as the one replaced, and the new advisor will not be responsible
for recouping any previous losses.                                         6
The general partner may change the commodity trading advisor and its
allocation of equity without notice to you.                                6
Factors beyond a Trading Advisor's control may cause a Trading Advisor to
deviate from its trading program or strategy.                              6
You will not participate in management and may not contest the business
decisions of the general partner.                                          6
Commodity futures trading is speculative.                                  6
During partnership trading, a small price movement can lead to large
losses.          							   6
The general partner does not control the trading advisor or its methods and
may not be able to prevent large losses.                                   7
The partnership may be unable to execute a trade before large losses are
incurred due to market illiquidity.                                        7
Changes in trading equity may adversely affect performance.                7
Denomination of Partnership Assets at the Futures Commission Merchant in
Foreign Currencies                                                         7
Failure of commodity brokers or banks could result in loss of assets.      7
When trading in foreign exchanges, if the creditworthiness of the other
parties or the value of the currency is not maintained, we may lose the value
of our positions in those markets.                                         8
Option trading is highly risky and requires less equity to secure a trade,
thus providing greater potential for loss.                                 8
Position Limits May Limit Profitability and Changes Thereof Can Produce
Dramatic Price Swings.                                                     8
We may not be able to compete with others with greater resources.          8
Resignation of individual general partner and subsequent failure of Ashley to
maintain its net worth may cause suspension of trading or taxation as a
corporation.                                                               8
The general partner will not advise you, and you must rely upon your own
counsel before investing in the partnership.                               9
The partnership is not covered by the Investment Company Act of 1940.      9
Possibility of audit - you may be subject to audit and penalties.          9
General partner may settle IRS claim not in your best interest.            9
You may be subject to back taxes and penalties.                            9
The general partner may cause higher fees to be paid or riskier trading by
altering the management and incentive fees without prior notice to you.    9
Conflicts Of Interest                                                      9
The general partner, the commodity trading advisor, the futures commission
merchant, the introducing broker, the selling agent and their principals may
preferentially trade for themselves and others.                            9

                                       ii
Possible retention of voting control by the general partner may limit your
ability to control issues.                                                 10
The general partner is not likely to resign, even if it would be in your best
interest.                                                                  10
The introducing broker and selling agent is affiliated with the general
partner.                                                                   10
Partnership fees may be higher than they would be if they were negotiated. 10
Our profitability may be limited due to competition among traders and their
unaccountability for previous losses.                                      10
Your ability to redeem your partnership interests may be lessened due to the
nature of the general partner's compensation.                              10
The commodity trading advisor may engage in high risk trading to generate
fees.                                                                      10
The individual general partner has sole control over the time he will allocate
to the management of the partnership.                             10
No Resolution of Conflicts Procedures                                      11
Interests of Named Experts and Counsel                                     11
Cautionary Note Regarding Forward-Looking Statements                       11
Management's Discussion and Analysis                                       11
The Partnership                                                            11
The General Partners                                                       12
Experience                                                                 12
Authority                                                                  12
Partnership Books and Records                                              12
The Commodity Trading Advisors                                             12
The Advisory Contract                                                      13
Business Objective and Expenses                                            13
Explanatory Notes:                                                         13
Securities Offered                                                         14
Management's Discussion                                                    14
Description of Intended Operations                                         14
Risk Control                                                               14
Trading Risks                                                              15
Fiduciary Responsibility of the General Partner                            15
Indemnification                                                            16
Provisions of Limited Partnership Agreement                                16
Provisions of Law                                                          16
Provisions of Federal and State Securities Laws                            16
Provisions of the Securities Act of 1933 and NASAA Guidelines              16
Provisions of the Clearing Agreement                                       16
Other Indemnification Provisions                                           16
Relationship with the Futures Commission Merchant, the Introducing Broker and
the General Partner                                                        16
Fixed Commissions are Competitive                                          17
Relationship with the Commodity Trading Advisors                           17
The Commodity Trading Advisors Will Trade for Other Accounts               17
Non-Disclosure of the Commodity Trading Advisor's Methods                  17
Charges to the Partnership                                                 17
Compensation of the Commodity Trading Advisors                             17
Restrictions on Management Fees                                            18
Compensation of Futures Commission Merchant, Introducing Broker, Selling Agent
and General Partner                                                  	   18
Fee Paid By Partnership to the Corporate General Partner                   18
Selling Commission                                                         18
Brokerage Fees Paid By the Corporate General Partner to the Futures Commission
Merchant                                                        	   18
Miscellaneous Fees to Futures Commission Merchant                          18
Rights of General Partner                                                  18
Other Expenses                                                             19
Charges to the Partnership                                                 19
Investor Suitability                                                       20
Potential Advantages                                                       20
Equity Management                                                          20
Investment Diversification                                                 20
Limited Liability                                                          21
Administrative Convenience                                                 21
Access to the Commodity Trading Advisors                                   21
Use of Proceeds                                                            21
Determination of the Offering Price                                        21
The General Partner                                                        22
Identification                                                             22
Michael P. Pacult                                                          22
Ownership in Commodity Trading Advisors and Futures Commission Merchant    23
Ownership in the Partnership                                               23
Trading By the General Partner; Interest in the Pool                       23
Regulatory Notice                                                          23
Trading Management                                                         23
No Affiliation with Commodity Trading Advisor                              23
Rights of the General Partner With Respect To Commodity Trading Advisor
Selection and Allocation of Equity                                         23
Performance Record of the Partnership                                      23

                                       iii
The Commodity Trading Advisor                                              24
Clarke Capital Management, Inc.                                            24
Business Background                                                        24
Description of Trading Program                                             25
Performance Record of Other Programs Sponsored By the General Partner      26
The Futures Commission Merchant                                            26
The Introducing Broker                                                     30
Federal Income Tax Aspects                                                 30
Scope of Tax Presentation                                                  30
No Legal Opinion as To Certain Material Tax Aspects                        30
Partnership Tax Status                                                     31
No IRS Ruling                                                              31
Tax Opinion                                                                31
Passive Loss and Unrelated Business Income Taxes Rules                     32
Basis Loss Limitation                                                      32
At-Risk Limitation                                                         32
Income and Losses from Passive Activities                                  32
Allocation of Profits and Losses                                           32
Taxation of Futures and Forward Transactions                               32
Section 988 Foreign Currency Transactions                                  33
Capital Gain and Loss Provisions                                           33
Business for Profit                                                        33
Self-Employment Income and Tax                                             33
Alternative Minimum Tax                                                    34
Interest Related To Tax Exempt Obligations                                 34
Not a Tax Shelter                                                          34
Taxation of Foreign Partners                                               34
Partnership Entity-Audit Provisions-Penalties                              34
Employee Benefit, Retirement Plans and IRA's                               35
The Limited Partnership Agreement                                          35
Formation of the Partnership                                               35
Units of Partnership Interests                                             35
Management of Partnership Affairs                                          35
General Prohibitions                                                       36
Additional Offerings                                                       36
Partnership Accounting, Reports, and Distributions                         36
Income, Loss and Expense Allocations                                       36
Transfer of Partnership Interests Only With Consent of the General Partner 37
Termination of the Partnership                                             37
Meetings                                                                   37
Redemptions                                                                37
Plan for Sale of Partnership Interests                                     37
The Selling Agent                                                          37
Underwriting Compensation                                                  38
No Sales to Discretionary Accounts                                         38
Depository Agreement                                                       38
Subscription Procedure                                                     38
Subscription Amounts                                                       38
Revocation and Acceptance of Subscription                                  38
Net Worth Tests                                                            39
Investor Warranties                                                        39
Compliance with Anti-Money Laundering Laws                                 39
Legal Matters                                                              39
Litigation and Claims                                                      39
Legal Opinion                                                              40
Experts                                                                    40
Additional Information                                                     40

A.	Atlas Futures Fund, Limited Partnership
 	Reviewed Financial Statements as of June 30, 2010

 	Audited Financial Statements - years ended December 31, 2009,
 	2008, and 2007

B.	Ashley Capital Management, Inc.
 	Audited Financial Statements - years ended December 31, 2009,
 	2008, and 2007

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                                       iv
Suitability Standards

You should only invest a limited amount of the risk portion of your total
portfolio and should not invest more than you can afford to lose.

To invest the minimum $25,000 in this partnership, you must have either:

*	a net worth of at least $250,000, exclusive of home, furnishings and
automobiles, or

*	an annual gross income of at least $70,000 and a net worth, similarly
calculated of at least $70,000.

Residents of the following States must meet the specific requirements set
forth below.  Net worth, is in all cases, to be calculated exclusive of home,
furnishings and automobiles.  You may not invest more than 10% of your net
worth, exclusive of home, furnishings and automobiles, in the partnership.  No
entity, including ERISA plans, should invest more than 10% of its liquid net
worth (readily marketable securities) in the partnership.

1.	California-Net worth of at least $250,000 or a net worth of at least
$70,000 and annual taxable income of at least $70,000.

2.	Kansas-It is recommended by the Office of the Kansas Securities
Commissioner that Kansas investors not invest, in the aggregate, more than 10%
of their "liquid net worth" in this and similar direct participation programs.
For these purposes, "liquid net worth" is defined as that portion of net worth
which consists of cash, cash equivalents and readily marketable securities.

3.	Nebraska-Net worth of at least $250,000 or a net worth of at least
$70,000 and annual taxable income of at least $70,000.

4.	South Carolina-Net worth of at least $250,000 or a net income in the
preceding year some portion of which was subject to maximum federal and State
income tax.

5.	Texas-Net worth of at least $250,000 or a net worth of at least $70,000
and annual taxable income of at least $70,000.

In the case of sales to fiduciary accounts, the net worth and income standards
may be met by the beneficiary, the fiduciary account, or, if the donor or
grantor is the fiduciary, by the donor or grantor who supplies the funds to
purchase the partnership interests.

The foregoing suitability standards are regulatory minimums only.  Merely
because you meet such requirements does not necessarily mean that a high risk,
speculative and illiquid investment such as one in the partnership is, in
fact, suitable for you.

[The balance of this page has been intentionally left blank.]

                                       v
Summary of the Offering

This summary is to assist your understanding of the offer.  To be certain you
have a full understanding of the risks of this investment, you must carefully
review the entire document, including the exhibits.

The Partnership

The Atlas Futures Fund, LP allows you to participate in alternative or non-
traditional investments, namely the U.S. and international futures, forward
and swap markets.  Futures contracts are traded on a wide variety of
commodities, including agricultural products, metals, energies, livestock
products, government securities, currencies and stock market indices.  Options
on futures contracts are also traded on U.S. and foreign commodity exchanges.
The general partner uses its discretion to employ advisors that look to manage
risk and volatility.

The principal of the general partner has provided advisory services for
individual managed accounts for 30 years similar to the services he is
providing for the partnership, and he has developed and refined his approach
to evaluating professional advisors over that period.

Atlas Futures Fund, Limited Partnership is a Delaware limited partnership
organized on January 12, 1998 and maintains its main business office at 505
Brookfield Drive, Dover, DE 19901, (800) 331-1532.  Its books and records are
kept at the offices of the corporate general partner, 5914 N. 300 West,
Fremont, IN 46737, (260) 833-1306.  The partnership is operated pursuant to a
limited partnership agreement which is included as Exhibit A and is managed
and controlled by Ashley Capital Management, Inc., a Delaware corporation, and
Michael P. Pacult, who are collectively referred to as the general partner.
The general partner employs independent registered trading managers called
commodity trading advisors to select trades for the partnership.  The pool
will be continuously offered to the public and currently employs a single
trading advisor.

Description of Securities Offered for Sale

Pursuant to previous offerings, we sold a total of $14,221,306  of partnership
interests.  As of the effective date of this prospectus, we are offering by
this prospectus an additional $10,000,000, in value of partnership interests,
which will be sold at the partnership's net asset value per partnership
interest on the close of business on the last day of the month in which the
subscription agreement is received.  This offering has no minimum and will
terminate three years from the date of this prospectus, or at an earlier date
at the sole discretion of the general partner.

Plan for Sale of Partnership Interests and Use of Depository Account

All sales will be made through the selling agent, which will receive a 1% up
front selling commission on gross subscription proceeds.  It will use its best
efforts, which means it will try, but not guarantee, to sell the partnership
interests.  To have good funds available on the last day of the month when
your subscription will be accepted, the corporate general partner will
maintain a depository account at Star Financial Bank, Angola, IN to hold your
subscription from the date of submission to the date you become a partner.

Subscription Procedure

To purchase partnership interests, you must complete and execute a
subscription agreement (Exhibit D), deliver your executed subscription
documents and check for your investment, which should be made payable to "Star
Financial Bank for the exclusive benefit of the customers of Atlas Futures
Fund, LP," and pay for at least $25,000 in partnership interests, though the
general partner may reduce this amount to not less than $5,000.

You must also have the minimum net worth and income provided in the Notice to
Residents of the State of your residence if it is listed at the front of this
prospectus or, one of the following: (i) a minimum net worth, exclusive of
your home, home furnishings and automobiles, of $250,000, or (ii) a minimum
annual gross income of $70,000 and a minimum net worth of $70,000, both
exclusive of your home, home furnishings and automobiles.

Who Will Benefit From an Investment in the Partnership

You are likely to benefit from an investment in the partnership if you want to
diversify your portfolio and if you have investment money available that you
can afford to lose without adverse consequences to your ability to support
your family and your lifestyle.  Recent volatility in the U.S. equity market
has made clear the risks associated with investments concentrated within a
single market.  This investment presents the opportunity to participate in
markets which are typically not represented in most investors' portfolios and
which can be profitable in both rising and falling markets.

However, if you cannot afford the risk of losing your entire investment in
this partnership, you should not purchase these partnership interests.

Business Objectives and Expenses

We are organized to be a commodity pool to engage in the speculative trading
of futures and forward contracts, which are instruments designed to permit
producers to hedge or investors to speculate in various interest rates,
commodities, currencies, stock indices and other financial instruments, both
domestic and globally.  We also trade options on futures and forward
contracts, which give the purchaser the right to acquire or sell a given
contract at a specified time at a specified price, and other financial
instruments.

                                       1
We do not anticipate you will receive distributions and cannot guarantee that
we will meet our objectives or avoid substantial losses.

We are subject to substantial charges.  To return after one year an initial
investment at $4,088.43 per unit of partnership interest, we must earn a
profit of 17.38%, or $705.66 per partnership interest.

Summary Risk Factors

Investment in the partnership interests is speculative, illiquid, and highly
risky.  You should purchase partnership interests only if you can afford to
lose your entire investment.  For a complete description of the risks of an
investment in the partnership, see the Risk Factors section beginning on page
5.

Our business is the speculative trading in futures and forward contracts, and
options on those contracts, selected by a registered commodity trading
advisor.  This trading is highly leveraged and takes place in very volatile
markets.

Past results of this partnership or the commodity trading advisor do not
guarantee future results.

This partnership pays substantial fixed management fees and commission costs.
There is no guarantee that you will receive a return on your investment.

Transfer of your partnership interests will be restricted and there are
limitations on your right of redemption to surrender your partnership
interests in return for their value.  No public market for the partnership
interests exists and none is expected to develop.

This partnership will not make distributions.  To receive a return on your
investment, you must use our redemption procedure.

Although you will not receive distributions, you must pay Federal and state
income taxes on your share of any profits earned by this partnership.

The general partner and affiliates have conflicts of interest with regard to
the management of this partnership.  Specifically, the individual general
partner is the sole principal of the corporate general partner and is a 50%
owner of the affiliated selling agent and introducing broker.  Accordingly,
their fees have not been negotiated at arm's length and there will be no
independent due diligence performed in regard to interests sold.  However, the
brokerage commissions are less than the presumptive fair and reasonable limit
provided by the guidelines of the North American Securities Administrators
Association.

Charges to the Partnership

The following table identifies who is paid by the partnership, what they do
for the partnership, and their rate of compensation:

Entity /
Nature of Service /
Amount of Compensation
___________________________________
The general partner
(Ashley Capital Management, Inc. and Mr. Michael P. Pacult)

Manages the partnership; negotiates and pays trading costs; assumes credit
risk of the partnership to the futures commission merchant

The partnership pays the corporate general partner a fixed annual brokerage
commission of 11% of equity allocated to trading, of which it retains 4% and
pays 7% to the introducing broker to clear domestic trades.  [$2,750+]

___________________________________
The commodity trading advisor
(Clarke Capital Management, Inc.)

Makes trades for the partnership

Clarke: 25% quarterly incentive fee on all new net profits it has generated
(this includes all new profits generated during the quarter, adjusted for
changes in trading equity and losses in previous quarters)

___________________________________
The futures commission merchant
(MF Global, Inc.)

Accepts trades from the advisor, clears the trades; holds the partnership's
trading equity

The introducing broker pays the futures commission merchant for the per round
turn commissions for domestic trades entered by the trading advisor.  The
partnership pays the per round turn commission for trades made on foreign
exchanges.

                                       2
___________________________________
The introducing broker
(Futures Investment Company)

Introduces the trades from the advisor to the futures commission merchant

Shares 7% of the 11% brokerage commissions paid to the corporate general
partner, with which it pays the futures commission merchant for domestic
trades generated by the trading advisor. [$1,750+]

___________________________________
The selling agent
(Futures Investment Company)

Sells investment in the partnership

FIC, as selling agent, will receive a 1% selling commission of the gross
subscription amount.  Other compensation to it includes $2,000 paid by the
partnership for legal fees associated with the review of the offering by
FINRA. [$250+]

___________________________________
Lawyers and Accountants
(The Scott Law Firm, Ltd., Patke & Associates, Ltd., CPA, and other
accountants)

Continuing legal and accounting work

Operating expenses are estimated at $149,000 annually, with $62,000 for
accounting, $38,000 for audit, $27,000 for legal, $8,000 for regulatory fees
and $14,000 for other.  Expenses related to this offering are estimated to be
$25,000.  Claims cannot be estimated but will be paid as incurred.  [$57+
offering; $323+ ongoing annual expenses]
___________________________________

+  Each $25,000 investment pays this amount per year for these particular
expenses.  When the expense is not based on a percentage, but rather a fixed
amount, we have computed the expense upon the partnership's current net asset
value.

Use of Proceeds

The partnership has paid the organizational expenses.  Offering and operating
expenses are paid as incurred.

The general partner reserves the right to apply all partnership assets not
allocated to pay expenses toward trading commodities and cash reserves,
including investments in U.S. Treasuries, cash management funds that invest in
only U.S. Treasuries, and foreign treasuries held with the respective issuing
department of treasury, all held in the name of the partnership.

Selection of Commodity Trading Advisors and Allocation of Equity

The general partner has allocated substantially all trading equity to Clarke
Capital Management, Inc. to trade as the sole commodity trading advisor to the
partnership.  The trading advisor is responsible for selecting the markets
traded and the number of contracts per trade entered on behalf of the
partnership under the authority granted by a power of attorney from the
partnership to the trading advisor.  The advisor is authorized to make short
sales, with unlimited risk of loss, on behalf of the partnership.  The general
partner, without prior notice to you, in its sole discretion, may adjust the
allocation of equity to the advisor and terminate or add trading advisors.

Federal Income Tax Aspects

Although you will not be paid distributions, you will have to pay income taxes
on profits and interest, if any, for the taxable year in which it is earned.
The partnership reports on a December 31 year end.

Redemptions

You may request the general partner to accept the surrender of your
partnership interests for cash through our redemption procedures.  The general
partner will use its best efforts to comply with all redemption requests, but
may not be able to do so because of insufficient liquid assets.  Though past
performance is no guarantee of future results, all redemption requests made to
pools that the individual general partner has managed since he began managing
commodity pools in August, 2003 were fulfilled on time.  You will not be
allowed to make any redemption during the first twelve months of your initial
investment.  There will be no charge for redemptions.  See, The Limited
Partnership Agreement, Redemptions.

                                       3
Diagram of Partnership Structure & Commissions

Atlas Futures Fund, Limited Partnership

Please see the previous table under Charges to the Partnership for a
description of the below parties.

                                       4
The Risks You Face

Investment in the partnership interests is speculative, illiquid, and highly
risky.  You should purchase partnership interests only if you can afford to
lose your entire investment.  All of the following risks, except payment of
fixed expenses, are present without regard to the amount of partnership
interests sold.

We must pay substantial charges, which may limit your ability to receive a
return on your investment.

We must pay our expenses before you will realize a profit.  They are (i) fixed
brokerage commissions of 11% per year upon the partnership's equity allocated
to trading for domestic trades plus actual commissions charged by the futures
commission merchant for trades made on foreign futures exchanges and forward
markets, if any; (ii) an incentive fee of 25% to Clarke, the commodity trading
advisor to the partnership, of its new net profits; (iii) yearly expenses
estimated at $149,000, of which $62,000 is paid for accounting, $38,000 for
audit, $27,000 for legal, $8,000 for regulatory and the balance of $14,000 for
variable operating expenses such as printing, telephone, postage, and office
supplies, and (iv) extra-ordinary expenses such as claims and defense of
claims from brokers, partners, and other parties.

The incentive fees are determined and accrued monthly, but paid quarterly to
the commodity trading advisor.  We may be subject to substantial incentive
fees in the initial quarters of any given year which will not be refunded,
even if we experience subsequent losses which produce a net loss for that
year.  See Charges to the Partnership.

You may not transfer your partnership interests and must rely on our
redemption procedures to receive your investment back.

You can assign or transfer your partnership interests only with the consent of
the general partner, which will be granted only upon limited circumstances.
See The Limited Partnership Agreement, Transfer Of Units Only With Consent Of
The General Partner and the Limited Partnership Agreement (Exhibit A).

Therefore, you must rely on our redemption procedures to receive your initial
investment adjusted to reflect profits, payment of expenses, and losses.  See
The Limited Partnership Agreement, Redemptions.

Your right of redemption is limited.

Our redemption procedures provide that the redemption amount will be based
upon the net asset value of the partnership interests as calculated at the end
of the month in which the redemption request is received.  The redemption
request must be received no less than 10 days prior to the redemption
effective date and be approved by the general partner, and it may not be
granted if we do not have enough liquid assets.

Subject to the foregoing limitations, the general partner intends to grant all
redemption requests received no less than ten days prior to the last business
day of the month and will use its best efforts to pay those requests within
twenty days after the last business day of the month in which the redemption
request was received.  You may be prevented from redeeming your partnership
interests before they are significantly devalued.  In such circumstances, the
general partner will use its best efforts to cause partnership assets,
including open trading positions, if any, to be converted into cash to meet
redemption requests and fulfill them as soon as is practicable.  However, if
this cannot be done in a timely fashion due to illiquid markets, for instance,
those non-cash assets could be further devalued and reduce the partnership's
net asset value per unit, thus potentially having a negative effect on the
eventual redemption amount.  See The Limited Partnership Agreement, Exhibit A,
Redemptions.

Though past performance is no guarantee of future results, all redemption
requests made to pools that the individual general partner has managed since
he began managing commodity pools in August, 2003 were fulfilled on time.

Further, substantial redemption requests could adversely affect us by the
liquidation of positions too rapidly or on unfavorable terms which prevent us
from satisfaction of all redemption requests, or the reduction of our
available trading equity at a time when we have an opportunity to earn
substantial profit.

The partnership depends upon the individual general partner, and his absence
could cause the partnership to cease operations.

You will be relying entirely on the ability of the general partner to select
and monitor the commodity trading advisors selected for the partnership.  The
individual general partner is the sole principal and officer of the corporate
general partner.  If he becomes unable to perform his duties, we could be
required to cease operations and trading until a replacement for him is found.

General partner and commodity trading advisor will serve other businesses and
may not have adequate time to devote to the partnership.

The individual general partner currently manages other commodity pools and
both general partners expect to manage additional pools in the future.  They
may negotiate better terms for advisors, clearing and other services for those
other pools in competition with this pool.   The commodity trading advisor
currently manages other commodity accounts and may manage new accounts,
including personal accounts and other commodity pools.  The

                                       5
commodity trading advisor has developed special trading programs to trade this
partnership's account.  Accordingly, there is no guarantee that our trading
results will be similar to or better than any of the trading advisor's other
accounts.  Our business could be adversely affected by the failure of either
the individual general partner and sole principal of the corporate general
partner, or the trading advisor to devote sufficient time to the partnership
affairs.  See Risk Factors, Trading Management, and The Commodity Trading
Advisors.

There are conflicts of interest in the partnership structure which may limit
our profits.

Before investing in this partnership, you must consider the actual and
potential conflicts of interest that exist in our structure and operation.
Specifically, the individual general partner is also a principal of Futures
Investment Company, the selling agent and introducing broker.  Therefore, the
individual general partner will probably not replace Futures Investment
Company in either of such capacities because it receives 7% brokerage
commissions as introducing broker and a 1% selling commission as selling
agent.

In addition, because the selling agent is affiliated with the general partner,
no independent due diligence of this offering will be conducted in regard to
interests it sells.  The individual general partner, through its 50% ownership
in the introducing broker, retains a portion of the fixed brokerage
commissions and, therefore, is unlikely to resign.  See Risk Factors,
Conflicts of Interest, and the Limited Partnership Agreement (Exhibit A).

You will be taxed on profits regardless of whether they are distributed.

We do not intend to make cash distributions from profits.   Regardless of
whether distributions are made, if we realize profits for a fiscal year, you
must report that income on your tax returns.

You will have to pay taxes on profits in a current year which may be lost in
future years.

We might sustain losses that offset our profits after the end of the year.  So
you might never receive a distribution equal to your share of our prior year's
taxable income.  See Federal Income Tax Aspects and The Limited Partnership
Agreement (Exhibit A).

If the general partner selects a new trading advisor, it may not be as
profitable as the one replaced, and the new advisor will not be responsible
for recouping any previous losses.

We rely upon a commodity trading advisor to generate profits pursuant to an
Advisory Contract and Power of Attorney (Exhibit F).  Either the general
partner or a trading advisor may terminate the relationship at any time.  If
this happens, or if a trading advisor becomes unable to serve us for any other
reason, the general partner may have to find one or more alternate trading
advisors.  We cannot guarantee that any alternate trading advisor will trade
as profitably as the original trading advisor, or that it would be retained on
terms which are as favorable.  Also, any new trading advisor will not be
obligated to recoup losses, if any, incurred by the prior trading advisor
before it is paid incentive fees on new net profits it generates.

The general partner may change the commodity trading advisor and its
allocation of equity without notice to you.

Without prior notice to you, the general partner may change the commodity
trading advisor and the amount of equity allocated to it at any time, for any
reason.

Factors beyond a Trading Advisor's control may cause a Trading Advisor to
deviate from its trading program or strategy.

Economic, market and other conditions may cause a trading advisor to deviate
from its stated trading program or strategy. There can be no guarantee that
any trading advisor would alert the general partner to such a change.

You will not participate in management and may not contest the business
decisions of the general partner.

You may not manage or conduct our business in any way or you would be deemed a
general partner, which is not allowed by the Limited Partnership Agreement
(Exhibit A).  Accordingly, you are bound by the business decisions of the
general partner.

Commodity futures trading is speculative.

Commodity futures, forward, and option contract prices have a high risk of
loss and are volatile.  Specifically (i) price movements are influenced by
such unpredictable variables as: changes in supply and demand; weather;
agricultural trade, fiscal, monetary and exchange control programs and
policies of governments; national and international political and economic
events; and, changes in interest rates, governments, exchanges, and other
market authorities that intervene to influence prices; (ii) even if the
analysis of the fundamental conditions by a commodity trading advisor is
correct, prices still may not react as predicted; (iii) analysis by the use of
a computer program to measure price, historical price averages, momentum and
other technical factors deemed important by a commodity trading advisor may
also fail to predict price direction; (iv) it is possible for most of our open
positions to be unprofitable at the same time; (v) price changes may reach a
limit upon which trading rules require a suspension of trading for a specified
period of time.  It is possible for these limits to be reached in the same
direction for successive days.  This may prevent us from exiting a position,
and when the market reopens, we could suffer a substantial loss on the
position; (vi) losses are not limited to the margin allocated to hold the
position and may exceed the total equity in our account, though the general
partner assumes the risk in this event; and (vii) short positions, which have
unlimited risk of loss, will be taken on our behalf by the trading advisor.

                                       6
During partnership trading, a small price movement can lead to large losses.

A small amount of money relative to the value of the contract traded, called
margin, must be deposited to place and hold a trade.  The margin amount is
typically between 5% and 15% of the value of the contract traded.  This
permits a large percentage gain or loss relative to the margin deposit.  For
example, if at the time of purchase, 5% of the futures contract price is
deposited as margin, a 5% decrease in the position's value will cause a loss
of all the equity allocated to the trade, which could equal the entire value
of the account.  The losses could be substantially more than the margin
deposited and the total value of the account, though the partners will not be
subject to margin calls.

The general partner does not control the trading advisor or its methods and
may not be able to prevent large losses.

The commodity trading advisor enters trades on our behalf directly with the
futures commission merchant.  The general partner does not know the trades
before they are made, nor does it know the trading advisor's methods, the
number of contracts bought or sold, or the margin required.  The trading
advisor will not notify the general partner of any modifications, additions or
deletions to its trading methods and money management principles.  We may
suddenly suffer large losses before the general partner knows remedial action
must be taken.

The partnership may be unable to execute a trade before large losses are
incurred due to market illiquidity.

It is not always possible to execute a buy or sell order.  Such illiquidity
can be caused by a lack of interest in the contract caused by market
conditions which produce no persons willing to buy or sell, or the suspension
of trading which may occur because the price limit for a contract has been
reached.

Most United States commodity exchanges limit price movement in a single
direction by rules referred to as price limits.  Once these limits have been
reached, no trades may be executed at prices beyond the limits for a specified
amount of time, usually until the next trading day.  However, given sufficient
price movement the following day, price limits may be imposed again.
Accordingly, price limits may be in effect for protracted time periods.  No
trading may be made in the direction of the price movement while the limit is
in place.  The frequency of the imposition of price limits or the length of
time they will be in effect cannot be predicted.  This causes illiquidity and
exposure to substantial losses. These losses could exceed the total equity in
our account, for which the general partners, not the limited partners, are
responsible.

Changes in trading equity may adversely affect performance.

Commodity trading advisors often are unable to adjust to changes in the amount
of money they manage.  This is because (i) the larger amount of equity under
management requires larger trades to be made, which may be more difficult to
execute, (ii) there are legal limits called position limits upon the number of
positions that may be taken on a particular commodity, and (iii) it may be
more difficult to scale in positions, which is when a trading advisor takes
positions at different prices at different times and then allocates those
positions on a ratable basis when a change in its allocated equity occurs.
See Appendix I for the full definitions of position limits and scale in
positions.

The commodity trading advisor may not limit the total equity it accepts and
may suffer losses which cause a withdrawal of the equity it manages.  A
commodity trading advisor's rate of return tends to decrease as the amount of
equity under management increases.

Denomination of Partnership Assets at the Futures Commission Merchant in
Foreign Currencies

The general partner may change the currency denomination in which the
partnership assets are held at the futures commission merchant (e.g., U.S.
Dollars, Euros, British Pound, Yen, etc.).  Although the assets will be
physically held by the merchant selected by the general partner in a United
States account, they will be subject to currency rate fluctuations, which may
work to the benefit or detriment of fund assets.

Failure of commodity brokers or banks could result in loss of assets.

If the futures commission merchant or other entity with which our money is on
deposit becomes bankrupt, we might only recover some, if any, of the equity in
our account.  The deposits in our bank accounts will be insured for only
$100,000 and payment on insured deposits may be delayed. As of April 1, 2008,
the General Partner began to exercise its discretion to put partnership equity
not used for margin in accounts not maintained by or accessible by the futures
commission merchant.  This includes U.S. Treasuries held at the U.S. Treasury
and investments in cash management funds that invest in only U.S. Treasuries,
all held in the name of the partnership.  The General partner reserves the
right to put partnership equity not used for margin in accounts not maintained
by or accessible by the futures commission merchant.  This includes U.S.
Treasuries held at the U.S. Treasury, investments in cash management funds
that invest in only U.S. Treasuries, and foreign treasuries held with the
respective issuing department of treasury, all held in the name of the
partnership.

                                       7
When trading in foreign exchanges, if the creditworthiness of the other
parties or the value of the currency is not maintained, we may lose the value
of our positions in those markets.

Trading commodities involves entering a contract, or option to contract, for
the delivery of goods or money at a future date.  The value of the contract or
option depends directly upon the creditworthiness of the parties and the value
of the item traded.   The commodity trading advisor trades commodities on
United States commodity exchanges, foreign commodity exchanges, and the inter-
bank currency markets.  The commodity exchange contracts and options traded on
United States exchanges are guaranteed by the members' credit.  Contracts and
options upon foreign commodity exchanges and the inter-bank currency markets
are usually not regulated by specific laws and are backed only by the parties
to the contracts.  It is possible for a price movement or a devaluation of a
currency in a particular contract or option to be large enough to destroy the
creditworthiness of the contracts and options issued by a particular party or
government, or all of the contracts and options of an entire market.  In
either of those situations, we could lose the entire value of a position with
little recourse to regain any of its value. In addition, the price of any
foreign futures or foreign options contract and, therefore, the potential
profit and loss thereon, may be affected by any variance in the foreign
exchange rate between the time a position is established and the time it is
liquidated, offset or exercised.

Option trading is highly risky and requires less equity to secure a trade,
thus providing greater potential for loss.

We expect to trade options, both puts and calls.  After a position is taken, a
liquid market may not exist for any particular commodity option or at any
particular time.  In an illiquid market, we may not be able to buy or sell to
offset, or liquidate, the positions we have taken.

Option trading allows us to trade with less equity on deposit.  Accordingly,
the risk of loss of the entire account is great in the case of selling option
premium.

Position Limits May Limit Profitability and Changes Thereof Can Produce
Dramatic Price Swings.

The Commodity Futures Trading Commission and the United States commodity
exchanges have established limits referred to as Speculative Position Limits
or Position Limits.  These are different from the price limits described
before.  They are limits on the maximum net long or net short futures or
options positions which any person or group of persons may own, hold, or
control in futures contracts.  The positions taken among all commodity
accounts owned, controlled or managed by a trading advisor and its principals
are combined for position limit purposes.  Thus, a trading advisor may not be
able to hold sufficient positions for us to maximize the return on a
particular trade because it may be taking similar positions for others.  A
material change in the position limits of one or more futures markets could
cause a large liquidation of or large addition to positions in such markets,
which could cause dramatic price swings.

We may not be able to compete with others with greater resources.

Commodity futures trading is highly competitive.  We compete with others who
may have greater experience, more extensive information about developments
affecting the futures markets, more sophisticated means of analyzing and
interpreting the futures markets, and greater financial resources.

Those with greater experience and financial resources have a better chance at
trading profitably.  For instance, we will not maintain a warehouse to take
delivery of commodities and will not have a large capital base to allow us to
hold positions through bad times.

Resignation of individual general partner and subsequent failure of Ashley to
maintain its net worth may cause suspension of trading or taxation as a
corporation.

Any general partner wishing to voluntarily withdraw from the partnership must
give 120 days prior written notice to the limited partners.  If a general
partner withdraws and the limited partners or remaining general partner elects
to continue the partnership, the withdrawing general partner shall pay all
expenses incurred as a result of its or his withdrawal.

When the sole general partner of a partnership is a corporation, the tax rules
require conditions to be met to allow the partnership to be taxed as a
partnership and not as a corporation.  To be taxed as a partnership requires
that two or more of the following tests be met: decentralized management,
unlimited liability, limited transferability of shares, and limited
continuation of existence.

No tax IRS ruling has been or will be requested to confirm the tax opinions
expressed in this prospectus.  If we were taxed as a corporation for Federal
income tax purposes, our income or loss would not be passed through to you, we
would be taxed at corporate rates, all or a portion of any distributions made
to you would be taxed to you as dividend income, and the amount of such
distributions would not be deductible in computing our taxable income.
However, the partnership tax counsel has delivered an opinion to the general
partner that this partnership, as presently operated by the general partner,
will be taxed as a partnership and not as a corporation.  See Federal Income
Tax Aspects.

                                       8
The general partner will not advise you, and you must rely upon your own
counsel before investing in the partnership.

Purchasing partnership interests does not create an Individual Retirement
Account, commonly called an IRA, and the creation and administration of an IRA
are solely your responsibility.  The assets of a retirement account should be
carefully diversified and you should only allocate high risk capital to this
partnership.  If you invest a significant portion of your retirement plan or
IRA assets in this partnership, you could be exposing that portion to
significant loss.  The general partner will not advise you in any manner on an
investment in this partnership, including matters of diversification,
prudence, interpretation of the partnership agreement, and liquidity.
Accordingly, you must rely upon the experience of qualified legal, investment
and tax counsel you select.

The partnership is not covered by the Investment Company Act of 1940.

Stock investment companies and investment advisors must be registered under
the Investment Company Act of 1940, as amended.  Because the business of the
partnership, the individual and corporate general partners, and the commodity
trading advisor involves only the trade of futures regulated pursuant to the
Commodity Exchange Act, none of them is required, nor does any intend, to be
registered under the Investment Company Act of 1940 or any similar state law.
Therefore, you are not protected by any such legislation.

Possibility of audit - you may be subject to audit and penalties.

If our return is audited, the IRS may make adjustments to our reported items.
If an audit results in an adjustment, you may be required to file amended
returns, subject to a separate audit, and required to pay back taxes, plus
penalty and interest.

General partner may settle IRS claim not in your best interest.

Ashley Capital Management, Inc. is named tax matters partner.  This grants it
the power to settle any IRS claim on your behalf if you hold 1% or less
interest in this partnership and do not timely object to the tax matters
partner's authority, after notice.  Such settlement may not necessarily be in
your best interest.  See Federal Income Tax Aspects.

You may be subject to back taxes and penalties.

The Scott Law Firm, Ltd. has delivered an opinion to the general partner that
this partnership, as presently operated by the general partner, will be taxed
as a partnership and not as a corporation.  This opinion does not include the
tax treatment of expenses to prepare the prospectus and selling expenses
because they have to be allocated between expenses attendant to formation and
ordinary business expenses by the general partner.  In addition, commodity
trading advisor fees are combined with employee business expenses and other
expenses of producing income and are deductible only if the operation of the
partnership is the conduct of a trade or business.  The general partner
believes that our intended operations qualify as a trade or business.

The general partner may cause higher fees to be paid or riskier trading by
altering the management and incentive fees without prior notice to you.

The general partner has reserved the right to raise, without prior notice to
you, the incentive fee to a maximum of 27% while lowering the total management
fees between the commodity trading advisor and general partner to 0%.  Also,
the general partner may institute or raise the total management fees to 6%
provided the total incentive fees are lowered to 15%.  In general, a lower
management fee and higher incentive fee may result in higher fees being paid
during times of profit, whereas a higher management fee and lower incentive
fee would result in higher fees being paid in times of losses.  The general
partner does not expect to make changes in the management and incentive fees
often, and will only make changes effective as of the first business day of a
subsequent month.  The general partner will notify you of any change in fees
within seven business days.

Conflicts Of Interest

There are present and potential future conflicts of interest in our structure
and operation you should consider before you purchase partnership interests.
The general partner will use this explanation of conflicts as a defense
against any claim or other proceeding made against the individual or corporate
general partner, the commodity trading advisor, the introducing broker, the
selling agent, the futures commission merchant or any principal or affiliate,
agent or employee of any of them.

The general partner, the commodity trading advisor, the futures commission
merchant, the introducing broker, the selling agent and their principals may
preferentially trade for themselves and others.

Because the general partner, the commodity trading advisor, the introducing
broker, the selling agent, the futures commission merchant and their
principals and affiliates may trade for themselves and others, conflicts of
interest may exist or be created in the future.  For example, if these people
trade their own account, you will not have access to their trading records.
They could possibly take their positions prior to the positions they know will
be placed for the partnership, although, they have stated they will not do so.

                                       9
Possible retention of voting control by the general partner may limit your
ability to control issues.

The general partner, its principal and its affiliates may purchase an
unlimited amount of partnership interests.  These persons include the
individual general partner.  It is possible that they could purchase enough
partnership interests to retain voting control.  They could then vote,
individually or as a block, to create a conflict with your best interests.
Such voting control may limit the limited partners' ability to achieve a
majority vote on such issues as amendment of the Limited Partnership
Agreement,

change in our basic investment policy, dissolution of this partnership, or the
sale or distribution of our assets.  However, neither general partner may,
directly or indirectly vote on the issue of their removal.

The general partner is not likely to resign, even if it would be in your best
interest.

It is unlikely that either general partner would voluntarily resign, even if
it would be in your best interest, because the corporate general partner
retains a portion of the fixed brokerage commissions paid to it, and the
individual general partner also serves as the sole shareholder, director and
principal of the corporate general partner.

The introducing broker and selling agent is affiliated with the general
partner.

The president and 50% owner of the introducing broker and selling agent,
Futures Investment Company, is the sole principal, officer and director of the
general partner.  As introducing broker, it will receive a portion of the
brokerage commissions paid to the futures commission merchant for trades
placed by the trading advisor.  As selling agent, it will receive a 1% selling
commission.

Partnership fees may be higher than they would be if they were negotiated.

The fixed brokerage commission to Ashley Capital Management, Inc., corporate
general partner and commodity pool operator, has not been negotiated at arm's
length, though they are less than the presumptive fair and reasonable limit
provided by the guidelines of the North American Securities Administrators
Association.  The general partner accepts the credit risk of the partnership
to the futures commission merchant, reviews the daily positions and margin
requirements of the partnership, and pays the futures commission merchant's
domestic charges.  From the fixed brokerage commissions paid to the corporate
general partner, it must pay round turn brokerage commissions to the futures
commission merchant.  Some of the remaining portion of the fixed brokerage
commissions will be kept by the corporate general partner.  Conversely, the
corporate general partner will pay the futures commission merchant any
domestic round turn commissions incurred that exceed the fixed brokerage
commissions.

Our profitability may be limited due to competition among traders and their
unaccountability for previous losses.

The general partner has sole and absolute discretion to select and terminate
commodity trading advisors.  If it appoints multiple trading advisors, each
will trade independently of the others.  Also, they may compete for similar
positions or take positions opposite each other, which may limit our
profitability.  If a trading advisor is replaced, the new trading advisor will
receive any earned incentive fees regardless of the previous trading advisor's
performance.  As incentive fees are paid based upon each trading advisor's
performance, it would be possible for us to experience a net loss and be
required to pay out incentive fees to one or more of the traders.

Your ability to redeem your partnership interests may be lessened due to the
nature of the general partner's compensation.

The general partner receives a fee based upon our net asset value available
for trading.  This gives it an incentive to withhold distributions and to
discourage redemption.  The general partner will try to honor all redemption
requests within twenty days after the last day of the preceding month in which
the request was made.  However, if the partnership does not have enough liquid
assets, it may not be able to honor the request on time, or possibly at all.

The commodity trading advisor may engage in high risk trading to generate
fees.

As a general rule, the greater the risk assumed, the greater the potential for
profit.  Because the commodity trading advisor receives incentive fees on our
new net profits, it might select trades which are too risky for us.

The individual general partner has sole control over the time he will allocate
to the management of the partnership.

The individual general partner is responsible for managing this partnership
and managing three other commodity pools, Bromwell Financial Fund, LP, TriView
Global Fund, LLC, and Strategic Opportunities Fund, LLC.  He also sells
limited partnership interests in some of the above commodity pools, from time
to time and performs other investor relations services as a principal and
registered representative of Futures Investment Company, an introducing broker
and broker dealer of which he is a 50% owner.

He has also reserved the right to trade for his own account and to form and
manage other commodity pools and ventures.  He is solely responsible for the
allocation of his time to the management of this partnership as well as the
other projects he currently manages and will manage in the future.  He manages
his time, in part, by the delegation of many of the tasks, such as trade
selection and preparation of financial reports and offering documentation, to
independent commodity trading advisors, accountants, and attorneys.  He
believes he presently has and will, in the future, have sufficient time to
devote to the affairs of the partnership.

                                       10
No Resolution of Conflicts Procedures

As is typical in many futures partnerships, the general partner has not and
will not establish formal procedures to resolve potential conflicts of
interest.  These future potential conflicts may adversely affect both you and
us.  However, the general partner has taken steps to alleviate any real or
potential conflict of interest by the establishment of segregated accounts to
hold partnership equity at the banks, the U.S. Treasury, the futures
commission merchant, cash management funds, and any foreign departments of
treasury.  Also, the general partner has assured the partners that all money
on deposit is in the name of and for the beneficial use of the partnership.

The previous risk factors and conflicts of interest are complete as of the
date of this prospectus, however, additional risks and conflicts may occur
which are not presently foreseen by the general partner.  You may not construe
this prospectus as legal or tax advice.  Before making an investment in this
partnership, you should read this entire prospectus, including the Limited
Partnership Agreement (Exhibit A) and the subscription agreement.  You should
also consult with your personal legal, tax, and other professional advisors.
See Investor Suitability.

Interests of Named Experts and Counsel

The general partner has employed The Scott Law Firm, Ltd., an Illinois
corporation, to prepare this prospectus, provide tax advice and opine upon the
legality of issuing the partnership interests.  Neither the law firm, its
principal, any accountant, nor any other expert hired by the partnership to
give advice on the preparation of this offering document has been hired on a
contingent fee basis.  The foregoing persons do not have any present or future
expectation of interest in the general partner, the commodity trading advisor,
the introducing broker, the selling agent or the futures commission merchant.

Cautionary Note Regarding Forward-Looking Statements

This prospectus includes "forward-looking statements" within the meaning of
Section 27A of the Securities Act and Section 21E of the Exchange Act that
reflect the general partner's current expectations about the future results,
performance, prospects and opportunities of the Trust. All statements other
than statements of historical facts included in this prospectus may constitute
forward-looking statements. The general partner has tried to identify these
forward-looking statements by using words such as "may," "will," "expect,"
"anticipate," "believe," "intend," "should," "estimate," "foresee,"
"continue," "plan" or the negative of those terms or similar expressions.
These forward-looking statements are based on information currently available
to the general partner and are subject to a number of risks, uncertainties and
other factors, both known, such as those described in "Risk Factors" and
elsewhere in this prospectus, and unknown, that could cause the Trust's actual
results, performance, prospects or opportunities to differ materially from
those expressed in, or implied by, these forward-looking statements. Although
the general partner believes that the expectations and underlying assumptions
reflected in these forward-looking statements are reasonable, there can be no
assurance that these expectations or underlying assumptions ultimately will
prove to have been correct. Important factors that could cause actual results
to differ materially from projected or forecasted results or stated
expectations are disclosed in this prospectus, including under the heading
"Risk Factors."

You should not place undue reliance on any forward-looking statements. In
light of the significant uncertainties inherent in the forward-looking
statements included herein, the inclusion of such information should not be
regarded as a representation by the general partner or any other person that
the objective and expectations of the partnership will be achieved. Except as
expressly required by the Federal securities laws, the general partner
undertakes no obligation to publicly update or revise any forward-looking
statements or the risks, uncertainties or other factors described in this
prospectus, as a result of new information, future events or changed
circumstances or for any other reason after the date of this prospectus.

Management's Discussion and Analysis

The Partnership

Atlas Futures Fund, Limited Partnership is a Delaware limited partnership
organized on January 12, 1998 and maintains its main business office at 505
Brookfield Drive, Dover, DE 19901, (800) 331-1532.  It is qualified to be a
commodity pool to engage in the speculative trading of futures, commodity
options and forward contracts on currencies, interest rates, energy and
agriculture products, metals, and stock indices.  See page 23 for the
performance record of the partnership.

Our business objective is to let our invested capital appreciate while
controlling losses; however, there can be no assurance that we will meet this
objective.

The partnership is managed by Ashley Capital Management, Inc., a Delaware
corporation, and Mr. Michael P. Pacult.  The partnership does not have
officers, which is why there is no report of executive compensation in this
prospectus.

                                       11
We operate pursuant to the terms of the limited partnership agreement attached
as Exhibit A, which  grants full management control to the general partner
including the right to employ independent trading managers called commodity
trading advisors, and will terminate at 11:59 p.m. on January 12, 2019, or
upon an event causing an earlier termination.

Except for the limited partnership agreement, the partnership may not enter
any contract with the general partner or commodity trading advisor that is
greater than one year in duration.  However, all such contracts are expected
to be renewed yearly and are terminable without penalty upon sixty days, or
less, written notice by the partnership.

The General Partners

The corporate general partner is Ashley Capital Management, Inc., a Delaware
corporation incorporated on October 15, 1996.  It was registered as a
commodity pool operator and became an NFA member on January 15, 1998 and
maintains its main business office at 5914 N. 300 West, P.O. Box 760, Fremont,
IN 46737, (260) 833-1306.  It was registered as a commodity trading advisor on
July 5, 2005, though it does not currently provide services in that capacity.
It is managed by Michael P. Pacult, its sole shareholder, director and
president.

The individual general partner is Michael P. Pacult, who was registered as a
commodity pool operator and became an NFA member on July 28, 2003 and
maintains his main business office at 5914 N. 300 West, P.O. Box 760, Fremont,
IN 46737, (260) 833-1306.

Both the individual and corporate general partners, as well as the
partnership, will comply with all applicable registration requirements under
the Commodity Exchange Act as amended.

Experience

The corporate general partner has managed this commodity pool since its
inception on January 12, 1998.  The individual general partner has been
supervising individual managed commodity accounts for over 30 years and serves
in several capacities in four other commodity pools, as follows:

Commodity Pool					Mr. Pacult Serves As

Bromwell Financial Fund, LP 			Sole principal of the
(publicly offered, commenced business 7/00)	corporate general partner

Providence Select Fund, LP 			Individual general partner
(publicly offered, closed as of 1/10)		and sole principal of the
						corporate general partner

TriView Global Fund, LLC 			Individual managing member
(publicly offered, became effective 8/10/10)	and sole principal of the
						corporate managing member

Strategic Opportunities Fund, LLC 		Sole principal of the
(commenced business 11/05)			corporate managing member

Authority

Mr. Pacult is the sole shareholder, director and principal of Ashley Capital
Management, Inc. and also the individual general partner; therefore, he is the
sole decision maker of this partnership.  Having said that, the signature of
either the corporate or individual general partner may legally bind this
partnership.

The general partner is authorized to take all actions necessary to manage the
affairs of the partnership.   See Article II of the Limited Partnership
Agreement attached as Exhibit A.

Partnership Books and Records

Our books and records will be maintained for six years at the office of the
corporate general partner, 5914 N. 300 West, Fremont, IN 46737.  You may
access our books and records by visiting the corporate general partner's
office at a time convenient for both parties, and you may have copies made at
that time at a reasonable charge per page.    The corporate general partner
serves as tax partner for the partnership.  The CPA firm ofPatke & Associates,
Ltd., 300 Village Green Drive Ste 210, Lincolnshire, IL 60069 conducts our
annual audit and the annual audit of the corporate general partner, and
prepares our tax returns and sends the IRS Form K-1s to the partners.

The Commodity Trading Advisors

To conduct trading on our behalf, the general partner has selected an
independent commodity trading advisor, Clarke Capital Management, Inc.
Without prior notice to you, the general partner has sole discretion to employ
additional trading advisors, terminate any trading advisor, and change the
amount of equity any advisor may trade.  However, the general partner will
give you notice of any change in trading advisor within seven days of such
change.  Such notice will include a description of your right to redemption.

                                       12
No change in trading advisor will constitute a material change to the limited
partnership agreement or the structure of our operation.  Any trading advisor
employed to trade for the partnership will be registered with the Commodity
Futures Trading Commission and will have at least three years of experience as
a trading advisor.

The Advisory Contract

The general partner has assigned a substantial portion of our assets to the
trading advisor, the terms of which are governed by an advisory contract and
power of attorney between us and the trading advisor.  See Exhibit F.

These agreements provide the trading advisor with revocable powers of
attorney, which gives them sole authority to determine the markets to be
traded, the location of those markets, the size of the position to be taken in
each market, and the timing of entry and exit in a market.  The agreements may
be terminated, at any time, upon notice from one party to the other and to the
futures commission merchant.

Business Objective and Expenses

Our objective is to achieve the potentially high rates of return that are
possible through the speculative trading of futures, commodity options and
forward contracts.  We do not expect to engage in any other business.

The general partner organized this partnership to be a commodity pool, as that
term is defined in the Commodity Exchange Act.  It employs independent
commodity trading advisors to trade for us.

The general partner intends to allocate substantially all of our net assets to
the trading advisor to conduct this trading.  The trading advisor typically
allocates 20% to 40% of the trading equity assigned to it to secure the
trading positions it selects.

Although we do not expect to make distributions, you will nevertheless be
required to pay yearly Federal, state and local taxes upon income, if any,
earned by this partnership.  The general partner recommends partnership
interests be purchased as a long-term investment.

There can be no assurance that we will achieve our business objectives, be
able to pay the substantial fixed and other costs to do business, or avoid
substantial trading losses.  See Charges to the Partnership.

Below is a chart explaining the expenses we expect to incur over the twelve
months following the date of this prospectus.  All interest income is paid to
the partnership.  The chart below assumes the value of each unit of
partnership interest will remain constant during the next twelve months.

        Expenses per $1,000 of Investment of Partnership Interest
              for the Next 12-Month Period of Operations
Based Upon Units		Based Upon Maximum
						Presently Outstanding		Units To Be Sold

Actual Units Sold to Date; Value		2,682 Units ($10,963,894)

Actual Units Sold Plus New Units to be Sold 					5,128 Units ($20,963,894)
 Pursuant to this Prospectus; Value

Base Price (1)					$1,000				$1,000

Selling Commission (1)				$10.00		1.00%		$10.00		1.00%

Annual Expenses and Offering Expenses (2)	$15.71		1.57%		$10.97		1.10%

Brokerage Commissions and Trading Fees (3)	$109.89		10.99%		$109.89		10.99%

Trading Advisors' Incentive Fees on
 New Net Profits (4)				$39.71		3.97%		$38.13		3.81%

Interest Income (5)				$(1.49)		(0.15)%		$(1.49)		(0.15)%

Amount of Trading Income Required to Redeem
 Unit At Selling Price After One Year (6)	$173.82				$167.50

Percentage of Initial Selling Price Per Unit			17.38%				16.75%
Explanatory Notes:

(1) Investors will purchase partnership interests at the partnership's month
end net asset value per partnership interest.  As of September 30, 2010, this
was $4,088.43; however, the table is presented to reflect expenses per $1,000
investment.  The initial allocation of partnership interests to an investor
will be after deduction of a 1% up front selling commission on the gross
subscription proceeds.

(2) At the current net asset value, the partnership must pay yearly expenses
of approximately $149,000, of which $62,000 is for accounting, $38,000 for
audit, $27,000 for legal, $8,000 for regulatory fees, and $14,000 for other.
If the maximum is sold, annual expenses are estimated to be $205,000.
Offering expenses are estimated to be $25,000.

                                       13
(3) Brokerage commissions and domestic trading fees are fixed by the general
partner at 11/12% monthly, 11% annually, of our equity allocated to trading
plus actual commissions for trades made on foreign exchanges or forward
markets, if any, estimated by the General Partner to be 0.1% annually.  For
purposes of this calculation, we assumed that the advisor frequency of trading
and the number of partnership interests outstanding during the next twelve
months will remain constant.

(4) This is the amount of incentive fees the trading advisor would earn if it
produced only enough profits to allow you to redeem after one year your
partnership interests at the net asset value used in this table.  The trading
advisor is not paid an incentive fee on brokerage commissions paid to the
futures commission merchant which, for purposes of this table, are estimated
to be 1.5% annually.

(5) We earn interest on margin deposits with the futures commission merchant
and on our bank deposits.  Based on current interest rates, interest income is
estimated at 0.15% annually of our net assets.

(6) This computation assumes there will be no claims or other extra-ordinary
expenses during the first year.

We do not represent that the above table will reflect our actual offering
expenses, operating expenses or interest income.  There can be no assurance
that our expenses will not exceed the amounts projected or that there will not
be claims or other extra-ordinary expenses.

Securities Offered

We, Atlas Futures Fund, Limited Partnership, will offer and sell limited
partnership interests in this partnership at a value determined by the month
end net asset value of the partnership.  See Determination Of The Offering
Price.

You, the Investor will have pro rata rights to profit and losses which will
vary with your investment amount and the right to vote on partnership matters
such as the replacement of the general partner.  See The Limited Partnership
agreement attached as Exhibit A.  You will not be responsible for our debts in
excess of your investment amount, unless, (i) we become insolvent and you
receive distributions which represent a return on your investment which, under
certain circumstances, you would have to return to us to pay our debts, (ii)
acquire any interest in the corporate general partner, Ashley Capital
Management, Inc., or (iii) manage this partnership.  See Plan For Sale of
Partnership Interests and Subscription Requirements.

Your subscription agreement and check (i) must be approved by the general
partner before you will become a partner and will be accepted or rejected
within five business days of receipt, (ii) becomes irrevocable and may not be
withdrawn five days after submission, unless, a longer statutory withdrawal
period applies to you, and (iii) will be deposited and held until you are
admitted into the partnership in a segregated depository account maintained by
Star Financial Bank as depository agent.

There cannot be any assurance that additional partnership interests will be
sold.  The general partner is authorized, in its sole discretion, to terminate
this or any future offering of partnership interests.

Management's Discussion

This is the continuation of the offering of our partnership interests.  We may
conduct future offerings after the close of this offering and intend to raise
money only through offerings, such as this one, and do not intend to borrow
any money.  We must pay expenses to qualify and sell our partnership
interests, such as fees for the preparation of this prospectus, sales
literature, and web site promotion as well as other expenses.  We allocate
substantially all our net assets to trading and other investments, except
those assets used to pay capital and operating expenses.  We have no
directors, officers or employees, which is why there is no report of executive
compensation in this prospectus, and conduct all our business through the
general partner.

Description of Intended Operations

The general partner has selected MF Global, Inc. to serve as the futures
commission merchant and Futures Investment Company to serve as the introducing
broker.  The partnership has deposited its funds to the futures commission
merchant to hold as security for the trades selected by the commodity trading
advisor. The general partner reserves the right to put partnership equity not
used for margin in accounts not maintained by or accessible by the futures
commission merchant.  This includes U.S. Treasuries held at the U.S. Treasury,
investments in cash management funds that invest in only U.S. Treasuries, and
foreign treasuries held with the respective issuing department of treasury,
all held in the name of the partnership.   The futures commission merchant has
been directed to send the general partner, before the open of business each
day, a computer or fax report which describes the positions held, the margin
allocated, and the profit or loss on the positions from the date the positions
were taken

Risk Control

The general partner reviews the daily transmissions provided by the futures
commission merchant and makes appropriate adjustments to the allocation of
trading equity.  Based upon the amount of available trading equity, the
trading advisor has discretion to make specific trades, determine the number
of positions taken, and decide the timing of entry and departure from each
trade made. In managing the partnership's business and affairs, the general
partner may contract with, and rely upon, information, research and advice
provided by third parties.

                                       14
The general partner will use its best efforts to monitor the daily value of
the partnership, which it calculates from the daily information provided by
the futures commission merchant, and will make such information available to
limited partners upon request.  However, the independent accountant calculates
the net asset value at the end of the last business day of each month.  If the
daily unit value falls to less than 50% of the highest value earned through
trading, then the general partner will immediately suspend all trading,
provide you with immediate notice of the reduction in net unit value, and give
you the opportunity, for 15 days after the date of such notice, to redeem your
partnership interests according to the provisions of Article IX, Sections 9.5
and 9.6 of the Limited Partnership Agreement.  No trading shall commence until
after the lapse of such fifteen day period.  See Exhibit A attached.

Trading Risks

Most United States commodity exchanges limit daily fluctuations in commodity
futures contracts prices by regulations referred to as daily price fluctuation
limits or daily limits.  Once the price of a futures contract has reached the
daily limit for that day, positions in that contract can neither be taken nor
liquidated.  Commodity futures prices have occasionally moved the daily limit
for several consecutive days with little or no trading.

Such an occurrence could prevent us from promptly liquidating unfavorable
positions and subject us to substantial losses.  These losses could exceed the
margin initially required to make the trade.  In addition, even if commodity
futures prices have not moved the daily limit, we may not be able to execute
futures trades at favorable prices.  This may be caused by light trading in
such contracts or by a sudden and substantial price move in a futures or
forward contract.  These limitations on liquidity are inherent in our proposed
commodity futures trading operations.  Otherwise, our assets are expected to
be highly liquid.

Except for payment of offering and other expenses, the general partner is
unaware of any anticipated known demands, commitments or required capital
expenditures, material trends, favorable or unfavorable, which will affect our
capital resources, or trends or uncertainties that will have a material effect
on operations.

Each United States commodity exchange, with the approval of the Commodity
Futures Trading Commission, and the futures commission merchant establish
minimum margin requirements for each traded contract.  The futures commission
merchant will require the margin assigned for each account to be on deposit
before a trade will be accepted.  The futures commission merchant may increase
the margin requirements above these minimums for any or all contracts for its
customers.  Because we generally use a small percentage of assets for margin,
we do not believe that any increase in margin requirements will materially
affect our proposed operations.  However, it is possible for an increase in
margins applicable to the trades the advisor selects for us to force us to
liquidate positions because we cannot meet the additional margin requirements.

Management cannot predict whether the value of our partnership interests will
increase or decrease.  Inflation is not projected to be a significant factor
in our operations, except to the extent inflation influences futures prices.

Fiduciary Responsibility of the General Partner

You have legal rights under Delaware partnership and applicable Federal and
state securities laws.  In all dealings affecting this partnership, the
general partner has a fiduciary responsibility to you and all other partners
to exercise good faith and fairness.  No contract shall permit the general
partner to contract away its fiduciary obligation under common law.  The
limited partnership agreement conforms to the Uniform Limited Partnership Act
for the State of Delaware in regard to the definition of the fiduciary duties
of the general partner.

You have a right to initiate legal proceedings related to the partnership in
the following circumstances:

In the event, after demand from you, the general partner fails to take action
to recover damages from third parties, you may initiate proceedings on behalf
of the partnership and, upon an appropriate award from the court pursuant to
Delaware law, obtain reimbursement of your legal fees and costs from the
amount recovered.

You may bring an action against the general partner in either Federal or state
court should you believe the general partner or others have breached its
fiduciary duty to the partnership or committed a breach of any Federal or
state securities laws.

You may seek reparations for the amount of your investment and damages should
the general partner or others breach of the Commodity Exchange Act or order of
the Commodity Exchange Commission in regard to your investment.

                                       15
If the general partner acts in good faith and exercises its best judgment, it
will not be liable merely because we lost money or otherwise did not meet our
business objectives.  Additionally, there are substantial and inherent
conflicts of interest in the partnership's structure which are disclosed in
the prospectus.  The general partner intends to raise the disclosures made in
this prospectus and the representations you made in the subscription agreement
as a defense in any proceeding brought which seeks relief based on the
existence of such conflicts of interest.  See Conflicts of Interest.

The responsibility of a general partner to you and other partners is a
changing area of the law.  If you have questions concerning the
responsibilities of the general partner, you should consult your legal
counsel.

Indemnification

Provisions of Limited Partnership Agreement

The limited partnership agreement protects the general partner from being
responsible or accountable for any act or omission, for which you, other
limited partners or the partnership itself may claim it is liable, provided
that the general partner determined such act or omission was within the scope
of its authority and in the best interest of this partnership, and such action
or failure to act does not constitute misconduct or a breach of the Federal or
state securities laws related to the sale of partnership interests.

Specifically, if the general partner has acted within the scope of its
authority and is being assessed a demand, claim or lawsuit by a partner or
other entity, the partnership will defend, indemnify and hold the general
partner harmless from and against any loss, liability, damage, cost or
expense, including attorneys' and accountants' fees and expenses incurred in
defense of any demands, claims or lawsuits which were actually and reasonably
incurred and arising from any act, omission, activity or conduct undertaken by
or on behalf of the partnership.

Provisions of Law

According to applicable law, indemnification of the general partner is payable
only if (i) the general partner determined, in good faith, that the act,
omission or conduct that gave rise to the claim for indemnification was in the
best interest of the partnership, (ii) the act, omission or activity that was
the basis for such loss, liability, damage, cost or expense was not the result
of negligence or misconduct, (iii) such liability or loss was not the result
of negligence or misconduct by the general partner, and (iv) such
indemnification or agreement to hold harmless is recoverable only out of the
assets of the partnership and not from the partners, individually.

Provisions of Federal and State Securities Laws

This offering is made pursuant to Federal and state securities laws.  If any
indemnification of the general partner arises out of an alleged violation of
such laws, it is subject to the following legal conditions.

Those conditions require that no indemnification may be made in respect of any
losses, liabilities or expenses arising from or out of an alleged violation of
Federal or state securities laws unless (i) there has been a successful
adjudication on the merits of each count involving alleged securities law
violations as to the general partner or other particular indemnitee, (ii) such
claim has been dismissed with prejudice on the merits by a court of competent
jurisdiction as to the general partner or other particular indemnitee, or
(iii) a court of competent jurisdiction approves a settlement of the claims
against the general partner or other agent of the partnership and finds that
indemnification of the settlement and related costs should be made, provided,
however, before seeking such approval, the general partner or other indemnitee
must apprise the court of the position held by regulatory agencies against
such indemnification.  These agencies are the Securities and Exchange
Commission and the securities administrator of the state or states in which
the plaintiffs claim they were offered or sold partnership interests.

Provisions of the Securities Act of 1933 and NASAA Guidelines

The Securities and Exchange Commission and the various state securities
administrators believe that indemnification for liabilities arising under the
Securities Act of 1933 are unenforceable because such indemnification is
against public policy as expressed in the Securities Act of 1933 and the North
American Securities Administrators Association, Inc. commodity pool
guidelines.

Provisions of the Clearing Agreement

We clear trades through our futures commission merchant, MF Global, Inc.
According to the clearing agreements that govern these trades, we must
indemnify MF Global, Inc. for any reasonable outside and in-house attorney's
fees incurred by it arising from any failure for the partnership to perform
its duties under the clearing agreement.

Other Indemnification Provisions

The general partner has indemnified the selling agent that there are no
misstatements or omissions of material facts in this prospectus.

Relationship with the Futures Commission Merchant, the Introducing Broker and
the General Partner

Ashley Capital Management, Inc., the corporate general partner, supervises the
relationship with the futures commission merchant and the affiliated
introducing broker, including the negotiation of the round turn commission
rates incurred through trading via the commodity trading advisor, and review
of the daily reports.

                                       16
Ashley has engaged MF Global, Inc. to serve as the futures commission merchant
to open and close the trades selected by the trading advisor.  It has also
engaged Futures Investment Company to introduce the trades to MF Global, Inc.

Fixed Commissions are Competitive

The fixed brokerage commissions that we pay to clear our trades plus actual
costs for foreign markets, if any, are less than the presumptive fair and
reasonable limit provided by the guidelines of the North American Securities
Administrators Association.  Also, the general partner has the right to select
any substitute or additional futures commission merchants or introducing
brokers at any time, for any reason.

The futures commission merchant acts for other commodity pools that have
retained either or both of the general partners of this partnership.  Either
general partner or any other commodity pool may obtain rates to clear trades
from the general partner which are more favorable to their accounts than the
fixed commissions the general partner charges the partnership.

Relationship with the Commodity Trading Advisors

The Commodity Trading Advisors Will Trade for Other Accounts

The commodity trading advisor will trade for its own accounts and for others
on a discretionary basis.  It may use trading methods, policies and strategies
for others which differ from those used for us.  Consequently, such accounts
may have different trading results from ours.

Because the trading advisor trades for itself and others, it is possible for
it to take positions ahead of or opposite to the positions taken for us, which
presents a potential conflict of interest.  See Appendix I for Taking
Positions Ahead of the Partnership.

Pursuant to Commodity Futures Trading Commission Regulation 421.03, the
trading advisor will use the average price system for those futures and
options contracts where its use is authorized, when trades taken on behalf of
both the partnership and a trading advisor's other accounts are identical, and
the prices of such trades are different.  See Appendix I for the definition of
Average Price System.

The commodity trading advisor has also informed the general partner that when
the average price system is not available, trades will be filled in order
based on the numerical account numbers, with the lowest price allocated to the
lowest account number and in numerical matching sequence, thereafter.

Non-Disclosure of the Commodity Trading Advisor's Methods

We have provided a general description of the commodity trading advisor's
methods and strategies under The Commodity Trading Advisors, Description of
Trading Program.  However, the specific details of its trading methods are
proprietary and complex in nature and will not be disclosed to us or you.  No
notice will be given to you of any changes the trading advisor may make in its
trading methods.  See Risk Factors, No Notice of Trades or Trading Method.

Charges to the Partnership

As an investor in this partnership, you will pay your prorated share of the
cost of our operation.  These charges are described in narrative form and in
the chart which follows this narrative.  In this prospectus, we have disclosed
all compensation, fees, profits and other benefits, including reimbursement of
out-of-pocket expenses, which the general partner will earn in connection with
this offering.  Most of these charges were not negotiated at arm's length, but
rather were determined by the two general partners.

Compensation of the Commodity Trading Advisors

Clarke Capital Management, Inc., the commodity trading advisor, has been
allocated equity to trade, which has been deposited in accounts with the
futures commission merchant, investments in U.S. Treasuries held at the U.S.
Treasury, investments in cash management funds that invest only in U.S.
Treasuries, and foreign treasuries held with the respective issuing department
of treasury, all held only in the name of the partnership.

Though no management fee is currently paid to the general partner or Clarke,
the general partner has reserved the right to change these fees at its sole
discretion.  See Charges to the Partnership, Restrictions on Management Fees.

The partnership pays Clarke incentive fees of the new net profit produced by
it of 25%.  Any incentive fee paid to the trading advisor will not count
against the new net profit calculation in the following period.  New net
profit:

*	is calculated to determine how much a trading advisor has increased our
net assets through trading alone

*	is based upon the net value of the equity assigned to the trading
advisor to trade

*	is calculated after the payment of brokerage costs to the futures
commission merchant

*	is calculated monthly but paid quarterly

                                       17
*	is only paid when any losses in previous quarters have been offset by
new profits by the trading advisor, regardless of whether:

*	the general partner has changed the trading advisor's compensation, or

*	the partnership and trading advisor have entered a new contract

*	is adjusted to eliminate the effects of:

*	any new subscriptions for partnership interests

*	redemptions by partners

*	interest income paid by the futures commission merchant, and

*	any other income earned on our assets which are not related to such
trading activity, regardless of whether such assets are held separately or in
a margin account.

The following hypothetical table illustrates the quarterly incentive fee that
would be earned by a trading advisor based on the net income, as calculated
above, that it has earned for the partnership.

Qtr	Net Income	Incentive Fee (25%)

1	$1,000		$250
2	(200)		0
3	1,000		200
4	500		125

Restrictions on Management Fees

Some of the states in which we sell partnership interests require that we
comply with the North American Securities Administrators Association
Guidelines for commodity pools.  These guidelines provide that the total
management fees, including those of the general partner and the commodity
trading advisor, may not exceed 6% of our net assets, and the total incentive
fees, including those of the general partner and commodity trading advisor,
based upon profits earned may not exceed 15% of new net profits. Provided,
however, without prior notice to you, the general partner has the right to
increase the incentive fee by 2% over 15% for every 1% decrease from 6% in the
management fee.  The general partner will notify you of any change in fees
within seven business days after they are made and afford you notice and
opportunity to redeem your partnership interests.

Compensation of Futures Commission Merchant, Introducing Broker, Selling Agent
and General Partner

Fee Paid By Partnership to the Corporate General Partner

The corporate general partner, Ashley Capital Management, Inc., is responsible
for payment of costs to clear the trades made by the trading advisor through
the futures commission merchant, MF Global, Inc. and for payment to the
affiliated introducing broker for introducing the trades to the futures
commission merchant.  The partnership pays the corporate general partner a
monthly fixed rate of 11/12 of 1%, 11% annually, upon the partnership's equity
allocated to trading, regardless of where it is held, to trade domestic
markets.  Commissions charged on foreign exchanges and forward markets, if
any, are paid directly by the partnership.  Costs for trades on foreign
exchanges and forward markets can vary widely, and are estimated by the
general partner to be from $9 to $27.  The corporate general partner retains
4% of this 11% annual charge and pays the introducing broker the remaining 7%.
From this 7%, the introducing broker pays approximately 1.0% to 1.5% to the
futures commission merchant.  Assets on deposit with the futures commission
merchant include all cash, T-Bills at market value, and open trade equity held
in all accounts in the name of the partnership at the futures commission
merchant as of the date and time of calculation of the monthly fee.  See The
Futures Commission Merchant.  The fixed commission that we pay to clear our
trades plus actual costs for foreign markets, if any, is less than the
presumptive fair and reasonable limit provided by the guidelines of the North
American Securities Administrators Association.

Selling Commission

On the admission date of a new investment, which will be the first business
day of a month, prior to allocation of partnership interests, 1% of the gross
subscription proceeds will be paid to the selling agent as a selling
commission.  The remaining amount, including 100% of any interest earned while
in the depository account, will be used to allocate partnership interests in
the capital account of the investor based on the previous month end net asset
value per partnership interest.

Brokerage Fees Paid By to the Futures Commission Merchant

MF Global, Inc. charges the introducing broker the round turn commissions.
The round turn charge covers all clearing costs, including the pit brokerage
fees, National Futures Association fees, and exchange fees.

Miscellaneous Fees to Futures Commission Merchant

We will reimburse the futures commission merchant for all delivery, insurance,
storage or other charges incidental to trading and paid to third parties.  The
general partner has instructed the trading advisor to avoid these charges and,
therefore, no significant charges of this nature are anticipated.

                                       18
Rights of General Partner

Without prior notification to you, the general partner has reserved the right
to (i) add, change and delete broker/dealers as selling agents, (ii) add,
change and delete introducing brokers, (iii) change the management  and
incentive fees within the limits prescribed herein, (iv) add, change and
delete commodity trading advisors, (v) add, change and delete futures
commission merchants, (vi) add, change and delete selling agents, (vii) change
the fixed brokerage commission rate, and (vii) have the partnership pay a per
round-turn brokerage commission as opposed to a fixed percentage, at any time,
with or without a change in circumstances;  provided, however, such brokerage
commissions are presumed reasonable if they do not exceed 80% of the published
retail rate of the affiliated introducing broker plus pit brokerage fees, or
14% annually, including pit brokerage fees, of the average net assets related
to trading activity.

Other Expenses

We must pay legal and accounting fees, as well as other expenses and claims.
For each year of normal operations, based on the current net asset value, we
must pay yearly costs of approximately $149,000, which includes $62,000 for
accounting, $38,000 for audit of all financial statements that appear in this
prospectus, $27,000 for legal, $8,000 for Blue Sky and other regulatory fees,
and the balance of $14,000 for variable operating expenses such as printing,
delivery charges, website promotion, statement preparation and mailing,
telephone, postage, and office supplies.  If the maximum is sold, total annual
operating costs are estimated to be $205,000.

Costs for this offering of the partnership's interests are estimated to be
$25,000, which includes legal and accounting fees, as well as regulator filing
fees and printing fees.  Costs to continue the offering after initial
effectiveness, such as the cost to prepare and file periodic amendments and
restatements of the registration statement, are included in the annual
operating costs.

Charges to the Partnership

The following table includes all charges to the partnership.

Entity \
Form of Compensation \
Amount of Compensation
_____________________________
General Partner
(Ashley Capital Management, Inc.)

Fixed brokerage commission

11% fixed annual charge for domestic trades, of which it retains 4% and pays
7% to the introducing broker, paid monthly, upon the partnership's equity
allocated to trading.  From this amount it will pay brokerage commissions to
MF Global, Inc.  [$2,750+]

_____________________________
Futures Commission Merchant
(MF Global, Inc.)

Round-turn commissions paid from the fixed commissions paid by the partnership

From its 7% the introducing broker pays the futures commission merchant per
round turn brokerage commissions for domestic trades.  The partnership pays
the per round turn commission for trades made on foreign exchanges.

Reimbursement of delivery, insurance, storage and any other charges incidental
to trading and paid to third parties	Reimbursement by the partnership of
actual payments to third parties in connection with partnership trading

                                       19
_____________________________
The introducing broker
(Futures Investment Company)

Paid from the fixed commissions paid by the partnership

Shares 7% of the 11% brokerage commissions paid to the corporate general
partner, out of which it pays the futures commission merchant for domestic
trades generated by the trading advisor. [$1,750+]

_____________________________
Commodity Trading Advisors
(Clarke Capital Management, Inc.)

Incentive Fee

Clarke is paid 25% of the new net profits it generates each quarter

_____________________________
The selling agent
(Futures Investment Company)

Selling Commission

FIC, as selling agent, will receive a 1% selling commission of the gross
subscription amount.  Other compensation to it includes $2,000 paid by the
partnership for legal fees associated with the review of the offering by
FINRA. [$250+]

_____________________________
Third Parties
(The Scott Law Firm, Ltd., Patke & Associates, Ltd., CPA, and other
accountants)

Legal, accounting fees, and other actual expenses necessary to the operation
of the partnership, and all claims and other extraordinary expenses of the
partnership.

Operating expenses are estimated at $149,000 annually, with $62,000 for
accounting, $38,000 for audit, $27,000 for legal, $8,000 for regulatory fees
and $14,000 for other.  Expenses related to this offering are estimated to be
$25,000.  Claims cannot be estimated but will be paid as incurred.  [$57+
offering; $323+ ongoing annual expenses]
_____________________________

+  Each $25,000 investment pays this amount per year for these particular
expenses.  When the expense is not based on a percentage, but rather a fixed
amount, we have computed the expense upon the partnership's current net asset
value.  Net asset value means the total assets, including all cash and cash
equivalents (valued at cost plus accrued interest and earned discount), less
total liabilities, of the partnership (each determined on the basis of
generally accepted accounting principles, consistently applied under the
accrual method of accounting or as required by applicable laws, regulations
and rules including those of any authorized self regulatory organization).

Investor Suitability

You should only invest a limited amount of the risk portion of your total
portfolio and should not invest more you can afford to lose.

To invest the minimum $25,000 in this partnership, you must have a net worth
of at least $250,000, exclusive of your home, furnishings and automobiles, or
an annual gross income of at least $70,000 and a net worth, as calculated
above, of at least $70,000, or such higher amounts imposed by your state of
residence.

You may not invest more than 10% of your net worth in this partnership.  The
foregoing standard and the additional standards applicable to residents of
certain states and the subscription documents are regulatory minimums only.

Potential Advantages

Commodity trading is speculative and involves a high degree of risk.  See Risk
Factors.  However, your investment in this partnership will offer the
following potential advantages:

Equity Management

We offer the opportunity for you to:

*	place equity with registered commodity trading advisors which have
demonstrated an ability to trade profitably based on its track record,

*	have that equity allocated to the trading advisors in a manner which is
intended by the general partner to optimize future profit potential, and

*	with limited liability, invest a fraction of what is typically required
by a trading advisor.

The individual general partner has experience managing several other commodity
pools and has over twenty-seven years of experience in selecting commodity
trading advisors to manage individual investor accounts and describing to
investors how managed futures accounts work.

We expect this experience to benefit us in the quality of trading advisors
selected and in the explanation to prospective investors of our operation and
the attendant risks of investment.

Investment Diversification

If you are not prepared to spend substantial time trading various commodity
contracts or options, you may participate in these markets through a $25,000
investment in the partnership, thereby obtaining diversification from other
investments you may have in stocks, bonds and real estate.

                                       20
Limited Liability

You will not be subject to margin calls and cannot lose more than your
original investment amount plus your share of distributed and undistributed
profits; provided the below legal conditions are met.

In the opinion of our legal counsel, The Scott Law Firm, Ltd., there are no
circumstances, including bankruptcy of this partnership, which will subject
your personal assets that were never invested or paid from this partnership to
our debts; provided the partnership's structure is maintained by the general
partner, and you do not participate in any phase of our management other than
the exercise of your right to vote as a limited partner.  See the Limited
Partnership Agreement (Exhibit A).

Administrative Convenience

We are structured to provide you with services that alleviate the
administrative details involved in trading commodities contracts directly,
including providing monthly and annual financial reports showing, among other
things, the value of each unit of partnership interest, trading profits or
losses, and expenses.  We also prepare all tax information relating to your
investment in this partnership.

Access to the Commodity Trading Advisors

The commodity trading advisor selected by the general partner requires a
minimum account size substantially greater than the $25,000 minimum investment
required by us.  For instance, Clarke currently requires a minimum investment
of $250,000 to open an account, depending on the investment program.
Accordingly, you have access to the trading advisor for a smaller investment
than is available by a direct investment in a managed account with the trading
advisor.

Use of Proceeds

The partnership has paid for the offering and organizational expenses.  There
is no redemption charge and you must retain your full initial investment in
the partnership for at least twelve months.

After the subscriptions are deposited in good funds to the partnership bank
account and you are accepted as a limited partner, the general partner will
transfer the money you paid to the partnership accounts at the bank, U.S.
Treasury, cash management fund, any foreign department of treasury, and
futures commission merchant, and may allocate additional trading equity to the
commodity trading advisor.  Such assets at the futures commission merchant are
maintained in the form of cash or U.S. Treasury bills in segregated accounts
with the futures brokers pursuant to the Commodity Exchange Act and
regulations thereunder.

At the end of each month, the fixed brokerage commissions are paid by the
partnership.  At the end of each quarter, the incentive fees, if any are due,
are paid to the trading advisor.  See Charges to the Partnership.

The general partner has sole authority to determine the percentage of our
assets that will be held on deposit with the futures commission merchant, used
for other investments, and held in bank accounts to pay current obligations.
The partnership maintains approximately 44% of its assets in a Treasury Direct
Account maintained with the United States Department of the Treasury, and 9%
in a cash management fund that invests in U.S. Treasuries and has high
liquidity.  Specifically, the partnership invests in the Capital Preservation
Fund managed by American Century Investments, 4500 Main Street, Kansas City,
MO 64111.  It also retains the right to invest in foreign treasuries held with
the respective issuing department of treasury, specifically, those of Germany,
Great Britain, Switzerland, Canada, Japan and Australia.  Funds maintained
with the Department of Treasury and any cash management funds are in the name
of the partnership and not commingled with those of any other entity.  The
general partner maintains approximately 45% of our net assets in segregation
with the futures commission merchant for margin for trading by the trading
advisor.  Approximately 2% of the previous month's net assets are retained in
our bank accounts to pay expenses and redemptions.

All entities that will hold or trade our assets will be based in the United
States and will be subject to United States regulations.

The general partner believes that 20% to 40% of our assets will normally be
committed as margin for commodity futures contracts.  However, from time to
time, the percentage of assets committed as margin may be substantially more,
or less, than such range.  All interest income is used for the partnership's
benefit.  To estimate interest income earned upon our deposits, the general
partner has assumed that we will receive 0.15% interest on our deposits.

The futures commission merchant, a government agency or commodity exchange
could increase margins applicable to us to hold trading positions or reduce
the number of contracts in a particular market that we are permitted to hold.
This could force us to liquidate positions in a market at a loss that would
not have occurred had we been permitted to hold the positions as the advisor
intended.

Determination of the Offering Price

Currently, we are offering partnership interests at their net unit value, or
the price per unit equal to our net assets divided by the number of

                                       21
outstanding units of partnership interests.  This amount is calculated after
the close of business on the last business day of the month in which the
general partner accepts a duly executed subscription agreement and
subscription amount from you.  You are admitted as a partner on the open of
business on the first day of business of the following month.

The General Partner

Identification

Two general partners, Ashley Capital Management, Inc. and Mr. Michael P.
Pacult, manage us.  See Management's Discussion and Analysis of Financial
Condition, The General Partners.

Current audited financials for Ashley are included in this prospectus.  Also,
see Experts.

You will not acquire or otherwise have any interest in Ashley, the corporate
general partner, or any entity other than Atlas, by purchasing the partnership
interests offered by the prospectus.

Michael P. Pacult

Mr. Pacult, age 66, is one of the general partners, and the sole shareholder,
director, principal, and officer of the corporate general partner.  He grew up
in Detroit, MI and went to high school at Howe Military School in Howe, IN.
In 1969 he received a B.A. Degree from the University of California, Berkeley,
where he majored in English and in Zoology.

Mr. Pacult worked as a commodities broker for Heinold Commodities Inc. from
May, 1980 until December, 1983.  Heinold was an FCM and became registered with
the CFTC as such on June 30, 1982.  On July 1, 1982, it became registered with
the CFTC as a CPO as well as an NFA member.  On December 31, 1988, Heinold
withdrew its registrations and NFA membership. In December, 1983, Mr. Pacult
and his wife, Shira Del Pacult, as 50% owners, established Futures Investment
Company, an Illinois corporation, to sell futures investments managed by
independent commodity trading advisors to retail clients.  From inception to
present, Mr. Pacult has been a Director and President of Futures Investment
Company.  In addition to his positions at Future Investment Company and as
individual general partner and sole principal of the corporate general partner
of the partnership, Mr. Pacult's business background for the past five years
is as follows:
Employed		Registered	Registered As
From	To		As Principal	Associated Person	Employer Name & Address			Position Held and Type of Business

1983	Present		02/3/87		2/3/87			Futures Investment Company, 5914 N. 	President, Director and 50% Owner of Broker-
								300 West, Fremont, IN 46737		Dealer/Introducing Broker

9/03	Present		09/10/03	1/07/04			Ashley Capital Management, Inc., 	President, Director and Owner of Commodity
								5914 N. 300 West, Fremont, IN 46737	Pool Operator*

8/03	Present		08/21/03	8/21/03			Belmont Capital Management, Inc., 	President, Director and Owner of Commodity
								5914 N. 300 West, Fremont, IN 46737	Pool Operator

04/03	6/07		05/14/03 to	5/14/03	to		White Oak Financial Services, Inc., 	President, Director and Owner of Commodity
			6/27/10		6/27/10			5914 N. 300 West, Fremont, IN 46737	Pool Operator*

10/04	Present		06/10/05	7/5/05			TriView Capital Management, Inc., 	President, Director and Owner of Commodity
								5914 N. 300 West, Fremont, IN 46737	Pool Operator*

05/05	Present		05/16/05	6/1/05			Evergreen Capital Management, Inc., 	President, Director and Owner of Commodity
								5914 N. 300 West, Fremont, IN 46737	Pool Operator

05/99	Present		N/A		N/A			Tree King, Inc., 5914 N. 300 West, 	President of Landscaping Business
								Fremont, IN 46737
* Ashley and TriView are also registered commodity trading advisors; however,
they have not conducted any business in this capacity.  White Oak was also a
registered commodity trading advisor; however it did not conduct any business
in this capacity.

His duties as a Director and Officer of the above named corporations, as a
general partner of those partnerships, and as a managing member of those
limited liability companies are to make all of the decisions and supervise all
of the actions they take.

In 1995, Mr. and Mrs. Pacult were featured in a book titled Master Brokers-
Interviews with Top Futures Brokers by John Walsh that was published by the
Center for Futures Education.

                                       22
Mr. Pacult also manages two other public and one private commodity pools.
Though he provides less than his full time to the business affairs of this
partnership, he devotes what time he believes is necessary to properly handle
his responsibilities as a general partner and as the principal of the
corporate general partner.  See Management's Discussion and Analysis of
Financial Condition, The General Partners.

Ownership in Commodity Trading Advisors and Futures Commission Merchant

Neither the individual general partner, nor any of his affiliates, has any
ownership in the commodity trading advisor, or the futures commission
merchant.

Ownership in the Partnership

As of September 30, 2010, the individual and corporate general partners had no
investment in the partnership.  Neither the trading advisor nor any of its
principals has any interest in the partnership.

Trading By the General Partner; Interest in the Pool

The corporate and individual general partners, may, from time to time, trade
commodity interests for their own accounts.  The records of any such trading
activities will not be made available to you.  Neither general partner will
knowingly take positions ahead of identical positions taken by this
partnership.  Currently, neither the individual nor corporate general partner
maintains an interest in the partnership.

Regulatory Notice

The regulations of the Commodity Futures Trading Commission and the National
Futures Association prohibit any representation by a person registered with
the Commodity Futures Trading Commission or by any member of the National
Futures Association, respectively, that such registration or membership in any
respect indicates that the Commodity Futures Trading Commission or the
National Futures Association, as the case may be, has approved or endorsed
such person or such person's trading programs or objectives.  The
registrations and memberships described in this prospectus must not be
considered as constituting any such approval or endorsement.  Likewise, no
commodity or securities exchange, nor the Securities and Exchange Commission,
nor any other regulatory agency has given or will give any such approval or
endorsement.

Trading Management

No Affiliation with Commodity Trading Advisor

The trading advisor is not affiliated with either general partner.
Additionally, the general partner will not serve as a trading advisor or
select any other trading advisors to trade that are affiliated with either
general partner.  However, in its capacity as commodity pool operator, the
general partner may consult with the trading advisor with regard to money
management and trading strategy issues.

Rights of the General Partner With Respect To Commodity Trading Advisor
Selection and Allocation of Equity

The general partner believes that a trading advisor should be retained on a
medium to long-term basis and should be allowed to implement fully its trading
strategy.  However, the general partner may, in its sole discretion and
without prior notice to you terminate the current or any future trading
advisor, select additional trading advisors, or change the allocation of
equity to any trading advisor.

Should any change in advisors be made, you will be notified within seven
business days.  The notice will also remind you of your right to request a
redemption of your partnership interest pursuant to our redemption procedures.

The general partner periodically reviews our performance to determine if a
current trading advisor should be changed or if others should be added.  In
doing so, the general partner may use computer generated correlation analysis
or other types of automated review procedures to evaluate trading advisors.

If a trading advisor is replaced, the new trading advisor will receive
incentive fees independent of the previous trading advisor's performance.

If the general partner engages more than one trading advisor, we may pay an
incentive fee to one trading advisor which is trading profitably while the
other trading advisor produces losses which cause us to be unprofitable
overall.  Because trading advisors trade independently, they may compete for
similar positions or take positions opposite each other, which may limit our
profitability.

Performance Record of the Partnership

The following capsule shows our past performance for the period from the year
2005 through September 30, 2010.

                                       23
PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.

                    Atlas Futures Fund, Limited Partnership
                           Percentage Rate of Return
                   (Computed on a compounded monthly basis)*

Month		2010	2009	2008	2007	2006	2005
January		(3.70)	(3.00)	(8.64)	5.92	1.76	(4.02)
February	(3.99)	0.77	25.18	(2.97)	(9.11)	3.77
March		(1.11)	(5.14)	(2.99)	(1.58)	(3.37)	15.01
April		(1.57)	0.27	16.07	0.70	13.26	(3.60)
May		(0.61)	2.73	(2.10)	(2.15)	1.40	6.94
June		(1.12)	(5.73)	7.24	4.92	(4.51)	(3.01)
July		1.37	(0.34)	(8.17)	(3.51)	(6.56)	(1.34)
August		0.43	(8.44)	4.49	(5.66)	1.46	7.56
September	11.19	(0.23)	(5.77)	14.88	9.05	0.01
October			(4.13)	7.29	3.63	0.28	(3.85)
November		0.99	2.57	6.90	(0.81)	6.06
December		(5.18)	(3.76)	(1.24)	3.13	(0.86)
Year		0.12	(24.46)	29.46	19.65	3.94	22.91

Name of Pool:	Atlas Futures Fund, LP
How Offered:	Publicly offered pursuant to Form S-1 Registration Statement
Name of Commodity Trading Advisor:	Clarke Capital Management, Inc.
Principal Protected:	No
Date of Inception of trading:	October, 1999
Aggregate Subscriptions:	$14,221,306
Net Asset Value of the pool:	$10,963,894  on total units outstanding:
2,681.69
Net Asset Value Per Unit:	$4,088.43
Largest Monthly Draw-Down**:	2-06/9.11%
Worst Peak-to-Valley Draw-Down***:	7-08 to 6-10/36.02%

*  Rate of Return
is computed by dividing net performance by beginning net asset value for the
period.  For those months when additions or withdrawals exceed ten percent of
beginning net assets, the Time-Weighting of Additions and Withdrawals method
is used to compute rates of return.

**  "Draw-down" is defined by applicable CFTC regulations to mean losses
experienced by a pool or program over a specified period.

***  Worst Peak-to-Valley Draw-Down means the greatest cumulative percentage
decline in month-end net asset value due to losses sustained by a pool,
account or trading program during any period in which the initial month-end
net asset value is not equaled or exceeded by a subsequent month-end net asset
value.

The Commodity Trading Advisor

Clarke Capital Management, Inc.

The general partner has engaged Clarke Capital Management, Inc. ("CCM") to
trade for the partnership, and has assigned to it approximately 98% of the
partnership's equity, after retention of approximately a 2% cash reserve, and
deposits of approximately 44% in accounts with the U.S. Treasury, 9% in a cash
management fund, 45% at the futures commission merchant.  The general partner,
in its sole discretion, may adjust the allocation of equity allocated any time
in the future.

Clarke Capital Management, Inc., ("CCM") is an Illinois corporation and
registered with the Commodity Futures Trading Commission and the National
Futures Association as a Commodity Trading Advisor on October 25, 1993.
Effective December 31, 2009, CCM's sole owner is John W. O'Brien, who also
became a principal as of June 4, 2010. However, Mr. O'Brien is solely a
passive owner and principal, and exercises no control over the day-to-day
management of CCM or any trading authority on behalf of CCM. Michael J. Clarke
is the president of CCM and is responsible for the day-to-day management of
CCM and trading on behalf of CCM. Both CCM and Mr. Clarke are members of the
National Futures Association.  CCM maintains its main business office and main
business telephone at: 750 Pasquinelli Drive, Suite 220, Westmont, IL 60559,
(630) 323-7033.  The books and records of CCM will be kept and made available
for inspection at its main business office.

Business Background

The business background of CCM and its principals for at least five (5) years
is as follows:

Michael Clarke is president and owner of CCM, and has been a registered
principal and associated person of CCM since October 25, 1993. Mr. Clarke's

                                       24
employment history is the following: The period 2/83 through 2/85 was spent as
an independent contractor trading equities and options for Rice, Naegele &
Associates of Chicago, a firm involved in private speculation. From 2/85
through 3/89, Mr. Clarke as an independent contractor traded equities and
options in a firm account of Shatkin Investment Corp., then a clearing member
of the Chicago Board Options Exchange. From 3/89 to 11/89, Mr. Clarke as an
independent contractor traded equities and options in a firm account of
French-American Securities, a private investment company based in Chicago.
From 11/89 to December 9, 1993, Mr. Clarke was self-employed, developing
methods to trade futures and other commodity interests and trading various
personal accounts.

James Andersen is currently Vice President of CCM with the primary
responsibility for its operations. Mr. Andersen has been an associated person
of CCM since August 25, 2003 and has been a registered principal since January
24, 2007.  Mr. Andersen has had an extensive career in commodities and options
beginning in the early 1990's. From November 1991 to January 2001, Mr.
Andersen was employed by Nesbitt-Burns bank, more specifically, a Chicago-
based branch group of options market makers on the CBOT floor. Mr. Andersen
performed various clerical-type duties in addition to being an options market
maker during this period. His experience includes the development of
specialized option market-maker software, back-office procedures, and was
involved in futures organizational operations for the firm. From January 2001
to October 2002, Mr. Andersen traded bond futures and options (for his own
account) on his own behalf. From October 2002 to present, he has been employed
by CCM as Director of Operations before being named VP. He also has extensive
prior experience in sales and fund raising. Mr. Andersen holds a Series III
Commodities Broker's license and has served on the Board of Directors of C-
Line Products, Inc. (a polyurethane manufacture) since 1999.

David G. Wesolowicz has served as Chief Financial Officer and Chief Compliance
Officer for CCM since August, 2004.  Mr. Wesolowicz has been an associated
person of CCM since September 3, 2004 and a registered principal since January
24, 2007.  He graduated cum laude from Michigan State University in August,
1976 with a bachelor's degree in Accounting and became a Certified Public
Accountant in November, 1976. He was employed as a CPA from September, 1976 to
April, 1981 for Coopers & Lybrand (n/k/a PriceWaterhouseCoopers) and Beatrice
Foods. From April, 1981 to January, 1990, he traded both options and futures
for his own account as a member of the Chicago Board Options Exchange and the
Chicago Board of Trade and was a member of several exchange committees. From
January, 1990 to May, 1990, Mr. Wesolowicz was involved in self-directed
research of financial markets. From May, 1990 to August, 2004, Mr. Wesolowicz
was president of DDJ Brokerage Corporation Inc. D/B/A Essex Trading Group,
Ltd. and its affiliate, Essex Trading Company, Ltd., a leader in the research
and development of trading systems and techniques.  Essex Trading Company,
Ltd. was a registered commodity trading advisor from October 8, 2005 to
December 3, 2003 and Mr. Wesolowicz was an associated person and listed
principal of it from June 12, 1990 to December 3, 2003.  DDJ Brokerage
Corporation was a registered commodity trading advisor from November 25, 1992
until February 20, 2004 and registered as an introducing broker from November
7, 1989 to December 30, 1992 and from April 19, 1996 to February 7, 1999.  Mr.
Wesolowicz was an associated person and listed principal of DDJ Brokerage
Corporation from June 1, 1990 until February 20, 2004.

Clarke Capital Management, Inc. was incorporated in September 1993 for the
purpose of acting as a commodity trading advisor.  It became a member of the
National Futures Association and was registered as a commodity trading advisor
with the Commodity Futures Trading Commission on October 25, 1993.  It became
registered as a commodity pool operator on October 4, 2004, and subsequently
withdrew its registration as such on October 24, 2007.

There have never been any administrative, civil, or criminal proceedings
against Clarke Capital Management, Inc. or any of its principals.

Any one or any combination of the three principals may direct the trades CCM
enters on behalf of the partnership.

Description of Trading Program

The exact nature of CCM's trading strategy is proprietary and confidential.
The following description is of necessity general and is not intended to be
all-inclusive.

Although the programs offered by CCM differ in certain respects, they share a
number of common elements. Under all programs, CCM's trading strategy is
strictly technical in nature;  i.e., the programs are based upon computer
generated analysis of price movements and patterns and are not based on
analysis of fundamentals such as supply and demand, general economic factors,
or world events. CCM has conducted analysis of these price patterns to
determine procedures for initiating and liquidating positions in the markets
in which it trades.

The general trading strategy of all of CCM's programs is trend following.
Most, but not all, trade initiations and liquidations are in the direction of
the trend. CCM employs techniques that utilize a number of trading models
acting independently. Each model generates its own entry and exit signals and
trades both sides of the market (long and short). With minor differences only
for long or short positions, a particular model trades all markets with the
same rules and parameters, regardless of the program.

                                       25
A specially designed CCM program trades the Atlas account.  CCM reserves the
right to change the program used to trade the partnership account and to make
adjustments in the exact entry or exit price a model uses for the Atlas
program in order to attempt to reduce the impact of slippage from large block
orders being executed at the same price.  The models used in the Atlas program
are implemented through the use of computer analysis and vary from
intermediate through long-term to very long-term in time-frame focus and
testing has been done in order to select only those models that have good
performance characteristics across a wide range of conditions and
complementary performance with all other models in a program.  None of the
models has been custom tailored to any individual market or group of markets.

The principals of CCM and members of the CCM's staff under their direct
supervision, direct the trading of the partnership pursuant to the advisory
agreement attached to this prospectus as an exhibit and the standard power of
attorney to grant trading authority to the advisor provided by the futures
commission merchant.

CCM, its principal and affiliates, have no present or future expectation of a
beneficial interest in the pool or its corporate general partner but look
solely to its incentive fee for compensation for its services.

A PURCHASE IN ATLAS DOES NOT INCLUDE A PURCHASE OF CLARKE OR ITS PROGRAMS.

Performance Record of Other Programs Sponsored By the General Partner

Within the last ten years, the individual general partner of the partnership,
Michael Pacult, has managed four other commodity pools, one of which,
Strategic Opportunities Fund, LLC, is privately offered and commenced business
in July, 2005.  Mr. Pacult is the sole principal of Evergreen Capital
Management, Inc., the corporate general partner of Strategic Opportunities
Fund, LLC.  The other three pools are publicly offered: Bromwell Financial
Fund, LP, Providence Select Fund, LP and TriView Global Fund, LLC.  Bromwell
previously commenced trading but has temporarily ceased operations.
Providence commenced business on March 5, 2007 and was closed as of January,
2010 because it was not profitable.  TriView, which became effective August
10, 2010 has not yet commenced business.  The partnership's corporate general
partner has not managed any other commodity pools.  As of August, 2003, Mr.
Pacult became an individual general partner and sole principal of the
corporate general partner of Bromwell, but is no longer an individual general
partner of Bromwell.  Mr. Pacult has been the individual managing member and
principal of the corporate managing member of TriView since inception.  He was
also the individual general partner and principal of the corporate general
partner of Providence from inception to close.  As of September 30, 2010, (1)
the total amount of money raised for Bromwell was $2,525,062 and the total
number of investors was one and, (2) the total amount of money raised for
Providence was $4,053,883 and the total number of investors was none.  In
November, 2003, the two trading advisors for Bromwell were replaced because
they were unprofitable.  As of January 12, 2005, the new trading advisor, Fall
River Capital, LLC had not been profitable and the general partner of Bromwell
suspended the offering and trading, and caused substantially all of the
partners to redeem their accounts in Bromwell.  Bromwell is currently
undergoing reorganization with new terms and a new commodity trading advisor.

The Futures Commission Merchant

The general partner has selected an unaffiliated futures commission merchant,
MF Global Inc. ("MFG") to hold, supervise and control approximately 45% of our
equity, that which is used for margin for trading by the commodity trading
advisor.  MFG, formerly known as Man Financial Inc ("MFI"), is registered
under the Commodity Exchange Act, as amended, as a futures commission merchant
and a commodity pool operator, and is a member of the National Futures
Association in such capacities. The change of name was effected on July 19,
2007. MFG is a member of all major U.S. futures exchanges.  MFG's main office
is located at 717 Fifth Avenue, 9th Floor, New York, New York 10022-8101.
MFG's telephone number at such location is (212) 589-6200.  As required by
law, the general partner will provide notice to you within 21 days of any
change in futures commission merchant.

At any given time, MFG is involved in numerous legal actions and
administrative proceedings, which in the aggregate, are not, as of the date of
this prospectus, expected to have a material effect upon its condition,
financial or otherwise, or to the services it will render to the partnership.
There have been no administrative, civil or criminal proceedings pending, on
appeal or concluded against MFG or its principals within the five years
preceding the date of this Memorandum that MFI would deem material for
purposes of Part 4 of the Regulations of the Commodity Futures Trading
Commission, except as follows:

                                       26
In May 2006, MFI was sued by the Receiver for Philadelphia Alternate Asset
Fund ("PAAF") and associated entities for common law negligence, common law
fraud, violations of the Commodity Exchange Act and RICO violations (the
"Litigation").  In December 2007, without admitting any liability of any party
to the Litigation to any other party to the Litigation, the Litigation was
settled with MFI agreeing to pay $69 million, plus $6 million of legal
expenses, to the Receiver, in exchange for releases from all applicable
parties and the dismissal of the Litigation with prejudice.  In a related
action, MFI settled a CFTC administrative proceeding (In the Matter of MF
Global, f/k/a Man Financial Inc., and Thomas Gilmartin) brought by the CFTC
against MFI and one of its employees for failure to supervise and
recordkeeping violations.  Without admitting or denying the allegations, MFI
agreed to pay a civil monetary penalty of $2 million and accept a cease and
desist order.

On February 20, 2007, MFI settled a CFTC administrative proceeding (In the
Matter of Steven M. Camp and Man Financial Inc., CFTC Docket No. 07-04) in
which MFI was alleged to have failed to supervise one of its former associated
persons ("AP") who was charged with fraudulently soliciting customers to open
accounts at MFI.  The CFTC alleged that the former AP misrepresented the
profitability of a web-based trading system and of a purported trading system
to be traded by a commodity trading advisor.  Without admitting or denying the
allegation, MFI agreed to pay restitution to customers amounting to
$196,900.44 and a civil monetary penalty of $120,000.  MFI also agreed to a
cease and desist order and to strengthen its supervisory system for overseeing
sales solicitations by employees in connection with accounts to be traded
under letters of direction in favor of third party system providers.

On March 6, 2008, and thereafter, 5 virtually identical proposed class action
securities suits were filed against MFG's parent, MF Global Ltd. ("MF
Global"), certain of its officers and directors, and Man Group plc. These
suits have now been consolidated into a single action.  The complaints seek to
hold defendants liable under Sec 11, 12 and 15 of the Securities Act of 1933 by
alleging that the registration statement and prospectus issued in connection
with MF Global's initial public offering in July 2007 were materially false
and misleading to the extent that representations were made regarding  MF
Global's risk management policies, procedures and systems. The allegations are
based upon MF Global's disclosure of $141.5 million in trading losses incurred
in a single day by an AP in his personal trading account ("Trading Incident"),
which losses MFG was responsible to pay as an exchange clearing member.  The
consolidated cases have been dismissed on a motion to dismiss by defendants.
Plaintiffs have appealed.

On December 17, 2009, MFG settled a CFTC administrative proceeding in
connection with the Trading Incident and three other matters without admitting
or denying any allegations and accepting a charge of failing to supervise (In
the Matter of MF Global Inc. CFTC Docket No. 10-03). The three additional
matters that were settled involved allegations that MF Global failed to
implement procedures to ensure proper transmissions of price information for
certain options that were sent to a customer, specifically that the price
indications reflected a consensus taken on [a particular] time and date and
were derived from different sources in the market place; failed to diligently
supervise the proper and accurate preparation of trading cards and failed to
maintain appropriate written authorization to conduct trades for a certain
customer. Under the Commission's order, MFG agreed to pay an aggregate civil
monetary penalty of $10 million (which it had previously accrued) and agreed
to a cease and desist order.  In addition, MFG agreed to specific undertakings
related to its supervisory practices and procedures and MFG agreed that it
would engage an independent outside firm to review and assess the
implementation of the undertakings and certain recommendations that MFG
previously accepted. At the same time, MFG, without admitting or denying the
allegations made by the CME, settled a CME disciplinary action relating to the
Trading Incident by paying a fine of $495,000.

On August 28, 2009, Bank of Montreal ("BMO") instituted suit against MFG and
its former broker, Joseph Saab ("Saab") (as well as a firm named Optionable,
Inc. and five of its principals or employees), in the United States District
Court for the Southern District of New York.  In its complaint, BMO asserts
various claims against all defendants for their alleged misrepresentation of
price quotes to BMO's Market Risk Department ("MRD") as independent quotes
when defendants knew, or should have known, that David Lee ("Lee"), BMO's
trader, created the quotes which, in circular fashion, were passed on to BMO
through MFG's broker, thereby enabling Lee substantially to overvalue his book
at BMO.  BMO further alleges that MFG and Saab knew that Lee was fraudulently
misrepresenting prices in his options natural gas book and aided and abetted
his ability to do so by MFG's actions in sending price indications to the BMO
MRD, and substantially assisted Lee's breach of his fiduciary duties to BMO as
its employee.  The Complaint seeks to hold all defendants jointly and
severally liable and, although it does not specify an exact damage claim, it
claims CAD 680.0 million (approximately $635.9 million) as a pre-tax loss for
BMO in its natural gas trading, claims that it would not have paid brokerage
commissions to MFG (and Optionable), would not have continued Lee and his
supervisor as employees at substantial salaries and bonuses, and would not
have incurred substantial legal costs and expenses to deal with the Lee
mispricing. MFG has made a motion to dismiss, which is pending.

                                       27
In or about October 2003, MFI uncovered an apparent fraudulent scheme
conducted by third parties unrelated to MFI that may have victimized a number
of its clients.  CCPM, a German Introducing Broker, introduced to MFI all the
clients that may have been victimized.  An agent of CCPM, Michael Woertche
(and his asssociates), apparently engaged in a Ponzi scheme in which allegedly
unauthorized transfers from and trading in accounts maintained at MFI were
utilized to siphon money out of these accounts, on some occasions shortly
after they were established.  MFI was involved in two arbitration proceedings
relating to these CCPM introduced accounts.  The first arbitration involved
claims made by two claimants before a NFA panel.  The second arbitration
involves claims made by four claimants before a FINRA panel.  The claims in
both arbitrations are based on allegations that MFI and an employee assisted
CCPM in engaging in, or recklessly or negligently failed to prevent,
unauthorized transfers from, and trading in, accounts maintained by MFI.
Damages sought in the NFA arbitration proceeding were approximately $1,700,000
in compensatory damages, unspecified punitive damages and attorney's fees in
addition to the rescission of certain deposit agreements.  The NFA arbitration
was settled for $200,000 as to one claimant and a net of $240,000 as to the
second claimant during fiscal 2008.  Damages sought in the FINRA proceeding
were approximately $6,000,000 in compensatory damages and $12,000,000 in
punitive damages.  During the year ended March 31, 2009, the FINRA arbitration
was settled for an aggregate of $800,000.

MFI was named as a co-defendant in an action filed in Florida State Court by
Eagletech Communications Inc. ("Eagletech") and three of its alleged
shareholders against 21 defendants, including banks, broker-dealers and
clearing brokers, as well as "100 John Doe defendants or their nominee
entities". The complaint alleges that the defendants engaged in a criminal
conspiracy designed to manipulate the publicly traded share price of Eagletech
stock. Plaintiffs seek unspecified compensatory and special damages, alleging
that "Man Group PLC d/b/a Man Financial Inc" participated in the conspiracy by
acting as a clearing broker for a broker-dealer that traded in Eagletech
stock. The complaint asserts claims under RICO, the Florida Securities and
Investor Protection Act, the Florida Civil Remedies for Criminal Practices Act
and a related negligence claim. On May 9, 2007, defendants filed a notice
removing the State Court action to the United States District Court for the
Southern District of Florida pursuant to 28 U.S.C. Sec 1441(a). On October 2,
2007, Plaintiffs filed a first amended complaint in the Federal Court action
asserting additional claims against MFG under Florida common law, including
civil conspiracy, conversion and trespass to chattels. On February 26, 2008,
the financial institution defendants, including MF Global Inc., filed a motion
to dismiss seeking dismissal of all claims asserted in the amended complaint
on the ground that the claims are barred by the Private Securities Litigation
Reform Act ("PSLRA") and preempted by the federal securities laws. On June 27,
2008, the Court partially granted the motion, holding that the federal RICO
claims are barred by the PSLRA and dismissing the RICO claims with prejudice.
The Court declined to exercise supplemental jurisdiction over the state law
claims and remanded those claims to the Florida State Court. On July 25, 2008,
plaintiffs filed a notice of appeal of the Court's June 27, 2008 decision to
the United States Court of Appeals for the Eleventh Circuit but subsequently
withdrew its appeal.

In December 2007, MFG, along with four other futures commission merchants
("FCMs"), were named as defendants in an action filed in the United States
District Court in Corpus Christi, Texas by 47 individuals who were investors
in a commodity pool (RAM I LLC) operated by Renaissance Asset Management LLC.
The complaint alleges that MFG and the other defendants violated the Commodity
Exchange Act and alleges claims of negligence, common law fraud, violation of
a Texas statute relating to securities fraud and breach of fiduciary duty for
allegedly failing to conduct due diligence on the commodity pool operator and
commodity trading advisor, having accepted executed trades directed by the
commodity trading advisor, which was engaged in a fraudulent scheme with
respect to the commodity pool, and having permitted the improper allocation of
trades among accounts. The plaintiffs claim damages of $32.0 million, plus
exemplary damages, from all defendants. All of the FCM defendants moved to
dismiss the complaint for failure to state a claim upon which relief may be
granted. Following an initial pre-trial conference, the court granted
plaintiffs leave to file an amended complaint. On May 9, 2008, plaintiffs
filed an amended complaint in which plaintiffs abandoned all claims except a
claim alleging that the FCM defendants aided and abetted violations of the
Commodity Exchange Act. Plaintiffs now seek $17.0 million in claimed damages
plus exemplary damages from all defendants. MFG filed a motion to dismiss the
amended complaint which was granted by the court and appealed by the
plaintiffs.

The Liquidation Trustee ("Trustee") for Sentinel Management Group, Inc.
("Sentinel") sued MFG in June 2009 on the theory that MFG's withdrawal of
$50.2 million within 90 days of the filing of Sentinel's bankruptcy petition
on August 17, 2007 is a voidable preference under Section 547 of the
Bankruptcy Code and, therefore, recoverable by the Trustee, along with
interest and costs.

In May 2009, investors in a venture set up by Nicholas Cosmo ("Cosmo") sued
Bank of America and MFG, among others, in the United States District Court for
the Eastern District of New York, alleging that MFG, among others, aided and
abetted Cosmo and related entities in a Ponzi scheme in which investors lost
$400 million. MFG has made a motion to dismiss which is currently pending
before the court.

                                       28
In the late spring of 2009, MFG was sued in Oklahoma State Court by customers
who were substantial investors with Mark Trimble ("Trimble") and/or
Phidippides Capital Management ("Phidippides"). Trimble and Phidippides may
have been engaged in a Ponzi scheme. Plaintiffs allege that MFG "materially
aided and abetted" Trimble's and Phidippides' violations of the anti-fraud
provisions of the Oklahoma securities laws and they are seeking damages "in
excess of" $10,000 each. MFG made a motion to dismiss which was granted by the
court. Plaintiffs have appealed.

MFG and an affiliate, MF Global Market Services LLC ("Market Services"), are
currently involved in litigation with a former customer of Market Services,
Morgan Fuel & Heating Co., Inc. ("Morgan Fuel") and its principals, Anthony
Bottini, Jr., Brian Bottini and Mark Bottini (the "Bottinis"). The litigations
arise out of trading losses incurred by Morgan Fuel in over-the-counter
derivative swap transactions, which were unconditionally guaranteed by the
Bottinis.

On October 6, 2008, Market Services commenced an arbitration against the
Bottinis to recover $8.3 million, which is the amount of the debt owed to
Market Services by Morgan Fuel after the liquidation of the swap transactions.
MF Global Market Services LLC v. Anthony Bottini, Jr., Brian Bottini and Mark
Bottini, FINRA No. 08-03673. Each of the Bottinis executed a guaranty in favor
of Market Services personally and unconditionally guaranteeing payment of the
obligations of Morgan Fuel upon written demand by Market Services. Market
Services asserted a claim of breach of contract based upon the Bottinis'
failure to honor the guarantees.

On October 21, 2008, Morgan Fuel commenced a separate arbitration proceeding
before FINRA against MFG and Market Services. Morgan Fuel claims that MFG and
Market Services caused Morgan Fuel to incur approximately $14.2 million in
trading losses. Morgan Fuel v. MFG and Market Services, FINRA No. 08-03879.
Morgan Fuel seeks recovery of $5.9 million in margin payments that it
allegedly made to Market Services and a declaration that it has no
responsibility to pay Market Services for the remaining $8.3 million in
trading losses because Market Services should not have allowed Morgan Fuel to
enter into, or maintain, the swap transactions.

The Bottinis also asserted a third-party claim against Morgan Fuel, which in
turn asserted a fourth-party claim against MFG, Market Services and Steven
Bellino (an MFG employee) in the arbitration proceeding commenced by Market
Services.

On December 12, 2008, MFG settled three CME Group disciplinary actions
involving allegations that on a number of occasions in 2006 and 2007, MFG
employees engaged in impermissible pre-execution communications in connection
with trades executed on the e-cbot electronic trading platform, withheld
customer orders that were executable in the market for the purpose of
soliciting, and brokering contra-orders and crossed orders on the e-cbot
trading platform without allowing for the minimum required exposure period
between the entry of the orders. MFG was also charged with failing to properly
supervise its employees in connection with these trades. Without admitting or
denying any wrongdoing, MFG consented to an order of a CME Business Conduct
Committee Panel which found that MFG violated legacy CBOT Rule 504.00 and
Regulations 480.10 and 9B.13 and 9B.13(c) and ordered MFG to pay a $400,000
fine, cease and desist from similar conduct and, in consultation with CME
Market regulation Staff, enhance its training practices and supervisory
procedures regarding electronic trading practices.

MFG acts only as clearing broker for the partnership's futures accounts and as
such is paid commissions for executing and clearing trades.  MFG has not
passed upon the adequacy or accuracy of the partnership's prospectus or this
report and will not act in any supervisory capacity with respect to the CPO or
the CTA, as the case may be, nor participate in the management of the CPO or
of the partnership or of the CTA.  Therefore, investors should not rely on MFG
in deciding whether or not to participate in the partnership.

The futures commission merchant acts only as a clearing broker for the
partnership and, as such, is paid commissions for executing and clearing
trades.  It has not passed upon the adequacy or accuracy of this prospectus.
The futures commission merchant will not act in any supervisory capacity with
respect to the general partner nor participate in the management of the
general partner or the partnership.  Therefore, prospective investors should
not rely on the futures commission merchant's agreements to clear trades for
the partnership or for any other reason related to it in deciding whether or
not to purchase interests in the partnership.

                                       29
The partnership is not aware of any threatened or potential claims or legal
proceedings to which the partnership is a party or to which any of its assets
are subject.  The partnership has no involvement in the claims against the
futures commission merchant described above.  The futures commission merchant
has assured the partnership that none of the above events will interfere with
its ability to perform its duties on behalf of the partnership.

The Introducing Broker

The partnership trading account was introduced to MF Global, Inc as futures
commission merchant by the affiliated introducing broker, Futures Investment
Company, 5914 N. 300 West, Fremont, IN 46737, (260) 833-1306.  Futures
Investment Company is a registered introducing broker under the Commodity
Exchange Act, as amended, and is a member of the National Futures Association
in such capacity.  It shares 7% of the 11% in the brokerage commission paid by
the partnership to the corporate general partner.

Federal Income Tax Aspects

Scope of Tax Presentation

This presentation is based on:

*	the Internal Revenue Code of 1986, as amended, and the rules and
regulations promulgated thereunder which were in effect on the date of this
prospectus, and

*	the express intent of the general partner to:

*	operate the partnership as authorized and limited by the limited
partnership agreement, and

*	cause us to invest only our equity capital and not to borrow money to
operate the partnership , and

*	the belief by the general partner that no less than ninety percent of
the income generated by us will be from interest income and the trade of
commodities.

Any change in the Internal Revenue Code or deviation from the above intentions
of operation could alter this presentation and also have adverse tax
consequences on this partnership and you.  For instance, if we were taxed as a
corporation, we would pay tax and you would have to pay a second tax.  In
addition, if we were taxed as a corporation, none of the deductions for
expenses would pass through to your tax return.

Any adjustment made to our return by our auditors or the IRS will flow through
to your return and could result in a separate audit of your individual return.
If we or you are audited by the IRS, significant factual questions may arise
which, if challenged by the IRS, might only be resolved at considerable legal
and accounting expense.  We will report our income for tax and book purposes
under the accrual method of accounting and our tax year will be the calendar
year.  During taxable years in which little or no profit is generated from
trading activities, you may still have interest income which will be taxed to
you as ordinary income.

Subject to the above scope of presentation and assumption, following is the
opinion of The Scott Law Firm, Ltd. that summarizes the material Federal
income tax consequences to individual investors in the partnership.

This discussion assumes you are an individual and is not intended as a
substitute for careful planning; particularly, since the income tax
consequences of an investment in the partnership will not be the same for all
taxpayers.  Accordingly, you are urged to consult your tax advisors with
specific reference to your tax situation.

No Legal Opinion as To Certain Material Tax Aspects

We will not request a legal opinion in regard to any State income tax issue.
In addition, our tax counsel cannot opine upon any Federal income tax issue
that involves a determination by the IRS of the facts related to our
operation, or any other matter that may be subject to IRS interpretation or
adjustment upon audit.

For an example of an item that could be subject to determination by the IRS,
the Code provides that, for non-corporate taxpayers who itemize deductions
when computing taxable income, expenses of producing income, including
investment advisory fees, are to be aggregated with unreimbursed employee
business expenses and other expenses of producing income (collectively, the
"Aggregate Investment Expenses"), and the aggregate amount of such expenses
will be deductible only to the extent such amount exceeds 2% of a taxpayer's
adjusted gross income.  In addition, for taxpayers whose adjusted gross income
exceeds a certain threshold amount (the "AGI Threshold"), Aggregate Investment
Expenses in excess of the 2% threshold, when combined with certain of a
taxpayer's other miscellaneous deductions, are subject to a reduction
(scheduled to be phased out between 2006 and 2010) equal to the lesser of 3%
of the taxpayer's adjusted gross income in excess of the AGI Threshold and 80%
of the amount of certain itemized deductions otherwise allowable for the
taxable year (the "Phase-out").  Moreover, such Aggregate Investment Expenses
are miscellaneous itemized deductions which are not deductible by a non-
corporate taxpayer in calculating its alternative minimum tax liability.  The
IRS could contend that some or all of the management fees and incentive fees,
as well as other ordinary expenses of the partnership, constitute "investment
advisory fees."  If this contention were sustained, each non-corporate limited
partner's pro rata share of the amounts characterized would be deductible only
to the extent that such limited partner's Aggregate Investment Expenses exceed
2% of such limited partner's adjusted gross income and, when combined with
certain other itemized deductions, exceed the Phase-out.

                                       30
PROSPECTIVE INVESTORS MUST CONSULT THEIR OWN TAX ADVISERS CONCERNING THE
FOREGOING "INVESTMENT ADVISORY FEES" ISSUE, WHICH IS A MATTER OF UNCERTAINTY
AND COULD HAVE A MATERIAL IMPACT ON AN INVESTMENT IN THE FUND.

Partnership Tax Status

The Internal Revenue Code, at Section 7701, provides the criteria used to
identify a corporation which cannot be present if a partnership is to be taxed
as a partnership.  A partnership must have two or more of the following: (i)
decentralized management, (ii) unlimited liability, (iii) limited
transferability of shares, and (iv) limited continuation of existence.  The
limited partnership agreement obligates the general partner to operate the
partnership in a manner which meets this test.

If we were taxed as a corporation, we would pay taxes at the corporate rates
upon our income and gains, items of deduction and losses would be deductible
only by us and not by you, tax credits would be available only to us and not
to you, and all or a part of any distributions we make to you could be taxable
as dividend income and would not be deductible by us in computing our taxable
income.  This would substantially increase the total amount of taxes paid on
your investment income and potentially limit your expense deductions.

Historically, the right of redemption, similar to your right to redeem your
partnership interests, renders a pool, such as ours, to be deemed a publicly
traded partnership, taxed as a corporation.  However, the Revenue Act of 1987
provides an exception.  The exception requires 90% or more of our gross income
to be derived from interest and the trade of commodities.  Provided the
principal activity of the partnership is buying and selling commodities,
income may include interest, dividends, and income from the trade or holding
of futures, options or forward contracts on commodities.  The general partner
intends to limit the principal business activity and sources of income so that
this exception will apply to us.  In addition, the general partner has placed
restrictions upon the right of redemption.  See The Limited Partnership
Agreement, Redemptions and Exhibit A, Right of Redemption.

No IRS Ruling

We have not applied for a ruling from the Internal Revenue Service regarding
our status as a partnership or with regard to any other tax aspect, nor do we
intend to seek a ruling.  In the absence of a ruling, there can be no
assurance that the IRS will not attempt to take a position adverse to the
partnership and the opinions expressed in this prospectus.

Tax Opinion

Subject to the assumption that you are an individual United States resident
taxpayer, in the opinion of The Scott Law Firm, Ltd., this prospectus
accurately summarizes all material Federal tax matters and consequences or
identifies those matters that cannot presently be determined.  Particularly,
(i) we will be treated as a partnership for Federal income tax purposes; (ii)
the allocations of profits and losses made when partners redeem their
partnership interests should be upheld for Federal income tax purposes; (iii)
based upon our contemplated trading activities, the IRS should consider us as
conducting a trade or business; and, as a result, the ordinary and necessary
business expenses we incur while conducting our commodity futures trading
business should not be subject to limitation under Section 67 or Section 68 of
the Internal Revenue Code; (iv) the profit share should be respected as a
distributive share of our equity income allocable to Atlas Futures Fund,
Limited Partnership; and (v) the contracts we trade, as described in this
prospectus, should satisfy the commodities trading safe harbor as described in
section 864(b) of the Internal Revenue Code.

Such opinion is based on the Internal Revenue Code as of the date of this
Prospectus and a review of the Limited Partnership Agreement, and is
conditioned upon the following representations of facts by the general
partner:

*	at all times, we will be operated in accordance with the Delaware
Uniform Limited Partnership Act and the Limited Partnership Agreement attached
hereto as Exhibit A

*	for our first two years of operation, the aggregate deductions claimed
by the partners as their distributive shares of our net losses will not exceed
the equity capital invested in the partnership

*	no creditor who makes us a loan, including margin accounts, will have or
acquire, as a result of making the loan, any direct or indirect interest in
our capital, profits or property, other than as a secured creditor

*	the general partner will at all times actively direct the affairs of the
Partnership

*	interests in the partnership:

*	will be transferable or redeemed only upon approval of the general
partner

*	will not be traded on an established securities market, and

*	will not be readily tradable on a secondary market or the substantial
equivalent thereof

*	we will not be registered under the Investment Advisor's Act of 1940;
and

*	over 90% of our earned income will be qualifying income as that term is
defined in the Revenue Act of 1987.

                                       31
No opinion is expressed in regard to the tax treatment of expenses because
that determination depends upon questions of fact to be resolved by the
general partner on our behalf.  In addition, commodity trading advisor fees
are aggregated with employee business expenses and other expenses of producing
income, and the aggregate of such expenses is deductible only to the extent
such amount exceeds 2% of your adjusted gross income.  It is the general
partner's position that our intended operations will qualify as a trade or
business.  If this position is sustained, the brokerage commissions and
performance fees will be deductible as ordinary and necessary business
expenses.  Syndication costs to organize the partnership and offering expenses
are subject to limitations upon deduction imposed by the Internal Revenue
Code.

Any change in the representations of the general partner or the operative
facts will prevent us and you from relying upon the tax opinion from The Scott
Law Firm, Ltd.

Passive Loss and Unrelated Business Income Taxes Rules

In addition to the imposition of a corporate level tax on publicly traded
partnerships, special rules apply to partnerships in regard to the application
of the passive loss and unrelated business income tax rules.  In Notice 88-75
issued on June 17, 1988, the IRS provided guidance as to partnership
operation.  The general partner intends to cause us to comply with the
applicable provisions of these guidelines.  In the event our expenses were
deemed not to qualify as deductions from trading profits, your total taxes
would increase while your distributions would remain the same.

Basis Loss Limitation

Generally, the basis of your interest in the partnership for tax purposes is
equal to the cost decreased, but not below zero, by your share of any
partnership losses and distributions, and increased by your share of any
partnership income.  You may not deduct losses in excess of the adjusted basis
for your interest in the partnership at the end of the partnership year in
which such losses occurred.  However, you may carry forward any excess to such
time, if ever, as the basis for the interest in the partnership is sufficient
to absorb the loss.  Upon the sale or liquidation of your interest in the
partnership, you will recognize a gain or loss for Federal income tax purposes
equal to the difference between the amount you realize in the transaction and
the basis for your interest in the partnership at the time of such sale.  For
individuals, capital losses would offset capital gains on a dollar for dollar
basis, with any excess capital losses subject to a $3,000 annual limitation.
Accordingly, it is possible for you to sustain a loss from our operation which
will not be allowed as a deduction for tax purposes or will be limited to a
$3,000 annual limitation.

At-Risk Limitation

If you borrow money to invest in the partnership, there are at risk
limitations that will apply to you.  Section 465 of the Internal Revenue Code
provides that the amount of any loss allowable for any year to be included in
your personal tax return is limited to the amount paid for the partnership
interests, or tax basis, of the amount at risk.  Losses already claimed may be
subject to recapture if the amount at risk is reduced as a result of cash
distributions from the activity, deduction of losses from the activity,
changes in the status of indebtedness from recourse to non-recourse, the
commencement of a guarantee, or other events that affect your risk of loss.
The at risk provisions must be considered should you elect to arrange debt
financing for purchasing a partnership interest.

Income and Losses from Passive Activities

Internal Revenue Code Section 469 limits the deductibility of what are called
passive losses from business activities in which the taxpayer does not
materially participate.  Under temporary Treasury regulations, the trading of
personal property, such as futures contracts, will not be treated as a passive
activity, partnership gains allocable to you will not be available to offset
passive losses from sources outside the partnership, and partnership losses
will not be subject to limitation under the passive loss rules.

Allocation of Profits and Losses

The allocation of profits, losses, deductions and credits contained in the
Limited Partnership Agreement will be recognized for tax purposes only if the
allocations have substantial economic effect.  While the general partner
believes that the Limited Partnership Agreement either meets the requirements
or satisfies a substitute capital account equivalency test, the Limited
Partnership Agreement does not meet a third requirement, that a partner must
make a capital contribution to the partnership equal to any deficit in its
capital account.  Accordingly, under the regulations and the Limited
Partnership Agreement, losses would not be allocable to you in excess of your
capital contribution plus properly allocated profits less any prior
distributions.  The general partner intends to allocate income and losses in
accordance with the Limited Partnership Agreement which it believes complies
with applicable Internal Revenue Code Section 704.  However, no assurances can
be given that the IRS will not attempt to change any allocation that is made
among partners admitted on different dates, which could adversely affect the
amount of taxable income to one partner as opposed to another partner.

Taxation of Futures and Forward Transactions

The commodity trading advisor selected to trade for us is expected to trade
primarily, but not exclusively, in Section 1256 Contracts, which is any
regulated futures contract, foreign currency contract, non-equity option, or
dealer equity option.  A regulated futures contract is a futures contract:

*	if it is traded on or subject to the rules of:

                                       32
*	a national securities exchange which is registered with the Securities
and Exchange Commission,

*	a domestic board of trade designated as a contract market by the
Commodity Futures Trading Commission or any other board of trade, exchange or
other market designated by the Secretary of Treasury, and

*	which is marked-to-market to determine the amount of margin which must
be deposited or may be withdrawn.  Marked-to-market means that the position is
taken in the account on day one at that price.  Each day the position is held,
it is valued for account purposes at the price of the contract on the close of
that day.

A foreign currency contract is negotiated between banks and accepted for trade
among banks and private investors.   The partnership is expected to purchase
or sell these contracts to speculate on the value of foreign currency as
contrasted with the U. S. dollar.  These contracts are exempt from the
Commodity Exchange Act and are excluded from marked-to-market treatment.

A non-equity option means an option which is treated on a qualified board or
exchange and the value of which is not determined directly or indirectly by
reference to any stock, group of stocks, or stock index unless there is in
effect a designation by the Commodity Futures Trading Commission of a contract
market for a contract bond or such group of stocks or stock index.

A dealer equity option means, with respect to an options dealer, only a listed
option which is an equity option, is purchased or granted by such options
dealer in the normal course of his activity of dealing in options, and is
listed on the qualified board or exchange on which such options dealer is
registered.

All Section 1256 contracts will be marked-to-market upon the closing of every
contract, including closing by taking an offsetting position or by making or
taking delivery, by exercise or being exercised, by assignment or being
assigned; or by lapse or otherwise.  Also, all open Section 1256 contracts
held by us at our fiscal year-end will be treated as sold for their fair
market value on the last business day of such taxable year.  This will result
in all unrealized gains and losses being recognized for Federal income tax
purposes for the taxable year.  As a consequence, you may have tax liability
relating to unrealized partnership profits in open positions at year-end.
Sixty percent of any gain or loss from a Section 1256 contract will be treated
as long-term capital gain or loss, and 40% as short-term capital gain or loss,
regardless of the actual holding period of the individual contracts.  The
character of a your distributive share of profits or losses of the partnership
from Section 1256 contracts will thus be 60% long-term capital gain or loss
and 40% short-term capital gain or loss.  Your distributive share of such gain
or loss for a taxable year will be combined with your other items of capital
gain or loss for such year in computing your Federal income tax liability.
The Internal Revenue Code contains rules designed to eliminate the tax
benefits flowing to high-income taxpayers from the graduated tax rate schedule
and from the personal and dependency exemptions.  The effect of these rules is
to tax a portion of a high-income taxpayer's income at a marginal tax rate of
35%.  Most long-term capital gains after May 6, 2003 are subject to a maximum
tax rate of 15%.  A limited partner, other than a corporation, estate or
trust, may elect to carry-back any net Section 1256 contract losses to each of
the three preceding years.  The marked-to-market rules do not apply to
interests in personal property of a nature which are actively traded other
than Section 1256 contracts.

Section 988 Foreign Currency Transactions

A Section 988 transaction is defined as the entering or acquiring of any
forward contract, futures contract, option or similar financial instrument if
the amount to be received or to be paid by reason of a transaction is
denominated in a nonfunctional currency or is determined by reference to one
or more nonfunctional currencies.  If the Section 988 transaction results in a
gain or loss, it is considered to be a foreign currency gain or loss to the
extent it does not exceed gain or loss realized by reason of changes in
exchange rates.

Capital Gain and Loss Provisions

If short-term capital gains exceed long-term capital losses, the net capital
gain will be taxed at the same rates as ordinary income.  Subject to an annual
limitation of $3,000, you may deduct the excess of capital losses over capital
gains against ordinary income.  Excess capital losses which are not used to
reduce ordinary income in a particular taxable year may be carried forward to,
and treated as capital losses incurred in, future years.

Business for Profit

Internal Revenue Code Section 183 sets forth the general rule that no
deduction is allowable to an individual for an activity not engaged in for
profit.  These are activities other than those constituting a trade or
business or engaged in for the production or collection of income or for the
management, conservation, or maintenance of property held for the production
of income.  The determination of whether an activity is engaged in for profit
is based on all facts and circumstances, and no single factor is
determinative.  The general partner believes that by employing independent
commodity trading advisors with strong track records of production of profits,
it is more likely than not, that our activity will be considered an activity
engaged for profit.

Self-Employment Income and Tax

Section 1402 of the Internal Revenue Code provides that an individual's net
earnings from self-employment shall not include the distributive share of
income or loss from any trade or business carried on by a partnership of

                                       33
which he is a limited partner.  Therefore, you should not consider that the
ordinary income from the partnership constitutes net earnings from self-
employment for purposes of either the Social Security Act or the Internal
Revenue Code.

Alternative Minimum Tax

The alternative minimum tax for individuals is imposed on certain high income
persons as a method of collection of tax although income may to sheltered or
otherwise not subject to tax.  Alternative minimum taxable income consists of
income deemed taxable without regard to availability of deductions or tax
preferences provided by the tax law.  Alternative minimum taxable income may
not be offset by certain deductions, including (in certain circumstances)
interest incurred to purchase or carry interests in partnership such as this
partnership.  Taxpayers subject to the alternative minimum tax could be
required to make estimated payments.  The extent to which the alternative
minimum tax will be imposed or estimated payments required will depend on the
overall tax situation of each limited partner at the end of each taxable year
and, therefore, this question should be referred to your tax advisor.

Interest Related To Tax Exempt Obligations

Section 265(a)(2) of the Internal Revenue Code will disallow any deduction for
interest on indebtedness of a taxpayer incurred or continued to purchase or
carry obligations the interest on which is wholly exempt from tax.  The IRS
announced in Revenue Procedure 72-18 that the proscribed purpose will be
deemed to exist with respect to indebtedness incurred to finance a portfolio
investment.  The Revenue Procedure further states that a limited partnership
interest will be regarded as a portfolio investment, unless rebutted by other
evidence.  Therefore, if you own tax-exempt obligations, the IRS might take
the position that any interest expense incurred by you to purchase or carry
partnership interests should be viewed as incurred by you to continue carrying
tax exempt obligations, and that you should not be allowed to deduct all or a
portion of the interest on any such loans.

Not a Tax Shelter

In the opinion of tax counsel, we do not constitute a tax shelter, as defined
in Internal Revenue Code Section 6111(c), since the general partner intends to
operate the partnership so that the tax shelter ratio will not exceed two-to-
one at the close of any of the first five years.  Accordingly, the general
partner has not registered us as a tax shelter with the IRS.

Taxation of Foreign Partners

An investment in the partnership should not, by itself, cause a foreign
partner to be engaged in a trade or business within the United States.  A
foreign person is subject to a 30% withholding tax, unless reduced or exempted
by treaty, on United States source income which is not effectively connected
with the conduct of a United States trade or business.  The person having
control over the payment of such income must withhold this tax.

Because we have permitted the trading advisor to trade foreign currency and
other contracts on foreign exchanges or derivative transactions such as energy
or interest rate swaps or forwards, based on current law it is uncertain
whether entering into foreign and derivative transactions may cause us, and
therefore any foreign limited partners, to be treated as engaged in a trade or
business within the United States.  However, the Treasury Department has
issued proposed regulations which, if finalized in their current form, would
provide that foreign limited partners should not be deemed to be engaged in a
United States trade or business solely by virtue of an investment as a limited
partner in the partnership even if the partnership enters into foreign
exchange trades of currency and derivative transactions. These regulations are
proposed to be effective for taxable years beginning 30 days after the date
final regulations are published in the Federal Register. We may elect to apply
the final regulations retroactively once they are finalized.  The Scott Law
Firm, Ltd. has not opined on the issues related to the withholding by us from
distributions to foreign investors as the determination of how the treat this
issue will be resolved at the end of each taxable year or upon receipt of a
redemption request and the tax opinion is limited to tax consequences to
United States residents.

Accordingly, we may be required to withhold tax on items of such income that
are included in the distributive share of a foreign partner, whether or not
the income was actually distributed.  If we are required to withhold tax on
such income of a foreign partner, the general partner may pay such tax out of
its own funds and then be reimbursed out of the proceeds of any distribution
to or redemption of partnership interests by the foreign partner.

Partnership Entity-Audit Provisions-Penalties

The Internal Revenue Code provides that the tax treatment of items of
partnership income, gain, loss, deduction and credit will be determined at the
partnership level in a single partnership proceeding.  The Limited Partnership
Agreement has appointed Ashley Capital Management, Inc. as the tax matters
partner to settle any issue involving any partner with less than a 1% profits
interest unless such a partner, upon notice, properly elects not to give such
authority to the tax matters partner.  The tax matters partner may seek
judicial review for any adjustment to partnership income, but there

                                       34
will be only one such action for judicial review to which all partners will be
bound.  The Internal Revenue Code provides that a partner must report a
partnership item consistently with its treatment on the partnership return,
unless the partner specifically identifies the inconsistency or can show that
its treatment of the partnership item on its return is consistent with a
schedule furnished to the partner by the partnership.  Failure to comply with
this requirement may result in penalties for underpayment of tax and could
result in an extended statute of limitations.  The statute of limitations for
adjustment of tax with respect to partnership items will generally be three
years from the date of filing the partnership return.

Internal Revenue Code Section 6662 imposes a penalty for a substantial
understatement of income tax equal to 20% of the amount of any underpayment
attributable to that understatement.  Understatement is defined as meaning the
excess of the correct amount of tax required to be shown on the return over
the amount of tax that is actually shown on the return.  A substantial
understatement exists for any taxable year if the amount of the understatement
for the taxable year exceeds the greater of 10% of the correct tax or $5,000,
or $10,000, in the case of a corporation other than an S corporation or a
personal holding company.

Employee Benefit, Retirement Plans and IRA's

The Employee Retirement Income Security Act of 1974 governs:

*	employee benefit plans, such as:

*	a qualified pension, profit-sharing or stock bonus plan, or

*	a qualified health and welfare plan; and

*	individual retirement accounts, commonly called IRAs.

You may not purchase partnership interests with the assets of a plan if we,
the general partner, the selling agent, the introducing broker, the futures
commission merchant, or any of their affiliates, agents or employees have
investment discretion over such plan, give investment advice with respect to
such plan assets for a fee, or are an employer maintaining or contributing to
such plan.

Before you invest in us through one of these qualified plans, you should
consult your own legal and financial advisors, and the fiduciary of your plan
should take into account the facts and circumstances of your plan, and
consider applicable fiduciary standards under the above act.

Acceptance of subscriptions on behalf of employee benefit plans is not a
representation by the general partner or any other party that this investment
meets all legal requirements or is appropriate with respect to investments by
any particular plan.  The person with investment discretion should consult the
attorney for the plan as to the propriety of an investment in this
partnership.

The Limited Partnership Agreement

The partnership agreement was amended and fully restated on December 23, 2003
and is attached to this prospectus as Exhibit A.   Following is an explanation
of the material terms of the Limited Partnership Agreement; however, you are
urged to read the entire agreement.  See Exhibit A.

Formation of the Partnership

Our Certificate of Limited Partnership is dated and was filed on January 12,
1998 pursuant to the Delaware Uniform Limited Partnership Act.

You are not liable for our losses, debts and obligations beyond your
investment amount and your share of any of our undistributed assets, so long
as you do not take part in the management of the business of the partnership
or transact any business for the partnership other than exercise your right to
vote on partnership matters as a limited partner.

According to the Limited Partnership Agreement, this partnership will not
terminate or dissolve upon any limited partner's death, incompetence,
withdrawal, insolvency, bankruptcy, termination, liquidation, dissolution or
other legal incapacity.  Also, legal representatives of such limited partner
may redeem their partnership interests, but will not have the right to
withdraw their interest or become a substituted limited partner solely by
reason of such incapacity.

Units of Partnership Interests

The amount of partnership interests you hold will determine your percentage
interest in our net assets.  The value of a single unit will be calculated
from time to time by dividing the net assets of the partnership by the number
of outstanding units of partnership interests.  The value of your partnership
interest will be determined by multiplying the number of units of partnership
interests you hold by the value of a single unit.  Your percentage interest in
the partnership will also be determined by dividing the number of units you by
the total number of units outstanding.

Management of Partnership Affairs

Only the general partner may manage this partnership.  You will not take part
in our business or affairs nor will you have any voice in our management or
operations other than to vote on partnership matters as a limited partner.

The limited partners who collectively hold a majority of the partnership
interests must give written approval of any material change in either the
Limited Partnership Agreement or the partnership structure; provided, however,
without the limited partners' approval, the general partner is

                                       35
allowed to (i) change the management and incentive fees within the limits
prescribed herein, (ii) add, change and delete trading advisors, (iii) add,
change and delete introducing brokers, (iv) add, change and delete futures
commission merchants, (v) add, change and delete selling agents, (vi) redeem
and return a limited partner account, (vii) change the commodity contracts
traded, or (viii) change the diversification of our assets among the various
types of or in the positions held in commodity contracts.

To the extent the law permits, such limited partners who hold a majority of
the partnership interests may vote to amend any term in the Limited
Partnership Agreement and, if necessary, the Certificate of Limited
Partnership without the agreement of the general partner.  This includes
removing the general partner and electing a new general partner.

In its capacity as commodity pool operator, the general partner may consult
with the trading advisor with regard to money management and trading strategy
issues, but the general partner will not serve as a trading advisor or select
any other trading advisors to trade that are affiliated with either general
partner.

General Prohibitions

We may not borrow from or loan money or any other assets to any person;
provided, however, this shall not apply to the incurrence of an obligation to
a futures commission merchant or debt to a partner or any of their affiliates
with respect to the offering of partnership interests for sale, registration,
or initiation and maintenance of our trading positions.

We may not permit rebates or give-ups to be received by the general partner or
any of its affiliates.  Nor may we permit the general partner or any of its
affiliates to engage in reciprocal business arrangements that would circumvent
the foregoing prohibition.  However, an affiliate or the general partner may
provide goods or services, including brokerage, at a competitive cost to us.

The general partner or its affiliates are not required to advance or loan
funds to the partnership.  If the general partner makes any advance or loan to
the partnership, it will not receive interest in excess of its interest costs,
nor will it receive interest in excess of the amounts which would be charged
the partnership by unrelated banks on comparable loans for the same purpose.
The general partner shall not receive points or other financing charges or
fees regardless of the amount.  Currently, no agreement exists for the general
partner to make any loan to the partnership nor does the general partner
expect to enter one; however, you will be notified of such an agreement,
should one be entered.

Additional Offerings

The general partner has sole discretion to end any offering of partnership
interests, register additional partnership interests, and make additional
public or private offerings of partnership interests.

You will not have any preemptive, preferential or other rights with respect to
the issuance or sale of any additional partnership interests.  Although we are
offering a maximum of $10,000,000 in partnership interests pursuant to this
offering, we have not limited the amount of capital contributions or the
maximum amount of partnership interests that may be issued, offered or sold
pursuant to other offerings.

Partnership Accounting, Reports, and Distributions

You will have a capital account, and its initial balance will be the amount
you paid for your partnership interests.  The net assets of this partnership
will be determined monthly, and any change from the previous month will be
passed on to your account in the ratio that your account bears to all
accounts.

The general partner has sole discretion to make distributions from profits or
net assets.  On a monthly basis you will receive a report containing (i) the
net unit value as of the end of both the current and previous month, (ii) the
percentage change in net unit value between the two months, (iii) the amount
of distributions during the month (iv) the aggregate fixed commission in lieu
of round-turn brokerage commissions, other fees, administrative expenses, and
reserves for claims and other extra-ordinary expenses incurred or accrued by
us during the month, and (v) any other information required by the rules of
the Commodity Futures Trading Commission.

The general partner will notify you within seven days of any change in trading
advisor or partnership fee structure, including a notice of your right to
redemption.  For all other material changes to the disclosures made in this
document, the general partner will notify you of such change within 21 days.

You or your duly authorized representative may inspect our books and records
and any records related to your account, provided you give adequate notice,
you do so at a reasonable time, and you make copies at your expense.

Income, Loss and Expense Allocations

At the end of each fiscal year, our capital gain or loss and ordinary income
or loss and expenses will be allocated to units held by all partners.  You are
responsible for the proper reporting of these items on your personal income
tax return.

                                       36
Transfer of Partnership Interests Only With Consent of the General Partner

You are admitted to this partnership and are registered on the partnership
records as the owner of the partnership interests you purchase.  As a
registered investor in this partnership, you may receive all distributions,
allocations of losses and withdrawals, and reductions of capital
contributions, and vote on any matters submitted to the limited partners for
voting.

You may transfer your partnership interests only with the written consent of
the general partner.  The general partner may not approve the transfer if it
(i) is requested before six months from the date of purchase, (ii) is not made
for all of your partnership interests or, if you are not assigning all of your
partnership interests, you will retain more than $5,000 of partnership
interests, (iii) will violate any applicable laws or governmental rules or
regulations, including without limitation, any applicable Federal or state
securities laws, or the Delaware limited partnership laws, (iv) will
jeopardize our ability to be taxed as a partnership and not as a corporation,
or (v) will affect characterizations or treatment of income or loss.

Termination of the Partnership

This partnership will terminate (i) at 11:59 p.m. twenty-one years from the
date of the Certificate of Limited Partnership, (ii) by election of the
general partner, in its sole discretion, to terminate and dissolve this
partnership, (iii) upon the dissolution, death, resignation, withdrawal,
bankruptcy or insolvency of the general partner, unless the partners, by
majority interest, vote to carry on the business and elect a new general
partner, (iv) if it does not pay its annual franchise fee and file its annual
report with the State of Delaware, which will cause it to be dissolved under
Delaware law, (v) upon any event which makes the continued existence of the
partnership unlawful, or (vi) upon the majority vote of the partners.

Meetings

We are not required to hold regular meetings, however, partners may call
meetings to vote on certain issues, including (i) amendment of the limited
partnership agreement; provided, however, any amendment which modifies the
compensation or distributions to the general partner or which affects the
duties of the general partner requires its consent; (ii) removal of the
general partner and election of a new general partner; (iii) cancellation of
any contract for services with the general partner, without penalty, upon 60
days written notice; provided, however, the maximum period of any contract
between the general partner and the partnership is one year; and, provided
further, should any amendment to this partnership agreement attempt to modify
the compensation or distributions to which the general partner is entitled or
which affects the duties of the general partner, such amendment will become
effective only upon the consent of the general partner; (iv) the right to
approve, prior to sale, the sale or distribution, outside the ordinary course
of business, of all or substantially all of the assets of the partnership; (v)
dissolution of the partnership; and (vi) change of any of the partnership's
basic investment policies or in the structure of the partnership.  See
Management of Partnership Affairs.

The general partner must receive in person or by certified mail a written
request with a check to cover the cost of sending notice of the meeting to all
partners.  One or more partners who collectively own 10% or more of the
outstanding partnership interests must sign the request.  The general partner
then has 15 days to call the meeting.

Redemptions

Redemption allows you to receive your share of the net assets of this
partnership.  You may not redeem or liquidate any partnership interests until
twelve months after you have been allocated partnerships interests from your
subscription proceeds.  The general partner must receive a written request for
redemption no less than ten days prior to the desired effective date of
redemption.  The effective date of redemption must be the last day of the then
current or a future month.

The general partner will try its best to comply with the redemption request
within twenty days following the effective date.  However, you should be aware
that the general partner may be unable to timely comply with the request if
there is not enough cash.  This may be because the trading advisor cannot
liquidate the positions it has taken or because there are contingent claims on
partnership assets.

If the general partner notifies you in writing, it may declare additional
redemption dates or cause the partnership to redeem fractions of units of
partnership interests.  Though past performance is no guarantee of future
results, all redemption requests made to pools that the individual general
partner has managed since he began managing commodity pools in August, 2003
were fulfilled on time.  We will not charge a redemption fee.

Plan for Sale of Partnership Interests

The Selling Agent

We are offering and selling the partnership interests solely through Futures
Investment Company, an Illinois corporation incorporated on December 6, 1983,
the address of which is 5914 N. 300 West, P.O. Box 760, Fremont, Indiana
46737.  It was registered as a fully disclosed broker/dealer registered with
the Financial Industry Regulatory Authority on July 24, 1997 and has been
appointed the selling agent.  All partnership interests will be sold on a best
efforts basis, which means the selling agent will try, but not guarantee, to
sell the partnership interests.

                                       37
Currently, Futures Investment Company principally offers securities and
interests in futures.  It has and will continue to participate in offerings of
other commodity pools sponsored by the general partner or other persons or
entities in competition with us.

The individual general partner and his spouse own Futures Investment Company.
They are also registered with the National Futures Association as associated
persons and with the Financial Industry Regulatory Authority as registered
representatives of Futures Investment Company.

Although we are offering a maximum of $10,000,000 in partnership interests
pursuant to this registration statement, the Limited Partnership Agreement
authorizes the general partner to determine the amount of partnership
interests to be sold.  If the partnership is to sell any partnership interests
in excess of the $10,000,000, such partnership interests must also be
registered with the Securities and Exchange Commission or sold by private
offering pursuant to applicable exemption from registration.

Accordingly, the partnership may sell an unlimited amount of partnership
interests.

Underwriting Compensation

The only underwriting or other compensation to be paid to the selling agent or
any other FINRA member any underwriting or other compensation from any source
in connection with the offering in terms of offering proceeds, is (i) a 1% up
front selling commission on all gross subscription proceeds pursuant to this
offering, and (2) $2,000 paid by the partnership for legal fees, which are
associated with FINRA's review of this offering submitted to it by the selling
agent.  Neither the partnership nor the selling agent will engage in
wholesaling.

No Sales to Discretionary Accounts

There will be no sales to discretionary accounts without the prior specific
written approval of the customer.

Depository Agreement

New partners will be admitted to the partnership on the first business day of
the month following the month in which their subscription documents were
accepted.  Until they are admitted to the partnership and assigned partnership
interests, all subscription proceeds and subscription documents will be placed
by the selling agent in a segregated depository account maintained by Star
Financial Bank as depository agent.  No funds in the depository account will
be available to pay partnership debts or claims.

The interest earned on your subscription during the period it is held in the
depository account will be deposited in our account, and you will receive a
corresponding amount of additional partnership interests at the current month
end net asset value per partnership interest.

If you are investing in the partnership by transferring funds from an account
at a futures commission merchant, your funds may be invested in the
partnership on the admission date without use of the depository account.

Cash from subscriptions held in the depository account will be invested in
short-term investments that meet applicable regulatory requirements until
delivered to the partnership after the close on the last business day of the
month.  These investments will be in United States Treasury Bills, bank
savings accounts, or other comparable interest-bearing instruments and
accounts that are expected to be liquid, substantially low risk investments,
with correspondingly low yields.

There cannot be any assurance that any additional partnership interests will
be sold.  The general partner is authorized, in its sole discretion, to
terminate this or any future offering of partnership interests.

Subscription Procedure

To purchase partnership interests, you must complete and execute an
acknowledgement of suitability and a subscription agreement (Exhibit D), and
deliver the executed subscription documents and check to the partnership.

You should make out the check to "Star Financial Bank for the exclusive
benefit of the customers of Atlas Futures Fund, LP".  Your check will then be
sent by the selling agent to the depository agent by noon of the second
business day following its receipt.  Under no circumstances should you make
payment in cash, or make any checks payable to the partnership, the general
partner or any of their affiliates or any other party.

Subscription Amounts

You must purchase at least $25,000 in partnership interests; however, the
general partner may reduce this to not less than the regulatory minimum of
$5,000.  You may make additional investments above $25,000 in $1,000
increments.  However, you may not invest more than 10% of your net worth in
the partnership.  If you have not provided collectible funds, whether in the
form of a bad check or draft, or otherwise, any partnership interests recorded
on our books in your favor shall be cancelled.

Revocation and Acceptance of Subscription

Once you have delivered your subscription agreement and sent us your check,
you may revoke your subscription within five business days after you send it
to us.  After the lapse of five business days from submission, your
subscription will be irrevocable and, thereafter, you must redeem pursuant to
the terms of the Limited Partnership Agreement.  The partnership interests

                                       38
offered to you are subject to prior sale.  The general partner has sole
discretion to reject any subscription, in whole or in part, at any time prior
to admission of the subscriber as a partner.  If your subscription is
accepted, the general partner will send you written confirmation of your
purchase, and you will be admitted as a limited partner on the first business
day of the following month.

Net Worth Tests

To purchase partnership interests, you must have at least a minimum net worth
of $250,000, exclusive of your home, home furnishings and automobiles, or a
minimum annual gross income of $70,000 and a minimum net worth of $70,000,
exclusive of your home, home furnishings and automobiles.  You may have to
satisfy higher amounts if you live in certain states.

In the case of sales to fiduciary accounts, the beneficiary, the fiduciary
account, or the donor or grantor who supplies the funds to purchase the
partnership interests, if the donor or grantor is the fiduciary, may meet the
net worth and income standards.

Investor Warranties

When you execute and deliver your Subscription Agreement and Power of
Attorney, you are making representations and warranties to the general
partner, the introducing broker and the futures commission merchant.
Specifically:

(a)	you are of legal age to execute the Subscription Agreement and Power of
Attorney and are legally competent to do so;

(b)	you acknowledge that you have received the prospectus, including the
Limited Partnership Agreement, prior to subscribing for partnership interests;

(c)	all information you have given to the general partner or that is set
forth in the Subscription Agreement and Power of Attorney submitted by you is
correct and complete as of the date of the agreement and if there are any
changes in such information prior to acceptance of your subscription, you will
immediately furnish the revised or corrected information to the general
partner;

(d)	unless (e) or (f) below applies to you, your subscription is made with
your own funds for your own account and not as trustee, custodian or nominee
for another.

(e)	the subscription, if made as custodian for a minor, is a gift you have
made to the minor and is not made with the minor's funds; or, if not a gift,
the representations as to net worth and annual income apply only to such
minor.

(f)	if you are subscribing in a representative capacity:

*	you have full power and authority to purchase the partnership interests
and enter and be bound by the Subscription Agreement and Power of Attorney on
behalf of the entity for which you are purchasing the partnership interests,
and

*	such entity has full right and power to purchase the partnership
interests and enter and be bound by the Subscription Agreement and Power of
Attorney and become a limited partner pursuant to the Limited Partnership
Agreement attached as Exhibit A.

The general partner, the introducing broker and the futures commission
merchant may rely upon any of the above representations and warranties as a
defense to any claim made against it.

Compliance with Anti-Money Laundering Laws

To satisfy the partnership's, the general partner's and the selling agent's
obligations under applicable anti-money laundering laws and regulations,
subscribers will be required to make representations and warranties in the
subscription agreement concerning the nature of the subscriber, its source of
investment funds and other related matters. The general partner and the
selling agent reserve the right to request additional information from
subscribers as either of the general partner or the selling agent, in its sole
discretion, requires in order to satisfy applicable anti-money laundering
obligations. By subscribing for units in the partnership, each subscriber
agrees to provide this information upon request.

A PURCHASE OF THE UNITS SHOULD BE MADE ONLY BY THOSE PERSONS WHOSE FINANCIAL
CONDITION WILL PERMIT THEM TO BEAR THE RISK OF A TOTAL LOSS OF THEIR
INVESTMENT IN THE FUND. AN INVESTMENT IN THE UNITS SHOULD BE CONSIDERED ONLY
AS A LONG-TERM INVESTMENT.

Legal Matters

Litigation and Claims

Within the past 5 years as of the date of this prospectus, there have been no
material administrative, civil or criminal actions against either general
partner, the commodity trading advisor, the introducing broker, the selling
agent, or any principal or affiliate of any of them.  This includes any
actions pending, on appeal, concluded, threatened, or otherwise known to them.
There is litigation against the futures commission merchant within the past 5
years, which is disclosed beginning on page 26 of this prospectus.

                                       39
Legal Opinion

The Scott Law Firm, Ltd., 201 West Lake Street, Suite 243, Chicago, IL 60606,
wscott@wscottlaw.com serves as special counsel to us and the general partner
with respect to the offering of partnership interests, the preparation of this
prospectus, the legality of the partnership interests offered, and the
classification of the partnership as a partnership for tax purposes.

From time to time, the firm will also advise the general partner and us in
regard to the maintenance of our tax status, the legality of any subsequent
offers, and the legality of any transfers by partners.

The general partner has granted the firm the right to employ other law firms
to help in matters that relate to the sale of partnership interests or our
operation.

The Scott Law Firm, Ltd. will not give you or any other partner legal advice.
You should seek investment, legal, and tax advice from your own legal counsel
and other professionals of your choice.

Experts

We rely on various experts to perform services for us.

Patke & Associates, Ltd. is our independent registered public accounting firm
expert, and is responsible for auditing the books and records of us and Ashley
Capital Management, Inc., as well as preparing the partnership K-1's and our
tax returns.  All audited financial statements appearing in this prospectus
were conducted by Patke & Associates, Ltd.

The corporate general partner serves as our tax partner.  The general partner
is required by the rules and regulations of the Commodity Futures Trading
Commission to send you unaudited monthly statements and annual financial
statements audited by an independent certified public accountant.

We will send you the unaudited monthly statements within 30 days of month end,
and will send you the audited annual financial statements within 90 days after
the end of each calendar year.

Additional Information

By our general partner, we have filed a registration statement on Form S-1
with the Securities and Exchange Commission under the Securities Act of 1933
to allow us to issue and sell our limited partnership interests.

This prospectus does not contain all of the information in the Form S-1
filing, for example, the Selling Agreement and the futures commission merchant
Customer Agreements which established the partnership accounts.  The
descriptions in this prospectus of these exhibits are summaries.  For further
information regarding the partnership and the partnership interests offered,
you may inspect and copy our complete filings, including this prospectus, the
exhibits and periodic reports, at the public reference facilities of the
Securities and Exchange Commission at 450 Fifth Street, NW, Washington, D.C.
20549

Also, the Securities and Exchange Commission offices will send you copies of
all or any part of this filing by mail, upon payment of the prescribed rates.
This prospectus and other electronic filings made through the Electronic Data
Gathering, Analysis and Retrieval (EDGAR) system are publicly available
through the Commission's Web site, http://www.sec.gov.

In addition, our books and records will be maintained for six years at the
office of the corporate general partner, 5914 N. 300 West, Fremont, IN 46737.

You are invited to review any materials available to the general partner
relating to this partnership, our operations, this offering, the Advisory
Agreement between us and the commodity trading advisor, the Customer
Agreements between us and our Commodity Brokers, the commodity trading
advisor's disclosure document, the forms filed with the National Futures
Association for any registered entity or person related to this partnership,
and any other matters relating to the laws applicable to this offering or this
partnership.

The officer and staff of the general partner will answer all reasonable
inquiries you may have.  All the above materials will be made available at any
mutually convenient location at any reasonable hour after reasonable prior
notice.

The general partner will allow you to obtain any additional information
necessary to verify any representations or information in this prospectus and
its exhibits, assuming the general partner possess such information or can
acquire it with reasonable effort and expense.  However, your review is
limited by the proprietary and confidential nature of the commodity trading
advisor's trading systems and by the confidentiality of personal information
relating to other investors.

         [The balance of this page has been intentionally left blank.]

                                       40
ATLAS FUTURES FUND, LIMITED PARTNERSHIP
                       (A Delaware Limited Partnership)

                               QUARTERLY REPORT

                                 June 30, 2010

                               GENERAL PARTNER:
                        Ashley Capital Management, Inc.
                           % Corporate Systems, Inc.
                             505 Brookfield Drive
                      Dover, Kent County, Delaware 19901
Index to the Financial Statements

									Page

  Report of Independent Registered Public Accounting Firm		F-2

  Statements of Assets and Liabilities					F-3

  Schedule of Investments - Cash and Securities - June 30, 2010		F-4

  Schedule of Investments - Futures Contracts - June 30, 2010		F-5

  Schedule of Investments - Cash and Securities - December 31, 2009	F-6

  Statements of Operations						F-7

  Statements of Changes in Net Assets					F-8

  Statements of Cash Flows						F-9

  Notes to the Financial Statements				    F-10 - F-16

  Affirmation of the Commodity Pool Operator				F-17

                                      F-1
Patke & Associates, Ltd.

                         Certified Public Accountants

            Report of Independent Registered Public Accounting Firm

To the Partners of
Atlas Futures Fund, Limited Partnership
Dover, Delaware

We have reviewed the accompanying statements of assets and liabilities of
Atlas Futures Fund, Limited Partnership, as of June 30, 2010 and the related
statements of operations for the three and six months ended June 30, 2010 and
2009, and the statements of changes in net assets and cash flows for the six
months ended June 30, 2010 and 2009.  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 and making
inquiries of persons responsible for financial and accounting matters.  It is
substantially less in scope than an audit conducted in accordance with the
standards of the Public Company Accounting Oversight Board (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 such interim financial statements for them to be in
conformity with accounting principles generally accepted in the United States
of America.

We have previously audited, in accordance with the auditing standards of the
Public Accounting Oversight Board (United States), the statement of assets and
liabilities of Atlas Futures Fund, Limited Partnership as of December 31, 2009
and the related statements of operations, changes in net assets and cash flows
for the year then ended (not presented herein) and in our report dated March
15, 2010, we expressed an unqualified opinion on those financial statements.
In our opinion, the information set forth in the accompanying statement of
assets and liabilities as of December 31, 2009 is fairly stated, in all
material respects, in relation to the statement of assets and liabilities from
which it has been derived.

/s/ Patke & Associates, Ltd.
Patke & Associates, Ltd.
Lincolnshire, Illinois
August 9, 2010

                     300 Village Green Drive, Suite 210 *
                  Lincolnshire, Illinois 60069 *(847)913-5400

                                      F-2
Atlas Futures Fund, Limited Partnership
                       (A Delaware Limited Partnership)

                     Statements of Assets and Liabilities
June 30,	December 31,
								2010		2009
								(A Review)
Assets

  Investments

    Equity in broker trading accounts

      Cash and cash equivalents at broker			$660,238 	$4,359,494
      Net unrealized gain on open futures contracts		60,751 		-

        Total equity in broker trading accounts			720,989 	4,359,494

    U.S. Treasury Bills (cost $9,996,208 and $9,997,725)	9,999,675 	9,998,497

    Cash							233,030 	120,240
    Money market fund						501,038 	501,014
    Prepaid expenses						5,698 		11,395
      Total assets						11,460,430 	14,990,640

Liabilities

  Partner redemptions payable					716,329 	168,311
  Accrued commissions payable to related parties		54,259 		86,485
  Other accrued liabilities					17,210 		24,366

    Total liabilities						787,798 	279,162

Net assets							$10,672,632 	$14,711,478

Analysis of net assets

  Limited partners						$10,672,632 	$14,711,478
  General partners						-   		-

    Net assets (equivalent to $3,611.60 and $4,083.24 per unit)	$10,672,632 	$14,711,478

Partnership units outstanding

  Limited partners units outstanding				2,955.10 	3,602.89
  General partners units outstanding				-   		-

    Total partnership units outstanding				2,955.10 	3,602.89
The accompanying notes are an integral part of the financial statements.

                                      F-3
Atlas Futures Fund, Limited Partnership
                       (A Delaware Limited Partnership)

                 Schedule of Investments - Cash and Securities

                                 June 30, 2010

                                  (A Review)
Fair Value		Percent
Description			Maturity Date	Cost		Face Value	Local Currency	U.S. Dollars	of Net Assets

United States Treasury Bills:
  United States Treasury Bill	July 1, 2010	$4,998,167 	$5,000,000 	4,999,980 	$4,999,980
  United States Treasury Bill	July 15, 2010	4,998,041 	5,000,000 	4,999,695 	4,999,695
    Total United States
     Treasury Bills				$9,996,208 	$10,000,000 			$9,999,675 	93.69%

Cash in trading accounts:
  United States Markets								616,200 	$616,200

    Total cash in trading accounts denominated in U.S. Dollars					616,200 	5.77%

Cash denominated in foreign currency:
  Euro Dollar Markets - EUR							36,028 		44,059
  British Pound Markets - GBP							(14)		(21)
						44,038								0.41%
    Total cash denominated in foreign currency

          Total cash in trading accounts 							$660,238 	6.18%

Money market fund (501,038.47 shares at $1 per share)				501,038 	$501,038 	4.69%
The accompanying notes are an integral part of the financial statements.

                                      F-4
Atlas Futures Fund, Limited Partnership
                       (A Delaware Limited Partnership)

                  Schedule of Investments - Futures Contracts
                                 June 30, 2010

                                  (A Review)
Fair Value		Percent of
Description						Expiration Date	Contracts	Local Currency	U.S. Dollars	Net Assets

Net unrealized gain (loss) on open futures contracts

  United States commodity futures positions held long:
  CBT TNOTE 5Y						September 2010	10		10,078 		$10,078
  ICEUS COFFEEC						September 2010	5		29,156 		29,156
  ICEUS COFFEEC						September 2010	5		13,125 		13,125

  Total United States commodity futures positions held long						52,359 		0.49%

  United States commodity futures positions held short:
  IMM CANADIAN $					September 2010	5		7,150 		7,150
  CBT BEAN OIL						December 2010	5		3,120 		3,120
  CBT BEAN OIL						December 2010	5		(690)		(690)
  CBT BEAN OIL						December 2010	5		420 		420

  Total United States commodity futures positions held short						10,000 		0.09%

  Euro commodity futures positions held long:
  EURX EUROBOBL						September 2010	5		(600)		(734)
  EURX E-BUND						September 2010	5		(1,850)		(2,262)
  EURO E-SCHATZ						September 2010	5		600 		734

  Total Euro commodity futures positions held long							(2,262)		(0.02%)

  British Pounds commodity futures positions held long:
  LIF 3M STG IR						December 2010	5		375 		561
  LIF 3M STG IR						December 2010	5		63 		93

  Total British Pounds commodity futures positions held long						654 		0.01%

  Net commodity futures positions									$60,751 	0.57%
The accompanying notes are an integral part of the financial statements.

                                      F-5
Atlas Futures Fund, Limited Partnership
                       (A Delaware Limited Partnership)

                 Schedule of Investments - Cash and Securities

                               December 31, 2009
Fair Value		Percent
Description				Maturity Date		Cost		Face Value	Local Currency	U.S. Dollars	of Net Assets

United States Treasury Bills:
United States Treasury Bill		January 14, 2010	$4,999,115	$5,000,000	4,999,872	$4,999,872
United States Treasury Bill		April 1, 2010		4,998,610	5,000,000	4,998,625	4,998,625
  Total United States Treasury Bills				$9,997,725	$10,000,000			$9,998,497	67.96%

Cash in trading accounts:
United States Markets										4,149,299	$4,149,299

     Total cash in trading accounts denominated in U.S. Dollars							4,149,299	28.20%

Cash denominated in foreign currency:
Euro Dollar Markets - EUR									128,214		183,622
British Pound Markets - GBP									16,451		26,573
  														210,195		1.43%
Total cash denominated in foreign currency

          Total cash in trading accounts									$4,359,494	29.63%

Money market fund (501,013.80 shares at $1 per share)						501,014		$501,014	3.41%
The accompanying notes are an integral part of the financial statements.

                                      F-6
Atlas Futures Fund, Limited Partnership
                       (A Delaware Limited Partnership)

                           Statements of Operations

                                  (A Review)
Three Months Ended June 30,	Six Months Ended June 30,
									2010		2009		2010		2009

Investment income

  Interest income							$3,563 		$7,921 		$5,499 		$13,777

  Total investment income						3,563 		7,921 		5,499 		13,777

Expenses

  Commission expense							327,485 	560,126 	709,940 	1,173,540
  Professional fees							28,350 		38,700 		51,850 		76,200
  Other operating expenses						4,335 		8,036 		9,134 		10,000

    Total expenses							360,170 	606,862 	770,924 	1,259,740

      Net investment (loss)						(356,607)	(598,941)	(765,425)	(1,245,963)

Realized and unrealized gain (loss) from investments and foreign currency

  Net realized gain (loss) from:
    Investments								(84,877)	33,227 		(923,056)	(967,680)
    Foreign currency transactions					(1,292)		28,001 		(10,358)	29,489

      Net realized gain (loss) from investments and foreign currency
       transactions
									(86,169)	61,229 		(933,414)	(938,191)

  Net unrealized appreciation on investments				47,764 		60,289 		60,751 		60,289

    Net realized and unrealized gain (loss) from investments		(38,405)	121,518 	(872,663)	(877,902)

    Net (decrease) in net assets resulting from operations		$(395,012)	$(477,423)	$(1,638,088)	$(2,123,865)

Net income (loss) per unit (for a single unit outstanding during the entire
period)
  Limited partnership unit						$(121.83)	$(126.62)	$(471.64)	$(519.71)
  General partnership unit						$-   		$-   		$-   		$-
The accompanying notes are an integral part of the financial statements.

                                      F-7
Atlas Futures Fund, Limited Partnership
                       (A Delaware Limited Partnership)

                      Statements of Changes in Net Assets

                                  (A Review)
Six Months Ended June 30,
										2010				2009
									Units		Net Assets	Units 		Net Assets

Increase (decrease) in net assets from operations

Net investment (loss)									$(765,425)			$(1,245,963)
Net realized (loss) from investments and foreign currency transactions			(933,414)			(938,191)
Net unrealized appreciation on investments and foreign currency
 transactions										60,751 				60,289
  Net (decrease) in net assets resulting from operations				(1,638,088)			(2,123,865)

Capital contributions from limited partners				10.44 		40,361 		63.85 		339,344
Redemptions by limited partners						(658.23)	(2,441,119)	(443.68)	(2,252,837)

  Total (decrease) in net assets					(647.79)	(4,038,846)	(379.83)	(4,037,358)

Net assets at the beginning of the period				3,602.89 	14,711,478 	4,198.35 	22,691,035

Net assets at the end of the period					2,955.10 	$10,672,632 	3,818.52 	$18,653,677
The accompanying notes are an integral part of the financial statements.

                                      F-8
Atlas Futures Fund, Limited Partnership
                       (A Delaware Limited Partnership)

                           Statements of Cash Flows

                                  (A Review)
Six Months Ended June 30,
										2010		2009

Cash Flows from Operating Activities

Net (decrease) in net assets resulting from operations				$(1,638,088)	$(2,123,865)

Adjustments to reconcile net increase (decrease) in net assets from
  operations to net cash provided by (used in) operating activities:

  Changes in operating assets and liabilities:

  Unrealized (appreciation) on investments					(60,751)	(60,289)
  Decrease in prepaid expenses							5,697 		-
  Decrease in interest receivable						-   		203
  (Decrease) in accrued commissions payable to related parties			(32,226)	(61,694)
  (Decrease) in incentive fees payable						-   		(57,490)
  Increase (decrease) in other accrued liabilities				(7,156)		359

  Net cash (used in) operating activities					(1,732,524)	(2,302,776)

Cash Flows from Financing Activities

  Proceeds from sale of units							40,361 		339,344
  Partner redemptions								(1,893,101)	(1,809,911)

  Net cash (used in) financing activities					(1,852,740)	(1,470,567)

  Net (decrease) in cash and cash equivalents					(3,585,264)	(3,773,343)

  Cash and cash equivalents, beginning of period				14,979,245 	22,925,186

  Cash and cash equivalents, end of period					$11,393,981 	$19,151,843

  End of period cash and cash equivalents consist of:

  Cash and cash equivalents at broker						$660,238 	$3,915,419
  Treasury Bills								9,999,675 	14,998,294
  Cash										233,030 	237,121
  Money market fund								501,038 	1,009

    Total cash and cash equivalents						$11,393,981 	$19,151,843
The accompanying notes are an integral part of the financial statements.

                                      F-9
Atlas Futures Fund, Limited Partnership
                       (A Delaware Limited Partnership)

                       Notes to the Financial Statements
                                 June 30, 2010
                                  (A Review)

1.  Nature of the Business

  Atlas Futures Fund, Limited Partnership (the "Fund") was formed January 12,
1998 under the laws of the state of Delaware.  The Fund is engaged in the
speculative trading of futures contracts in commodities, which commenced in
October, 1999.  Ashley Capital Management, Inc. (the "Corporate General
Partner") and Michael Pacult (the "Individual General Partner" and
collectively the "General Partner") are the General Partners and the commodity
pool operators ("CPO's") of the Fund.  The sole registered commodity trading
advisor ("CTA") of the fund is Clarke Capital Management, Inc. ("Clarke").
Effective July, 2004 the Fund began to sell issuer direct on a best efforts
basis with no sales commissions.

  The Fund is a registrant with the Securities and Exchange Commission ("SEC")
pursuant to the Securities Act of 1933 ("the Act"). The Fund is subject to the
regulations of the SEC and the reporting requirements of the Securities and
Exchange Act of 1934. 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 ("FCM's")
and interbank market makers through which the Fund trades and regulated by
commodity exchanges and by exchange markets that may be traded by the advisor.

2.  Significant Accounting Policies

  Registration Costs - Costs incurred for the initial filings with the SEC,
Financial Industry Regulatory Authority and the states where the offering was
made were accumulated, deferred and charged against the gross proceeds of
offering at the initial closing as part of the offering expense.  The Fund
remains open to new partners, and incurs costs required to retain the ability
to issue new units.  Such costs, in addition to the costs of recurring annual
and quarterly filings with regulatory agencies are expensed as incurred.

  Revenue Recognition - Commodity futures contracts are recorded on the trade
date and are reflected in the balance sheet at the difference between the
original contract amount and the market value on the last business day of the
reporting period.

  Market value of commodity futures contracts is based upon exchange or other
applicable market best available closing quotations.

  Interest income is recognized when it is earned.

  Use of Accounting Estimates - The preparation of financial statements in
conformity with accounting principles generally accepted in the United States
of America ("GAAP") requires management to make estimates and assumptions that
affect the reported amount 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.

                                      F-10
Atlas Futures Fund, Limited Partnership
                       (A Delaware Limited Partnership)

                       Notes to the Financial Statements
                                 June 30, 2010
                                  (A Review)

2.  Significant Accounting Policies - Continued

  Foreign Currency - The accounting records of the Fund are denominated in
U.S. dollars. Assets and liabilities denominated in currencies other than U.S.
dollars are translated into U.S. dollars at the exchange rates in effect on
the valuation date. Commodity futures contract transactions are translated
into U.S. dollars at the exchange rates on the dates of such transactions. On
the accompanying financial statements, effects of changes in exchange rates
from all transactions denominated in currencies other than U.S. dollars are
disclosed separately.

  Fair Value Measurement and Disclosures - Accounting Standards Codification
("ASC") 820 establishes a fair value hierarchy which prioritizes the inputs to
valuation techniques used to measure fair value into three broad levels.  The
fair value hierarchy gives the highest priority to unadjusted quoted prices in
active markets for identical assets or liabilities (Level 1 measurements) and
the lowest priority to unobservable inputs (Level 3 measurements).

  Level 1 inputs are unadjusted quoted prices in active markets for identical
assets or liabilities that the Fund has the ability to access at the
measurement date.

  Level 2 inputs are inputs other than quoted prices included in Level 1 that
are observable for the asset or liability, either directly or indirectly.

  Level 3 inputs are unobservable inputs for an asset or liability, including
the Fund's own assumptions used in determining the fair value of investments.
Unobservable inputs shall be used to measure fair value to the extent that
observable inputs are not available, thereby allowing for situations in which
there is little, if any, market activity for the asset or liability at the
measurement date.  As of and for the period ended June 30, 2010 and year ended
December 31, 2009, the Fund did not have any Level 3 assets or liabilities.

  The following table sets forth by level within the fair value hierarchy the
Fund's investments accounted for at fair value on a recurring basis as of June
30, 2010 and December 31, 2009.
Fair Value at June 30, 2010

Description 					Level 1		Level 2		Level 3		Total

  Money Market Accounts				$501,038 	$- 		$- 		$501,038
  US Treasury Bills 				- 		9,999,675 	- 		9,999,675
  Exchange traded - futures contracts		60,751 		- 		- 		60,751
  Total  					$561,789 	$9,999,675 	$- 		$10,561,464

				Fair Value at December 31, 2009

Description 					Level 1		Level 2		Level 3		Total

  Money Market Accounts				$501,014 	$- 		$- 		$501,014
  US Treasury Bills 				- 		9,998,497 	- 		9,998,497
  Total  					$501,014 	$9,998,497 	$- 		$10,499,511
Income Taxes - The Fund prepares calendar year U.S. Federal and applicable
state information tax returns and reports to the partners their allocable
shares of the Fund's income, expenses and trading gains or losses.  No
provision for income taxes has been made in the accompanying financial
statements as each partner is individually responsible for reporting income or
loss based on such partner's respective share of the Fund's income and
expenses as reported for income tax purposes.

  Management has continued to evaluate the application of ASC 740-10-25,
"Income Taxes-Overall-Recognition" to the Fund, and has determined that ASC
740-10-25 does not have a material impact on the Fund's financial statements.
The Fund files federal and state tax returns.  The 2006 through 2009 tax years
generally remain subject to examination by the U.S. federal and most state tax
authorities.

  Statement of Cash Flows - For purposes of the Statement of Cash Flows, the
Fund considers cash at broker, cash, money market funds and U.S. Treasury
Bills to be cash equivalents.  Net cash provided by operating activities
includes no cash payments for interest or income taxes for the six months
ended June 30, 2010 or June 30, 2009.

  Reclassifications - Certain prior year amounts were reclassified to conform
to current year presentation.

                                      F-11
Atlas Futures Fund, Limited Partnership
                       (A Delaware Limited Partnership)

                       Notes to the Financial Statements
                                 June 30, 2010
                                  (A Review)

3.  General Partner Duties

  The responsibilities of the General Partner, in addition to directing the
trading and investment activity of the Fund, include 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 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 Fund.

  If the daily net unit value of the Fund falls to less than 50% of  the
highest value earned through trading at the close of any month, then the
General Partner will immediately suspend all trading, provide all limited
partners with notice of the reduction and give all limited partners the
opportunity, for fifteen days after such notice, to redeem partnership
interests. No trading will commence until after the lapse of the fifteen day
period.

4.  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 Fund.

  Monthly Allocations - Any increase or decrease in the Fund'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
Fund'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 - After holding the investment for a minimum of twelve months, 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. The written request must be received
by the General Partner no less than ten 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.

5.  Fees

  The Fund charged the following fees:

  The Corporate General Partner is entitled to a fixed annual brokerage
commission of 11% of assets on deposit with the FCM for domestic trades plus
actual commissions charged by the FCM for trades made on foreign exchanges and
forward markets, if any. It receives 4% of the commissions and the Fund pays
the introducing broker the remaining 7%.

  A quarterly incentive fee of 25% of "new net profits" is paid to Clarke.
There were no incentive fees for the six months ended June 30, 2010 and 2009.

  The General Partner reserves the right to change the fee structure at its
sole discretion.

                                      F-12
Atlas Futures Fund, Limited Partnership
                       (A Delaware Limited Partnership)

                       Notes to the Financial Statements
                                 June 30, 2010
                                  (A Review)

6.  Related Party Transactions

  The Fund pays commissions to the Corporate General Partner and Futures
Investment Company, the introducing broker.  These related parties are 100%
and 50%, respectively, owned by Michael Pacult.  Related party commissions
were as follows:

Commissions included in expense:
						For The Six Months Ended June 30,
						2010		2009

  Corporate General Partner			$257,807 	$428,304
  Futures Investment Company			436,291 	681,788

  Total related party expenses			$694,098 	$1,110,092

  Commissions included in accrued expenses:

						June 30,	December 31,
						2010		2009

  Corporate General Partner			$38,215 	$51,924
  Futures Investment Company			16,044 		34,561

  Total accrued commissions payable to
   related parties				$54,259 	$86,485

  ASC 460, Guarantees, 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.

                                      F-13
Atlas Futures Fund, Limited Partnership
                       (A Delaware Limited Partnership)

                       Notes to the Financial Statements
                                 June 30, 2010
                                  (A Review)

7.  Trading Activities and Related Risks

  The Fund is engaged in speculative trading of U.S. and foreign futures
contracts in commodities.  The Fund is exposed to both market risk, the risk
arising from changes in market value of the contracts, and credit risk, the
risk of failure by another party to perform according to the terms of a
contract.

  A certain portion of cash in trading accounts are pledged as collateral for
commodities trading on margin.  Additional deposits may be necessary for any
loss on contract value.  The Commodity Exchange Act requires a broker to
segregate all customer transactions and assets from such broker's proprietary
activities.

  Each U.S. commodity exchange with the approval of the CFTC establishes
minimum margin requirements for each traded contract.  The FCM may increase
the margin requirements above these minimums for any or all contracts.  The
Fund maintains cash and cash equivalents to satisfy these margin requirements.
Cash and cash equivalents at June 30, 2010 and December 31, 2009 were
$11,393,981 and $14,979,245, respectively. Based upon the types and amounts of
contracts traded and the amount of liquid assets of the Fund, the General
Partner believes there is minimal risk of not being able to meet its margin
requirement.

  Trading in futures contracts involves entering into contractual commitments
to purchase or sell a particular commodity at a specified date and price. The
gross or face amount of the contract, which is typically many times that of
the Fund's net assets being traded, significantly exceeds the Fund's future
cash requirements since the Fund intends to close out its open positions prior
to settlement. As a result, the Fund is generally subject only to the risk of
loss arising from the change in the value of the contracts. The market risk is
limited to the gross or face amount of the contracts held of approximately
$5,804,890 and $0 on long positions at June 30, 2010 and December 31, 2009,
respectively. However, when the Fund enters into a contractual commitment to
sell commodities, it must make delivery of the underlying commodity at the
contract price and then repurchase the contract at prevailing market prices or
settle in cash. Since the repurchase price to which a commodity can rise is
unlimited, entering into commitments to sell commodities exposes the Fund to
unlimited potential risk.

  Market risk is influenced by a wide variety of factors including government
programs and policies, political and economic events, the level and volatility
of interest rates, foreign currency exchange rates, the diversification
effects among the derivative instruments the Fund holds and the liquidity and
inherent volatility of the markets in which the Fund trades.

  The net unrealized gains on open commodity futures contracts at June 30,
2010 and December 31, 2009 were $60,751 and $0 respectively.

  Open contracts generally mature within three months of June 30, 2010.  The
latest maturity for open futures contracts is in December 2010. However the
Fund intends to close all contracts prior to maturity.

                                      F-14
Atlas Futures Fund, Limited Partnership
                       (A Delaware Limited Partnership)

                       Notes to the Financial Statements
                                 June 30, 2010
                                  (A Review)

7.  Trading Activities and Related Risks - Continued

  The following tables disclose the fair values of derivative and hedging
activities in the Statement of Assets and Liabilities and the Statement of
Operations.

				Derivative Instruments
			Statement of Assets and Liabilities
Asset Derivatives 	Liability Derivatives
														at June 30, 2010 	at June 30, 2010
  								Statement of Assets and Liabilities Location	Fair Value	  	Fair Value		Net

Derivatives not designated as 					Net unrealized gain (loss) on open futures
hedge instruments under ASC 815		Commodity contracts	contracts					$64,437 		$(3,686)	 	$60,751

														Asset Derivatives 	Liability Derivatives
														at December 31, 	at December 31,
  								Statement of Assets and Liabilities Location	2009 Fair Value	  	2009 Fair Value		Net

Derivatives not designated as hedge 	Commodity contracts	Net unrealized gain (loss) on open 		$-			$-			$-
instruments under ASC 815					futures contracts

  				Derivative Instruments
  				Statement of Operations

  														For the three 		For the six
														months ended		months ended
								Line Item in the Statement of Operations	June 30, 2010		June 30, 2010

Derivatives not designated as hedge 	Commodity contracts	Net realized (loss) from investments
instruments under ASC 815					and foreign currency transactions		$(86,169)		$(933,414)

Derivatives not designated as hedge
instruments under ASC 815		Commodity contracts	Net unrealized appreciation from investments	$47,764 		$60,751

  														For the three 		For the six
														months ended		months ended
								Line Item in the Statement of Operations	June 30, 2009		June 30, 2009

Derivatives not designated as hedge 				Net realized gain (loss) from investments and
instruments under ASC 815		Commodity contracts	foreign currency transactions			$61,229 		$(938,191)

Derivatives not designated as hedge
instruments under ASC 815		Commodity contracts	Net unrealized appreciation from investments	$60,289 		$60,289
Credit risk is the possibility that a loss may occur due to the failure of a
counter party to perform according to the terms of a contract.

  The Fund has a substantial portion of its assets on deposit with financial
institutions. In the event of a financial institution's insolvency, recovery
of Fund deposits may be limited to account insurance or other protection
afforded deposits.

  The Fund has established procedures to actively monitor market risk and
minimize credit risk although there can be no assurance that it will succeed.
The basic market risk control procedures consist of continuously monitoring
open positions, diversification of the portfolio and maintenance of a
desirable margin-to-equity ratio. The Fund seeks to minimize credit risk
primarily by depositing and maintaining its assets at financial institutions
and brokers which it believes to be creditworthy.

8.  Financial Instruments with Off-Balance Sheet Credit and Market Risk

  All financial instruments are subject to market risk, the risk that future
changes in market conditions may make an instrument less valuable or more
onerous.  As the instruments are recognized at fair market value, those
changes directly affect reported income.

  Included in the definition of financial instruments are securities,
restricted securities and derivative financial instruments.  Theoretically,
the investments owned by the Fund directly are exposed to a market risk (loss)
equal to the notional value of the financial instruments purchased and
substantial liability on certain financial instruments purchased short.
Generally, financial instruments can be closed.  However, if the market is not
liquid, it could prevent the timely close-out of any unfavorable positions or
require the Fund to hold those positions to maturity, regardless of the
changes in their value or the trading advisor's investment strategies.

  Credit risk represents the accounting loss that would be recognized at the
reporting date if counterparties failed to perform as contracted.
Concentrations of credit risk (whether on or off balance sheet) that arise
from financial instruments exist for groups of counterparties when they have
similar economic characteristics that would cause their ability to meet
contractual obligations to be similarly affected by changes in economic or
other conditions.

9.  Derivative Financial Instruments and Fair Value of Financial Instruments

  A derivative financial instrument is a financial agreement whose value is
linked to, or derived from, the performance of an underlying asset.  The
underlying asset can be currencies, commodities, interest rates, stocks, or
any combination.  Changes in the underlying asset indirectly affect the value
of the derivative.  As the instruments are recognized at fair value, those
changes directly affect reported income.

  All investment holdings are recorded in the statement of assets and
liabilities at their net asset value (fair value) at the reporting date.
Financial instruments (including derivatives) used for trading purposes are
recorded in the statement of assets and liabilities at fair value at the
reporting date.  Realized and unrealized changes in fair values are recognized
in net investment gain (loss) in the period in which the changes occur.
Interest income arising from trading instruments is included in the statement
of operations as part of interest income.

  Notional amounts are equivalent to the aggregate face value of the
derivative financial instruments.  Notional amounts do not represent the
amounts exchanged by the parties to derivatives and do not measure the Fund's
exposure to credit or market risks.  The amounts exchanged are based on the
notional amounts and other terms of the derivatives.

                                      F-15
Atlas Futures Fund, Limited Partnership
                       (A Delaware Limited Partnership)

                       Notes to the Financial Statements
                                 June 30, 2010
                                  (A Review)

10.  Indemnifications

  In the normal course of business, the Fund enters into contracts and
agreements that contain a variety of representations and warranties and which
provide general indemnifications. The Fund's maximum exposure under these
arrangements is unknown, as this would involve future claims that may be made
against the Fund that have not yet occurred. The Fund expects the risk of any
future obligation under these indemnifications to be remote.

11.  Financial Highlights
Three Months Ended June 30,	Six Months Ended June 30,
								2010		2009		2010		2009
  Performance per unit (1)
  Net unit value, beginning of the period			$3,733.43 	$5,011.67 	$4,083.24 	$5,404.76

  Net realized and unrealized (loss) on
  commodity transactions					(11.32)		23.99 		(245.09)	(215.48)
  Investment and other income					1.11 		1.97 		1.66 		3.37
  Expenses  							(111.62)	(152.58)	(228.21)	(307.60)

  Net (decrease) for the period					(121.83)	(126.62)	(471.64)	(519.71)

  Net unit value at the end of the period			$3,611.60 	$4,885.05 	$3,611.60 	$4,885.05

  Net assets at the end of the period ($000)			$10,673 	$18,654 	$10,673 	$18,654
  Total return (2)						(3.26%)		(2.53%)		(11.55%)	(9.62%)

  Number of units outstanding at the end of the period		2,955.10 	3,818.52 	2,955.10 	3,818.52

  Supplemental Data:
  Ratio to average net assets
  Investment and other income (3)				0.12% 		0.16% 		0.09% 		0.13 %
  Expenses  (3)							(12.43%)	(12.20%)	(12.28%)	(12.07%)
Total return is calculated based on the change in value of a unit during the
period.  An individual partner's total return and ratios may vary from the
above total returns and ratios based on the timing of additions and
redemptions.

  (1) Investments and other income and expenses and net realized and
unrealized gains and losses on commodity transactions are calculated based on
a single unit outstanding during the period.

  (2)  Not annualized

  (3)  Annualized

                                      F-16
Atlas Futures Fund, Limited Partnership
                  Affirmation of the Commodity Pool Operator
                For the Six Months Ended June 30, 2010 and 2009

*****************************************************************************

To the best of the knowledge and belief of the undersigned, the information
contained in this report is accurate and complete.

  /s/ Michael Pacult
  Michael Pacult
  President, Ashley Capital Management, Inc.
  General Partner
  Atlas Futures Fund, Limited Partnership

                                      F-17
ATLAS FUTURES FUND, LIMITED PARTNERSHIP
                       (A Delaware Limited Partnership)

                                 ANNUAL REPORT

                               December 31, 2009

                               GENERAL PARTNER:
                        Ashley Capital Management, Inc.
                           % Corporate Systems, Inc.
                             505 Brookfield Drive
                      Dover, Kent County, Delaware 19901
Index to the Financial Statements

									Page

  Report of Independent Registered Public Accounting Firm		F-2

  Statements of Assets and Liabilities					F-3

  Schedule of Investments - Cash and Securities - December 31, 2009	F-4

  Schedule of Investments - Cash and Securities - December 31, 2008	F-5

  Statements of Operations						F-6

  Statements of Changes in Net Assets					F-7

  Statements of Cash Flows						F-8

  Notes to the Financial Statements					F-9 - F-16

  Affirmation of the Commodity Pool Operator				F-17

                                      F-1
Patke & Associates, Ltd.

                         Certified Public Accountants

            Report of Independent Registered Public Accounting Firm

To the Partners of
Atlas Futures Fund, Limited Partnership
Dover, Delaware

We have audited the accompanying statements of assets and liabilities,
including the schedule of investments, of Atlas Futures Fund, Limited
Partnership, as of December 31, 2009 and 2008, and the related statements of
operations, changes in net assets and cash flows for each of the three years
in the period ended December 31, 2009.  These financial statements are the
responsibility of the Partnership's management. Our responsibility is to
express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with the standards of the Public Company
Accounting Oversight Board (United States).  Those standards require that we
plan and perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. The Partnership is not
required to have, nor were we engaged to perform an audit of its internal
control over financial reporting. Our audit included consideration of internal
control over financial reporting as a basis for designing audit procedures
that are appropriate in the circumstances, but not for the purpose of
expressing an opinion of the effectiveness of the Partnership's internal
control over financial reporting. Accordingly, we do not express such an
opinion. An audit includes, examining on a test basis, evidence supporting the
amounts and disclosures in the financial statements, assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audit provides a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Atlas Futures Fund, Limited
Partnership as of December 31, 2009 and 2008, and the results of its
operations, its changes in net assets and its cash flows for each of the three
years in the period ended December 31, 2009 are in conformity with accounting
principles generally accepted in the United States of America.

/s/ Patke & Associates, Ltd.
Patke & Associates, Ltd.
Lincolnshire, Illinois
March 15, 2010

                     300 Village Green Drive, Suite 210 *
                  Lincolnshire, Illinois 60069 *(847)913-5400

                                      F-2
Atlas Futures Fund, Limited Partnership
                       (A Delaware Limited Partnership)

                     Statements of Assets and Liabilities
                          December 31, 2009 and 2008
2009		2008

Assets

  Investments

  Equity in broker trading accounts

  Cash and cash equivalents at broker				$4,359,494	$7,826,204

  Total equity in broker trading accounts			4,359,494	7,826,204

  U.S. Treasury Bills (cost $9,997,725 and $14,977,729)		9,998,497	14,997,985

  Cash								120,240		99,988
  Money market fund						501,014		1,009
  Interest receivable						-		203
  Prepaid expenses						11,395		-
  Total assets							14,990,640	22,925,389

Liabilities

  Partner redemptions payable					168,311		1,027
  Accrued commissions payable to related parties		86,485		151,937
  Incentive fees payable					-		57,490
  Other accrued liabilities					24,366		23,900

  Total liabilities						279,162		234,354

Net assets							$14,711,478	$22,691,035

Analysis of net assets

  Limited partners						$14,711,478	$22,691,035
  General partners						-		-

  Net assets (equivalent to $4,083.24 and $5,404.76 per unit)	$14,711,478	$22,691,035

Partnership units outstanding

  Limited partners units outstanding				3,602.89	4,198.35
  General partners units outstanding				-		-

  Total partnership units outstanding				3,602.89	4,198.35
The accompanying notes are an integral part of the financial statements
                                      F-3
Atlas Futures Fund, Limited Partnership
                       (A Delaware Limited Partnership)

                 Schedule of Investments - Cash and Securities

                               December 31, 2009
Fair Value		Percent
Description				Maturity Date		Cost		Face Value	Local Currency	U.S. Dollars	of Net Assets

United States Treasury Bills:
  United States Treasury Bill		January 14, 2010	$4,999,115	$5,000,000	4,999,872	$4,999,872
  United States Treasury Bill		April 1, 2010		4,998,610	5,000,000	4,998,625	4,998,625
    Total United States Treasury Bills				$9,997,725	$10,000,000			$9,998,497	67.96%

Cash in trading accounts:
United States Markets										4,149,299	$4,149,299

   Total cash in trading accounts denominated in U.S. Dollars							4,149,299	28.20%

Cash denominated in foreign currency:
Euro Dollar Markets - EUR									128,214		183,622
British Pound Markets - GBP									16,451		26,573
														210,195		1.43%
   Total cash denominated in foreign currency

     Total cash in trading accounts										$4,359,494	29.63%

Money market fund (501,013.80 shares at $1 per share)						501,014		$501,014	3.41%
The accompanying notes are an integral part of the financial statements
                                      F-4
Atlas Futures Fund, Limited Partnership
                       (A Delaware Limited Partnership)

                 Schedule of Investments - Cash and Securities

                               December 31, 2008
Fair Value		Percent
Description				Maturity Date		Cost		Face Value	Local Currency	U.S. Dollars	of Net Assets

United States Treasury Bills:
  United States Treasury Bill		January 2, 2009		$4,985,944	$5,000,000	5,000,000	$5,000,000
  United States Treasury Bill		January 15, 2009	4,993,681	5,000,000	4,999,017	4,999,017
  United States Treasury Bill		February 19, 2009	4,998,104	5,000,000	4,998,968	4,998,968
    Total United States Treasury Bills				$14,977,729	$15,000,000			$14,997,985	66.10%

Cash and cash equivalents in trading accounts:
  United States Markets										7,826,204	$7,826,204

     Total cash and cash equivalents in trading accounts denominated in U.S. Dollars				7,826,204	34.49%

          Total cash and cash equivalents in trading accounts							$7,826,204	34.49%

Money market fund (1,009.26 shares at $1 per share)						1,009		$1,009		0.00%
The accompanying notes are an integral part of the financial statements
                                      F-5
Atlas Futures Fund, Limited Partnership
                       (A Delaware Limited Partnership)

                           Statements of Operations

             For the Years Ended December 31, 2009, 2008 and 2007
2009		2008		2007

Investment income

  Interest income								$25,287		$282,259	$710,446

  Total investment income							25,287		282,259		710,446

Expenses

  Commission expense								2,108,568	2,474,512	1,887,822
  Management fees								-		-		63,946
  Incentive fees								-		2,562,761	1,687,737
  Professional accounting and legal fees					135,300		150,500		203,992
  Other operating and administrative expenses					13,838		37,052		14,362

  Total expenses								2,257,706	5,224,825	3,857,859

  Net investment (loss)								(2,232,419)	(4,942,566)	(3,147,413)

Realized and unrealized gain (loss) from investments and foreign currency

  Net realized gain (loss) from:
  Investments									(2,533,985)	11,614,138	7,053,695
  Foreign currency transactions							(364,459)	(1,210,393)	1,115,290

  Net realized gain (loss) from investments and
  foreign currency transactions							(2,898,444)	10,403,745	8,168,985

  Net unrealized (depreciation) on:
  Investments									-		-		(1,344,852)
  Foreign currency transactions							-		-		(588,830)

  Net unrealized (depreciation) on
  investments and foreign currency transactions					-		-		(1,933,682)

  Net realized and unrealized income (loss) from investments
  and foreign currency transactions						(2,898,444)	10,403,745	6,235,303

  Net increase (decrease) in net assets resulting from operations		$(5,130,863)	$5,461,179	$3,087,890

Net income (loss) per unit (for a single unit outstanding during the entire
year)
  Limited partnership unit							$(1,321.52)	$1,229.64	$685.25
  General partnership unit							$-		$-		$-
The accompanying notes are an integral part of the financial statements
                                      F-6
Atlas Futures Fund, Limited Partnership
                       (A Delaware Limited Partnership)

                      Statements of Changes in Net Assets

               For the Years Ended December 2009, 2008 and 2007
2009		2008		2007

Increase (decrease) in net assets from operations
Net investment (loss)								$(2,232,419)	$(4,942,566)	$(3,147,413)
Net realized gain (loss) from investments and foreign currency transactions	(2,898,444)	10,403,745	8,168,985
Net unrealized (depreciation) on investments and foreign currency
transactions									-		-		(1,933,682)
Net increase (decrease) in net assets resulting from operations			(5,130,863)	5,461,179	3,087,890

Capital contributions from limited partners					345,345		411,613		281,915
Redemptions by limited partners							(3,194,039)	(1,818,467)	(1,747,881)

  Total increase (decrease) in net assets					(7,979,557)	4,054,325	1,621,924

Net assets at the beginning of the year						22,691,035	18,636,710	17,014,786

Net assets at the end of the year						$14,711,478	$22,691,035	$18,636,710
The accompanying notes are an integral part of the financial statements
                                      F-7
Atlas Futures Fund, Limited Partnership
                       (A Delaware Limited Partnership)

                           Statements of Cash Flows

             For the Years Ended December 31, 2009, 2008 and 2007
2009		2008		2007

Cash Flows from Operating Activities

Net increase (decrease) in net assets resulting from operations			$(5,130,863)	$5,461,179	$3,087,890

Adjustments to reconcile net increase (decrease) in net assets from
  operations to net cash provided by (used in) operating activities:

  Changes in operating assets and liabilities:

  (Increase) in prepaid expenses						(11,395)	-		-
  Unrealized depreciation on investments					-		-		1,933,681
  Increase (decrease) in interest receivable					203		43,906		(44,109)
  Increase (decrease) in accrued commissions payable				(65,452)	144,593		(669)
  Increase (decrease) in accrued incentive fees					(57,490)	(599,788)	422,250
  Increase in other payables and accruals					466		1,820		21,231

  Net cash provided by (used in) operating activities				(5,264,531)	5,051,710	5,420,274

Cash Flows from Financing Activities

  Proceeds from sale of units, net of sales commissions				345,345		411,613		281,915
  Partner redemptions								(3,026,755)	(1,871,257)	(1,860,287)

  Net cash (used in) financing activities					(2,681,410)	(1,459,644)	(1,578,372)

  Net increase (decrease) in cash and cash equivalents				(7,945,941)	3,592,066	3,841,902

  Cash and cash equivalents, beginning of year					22,925,186	19,333,120	15,491,218

  Cash and cash equivalents, end of year					$14,979,245	$22,925,186	$19,333,120

  End of year cash and cash equivalents consist of:

  Cash and cash equivalents at broker						$4,359,494	$7,826,204	$19,285,953
  Treasury Bills								9,998,497	14,997,985	-
  Cash										120,240		99,988		47,167
  Money market fund								501,014		1,009		-

  Total cash and cash equivalents						$14,979,245	$22,925,186	$19,333,120

 										$14,979,245	$22,925,186	$19,333,120

										$-		$-		$-
The accompanying notes are an integral part of the financial statements
                                      F-8
Atlas Futures Fund, Limited Partnership
                       (A Delaware Limited Partnership)

                       Notes to the Financial Statements
                               December 31, 2009

1.  Nature of the Business

  Atlas Futures Fund, Limited Partnership (the "Fund") was formed January 12,
1998 under the laws of the state of Delaware.  The Fund is engaged in the
speculative trading of futures contracts in commodities, which commenced in
October, 1999.  Ashley Capital Management, Inc. (the "General Partner") and
Michael Pacult are the General Partners and the commodity pool operators
("CPO's") of the Fund.  As of September 30, 2007, the sole registered
commodity trading advisor ("CTA") of the fund was Clarke Capital Management,
Inc. ("Clarke"), which has served as CTA since commencement of Fund business.
From February 1, 2005 until October 1, 2007, NuWave Investment Corp.
("NuWave") also served as CTA.  The CTAs have the authority to trade as much
of the Fund's equity as is allocated to them by the General Partner, which is
currently estimated to be 99% of total equity. Effective July, 2004 the Fund
began to sell issuer direct on a best efforts basis with no sales commissions.

  The Fund is a registrant with the Securities and Exchange Commission ("SEC")
pursuant to the Securities Act of 1933 ("the Act"). The Fund is subject to the
regulations of the SEC and the reporting requirements of the Securities and
Exchange Act of 1934. 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 and regulated by
commodity exchanges and by exchange markets that may be traded by the advisor.

2.  Significant Accounting Policies

  FASB 168 "Accounting Standards Codification" - On July 1, 2009, the
Financial Accounting Standards Board ("FASB") officially released the
Accounting Standards Codification (the "Codification" or "ASC").  Pursuant to
FASB Statement No. 168, the FASB Accounting Standards Codification and the
Hierarchy of Generally Accepted Accounting Principles will be effective for
interim and annual periods ending after September 15, 2009.  The fund adopted
FASB 168 "Accounting Standards Codification" on July 1, 2009.
  The Codification does not change accounting principles generally accepted in
the United States of America ("GAAP") but it is a major restructuring of how
accounting and reporting standards that constitute how GAAP are organized.
That is, the Codification will be the single source of authoritative non-
governmental GAAP.  The organizational changes are expected to make GAAP
easier to research by simplifying user access to all authoritative guidance.
As a result, content will reside in new locations within the Codification
which means referencing to specific guidance will change.

  Registration Costs - Costs incurred for the initial filings with the SEC,
Financial Industry Regulatory Authority and the states where the offering was
made were accumulated, deferred and charged against the gross proceeds of
offering at the initial closing as part of the offering expense.  The Fund
remains open to new partners, and incurs costs required to retain the ability
to issue new units.  Such costs, in addition to the costs of recurring annual
and quarterly filings with regulatory agencies are expensed as incurred.

  Revenue Recognition - Commodity futures contracts are recorded on the trade
date and are reflected in the balance sheet at the difference between the
original contract amount and the market value on the last business day of the
reporting period.

  Market value of commodity futures contracts is based upon exchange or other
applicable market best available closing quotations.

  Interest income is recognized when it is earned.

  Use of Accounting Estimates - The preparation of financial statements in
conformity with GAAP requires management to make estimates and assumptions
that affect the reported amount 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.

                                      F-9
Atlas Futures Fund, Limited Partnership
                       (A Delaware Limited Partnership)

                       Notes to the Financial Statements
                               December 31, 2009

2.  Significant Accounting Policies - Continued

  Foreign Currency - Investment securities and other assets and liabilities
denominated in foreign currencies are translated into U.S. dollar amounts at
the date of valuation.  Purchases and sales of investment securities and
income and expense items denominated in foreign currencies are translated into
U.S. dollar amounts on the respective dates of such transactions.

  The Fund does not isolate that portion of the results of operations
resulting from changes in foreign exchange rates on investments from the
fluctuations arising from changes in market prices of securities held.  Such
fluctuations are included with the net realized and unrealized gain or loss
from investments.

  Reported net realized foreign exchange gains or losses arise from sales of
foreign currencies, currency gains or losses realized between the trade and
settlement dates on securities transactions, and the difference between the
amounts of dividends, interest, and foreign withholding taxes recorded on the
Fund's books and the U.S. dollar equivalent of the amounts actually received
or paid.  Net unrealized foreign exchange gains and losses arise from changes
in the fair values of assets and liabilities, other than investments in
securities at fiscal period end, resulting from changes in exchange rates.

  Fair Value Measurement and Disclosures - The Fund adopted the provisions of
Accounting Standards Codification 820 - "Fair Value Measurement and
Disclosures", or ASC 820, as of January 1, 2008.  ASC 820 provides guidance
for determining fair value and requires increased disclosure regarding the
inputs to valuation techniques used to measure fair value.  ASC 820 clarifies
the definition of fair value as the price that would be received to sell an
asset or paid to transfer a liability in an orderly transaction between market
participants at the measurement date.
  ASC 820 establishes a fair value hierarchy which prioritizes the inputs to
valuation techniques used to measure fair value into three broad levels.  The
fair value hierarchy gives the highest priority to unadjusted quoted prices in
active markets for identical assets or liabilities (Level 1 measurements) and
the lowest priority to unobservable inputs (Level 3 measurements).

  Level 1 inputs are unadjusted quoted prices in active markets for identical
assets or liabilities that the Fund has the ability to access at the
measurement date.

  Level 2 inputs are inputs other than quoted prices included in Level 1 that
are observable for the asset or liability, either directly or indirectly.

  Level 3 inputs are unobservable inputs for an asset or liability, including
the Fund's own assumptions used in determining the fair value of investments.
Unobservable inputs shall be used to measure fair value to the extent that
observable inputs are not available, thereby allowing for situations in which
there is little, if any, market activity for the asset or liability at the
measurement date.  As of and for the years ended December 31, 2009 and 2008,
the Fund did not have any Level 3 assets or liabilities.

  The following table sets forth by level within the fair value hierarchy the
Fund's investments accounted for at fair value on a recurring basis as of
December 31, 2009 and 2008.

  						    Fair Value at December 31, 2009
  Description				Level 1		Level 2		Level 3		Total

  Money Market Accounts			$501,014	$-		$-		$501,014
  US Treasury Bills			-		9,998,497	-		9,998,497
  Total					$501,014	$9,998,497	$-		$10,499,511

   						    Fair Value at December 31, 2008
  Description				Level 1		Level 2		Level 3		Total

  Money Market Accounts			$1,009		$-		$-		$1,009
  US Treasury Bills			-		14,997,985	-		14,997,985
  Total					$1,009		$14,997,985	$-		$14,998,994

  Income Taxes - The Fund prepares calendar year U.S. Federal and applicable
state information tax returns and reports to the partners their allocable
shares of the Fund's income, expenses and trading gains or losses.  No
provision for income taxes has been made in the accompanying financial
statements as each partner is individually responsible for reporting income or
loss based on such partner's respective share of the Fund's income and
expenses as reported for income tax purposes.

  Management has continued to evaluate the application of ASC 740-10-25,
"Income Taxes-Overall-Recognition" to the Fund, and has determined that ASC
740-10-25 does not have a material impact on the Fund's financial statements.
The Fund files federal and state tax returns.  The 2006 through 2009 tax years
generally remain subject to examination by the U.S. federal and most state tax
authorities.

  Statement of Cash Flows - For purposes of the Statement of Cash Flows, the
Fund considers cash at broker, cash, money market funds and U.S. Treasury
Bills to be cash equivalents.  Net cash provided by operating activities
includes no cash payments for interest or income taxes for the years ended
December 31, 2009 , 2008 and 2007.

                                      F-10
Atlas Futures Fund, Limited Partnership
                       (A Delaware Limited Partnership)

                       Notes to the Financial Statements
                               December 31, 2009

3.  General Partner Duties

  The responsibilities of the General Partner, in addition to directing the
trading and investment activity of the Fund, include 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 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 Fund.

  If the daily net unit value of the Fund falls to less than 50% of  the
highest value earned through trading at the close of any month, then the
General Partner will immediately suspend all trading, provide all limited
partners with notice of the reduction and give all limited partners the
opportunity, for fifteen days after such notice, to redeem partnership
interests. No trading will commence until after the lapse of the fifteen day
period.

4.  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 Fund.

  Monthly Allocations - Any increase or decrease in the Fund'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 Partners.

  Federal Income Tax Allocations - As of the end of each fiscal year, the
Fund'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 - After holding the investment for a minimum of twelve months, 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. The written request must be received
by the General Partner no less than ten 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.

5.  Fees

  The Fund was charged the following fees:

  The General Partner is entitled to an 11% fixed annual brokerage commission.
It receives 4% of the commissions and the Fund pays the introducing broker
that remaining 7%.

  A quarterly incentive fee of 25% of "new net profits" is paid to Clarke.

  NuWave was paid a quarterly incentive fee of 20% of "new profits" and also
received a monthly management fee based upon the rate of trading assigned by
NuWave and approved by the General Partner of up to 3% (annualized) on the
first $2,000,000 in allocated equity and up to 2% on the allocated equity
above $2,000,000.

  Effective October 1, 2007, NuWave Investment Corp. was removed as a CTA to
the Fund and it ceased earning management and incentive fees.

  The General Partner reserves the right to change the fee structure at its
sole discretion.

                                      F-11
Atlas Futures Fund, Limited Partnership
                       (A Delaware Limited Partnership)

                       Notes to the Financial Statements
                               December 31, 2009

6.  Related Party Transactions

  The Fund pay commissions to the General Partner and Futures Investment
Company, the introducing broker.  These related parties are 100% and 50%,
respectively, owned by Michael Pacult, the Fund's individual CPO and president
of the corporate CPO.  Related party commissions were as follows:

  Commissions included in expense:

 						2009		2008		2007

  General Partner				$766,090	$898,144	$683,623
  Futures Investment Company			1,251,360	1,423,668	1,049,076

  Total related party expenses			$2,017,450	$2,321,812	$1,732,699

  Commissions included in accrued expenses:

						December 31,	December 31,
  						2009		2008

  General Partner				$51,924		$79,523
  Futures Investment Company			34,561		72,414

  Total accrued expenses to related parties	$86,485		$151,937

  ASC 460, Guarantees, 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.

                                      F-12
Atlas Futures Fund, Limited Partnership
                       (A Delaware Limited Partnership)

                       Notes to the Financial Statements
                               December 31, 2009

7.  Partnership Unit Transactions

  As of December 31, 2009 , 2008, and 2007 partnership units were valued at
$4,083.24, $5,404.76 and $4,175.12 respectively.

  Transactions in partnership units were as follows:
Units						Amount
				2009		2008		2007		2009		2008		2007

  Limited Partner Units
  Subscriptions			65.09		78.15		75.10		$345,345	$411,613	$281,915
  Redemptions			(660.55)	(343.56)	(486.83)	(3,194,039)	(1,818,467)	(1,747,881)
  Total				(595.46)	(265.41)	(411.73)	(2,848,694)	(1,406,854)	(1,465,966)

  General Partner Units
  Subscriptions			-		-		-		-		-		-
  Redemptions			-		-		-		-		-		-
  Total				-		-		-		-		-		-

  Total Units
  Subscriptions			65.09		78.15		75.10		345,345		411,613		281,915
  Redemptions			(660.55)	(343.56)	(486.83)	(3,194,039)	(1,818,467)	(1,747,881)
  Total				(595.46)	(265.41)	(411.73)	$(2,848,694)	$(1,406,854)	$(1,465,966)
F-13
Atlas Futures Fund, Limited Partnership
                       (A Delaware Limited Partnership)

                       Notes to the Financial Statements
                               December 31, 2009

8.  Trading Activities and Related Risks

  The Fund is engaged in speculative trading of U.S. and foreign futures
contracts in commodities.  The Fund is exposed to both market risk, the risk
arising from changes in market value of the contracts, and credit risk, the
risk of failure by another party to perform according to the terms of a
contract.

  A certain portion of cash in trading accounts are pledged as collateral for
commodities trading on margin.  Additional deposits may be necessary for any
loss on contract value.  The Commodity Exchange Act requires a broker to
segregate all customer transactions and assets from such broker's proprietary
activities.

  Each U.S. commodity exchange, with the approval of the CFTC and the futures
commission merchant, establish minimum margin requirements for each traded
contract.  The futures commission merchant may increase the margin
requirements above these minimums for any or all contracts.  In general, the
amount of required margin should never fall below 10% of the Net Asset Value.
The cash deposited in trading accounts at December 31, 2009 and 2008 was
$4,359,494 and $7,826,204, respectively, which equals approximately 29.63% and
34.49% of Net Asset Value, respectively.  Cash and cash equivalents exceeded
Net Asset Value because of accrued expenses and partner redemptions at
December 31, 2009 and 2008. Cash payments for these expenses were made prior
to the end of the subsequent quarter. Prior to April, 2007, the fund purchased
United States Treasury Bills as a form of margin and the Fund earned interest
on this margin.  As of April 2007, the Fund benefits from an arrangement with
the FCM whereby the FCM pays the Fund the daily Treasury Bill or Libor rate
minus 10 basis points on the net liquidity of the Fund. Beginning in the
second quarter of 2008, the Fund resumed investing in United States Treasury
Bills.

  Trading in futures contracts involves entering into contractual commitments
to purchase or sell a particular commodity at a specified date and price. The
gross or face amount of the contract, which is typically many times that of
the Fund's net assets being traded, significantly exceeds the Fund's future
cash requirements since the Fund intends to close out its open positions prior
to settlement. As a result, the Fund is generally subject only to the risk of
loss arising from the change in the value of the contracts. The market risk is
limited to the gross or face amount of the contracts held of approximately $0
and $0 on long positions at December 31, 2009 and 2008, respectively. However,
when the Fund enters into a contractual commitment to sell commodities, it
must make delivery of the underlying commodity at the contract price and then
repurchase the contract at prevailing market prices or settle in cash. Since
the repurchase price to which a commodity can rise is unlimited, entering into
commitments to sell commodities exposes the Fund to unlimited potential risk.

  Market risk is influenced by a wide variety of factors including government
programs and policies, political and economic events, the level and volatility
of interest rates, foreign currency exchange rates, the diversification
effects among the derivative instruments the Fund holds and the liquidity and
inherent volatility of the markets in which the Fund trades.

  The net unrealized gains on open commodity futures contracts at December 31,
2009 and 2008 were $0 and $0 respectively.

  Open contracts generally mature within three months of December 31, 2009.
The Fund had no open contracts at December 31, 2009

                                      F-14
Atlas Futures Fund, Limited Partnership
                       (A Delaware Limited Partnership)

                       Notes to the Financial Statements
                               December 31, 2009

8.  Trading Activities and Related Risks - Continued

  In March 2008, the FASB issued Accounting Standards Codification 815 (ASC
815), "Derivatives and Hedging".  ASC 815 provides for disclosures about
derivative instruments and hedging activities.  ASC 815 is intended to improve
financial reporting about derivative instruments and hedging activities by
requiring enhanced disclosures to enable investors to better understand how
those instruments and activities are accounted for; how and why they are used;
and their effects on a Fund's financial position, financial performance, and
cash flows.  ASC 815 is effective for financial statements issued for fiscal
years beginning after November 15, 2008, and interim periods within those
fiscal years.

  The Fund adopted the provisions of ASC 815 effective January 1, 2009.

  The following tables disclose the fair values of derivative and hedging
activities in the Statement of Assets and Liabilities and the Statement of
Operations.
Derivative Instruments
				Statement of Assets and Liabilities

													Asset Derivatives 	Liability Derivatives
													at December31, 		at December 31,
  							Statement of Assets and Liabilities Location	2009 Fair Value		2009 Fair Value		Net

Derivatives not designated as 	  Commodity contracts	Net unrealized gain (loss) on open		$-			$-			$-
hedge instruments under ASC 815				futures contracts

				Derivative Instruments
				Statement of Operations

													For the Year Ended
  							Line Item in the Statement of Operations	December 31, 2009

Derivatives not designated as 	  Commodity contracts	Net realized (loss) from investments  		$(2,898,444)
hedge instruments under ASC 815				and foreign currency transactions
Credit risk is the possibility that a loss may occur due to the failure of a
counter party to perform according to the terms of a contract.

  The Fund has a substantial portion of its assets on deposit with financial
institutions. In the event of a financial institution's insolvency, recovery
of Fund deposits may be limited to account insurance or other protection
afforded deposits.

  The Fund has established procedures to actively monitor market risk and
minimize credit risk although there can be no assurance that it will succeed.
The basic market risk control procedures consist of continuously monitoring
open positions, diversification of the portfolio and maintenance of a
desirable margin-to-equity ratio. The Fund seeks to minimize credit risk
primarily by depositing and maintaining its assets at financial institutions
and brokers which it believes to be creditworthy.

9.  Financial Instruments with Off-Balance Sheet Credit and Market Risk

  All financial instruments are subject to market risk, the risk that future
changes in market conditions may make an instrument less valuable or more
onerous.  As the instruments are recognized at fair market value, those
changes directly affect reported income.

  Included in the definition of financial instruments are securities,
restricted securities and derivative financial instruments.  Theoretically,
the investments owned by the Fund directly are exposed to a market risk (loss)
equal to the notional value of the financial instruments purchased and
substantial liability on certain financial instruments purchased short.
Generally, financial instruments can be closed.  However, if the market is not
liquid, it could prevent the timely close-out of any unfavorable positions or
require the Fund to hold those positions to maturity, regardless of the
changes in their value or the trading advisor's investment strategies.

  Credit risk represents the accounting loss that would be recognized at the
reporting date if counterparties failed to perform as contracted.
Concentrations of credit risk (whether on or off balance sheet) that arise
from financial instruments exist for groups of counterparties when they have
similar economic characteristics that would cause their ability to meet
contractual obligations to be similarly affected by changes in economic or
other conditions.

10.  Derivative Financial Instruments and Fair Value of Financial Instruments

  A derivative financial instrument is a financial agreement whose value is
linked to, or derived from, the performance of an underlying asset.  The
underlying asset can be currencies, commodities, interest rates, stocks, or
any combination.  Changes in the underlying asset indirectly affect the value
of the derivative.  As the instruments are recognized at fair value, those
changes directly affect reported income.

  All investment holdings are recorded in the statement of assets and
liabilities at their net asset value (fair value) at the reporting date.
Financial instruments (including derivatives) used for trading purposes are
recorded in the statement of assets and liabilities at fair value at the
reporting date.  Realized and unrealized changes in fair values are recognized
in net investment gain (loss) in the period in which the changes occur.
Interest income arising from trading instruments is included in the statement
of operations as part of interest income.

  Notional amounts are equivalent to the aggregate face value of the
derivative financial instruments.  Notional amounts do not represent the
amounts exchanged by the parties to derivatives and do not measure the Fund's
exposure to credit or market risks.  The amounts exchanged are based on the
notional amounts and other terms of the derivatives.

                                      F-15
Atlas Futures Fund, Limited Partnership
                       (A Delaware Limited Partnership)

                       Notes to the Financial Statements
                               December 31, 2009

11.  Indemnifications

  In the normal course of business, the Fund enters into contracts and
agreements that contain a variety of representations and warranties and which
provide general indemnifications. The Fund's maximum exposure under these
arrangements is unknown, as this would involve future claims that may be made
against the Fund that have not yet occurred. The Fund expects the risk of any
future obligation under these indemnifications to be remote.

12.  Subsequent Events

  In 2009, the Fund adopted ASC 855 "Subsequent Events". The objective of ASC
855 is to establish general standards of accounting for and disclosure of
events that occur after the balance sheet date but before financial statements
are issued or available to be issued. The General Partner evaluated subsequent
events through March 15, 2010. There were no subsequent events to disclose.

13.  Financial Highlights
For the Years Ended December 31,
  							2009		2008		2007		2006		2005
  Performance per unit (3)
  Net unit value, beginning of the year			$5,404.76	$4,175.12	$3,489.87	$3,357.08	$2,731.41

  Net realized and unrealized gain (loss) on
  commodity transactions				(753.79)	2,355.63	1,365.97	505.12		1,206.19
  Investment and other income				6.44		64.59		151.43		139.17		80.59
  Expenses (1)						(574.17)	(1,190.58)	(832.15)	(511.50)	(661.11)

  Net increase (decrease) for the year			(1,321.52)	1,229.64	685.25		132.79		625.67

  Net unit value at the end of the year			$4,083.24	$5,404.76	$4,175.12	$3,489.87	$3,357.08

  Net assets at the end of the year ($000)		$14,711		$22,691		$18,637		$17,015		$16,842
  Total return (1)					(24.45%)	29.45%		19.64%		3.94%		22.91%

  Number of units outstanding at the end of the year	3,602.89	4,198.35	4,463.75	4,875.48	5,016.79

  Supplemental Data:
  Ratio to average net assets
  Investment and other income (3)			0.13%		1.30%		4.14%		4.22%		2.57%
  Expenses  (2)						(12.02%)	(24.03%)	(22.47%)	(4.36%)		(10.19%)
Total return is calculated based on the change in value of a unit during the
period.  An individual partner's total return and ratios may vary from the
above total returns and ratios based on the timing of additions and
redemptions.

  (1)  Includes brokerage commissions

  (2)  Excludes brokerage commissions for 2005 and prior years.

  (3)  For the years ended December 31, 2006 and 2005, investment and other
income and expenses are calculated using the average number of units
outstanding during the year.  Net realized and unrealized gains and losses on
commodity transactions is a balancing amount necessary to reconcile the change
in net unit value.  For the years ended December 31, 2009, 2008 and 2007,
investments in other income and expenses and net realized and unrealized gains
and losses on commodity transactions are calculated based on a single unit
outstanding during the period.

                                      F-16
Atlas Futures Fund, Limited Partnership
                       (A Delaware Limited Partnership)

                       Notes to the Financial Statements
                               December 31, 2009

*****************************************************************************

To the best of the knowledge and belief of the undersigned, the information
contained in this report is accurate and complete.

  /s/ Michael Pacult
  Michael Pacult
  President, Ashley Capital Management, Inc.
  General Partner
  Atlas Futures Fund, Limited Partnership

                                      F-17
Ashley Capital Management, Inc.

                             FINANCIAL STATEMENTS
                               December 31, 2009
Index to the Financial Statements

							Page

Independent Auditor's Report				F-2

Financial Statements

Balance Sheets						F-3

Statements of Income and Retained Earnings		F-4

Statements of Cash Flows				F-5

Notes to the Financial Statements		     F-6 - F-7

         Purchase of units in the Fund will not acquire or otherwise
                   have any interest in the General Partner.
Patke & Associates, Ltd.

                         Certified Public Accountants

                         Independent Auditor's Report

To the Board of Directors of
Ashley Capital Management, Inc.
Fremont, Indiana

We have audited the accompanying balance sheets of Ashley Capital Management,
Inc. (an S-Corporation) as of December 31, 2009 and 2008, and the related
statements of income and retained earnings and cash flows for each of the
three years in the period ended December 31, 2009.  These financial statements
are the responsibility of the Company's management.  Our responsibility is to
express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with auditing standards generally
accepted in the United States of America.  Those standards require that we
plan and perform the audit to obtain reasonable assurance about whether the
financial statements are free from material misstatement.  An audit involves
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements.  An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation.  We believe that our
audit provides a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Ashley Capital Management,
Inc. as of December 31, 2009 and 2008 and the results of its operations and
its cash flows for each of the three years in the period ended December 31,
2009 are in conformity with accounting principles generally accepted in the
United States of America.

/s/ Patke & Associates, Ltd.
Patke & Associates, Ltd.
Lincolnshire, Illinois
March 16, 2010

       300 Village Green Drive, Suite 210 * Lincolnshire, Illinois 60069
                 Phone: (847) 913-5400 * Fax:  (847) 913-5435
Ashley Capital Management, Inc.

                                Balance Sheets

                          December 31, 2009 and 2008
Assets							2009		2008

Current assets

  Cash							$766		$1,911
  Commissions receivable				51,923		79,523
  Due from related parties				33,734		33,734

    Total current assets				86,423		115,168

    Total assets					$86,423		$115,168

Liabilities

Current liabilities

  Accounts payable and accrued liabilities		$216		$343

    Total current liabilities				216		343

Stockholder's equity

  Capital stock  (common 1,500 shares authorized,
   no par value; 1,000 issued and outstanding)		1,000		1,000
  Retained earnings					85,207		113,825

    Total stockholder's equity				86,207		114,825

    Total liabilities and stockholder's equity		$86,423		$115,168
The accompanying notes are an integral part
                         of the financial statements.

                                      F-3
Ashley Capital Management, Inc.

                  Statements of Income and Retained Earnings

             For the Years Ending December 31, 2009, 2008 and 2007
2009		2008		2007
Revenue
  Commissions					$766,090	$898,144	$683,623

Operating expenses

  Payroll and related expenses			348,708		365,904		219,390
  Charitable contributions			-		500		-
  Other operating expenses			-		-		1,550

    Total operating expenses			348,708		366,404		220,940

Net income					417,382		531,740		462,683

Retained earnings

Beginning of the year				113,825		109,115		107,406

  Stockholder contributions			-		23,470		68,000
  Stockholder distributions			(446,000)	(550,500)	(528,974)

End of the year					$85,207		$113,825	$109,115
The accompanying notes are an integral part
                         of the financial statements.

                                      F-4
Ashley Capital Management, Inc.

                           Statements of Cash Flows

             For the Years Ending December 31, 2009, 2008 and 2007
2009		2008		2007

Cash flows from operating activities

  Net income						$417,382	$531,740	$462,683

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

    Changes in operating assets and liabilities  -

      (Increase) decrease commissions receivable	27,600		(78,325)	4,385
      Increase (decrease) accounts payable
       and accrued liabilities				(127)		(27,902)	9,755

        Net cash provided by operating activities	444,855		425,513		476,823

Cash flows from financing activities

  (Increase) decrease due from related parties		-		102,789		(23,500)
  Stockholder contributions				-		23,470		68,000
  Stockholder distributions				(446,000)	(550,500)	(525,200)

    Net cash (used in) financing activities		(446,000)	(424,241)	(480,700)

Net increase (decrease) in cash				(1,145)		1,272		(3,877)

  Cash at the beginning of the year			1,911		639		4,516

  Cash at the end of the year				$766		$1,911		$639

Non-cash financing activities
Related party receivable distributed to the Company's
 stockholder						$-		$-		$3,774
The accompanying notes are an integral part
                         of the financial statements.

                                      F-5
Ashley Capital Management, Inc.

                       Notes to the Financial Statements

                               December 31, 2009

1.	Nature of the Business

Ashley Capital Management, Inc. (the "Company") was formed on October 15, 1996
under the laws of the state of Delaware.  It has authority to act as general
partner and commodity pool operator of the Atlas Futures Fund, Limited
Partnership ("Atlas" or the "Fund") that also was formed pursuant to the laws
of Delaware.  The Company became registered as a commodity pool operator by
the National Futures Association pursuant to the Commodity Exchange Act, 7 USC
Sec. 1, et seq, (the "Act") on January 15, 1998.

The responsibilities of the Company, in addition to the selection of trading
advisors and other activity of the Fund, include 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 Fund and compliance with
the Act.  The Company, as general partner, is liable for the debts of the Fund
including, but not limited to, any losses from trading in the pool account not
covered by equity on deposit.

2.	Significant Accounting Policies

"New Accounting Standards - On July 1, 2009, the Financial Accounting
Standards Board (?FASB?) officially released the Accounting Standards
Codification (the ?Codification? or ?ASC?).  Pursuant to FASB Statement No.
168, the FASB Accounting Standards Codification and the Hierarchy of Generally
Accepted Accounting Principles is effective for interim and annual periods
ending after September 15, 2009.  The Company adopted FASB 168 for the year
ended December 31, 2009.

The Codification does not change accounting principles generally accepted in
the United States of America (?GAAP?) but it is a major restructuring of how
accounting and reporting standards that constitute how GAAP are organized.
That is, the Codification will be the single source of authoritative non-
governmental GAAP.  The organizational changes are expected to make GAAP
easier to research by simplifying user access to all authoritative guidance.
As a result, content will reside in new locations within the Codification
which means referencing to specific guidance will change.

Use of Accounting Estimates - The accompanying financial statements have been
prepared in accordance with GAAP.  The preparation of financial statements in
accordance with GAAP 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
the reported amounts of revenue and expenses during the reporting period.
Actual results could differ from those estimates.

Statement of Cash Flows - The Company considers all short-term investments
with an original maturity of three months or less to be cash equivalents.  The
Company had no cash equivalents at December 31, 2009 or 2008.  There were no
cash payments for interest nor for income taxes for the years ended December
31, 2009, 2008 and 2007.

Income Tax Status - For federal income tax purposes, the Company elected S-
Corporation status and therefore pays no federal income taxes, since income or
losses are passed through to the respective stockholders.

Management has continued to evaluate the application of ASC 740-10-25, Income
Taxes-Overall-Recognition (formerly FIN No. 48, ?Accounting for Uncertainty in
Income Taxes?) to the Company, and has determined that no reserves for
uncertain tax positions were required to have been recorded as a result of the
adoption of ASC 740-10-25. There are no tax positions for which it is
reasonably possible that the total amounts of unrecognized tax benefits will
significantly increase or decrease within twelve months. The 2006 through 2009
tax years generally remain subject to examination by the U.S. federal and most
state tax authorities.

Reclassifications - Certain accounts in the prior year financial statements
have been reclassified for comparative purposes to conform with the
presentation in the current year financial statements.

3.	Related Party Transactions

The Company's sole stockholder, Michael Pacult, is the sole stockholder of the
following related parties which are either general partners or managing
members of associated investment funds:

Related Party	Investment Fund

Belmont Capital Management, Inc.	Bromwell Financial Fund, L.P.
TriView Capital Management, Inc.	TriView Global Fund, L.L.C.
White Oak Financial Services, Inc.	Providence Select Fund, L.P.
Evergreen Capital Management, Inc.	Strategic Opportunities Fund, L.L.C.

Michael Pacult is also a 50% owner of Futures Investment Company, an
affiliated introducing broker registered under the Act.

              Purchase of units in the Fund will not acquire or
              otherwise have any interest in the General Partner.

                                      F-6
Ashley Capital Management, Inc.

                       Notes to the Financial Statements

                               December 31, 2009

3.	Related Party Transactions, Continued

Due from related parties result from offering, organizational and operating
costs paid by the Company on behalf of the related party and cash advances.
These amounts bear no interest or due dates and are unsecured.  The balance is
usually paid back within a year or when the related fund is financially
capable of repaying the advance.  The following amounts were due to the
Company as of December 31, 2009 and 2008:

					    December 31,
					2009		2008

Bromwell Financial Fund, L.P.		$3,033		$3,033
TriView Capital Management, Inc.	4,225		4,225
TriView Global Fund, L.L.C.		26,476		26,476

Due from related parties		$33,734		$33,734

Atlas pays the Company a 4% commission.  For the years ended December 31,
2009, 2008 and 2007 brokerage commissions from Atlas were $766,090, $898,144
and $683,623, respectively.  At December 31, 2009 and 2008 the Company was
owed $51,923 and $79,523, respectively, under this agreement.

In 2007 a receivable due from Futures Investment Company was assumed by the
Company's sole stockholder and subsequently recorded as a stockholder
distribution.

4.	Guarantees

The Company and Michael Pacult, the individual general partner, are liable for
the debts of Atlas.  Specifically, the Company has provided a written
guarantee to the FCM to provide that any Atlas overdraft will be paid to the
FCM if it should default in its payments.

5.	Concentrations

The Company deposits its cash funds at a local financial institution.  The
balance may, at times, exceed federally insured credit limits.

The Company receives all of its net revenues from Atlas.

6.	Subsequent Events
In 2009, the Fund adopted ASC 855 ?Subsequent Events?, or ASC 855 (formerly
known as FAS 165, ?Subsequent Events?).  The objective of ASC 855 is to
establish general standards of accounting for and disclosure of events that
occur after the balance sheet date but before financial statements are issued
or available to be issued.  The Company evaluated subsequent events through
March 16, 2010, the date the financial statements were issued.  There were no
subsequent events to disclose.

              Purchase of units in the Fund will not acquire or
              otherwise have any interest in the General Partner.

                                      F-7
Part II

                      Statement of Additional Information

                    Atlas Futures Fund, Limited Partnership

This Statement of Additional Information is the second part of a two-part
document and should be read in conjunction with Part I of Atlas Futures Fund's
disclosure document dated October  __, 2010, both of which are combined in
this single prospectus.

Summary of the Fund                                                        2
Fund Performance                                                           4
Correlation Comparison                                                     5
Fund and Offering Details                                                  6
The Opportunity                                                            7
Why Atlas Futures Fund?                                                    7
Investment Factors                                                         7
Value of Diversification - Managed Futures Industry                        8
Managed Futures vs. Stocks During Draw-Downs                               10
The Futures, Forward, Option and Swap Markets                              11
Advantages of Managed Futures Fund Investments                             13
Important Disclosures                                                      14

Appendixes & Exhibits

Appendix I	-	Commodity Terms and Definitions; State Regulatory Glossary
Appendix II	-	Privacy Statement
Exhibit A	-	Limited Partnership Agreement
Exhibit B	-	Request for Redemption
Exhibit C	-	Suitability Information
Exhibit D	-	Subscription Agreement and Power Of Attorney
Exhibit E	-	Depository Agreement
Exhibit F	-	Investment Advisory Contract - Clarke Capital Management,
			Inc.

   The date of this Statement of Additional Information is October __, 2010
Atlas Futures Fund, LP

*  Trading advisor with 17 years experience

*  10 year trading program track record

*  Low historical correlation to stocks and bonds

*  Profit potential (and risk of loss) in both rising and falling markets

*  Participation in a wide variety of global markets

*  Monthly liquidity

THE OFFERING OF UNITS IN ATLAS FUTURES FUND, LP (THE "FUND") CAN ONLY BE MADE
IN CONJUNCTION WITH PART I OF THIS PROSPECTUS, WHICH CONTAINS IMPORTANT
INFORMATION REGARDING CERTAIN RISKS ASSOCIATED WITH THE FUND AND SHOULD BE
READ CAREFULLY AND RETAINED BY ANYONE CONSIDERING INVESTMENT IN THE FUND. THE
UNITS HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE SECURITIES AND EXCHANGE
COMMISSION NOR HAS THE SECURITIES EXCHANGE COMMISSION, THE COMMODITY FUTURES
TRADING COMMISSION, OR ANY STATE SECURITIES COMMISSION PASSED UPON THE
ACCURACY OR ADEQUACY OF THE PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS
A CRIMINAL OFFENSE. AN INVESTMENT IN THE FUND IS SPECULATIVE AND INVOLVES A
HIGH DEGREE OF RISK.

                                    -SAI 1-
Atlas Futures Fund, LP

Summary of the Fund

Fund Objectives

Atlas Futures Fund, L.P. allows investors to participate in a wide range of
markets within a single investment. With access to an array of market sectors
and investment opportunities, an investment in the Fund may encompass
everything from financial futures to commodity futures. The Fund also provides
investors with the potential for above average rates of return, as well as an
important diversification from stocks, bonds and mutual funds through a
professionally managed futures investment. Markets also traded by the Fund
include global interest rates, foreign currencies, metals, energy products,
global equity indices and agricultural commodities.

Professional Management

The advisor selected by the General Partner to trade on behalf of the Fund has
over 16 years experience in professional money management and, in the opinion
of the General Partner, is well known for excellence in the managed futures
industry.

Portfolio Diversification

The ability of futures trading advisors to trade in a market by going either
long or short creates profit potential in both rising and falling markets. The
strategy of the Fund acts independently of economic prosperity, interest rates
or currency stability. Futures trading advisors can perform as well in a bear
market as in a bull market. Of course, where there is profit potential, there
is also risk of loss. The correlation between the performance of managed
futures funds and stocks and bonds has historically been very low.  Thus,
managed futures funds provide vital diversification for suitable investors.

Disciplined, Multi-Manager Trading Approach

The trading programs used for the Fund represent a unique blend of strategies
with access to global market sectors. This custom blend of strategies creates
an opportunity for investors interested in diversifying their portfolios
across multiple sectors using complimentary trading styles.

Limited Risk

An investor in the Fund has limited liability and is liable for principal and
profits only.

Liquidity

Investors in the Fund can generally withdraw their capital at the net asset
value as of the end of any month, with 10 days advance written notice, and
after an initial 12 month lock-in period.

Administrative Convenience

The Fund's General Partner sends each investor a comprehensive monthly
statement showing the results of the Fund's previous month's trading. The
General Partner provides audited reports for the Fund and a year-end statement
containing information necessary for income tax preparation. Investors may
call the General Partner for intra-month updates if desired.

The General Partner

The Fund's General Partner is Ashley Capital Management, Inc., whose principal
is Mr. Michael Pacult, experienced in the field of managed futures in the
United States since 1980. Please see Part I of this prospectus for a more
detailed description of the advantages and risks associated with an investment
in the Fund that you need to read prior to investment in the Atlas Futures
Fund.

Principal Selling Agent

The Fund is offered by Futures Investment Company, which is registered with
the Financial Industry Regulatory Authority.  Futures Investment Company,
through its affiliate relationship with Ashley Capital Management, Inc., is
the selling agent for the Fund.  Futures Investment Company is also a member
of SIPC, is registered with the SEC and CFTC, and is an NFA member.. All sales
are on a best efforts basis.

                                    -SAI 2-
Checks and Balances

The following is to advise you of the structure of the Fund's business, which
is a combination of independently functioning and regulated organizations that
provide a system of checks and balances on the accuracy and integrity of one
another and your investment.

Broker: Your broker and his or her Broker/Dealer are regulated by the
Securities and Exchange Commission (SEC), the Financial Industry Regulatory
Authority (FINRA), formerly the National Association of Securities Dealers
(NASD), and the various state securities boards in which they operate.

CPO: The Fund managers are registered pursuant to the US Commodity Exchange
Act in accordance with rules established by the US Commodity Futures Trading
Commission (CFTC) as Commodity Pool Operators (CPOs).  The Fund CPOs are
regulated by the National Futures Association (NFA), a CFTC authorized self
regulatory organization.   The corporate CPO's financial statements are
audited annually by an independent Certified Public Accounting firm, Patke &
Associates, Ltd.   In addition to auditing the financial statements of the
CPO, Patke also audits the Fund financial statements.

CTA: The CPO selects one or more independent traders who are registered
pursuant to the US Commodity Exchange Act as Commodity Trading Advisors
(CTAs).  The CTA is then granted authority to enter trades utilizing the
amount of money the CPO grants the CTA for that purpose.    The CTA is
regulated by the NFA.

FCM: The CTA executes the Fund trades with MF Global Inc., an independent
Futures Commission Merchant (FCM), which is a registered member of various
world-wide futures exchanges.  Both the FCM and the US exchanges are regulated
pursuant to the Commodity Exchange Act and are audited by the NFA.  All Fund
trades are executed as standardized futures contracts that have complete
transparency.

Assets: All investor funds are pooled and held in the name of the Fund.
Approximately 45% of the Fund assets are held at the FCM as margin for
trading, 9% is held in a cash management fund that invests only in US T-Bills,
and 2% is held in a Fund checking account to pay Fund expenses as necessary.
The balance of 44% of the assets are held in the Fund's name in T-Bills in a
Treasury Direct account at the US Treasury.

Statements: At the end of each trading day, the FCM generates an account
statement that shows the day's trading activity, if any, and the Fund's open
market positions, if any, which shows the original date and price of each
commodity contract marked to the market's daily close.  This produces a
resulting unrealized profit or loss on each position, as well as the total
value of the Fund account.  The CPO, CTA, and independent Fund bookkeeper,
Investor Services, all review the account statements daily.

Bookkeeper: The independent bookkeeper produces a daily and monthly report of
the Fund's Net Asset Value (NAV) per Unit, both of which are immediately
reviewed by the CPO when completed, and compared to the CPO's own records.  In
addition to the Fund bookkeeping, the bookkeeper completes the partnership
accounting and sends out the monthly individual investor statements.

Auditor:  All of the bookkeeper's activities with respect to the preparation
of the Fund financial statements are reviewed and audited by Patke &
Associates, Ltd., the Fund's independent CPA, which in turn is subject to the
rules and regulations of the American Institute of Certified Public
Accountants (AICPA) and the Public Company Accounting Oversight Board (PCAOB).

Legal: The Fund employs independent law firms to work with the bookkeeper and
auditor to produce and update the Fund prospectus and to keep in compliance
and interface with the SEC, FINRA, NFA, CFTC, and various state securities
administrators to submit the required regulatory filings as periodically
required.

Although your investment in futures presents the risk of loss from the trades
made, please be assured that all of us-your broker, the CPO, CTA, FCM,
bookkeeper, auditor, and attorneys -while independent from each other, are
working together in a system of checks and balances to monitor your investment
for performance, accuracy, integrity, and safety to be certain the reports of
earnings and losses to you are accurate and complete.

                                    -SAI 3-
Atlas Futures Fund, LP

Fund Performance

Monthly Compounded Rate of Return (%)
October 1999 - September 2010
Jan.	Feb.	Mar.	Apr.	May	Jun.	Jul.	Aug.	Sep.	Oct.	Nov.	Dec.	AROR
2010	-3.70	-3.99	-1.11	-1.57	-0.61	-1.12	1.37	0.43	11.19				0.12
2009	-3.00	0.77	-5.14	0.27	2.73	-5.37	-0.34	-8.44	-0.23	-4.13	0.99	-5.18	-24.46
2008	-8.64	25.18	-2.99	16.07	-2.10	7.24	-8.17	4.49	-5.77	7.29	2.57	-3.76	29.46
2007	5.92	-2.97	-1.58	0.70	-2.15	4.92	-3.51	-5.66	14.88	3.63	6.90	-1.24	19.65
2006	1.76	-9.11	-3.37	13.26	1.40	-4.51	-6.56	1.46	9.05	0.28	-0.81	3.13	3.94
2005	-4.02	3.77	15.01	-3.60	6.94	-3.01	-1.34	7.56	0.01	-3.85	6.06	-0.86	22.91
2004	-5.08	11.26	3.09	-0.90	15.08	-2.42	4.15	7.18	4.12	10.75	7.09	-6.56	56.04
2003	4.08	21.04	-3.47	2.92	12.60	-5.23	-3.93	-2.37	3.58	-1.95	-8.61	14.78	33.47
2002	-4.86	-5.41	3.42	-5.24	0.00	12.85	5.22	3.32	7.65	-12.94	-5.65	15.99	10.97
2001	-7.36	-4.44	7.62	-4.29	0.86	-2.93	3.91	1.92	-5.98	11.62	4.05	-0.95	-5.70
2000	-2.88	-1.04	-4.46	1.47	12.16	4.95	-7.90	9.72	-0.68	-7.23	8.44	18.97	31.76
1999										-0.66	2.36	-6.45	-4.88
PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

Value of Initial $10,000 Investment	Performance vs. Benchmarks

October 1999 - September 2010		October 1999 - September 2010

The S&P 500 and NASDAQ 100 indices are unmanaged and are generally
representative of certain portions of the U.S. equity markets. The Barclays
CTA Index is representative of the average performance of Commodity Trading
Advisors reporting to the Barclays Database. These indices are shown for
illustrative purposes only and are not indicative of any fund's performance.
An investor cannot invest directly in an index. Moreover, indices do not
reflect commissions or fees which might be charged to a similar fund and which
might materially affect the performance data presented.

THE ABOVE TABLE AND TWO GRAPHS WERE PREPARED BY THE FUND.  AN INVESTMENT IN
ATLAS FUTURES FUND, L.P. INVOLVES SUBSTANTIAL RISK AND MAY RESULT IN THE
COMPLETE LOSS OF PRINCIPAL INVESTED.

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS. TRADING IN THE FUTURES,
FORWARD, OPTION AND SWAP MARKETS IS SPECULATIVE, INVOLVES SUBSTANTIAL RISK,
AND IS NOT SUITABLE FOR ALL INVESTORS.

                                    -SAI 4-
Correlation Comparison

Performance Through Diversification

The value of diversification can be seen by looking at the correlation
comparison of the performance of the Fund versus benchmark stock market and
managed futures indices. Since October 1999, not only has the Fund
outperformed the major indices, but was also not correlated to such indices.
In general, this attribute will allow investors to potentially reduce the risk
and improve the performance in their portfolios through diversification.

Annual Rates of Return
October 1999 - May 2010

	Atlas Fund	S&P 500		NASDAQ 100	Barclays CTA

1999	-4.88%		14.54%		53.97%		-1.97%
2000	31.76%		-10.12%		-36.83%		10.46%
2001	-5.70%		-13.05%		-32.65%		4.92%
2002	10.97%		-23.36%		-37.58%		13.40%
2003	33.47%		26.39%		49.11%		11.07%
2004	56.04%		9.00%		10.45%		3.83%
2005	22.91%		3.01%		1.48%		2.44%
2006	3.94%		13.62%		6.78%		5.67%
2007	19.65%		3.55%		18.67%		11.57%
2008	29.46%		-38.50%		-41.90%		19.64%
2009	-24.66%		23.45%		53.54%		0.32%
2010	0.12%		2.35%		7.41%		2.45%

Value of Initial $10,000 Investment vs. Benchmarks
October 1999 - October 2010

$10,000 invested Oct 1999 in Atlas would be worth $40,880
$10,000 invested Oct 1999 in S&P 500 would be worth $8.900
$10,000 invested Oct 1999 in the NASDAQ 100 would be worth $8,791
$10,000 invested Oct 1999 in Barclays CTA would be worth $18,560
Correlation Comparison

Oct 1999 - Oct 2010	Total Months: 132		Atlas Fund	S&P 500		NASDAQ 100	Barclays CTA

Performance		Total Rate of Return		308.80%		-15.05%		-23.08%		114.37%
			Avg. Annual Rate of Return	15.75%		0.99%		4.77%		5.87%

Risk			Worst Peak-to-Valley Drawdown*	-36.02%		-52.56%		-81.07%		-8.75%
			Standard Deviation**		22.03%		19.17%		35.82%		4.64%

Statistics		Sharpe Ratio***			0.60		-0.09		0.04		0.59
			Correlation to Atlas		1.00		-0.18		-0.27		0.47
* Worst Peak-to-Valley Drawdown is the greatest cumulative percentage decline
in month end net asset value of the program due to losses sustained by an
account during any period in which the initial month-end net asset value of an
account is not equaled or exceeded by a subsequent month-end net asset value
of the account and includes the time period in which it occurred.

** Standard Deviation shows the annualized performance volatility by
quantifying the amount of dispersion you can expect performances to fall
around the average or mean return.

*** Sharpe Ratio is a risk-adjusted measure used to determine reward per unit
of risk. The higher the ratio, the better the fund's historical risk-adjusted
performance. The measure uses a compounded annual return minus the available
annual risk free rate in 13 Week T-Bill returns divided by annualized standard
deviation.

The S&P 500 and NASDAQ 100 indices are unmanaged and are generally
representative of certain portions of the U.S. equity markets. The Barclays
CTA Index is representative of the average performance of Commodity Trading
Advisors reporting to the Barclays Database. These indices are shown for
illustrative purposes only and are not indicative of any fund's performance.
An investor cannot invest directly in an index. Moreover, indices do not
reflect commissions or fees which might be charged to a similar fund and which
might materially affect the performance data presented.

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS. TRADING IN THE FUTURES,
FORWARD, OPTION AND SWAP MARKETS IS SPECULATIVE, INVOLVES SUBSTANTIAL RISK,
AND IS NOT SUITABLE FOR ALL INVESTORS.  THE ABOVE THREE TABLES WERE PREPARED
BY THE FUND.

                                    -SAI 5-
Atlas Futures Fund, LP

Fund and Offering Details

The Fund

Investment Goal	Intermediate to Long-Term Capital Appreciation

General Partner	Ashley Capital Management, Inc.

Trading Advisor	Clarke Capital Management, Inc.

Clearing Broker	MF Global Inc.

The Offering

Minimum Investment	$25,000

Increment Amount	$1,000

Subscription Fee	None

Subscription Price	Net Asset Value

Subscription Notice	Subscriptions Available Monthly with 5 Business Days
Notice

Subscription Procedure	Subscribers Must Complete, Execute and Deliver to the
Fund the Subscription Agreement and Power of Attorney Signature Page Which
Accompanies the Prospectus

Redemption Notice	Liquidity Available Monthly with 10 Days Notice after an
initial 12 month lock-in period

Investor Liability	Limited to the Amount of Capital Invested

Investor Suitability	Net Worth of $250,000 -or-

Income of $70,000 and Net Worth of $70,000

Plus Specific State Requirements

Please Refer to the Prospectus for Additional Information

Fees and Expenses

General Partner Compensation	Fixed Brokerage Commission of 4% Annually

Introducing Broker Compensation	Fixed Brokerage Commission of 7% Annually

Trading Advisor Compensation	Incentive Fee: 25% New Profit Quarterly

Management Fee: None

Selling Agent Compensation	1% up front selling commission on gross
subscription amount

Annual Expenses	Estimated $149,000

                                    -SAI 6-
The Opportunity

*	Professionally managed futures funds offer access to global markets,
along with the potential to profit from rising or falling markets.

*	Professionally managed futures funds add an important component to a
diversified growth portfolio.

*	In the opinion of the General Partner, Atlas Futures Fund, L.P. offers a
more simple and effective way to use the services of a successful futures
trading advisor with a long-term track record than with a managed account or
through discretionary trading yourself.

*	An individual investor seeking to utilize the services of the Fund's
traders through a direct account would need to meet a substantially higher
minimum investment requirement.

How to Subscribe

*	After reviewing the Offering Memorandum, please complete and sign the
items in the Subscription Booklet.

*	Forward to the Fund the Subscription Booklet and a check made payable to
"Special account for the exclusive benefit of the customers of Atlas Futures
Fund, LP".

The Fund is open to qualified investors and the current minimum investment is
$25,000.  New investments are entered into the Fund at the end of the month in
which they are received and must be received on the 5th business day prior to
the end of the month.

Why Atlas Futures Fund?

Why a Managed Futures Fund?

Managed futures investments are intended to generate long-term capital growth
by providing global portfolio diversification. This diversification can be
utilized by investing in the Fund. A primary reason to invest in a managed
futures (alternative investment) product, such as Atlas Futures Fund, is to
provide a fully diversified portfolio of investments that has the potential to
improve returns while protecting against risk. This is possible because
managed futures (alternative investment) products historically have not been
correlated to traditional markets, such as stocks and bonds.

The Atlas Futures Fund employs a professional commodity trading advisor,
Clarke Capital Management, Inc., that trades as many as 40 futures markets
worldwide using proprietary trading systems. The trading advisor has
consistently produced positive returns, even during down markets, due to
diversified trades and the ability to spot trends, while insuring strict risk
controls are always in place.  Of course, past performance is not necessarily
indicative of future results.

Why Now?

The recent fluctuation in world markets has proven that long-only equity
portfolios cannot make money during downward cycles. For continued portfolio
performance, a fund that hedges its trades is the only way to potentially
limit losses and possibly achieve gains in any economic environment.

Historical Non Correlated Performance

Historically, managed futures investments have had very little correlation to
the stock and bond markets. While there is no guarantee of positive
performance in a managed futures component of a portfolio, the non-correlation
characteristic of managed futures can improve risk adjusted returns in a
diversified investment portfolio. Having the ability to go long and short
gives managed futures the ability to profit from up or down markets. In other
words, profit or loss in managed future funds is not dependent on economic
cycles.

Investment Factors

The Advantages of Non-Correlation and Diversification of Your Portfolio

The Nobel Prize for Economics in 1990 was awarded to Dr. Harry Markowitz for
demonstrating that the total return can increase, and/or risk can be reduced,
when portfolios have positively performing asset categories that are
essentially non-correlated. Even many seemingly diverse portfolios may
actually be quite correlated. For instance, over time, alternative investment
classes such as real estate and international stocks and bonds may correlate
closely with domestic equities as the global economy expands and contracts.

                                    -SAI 7-
Historically, alternative investments such as managed futures funds have had
very little correlation to the stock and bond markets. Ashley Capital
Management, Inc. believes that the performance of the Fund should also exhibit
a substantial degree of non-correlation (not, however, necessarily negative
correlation) with the performance of traditional equity and debt portfolio
components, in part because of the ease of selling futures short. This feature
of futures -- being able to be long or short a futures position with similar
ease - means that profit and loss from futures trading is not dependent upon
economic or geopolitical prosperity or stability.

However, non-correlation will not provide any diversification advantages
unless the non-correlated assets are outperforming other portfolio assets, and
there is no guarantee that the Fund will outperform other sectors of an
investor's portfolio (or not produce losses). Additionally, although adding
managed futures funds to a portfolio may provide diversification, managed
futures funds are not a hedging mechanism and there is no guarantee that
managed futures funds will appreciate during periods of inflation or stock and
bond market declines.

Non-correlated performance should not be confused with negatively correlated
performance. Non-correlation means only that the Fund's performance will
likely have no relation to the performance of equity and debt instruments,
reflecting Ashley Capital's belief that factors that affect equity and debt
prices may affect the Fund differently and that certain factors which affect
the former may not affect the latter. The net asset value per unit may decline
or increase more or less than equity and debt instruments during both rising
and falling markets. Ashley Capital has no expectation that the Fund's
performance will be negatively correlated to the general debt and equity
markets, i.e., likely to be profitable when the latter are unprofitable or
vice versa.

Value of Diversification - Managed Futures Industry

Money Under Management in Managed Futures

Money Under Management in Managed Futures is updated on a quarterly basis and
is usually ready by month end of the month following the quarter.  Money Under
Management during the 2nd quarter of 2010 was $223.4 billion.

This chart was prepared by the Fund and shows industry growth since 1980 using
data obtained from Barclay Trading Group, Ltd.  See the glossary in Appendix I
of this Statement of Additional Information for information integral to this
chart.  This chart reflects the managed futures industry as a whole and is not
indicative of the Fund in particular.

PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.

                                    -SAI 8-
Market Diversification

The Fund's CTAs use proprietary systems designed to ensure minimal correlation
to traditional investments.  The spectrum of traded instruments globally
consists of up to 40 futures markets in both commodity and financial futures.
Fundamental to the Fund's selection of CTAs is low correlation between the
different instruments they trade and high liquidity for order execution.

This chart was prepared by the Fund.  See the glossary in Appendix I of this
Statement of Additional Information for information integral to this chart.
This chart reflects the managed futures industry as a whole and is not
indicative of the Fund in particular.

PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.

Historical Correlation

The chart below shows the historical correlation of the monthly returns of the
NASDAQ Composite Index, Europe, Australasia, Far East (EAFE) Index with the
S&P 500 Index than managed futures investments, as represented by the Barclays
CTA Index. This low correlation shows that managed futures have a tendency to
behave somewhat independently from stocks.

Historical Correlation Of Monthly Returns

With The S&P 500 Index

January 1980* - October 2010

* Barclays data was not available prior to 1980.

This chart was prepared by the Fund.  See the glossary in Appendix I of this
Statement of Additional Information for information integral to this chart.
This chart reflects the managed futures industry as a whole and is not
indicative of the Fund in particular.  The S&P 500, NASDAQ composite, and
Europe, Australia, Far East indices are unmanaged and are generally
representative of certain portions of the U.S. and global equity markets. The
Barclays Aggregate  Bond Index is unmanaged and generally representative of
the global central government bond market.  The Barclays CTA Index reflects

                                    -SAI 9-
the dollar-weighted performance of CTAs reporting to the Barclays Database.
These indices are shown for illustrative purposes only and are not indicative
of any fund's performance. An investor cannot invest directly in an index.
Moreover, indices do not reflect commissions or fees which might be charged to
a similar fund and which might materially affect the performance data
presented.

PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.

Risk Perspective

The proper evaluation of any investment must include an assessment of the risk
which must be taken to achieve the prospective return. Another measure of
risk, in addition to standard deviation, is historical worst-case decline, or
largest draw-down. In other words, if you had purchased an investment at a
month-end peak in performance and then subsequently sold at the lowest month-
end price thereafter, the worst-case decline would be the largest percentage
loss experienced. The chart below shows the worst-case cumulative monthly
decline in the Barclays Government Bond Index, Barclays CTA Index, S&P 500
Index, EAFE Index and NASDAQ Composite Index since 1980. The Barclays CTA
Index experienced a smaller peak to valley decline than three of the other
indices. This does not imply that managed futures are necessarily safer than
the benchmarks compared; it is merely intended to put risk in a historical
perspective.

Worst-Case Declines

1980* - October 2010

[Amounts In Percents]

* Barclays data was not available prior to 1980.

This chart was prepared by the Fund.  See the glossary in Appendix I of this
Statement of Additional Information for information integral to this chart.
This chart reflects the managed futures industry as a whole and is not
indicative of the Fund in particular.  The S&P 500, NASDAQ composite, and
Europe, Australia, Far East indices are unmanaged and are generally
representative of certain portions of the U.S. and global equity markets. The
Barclays Govt. Bond Index is unmanaged and generally representative of the
global central government bond market.  The Barclays CTA Index reflects the
dollar-weighted performance of CTAs reporting to the Barclays Database.  These
indices are shown for illustrative purposes only and are not indicative of any
fund's performance. An investor cannot invest directly in an index. Moreover,
indices do not reflect commissions or fees which might be charged to a similar
fund and which might materially affect the performance data presented.

PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.

Managed Futures vs. Stocks During Draw-Downs

The following charts show the comparison between the performance of managed
futures and stocks during the five worst declines for each since 1980. These

                                    -SAI 10-
charts demonstrate the historical non-correlation between these two asset
classes over the stated time periods. The managed futures portion is
represented by the Barclays CTA Index and the stocks portion is represented by
the S&P 500 Index.

Managed Futures vs. Stocks During Stock Market Drawdowns.

(January, 1980* - October 2010)

Source: Stocks: S&P 500 Index,

Managed Futures: Barclays Trading Advisor Qualified Universe Index (MAR)

* Barclays data was not available prior to 1980.

This chart was prepared by the Fund.  See the glossary in Appendix I of this
Statement of Additional Information for information integral to this chart.
This chart reflects the managed futures industry as a whole and is not
indicative of the Fund in particular.  The S&P 500 index is unmanaged and is
generally representative of a certain portion of the U.S. equity markets. The
Barclays Trading Advisor Qualified Universe Index reflects the dollar-weighted
performance of CTAs reporting to the CASAM Barclays Database.  These indices
are shown for illustrative purposes only and are not indicative of any fund's
performance. An investor cannot invest directly in an index. Moreover, indices
do not reflect commissions or fees which might be charged to a similar fund
and which might materially affect the performance data presented.

PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.

The Futures, Forward, Option and Swap Markets

Futures Contracts

Futures contracts are standardized agreements traded on commodity exchanges
that call for the future delivery of the commodity or financial instrument at
a specified time and place. A futures trader that enters into a contract to
take delivery of the underlying commodity is "long" the contract, or has
"bought" the contract. A trader that is obligated to make delivery is "short"
the contract or has "sold" the contract. Actual delivery on the contract
rarely occurs. Futures traders usually offset (liquidate) their contract
obligations by entering into equal but offsetting futures positions. For
example, a trader who is long one September Treasury bond contract on the
Chicago Board of Trade can offset the obligation by entering into a short
position in a September Treasury bond contract on that exchange. Futures
positions that have not yet been liquidated are known as "open" contracts or
positions.

Futures contracts are traded on a wide variety of commodities, including
agricultural products, metals, energies, livestock products, government
securities, currencies and stock market indices. Options on futures contracts
are also traded on U.S. and foreign commodity exchanges. The Fund concentrates
its futures trading in financial instruments, such as interest rate, foreign
exchange and stock index contracts, and metal and energy contracts.

                                    -SAI 11-
Forward Contracts

Currencies and other commodities may be purchased or sold for future delivery
or cash settlement through banks or dealers pursuant to forward, option or
swap contracts. Currencies also can be traded pursuant to futures contracts on
organized futures exchanges; however, the Fund will use the dealer market in
foreign exchange contracts for most of the Fund's trading in currencies. Such
dealers will act as "principals" in these transactions and will include their
profit in the price quoted on the contracts. Unlike futures contracts, foreign
exchange contracts are not standardized. In addition, the forward market is
largely unregulated. Forward contracts are not "cleared" or guaranteed by a
third party.  There also is no daily settlement of unrealized gains or losses
on open foreign exchange contracts as there is with futures contracts on U.S.
exchanges.

Option Contracts

An option on a futures contract or on a physical commodity or currency gives
the buyer of the option the right to take a position of a specified amount at
a specified price in a specific underlying instrument (the "striking,"
"strike" or "exercise price"). The buyer of a "call" option acquires the right
to take a long position (i.e., the obligation to take delivery of a specified
amount at a specified price in a specific underlying instrument). The buyer of
a "put" option acquires the right to take a short position (i.e., the
obligation to make delivery of a specified amount at a specified price in a
specific underlying instrument).

The purchase price of an option is referred to as its "premium." The seller
(or "writer") of an option is obligated to take a position at a specified
price opposite to the option buyer if the option is exercised. Thus, the
seller of a call option must stand ready to sell (take a short position in)
the underlying instrument at the striking price if the buyer should exercise
the option. The seller of a put option, on the other hand, must stand ready to
buy (take a long position in) the underlying instrument at the striking price
if the buyer should exercise the option.

A call option is said to be "in the money" if the striking price is below
current market levels, and "out of the money" if the striking price is above
current market levels. Conversely, a put option is said to be "in the money"
if the striking price is above current market levels, and "out of the money"
if the striking price is below current market levels.

Options have limited lifespans. An option that is out of the money and not
offset by the time it expires becomes worthless. Options usually trade at a
premium above their intrinsic value (i.e., the difference between the market
price for the underlying instrument and the striking price), because the
option trader is speculating on (or hedging against) future movements in the
price of the underlying instrument. As an option nears its expiration date,
the market value and intrinsic value typically move into parity. The
difference between an option's intrinsic value and market value is referred to
as the "time value" of the option.

Swap Transactions

The Fund periodically enters into transactions in the forward or other markets
which could be characterized as swap transactions and which may involve
interest rates, currencies, securities interests, commodities and other items.
A swap transaction is an individually negotiated, non-standardized agreement
between two parties to exchange cash flows measured by different interest
rates, exchange rates, or prices, with payments calculated by reference to a
principal ("notional") amount or quantity. Transactions in these markets
present risks similar to those in the futures, forward and options markets:

(1)	the swap markets are generally not regulated by any United States or
foreign governmental authorities;

(2)	there are generally no limitations on daily price moves in swap
transactions;

(3)	speculative position limits are not applicable to swap transactions,
although the counterparties with which the Fund may deal may limit the size or
duration of positions available as a consequence of credit considerations;

(4)	participants in the swap markets are not required to make continuous
markets in swaps contracts; and

(5)	the swap markets are "principal markets," in which performance with
respect to a swap contract is the responsibility only of the counterparty with
which the trader has entered into a contract (or its guarantor, if any), and
not of any exchange or clearinghouse. As a result, the Fund will be subject to
the risk of the inability of or refusal to perform with respect to such
contracts on the part of the counterparties with which the Fund trades.

The CFTC has adopted Part 35 to its Rules which provides non-exclusive safe
harbor treatment from regulations under the Commodity Exchange Act as amended
for swap transactions which meet specified criteria, over which the CFTC will
not exercise its jurisdiction and regulate as futures or commodity option
transactions. In addition, on December 21, 2000, the Commodity Futures
Modernization Act of 2000 amended the Commodity Exchange Act so that it does
not apply to any agreement, contract, or transaction in a commodity, other
than an agricultural commodity (including swap transactions), if the

                                    -SAI 12-
agreement, contract, or transaction is entered into only between eligible
contract participants (which includes commodity pools meeting certain
capitalization requirements), is subject to individual negotiation by the
parties, and is not executed or traded on a trading facility. It is expected
that the Fund will engage only in swap transactions for which exemptive/safe
harbor relief is available to it under the CFTC policy statements or
regulations, or which are otherwise excluded from the CFTC's jurisdiction. If
the CTAs were restricted in its ability to trade in the swap markets, the
activities of the Fund, to the extent that its CTAs trade in such markets on
behalf of the Fund, might be materially affected.

Regulation

The U.S. futures markets are regulated under the Commodity Exchange Act, which
is administered by the CFTC, a Federal agency created in 1974. The CFTC
licenses and regulates commodity exchanges, commodity pool operators,
commodity trading advisors and clearing firms which are referred to in the
futures industry as "futures commission merchants." The Fund is licensed by
the CFTC as a commodity pool operator. Futures professionals are also
regulated by the NFA, a self-regulatory organization for the futures industry
that supervises the dealings between futures professionals and their
customers. If its pertinent CFTC licenses or NFA memberships were to lapse, be
suspended or be revoked, the Fund would be unable to act as the Fund's
commodity pool operator.

The CFTC has adopted disclosure, reporting and recordkeeping requirements for
commodity pool operators and disclosure and recordkeeping requirements for
commodity trading advisors. The reporting rules require pool operators to
furnish to the participants in their pools a monthly statement of account,
showing the pool's income or loss and change in net asset value, and an annual
financial report, audited by an independent certified public accountant.

The CFTC and the exchanges have pervasive powers over the futures markets,
including the emergency power to suspend trading and order trading for
liquidation of existing positions only. The exercise of such powers could
adversely affect the Fund's trading.

The CFTC does not regulate forward contracts. Federal and state banking
authorities also do not regulate forward trading or forward dealers. Trading
in foreign currency forward contracts may be less liquid and the Fund's
trading results may be adversely affected.

Margin

The Fund will use margin in its trading. In order to establish and maintain a
futures position, a trader must make a type of good-faith deposit with its
broker, known as "margin," of approximately 2%-10% of contract value. Minimum
margins are established for each futures contract by the exchange on which the
contract is traded. The exchanges alter their margin requirements from time to
time, sometimes significantly. For their protection, futures brokers may
require higher margins from their customers than the exchange minimums. Margin
also is deposited in connection with forward contracts, but is not required by
any applicable regulation.

There are two types of margin. "Initial" margin is the amount a trader is
required to deposit with its broker to open a futures position. The other type
of margin is "maintenance" margin. When the contract value of a trader's
futures position falls below a certain percentage, typically about 75%, of its
value when the trader established the position, the trader is required to
deposit additional margin in an amount equal to the loss in value.

Advantages of Managed Futures Fund Investments

Both the futures, forward, option and swap markets and funds investing in
those markets offer many structural advantages that make managed futures an
efficient way to participate in global markets.  The Fund believes that this
investment should be considered as a medium to long-term investment and should
not be purchased with the intent to redeem the investment within the first
three years.

Profit Potential

Futures and related contracts can easily be leveraged, which magnifies the
potential profit or loss.

Interest Credit

Unlike some other alternative investment funds, the Fund does not borrow money
in order to obtain leverage, so the Fund does not incur any interest expense.
Rather, the Fund's margin deposits are maintained in cash and cash
equivalents, such as U.S. Treasury bills.

                                    -SAI 13-
Global Diversification Within a Single Investment

Futures and related contracts can be traded in many countries, which makes it
possible to diversify risk around the world. This diversification is available
both geographically and across market sectors. For example, an investor can
trade interest rates, stock indices and currencies in several countries around
the world, as well as energy and metals. While the Fund itself trades across a
diverse selection of global markets, an investment in the Fund is not a
substitute for overall portfolio diversification.

Ability to Profit or Lose in a Rising or Falling Market Environment

The Fund can establish short positions and thereby profit from declining
markets as easily as it can establish long positions. This potential to make
or lose money, whether markets are rising or falling around the world, makes
managed futures particularly attractive to sophisticated investors. Of course,
if markets go higher while the Fund has a short position, the Fund will lose
money until the short position is exited and vice versa.

Professional Trading

Ashley Capital's approach includes the following elements:

- Disciplined Money Management.  The CTAs selected by Ashley Capital generally
allocate a portion of portfolio equity to any single market position. However,
no guarantee is provided that losses will be limited to these percentages.

- Balanced Risk.  The Fund's capital is allocated to as many as 40 markets 24
hours a day. Among the factors considered for determining the portfolio mix
are market volatility, liquidity and trending characteristics.

- Capital Management.  When proprietary risk/reward indicators reach
predetermined levels, the Fund may increase or decrease commitments in certain
markets in an attempt to reduce performance volatility.

- Multiple Systems.  While the Fund's approach is to find emerging trends and
follow them to conclusion, no one system is right all of the time. The CTAs
utilize a multi-system trading strategy on behalf of the Fund that divides
capital among different trading systems in an attempt to reduce performance
volatility and manage risk.

Convenience

Through the Fund, investors can participate in global markets and
opportunities without needing to master complex trading strategies and monitor
multiple international markets.

Liquidity

In most cases, the underlying markets have sufficient liquidity. Some markets
trade 24 hours a day when global markets are open. While there can be cases
where there may be no buyer or seller for a particular contract, the Fund
tries to select markets for investment based upon, among other things, their
perceived liquidity. However, unexpected market illiquidity has caused major
losses in recent years in such sectors as emerging markets and mortgage-backed
securities. There can be no assurance that the same will not happen to the
Fund at any time or from time to time.

Important Disclosures

Atlas Futures Fund, LP is a registered commodity pool and is not subject to
the same regulatory requirements

as a mutual fund, including mutual fund requirements to provide certain daily
standardized pricing and evaluation

information to investors. The following should be noted:

*	The Fund is a speculative investment and involves a high degree of risk.
An investor could lose all of his/her investment.

*	An investment in the Fund is not suitable for all investors.

*	The Fund may be leveraged and the Fund's performance can be volatile.

*	A substantial portion of the Fund's trades may be executed on foreign
exchanges, which could mean higher risk.

*	An investment in the Fund may be illiquid (monthly redemptions are
available subject to market disruption) and there are significant restrictions
on transferring interests in the Fund. There is no secondary market for an
investor's investment in the Fund and none is expected to develop.

*	The Fund's fees and expenses - which may be substantial regardless of
any positive return - are deducted from profits, and returns to clients will
be net of fees.

*	Diversification does not assure a profit or provide a guarantee against
loss in a declining market.

This summary is not a complete list of the risks and other important
disclosures involved in investing in the Fund and is subject to the more
complete disclosures contained in the Fund's Prospectus and other offering
documents, which should be reviewed carefully.

                                    -SAI 14-
General Partner:
Ashley Capital Management, Inc.
P.O. Box C
5914 North 300 West
Fremont, IN 46737
(260) 833-1306

THE OFFERING OF UNITS IN ATLAS FUTURES FUND, LP (THE "FUND") CAN ONLY BE MADE
IN CONJUNCTION WITH PART I OF THIS PROSPECTUS, WHICH CONTAINS IMPORTANT
INFORMATION REGARDING CERTAIN RISKS ASSOCIATED WITH THE FUND AND SHOULD BE
READ CAREFULLY AND RETAINED BY ANYONE CONSIDERING INVESTMENT IN THE FUND. THE
UNITS HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE SECURITIES AND EXCHANGE
COMMISSION NOR HAS THE SECURITIES EXCHANGE COMMISSION, THE COMMODITY FUTURES
TRADING COMMISSION, OR ANY STATE SECURITIES COMMISSION PASSED UPON THE
ACCURACY OR ADEQUACY OF THE OFFERING MEMORANDUM OR THIS BROCHURE. ANY
REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE. AN INVESTMENT IN THE
FUND IS SPECULATIVE AND INVOLVES A HIGH DEGREE OF RISK.

                                    -SAI 15-
APPENDIX I

                        Commodity Terms and Definitions

Identification of the parties and knowledge of various terms and concepts
relating to trading in futures and forward contracts and this offering are
necessary for a potential investor to identify the risks of investment in the
Fund.

1256 Contract.  See Taxation - Section 1256 Contract.

Additional Sellers.  See definition of Selling Agent.

Associated Persons.  The persons registered pursuant to the Commodity Exchange
Act with the futures commission merchant, who are eligible to service the
partnership or the partnership accounts.

Average Price System.  The method approved by the Commodity Futures Trading
Commission to permit the commodity trading advisor to place positions sold or
purchased in a block to the numerous accounts managed by the advisor.  See The
Commodity Trading Advisor in the main body of the prospectus.

Best Efforts.  The term to describe that the party will try to accomplish a
result without any contractual obligation to achieve that result.

Broker.   See definitions of Futures Commission Merchant and Introducing
Broker.

Capital means cash invested in the partnership by any partner and placed at
risk for the business of the partnership.

Commodity Futures trading Commission.  Commodity Futures Trading Commission,
1155 21st St NW, Washington, D.C., 20036.  An independent regulatory
commission of the United States government empowered to regulate commodity
futures transactions and the registration of the general partner, futures
commission merchant, trading advisor and commodity exchanges pursuant to the
U.S. Commodity Exchange Act.

Commodity.  Goods, wares, merchandise, produce, currencies, and stock indices
and in general everything that is bought and sold in commerce.  Traded
commodities on U. S. Exchanges are sold according to uniform established grade
standards, in convenient predetermined lots and quantities such as bushels,
pounds or bales, are fungible and, with a few exceptions, are storable over
periods of time.

Commodity Broker.  See definitions of Futures Commission Merchant and
Introducing Broker.

Commodity Exchange Act.  The statute providing the regulatory scheme for
trading in commodity futures and options contracts and the commodity pool
operators, futures commission merchants, and trading advisors in the United
States under the administration of the Commodity Futures Trading Commission.

Commodity Pool Operator.  Ashley Capital Management, Inc., 5914 N. 300 West,
P. O. Box 760, Fremont, IN 46737, (260) 833-1306; and, Mr. Michael P. Pacult,
5914 N. 300 West, P.O. Box 760, Fremont, IN 46737.  A person who raises
capital through the sale of interests in an investment trust, partnership,
corporation, syndicate or similar form of enterprise, that uses that capital
to invest either entirely or partially in futures contracts.

Commodity Trading Advisor.  A person or entity which renders advice about
commodities or about the trading of commodities, as part of a regular
business, for profit.  Particularly, those who will be responsible for the
analysis and placement of trades for the partnership.

Daily Price Limit.  The maximum permitted movement in a single direction
(imposed by an exchange and approved by the CFTC) in the price of a commodity
futures contract for a given commodity that can occur on a commodity exchange
on a given day in relation to the previous day's settlement price, which is
subject to change, from time to time, by the exchange (with CFTC approval).

Depository Agent and Depository Account.  An account maintained by the
corporate general partner that will hold all the subscription documents and
proceeds until such time as either the subscription is accepted or rejected or
the offering is terminated.

                                       1
Exchange for Physicals.  A practice whereby positions in futures contracts may
be initiated or liquidated by first executing the transaction in the
appropriate cash market and then arbitraging the position into the futures
market (simultaneously buying the cash position and selling the futures
position, or vice versa).

Form K-1.  The section of the Federal Income Tax Return filed by the
partnership which identifies the amount of investment in the partnership, the
gains and losses for the tax year, and the amount of such gains and losses
reportable by a partner on the partner's tax return.

Fully-Committed Position.  Each commodity trading advisor has an objective
percentage of equity to be placed at risk.  In addition, the CFTC places
limits upon the number of positions a single commodity trading advisor may
have in commodities.  When either the objective percentage of equity is placed
at risk or the commodity trading advisor reaches the limit in number of
positions, the account or accounts have a fully-committed position.

Futures Commission Merchant.  The person that solicits or accepts orders for
the purchase or sale of any commodity for future delivery subject to the rules
of any contract market and in connection with such solicitation or acceptance
of orders, accepts money or other assets to margin, guarantee, or secure any
trades or contracts that result from such orders for a commission.  The
corporate general partner is responsible for the negotiation and payment of
the commission to the futures commission merchant.

Futures Contract.  A contract providing for (1) the delivery or receipt at a
future date of a specified amount and grade of a traded Commodity at a
specified price and delivery point, or (2) cash settlement of the change in
the value of the contract.  The terms of these contracts are standardized for
each commodity traded on each exchange and vary only with respect to price and
delivery months.  A futures contract should be distinguished from the actual
physical commodity, which is termed a cash commodity.  Trading in futures
contracts involves trading in contracts for future delivery of commodities and
not the buying and selling of particular physical lots of commodities.  A
contract to buy or sell may be satisfied either by making or taking delivery
of the commodity and payment or acceptance of the entire purchase price
therefore, or by offsetting the contractual obligation with a countervailing
contract on the same exchange prior to delivery.

General Partner.  Ashley Capital Management, Inc., 5914 N. 300 West, P. O. Box
760, Fremont, IN 46737, (260) 833-1306; and, Mr. Michael P. Pacult, 5914 N.
300 West, P.O. Box 760, Fremont, IN 46737.  The managers of the fund.

Gross Profits.  The income or loss from all sources, including interest income
and profit and loss from non-trading activities, if any.

Introducing Broker (IB).  An entity that may share the brokerage commissions
and is responsible for introducing trades to the futures commission merchant.
Futures Investment Company, 5914 N. 300 West, P. O. Box 760, Fremont, IN
46737, (260) 833-1306, is the affiliated introducing broker of the
partnership.

Limited Partner.  Persons admitted without management authority pursuant to
the partnership agreement.

Margin.  A good faith deposit with a broker to assure fulfillment of the terms
of a futures contract.

Margin Call.  A demand for additional monies to hold positions taken to
maintain a customer's account in compliance with the requirements of a
particular commodity exchange or of a futures commission merchant.

Minimum Offering/Maximum Offering.  The Minimum is the amount required to be
invested before trading will commence, and the Maximum is the amount the
general partner establishes as the amount which will terminate this offering.

National Futures Association (NFA).  The self regulatory organization that is
responsible for the legal and fair operation of commodity pool operators, such
as the general partner of the partnership, commodity trading advisors, such as
the trading advisor for the partnership, introducing brokers, such as the
introducing broker for the partnership, for futures commission merchants, such
as the clearing broker of the partnership, and such other matters within the
authority granted to it by the CFTC pursuant to the Commodity Exchange Act.

                                       2
Net Assets or Net Asset Value means the total assets, including all cash and
cash equivalents (valued at cost plus accrued interest and earned discount),
including investments in U.S. Treasuries, cash management funds that invest in
only U.S. Treasuries, and foreign treasuries held with the respective issuing
department of treasury, including investments in U.S. Treasuries and in cash
management funds that invest in only U.S. Treasuries, less total liabilities,
of the partnership (each determined on the basis of generally accepted
accounting principles, consistently applied under the accrual method of
accounting or as required by applicable laws, regulations and rules including
those of any authorized self regulatory organization).  See Exhibit A, The
Limited Partnership Agreement, 1.2(e).

Net Unit Value.  The net assets of the partnership divided by the total number
of units of partnership interests outstanding.

Net Gains.  The net profit from all sources.

New Net Profit.  The amount of income earned from trading, less the trading
losses and brokerage commissions and fees paid to clear the trades which are
incurred or accrued during the then current accounting period.  See Charges to
the Partnership.

Net Worth.  The excess of total assets over total liabilities as determined by
generally accepted accounting principles.  Net worth for a prospective
investor shall be exclusive of home, home furnishings and automobiles.

Offering and Organizational Expenses.  The partnership has paid the offering
and organizational expenses from the gross proceeds of the offering at the
time of the sale of the minimum and the subsequent initial closing.  North
American Securities Administrator Association Guidelines for Commodity Pools
define offering and organizational expenses to include selling commissions and
redemption fees as well; and, for purposes of limitation, these expenses
cannot exceed 15% of capital raised pursuant to the offering.

Option Contract.  An option contract gives the purchaser the right (as opposed
to the obligation) to acquire (call) or sell (put) a given quantity of a
commodity or a futures contract for a specified period of time at a specified
price to the seller of the option contract.  The seller has unlimited risk of
loss while the loss to a buyer of an option is limited to the amount paid
(premium) for the option.

Partners.  The general partners and all limited partners in the partnership.

Partnership or Limited Partnership or Commodity Pool or Pool or Fund.  The
Atlas Futures Fund, Limited Partnership, evidenced by Exhibit A to this
Prospectus, 505 Brookfield Drive, Dover, DE 19901, (800) 331-1532.

Position Limits.  The Commodity Futures Trading Commission has established
maximum positions which can be taken in some, but not in all commodity
markets, to prevent the corner or control of the price or supply of those
commodities.  These maximum number of positions are called position limits.

Principal.  Mr. Michael P. Pacult, one of the general partners and the
principal of the corporate general partner.

Round-turn Trade.  The initial purchase or sale of a futures or forward
contract and the subsequent offsetting sale or purchase of such contract.

Redemption.  The right of a partner to tender its or his or her partnership
interests to the partnership for surrender at the net unit value.  See the
Limited Partnership Agreement attached as Exhibit A.

Selling Agent.  Futures Investment Company, 5914 N. 300 West, Fremont, IN
46737, which is to offer the partnership interests for sale on a best efforts
basis.  See Plan of Distribution.

Selling Commissions.   A commission paid from the subscription amount for
selling the partnership interests.  There is a 1% up front selling commission
on gross subscription amounts in this offering.

                                       3
Scale in Positions.  The commodity trading advisor selected by the general
partner presently has a large amount of equity under management.  In some
situations, the positions desired to be taken on behalf of the partnership and
other accounts under management will be too large to be executed at one time.
The trading advisor intends to take positions at different prices, at
different times and allocate those positions on a ratable basis in accordance
with rules established by the Commodity Futures Trading Commission.  This
procedure is defined as to scale in positions.  The same definition and rules
apply when the trading advisor elects to exit a position.

Taxation - Section 1256 Contract is defined to mean:  (1) any regulated
futures contract (RFC); (2) any foreign currency contract; (3) any non-equity
option; and (4) any dealer equity option.  The term RFC means a futures
contract whether it is traded on or subject to the rules of a national
securities exchange which is registered with the Securities and Exchange
Commission, a domestic board of trade designated as a contract market by the
Commodity Futures Trading Commission or any other board of trade, exchange or
other market designated by the Secretary of Treasury (a qualified board of
exchange) and which is marked-to-market to determine the amount of margin
which must be deposited or may be withdrawn.  A "foreign currency contract" is
a contract which requires delivery of, or the settlement of, which depends
upon the value of foreign currency which is currency in which positions are
also entered at arm's length at a price determined by reference to the price
in the interbank market. (The Secretary of Treasury is authorized to issue
regulations excluding certain currency forward contracts from marked-to-market
treatment.) A non-equity option means an option which is treated on a
qualified board or exchange and the value of which is not determined directly
or indirectly by reference to any stock (or group of stocks) or stock index
unless there is in effect a designation by the Commodity Futures Trading
Commission of a contract market for a contract bond or such group of stocks or
stock index.  A dealer equity option means, with respect to an options dealer,
only a listed option which is an equity option, is purchased or granted by
such options dealer in the normal course of his activity of dealing in
options, and is listed on the qualified board or exchange on which such
options dealer is registered.  See Federal Income Tax Aspects.

Trading Advisor.  See Commodity Trading Advisor.

Taking Positions Ahead of the Partnership.  The allocation of trades by other
than legally accepted methods by the commodity trading advisor or other trader
which favors parties who took the position unfairly.

Trading Matrix.  The dollar value used by a commodity trading advisor to
define the number of positions to be taken by the accounts under management.
Some commodity trading advisors have different trading matrices for different
sized accounts.  For example, they may trade all accounts over one million in
size differently than accounts under one million.

Unit.  The term used to describe the Net Asset Value of general and limited
partner interests of the partnership.

Unrealized Profit or Loss.  The profit or loss which would be realized on an
open position if it were closed at the current settlement price or the most
recent appropriate quotation as supplied by the broker or bank through which
the transaction is effected.

Underwriter.  This term is not applicable to this offering.  All sales of
partnership interests will be on a best efforts basis.  The price of the units
will not be guaranteed, supported or underwritten in any way.  See Selling
Agent.

                                       4
State Regulatory Glossary

The following definitions are supplied by the state securities administrators
responsible for the review of public futures fund (commodity pool) offerings
made to residents of their respective states.  They belong to the North
American Securities Administrators Association, Inc. which publishes
"Guidelines for the Registration of Commodity Pool Programs", such as the
Fund, which contain these definitions.  The following definitions are
published from the Guidelines, however, the general partner has made additions
to, but no deletions from, some of these definitions to make them more
relevant to an investment in the Fund.

Administrator-The official or agency administering the security laws of a
state.  This will usually be the State of residence of the Fund or the
domicile of the broker or brokerage firm which makes the offer or the
residence of the potential investor.

Advisor-Any person who, for any consideration, engages in the business of
advising others, either directly or indirectly, as to the value, purchase, or
sale of commodity contracts or commodity options.  This definition applies to
the commodity trading advisor and, when it provides such advice, to the
general partner.

Affiliate-An Affiliate of a Person means: (a) any Person directly or
indirectly owning, controlling or holding with power to vote 10% or more of
the outstanding voting securities of such Person; (b) any Person 10% or more
of whose outstanding voting securities are directly or indirectly owned,
controlled or held with power to vote, by such Person; (c) any Person,
directly or indirectly, controlling, controlled by, or under common control of
such Person; (d) any officer, director or partner of such Person; or (e) if
such Person is an officer, director or partner, any Person for which such
Person acts in any such capacity.  See "Conflicts".

Capital Contributions-The total investment in a Program by a Participant or by
all Participants, as the case may be.  The purchase price, less sales
commissions, for the partnership interests.

Commodity Broker-Any Person who engages in the business of effecting
transactions in commodity contracts for the account of others or for his own
account.  See Futures Commission Merchant and Introducing Broker.

Commodity Contract-A contract or option thereon providing for the delivery or
receipt at a future date of a specified amount and grade of a traded commodity
at a specified price and delivery point.

Cross Reference Sheet-A compilation of the Guideline sections, referenced to
the page of the prospectus, Program agreement, or other exhibits, and
justification of any deviation from the Guidelines.  This sheet is used by the
State Administrator to review this prospectus.

Net Assets-The total assets, less total liabilities, of the Program determined
on the basis of generally accepted accounting principles.  Net Assets shall
include any unrealized profits or losses on open positions, and any fee or
expense including Net Asset fees accruing to the Program.

Net Asset Value Per Program Interest-The Net Assets divided by the number of
Program Interests outstanding.

Net Worth-The excess of total assets over total liabilities are determined by
generally accepted accounting principles.  Net Worth shall be determined
exclusive of home, home furnishings and automobiles.

New Trading Profits-The excess, if any, of Net Assets at the end of the period
over Net Assets at the end of the highest previous period or Net Assets at the
date trading commences, whichever is higher, and as further adjusted to
eliminate the effect on Net Assets resulting from new Capital Contributions,
redemptions, or capital distributions, if any, made during the period
decreased by interest or other income, not directly related to trading
activity, earned on Program assets during the period, whether the assets are
held separately or in a margin account.  See New Net Profit.

Organizational and Offering Expenses-All expenses incurred by the Program in
connection with and in preparing a Program for registration and subsequently
offering and distributing it to the public, including, but not limited to,
total underwriting and brokerage discounts and commissions (including fees of
the underwriter's attorneys), expenses for printing, engraving, mailing,
salaries of employees while engaged in sales activity, charges of transfer
agents, registrars, trustees, escrow holders, depositories, experts, expenses
of qualification of the sale of its Program Interest under Federal and state
law, including taxes and fees, accountants' and attorneys' fees.

                                       5
Participant-The holder of a Program Interest.  A Partner in the Fund.

Person-Any natural Person, partnership, corporation, association or other
legal entity.

Pit Brokerage Fee-Pit Brokerage Fee shall include floor brokerage, clearing
fees, National Futures Association fees, and exchange fees.  These fees will
be paid by the corporate general partner from the fixed commissions.

Program-A limited partnership, joint venture, corporation, trust or other
entity formed and operated for the purpose of investing in Commodity
Contracts.  The Fund.

Program Broker-A Commodity Broker that effects trades in Commodity Contracts
for the account of a Program.  See the Futures Commission Merchant and
Introducing Broker.

Program Interest-A limited partnership interest or other security representing
ownership in a program.  The units in the Fund.  See Exhibit A, the Limited
Partnership Agreement.

Pyramiding-A method of using all or a part of an unrealized profit in a
Commodity Contract position to provide margin for any additional Commodity
Contracts of the same or related commodities.

Sponsor-Any Person directly or indirectly instrumental in organizing a Program
or any Person who will manage or participate in the management of a Program,
including a Commodity Broker who pays any portion of the Organizational
Expenses of the Program, and the general partner(s) and any other Person who
regularly performs or selects the Persons who perform services for the
Program.  Sponsor does not include wholly independent third parties such as
attorneys, accountants, and underwriters whose only compensation is for
professional services rendered in connection with the offering of the
partnership interests.  The term Sponsor shall be deemed to include its
Affiliates.  The general partner is a sponsor of this partnership.

Valuation Date-The date as of which the Net Assets of the Program are
determined.  For the Fund, this will be after the close of business on the
last business day of each month.

Valuation Period-A regular period of time between Valuation Dates.  For the
Fund, this will be the close of business for each calendar month and each
calendar year.

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                                       6
APPENDIX II

                               PRIVACY STATEMENT

                            ATLAS FUTURES FUND, LP
                             505 Brookfield Drive
                                Dover, DE 19901
                          Telephone:  (800) 331-1532

Atlas Futures Fund, LP is committed to safeguarding the confidential
information of its partners.  We hold all personal information provided to us
in the strictest confidence. These records include all personal information
that we collect from you.  We have never disclosed information to
nonaffiliated third parties, except as directed by you or required by law, and
we do not anticipate any change in these procedures in the future.  If we were
to change this disclosure policy, we would not take such action without your
permission.

A full statement of our privacy policy with respect to personal information
about you is as follows:

*	We limit employee and independent contractor representatives of ours
access to information in your file to only to those persons who have a
business or professional reason for knowing.

*	We limit the delivery of your information to only those nonaffiliated
parties who directly service your account such as trustees and clearing
brokers, or as directed by you or as required by law.  As examples, Federal
regulations permit us to share a limited amount of information about you with
a clearing brokerage firm in order to execute securities transactions on your
behalf and we have implied permission from you to discuss your financial
situation with your accountant or other professional.

*	We use our best efforts to maintain a secure office and computer
environment to ensure that your information is not placed at unreasonable
risk.

*	The categories of nonpublic personal information that we collect from a
prospect, partner, client and independent third parties depend upon the scope
of the client engagement. It will include information about your personal
finances, information about your health to the extent that it is needed for
the planning process, information about transactions between you and third
parties, and information from consumer reporting agencies.

*	For unaffiliated third parties that require access to your personal
information, including financial service companies, consultants, and auditors,
we also require strict confidentiality in our agreements with them and expect
them to keep this information private. Federal and state regulators also may
review firm records as permitted under law.

*	Personally identifiable information about you will be maintained during
the time you are a partner or client, and for the required time thereafter
that such records are required to be maintained by Federal and state
securities laws. After this required period of record retention, all such
information is expected to be destroyed.

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EXHIBIT A TO ATLAS FUTURES FUND DISCLOSURE DOCUMENT

                      AGREEMENT OF LIMITED PARTNERSHIP OF

                    ATLAS FUTURES FUND, LIMITED PARTNERSHIP

THIS LIMITED PARTNERSHIP AGREEMENT, (the "Agreement") dated the 23rd of
December, 2003, is to amend and restate in full that certain partnership
agreement entered on the 1st day of February, 1998, that formed Atlas Futures
Fund, Limited Partnership (hereinafter called either the "Partnership" or the
"Fund") and was previously amended and restated in full on the 15th day of
May, 1999 as follows:

                                  WITNESSETH:

IN CONSIDERATION of good and valuable consideration, the receipt of which is
hereby acknowledged, Ashley Capital Management, Incorporated, ("Ashley") the
Corporate General Partner, Michael P. Pacult, the Other General Partner, and
Ashley as agent for the Limited Partners, pursuant to the authority granted to
the General Partner by this Agreement at formation and the powers of attorney
granted by the Limited Partners to Ashley at the time of their admission to
the Partnership, hereby adopt this Amended and Fully Restated Limited
Partnership Agreement to govern and control the operation of the Partnership
pursuant and subject to the Delaware Uniform Limited Partnership Act (the
"Act").

The resignation of Shira Del Pacult ("Ms. Pacult") pursuant to her prior 120
day notice to the Partners given on August 20, 2003, became effective on the
date of this Agreement.  Ms. Pacult is no longer a General Partner of the
Fund.  Ashley and Michael P. Pacult continue to serve as the General Partners
of the Fund and from this date forward the term General Partner shall refer to
both Ashley and Mr. Pacult.

                                   ARTICLE I

                   Definitions and Risk Disclosure Statement

Certain terms used in this Agreement shall have the special meaning designated
below:

1.1	The term AFFILIATE means (1) any person controlled by or under common
control with another person, (2) a person owning or controlling 10% or more of
the outstanding voting securities of such other person, (3) any officer or
director of such other person, and (4) if such other person is an officer or
director, any other company for which such person acts as an officer or
director.

1.2	When referring to the capital of the Partnership:

(a)	the term CAPITAL shall mean cash invested in the Partnership by any
Partner and placed at risk for the business of the Partnership;

(b)	the term CAPITAL CONTRIBUTION shall mean, with respect to any Partner,
the sum of all Capital contributed to the Partnership pursuant to Article I;

(c)	the term CAPITAL SUBSCRIPTION shall mean the amount set forth opposite
the name of such Partner in the schedule of Partners, which amount shall be
the purchase price, less sales commissions, if any, to be paid or paid by such
Partner for the Unit or Units in the Partnership purchased by such Partner;

(d)	the term INITIAL CAPITAL shall mean the sum of all Capital Subscriptions
received by the General Partner prior to commencement of trading;

(e)	the term NET ASSETS OR NET ASSET VALUE means the total assets, including
all cash and cash equivalents (valued at cost plus accrued interest and earned
discount), less total liabilities, of the Partnership (each determined on the
basis of generally accepted accounting principles, consistently applied under
the accrual method of accounting or as required by applicable laws,
regulations and rules including those of any authorized self regulatory
organization), specifically:

                                       1
(i)	Net Asset Value includes any unrealized profit or loss on open security
and commodity positions subject to reserves for loss established, from time to
time, by the General Partner;

(ii)	All open stock, option, and commodity positions are calculated on the
then current market value, which shall be based upon the settlement price for
that particular position on the date with respect to which Net Asset Value is
being determined; provided, however, that if a position could not be
liquidated on such day due to the operation of the daily limits or other rules
of the exchange upon which that position is traded or otherwise, the
settlement price on the first subsequent day on which the position could be
liquidated shall be the basis for determining the market value of such
position for such day.  As used herein, "settlement price" includes, but is
not limited to:  (1) in the case of a futures contract, the settlement price
on the commodity exchange on which such futures contract is traded; and (2) in
the case of a foreign currency forward contract which is not traded on a
commodity exchange, the average between the lowest offered price and the
highest bid price, at the close of business on the day Net Asset Value is
being determined, established by the bank or broker through which such forward
contract was acquired or is then currently traded;

(iii)	Brokerage commissions to close security and commodity positions, if
charged on a round-turn basis, are accrued in full at the time the position is
initiated (i.e., on a round-turn basis) as a liability of the Partnership;

(iv)	Interest earned on all Partnership accounts is accrued at least monthly;

(v)	The amount of any distribution made by the Partnership is a liability of
the Partnership from the day when the distribution is declared by the General
Partner or as provided in this Agreement and the amount of any redemption is a
liability of the Partnership as of the Valuation Date; and

(vi)	Syndication Costs incurred in organizing and all present and future
costs to increase or maintain the qualification of the Units available for
sale and the cost to present the initial and future offering of Units for sale
shall be capitalized when incurred and amortized and paid from Capital or
Monthly Profit as required by applicable law.

(f)	The term VALUATION DATE means the date as of which the Net Assets of the
Partnership are determined, which will be after the close of business on the
last business day of each month.

(g)	the term PROFIT (LOSS) ATTRIBUTABLE TO UNITS means the product of A) the
number of Units divided into B) an amount equal to the Net Profit (Loss)
determined as follows: (1) the net of profits and losses realized on all
trades closed out, plus (2) the net of any unrealized profits and losses an
open positions as of the end of the period, less (3) the net of any unrealized
profits and losses on open positions as of the end of the preceding period,
minus, (4) the Expenses attributable to Units.  Profit (Loss) shall include
interest earned on Partnership assets, realized and unrealized capital gains
or losses on U.S. Treasury bills, and other securities;

(h)	the term MANAGEMENT FEE shall mean up to six percent (6%) annually of
the Net Assets of the Partnership computed on the close of business on the
last day of each month and payable to the General Partner or independent
Commodity Trading Advisor, or both, without regard to the income or loss of
the Partnership for that period; presently, the General Partners and the CTA
receive no Management Fee;

(i)	the term INCENTIVE FEE means a percentage of the profits accrued and
paid to the General Partner, or its Affiliates, of up to fifteen percent (15%)
annually of New Net Profit earned from inception of trading, through the date
of the computation, based upon total Capital of the Partnership. The General
Partner has reserved the right to both reduce the Incentive Fee below fifteen
percent (15%) and increase the Incentive Fee to a maximum of twenty-seven
percent (27%), provided that in such case the Management Fee is
correspondingly lowered to 0%; presently, the Incentive Fee paid to the CTA is
twenty five percent (25%);

                                       2
(j)	the term GROSS PROFIT OR LOSS means the income or loss from all sources,
including interest income and profit and loss from non-trading activities, if
any.

(k)	the term NEW NET PROFIT OR LOSS means the amount of income earned from
trading, less the trading losses and brokerage commissions and fees paid to
clear the trades which are incurred or accrued during the then current
accounting period; and,

(l)	the term NET GAINS means net profit from all sources.

(m)	the term UNIT shall mean a partnership interest in the Partnership
requiring a Capital Contribution of the Net Asset Value of the initial Unit,
as adjusted to reflect increases and decreases caused by receipt, accrual, and
payment of profit, Expenses, losses, bonuses, and fees, less a sales
commission, from time to time.

1.3	When referring to costs and expenses of the Partnership to be allocated
and charged pursuant to this Agreement:

(a)	the term EXPENSES shall mean costs allocated, incurred, paid, accrued,
or reserved, including the fixed commissions payable to the Corporate General
Partner of eleven percent (11%) of the total equity placed under management
with the Commodity Trading Advisor, which are, in the opinion of the General
Partner, required, necessary or desirable to establish, manage, continue and
promote the business of the Partnership including, but not limited to, all
deferred organization costs, brokerage commissions, and all management and
incentive fees payable to the General Partner or to independent investment and
Commodity Trading Advisor by the Partnership as negotiated and determined by
the General Partner on behalf of the Partnership on a basis consistently
applied in accordance with generally accepted accounting principals under the
accrual method of accounting or as required by applicable laws, regulations
and rules including those of any authorized self regulatory organization with
proper jurisdiction over the business of the Partnership; provided, however,
Expenses shall not include salaries, rent, travel, expenses and other items of
General Partner overhead and, provided, further, management fees, advisory
fees and all other fees, except for incentive fees and commodity brokerage
commissions;

(b)	the term NET UNIT VALUE shall mean the Net Asset Value divided, from
time to time, by the total number of Units outstanding;

(c)	the term OFFERING PERIOD means the period of time established by the
General Partner after the Partnership begins to offer to sell Units at the Net
Unit Value ; and,

(d)	the term SYNDICATION COSTS shall mean the promotion and syndication
costs of the Partnership and the costs of the offering of Units, and to
establish the initial business relationships on behalf of the Partnership,
including all legal and printing costs to prepare the Disclosure Documents,
registrations and filing fees, contract negotiation, and travel incurred which
are deemed necessary or desirable by the General Partner to form the
Partnership, be ready to engage in business, and to sell the Units.

1.4	The terms DISCLOSURE DOCUMENT, MEMORANDUM, OFFERING CIRCULAR, PROSPECTUS
and REGISTRATION STATEMENT shall mean the document or documents, together with
the exhibits and any subsequent continuations thereof, which describes this
Partnership to persons selected by the General Partner including, but not
limited to, potential purchasers of Units, or the Partners or to any
government or self regulatory agency or to persons selected by the General
Partner to participate in the affairs or provide services to the Partnership.

1.5	When referring to this Agreement and the Partners of the Partnership:

(a)	the term ACT shall refer to the partnership act of Delaware.

(b)	the term AGREEMENT refers to this Partnership agreement;

(c)	the term GENERAL PARTNER shall refer to both Ashley Capital Management,
Incorporated, 5914 N. 300 West, P.O. Box 760, Fremont, IN 46737 (260) 833-1306
("Ashley") and Michael P. Pacult, 5914 N. 300 West, P.O. Box 760, Fremont, IN
46737 (260) 833-1306 ("Mr. Pacult") collectively or singularly, as the context
requires;

(d)	the term LIMITED PARTNER shall refer to any party listed on the Schedule
of Limited Partners attached to this Agreement as Attachment I, as amended,
from time to time, pursuant to Article VI hereof;

                                       3
(e)	the term MAJORITY IN INTEREST shall refer to that number of Partners who
collectively hold over 50% of all of the outstanding Units held by all
Partners in the Partnership; provided, however, the Units held by the General
Partner cannot be considered to determine a MAJORITY IN INTEREST or otherwise
vote or consent regarding the question of removal of the General Partner or
other matters specifically expressed in Article V, Section 5.3.  In addition,
see the rights and duties of the General Partner in Article IV and of the
Limited Partners in Articles V;

(f)	the term OTHER GENERAL PARTNER refers to any General Partner other than
Ashley Capital Management, Incorporated; and

(g)	the term PARTNERS refers to the General Partner, any Other General
Partner, and the Limited Partners, collectively.

1.6	RISK DISCLOSURE STATEMENT.

YOU SHOULD CAREFULLY CONSIDER WHETHER YOUR FINANCIAL CONDITION PERMITS YOU TO
PARTICIPATE IN A COMMODITY POOL.  IN SO DOING, YOU SHOULD BE AWARE THAT
FUTURES AND OPTIONS TRADING CAN QUICKLY LEAD TO LARGE LOSSES AS WELL AS GAINS.
SUCH TRADING LOSSES CAN SHARPLY REDUCE THE NET ASSET VALUE OF THE POOL AND
CONSEQUENTLY THE VALUE OF YOUR INTEREST IN THE POOL.  IN ADDITION,
RESTRICTIONS ON REDEMPTIONS MAY AFFECT YOUR ABILITY TO WITHDRAW YOUR
PARTICIPATION IN THE POOL.

FURTHER, COMMODITY POOLS MAY BE SUBJECT TO SUBSTANTIAL CHARGES FOR MANAGEMENT,
AND ADVISORY AND BROKERAGE FEES.  IT MAY BE NECESSARY FOR THOSE POOLS THAT ARE
SUBJECT TO THESE CHARGES TO MAKE SUBSTANTIAL TRADING PROFITS TO AVOID
DEPLETION OR EXHAUSTION OF THEIR ASSETS.  THIS DISCLOSURE DOCUMENT CONTAINS A
COMPLETE DESCRIPTION OF EACH EXPENSE TO BE CHARGED THIS POOL AT PAGES 2 AND 3
AND A STATEMENT OF THE PERCENTAGE RETURN NECESSARY TO BREAK EVEN, THAT IS, TO
RECOVER THE AMOUNT OF YOUR INITIAL INVESTMENT, AT PAGE 13.

THIS BRIEF STATEMENT CANNOT DISCLOSE ALL THE RISKS AND OTHER FACTORS NECESSARY
TO EVALUATE YOUR PARTICIPATION IN THIS COMMODITY POOL.  THEREFORE, BEFORE YOU
DECIDE TO PARTICIPATE IN THIS COMMODITY POOL, YOU SHOULD CAREFULLY STUDY THIS
DISCLOSURE DOCUMENT, INCLUDING A DESCRIPTION OF THE PRINCIPAL RISK FACTORS OF
THIS INVESTMENT, AT PAGE 2 AND PAGES 5 TO 9.

YOU SHOULD ALSO BE AWARE THAT THIS COMMODITY POOL MAY TRADE FOREIGN FUTURES OR
OPTIONS CONTRACTS.  TRANSACTIONS ON MARKETS LOCATED OUTSIDE THE UNITED STATES,
INCLUDING MARKETS FORMALLY LINKED TO A UNITED STATES MARKET, MAY BE SUBJECT TO
REGULATIONS WHICH OFFER DIFFERENT OR DIMINISHED PROTECTION TO THE POOL AND ITS
PARTICIPANTS.  FURTHER, UNITED STATES REGULATORY AUTHORITIES MAY BE UNABLE TO
COMPEL THE ENFORCEMENT OF THE RULES OF REGULATORY AUTHORITIES OR MARKETS IN
NON-UNITED STATES JURISDICTIONS WHERE TRANSACTIONS FOR THE POOL MAY BE
EFFECTED.

                                  ARTICLE II

                     Partnership Organization and Purpose

2.1	PARTNERSHIP NAME AND LOCATION OF BOOKS AND RECORDS.  The name of the
Partnership, as filed with the state of Delaware, shall be Atlas Futures Fund,
Limited Partnership.  The address where the books and records of the
Partnership will be maintained for inspection by the Partners is at the
offices of the Corporate General Partner, 5914 N. 300 West, Fremont, IN 46737
or such other address as the General Partner shall, from time to time,
determine.

2.2	PARTNERSHIP AFFILIATES.

(a)	POOL OPERATOR NAME AND PRINCIPALS.  The General Partner shall serve as
the commodity pool operator for the Partnership.  In addition to being one of
the general partners, Michael P. Pacult is the sole principal, shareholder,
director and officer of Ashley Capital Management, Inc., the other general
partner, and is solely responsible for the business decisions of the
Partnership, including, but not limited to, selection of the Commodity Trading
Advisors (the "CTAs").  The signature of either Mr. Pacult or Ashley may bind
the Partnership.  Ashley and Mr. Pacult are registered commodity pool
operators with the Federal Commodity Futures Trading Association pursuant to
the Commodity Exchange Act and members of the futures self regulatory
organization, the National Futures Association.

                                       4
THE REGULATIONS OF THE FEDERAL COMMODITY FUTURES TRADING COMMISSION AND THE
NATIONAL FUTURES ASSOCIATION PROHIBIT ANY REPRESENTATION BY A PERSON
REGISTERED WITH THE CFTC OR BY ANY MEMBER OF THE NFA, RESPECTIVELY, THAT SUCH
REGISTRATION OR MEMBERSHIP IN ANY RESPECT INDICATES THAT THE CFTC OR THE NFA,
AS THE CASE MAY BE, HAS APPROVED OR ENDORSED SUCH PERSON OR SUCH PERSON'S
TRADING PROGRAMS OR OBJECTIVES.  THE REGISTRATIONS AND MEMBERSHIPS DESCRIBED
IN THIS PARTNERSHIP AGREEMENT MUST NOT BE CONSIDERED AS CONSTITUTING ANY SUCH
APPROVAL OR ENDORSEMENT.  LIKEWISE, NO COMMODITY EXCHANGE HAS GIVEN OR WILL
GIVE ANY SUCH APPROVAL OR ENDORSEMENT.

(b)	COMMODITY TRADING ADVISOR NAMES AND PRINCIPALS.  The General Partner
selects and assigns partnership equity to one or more independent CTAs to
trade on behalf of the partnership.  The CTA will have no ownership in the
Partnership and its compensation is described in 4.6(f).  The CTA will enter
trades on behalf of the Partnership directly with the FCM without the prior
knowledge or approval of the General Partner of the methods used by the CTA to
select the trades, the number of contracts, or the margin required.  From 20%
to 40% of the Net Asset Value on deposit with the FCM is expected to be
committed to margin to hold positions taken by the CTA for the account of the
Partnership.

(c)	COMMODITY POOL OPERATOR AND FUTURES COMMISSION MERCHANT NAMES AND
PRINCIPALS.  Ashley Capital Management, Inc. 5914 N. 300 West, P.O. Box 760,
Fremont, IN 46737 (260) 833-1306 will serve as the Commodity Pool Operator
("CPO") of the Partnership and will be paid a fixed amount for brokerage
commissions of eleven percent (11%) per year, payable monthly by the
Partnership, for introducing domestic trades through MF Global Inc., the
futures commission merchant (the "FCM").  The Partnership will pay actual
commissions charged by the FCM for trades made on foreign exchanges or forward
markets, if any.  The CPO will pay the round-turn brokerage commissions, pit
brokerage and other clearing expenses to the FCM, which will act in the normal
capacity as a futures commission merchant and will hold the equity assigned by
the General Partner for trading and will clear the trades entered by the CTA
pursuant to the power of attorney granted by the General Partner to the CTA to
trade on behalf of the Partnership.  The General Partner has the right
pursuant to this Agreement to change the FCM at their sole discretion subject
only to notices of such change to the Partners as are required by law.

2.3	MATERIAL ADMINISTRATIVE AND/OR CIVIL ACTIONS. There have been no
material administrative, civil or criminal actions against Ashley or Mr.
Pacult (who are the general partners and Commodity Pool Operators), the
Commodity Trading Advisor or any principal or any Affiliate of any of them,
pending, on appeal, or concluded, threatened or otherwise known to them,
within the five (5) years preceding the date of this Partnership Agreement.
There have been such actions against the Futures Commission Merchant that are
fully disclosed in the Prospectus but, in the opinion of the General Partner
and the FCM, are not material to the fulfillment of the clearing duties the
FCM will perform for the Partnership.

2.4	CHARACTER OF THE BUSINESS.  The Partnership's business purpose is to
increase Capital through the speculative and hedge trading of futures and
options on futures.  The General Partner is authorized to do any and all
things on behalf of the Partnership incident thereto or connected therewith
including, but not limited to:

(a)	trade, buy, sell or otherwise acquire, hold or dispose of all forms of
investments (including tangibles and intangibles, foreign currencies,
mortgage-backed securities, money market instruments, stock and futures
options, and any other securities or items which are now, or may hereafter be,
the subject of barter or stock or futures trading), commodity futures, and
forward contracts and any rights pertaining thereto.  The Partnership shall
carry on the foregoing activities through the exercise of judgment by its
General Partner and/or the Investment and/or Commodity Trading Advisors and
consultants and brokers selected by the General Partner.  The General Partner
may serve as an investment or trading advisor to the Partnership for
management fees, incentive fee, reimbursement of costs and other remuneration
at the same rates charged either by independent third parties for similar
services to other partnerships or by the General Partner to others for the
same service.

                                       5
(b)	invest and trade, on margin or otherwise, in capital stocks, bonds,
debentures, trust receipts and other obligations, instruments or evidences of
indebtedness, gold, silver, cattle, corn, wheat, soybeans, or any other asset
for which a trading market is maintained or otherwise paid for by cash or
otherwise including, but not limited to, the right to sell short and to cover
such short sales.

(c)	possess, sell, exchange, discount, transfer, mortgage, pledge, deal in,
maintain multiple accounts for, and to exercise all rights, powers, privileges
and other rights, incidental to ownership of the assets held by the
Partnership.

(d)	borrow or raise monies and, from time to time without limit as to
amount, to issue, accept, endorse and execute promissory notes, draft bills of
exchange, warrants, bonds, debentures and other negotiable or non-negotiable
instruments and evidences of indebtedness, and to secure the payment of any
thereof and the interest thereon by mortgage or pledge, conveyance or
assignment in trust of the whole or any part of the property of the
Partnership, whether at the time owned or thereafter acquired, and to sell,
pledge of otherwise dispose of such instruments issued by the Partnership for
its purposes; form and own one or more corporations to engage in such
businesses as the General Partner shall deem advisable.

(e)	lend any of its properties or funds, either with or without security in
furtherance of the objects and purposes of the Partnership as the General
Partner shall deem advisable and consent.

(f)	rent or own and maintain one or more offices staffed as the General
Partner shall determine and to do such other acts attendant thereto as may be
necessary or desirable.

(g)	waive the sales commission to acquire investment Capital as the General
Partner, in its sole discretion, may determine.

(h)	enter, make and perform all contracts, surety and guarantees as may be
necessary or advisable or incidental to the carrying out of the foregoing
objects and purposes.

2.5	ADDRESS OF PARTNERS.  The General Partner's address is listed in
paragraph 2.1 hereof and the Limited Partners' addresses are on record at the
office of the General Partner to the Partnership.

2.6	TERM OF PARTNERSHIP.  The term of the Partnership shall commence on the
date of this Agreement and shall continue until dissolved or terminated
pursuant to Article IX.

2.7	REGISTRATION.  The General Partner, on behalf of the Partnership, shall
have the authority, but not the obligation, to cause a Registration statement
to be filed, and such amendments thereto as the General Partner deems
advisable, with the appropriate Federal and state regulatory agencies,
including the United States Securities and Exchange Commission and the
commission of securities for registration under the securities laws of the
various states and any other jurisdiction desirable or proper to the sale of
Units to qualify for public offerings.  Each of the Limited Partners hereby
confirm and ratify all action taken and things done by the General Partner
with respect to such filings and public offerings.  The General Partner may
make such other arrangements for the sale of Units, including the private
placement of Units, as it deems appropriate.

                                  ARTICLE III

          Capital Contributions and Allocation of Profits and Losses

3.1	CAPITAL CONTRIBUTIONS OF LIMITED PARTNERS.

(a)	Each Limited Partner has delivered to the Partnership an executed
Subscription which has been accepted by the General Partner on behalf of the
Partnership, an Amended Certificate of Limited Partnership, and a check in the
amount of his Capital Subscription. The Partnership shall use the funds thus
contributed solely to pay, sales commissions, Expenses, Organization Costs and
to otherwise make the payments required to be made by the Partnership to
engage in active trading and to pay the management fees, if any, and, from
profits, the incentive fees and distributions to Partners Capital Accounts.

(b)	The General Partner has filed a Form S-1 to qualify the Partnership
Units for public sale. Except for payment of Partnership expenses from Capital
as provided by this Agreement, there will be no required contribution or
assessments of the Limited Partners.

                                       6
3.2	CAPITAL CONTRIBUTIONS OF GENERAL PARTNER.

(a)	The General Partner has not made and shall not be required to make any
capital contribution to the Partnership except for purchases that are required
by law.  The General Partner shall use its best efforts to maintain its status
as a partnership for tax purposes.

(b)	Partnership interests shall be evidenced by Units.  The General Partner,
on behalf of the Partnership, may, in accordance with applicable law and the
Offering Memorandum of the Partnership, issue Units to persons desiring to
become Limited Partners.  A Partner shall contribute an amount equal to the
Net Asset Value of a Unit calculated as of the end of the last business day of
the previous month, plus the sales commission, if any, on the Valuation Date.
The General Partner will have five (5) days to review the Partner's
subscription, and the Partner will have five (5) days to rescind his
subscription, after which time period all subscriptions will be irrevocable,
subject to any applicable law which may extend the Partner's rescission
period.  The General Partner and Affiliates of the General Partner may
purchase Limited Partnership Units with the same rights as other Limited
Partners.

(c)	All subscriptions for Units made pursuant to the offering of the Units
must be on the form provided with the Prospectus. The partnership has offered
$15,000,000 Units (the "Maximum") for sale and has reserved the right to
increase this Maximum.  Ashley maintains an escrow account to continuously
accept Partners' subscriptions until such time as they are admitted into the
Partnership.

3.3	ALLOCATION OF PROFITS AND LOSSES

(a)	A distribution account shall be established for each Partner that shall
include, as the initial balance thereof, each Partner's initial contribution
to the Partnership expressed in total dollars and Units purchased.  As of the
close of business each month, allocations shall be made as follows:

(i)	The Incentive Fee.  The incentive fee upon New Net Profit at the rate of
twenty-five percent (25%), or such other rate as may be established pursuant
to 1.2(h), shall be paid quarterly to the CTA but allocated to the Partners
monthly.

(ii)	The Profit (Loss) Attributable to Units shall be added to (subtracted
from) the distribution accounts of the Partners.  Items of income, gain or
loss, accrued and paid Expenses shall be added to (subtracted from) the
distribution account of each Partner in accordance with the ratio that such
distribution account bears to the sum of all of the Partners' distribution
accounts.

(iii)	The amount of any cash distributions to a Partner during such month and
any amount paid upon Redemption of Units as of the end of such month shall be
subtracted from the distribution account of such Partner.

(iv)	The distribution account of any Unit that was redeemed shall be reduced
by the Redemption Charge per Unit multiplied by the number of Units that were
redeemed by the Partner represented by such distribution account.  The
Redemption Charge, if any, shall be first used to defray expenses and any
excess treated as interest earned by the Fund; provided, however, Partners
admitted after the date of this Agreement will not be charged a Redemption
Charge.

                                  ARTICLE IV

                 Rights and Obligations of the General Partner

4.1	GENERAL.  The General Partner shall have full, exclusive and complete
discretion in the management and control of the affairs of the Partnership to
the best of its ability and shall use its best efforts to carry out the
purposes of the Partnership set forth in Article II.  In connection therewith,
it shall have all powers of a general partner under the Act, including,
without limitation, the power to:

(a)	enter, execute and maintain contracts, agreements and any or all other
instruments, and to do and perform all such things, as may be required or
desirable in furtherance of Partnership purposes or necessary or appropriate
to the conduct of Partnership activities including, but not limited to,
contracts with third parties for:

(i)	brokerage services on behalf of the Partnership (which brokerage
services may be performed by the General Partner or an Affiliate of the
General Partner), or any successor to its business, and an Affiliated
introducing broker or futures commission merchant of the General Partner may
clear the trades, in consideration of the payment of eleven percent (11%) of
the total equity placed with the Commodity Trading Advisor or advisors it
selects, and will cause and pay for the domestic trades to be cleared through
one or more futures commission merchants selected by the General Partner;

                                       7
(ii)	trading advisory services relating to the purchase and sale of all
stocks, options, commodity futures contracts, commodity options and contracts
for forward delivery of foreign currencies on behalf of the Partnership (which
advisory services may be performed by the General Partner or an Affiliate of
the General Partner); and

(iii)	rent, salaries, computer, accounting, legal and other services attendant
to the maintenance of the Fund.

(b)	open and maintain bank accounts on behalf of the Partnership with banks
and money market funds.

(c)	deposit, withdraw, pay, retain and distribute the Partnership's funds in
any manner consistent with the provisions of this Agreement.

(d)	supervise the preparation and filing of all documentation required by
law including, but not limited to, Registration Statements to be filed with
Federal and state agencies.

(e)	pay or authorize the payment of distributions to the Partners and pay
Expenses of the Partnership.

(f)	invest or direct the investment of funds of the Partnership not
involving the purchases or sale of stocks, futures contracts, options, and
contracts for forward delivery of foreign currencies.

(g)	purchase, at the expense of the Partnership, liability and other
insurance to protect the Partnership's proprieties and business.

(h)	borrow money from banks and other lenders for Partnership purposes, and
may pledge any or all of the Partnership's assets for such loans.  No bank or
other lender to which application is made for a loan by the lender to which
application is made for a loan by the General Partner shall be required to
inquire as to the purposes for which such loan is sought and, as between the
Partnership and such bank or other lender, it shall be conclusively presumed
that the proceeds of such loan are to be and will be used for the purposes
authorized under this Agreement.

(i)	confess judgment for and against the Partnership and control any matters
affecting the rights and obligations of the Partnership, including the
employment of attorneys, in the conduct of litigation and otherwise incur
legal expenses and costs of consultation, settlement of claims, and litigation
against or on behalf of the Partnership.

4.2	LOANS BY GENERAL PARTNER.  The General Partner or its Affiliates will be
not be required to advance or loan funds to the Partnership.  In the event the
General Partner makes any advance or loan to the Partnership, the General
Partner will not receive interest in excess of its interest costs, nor will
the General Partner receive interest in excess of the amounts which would be
charged the Partnership (without reference to the General Partner's financial
abilities or guarantees) by unrelated banks on comparable loans for the same
purpose and the General Partner shall not receive points or other financing
charges or fees regardless of the amount.

4.3	TRANSACTION WITH PARTNERSHIP.  Notwithstanding anything to the contrary
which may be contained herein, the General Partner shall not:

(a)	sell, or otherwise dispose of, any of the Partnership's assets to the
General Partner or its Affiliates.

(b)	subject to the provisions regarding and without diminishment of the
right of the General Partner or any Affiliate to compensation for services
provided to the Partnership as set forth in this Agreement, cause or permit
the Partnership to enter any agreement with the General Partner or an
Affiliate which is not in the best interest of and for the benefit of the
Partnership or which would be in contravention of the General Partner's
fiduciary obligations to the Partnership or pursuant to which the General
Partner or any Affiliate;

(i)	would provide or sell any services, equipment, or supplies at other than
rates charged to others; or

(ii)	would receive from the Partnership, Units of Partnership interest in
consideration for services rendered.

                                       8
4.4	OBLIGATIONS OF GENERAL PARTNER.  In addition to the obligations provided
by law or this Agreement, the General Partner shall:

(a)	Devote such of its time to the business and affairs of the Partnership
as it shall, in its discretion exercised in good faith, determine to be
necessary to conduct the business and affairs of the Partnership for the
benefit of the Partnership and the Limited Partners.

(b)	Execute, file, record and/or publish all certificates, statements and
other documents and do any and all other things as may be appropriate for the
formation , qualification and operation of the Partnership and for the conduct
of its business in all appropriate jurisdictions including, but not limited
to, the compliance, at its expense, with all laws related to its qualification
to serve as the commodity pool operator of the Fund.

(c)	Retain independent public accountants to audit the accounts of the
Partnership.

(d)	Employ attorneys to represent the Partnership.

(e)	Use its best efforts to maintain the status of the Partnership as a
partnership for United States Federal income tax purposes.

(f)	Employ only CTAs which are registered pursuant to the Commodity Exchange
Act to conduct trading and to otherwise establish and monitor the trading
policies of the Partnership; and the activities of the partnership's trading
advisor(s) in carrying out those policies.

(g)	Have fiduciary responsibility for the safekeeping and use of all funds
and assets of the Partnership, whether or not in the General Partner's
immediate possession or control, and the General Partner will not employ or
permit others to employ such funds or assets in any manner except for the
benefit of the Partnership.

(h)	Agree that if it becomes the sole General Partner of the Partnership, it
will use its best efforts to maintain the Partnership as a limited partnership
as required by all applicable laws.  Mr. Pacult intends to resign as a general
partner.   Before Mr. Pacult resigns, Ashley will secure an opinion of counsel
to the effect that sufficient IRS elements exist to permit the Partnership to
continue to be taxed as a partnership and not as a corporation.  A letter of
credit may be included.  The requirements of this subparagraph (i) may be
modified if the General Partner obtains an opinion of counsel for the
Partnership to effect that a proposed modification will not (1) adversely
affect the classification of the Partnership as a partnership for Federal
income tax purposes; (2) will not adversely affect the status of the Limited
Partners as limited partners under the Act.

(i)	Maintain a current list of the name, address, and number of Units owned
by each Limited Partner at the General Partner's principal office.  Such list
shall be disclosed to any Partner or their representative at reasonable times,
upon request, either in person or by mail, upon payment, in advance, of the
reasonable cost of reproduction and mailing. The Partners and their
representatives shall be permitted access to all other records of the
Partnership, after adequate notice, at any reasonable time, at the offices of
the Partnership.  The General Partner shall maintain and preserve such records
for a period of not less than six (6) years.

4.5	GENERAL PROHIBITIONS.  The Partnership shall not:

(a)	borrow from or loan to any person, except that the foregoing is not
intended to prohibit the incurring of any indebtedness to a Partner or an
Affiliate with respect to the offering of Units for sale, Registration, or
initiation and maintenance of the Partnership's trading positions.

(b)	commingle its assets with those of any other person, except to the
extent permitted under the Securities and Exchange Act or the Commodity
Exchange Act and the regulations promulgated under each.

(c)	permit rebates or give-ups to be received by the General Partner or any
Affiliate of the General Partner, or permit the General Partner or any
Affiliate of the General Partner to engage in reciprocal business arrangements
which would circumvent the foregoing prohibition; provided, however, that an
Affiliate or the General Partner may provide goods or services, including
brokerage, at a competitive cost to the Partnership.

                                       9
(d)	engage in the pyramiding of its positions (i.e., the use of unrealized
profits on existing positions to provide margins for additional positions in
the same or a related stock or commodity); provided, however, that there may
be taken into account the Partnership's open trade equity on existing
positions in determining whether to acquire additional unrelated stock or
commodity positions.

(e)	margins of all open positions in all stocks and commodities combined
would exceed 250% of the partnership's Net Asset Value at the time such
position would otherwise be initiated.

(f)	permit churning of the Partnership's trading account for the purpose of
generating brokerage commissions to any person.

(g)	directly or indirectly pay or award any finder's fees, commissions or
other compensation to any persons engaged by a potential limited partner for
independent investment advice as an inducement to such advisor to advise the
potential limited partner to purchase Units in the Partnership without the
knowledge of such potential limited partner.

(h)	No Partnership funds will be held outside the United States.  The
Partnership funds committed to trading will be on deposit with and under the
control of a futures commission merchant regulated pursuant to the Commodity
Exchange Act, as may be amended, from time to time.  The funds not committed
to trading will be in investments that are properly registered under the
United States securities or other financial institution regulations.

(i)	The CTA may not receive a management fee pursuant to the terms of this
Partnership Agreement if it shares or participates, directly or indirectly, in
any commodity brokerage commissions generated by the Partnership.

4.6	FEES AND EXPENSES.

(a)	The Partnership shall pay all Organization Costs and offering Expenses
incurred in the creation of the Partnership and sale of Units.  The foregoing
expenses may be paid directly by the Partnership or may be reimbursed by the
Partnership to the General Partner or an Affiliate of the General Partner.
Notwithstanding the foregoing, in no event will reimbursement by the
Partnership to the General Partner for Organization Costs and offering
Expenses charged to the Partnership exceed an amount equal to 15% of the gross
proceeds from the sale of Units.  Organization Costs and Offering Expenses
shall mean those Expenses incurred in connection with the formation,
qualification and Registration of the Partnership and in distributing and
processing the Units under applicable Federal and state law, sales
commissions, and any other expenses such as:  (i) registration fees, filing
fees and taxes; (ii) the costs of qualifying, printing, amending,
supplementing, mailing and distributing, including publication by website, the
Registration Statement and Prospectus; (iii) the costs of qualifying,
printing, amending, supplementing, publication by website, mailing and
distributing sales materials used in connection with the issuance of the
Units; (iv) salaries of officers and employees of the General Partner and any
Affiliate of the General Partner while directly engaged in distributing and
processing the Units and establishing its records; (v) rent, travel,
remuneration of personnel, telegraph, telephone and other expenses in
connection with the offering of the Units; (vi) accounting, auditing, and
legal fees incurred in connection therewith; and (vii) any extraordinary
expenses related thereto. Organization Costs and Offering Expenses do not
include salaries, rent, travel, expenses and other items of General Partner
overhead.

(b)	All operating expenses of the Partnership shall be billed directly to
and paid by the Partnership.

(c)	The General Partner or any Affiliate of the General Partner may be
reimbursed for the actual costs of any Expense including, but not limited to,
legal, accounting and auditing services used for or by the Partnership, as
well as printing and filing fees and extraordinary expenses incurred for or by
the Partnership; provided, however, the limitations of contained in Article X
- Exoneration and Indemnification contained in this Agreement will apply to
restrict the purchase of certain insurance coverage and the assumption of the
defense of certain claims.

(d)	The General Partner may establish its compensation, from time to time,
for its services; provided, however, such charges shall be no more than:

(i)	A sales commission of up to six percent (6%) to be established, from
time to time, by the General Partner, for sales of Units;

                                       10
(ii)	A management fee of one half of one percent (1/2 of 1%) per month (6%
per year) of the Net Asset Value of the Partnership, computed and paid to the
General Partner and/or non-affiliated independent investment or trading
advisor on the close of business on the last day of each month;

(iii)	An incentive fee, paid quarterly, of up to fifteen percent (15%) of the
first one hundred percent (100%) of New Net Profit, or less earned upon
Capital, and prorated to consider the date of deposit of such Capital to the
Partnership each year.  The incentive fee may be increased up to 27%, provided
that the management fee is correspondingly reduced to 0%.  Each trading sub-
account established by the General Partner shall be considered separately for
purposes of incentive fee. The incentive fee will be non-refundable; i.e., in
the event that the Partnership earns substantial New Net Profit during the
first month of any year and, thereafter, suffers losses, the General Partner
will not refund any of the profit incentive fee paid for the prior month or
months.  However, the Partnership will not pay or accrue to the General
Partner any further incentive fee during that year until such time as the New
Net Profit, when added to Net Asset Value, after additions, deductions of
Redemptions and distributions, exceeds the highest Net Asset Value, computed
for that year; i.e., incentive fees will only be earned and paid or accrued
upon New Net Profit for that year; and

(iv)	A share of the brokerage commissions paid for trades made by the
Partnership.

(e)	The General Partner is hereby authorized to employ brokers, attorneys,
accountants, consultants, and administrative personnel who may be Affiliated
with the General partner to perform Partnership business at the expense of the
Partnership.  Ashley has advanced the initial offering and organizational
expenses.  The offering expenses were reimbursed by the Partnership
immediately upon the Initial Closing and the organizational expenses are being
repaid to the corporate General Partner monthly.

(f)	The General Partner is hereby authorized, individually or through an
Affiliate, to employ non-affiliated independent investment and trading
advisors to trade the assets of all or a portion of the Fund to be paid (i) an
annual management fee not to exceed six percent (6%) of the assigned trading
equity when combined with the General Partner's management fee, if any; and,
(ii) an incentive fee of up to fifteen percent (15%) on New Net Profit earned
by such advisor, which may be increased by 2% for each 1% reduction of
management fee from 6% or decreased pursuant to the terms of this Agreement.
All incentive fees may be prorated monthly but must be paid quarterly.

4.7	ACTIVITIES OF PARTNERS.

(a)	The General Partner and its Affiliates shall devote to the Partnership
only such time as shall be reasonably required to fulfill their
responsibilities hereunder.

(b)	Any Partner may, notwithstanding the existence of this Agreement, engage
in whatever other activities they may choose, whether the same be competitive
with the Partnership or otherwise, without having or incurring any obligation
or conflict of interest in such activities with the Partnership or to any
party hereto.  The Partners are specifically authorized to deal with other
partnerships and to acquire interests in positions and trading without having
to offer participation therein to the Partnership or the other Partners.
Neither this Agreement nor any activities undertaken pursuant hereto shall
prevent any Partner, including the General Partner and its Affiliates and
their officers, directors and employees, from engaging in the trading
contemplated by this Partnership individually, jointly with others, or as a
part of any other association to which any of them are or may become parties,
in the same trades as the Partnership, or require any of them to permit the
Partnership, the General Partner or any other Partner to participate in any of
the foregoing.  As a material part of the consideration for each party's
execution hereof, each Partner hereby waives, relinquishes and renounces any
such right or claim of conflict of interest and participation from any other
Partner.

(c)	Ashley is a corporation which was formed on October 15, 1996, and prior
to that date, it didn't have any experience in the management of a partnership
which trades commodity futures or options, or any other securities; however,
on the date of this Agreement, Ashley has over four years of successful
operation of this Fund.  In addition, Mr. Pacult, has been engaged in
supervision of individual managed commodity accounts for over 24 years and has
managed one other commodity pool.  The past and future results of trading by
the principals of the General Partner, both within and without the
partnership, will be confidential and not disclosed to the other Partners.
Such positions taken by the principals may be the same as or different from
any positions taken by the General Partner or any advisor to the Fund.
Nothing in this Section, or elsewhere in this Partnership Agreement, shall
permit the General Partner to violate their fiduciary or legal obligations to
the Partnership.

                                       11
4.8	CONFLICTS OF INTEREST.  Significant actual and potential conflicts of
interest exist in the structure and operation of the Partnership.  The General
Partner has used its best efforts to identify and describe all potential
conflicts of interest that may be present under this heading and elsewhere in
the Partnership's Prospectus and the Exhibits attached thereto.  Prospective
investors should consider that the General Partner intends to assert that
Partners have, by subscribing to the Partnership, consented to the existence
of such potential conflicts of interest as are described in this Agreement and
the Prospectus and its Exhibits, in the event of any claim or other proceeding
against the General Partner, any principal of the General Partner, the CTA,
any Principal of the CTA, the Partnership's FCM, or any principal of the FCM
or any principal or any Affiliate of any of them alleging that such conflicts
violated any duty owed by any of them to said subscriber.  Specifically, the
Partnership is selling its Units through an affiliated broker/dealer and,
therefore,  no independent due diligence of the Partnership or the General
Partner will be made by a Financial Industry Regulatory Authority, Inc.
member.

(a)	MANAGEMENT OF OTHER EQUITY AND FOR THEIR OWN ACCOUNTS BY THE GENERAL
PARTNER, THE CTAs, AND THEIR PRINCIPALS.  The right of both Mr. Pacult, in any
capacity, and Ashley to manage and the actual management by the CTA of
accounts they or their Affiliates own or control and other commodity accounts
and pools presents the potential for conflicts of interest.  There is no
limitation upon the right of Mr. Pacult, Ashley, the CTA, or any of their
Affiliates to engage in trading commodities for their own account. It is
possible for these persons to take their positions in their personal accounts
prior to the orders they know they are going to place for the money they
manage for others.  The General Partner will obtain representations from all
of these persons and their Affiliates that no such prior orders will be
entered for their personal accounts.  The Partnership's CTA will be effecting
trades for its own accounts and for others (including other commodity pools in
competition with this Pool) on a discretionary basis.  It is possible that
positions taken by the CTA for other accounts may be taken ahead of or
opposite positions taken on behalf of the Partnership.  Conflicts may arise as
a result of the involvement of Mr. Pacult in the management of Bromwell
Financial Fund, L. P. and Providence Select Fund, L. P. and other conflicts
could arise should either Ashley or he exercise their right to form other
commodity pools in the future.  Conflicts could also arise because the CTA may
have financial incentives to favor other accounts over the Partnership.  In
the event Mr. Pacult, Ashley or the CTA, or any of their principals trade for
their own account, such trading records shall not be made available for
inspection by the Partners.  Ashley does not presently intend to engage in
trading for its own account; however, Mr. Pacult reserves the right to trade
for his own account.  The CTA also reserves the right to trade for its own
account and other public and private commodity pools in competition with the
Fund.  Any trading for their personal accounts or other commodity pools by the
General Partner, any Commodity Trading Advisor selected to trade for the
Partnership or any of their principals could present a conflict of interest in
regard to position limits, timing of the taking of positions or other similar
conflicts.  The result to the Partnership could be a reduction in the
potential for profit should the entry or exit of positions be at unfavorable
prices by virtue of position limits or entry of other trades in front of the
Partnership trades by the General Partner or CTA responsible for the
management of the Partnership.

(b)	POSSIBLE RETENTION OF VOTING CONTROL BY THE GENERAL PARTNER.  There is
no limit upon the number of Units in the Partnership the General Partner and
its principal and Affiliates may purchase.  It will be possible for them to
vote, individually or as a block, to create a conflict with the best interests
of the Partnership, in regard to the selection of Commodity Trading Advisors
which do not trade frequently to protect the eleven percent (11%) fixed
commission paid by the Partnership to the Corporate General Partner.

(c)	GENERAL PARTNER TO REMAIN AGAINST POSSIBLE BEST INTEREST OF PARTNERSHIP.
As Ashley has financial interest in the operation of the Partnership in the
form of the eleven percent (11%) fixed brokerage commission and because Mr.
Pacult serves as the other general partner and is also the sole principal of
Ashley, the other general partner, it is unlikely that either general partner
would voluntarily resign, even if such resignation would be in the best
interest of the Partnership.

(d)	FEES AND CHARGES TO THE PARTNERSHIP PAID TO GENERAL PARTNER NOT
NEGOTIATED.  The fixed commission of  eleven percent (11%) per year for
domestic trades entered by the CTA in lieu of round-turn brokerage
commissions, payable to Ashley that is Affiliated with Mr. Pacult, has not
been negotiated at arm's length, nor has the one percent (1%) selling
commission to the affiliated selling agent.  The General Partner has a
conflict of interest between its responsibility to manage the Partnership for
the benefit of the Limited Partners and its interest in receiving the
difference between the fixed commission charged the Partnership and the actual
transaction costs incurred by the FCM as a result of the frequency of trades
entered by the CTA.  See "Charges to the Partnership" in the

                                       12
Partnership's Prospectus.  The General Partner will select the CTAs to manage
the Partnership assets and the CTAs determine the frequency of trading.
Because the General Partner will receive the difference between the brokerage
commissions and other costs which will be paid on behalf of the Partnership
and the fixed commission, the General Partner's best interests are served if
it selects trading advisors which will trade the Partnership's Net Assets
assigned to them in a way to minimize the frequency of trades to maximize the
difference between the fixed commission and the round-turn commissions for
domestic trades and other costs to trade charged by the FCM; i.e., it is in
the best interest of the General Partner to reduce the frequency of trading
rather than concentrate on the expected profitability of the CTAs without
regard to frequency of trades.  This conflict is offset by the fact the
General Partner does not select any of the trades and the CTA is paid an
incentive of 25% of New Net Profits.  The arrangements between the General
Partner and the Partnership with respect to the payment of the commissions are
consistent in cost with arrangements other comparable commodity pools have
made to clear their trades.  These arrangements are fair to the Partnership
and its investors because the General Partner has assumed the risk of
frequency of trading, up to a maximum of three times the normal rate by the
CTA.  Also, the 11% annual fixed commission that the partnership pays to clear
its trades plus actual costs for foreign markets, if any, is less than the
presumptive fair and reasonable limit provided by the guidelines of the North
American Securities Administrators Association

(e)	CONFLICTS OF INTEREST IN THE PARTNERSHIP STRUCTURE.  Certain actual and
potential conflicts of interest do exist in the structure and operation of the
Partnership which must be considered by investors before they purchase Units
in the Partnership.  See "Risk Factors", and "Conflicts of Interest" in the
Partnership's Prospectus.  In addition, the Partnership is selling its Units
through an affiliated selling agent and, therefore, no independent due
diligence of the offering will be conducted for the protection of the
investors.  The General Partner has taken steps to insure that the Partnership
equity is held in segregated accounts at the banks, the futures commission
merchant and other accounts, and has otherwise assured the Partnership that
all money on deposit is in the name of and for the beneficial use of the
Partnership.

(f)	GENERAL PARTNER TO DISCOURAGE REDEMPTIONS.  The General Partner has an
incentive to withhold distributions and to discourage Redemption because
Ashley receives compensation based on the Net Asset Value of the Partnership
assigned to the CTAs to trade.

(g)	HIGH RISK TRADING BY THE CTAs TO GENERATE INCENTIVE FEES.  As a general
rule, the greater the risk assumed, the greater the potential for profit.
Because the CTA is compensated by the General Partner based on a percentage of
the New Net Profit of the Partnership, it is possible that the CTA will select
trades which are otherwise too risky for the Partnership to assume to earn the
percentage incentive fee on the profit should that ill-advised speculative
trade prove to be profitable.

(h)	NO RESOLUTION OF CONFLICTS PROCEDURES.  As is typical in many futures
partnerships, the General Partner has not established formal procedures, and
none are expected to be established in the future, to resolve the potential
conflicts of interest which may arise.  It will be extremely difficult, if not
impossible, for the General Partner to assure that these and future potential
conflicts will not, in fact, result in adverse consequences to the Partnership
or the Limited Partners.  The foregoing list of risk factors and conflicts of
interest is complete as of the date of this Prospectus, however, additional
risks and conflicts may occur which are not presently foreseen by the General
Partner.  Investors are not to construe this Prospectus as legal or tax
advice.  Before determining to invest in the Units, potential investors should
read this entire Agreement as well as the Partnership's Prospectus and the
subscription agreement, and consult with their own personal legal, tax, and
other professional advisors as to the legal, tax, and economic aspects of a
purchase of Units and the suitability of such purchase for them.  See
"Investor Suitability" in the Partnership's Prospectus.

(i)	INTERESTS OF NAMED EXPERTS AND COUNSEL.  The General Partner has
employed The Scott Law Firm, Ltd. to prepare this Prospectus, provide certain
tax advice and opine upon the legality of the issuance of the Units.  Neither
the Law Firm nor its principal, nor any accountant or other expert employed by
the General Partner to render advice in connection with the preparation of the
Prospectus or any documents attendant thereto, have been retained on a
contingent fee basis nor do they have any present interest or future
expectation of ownership in the Partnership or its General Partner or the
Underwriter or the CTAs or the IB or the FCM.

4.9	LIMITATION OF POWERS.  Without concurrence of a Majority in Interest,
the General Partner may not:

(a)	Amend this Agreement except for those amendments that are specifically
authorized by this Agreement or do not adversely affect the rights of the
Limited Partners.

                                       13
(b)	Voluntarily withdraw as a General Partner other than upon 120 days
notice.

(c)	Appoint a new General Partner or additional general partners; provided,
however, additional general partners may be appointed without obtaining the
consent of a Majority in Interest if the addition of such person is necessary
to preserve the tax status of the Partnership as a partnership and not as a
corporation; and the admission of such additional general partner does not
materially adversely affect the Limited Partners.

(d)	Sell all or substantially all of the Partnership assets other than in
the ordinary course of business.

(e)	Cause the merger or other reorganization of the Partnership.

(f)	Dissolve the Partnership other than because of an event, which by law,
requires such dissolution.

                                   ARTICLE V

                  Rights and Obligations of Limited Partners

5.1	LIMITATION OF LIABILITY.  No Limited Partner shall be personally liable
for any of the debts of the Partnership or any of the losses thereof.
However, the amount committed by him to the Capital of the Partnership and his
interest in Partnership assets shall be subject to liability for Partnership
debts and obligations.  Limited Partners may be liable to repay any wrongful
distribution of profits to them and may be liable for distributions (with
interest thereon) considered to be a return of Capital if necessary to satisfy
creditors of the Partnership.

5.2	NO MANAGEMENT RIGHTS.  No Limited Partner shall take part in the
management of the business of the Partnership or transact any business for the
Partnership.  No Limited Partner, as such, shall have the power to sign for or
to bind the Partnership.

5.3	CERTAIN RIGHTS.  Provided the following, does not either (i) subject the
Limited Partners to unlimited liability or (ii) subject the Partnership to be
taxable as a Corporation for purposes of Federal Income tax laws, the
Partners, by a vote of a Majority in Interest, without the necessity for
concurrence by the General Partner, shall have the following rights in
addition to those granted elsewhere in this Agreement:

(a)	Amend the Partnership Agreement; provided, however, any amendment which
modifies the compensation or distributions to the General Partner or which
affects the duties of the General Partner requires the consent of a majority
of the Limited Partners.

(b)	The General Partner may be removed and a new General Partner elected in
accordance with the terms of this Agreement.

(c)	Cancel any contract for services with the General Partner, without
penalty, upon 60 days written notice; provided, however, the maximum period of
any contract between the General Partner and the Partnership is one year; and,
provided further, should any amendment to this Partnership Agreement attempt
to modify the compensation or distributions to which the General Partner is
entitled or which affects the duties of the General Partner, such amendment
will become effective only upon the consent of the General Partner.

(d)	The right to approve, prior to sale, the sale or distribution, outside
the ordinary course of business, of all or substantially all of the assets of
the Partnership.

(e)	Dissolve the Partnership.

(f)	Any material changes in the Partnership's basic investment policies
identified in Article III including, but not limited to, the speculation and
trade in commodity futures, forward futures contracts, and options upon those
contracts both within and without the United States or the structure of the
Partnership as a limited partnership requires prior written notification of a
meetings which identifies the purpose of the meeting and the approval by a
vote of the Majority in Interest of the Partners.

                                       14
5.4	GENERAL PARTNER ACTION WITHOUT LIMITED PARTNER APPROVAL.
Notwithstanding anything in this Agreement, particularly section 5.3, to the
contrary, the General Partner may amend this Agreement without any vote,
consent, approval, authorization or other action of any other Partner and
without notice to any other Partner to:

(a)	add to the representations, duties or obligations of the General Partner
or its Affiliates or surrender any right or power granted to the General
Partner or its Affiliates in this Agreement for the benefit of the Limited
Partners;

(b)	cure any ambiguity, correct or supplement any provision in this
Agreement which may be inconsistent with any other provision in this
Agreement, or make any other provisions with respect to matters or questions
arising under this Agreement which will not be inconsistent with the intent of
this Agreement;

(c)	delete or add any provision of this Agreement required to be so deleted
or added by the staff of the Securities and Exchange Commission, or by a state
securities law administrator or similar such official, which addition or
deletion is deemed by such official to be for the benefit or protection of the
Limited Partner or does not have a material adverse effect on the Limited
Partners generally or the Partnership;

(d)	reflect the withdrawal, expulsion, addition or substitution of Partners;

(e)	reflect the proposal, promulgation or amendment of Regulations under
Code section 704, or otherwise, to preserve the uniformity of interest in the
Partnership issued or sold from time to time, if, in the opinion of the
General Partner, the amendment does not have a material adverse effect on the
Limited Partners generally;

(f)	elect for the Partnership to be bound by any successor statute to the
Act, if, in the opinion of the General Partner, the amendment does not have a
material adverse effect on the Limited Partners generally;

(g)	conform this Agreement to changes in the Act or interpretations thereof
which, in the exclusive desecration of the General Partner, it believe
appropriate, necessary or desirable, if, in the General Partner's reasonable
opinion, such amendment does not have a materially adverse effect on the
Limited Partners generally or the Partnership;

(h)	change the name of the Partnership;

(i)	conform the provisions of this Agreement to any applicable requirements
of Federal of state law which, in the exclusive discretion of the General
Partner, it believes appropriate, necessary or desirable, if, in the General
Partner's reasonable opinion, such amendment does not have a material adverse
effect on the Limited Partners generally or the Partnership; and

(j)	make any change which, in the exclusive discretion of the General
Partner, is advisable to qualify or to continue the qualification of the
Partnership as a limited partnership or a partnership in which the Limited
Partners have limited liability under the laws of any state or that is
necessary or advisable, in the exclusive discretion of the General Partner, so
that the Partnership will not be treated as an association taxable as a
corporation for Federal income tax purposes.

5.5	EXPULSION OF LIMITED PARTNERS. Anything herein to the contrary
notwithstanding,

(a)	no Partner, including any corporation, partnership, trust or other
entity may, at any time, have an ownership percentage of ten percent or more
of the aggregate ownership percentages of the Limited Partners.  If, at any
time, the General Partner determines that any Limited Partner has an ownership
percentage of ten percent or more, the Partnership, in the General Partner's
exclusive discretion, may cause a Redemption by that Limited Partner of the
number of Units necessary or advisable to reduce that Limited Partner's
ownership percentage to less than ten percent.  The Redemption shall be
effective as of the next Valuation Date or such other Valuation Date, at the
discretion of the General Partner.

(b)	the General Partner has the right, in its sole discretion, to raise or
lower the minimum investment in the Partnership required for the admission or
retention of Units in the Partnership by a Partner; however such minimum
investment may not be lowered below $5,000.  In the event the General Partner
does raise the minimum investment in the Partnership to an amount in excess of
any Partners Capital account, the Partnership shall provide notice to the
Partner of such event and allow the Partner 30 days to raise the Capital
account for that Partner to such raised amount, or more.  In the event the
Partner does not so raise his Capital account to such minimum amount, the
Partner shall be deemed to have elected to withdraw from the Partnership and
all of his Units shall be redeemed at the next redemption date as provided in
this Agreement.

                                       15
(c)	notwithstanding the foregoing, the General Partner, at its sole
discretion, may expel any Partner at anytime, by causing the redemption of
that Partner's Units as of the next Valuation Date, or such other Valuation
Date as the General Partner may determine.

5.6	NOTIFICATION.  Notice shall be sent to each Partner within seven
business days from the date of:

(a)	any decline in the Net Unit Value to less than 50% of the Net Asset
Value on the last Valuation Date;

(b)	any material change in contracts with the FCM or CTA including, but not
limited to, any change in CTAs or any modification in connection with the
method of calculating the incentive fee;

(c)	any other material change affecting the compensation of the General
Partner, FCM, CTA or any Affiliated party;

5.7	NOTIFICATION CONTENTS.

(a)	a material change related to brokerage commissions shall not be made
until notice is given and the Partners, after such notice, have the
opportunity to Redeem pursuant to Article IX;

(b)	in addition, in regard to all other changes, the required notification
shall describe the change in detail, include a description of the Partners'
Redemption rights pursuant to Article IX and voting rights pursuant to this
Article V and a description of any material effect such changes may have on
the interests of the Partners.

5.8	EXERCISE OF RIGHTS.  Upon receipt of a written request, executed by the
holders of Units aggregating ten percent (10%) or more of the Units, for a
vote upon and to take action with respect to any rights of the Partners under
this Agreement, the General Partner shall call a meeting of all Partners of
the Partnership in the time and manner as provided in Section 8.7 hereof.  The
General Partner will assume the cost for distribution of the request for the
meeting.

5.9	EXAMINATION OF BOOKS AND RECORDS.  A Limited Partner shall have the
right to examine the books and records of the Partnership at all reasonable
times, including the right to have such examination conducted at his sole
expense by any reasonable number of representatives.  Notwithstanding the
foregoing, the General Partner may keep and withhold the names of the other
Partners, specific trading and other designed information confidential from
the Partners.

                                       16
ARTICLE VI

                   Assignment of Limited Partnership Units;
                         Admission of Limited Partners

6.1	RESTRICTION ON ASSIGNMENT.  A Partner may not assign or transfer some or
all of his Units in the Partnership without the written consent of the General
Partner; provided, however, that in no event may an assignment be made or
permitted until after six months from the date of purchase of such assigned or
transferred Units(s) by said Partner; and, provided, further, that full Units
must be assigned and the assignor, if he is not assigning all of his Units,
will retain more than five Units.  Any such assignment shall be subject to all
applicable securities, commodity, and tax laws and the regulations promulgated
under each such law.  The General Partner shall review any proposed assignment
and shall withhold its consent in the event it determines, in its sole
discretion, that such assignment could have an adverse effect on the business
activities or the legal or tax status of the Partnership.

6.2	QUALIFIED PLAN RESTRICTIONS.  In no event shall a Partner be entitled to
transfer all or part of a Partnership interest if, under applicable United
States Department of Labor law or regulations, such transfer would result in a
violation of such law or regulations.

6.3	DOCUMENTATION OF ASSIGNMENT.  The General Partner shall furnish to the
assigning Limited partner a proper form to duly effect such assignment.  The
General Partner shall not be required to recognize any assignment and shall
not be liable to the assignee for any distributions made to the assigning
Limited Partner until the General Partner has received such form of
assignment, properly executed with signature guaranteed, together with the
Certificate of Ownership originally issued to the Limited Partner (or an
indemnity bond in lieu therefor) and such evidence of authority as the General
Partner may reasonably request and the General Partner shall have accepted
such assignment.

                                       17
ARTICLE VII

                 Accounting Records, Reports and Distributions

7.1	DISTRIBUTIONS.  Each Partner will have a Capital account, and its
initial balance will be the amount the Partner paid for the Partner's Units.
The Net Assets of the Partnership will be determined monthly, and any increase
or decrease from the end of the preceding month will be added to or subtracted
from the accounts of the Partners in the ratio that each account bears to all
accounts.  Distributions from profits or Capital will  be made solely at the
discretion of the General Partner.

7.2	BOOKS OF ACCOUNT.  Proper books of account shall be kept and there shall
be entered therein all transactions, matters and things relating to the
Partnership's business as required by applicable law and the regulations
promulgated thereunder and as are usually entered into books of account kept
by persons engaged in business of like character.  The books of account shall
be kept at the principal office of the General Partner and each Limited
Partner (or any duly constituted agent of a Limited Partner) shall have, at
all times during reasonable business hours, free access, subject to rules of
confidentiality established by the General Partner, the right to inspect and
copy the same.  Such books of account shall be kept on an accrual basis.  A
Capital account shall be established and maintained from each Partner, as set
forth above.

(a)	Each Partner shall be furnished as of the end of each Fiscal Year with
(1) annual financial statements, audited by a certified public accountant,
within 90 days from the end of such year; together with such other reports (in
such detail) as are required to be given to Partners by applicable law,
specifically, annual and periodic reports will be supplied by the General
Partner to the other Partners in conformance with the provisions of CFTC
regulations for reporting to Pool Participants, 17 C.F.R. Section 4.22, as
amended, from time to time, and, (2) any other reports or information which
the General Partner, in its sole discretion, determines to be necessary or
appropriate.

(b)	Appropriate tax information (adequate to enable each Partner to complete
and file his Federal tax return) shall be delivered to such Partner no later
than March 1 following the end of each Calendar Year.

7.3	CALCULATION OF NET ASSET VALUE.  Net Asset Value shall be calculated
daily and reports delivered to Partners as of the last day of each month by
the 20th of the following month.  Upon request, the General Partner shall make
available to any Partner the Net Unit Value.

7.4	MAINTENANCE OF RECORDS.  The General Partner shall maintain all records
as required by law including, but not limited to, (1) all books of account
required by paragraph 7.1 of this Article VII; and, (2) a record of the
information obtained to indicate that a Partner meets the applicable investor
suitability standards.

7.5	TAX RETURNS  The General Partner shall cause tax returns for the
Partnership to be prepared and timely filed with the appropriate authorities.
The General Partner shall cause the Partnership to pay any taxes payable by
the Partnership; provided, however, that the General Partner shall not be
required to cause the Partnership to pay any tax so long as the General
Partner or the Partnership shall be in good faith and by appropriate means
contesting the applicability, validity or amount thereof and such contest
shall not materially endanger any right or interest of the Partnership.

7.6	TAX ELECTIONS  The General Partner shall from time to time, make such
tax elections or allocations deemed necessary or desirable to carry out the
business of the Partnership or the purposes of this Agreement.  Ashley shall
be authorized to perform all duties imposed by Sections 6221 through 6232 of
the Internal Revenue Code on the General Partner as "tax matters partner" of
the Partnership, including, but not limited to, the following: (i) the power
to conduct all audits and other administrative proceedings with respect to
Partnership tax items; (ii) the power to extend the statute of limitations for
all Limited Partners with respect to Partnership tax items; (iii) the power to
file a petition with an appropriate federal court for a review of a final
Partnership administrative adjustment; and, (iv) a power of attorney on behalf
of each Limited Partner having less than a 1% interest in the Partnership to
enter a settlement with the Internal Revenue Service on behalf of, and binding
upon, those Limited Partners unless any said Limited Partner shall have
notified the Internal Revenue Service and the General Partner, within 30 days
of service of the notice of claim up said Limited Partner, that the General
Partner may not act on such Limited Partner's behalf.

                                 ARTICLE VIII

                      Amendments of Partnership Agreement

8.1	RESTRICTION ON AMENDMENTS.  No amendment to this Agreement shall be
effective or binding upon the partners unless the same shall have been
approved by a Majority in Interest of the Partners; provided, however, the
General Partner may adopt amendments without such approval which are, in the
sole judgment of the General Partner, deemed necessary or desirable to
maintain the business or limited partnership or other favorable tax status of
the Partnership, or permit a Public Offering of the Units, or to maintain the
Partnership and the General Partner and its principals in compliance with the
laws which govern the business, including the requirements of any self
regulatory organization, or to substitute or add persons as Limited Partners.

8.2	ADMISSION OF ADDITIONAL PARTNERS.  At any time, the General Partner may,
in its sole discretion and subject to applicable law, admit additional
Partners.  Each newly admitted Partner shall contribute cash equal to the Net
Unit Value of the Partnership for each Unit to be acquired.  The terms of any
additional offering may be different from the terms of the initial offering.
All expenses of any such additional offering shall be borne by the either the
Partnership or the subscribers thereto, as determined in the sole discretion
of the General Partner.  Pursuant to Article VI, the General Partner may
consent to and admit any assignee of Units as a substituted Partner.  There is
no maximum aggregate amount of Units which may be offered and sold by the
Partnership or on the amount of contributions which may be received by the
Partnership.

8.3	TERMINATION OF OFFERINGS; ADDITIONAL OFFERINGS.  Notwithstanding
anything stated herein to the contrary, the General Partner may from time to
time, in its sole discretion, limit the number of Units to be offered,
terminate any offering of Units, or register additional Units and/or make
additional public or private offerings of Units.  No Limited Partner shall
have any preemptive, preferential or other rights with respect to the issuance
or sale of any additional Units.  No Limited Partner shall have the right to
consent to the admission of any additional Limited Partners.

8.4	NOTICE OF RESTRICTED TRANSFER.  Should the General Partner elect to
issue certificates of Limited Partnership, each certificate shall be subject
to and contain the following notice:

THESE LIMITED PARTNERSHIP INTERESTS SHALL NOT BE TRANSFERABLE BY THE
REGISTERED HOLDER EXCEPT BY CONSENT OF THE GENERAL PARTNER AND AS OTHERWISE
PROVIDED IN THE PARTNERSHIP AGREEMENT.

8.5	MEETINGS OF PARTNERS.  Upon receipt of a written request, together with
the costs to distribute such request to all Partners, executed by Partners
holding ten percent (10%) or more of the Units, for the calling of a meeting
of the Partners or should the General Partner desire a meeting for any
purpose, the General Partner shall, within fifteen (15) days thereafter,
provide written notice, either in person or by certified mail, after the date
of receipt of said notice.  Such written notice shall state the purpose of the
meeting, specify a reasonable time, place, and date, which shall be not less
than thirty (30) or more than sixty (60) days thereafter.  An Amendment shall
be adopted and binding upon all parties hereto if a Majority in Interest of
the Partners vote for the adoption of such amendment.  Partners may vote in
person or by written proxy delivered to any such meeting.  Meetings of
Partners may also be held by conference telephone where all Partners can hear
one another.

8.6	RIGHT OF GENERAL PARTNER TO RESIGN.  The individual General Partner, Mr.
Pacult, may resign upon one hundred twenty (120) days notice to all other
Partners.  The corporate General Partner, Ashley, may resign or assign any
portion of its interest in the Partnership at anytime to a third party and
become a Limited Partner with respect to the balance of its interest in the
Partnership, if any, if it provides one hundred twenty (120) days prior
written notice to all other Partners of its intention to resign and states in
such notice the name of the intended assignee who is to become substitute
corporate General Partner and the information reasonably appropriate to enable
the Partners to decide whether or not to approve the substitution or, in the
alternative, provide that the partners must elect a successor general partner.
In the event of the voluntary withdrawal by the corporate General Partner, the
corporate General Partner shall pay the legal fees, recording fees and all
other expenses incurred as a result of its withdrawal.  Upon resignation, the
corporate General Partner shall be paid the items identified in Section 8.7
below.

8.7	AMENDMENT INVOLVING SUCCESSOR CORPORATE GENERAL PARTNER.  Should a
resignation or an amendment to the Agreement provide for a change in the
general partner upon the conditions provided in this Agreement, the election
and admission of a person or persons as a successor or successors to the
corporate General Partner, shall require the following conditions: the

                                       18
General Partner shall retire and withdraw as General Partner and the
Partnership business shall be continued by the successor general partner or
general partners, and such amendment shall expressly provide that on or before
the effective date of removal.

(a)	The corporate General Partner shall be permitted to Redeem 100% of its
Units as of the Valuation Date following its removal or resignation in cash
equal to the Net Asset Value of such corporate General Partner's interest in
the Partnership.

(b)	The Partnership shall pay to the removed corporate General Partner an
amount equal to the Appraised Value of such General Partner's assets to be
transferred to the successor General Partner to enable the successor to
continue the business of the Partnership.  The Appraised Value of the
withdrawing corporate General Partner's interest in the Partnership shall
equal such General Partner's interest in the sum of (1) the Expenses advanced
by the corporate General Partner to the Partnership, (2) all cash items, (3)
all prepaid expenses and accounts receivable less a reasonable discount for
doubtful accounts, and (4) the net book value of all other assets, unless the
withdrawing General Partner of the successor corporate General Partner
believes that the net book value of an asset does not fairly represent its
fair market value in which event such corporate General Partner shall cause,
at the expense of the Partnership, an independent appraisal to be made by a
person selected by the General Partner with approval of a Majority in Interest
of the Partners to determine its value.

(c)	The successor General Partner or Partners shall indemnify the former
General Partner for all future activities of the Fund.

                                  ARTICLE IX

                    Dissolution, Liquidation and Redemption

9.1	DISSOLUTION.  The Partnership shall be dissolved, and shall terminate
and wind-up its affairs, upon the first to occur of the following:

(a)	the affirmative vote of a Majority in Interest of the Partners adopting
an amendment to this Agreement providing for the dissolution of the
Partnership;

(b)	the sale, exchange, forfeiture or other disposition of all or
substantially all the properties of the Partnership out of the ordinary course
of business;

(c)	the resignation of the General Partner after one hundred twenty days
notice to the Partners, of the bankruptcy, insolvency or dissolution, of the
General Partner without a successor, promptly after any such event, but in no
event beyond one hundred twenty (120) days after the effective date of such
event;

(d)	at 11:59 p.m. on the day which is twenty-one (21) years from the 1st day
of February, 1998; or

(e)	any event which legally dissolves the Partnership.

9.2	EFFECT OF LIMITED PARTNER STATUS. The death, legal disability,
bankruptcy, insolvency, dissolution, or withdrawal of any Limited Partner
shall not result in the dissolution or termination of the Partnership, and
such Limited Partner, his estate, custodian or personal representative shall
have no right to withdraw or value such Limited Partner's interest in the
Partnership except as provided in Paragraph 9.3.  Each Limited Partner (any
assignee thereof) expressly agrees that the provisions of the Act, as amended,
titled "Powers of Legal Representative or Successor of Deceased, Incompetent,
Dissolved or Terminated Partner", shall not apply to his interest in the
Partnership and expressly waives any rights and benefits thereunder.  Each
Limited Partner (and any assignee of such Partner's interest) expressly agrees
that in the event of his death, that he waives on behalf of himself and his
estate, and he directs the legal representative of his estate and any person
interested therein to waive the furnishing of any inventory, accounting or
appraisal of the assets and any right to an audit or examination of the books
of the Partnership.  The General Partner may assign, sell, or otherwise
dispose of all or any portion of its shares of common stock without any legal
effect upon the operation of the Partnership and no Limited Partner may object
to any such transfer.

9.3	LIQUIDATION. Upon the termination and dissolution of the Partnership,
the General Partner (or in the event the dissolution is caused by the
dissolution or the cessation to exist as a legal entity of the General
Partner, voluntary withdrawal, bankruptcy or insolvency, such person as the
Majority in Interest of the Partners may select) shall act as liquidating
trustee and shall take full charge of the Partnership assets and liabilities.
Thereafter, the business and affairs of the Partnership shall be wound up and

                                       19
all assets shall be liquidated as promptly as is consistent with obtaining the
fair value thereof, and the proceeds therefrom shall be applied and
distributed in the following order:  (i) to the expenses of liquidation and
termination and to creditors, including the General Partner, in order or
priority as provided by law, and (ii) to the Partners pro rata in accordance
with his or its Capital account, less any amount owed by such Partner to the
Partnership.

9.4	RETURN OF CAPITAL CONTRIBUTION SOLELY OUT OF ASSETS.  A Partner shall
look solely to the properties and assets of the Partnership for the return of
his Capital Contribution, and if the properties and assets of the Partnership
remaining after the payment or discharge of the debts and liabilities of the
Partnership are insufficient to return his Capital Contribution, he shall have
no recourse against the General Partner or any other Limited Partner for that
purpose.

9.5	REDEMPTION.  A Partner (including any approved assignee who becomes a
Limited Partner) may withdraw any part or all of his Capital Contribution and
undistributed profits, if any, by requiring the Partnership to redeem any or
all of his Units at the Net Asset Value thereof (such withdrawal being herein
referred to as "Redemption").  The General Partner has the right to establish
the notice cut-off date and the Redemption effective date.  Such Redemptions
shall be no less often than quarterly; provided, however, Redemption may be
deferred until after the lapse of twelve months from the date of purchase of
the Units.

9.6	REDEMPTION PROCEDURES.  Redemption shall be after all liabilities,
contingent, accrued, reserved in amounts determined by the General Partner
have been deducted and there remains property of the Partnership sufficient to
pay the Net Unit Value as defined in Paragraph 1.3(b).  As used herein,
"request for Redemption" shall mean a letter mailed or delivered by a Partner
and received by the General Partner no less than 10 business days prior to the
effective date for which Redemption is requested.  Upon Redemption, a Partner
shall receive, on or before the last day of the following month, an amount
equal to the Net Unit Value redeemed as of the date for which the request for
Redemption was received, less accrued expenses and any amount owed by such
Partner to the Partnership. Redemption is subject to a Redemption fee to be
paid by the Partners as provided below; provided, however, no Partner other
than the initial Limited Partner, may redeem any Units until the last day of
the twelfth month after the commencement of trading.   All Redemption requests
shall be subject to the following:

(a)	Under special circumstances including, but not limited to, the inability
to liquidate positions as of such Redemption date or default or delay in
payments due the Partnership from banks, brokers, or other persons, the
Partnership may in turn delay payment to Partners requesting Redemption of
Units of the proportionate part of the Net Unit Value represented by the sums
which are the subject of such delay or default.

(b)	The General Partner in its sole discretion may, upon notice to the
Partners, declare additional Redemption dates and may cause the Partnership to
redeem fractions of Units and, prior to registration of Units for public sale,
redeem Units held by Partners who do not hold the required minimum amount of
Units established, from time to time, by the General Partner.

(c)	For Partners admitted after the date of this Agreement, there will be no
redemption charge or fee.  The General Partner may withdraw from the
Partnership at any time and have return of the proceeds attributable to his
Units without any delay or payment of fees.

9.7	SPECIAL REDEMPTION.  In the event the Net Unit Value falls to less than
fifty percent (50%) of the Net Asset Value established by the greater of the
initial offering price of one thousand dollars ($1,000), less commissions and
other charges, or such higher value earned after payment of the incentive fee
for the addition of profits, the General Partner shall immediately suspend all
trading, provide immediate notice, in accordance with the terms of this
Agreement, to all Partners of the reduction in Net Asset Value, and afford all
Partners the opportunity for fifteen (15) days after the date of such notice
to Redeem their Units in accordance with the provisions of Section 9.5 and
9.6, above.  No trading shall commence until after such fifteen day period.

                                   ARTICLE X

                  Nature of Partner's Liabilities for Claims

10.1	PROSECUTION OF CLAIMS.  The General Partner shall arrange to prosecute,
defend, settle or compromise actions at law or in equity or with any self
regulatory organizations at the expense of the Partnership as such may be
necessary or desirable to enforce, protect, or maintain Partnership interests.

                                       20
10.2	SATISFACTION OF CLAIMS.  The General Partner shall satisfy any claims
against, errors asserted, or other liability of the Partnership and any
judgment, decree, decision or settlement, first out of any insurance proceeds
available therefor, next, out of Partnership assets and income, and finally
out of the assets and income of the General Partner.

10.3	GENERAL PARTNER DECISION. The decisions made by the General Partner in
regard to the prosecution or settlement of claims, errors, and other
liabilities, will be final unless contested and put to a vote pursuant to
Section 5.8, in which case the outcome of the vote will determine the course
of action.

10.4	EXONERATION, INDEMNIFICATION, AND NO ANTICIPATION OF PAYMENTS.  The
General Partner shall not be liable to the Partnership or the Partners for any
failure to comply with its obligations hereunder except for breach of
fiduciary obligation owed to the partnership or negligence on its part in the
management of Partnership affairs or violation of Federal and state
securities laws in connection with the offering of Units for sale.  In
addition:

(a)	The General Partner will be indemnified for liabilities and expenses
arising from any threatened, pending or completed action or suit in which it
or any affiliate is a party or is threatened to be made a party by reason of
the fact that it is or was the General Partner of the Partnership (other than
an action by the Partnership or a Partner against the General Partner which is
finally resolved in favor of the Partnership or Partner).  The Partnership
will indemnify the General Partner and its affiliates against expenses,
including attorney's fees, judgments and amounts paid in settlement of an
action, suit or proceeding if it has acted in good faith and in a manner it
reasonably believed to be in or not opposed to the best interest of the
Partnership, and provided that its conduct did not constitute negligence or a
breach of fiduciary obligations in the performance of its duty to the
Partnership or a violation of the securities laws.  The termination of any
action, suit or proceeding by judgment, order or settlement against the
Partnership shall not of itself create a presumption that the General Partner
or any affiliate did not act in good faith and not in the best interest of the
Partnership.

Notwithstanding any provision of this Agreement to the contrary, the
Partnership shall advance or pay the General Partner or any of its Affiliates
for legal expenses and other costs incurred as a result of any legal action
which alleges a breach of the Federal or state securities laws only if the
following conditions are satisfied:  (i) the legal action relates to acts or
omissions with respect to the performance of duties or services on behalf of
the Partnership; (ii) the legal action is initiated by a third party who is
not a Limited Partner, or the legal action is initiated by a Limited Partner
and an independent arbitration panel, administrative law judge, or court of
competent jurisdiction specifically approves such advancement; and, (iii) the
General Partner or its Affiliates undertake to repay the advanced funds to the
Partnership, together with the applicable legal rate of interest thereon, in
cases which such party is not entitled to indemnification under NASAA
Guideline II.F.

To the extent that a General Partner or an Affiliate has been successful on
the merits or otherwise in defense of any action, suit or proceeding referred
to above or in defense of any claim, issue or other matter related to the
Partnership or any other Partner or person who applied to be a Partner, the
Partnership shall indemnify such General Partner against the expenses,
including attorneys' fees and costs, actually and reasonably incurred by it in
connection therewith.

(b)	The indemnification of a General Partner shall be limited to and
recoverable only out of the assets of the Partnership.  Notwithstanding the
foregoing, the Partnership's indemnification of the General Partner shall be
limited to the amount of such loss, liability or damage which is not otherwise
compensated for by insurance carried for the benefit of the Partnership.
Additionally, the Partnership may not incur the cost of that portion of
liability insurance which insures the General Partner for any liability as to
which the General Partner is prohibited from being indemnified under this
Agreement.

(c)	Notwithstanding any provision in this Agreement to the contrary, the
Partnership shall not advance the expenses or pay for any insurance to pay for
the costs of the defense or any liability which is prohibited from being
indemnified pursuant to NASAA Guideline II.F.  Specifically, no
indemnification which is the result of negligence or misconduct by the General
Partner or for any allegation of a violation of the Federal or state
securities laws by or against the General Partner, any broker/dealer or any
other party unless there has been a successful adjudication on the merits of
each count involving alleged securities law violation as to the General
Partner or broker/dealer or such other party; or a court of competent
jurisdiction approves a settlement of the claims against the General Partner
or any broker/dealer or any other party and finds, specifically, that the

                                       21
indemnification of the settlement and related costs should be made after the
court of law has been made aware that the Securities and Exchange Commission
opposes such indemnification and the position of any applicable state
securities regulatory authority where the Partnership Interests were offered
or sold without the compliance with specific conditions upon such
indemnification and the action covered satisfies the provisions of Section
10.4 (a) of this Agreement.  Any change in the requirements imposed by the
Securities and Exchange Commission and the state securities administrators in
regard to indemnification shall cause a corresponding change in the right of
the General Partner to indemnification.

(d)	The indemnification of the General Partner provided in this Article
shall extend to any employee, agent, attorney, certified public accountant, or
Affiliate of the Partnership and the General Partner.

(e)	The Partnership shall indemnify, to the extent of the Partnership
assets, each Partner against any claims of liability asserted against a
Partner solely because he is a Partner in the Partnership.

(f)	In the event the Partnership or any Partner is made a party to any
claim, dispute or litigation or otherwise incurs any loss or expense, as a
result of or in connection with any Partner's activities unrelated to the
Partnership business or as a result of an unfounded claim against the
Partnership or any other Partner brought as a result of alleged actions by
said Partner, the Partner which was responsible for the allegations which
caused such loss or expense shall indemnify and reimburse the Partnership and
all other Partners for all loss and expense incurred, including attorneys'
fees and costs.

(g)	No creditor of a Partner shall have a right to vote Units.  Nor may any
Partner or creditor of a Partner anticipate any principal or income from the
Fund prior to the approval of a Redemption Request or the payment of a
distribution from the Fund.

                                  ARTICLE XI

                               Power of Attorney

11.1	POWER OF ATTORNEY EXECUTED CONCURRENTLY.  Concurrent with the written
acceptance and adoption of the provisions of this Agreement, each Partner
shall execute and deliver to the General Partner, a Power of Attorney
(paragraph 5 of the Subscription Agreement).  Said Power of Attorney
irrevocably constitutes and appoints the General Partner as a true and lawful
attorney-in-fact and agent for such Partner with full power and authority to
act in his name and on his behalf in the execution, acknowledgment and filing
of documents, which will include, but shall not be limited to, the following:

(a)	Any certificates and other instruments, including but not limited to, a
Certificate of Limited partnership and amendments thereto and a certificate of
doing business under an assumed name, which the General Partner deems
appropriate to qualify or continue the Partnership as a limited partnership in
the jurisdictions in which the Partnership may conduct business, so long as
such qualifications and continuations are in accordance with the terms of this
Agreement or any amendment hereto, or which may be required to be filed by the
Partnership or the Partners under the laws of any jurisdiction;

(b)	Any other instrument which may be required to be filed by the
Partnership under Federal or any state laws or by any governmental agency or
which the General Partner deems advisable to file; and

(c)	Any documents required to effect the continuation of the Partnership,
the admission of the signer of the Power as a Limited Partner or of others as
additional or substituted Partners or Limited Partners, or the dissolution and
termination of the Partnership, provided such continuation, admission,
dissolution or termination is pursuant to the terms of this Agreement.

11.2	EFFECT OF POWER OF ATTORNEY.  The Power of Attorney concurrently granted
by each Partner to the General Partner is a special Power of Attorney coupled
with an interest, is irrevocable, and shall survive the death or legal
incapacity of the Partner; and may be exercised by the General Partner for
each Partner by a facsimile signature of one of its officers or by listing all
of the Partners executing any instrument with a single signature of one of its
officers acting as attorney-in-fact for all of them; and shall survive the
delivery of an assignment by a Partner of the whole or any portion of his
interest in the Partnership; except that where the assignee thereof has been
approved by the General Partner for admission to the Partnership as a
substituted partner, the Power of Attorney shall survive the delivery of such
assignment for the sole purpose of enabling the General Partner to execute,
acknowledge and file an instrument necessary to effect such substitution.

                                       22
11.3	FURTHER ASSURANCES.  Upon request, each Limited Partner agrees to
execute and deliver to the Partnership, within thirty (30) days after receipt
of a written request from the General Partner, a separate form of power of
attorney granting the same powers described above; and such other further
statements of interest, holdings, designations, powers of attorney and other
instruments as the General Partner deems necessary or desirable.

                                  ARTICLE XII

                           Miscellaneous Provisions

12.1	NOTICES.  Notices, requests, reports, payments or other communications
required to be given or made hereunder shall be in writing and shall be deemed
to be delivered when properly addressed and posted by United States registered
or certified mail or delivered by independent courier which provides an record
of receipt, postage or delivery fees prepaid, properly addressed to the party
being given such notice at its last known address.  Addresses shown on the
Schedule of Limited Partners records of the Partnership shall be considered
the last known address of each said party unless the General Partner is
otherwise notified in writing.

12.2	NATURE OF INTEREST OF PARTNERS.  The interest of each Partner in the
Partnership is personal property.  No Partner may anticipate the distribution
or redemption of principal or income from the Partnership and no assignment to
secure the position of a lender to a Partner shall be valid without the
express written consent of the General Partner.

12.3	GOVERNING LAW.  This Agreement shall be construed in accordance with and
governed in all respects by the laws of the State of Delaware.  All Partners
agree to consent to the jurisdiction and to bring all actions for claims
related to the Partnership and the sale of the Units in the State and County
of the principal office of the Partnership as it is established, from time to
time, by the General Partner.  Currently, the principal office of the
Partnership is located in Kent County, Delaware.

12.4	SUCCESSORS IN INTEREST.  This Agreement shall be binding on and inure to
the benefit of he parties hereto and, to the extent permitted by this
Agreement, their respective heirs, executors, administrators, personal
representatives, successors and assigns.

12.5	INTEGRATION.  This Agreement constitutes the entire agreement among the
parties pertaining to the subject matter hereof and supersedes all prior and
contemporaneous agreements and understandings of such parties in connection
herewith.  Any amendment or supplement made hereto must be in writing.

12.6	COUNTERPARTS.  This Agreement may be executed in one or more
counterparts.  In such event, each counterpart shall constitute an original
and all such counterparts shall constitute one agreement.  The addition of
Limited Partners pursuant to the power of attorney granted to the General
Partner shall not be deemed amendments to alter the rights of the other
Partners under this Agreement.

12.7	SEVERABILITY.  Any provision of this Agreement which is invalid,
illegal, or unenforceable in any respect in any jurisdiction shall be, as to
such jurisdiction, ineffective to the extent of such invalidity, illegality or
unenforceability.  The remaining provisions hereof in such jurisdiction shall
be and remain effective.  Any such invalidity, illegality or unenforceability
in any jurisdiction shall not invalidate or in any way effect the validity,
legality or enforceability of such provision or the remainder of this
Agreement in any other jurisdiction.

12.8	WAIVERS.  The failure of any Partner to seek redress for violation of or
to insist upon the strict performance of any covenant or condition of this
agreement shall not prevent a subsequent act, which would have originally
constituted a violation, from having the effect of an original violation.

12.9	HEADINGS.  The headings in this Agreement are inserted for convenience
and identification only and are in no way intended to describe, interpret,
define or limit the scope, extent or intent of this Agreement or any provision
hereof.

12.10	RIGHTS AND REMEDIES CUMULATIVE.  This rights and remedies provided by
this Agreement are cumulative and the use of any one right or remedy by any
Partner shall not preclude or waive his right to use addition to any other
rights such Partner may have by law, statute, ordinance or otherwise.

12.11	WAIVER OF RIGHT TO PARTITION.  Each of the Partners irrevocably waives,
during the term of the Partnership, any right that it may have to maintain any
action for partition with respect to the property and assets of the
Partnership.

                                       23
12.12	INTEREST OF CERTAIN SECURED CREDITORS.  No creditor who makes
nonrecourse loan to the Partnership shall have or acquire at any time as a
result of making the loan, any direct or indirect interest in the profits,
Capital, or property of the Partnership other than as a secured creditor.

	IN WITNESS WHEREOF, the parties hereto have executed and delivered this
Agreement the day and year first above written.

General Partner:

ASHLEY CAPITAL MANAGEMENT, INCORPORATED

By: __________________________
Michael P. Pacult
President

Other General Partner:

By: __________________________
Michael P. Pacult

Agent for Limited Partners:
Ashley Capital Management, Inc.

By: __________________________
Michael P. Pacult
President

                                       24
EXHIBIT B TO ATLAS FUTURES FUND DISCLOSURE DOCUMENT

                    ATLAS FUTURES FUND, LIMITED PARTNERSHIP
                            REQUEST FOR REDEMPTION

To:  Ashley Capital Management, Inc.
     General Partner                        _____________________________
     5914 N. 300 West                       Our Social Security Number or
     P. O. Box 760			    Taxpayer ID Number
     Fremont, IN 46737
					    _____________________________
					    Joint Social Security Number or
					    Taxpayer ID Number

Dear General Partner:

The undersigned hereby requests redemption ("Redemption"), as defined in and
subject to all the terms and conditions disclosed in the Offering Circular
(the "Prospectus") delivered to the undersigned at the time of our purchase of
limited partnership interests (the "Units") in Atlas Futures Fund, Limited
Partnership, (the "Fund"), of $___________________ of Units (or insert the
number of Units to be Redeemed).  This Redemption request, once approved and
accepted by you as General Partner, will be at the Net Asset Value per Unit,
as described in the Prospectus, as of the close of business at the end of the
current month following such approval.

The undersigned hereby represents and warrants that the undersigned is the
true, lawful and beneficial owner of the Units to which this Request relates
with full power and authority to request Redemption of such Units.   Such
Units are not subject to any pledge or otherwise encumbered.

United States Taxable Limited Partners Only - Under penalty of perjury, the
undersigned hereby certifies that the Social Security Number or Taxpayer ID
Number indicated on this Request for Redemption is the undersigned's true,
cared and complete Social Security Number or Taxpayer ID Number and that the
undersigned is not subject to backup withholding under the provisions of
section 3406(a)(1)(C) of the Internal Revenue Code.

Non United States Limited Partners Only - Under penalty of perjury, the
undersigned hereby certifies that (a) the undersigned is not a citizen or
resident of the United States or (b) (in the case of an investor which is not
an individual) the investor is not a United States corporation, partnership,
estate or trust.

SIGNATURE(S) MUST BE IDENTICAL TO NAME(S) IN WHICH UNITS ARE REGISTERED

Please forward redemption funds by mail to the undersigned at:

_____________________________________________________________________________
Name                   Street                 City, State and Zip Code

Entity Limited Partner                        Individual Limited Partners(s)

________________________________              _______________________________
(Name of Entity)                              (Signature of Limited Partner)

By:
________________________________             ________________________________
(Authorized corporate officer, partner,       (Signature of Limited Partner)
 custodian or trustee)

________________________________
(Title)
EXHIBIT C TO ATLAS FUTURES FUND DISCLOSURE DOCUMENT

                    ATLAS FUTURES FUND, LIMITED PARTNERSHIP

                           SUBSCRIPTION REQUIREMENTS

By executing the Subscription Agreement and Power of Attorney for Atlas
Futures Fund Limited Partnership (the "Fund"), each purchaser ("Purchaser") of
Limited Partnership Interests (the "Units") in the Partnership irrevocably
subscribes for Units at a price equal to the Net Asset Value per Unit as of
the end of the month in which the subscription is accepted as described in the
Partnership's prospectus dated October__, 2010, (the "Prospectus").  The
minimum subscription is $25,000, however, it may be lowered to not less than
$5,000 by the General Partner; additional Units may be purchased in multiples
of $1,000.  Subscriptions must be accompanied by a check in the full amount of
the subscription and made payable to "Star Financial Bank for the exclusive
benefit of the customers of Atlas Futures Fund, LP".  Purchaser is also
delivering to the Partnership an executed Subscription Agreement and Power of
Attorney (Exhibit D to the Prospectus).   Upon acceptance of Purchaser's
Subscription Agreement and Power of Attorney, Purchaser agrees to contribute
Purchaser's subscription to the Partnership and to be bound by the terms of
the Partnership's Limited Partnership Agreement, attached as Exhibit A to the
Prospectus.  Purchaser agrees to reimburse the Partnership and Ashley Capital
Management, Incorporated (the "General Partner") for any expense or loss
incurred as a result of the cancellation of Purchaser's Units due to a failure
of Purchaser to deliver good funds in the amount of the subscription price.
By execution of the Subscription Agreement and Power of Attorney, Purchaser
shall be deemed to have executed the Limited Partnership Agreement.

As an inducement to the General Partner to accept this subscription, Purchaser
(for the Purchaser and, if Purchaser is an entity, on behalf of and with
respect to each of Purchaser's shareholders, partners or beneficiaries), by
executing and delivering Purchaser's Subscription Agreement and Power of
Attorney, represents and warrants to the General Partner, the Commodity Broker
and the Fund, as follows:

(a)	Purchaser is of legal age to execute the Subscription Agreement and
Power of Attorney and is legally competent to do so.  Purchaser acknowledges
that Purchaser has received a copy of the Prospectus, including the Limited
Partnership Agreement, prior to subscribing for Units.

(b)	All information that Purchaser has heretofore furnished to the General
Partner or that is set forth in the Subscription Agreement and Power of
Attorney submitted by Purchaser is correct and complete as of the date of such
Subscription Agreement and Power of Attorney, and if there should be any
change in such information prior to acceptance of Purchaser's subscription,
Purchaser will immediately furnish such revised or corrected information to
the General Partner.

(c)	Unless (d) or (e) below is applicable, Purchaser's subscription is made
with Purchaser's funds for Purchaser's own account and not as trustee,
custodian or nominee for another.

(d)	The subscription, if made as custodian for a minor, is a gift Purchaser
has made to such minor and is not made with such minor's funds or, if not a
gift, the representations as to net worth and annual income set forth below
apply only to such minor.

(e)	If Purchaser is subscribing in a representative capacity, Purchaser has
full power and authority to purchase the Units and enter and be bound by the
Subscription Agreement and Power of Attorney on behalf of the entity for which
he is purchasing the Units, and such entity has full right and power to
purchase such Units and enter and be bound by the Subscription Agreement and
Power of Attorney and become a Limited Partner pursuant to the Limited
Partnership Agreement which is attached to the Prospectus as Exhibit A.

(f) Purchaser either is not required to be registered with the Commodity
Futures Trading Commission ("CFTC") or to be a member of the National Futures
Association ("NFA") or if required to be so registered is duly registered with
the CFTC and is a member in good standing of the NFA.

(g) If the undersigned is acting on behalf of an "employee benefit plan," as
defined in and subject to the Employee Retirement Income Security Act of 1974,
as amended ("ERISA"), or a "plan" as defined in and subject to Section 4975 of
the Internal Revenue Code of 1986, as amended (the "Code") (a "Plan"), the
individual signing this Subscription Agreement and Power of Attorney on behalf
of the undersigned hereby further represents and warrants as, or on behalf of,
the Plan responsible for purchasing units (the "Plan

                                       1
Fiduciary") that: (a) the Plan Fiduciary has considered an investment in the
Fund for such plan in light of the risks relating thereto; (b) the Plan
Fiduciary has determined that, in view of such considerations, the investment
in the Fund is consistent with the Plan Fiduciary's responsibilities under
ERISA; (c) the Plan's investment in the Fund does not violate and is not
otherwise inconsistent with the terms of any legal document constituting the
Plan or any trust agreement thereunder; (d) the Plan's investment in the Fund
has been duly authorized and approved by all necessary parties; (e) none of
the General Partner, the Fund's advisors, the Fund's cash manager, the Fund's
futures brokers, any selling agent, any of their respective affiliates or any
of their respective agents or employees: (i) has investment discretion with
respect to the investment of assets of the Plan used to purchase units; (ii)
has authority or responsibility to or regularly gives investment advice with
respect to the assets of the Plan used to purchase units for a fee and
pursuant to an agreement or understanding that such advice will serve as a
primary basis for investment decisions with respect to the Plan and that such
advice will be based on the particular investment needs of the Plan; or (iii)
is an employer maintaining or contributing to the Plan; and (f) the Plan
Fiduciary (i) is authorized to make, and is responsible for, the decision to
invest in the Fund, including the determination that such investment is
consistent with the requirement imposed by Section 404 of ERISA that Plan
investments be diversified so as to minimize the risks of large losses, (ii)
is independent of the General Partner, the Fund's advisors, the Fund's cash
manager, the Fund's futures brokers, any selling agent, each of their
respective affiliates, and (iii) is qualified to make such investment
decision. The undersigned will, at the request of the General Partner, furnish
the General Partner with such information as the General Partner may
reasonably require to establish that the purchase of the units by the Plan
does not violate any provision of ERISA or the Code, including without
limitation, those provisions relating to "prohibited transactions" by "parties
in interest" or "disqualified persons" as defined therein.

(h) If the undersigned is acting on behalf of a trust (the "Subscriber
Trust"), the individual signing the Subscription Agreement and Power of
Attorney on behalf of the Subscriber Trust hereby further represents and
warrants that an investment in the Trust is permitted under the trust
agreement of the Subscriber Trust, and that the undersigned is authorized to
act on behalf of the Subscriber Trust under the trust agreement thereof.

(i) Purchaser represents and warrants that purchaser has (i) a net worth of at
least $250,000 (exclusive of home, furnishings and automobiles) or (ii) an
annual gross income of at least $70,000 and a net worth (similarly calculated)
of at least $70,000. Residents of the following states must meet the
requirements set forth below (net worth in all cases is exclusive of home,
furnishings and automobiles). In addition, purchaser may not invest more than
10% of his net worth (exclusive of home, furnishings and automobiles) in the
Fund.

State Suitability Requirements

1.	California-Net worth of at least $250,000 or a net worth of at least
$70,000 and annual taxable income of at least $70,000.

2.	Kansas-It is recommended by the Office of the Kansas Securities
Commissioner that Kansas investors not invest, in the aggregate, more than 10%
of their "liquid net worth" in this and similar direct participation programs.
For these purposes, "liquid net worth" is defined as that portion of net worth
which consists of cash, cash equivalents and readily marketable securities.

3.	Nebraska-Net worth of at least $250,000 or a net worth of at least
$70,000 and annual taxable income of at least $70,000.

4.	South Carolina-Net worth of at least $250,000 or a net income in the
preceding year some portion of which was subject to maximum federal and State
income tax.

5.	Texas-Net worth of at least $250,000 or a net worth of at least $70,000
and annual taxable income of at least $70,000.

In the case of sales to fiduciary accounts, the net worth and income standards
may be met by the beneficiary, the fiduciary account, or, if the donor or
grantor is the fiduciary, by the donor or grantor who supplies the funds to
purchase the partnership interests.

The foregoing suitability standards are regulatory minimums only.  Merely
because you meet such requirements does not necessarily mean that a high risk,
speculative and illiquid investment such as one in the Fund is, in fact,
suitable for you.

                                       2
EXHIBIT D TO ATLAS FUTURES FUND DISCLOSURE DOCUMENT

                    ATLAS FUTURES FUND, LIMITED PARTNERSHIP

                     UNITS OF LIMITED PARTNERSHIP INTEREST

                           SUBSCRIPTION INSTRUCTIONS

                    Any person considering subscribing for
            Units should carefully read and review the Prospectus.

The Units are speculative and involve a high degree of risk.  No person may
invest more than 10% of his or her liquid net worth (exclusive of home,
furnishings and automobiles) in the Partnership. No entity-and, in particular,
no ERISA plan-may invest more than 10% of its liquid net worth (readily
marketable securities) in the Partnership. The purchaser must have a minimum
annual gross income of $70,000 and a minimum net worth of $70,000 or, in the
alternative, a minimum net worth of $250,000.

A Subscription Agreement and Power of Attorney Signature Page (the "Signature
Page") is attached to these Subscription Instructions and the following
Subscription Agreement and Power of Attorney. The Signature Page is the
document which you must execute if you wish to subscribe for Units. One copy
of such Signature Page should be retained by you for your records and the
others delivered to the Partnership.

FILL IN ALL OF THE INFORMATION ON THE ATTACHED SIGNATURE PAGE, USING BLACK INK
ONLY, AS FOLLOWS

Item 1	-	Enter the dollar amount of the purchase.

Items 2 - 7	-	Enter the Social Security Number or Taxpayer ID Number and
check the appropriate box to indicate the type of individual ownership desired
or of the entity that is subscribing. In the case of joint ownership, either
Social Security Number may be used.

The Signature Page is self-explanatory for most ownership types; however, the
following specific instructions are provided for certain of the ownership
types identified on the Signature Page:

Trusts-Enter the trust's name on Line 3 and the trustee's name on Line 4,
followed by "Ttee." If applicable, use Line 7 also for the custodian's name.
Be sure to furnish the Taxpayer ID Number of the trust.

Custodian Under Uniform Gifts to Minors Act-Complete Line 3 with the name of
minor followed by "UGMA." On Line 7, enter the custodian's name followed by
"Custodian." Be sure to furnish the minor's Social Security Number.

Partnership or Corporation-The partnership's or corporation's name is required
on Line 4. Enter a partner's or officer's name on Line 4. Be sure to furnish
the Taxpayer ID Number of the partnership or corporation. A subscriber who is
not an individual must provide a copy of documents evidencing the authority of
such entity to invest in the Partnership.

Item 8	-	The investor(s) must execute the Subscription Agreement and
Power of Attorney Signature Page and review the representations relating to
backup withholding tax or non-resident alien status underneath the signature
and telephone number lines in Item 8.

Item 9	-	General Partner must complete.

The Selling Agent's copy of the Subscription Agreement and Power of Attorney
Signature Page may be required to be retained in the Selling Agent's office.
ATLAS FUTURES FUND, LIMITED PARTNERSHIP

                     UNITS OF LIMITED PARTNERSHIP INTEREST

        BY EXECUTING THIS SUBSCRIPTION AGREEMENT AND POWER OF ATTORNEY
               SUBSCRIBERS ARE NOT WAIVING ANY RIGHTS UNDER THE
                   SECURITIES ACT OF 1933 OR THE SECURITIES
                             EXCHANGE ACT OF 1934

                          SUBSCRIPTION AGREEMENT AND
                               POWER OF ATTORNEY

To:  Ashley Capital Management, Inc.
     General Partner                        _____________________________
     5914 N. 300 West                       Our Social Security Number or
     P. O. Box 760			    Taxpayer ID Number
     Fremont, IN 46737
					    _____________________________
					    Joint Social Security Number or
					    Taxpayer ID Number

Dear General Partner:

1. Subscription For Units. I hereby subscribe for the number of Limited
Partnership Units ("Units") in Atlas Futures Fund, Limited Partnership  (the
"Fund") set forth below (minimum $25,000) in the Subscription Agreement and
Power of Attorney Signature Page, at a price per Unit as set forth in the
Fund's prospectus dated October __, 2010 (the "Prospectus").  I have completed
and executed a Subscription Agreement and Power of Attorney Signature Page in
the form attached hereto as Exhibit "D", and delivered the executed
Subscription Documents to the Sales Agent and executed a check made payable to
"Star Financial Bank for the exclusive benefit of the customers of Atlas Futures
Fund, LP" to be delivered by the Sales Agent to the Depository Agent within 24
hours after receipt for deposit to the Depository Account.  The General
Partner may, in its sole and absolute discretion, accept or reject this
subscription, in whole or in part.  If this subscription is accepted, I
understand subscribers will earn additional Units in lieu of interest earned
on the undersigned's subscription during any period of time, if any, such
subscription is held in the depository account.  If this subscription is
rejected, all funds remitted by the undersigned will be returned, together
with any interest earned from the depository account, if any.

2. Representations and Warranties of Subscriber.  I have received a copy of
the Prospectus.  I understand that by submitting this Subscription Agreement
and Power of Attorney I am making the representations and warranties set forth
in "Exhibit C - Subscription Requirements" contained in the Prospectus,
including, without limitation, representations and warranties relating to my
net worth and annual income.  Additionally, I understand that the General
Partner will review my suitability for this investment.

3. Power of Attorney.  In connection with my acceptance of an Interest in the
Partnership, I do hereby irrevocably constitute and appoint the General
Partner, and its successors and assigns, as my true and lawful Attorney-in-
Fact, with full power of substitution, in my name, place and stead, to (i)
file, prosecute, defend, settle or compromise litigation, claims or
arbitration on behalf of the Partnership; and, (ii) make, execute, sign,
acknowledge, swear to, deliver, record and file any documents or instruments
which may be considered necessary or desirable by the General Partner to carry
out fully the provisions of the Limited Partnership Agreement of the
Partnership, which is attached as Exhibit A to the Prospectus, including,
without limitation, the execution of the said Agreement itself and by
effecting all amendments permitted by the terms thereof.  The Power of
Attorney granted hereby shall be deemed to be coupled with an interest and
shall be irrevocable and shall survive, and shall not be affected by, my
subsequent death, incapacity, disability, insolvency or dissolution or any
delivery by me of an assignment of the whole or any portion of my interest in
the Partnership.

4. Irrevocability; Governing Law. You may revoke your subscription for five
business days after you send it to us (the "Revocation Period").  After the
lapse of five business days from submission, your subscription will be
irrevocable.  The Units offered to you are subject to prior sale.  I hereby
acknowledge and agree that after the Revocation Period I am not entitled to
cancel, terminate or revoke this subscription or any of my agreements
hereunder and that this subscription and such agreements shall survive my
death or disability.  This Subscription Agreement and Power of Attorney shall
be governed by and interpreted in accordance with the laws of the State of
Delaware.
ATLAS FUTURES FUND, LIMITED PARTNERSHIP

                    Units of Limited Partnership Interests

                 Subscription Agreement and Power of Attorney

                                Signature Page

The investor named below, by execution and delivery of this Subscription
Agreement and Power of Attorney, by payment of the purchase price for Limited
Partnership Interests (the "Units") in Atlas Futures Fund, Limited Partnership
(the "Partnership"), and by enclosing a check payable to "Star Financial Bank
for the exclusive benefit of the customers of Atlas Futures Fund, LP", hereby
subscribes for the purchase of Units, at a price per Unit as set forth in the
Partnership's prospectus dated October __, 2010 (the "Prospectus").

The named investor further, by signature below, acknowledges (i) receipt of
the Prospectus; (ii) that such Prospectus includes the Partnership's Limited
Partnership Agreement, the Subscription Requirements, and the Subscription
Agreement and Power of Attorney set forth therein, the terms of which govern
the investment in the Units being subscribed for hereby; (iii) that this
subscription may be revoked within five business days after submission; and,
(iv) after the lapse of five business days from submission, this subscription
will be irrevocable.

By my signature below, I represent that I satisfy the requirements relating to
net worth and annual income as set forth in Exhibit C to the Prospectus.

1)	Total $ Amount	(minimum of $25,000, unless lowered to less than
$25,000 but not less than $5,000 by the General Partner;  $1,000 minimum for
investors making an additional investment)

2)	Social Security Number (SSN)  ____________-____________-____________
	Joint SSN or Taxpayer ID #  ____________-____________-____________

Taxable Investors (check one):
O Individual Ownership
O Trust other than a Grantor or Revocable Trust
O Joint Tenants with Right of Survivorship
O Estate
O UGMA/UTMA (Minor)
O Tenants in Common
O Community Property
O Partnership
O Corporation
O Grantor or Other Revocable Trust

Non-Taxable Investors (check one):
O IRA
O Profit Sharing
O IRA Rollover
O Defined Benefit
O Pension
O Other (specify)
O SEP

3) Investor's Name _________________________________________________________

4) _________________________________________________________________________
  Additional Information (for Estates, Trusts, Partnerships and Corporations)

5) Resident Address of Investor
   _________________________________________________________________________
   Street (P.O. Box not acceptable)    City       State          Zip Code

6) Mailing Address(if different)
   _________________________________________________________________________
   Street                              City       State          Zip Code

7) Custodian Name and Mailing Address
   _________________________________________________________________________
   Name      Street (P.O. Box not acceptable)    City      State    Zip Code

Signature(s) - do not sign without familiarizing yourself with the information
in the Prospectus, including: (i) the fundamental risks and financial hazards
of this investment, including the risk of losing your entire investment; (ii)
the Partnership's substantial charges; (iii) the Partnership's highly
leveraged trading activities; (iv) the lack of liquidity of the Units
including a lock-in period of twelve months; (v) the existence of actual and
potential conflicts of interest in the structure and operation of the
Partnership; (vi) that Limited Partners may not take part in the management of
the Partnership; and (vii) the tax consequences of the Partnership.

8)                         INVESTOR(S) MUST SIGN

   X_________________________________________________________
   Signature of Investor                Date    Telephone No.

   X_________________________________________________________
   Signature of Joint Investor (if any)   Date

Investor must sign individually, or pursuant to a power of attorney; provided,
however, that such power of attorney has not been granted to a registered
representative of the Selling Agent.

Executing and delivering this Subscription Agreement and Power of Attorney
shall in no respect be deemed to constitute a waiver of any rights under the
Securities Act of 1933 or under the Securities Exchange Act of 1934.

UNITED STATES INVESTORS ONLY

I have checked the following box if I am subject to backup withholding under
the provisions of Section 3406(a)(1)(C) of the Internal Revenue Code:  0.
Under the penalties of perjury, by signature above I hereby certify that the
Social Security Number or Taxpayer ID Number set forth in Item 2 above is my
true, correct and complete Social Security Number of Taxpayer ID Number and
that the information given in the immediately preceding sentence is true,
correct and complete.

NON-UNITED STATES INVESTORS ONLY

Under the penalties of perjury, by signature above, I hereby certify that (a)
I am not a citizen or resident of the United States or (b) (in the case of an
investor which is not an individual) the investor is not a United States
corporation, partnership, estate or trust:  0.

9)	REGISTERED REPRESENTATIVE MUST SIGN

I hereby certify that I have informed the investor of all pertinent facts
relating to the:  risks;  liquidity and marketability;  management;  and
control of the Managing Owner with respect to an investment in the Units, as
set forth in the Prospectus.  I  have also informed the investor of the
unlikelihood of a public trading market developing for the Units.  I do not
have discretionary authority over the account of the investor.

I have reasonable grounds to believe, based on information obtained from the
investor concerning his/her investment objectives, other investments,
financial situation and needs and any other information known by me, that an
investment in the Fund is suitable for such investor in light of his/her
financial position, net worth and other suitability characteristics. The
Registered Representative MUST sign below in order to substantiate compliance
with Article III, Section 34 of the FINRA's Rules of Fair Practice.

X____________________________________________________________________
Registered Representative Signature	Date

X____________________________________________________________________
Office Manager Signature		Date

10)	REGISTERED REPRESENTATIVE

Name:
Selling Agent:
Reg. Rep. No.:
Branch Office:
Address:
City, State, Zip:
Tel. Number:
Facsimile:
Email:

11)	SELLING AGENT - Futures Investment Company, 5914 N. 300 West, P.O. Box
760, Fremont, IN 46737, (260) 833-1306
EXHIBIT E TO ATLAS FUTURES FUND DISCLOSURE DOCUMENT

                             DEPOSITORY AGREEMENT

THIS AGREEMENT (the "Agreement") is made and entered into as of the ___ day of
_________, 2010, by and among Atlas Futures Fund, Limited Partnership,
("Atlas" or the "Fund"), Ashley Capital Management, Inc., 5914 N. 300 West, P.
O. Box 760, Fremont, IN 46737, (the "General Partner"), and Star Financial
Bank (the "Depository"), 2004 N. Wayne St., Angola, IN 46703, a bank
unaffiliated with the Fund or General Partner and otherwise qualified to be a
depository within the definition of Section 3(a)(2) of the Securities Act of
1933.

1.	Account Opened.  The General Partner establishes and the Depository
accepts and opens a savings account that complies with SEC Rule 15c2-4 titled
"Star Financial Bank for the exclusive benefit of the customers of Atlas
Futures Fund, LP" to clear proceeds of sale of limited partnership interests
(the "Units") and hold such proceeds until the General Partner either accepts
the proceeds into the Atlas account or rejects the subscription and directs
the Depository to return the proceeds to the prospective investor.  Limited
partnership interests (the "Units") will be sold by the Selling Agent on a
best efforts basis.  Units will be sold at the Net Asset Value per Unit
computed after the close of business on the last business day of each month
and transferred to the Fund as of the open on the first business day of each
month.  The Selling Agent shall direct all subscribers to make their checks to
"Star Financial Bank for the exclusive benefit of the customers of Atlas
Futures Fund, LP."  Any instrument not so made out shall be promptly returned
to the subscriber, with notice to the General Partner.  The Selling Agent will
supply the Depository with a list of the subscribers to identify their name,
address and amount of subscription.  The General Partner will be solely
responsible for the allocation of interest earned among the subscribers.

2.	Transfer of Subscribers' Funds.  The Selling Agent shall promptly
transmit all checks for the purchase of Units by noon of the second business
day directly to the Depository.  For customers that wish to make wire
transfers, the Selling Agent will provide wire instructions to them for the
Depository Account and will not take custody of any customer funds.  At the
time of delivery of the proceeds to the Depository, the Selling Agent shall
provide the Depository with the name and address of the subscriber for the
Units.  On the first business day of each month (the "Delivery Date"), the
Depository shall deliver all proceeds plus interest by check or account
transfer to the Fund.  Should the Fund reject a subscription for any reason or
cease business prior to the Delivery Date, the Depository shall promptly
return the proceeds directly to each subscriber plus interest as allocated by
the General Partner without deduction for costs or expenses from the amounts
paid to the subscribers, and the Depository shall notify the General Partner
and the Selling Agent of its distribution of the funds.  The proceeds returned
to each subscriber shall be free and clear of any and all claims of the Fund
or any of its creditors.

3.	No Creditor's Rights.  The General Partner and Selling Agent agree,
individually and on behalf of the Fund, that neither it nor the Fund is
entitled to any funds in the Depository account prior to the Delivery Date,
and no amounts deposited in the Depository Account shall become the property
of or be subject to the debts of the General Partner, Selling Agent, Fund or
any other entity or person.

4.	Collection Procedure.  The Depository is hereby authorized to forward
each check for collection and, upon collection of the proceeds of each check,
deposit the collected proceeds in the account. As an alternative, the
Depository may telephone the bank on which the check is drawn to confirm that
the check has been paid.  Any check returned unpaid shall be returned by Star
Financial Bank to the subscriber with notice to the General Partner and
Selling Agent. If the Fund rejects any subscription for which the Depository
has already collected funds, the Depository shall promptly issue a refund
check to the rejected subscriber. If the General Partner rejects any
subscription for which the Depository has not yet collected funds but has
submitted the subscriber's check for collection, the Depository shall promptly
issue a check in the amount of the subscriber's check to the rejected
subscriber after the Depository has cleared such funds. If the Depository has
not yet submitted a rejected subscriber's check for collection, the Depository
shall promptly remit the subscriber's check directly to the subscriber.

                                       1
5.	Depository Liability Limited.  Depository shall have no liability under,
or duty to inquire into, the terms and provisions of any other document or
instrument utilized in connection with the Offering, and it is agreed that the
duties of Depository are purely ministerial in nature, and that Depository
shall incur no liability whatsoever under this Agreement, except for acts or
omissions of the Depository involving or constituting willful misconduct,
fraud, gross negligence or bad faith.

6.	Depository May Resign.  Depository may, at any time, resign hereunder by
giving written notice of its intent to resign to the other parties hereto, at
their respective addresses set forth above, at least ten (10) days prior to
the date specified for such resignation to take effect, and upon the effective
date of such resignation the proceeds, including all accrued interest, shall
be delivered by Depository to the person designated in writing by the General
Partner or a court of competent jurisdiction, whereupon all of Depository's
obligations hereunder shall cease and terminate.  Notwithstanding the
foregoing, nothing in this paragraph releases Depository or relieves it of any
of its obligations that existed prior to the effective date of Depository's
resignation including, without limitation, liability for willful misconduct,
fraud, gross negligence or bad faith.  Notwithstanding the foregoing, nothing
in this paragraph releases the General Partner or the Selling Agent of their
obligations under the Securities and Exchange Act including, but not limited
to, Rules 15c2-4 and 10b-9.

7.	Depository Indemnification.  The Selling Agent and General Partner agree
to indemnify, defend and hold Depository harmless from and against any and all
loss, damage, tax, liability and expense that may be incurred by Depository
and arising out of or in connection with its acceptance of appointment as
depository hereunder, including reasonable attorneys' fees and other legal
costs and expenses of defending itself against any claim or liability in
connection with its performance hereunder, except in the case of willful
misconduct, fraud, gross negligence or bad faith on the part of Depository.
Depository may consult with and rely on its attorneys with respect to any
dispute not assumed or defended by the Selling Agent and the General Partner,
and this indemnification shall include all reasonable and necessary attorneys'
fees of Depository in connection with such consultation.

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the
day and year first above written.

ASHLEY CAPITAL MANAGEMENT, INC.		STAR FINANCIAL BANK

By:					By:
Mr. Michael Pacult			Thad Wright
President				Vice President

ATALS FUTURES FUND, LP

By:  Ashley Capital Management, Inc.

By:
Mr. Michael Pacult
President

                                       2
Dealer Prospectus Delivery Obligation

Until one year from the date of this prospectus, all dealers that effect
transactions in these securities, whether or not participating in this
offering, may be required to deliver a prospectus.  This is in addition to the
dealers' obligation, if any, to deliver a prospectus when acting as
underwriters and with respect to their unsold allotments or subscriptions.

         [The balance of this page has been intentionally left blank.]
FORM S-1

                                              Registration No. ____-________

                                    PART II

                    INFORMATION NOT REQUIRED IN PROSPECTUS

Item 13. Other Expenses of Issuance and Distribution.

(b)	The Selling Agreement between Futures Investment Company and the
Registrant contains an indemnification from the General Partner to the effect
that the disclosures in the Prospectus and this Amendment are in compliance
with Rule 10b5 and otherwise true and complete.  This indemnification speaks
from the date of the first offering of the Units through the end of the
applicable statute of limitations.  The Partnership has assumed no
responsibility for any indemnification to Futures Investment Company and the
General Partner is prohibited by the Partnership Agreement from receiving
indemnification for breach of any securities laws or for reimbursement for
insurance for coverage for any such claims.  See Article X, Section 10.4 (b)
and (e).

(d)	There are no indemnification agreements which are not contained in the
Limited Partnership Agreement attached as Exhibit A, the Selling Agreement or
the Clearing Agreement.

(c)	The following reflects all expenses in connection with the issuance and
distribution of the securities to be registered, other than underwriting
discounts and commissions:

Expense						Cost
______________________________________________  __________________
Registration fees				$2,213
Federal taxes					0
States taxes and fees				4,000
Trustees' and transfer agents' fees		0
Costs of printing and engraving			2,500
Legal						15,000
Accounting					1,000
Engineering					0
Other						287
						__________________
 						$25,000

Item 15. Recent Sales of Unregistered Securities.

None within three years.

Item 16. Exhibits and Financial Statement Schedules.

The following documents (unless indicated) are filed herewith and made a part
of this Registration Statement:

(a)	Exhibits.

Exhibit

Number	Description of Document

(1) - 01	Selling Agreement dated October 28, 2010, among the Partnership,
the Corporate General Partner, and Futures Investment Company, the Selling
Agent

(2)	None

(3) - 01	Articles of Incorporation of the General Partner*

                                       1
(3) - 02	By-Laws of the General Partner *

(3) - 03	Board Resolution of General Partner to authorize formation of
Delaware Limited Partnership *

(3) - 04	Amended and Restated Agreement of Limited Partnership of the
Registrant dated February 1, 1998 (included as Exhibit A to the Prospectus)

(3) - 05	Certificate of Limited Partnership, Designation of Registered
Agent, Certificate of Initial Capital filed with the Delaware Secretary of
State, and Delaware Secretary of State acknowledgment of filing of Certificate
of Limited Partnership *

(4) - 01	Amended and Restated Agreement of Limited Partnership of the
Registrant dated February 1, 1998 (included as Exhibit A to the Prospectus)

(5) - 01	Opinion of The Scott Law Firm, Ltd. relating to the legality of
the Partnership Units.

(6)	Not Applicable

(7)	Not Applicable

(8) - 01	Opinion of The Scott Law Firm, Ltd. with respect to Federal income
tax consequences.

(9)	None

(10) - 01	Form of Advisory Agreements between the Partnership and the
Commodity Trading Advisor. (included as Exhibit F to the Prospectus)

(10) - 02	Form of New Account Agreement between the Partnership and the
Futures Commission Merchant*

(10) - 03	Form of Subscription Agreement and Power of Attorney.
(included as Exhibit D to the Prospectus).

(10) - 04	Depository Agreement among Depository Agent, Selling Agent, and
the Partnership.  (included as Exhibit E to the Prospectus).

(11)	Not Applicable

(12)	Not Applicable

(13)	Not Required

(14)	None

(15)	None

(16)	Not Applicable

(17)	Not Required

(18)	Not Required

(19)	Not Required

(20)	Not Required

(21)	None

(22)	Not Required

(23) - 01	Consent of The Scott Law Firm, Ltd.

(23) - 02	Consent of Patke & Associates, Ltd.

(24)	None

(25)	None

(26)	None

(27)	Not Applicable

(28)	Not Applicable

(99) - 01	Subordinated Loan Agreement for Equity Capital*

(99) - 02	Representative's Agreement between Futures Investment Company and
Shira Del Pacult*

*  Filed as an exhibit to the Registrant's Registration Statement on Form S-1
(File No. 333-59976) and incorporated herein by reference.

(b)	Financial Statement Schedules.

No Financial Schedules are required to be filed herewith.

Item 17. Undertakings.

(a)	The undersigned registrant hereby undertakes:

                                       2
(1)	To file, during any period in which offers or sales are being made, a
post-effective amendment to this registration statement:

(i)	To include any prospectus required by section 10(a)(3) of the Securities
Act of 1933;

(ii)	To reflect in the prospectus any facts or events arising after the
effective date of the registration statement (or the most recent post-
effective amendment thereof) which, individually or in the aggregate,
represents a fundamental: change in the information set forth in the
registration statement;

(iii)	To include any material information with respect to the plan of
distribution not previously disclosed in the registration statement or any
material change to such information in the registration statement.

(2)	That, for the purpose of determining any liability under the Securities
Act of 1933, each such post-effective amendment shall be deemed to be a new
registration statement relating to the securities offered therein, and the
offering of such securities at that time shall be deemed to be the initial
bona fide offering thereof.

(3)	To remove from registration by means of a post-effective amendment any
of the securities being registered which remain unsold at the termination of
the offering.

(4)	That the registrant is not a foreign private issuer.

(5)	That, for the purpose of determining liability under the Securities Act
of 1933:

(i)	Each prospectus filed by the registrant pursuant to Rule 424(b)(3)shall
be deemed to be part of the registration statement as of the date the filed
prospectus was deemed part of and included in the registration statement; and
each prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5), or
(b)(7) as part of a registration statement in reliance on Rule 430B relating
to an offering made pursuant to Rule 415(a)(1)(i), (vii), or (x) for the
purpose of providing the information required by section 10(a) of the
Securities Act of 1933 shall be deemed to be part of and included in the
registration statement as of the earlier of the date such form of prospectus
is first used after effectiveness or the date of the first contract of sale of
securities in the offering described in the prospectus. As provided in Rule
430B, for liability purposes of the issuer and any person that is at that date
an underwriter, such date shall be deemed to be a new effective date of the
registration statement relating to the securities in the registration
statement to which that prospectus relates, and the offering of such
securities at that time shall be deemed to be the initial bona fide offering
thereof. Provided, however, that no statement made in a registration statement
or prospectus that is part of the registration statement or made in a document
incorporated or deemed incorporated by reference into the registration
statement or prospectus that is part of the registration statement will, as to
a purchaser with a time of contract of sale prior to such effective date,
supersede or modify any statement that was made in the registration statement
or prospectus that was part of the registration statement or made in any such
document immediately prior to such effective date; or

(ii)	Each prospectus filed pursuant to Rule 424(b) as part of a registration
statement relating to an offering, other than registration statements relying
on Rule 430B or other than prospectuses filed in reliance on Rule 430A, shall
be deemed to be part of and included in the registration statement as of the
date it is first used after effectiveness. Provided, however, that no
statement made in a registration statement or prospectus that is part of the
registration statement or made in a document incorporated or deemed
incorporated by reference into the registration statement or prospectus that
is part of the registration statement will, as to a purchaser with a time of
contract of sale prior to such first use, supersede or modify any statement
that was made in the registration statement or prospectus that was part of the
registration statement or made in any such document immediately prior to such
date of first use.

                                       3
(6)	That, for the purpose of determining liability of the registrant under
the Securities Act of 1933 to any purchaser in the initial distribution of the
securities: The undersigned registrant undertakes that in a primary offering
of securities of the undersigned registrant pursuant to this registration
statement, regardless of the underwriting method used to sell the securities
to the purchaser, if the securities are offered or sold to such purchaser by
means of any of the following communications, the undersigned registrant will
be a seller to the purchaser and will be considered to offer or sell such
securities to such purchaser:

(i)	Any preliminary prospectus or prospectus of the undersigned registrant
relating to the offering required to be filed pursuant to Rule 424;

(ii)	Any free writing prospectus relating to the offering prepared by or on
behalf of the undersigned registrant or used or referred to by the undersigned
registrant;

(iii)	The portion of any other free writing prospectus relating to the
offering containing material information about the undersigned registrant or
its securities provided by or on behalf of the undersigned registrant; and

(iv)	Any other communication that is an offer in the offering made by the
undersigned registrant to the purchaser.

(b)	The undersigned Registrant hereby undertakes that:

(1)	For purposes of determining any liability under the Securities Act of
1933, the information omitted from the form of prospectus filed as part of
this registration statement in reliance upon Rule 430A, if any pre-effective
amendment was used, and contained in a form of prospectus filed by the
registrant pursuant to Rule 424(b)(1) or (4), or 497(h) under the Securities
Act shall be deemed to be part of this registration statement as of the time
it was declared effective.

(2)	For the purpose of determining any liability under the Securities Act of
1933, each post-effective amendment that contains a form of prospectus shall
be deemed to be a new registration statement relating to the securities
offered therein, and the offering of such securities at that time shall be
deemed to be the initial bona fide offering thereof.

(c)	The General Partner has provided an indemnification to Futures
Investment Company, the best efforts selling agent.  The Registrant (issuer)
has not made any indemnification to Futures Investment Company.

Insofar as indemnification for liabilities under the Securities Act of 1933
may be permitted to directors, officers and controlling persons of the
Registrant including, but not limited to, the General Partner pursuant to the
provisions described in Item 14 above, or otherwise, the Registrant had been
advised that, in the opinion of the Securities and Exchange Commission, such
indemnification is against public policy as expressed in the Securities Act of
1933 and is, therefore, unenforceable.   In the event that a claim for
indemnification against such liabilities (other than the payment by the
Registrant of expenses incurred or paid by a director, officer or controlling
person of the Registrant in the successful defense of any such action, suit or
proceeding) is asserted by such director, officer or controlling person in
connection with the securities being registered, the Registrant will, unless
in the opinion of its counsel the matter has been settled by controlling
precedent, submit to a court of appropriate jurisdiction the question whether
such indemnification by it is against public policy as expressed in the Act
and will be governed by the final adjudication of such issue.

                                       4
SIGNATURES

Pursuant to the requirements of the Securities Act of 1933, in the City of
Fremont in the State of Indiana on this 29th day of October, 2010, Mr. Michael
Pacult, the individual general partner of the Registrant, signed this
Registration Statement; and Ashley Capital Management, Inc., the corporate
general partner of the Registrant, has duly caused this Registration Statement
to be signed on its behalf by the undersigned, thereunto duly authorized.

ASHLEY CAPITAL MANAGEMENT, INC.        ATLAS FUTURES FUND, L.P.
                                       BY ASHLEY CAPITAL MANAGEMENT, INC.
                                       GENERAL PARTNER

BY: /s/ Michael Pacult               BY: /s/ Michael Pacult
    MR. MICHAEL PACULT                   MR. MICHAEL PACULT
    PRESIDENT                            PRESIDENT

                                       ATLAS FUTURES FUND, L.P.
                                       BY MR. MICHAEL PACULT
                                       GENERAL PARTNER

BY: /s/ Michael Pacult               BY: /s/ Michael Pacult
    MR. MICHAEL PACULT                   MR. MICHAEL PACULT

Pursuant to the requirements of the Securities Act of 1933, this Registration
Statement has been signed below by the following person on behalf of Ashley
Capital Management, Inc., General Partner of the Registrant in the capacities
and on the date indicated.

/s/ Michael Pacult
MR. MICHAEL PACULT
PRESIDENT

Date:  October 29, 2010

(Being the principal executive officer, the principal financial and accounting
officer and the sole director of Ashley Capital Management, Inc., General
Partner of the Partnership)