0001145549-19-016814.txt : 20190612 0001145549-19-016814.hdr.sgml : 20190612 20190612151112 ACCESSION NUMBER: 0001145549-19-016814 CONFORMED SUBMISSION TYPE: N-CEN/A PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20190331 FILED AS OF DATE: 20190612 DATE AS OF CHANGE: 20190612 EFFECTIVENESS DATE: 20190612 FILER: COMPANY DATA: COMPANY CONFORMED NAME: STEBEN SELECT MULTI-STRATEGY MASTER FUND CENTRAL INDEX KEY: 0001582536 IRS NUMBER: 463155603 STATE OF INCORPORATION: DE FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: N-CEN/A SEC ACT: 1940 Act SEC FILE NUMBER: 811-22872 FILM NUMBER: 19893518 BUSINESS ADDRESS: STREET 1: 9711 WASHINGTONIAN BLVD. STREET 2: SUITE 400 CITY: GAITHERSBURG STATE: MD ZIP: 20878 BUSINESS PHONE: 240-631-7600 MAIL ADDRESS: STREET 1: 9711 WASHINGTONIAN BLVD. STREET 2: SUITE 400 CITY: GAITHERSBURG STATE: MD ZIP: 20878 FORMER COMPANY: FORMER CONFORMED NAME: Steben Select Multi-Strategy Master Fund DATE OF NAME CHANGE: 20130725 N-CEN/A 1 primary_doc.xml X0201 N-CEN/A 0001145549-19-016437 LIVE 0001582536 XXXXXXXX true false false N-2 Steben Select Multi-Strategy Master Fund 811-22872 0001582536 549300PHI8UOVOTNTL82 9711 Washingtonion Blvd Suite 400 Gaithersburg 20878 US-MD US 2406317600 U.S. BANK GLOBAL FUND SERVICES 615 EAST MICHIGAN STREET MILWAUKEE 53202 18336121912 ADMINISTRATOR, TRANSFER AGENT AND FUND ACCOUNTING U.S. BANK NATIONAL ASSOCIATION 1555 N RIVERCENTER DRIVE SUITE 302 MILWAUKEE 53212 18336121912 CUSTODIAN FOR STEBEN SELECT MULTI-STRATEGY MASTER FUND STEBEN AND COMPANY INC 9711 WASHINGTONIAN BLVD SUITE 400 GAITHERSBURG 20878 12406317600 Records relating to its function as investment adviser Y Y N-2 N Andrew Putterman 003122891 N Mark E Schwartz 001146698 N Kenneth E Steben 001005222 Y Francine J Rosenberger N/A 9711 Washingtonian Blvd Suite 400 Gaithersburg 20878 XXXXXX N N N N N N N Foreside Funds Distributors LLC 8-32480 000031334 N/A N N KPMG LLP 00185 N/A N N N N N N N Steben Select Multi-Strategy Master Fund 549300PHI8UOVOTNTL82 Y Y N N N N/A N/A N/A N/A N N N N Steben & Company, Inc. 801-64686 000117808 5493005B8M17F88H9I93 N U.S. Bancorp Fund Services, LLC 85-11357 N1GZ7BBF3NP8GI976H15 N N N N U.S. Bank National Association 6BYL5QZYBDK8S7L73M02 N N Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) N N U.S. Bancorp Fund Services, LLC N1GZ7BBF3NP8GI976H15 N N N 0.000000000000 0.000000000000 N 59246901.234166700000 Common stock N/A N N Common stock N N N 1.250000000000 1.400000000000 N/A 10.710000000000 true INTERNAL CONTROL RPT 2 internalcontrol.htm INTERNAL CONTROL REPORT

KPMG LLP

Suite 500

191 West Nationwide Blvd.

Columbus, OH 43215-2568

Report of Independent Registered Public Accounting Firm

To the Board of Trustees and Shareholders of

Steben Select Multi-Strategy Master Fund:

In planning and performing our audit of the financial statements of Steben Select Multi-Strategy Master Fund (the Fund) as of and for the year ended March 31, 2019, in accordance with the standards of the Public Company Accounting Oversight Board (United States), we considered the Fund’s internal control over financial reporting, including controls over safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-CEN, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Management of the Fund is responsible for establishing and maintaining effective internal control over financial reporting. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls. A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles (GAAP). A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with GAAP, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Fund’s annual or interim financial statements will not be prevented or detected on a timely basis.

KPMG LLP is a Delaware limited liability partnership and the U.S. member

firm of the KPMG network of independent member firms affiliated with

KPMG International Cooperative (“KPMG International”), a Swiss entity.

To the Board of Trustees and Shareholders of

Steben Select Multi-Strategy Master Fund

Page 2 of 2

Our consideration of the Fund’s internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control that might be material weaknesses under standards established by the Public Company Accounting Oversight Board (United States). However, we noted no deficiencies in the Fund’s internal control over financial reporting and its operation, including controls over safeguarding securities that we consider to be a material weakness as defined above as of March 31, 2019.

This report is intended solely for the information and use of management and the Board of Trustees of the Fund and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties.

/s/ KPMG LLP

Columbus, Ohio

May 24, 2019