SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
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FORM 10-Q
(Mark One)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 1999
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from ______________ to ______________
Commission file number ____33-96292______
Fremont Fund, Limited Partnership
---------------------------------
(Exact Name of Registrant as Specified in Its Charter)
Indiana 35-1949364
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(State or Other Jurisdiction of (I.R.S. Employer
Incorporation or Organization) Identification No.)
5916 N. 300 West, Fremont, IN 46737
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(Address of Principal Executive Offices) (Zip Code)
Registrant's Telephone Number, Including Area Code (219) 833-1505
- ------------------------------------------------------------------------
Former Name, Address and Fiscal Year, if Changed, Since Last Report
No such changes occurred
Indicate by check [X] whether the registrant (1)has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to
such filing requirements for the past 90 days. Yes [X] No [ ]
<PAGE>
Part 1 - FINANCIAL INFORMATION
Item 1. Financial Statements.
The unaudited financial statements for the Registrant for the first quarter
ended March 31, 1999, are attached hereto and made a part hereof.
Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations.
During the past quarter and, in the future, Registrant, did and will, pursuant
to the terms of the Partnership Agreement, engage in the business of
speculative trading of the commodity futures and options markets through the
services of its commodity trading advisors. During the quarter, the General
Partner and Mr. Michael Frischmeyer and EPIC Trading agreed that neither of
them would serve as CTAs to the Partnership; in addition, the General Partner
engaged Bell Fundamental Futures, LLC ("Bell") as the sole CTA in February,
1999. The General Partner intends to reopen the offering of Units in the
Partnership pursuant to Post Effective Amendments to its Form S-1 registration
statement, which is expected to become effective during the next quarter.
Upon becoming effective, the Partnership will offer its outstanding Units of
Limited Partnership Interests for sale to the public. The General Partner
intends to allocate the first $600,000 of trading equity raised pursuant to
new sales to another CTA, Hanseatic Corporation ("Hanseatic"). Thereafter,
all trading equity from new sales will be distributed among Bell and Hanseatic
equally. The Units, when sales are resumed upon the effective date of the
Issuer's Post Effective Amendment, will be sold at the Net Asset Value per Unit
as of the end of the month in which subscriptions are received by the General
Partner, and the minimum subscription amount will be $25,000.
To obtain a return of invested capital or appreciation, if any, purchasers of
Units must look solely to the redemption feature of the Partnership or for the
General Partner, in its sole judgment, to elect to make distributions. There
is no current market for the Units sold and none is expected to develop nor is
the General Partner expected to make distributions.
Part II - OTHER INFORMATION
Item 1. Legal Proceedings
None
Item 2. Changes in Securities
None
Item 3. Defaults Upon Senior Securities
None
Item 4. Submission of Matters to a Vote of Security Holders
None
Item 5. Other Information
The Partnership tax return is in progress and is expected to be filed within
the time permitted by the current extension.
1
<PAGE>
Item 6. Exhibits and Reports on Form 8-K
(a) None
(b) No reports on Form 8-K
SIGNATURES
Pursuant to the requirements of Section 13 or 15 (d) of the Securities
Exchange Act of 1934, the Registrant has duly caused this Form 10-Q for the
period ended March 31, 1999, to be signed on its behalf by the undersigned,
thereunto duly authorized.
Registrant: Fremont Fund, Limited Partnership
By Pacult Asset Management, Incorporated
Its General Partner
By: /s/ Shira Del Pacult
Ms. Shira Del Pacult
Sole Director, Sole Shareholder,
President and Treasurer
Date: May 14, 1999
2
<PAGE>
Fremont Fund, Ltd. Partnership
(An Indiana Limited Partnership)
Balance Sheet
as of March 31, 1999
ASSETS
3/31/99
Cash in Checking - Star Financial Bank 52,949
Equity in Commodity Futures Trading Accounts -
Cash 181,205
Federal Securities at Cost (Plus: Accrued Interest) 327,344
Unrealized Gain (Loss) on Open Futures and
Option Contracts 3,540
Interest Receivable from Brokers 723
Cost of Options Held Long 3,585
--------
Total Assets $569,347
========
LIABILITIES AND PARTNERS' EQUITY
Liabilities:
Management Fees Payable to CTAs 9,552
Incentive Fees Payable to GP 7,500
Management Fees Payable to GP 910
Reporting Costs Payable 1,327
Audit Fees Accrued 4,495
Commissions Payable to IB 3,019
Partner Redemptions Payable 67,579
Total Liabilities 94,382
Partners' Capital:
General Partner 30.13 Units at Per Unit of 623.923878 18,799
Limited Partners 731.12 Units at Per Unit of 623.923878 456,165
Total Partners' Capital 474,964
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Total Liabilities and Partners' Capital $569,347
========
F-1
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Fremont Fund, Ltd. Partnership
(An Indiana Limited Partnership)
Statement of Operations
For the Period Ended
March 31, 1999
Current Year to
Month Date
Income:
Interest Paid By Brokers 723.38 1,375.20
Realized Gain Federal Securities 1,267.73 4,803.45
Realized Gain (Loss) from Futures Trading 9,328.00 5,320.50
Change in Open Trade Equity Futures Positions (50,277.00) 0.00
Realized Gain (Loss) from Options Trading 0.00 0.00
Change in Unrealized Gain (Loss)
Option Positions (5,205.00) 3,540.00
Gain (Loss) Due to Currency Conversions FX 0.00 30.51
Redemption Penalty Income 0.00 0.00
-----------------------
Total Income from Operations (44,162.89) 15,069.66
Expenses:
Org. & Syndication Costs Expensed 19,343.70 19,425.00
Brokerage Commissions Paid 6,123.73 17,546.47
CTA Management Fees 2,041.28 5,906.72
GP Incentive Fees 0.00 7,500.44
GP Management Fees 963.07 2,961.57
Operating & Administrative Expenses 566.75 590.75
Reporting Costs 1,300.00 3,900.00
Audit Fees 1,000.00 3,000.00
Legal Fees 0.00 45.00
-----------------------
Total Expenses from Operations 31,338.53 60,875.95
Net Income from Operations (75,501.42) (45,806.29)
=======================
End of Period Net Asset Value Per Unit 623.92 623.92
% Increase (Decrease) in N.A.V. Per Unit -13.26% -8.80%
To the best of the knowledge and belief of the undersigned, the information
contained in this account statement is accurate and complete as of the dates
indicated.
/s/ Shira Del Pacult
Ms. Shira Del Pacult, President
Pacult Asset Management, Inc.
General Partner
F-2
<PAGE>
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<PERIOD-END> MAR-31-1999
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<CHANGES> 0
<NET-INCOME> (45,806)
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