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<PAGE> 1
FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended April 30, 1995
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 0-9202
THE FUTURE FUND
(Exact name of registrant as specified in its charter)
Illinois # 36-3033727
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
c/o Heinold Asset Management, Inc.
One Financial Place
440 S. LaSalle - 20th Floor
Chicago, Illinois
(Address of principal executive offices)
60605
(Zip Code)
(312) 663-7900
(Registrant's telephone number, including area code)
Same
(Former name, former address and former fiscal year, if changed since last
report)
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days.
Yes X No
-1-
<PAGE> 2
PART I. FINANCIAL INFORMATION
ITEM I. FINANCIAL STATEMENTS
THE FUTURE FUND
(An Illinois Limited Partnership)
STATEMENTS OF FINANCIAL CONDITION
<TABLE>
<CAPTION>
APRIL 30, 1995 OCTOBER 31,
ASSETS: (UNAUDITED) 1994
---------------- -----------------
<S> <C> <C>
CASH $ 0 $ 21,307
EQUITY IN FUTURES TRADING ACCOUNTS:
UNITED STATES TREASURY SECURITIES, AT
COST PLUS ACCRUED INTEREST WHICH
APPROXIMATES MARKET 15,023,603 15,491,824
NET UNREALIZED APPRECIATION ON OPEN
FUTURES CONTRACTS 480,266 1,084,916
AMOUNT DUE FROM (TO) BROKER 1,941,332 1,068,789
---------------- -----------------
17,445,201 17,645,529
---------------- -----------------
$ 17,445,201 $ 17,666,836
================ =================
LIABILITIES & PARTNERS' CAPITAL:
ACCRUED BROKERAGE COMMISSIONS $ $
PAYABLE 101,752 103,055
ACCRUED MANAGEMENT FEE 58,144 58,889
ACCRUED PROFIT SHARE 60,193 5,813
REDEMPTIONS PAYABLE 351,438 226,375
OTHER ACCRUED EXPENSES 3,700 6,147
---------------- -----------------
575,227 400,279
---------------- -----------------
PARTNERS' CAPITAL:
GENERAL PARTNER, 220 UNIT
EQUIVALENTS OUTSTANDING AT APRIL 30, 1995 195,080 181,861
AND OCTOBER 31, 1994 RESPECTIVELY
LIMITED PARTNERS, 18,805 AND 20,668 UNITS
EQUIVALENTS OUTSTANDING AT APRIL 30, 1995
AND OCTOBER 31, 1994 RESPECTIVELY 16,674,894 17,084,696
---------------- -----------------
TOTAL PARTNERS' CAPITAL 16,869,974 17,266,557
---------------- -----------------
$ 17,445,201 $ 17,666,836
================ =================
NET ASSET VALUE PER OUTSTANDING UNIT OF
PARTNERSHIP INTEREST $ 886.73 $ 826.64
================ =================
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL
PART OF THE FINANCIAL STATEMENTS.
-2-
<PAGE> 3
THE FUTURE FUND
(An Illinois Limited Partnership)
STATEMENTS OF PARTNERS' CAPITAL
FOR THE SIX MONTHS ENDED APRIL 30, 1995 (UNAUDITED)
<TABLE>
<CAPTION>
LIMITED GENERAL
PARTNERS PARTNERS TOTAL
--------------- -------------- ---------------
<S> <C> <C> <C>
FUND EQUITY AT OCTOBER 31, 1994 $ 17,084,696 $ 181,861 $ 17,266,557
(20,668 LIMITED PARTNERSHIP UNITS)
REDEMPTION OF 1,863 LIMITED
PARTNERSHIP UNITS (1,602,018) (1,602,018)
NET GAIN IN FUND EQUITY
FROM OPERATIONS 1,192,216 13,219 1,205,435
--------------- -------------- ---------------
FUND EQUITY AT APRIL 30, 1995 $ 16,674,894 $ 195,080 $ 16,869,974
(18,805 LIMITED PARTNERSHIP UNITS) =============== ============== ===============
NET ASSET VALUE PER UNIT AT
APRIL 30, 1995: $ 886.73
===============
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL
PART OF THE FINANCIAL STATEMENTS.
-3-
<PAGE> 4
THE FUTURE FUND
(An Illinois Limited Partnership)
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED APRIL 30, 1995 AND 1994 (UNAUDITED)
<TABLE>
<CAPTION>
1995 1994
---------------- -----------------
<S> <C> <C>
REVENUES:
NET REALIZED TRADING GAINS (LOSSES) ON CLOSED
FUTURES AND FORWARD CONTRACTS $ 2,826,107 $ (1,319,720)
INCREASE (DECREASE) IN NET UNREALIZED APPRECIATION
ON OPEN FUTURES AND FORWARD CONTRACTS (604,649) 461,865
INTEREST INCOME 409,785 269,483
---------------- -----------------
2,631,243 (588,372)
---------------- -----------------
EXPENSES:
BROKERAGE COMMISSIONS 634,027 678,723
MANAGEMENT FEE 350,324 381,209
PROFIT SHARE 411,657 66,683
OTHER ADMINISTRATIVE EXPENSES 29,800 29,634
---------------- -----------------
1,425,808 1,156,249
---------------- -----------------
NET INCOME (LOSS) $ 1,205,435 $ (1,744,621)
================ =================
NET GAIN ALLOCATED TO
GENERAL PARTNER $ 13,219 $ (26,106)
================ =================
NET GAIN ALLOCATED TO
LIMITED PARTNERS $ 1,192,216 $ (1,718,515)
================ =================
INCREASE (DECREASE) IN NET ASSET VALUE FOR
A UNIT OUTSTANDING THROUGHOUT EACH PERIOD $ 60.09 $ (78.87)
================ =================
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL
PART OF THE FINANCIAL STATEMENTS.
-4-
<PAGE> 5
THE FUTURE FUND
(An Illinois Limited Partnership)
STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED APRIL 30, 1995 AND 1994 (UNAUDITED)
<TABLE>
<CAPTION>
REVENUES: 1995 1994
----------------- -----------------
<S> <C> <C>
NET REALIZED TRADING GAINS (LOSSES) ON CLOSED
FUTURES AND FORWARD CONTRACTS $ 2,211,567 $ (1,582,032)
INCREASE (DECREASE) IN NET UNREALIZED APPRECIATION
ON OPEN FUTURES AND FORWARD CONTRACTS (250,348) 745,895
INTEREST INCOME 215,503 129,932
----------------- -----------------
2,176,722 (706,205)
----------------- -----------------
EXPENSES:
BROKERAGE COMMISSIONS 315,123 322,508
MANAGEMENT FEE 176,151 182,707
PROFIT SHARE 292,792 26,982
OTHER ADMINISTRATIVE EXPENSES 16,800 9,300
----------------- -----------------
800,866 541,497
----------------- -----------------
NET INCOME (LOSS) $ 1,375,856 $ (1,247,702)
================= =================
NET GAIN (LOSS) ALLOCATED TO
GENERAL PARTNER $ 15,097 $ (18,695)
================= =================
NET GAIN (LOSS) ALLOCATED TO
LIMITED PARTNERS $ 1,360,759 $ (1,229,007)
================= =================
INCREASE (DECREASE) IN NET ASSET VALUE FOR A
UNIT OUTSTANDING THROUGHOUT EACH PERIOD $ 68.62 $ (56.48)
================= =================
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL
PART OF THE FINANCIAL STATEMENTS.
-5-
<PAGE> 6
THE FUTURE FUND
(An Illinois Limited Partnership)
STATEMENTS OF CASH FLOWS
FOR THE SIX MONTHS ENDED APRIL 30, 1995 AND 1994 (UNAUDITED)
<TABLE>
<CAPTION>
1995 1994
----------------- ----------------
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
NET INCOME (LOSS) $ 1,205,435 $ (1,744,621)
ADJUSTMENTS TO RECONCILE NET INCOME (LOSS) TO
NET CASH PROVIDED BY OPERATING ACTIVITIES:
(INCREASE) DECREASE IN EQUITY IN
FUTURES TRADING ACCOUNTS 200,328 2,248,445
INCREASE (DECREASE) IN ACCRUED EXPENSES 174,948 (147,638)
----------------- ----------------
NET CASH PROVIDED BY OPERATING ACTIVITIES 1,580,711 356,186
CASH FLOWS FROM FINANCING ACTIVITIES:
REDEMPTION OF LIMITED PARTNERSHIP UNITS 1,602,018 356,186
----------------- ----------------
NET CHANGE IN CASH (21,307) 0
CASH - BEGINNING OF YEAR 21,307 21,307
----------------- ----------------
CASH - END OF YEAR $ 0 $ 21,307
================= ================
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL
PART OF THE FINANCIAL STATEMENTS.
-6-
<PAGE> 7
THE FUTURE FUND
(An Illinois Limited Partnership)
NOTES TO FORM 10-Q FINANCIAL STATEMENTS
1. The financial information included herein, other than the condensed
Statement of Financial Condition as of October 31, 1994, has been prepared by
management without audit by Independent Certified Public Accountants. The
condensed Statement of Financial Condition as of April 30, 1995 has been
derived from the audited financial statements as of October 31, 1994. The
interim financial statements do not include all the disclosures contained in
the annual financial statements. The information furnished includes all
adjustments which are, in the opinion of management, necessary for a fair
statement of results for the interim periods. The results of operations as
presented, however, should not be considered indicative of the results to be
expected for the entire year.
-7-
<PAGE> 8
THE FUTURE FUND
(An Illinois Limited Partnership)
NOTES TO FINANCIAL STATEMENTS, Continued
ITEM 2, Management's Discussion and Analysis of Financial
Condition and Operating Results for the six months
ended April 30, 1995.
<TABLE>
<CAPTION>
April 30, 1995 October 31, 1994
<S> <C> <C>
Ending Equity (Note A) $16,869,974 $17,266,557
</TABLE>
NOTE A:
Ending equity at April 30, 1995 is lower than ending equity at October 31,
1994 due to the redemption of limited partnership units.
<TABLE>
<CAPTION>
Six months ended Six months ended
April 30, 1995 April 30, 1994
<S> <C> <C>
Net realized trading gains
(losses) on closed futures
and forward contracts (Note B) $2,826,107 $(1,319,720)
</TABLE>
Note B:
Net realized trading gains (losses) on closed futures and forward
contracts for the six months ended April 30, 1995 is higher than net realized
trading gains (losses) on closed futures and forward contracts for the six
months ended April 30, 1994 due to more profitable trading during the period.
<TABLE>
<CAPTION>
Three months ended Three months ended
April 30, 1995 April 30, 1994
<S> <C> <C>
Net realized trading gains
(losses) on closed futures
and forward contracts $2,211,567 $(1,582,032)
(Note C)
</TABLE>
Note C:
Net realized trading gains (losses) on closed futures and forward
contracts for the three months ended April 30, 1995 is higher than net realized
trading gains (losses) on closed futures and forward contracts for the three
months ended April 30, 1994 due to more profitable trading during the period.
-8-
<PAGE> 9
EXHIBITS
None
PART II
None
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
THE FUTURE FUND
(Registrant)
By Heinold Asset Management, Inc.
(General Partner)
By
Robert Ledvora
Executive Vice President
and Chief Financial Officer
-9-
<TABLE> <S> <C>
<ARTICLE> BD
<CURRENCY> U.S. DOLLARS
<S> <C> <C>
<PERIOD-TYPE> 6-MOS 6-MOS
<FISCAL-YEAR-END> OCT-31-1994 OCT-31-1993
<PERIOD-START> OCT-31-1994 OCT-31-1993
<PERIOD-END> APR-30-1995 APR-30-1994
<EXCHANGE-RATE> 1 1
<CASH> 71,443 152,071
<RECEIVABLES> 155,901 90,754
<SECURITIES-RESALE> 0 0
<SECURITIES-BORROWED> 0 0
<INSTRUMENTS-OWNED> 3,493,370 4,134,508
<PP&E> 0 0
<TOTAL-ASSETS> 3,720,714 4,377,333
<SHORT-TERM> 0 0
<PAYABLES> 129,437 131,862
<REPOS-SOLD> 0 0
<SECURITIES-LOANED> 0 0
<INSTRUMENTS-SOLD> 0 0
<LONG-TERM> 0 0
<COMMON> 3,591,277 4,245,471
0 0
0 0
<OTHER-SE> 0 0
<TOTAL-LIABILITY-AND-EQUITY> 3,720,714 4,377,333
<TRADING-REVENUE> (297,003) (851,310)
<INTEREST-DIVIDENDS> 106,929 78,138
<COMMISSIONS> (141,512) (255,129)
<INVESTMENT-BANKING-REVENUES> 0 0
<FEE-REVENUE> 0 0
<INTEREST-EXPENSE> 0 0
<COMPENSATION> (40,581) (12,936)
<INCOME-PRETAX> (372,167) (1,041,237)
<INCOME-PRE-EXTRAORDINARY> 0 0
<EXTRAORDINARY> 0 0
<CHANGES> 0 0
<NET-INCOME> (372,167) (1,041,237)
<EPS-PRIMARY> 0 0
<EPS-DILUTED> 0 0
</TABLE>
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