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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 January 31, 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>
JANUARY 31, 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 14,652,226 15,491,824
NET UNREALIZED APPRECIATION ON
OPEN FUTURES CONTRACTS 730,614 1,084,916
AMOUNT DUE FROM (TO) BROKER 1,531,842 1,068,789
---------------- -------------
16,914,682 17,645,529
---------------- -------------
$ 16,914,682 $ 17,666,836
================ =============
LIABILITIES & PARTNERS' CAPITAL
ACCRUED BROKERAGE COMMISSIONS
PAYABLE $ 98,621 $ 103,055
ACCRUED MANAGEMENT FEE 56,355 58,889
ACCRUED PROFIT SHARE 0 5,813
REDEMPTIONS PAYABLE 142,417 226,375
OTHER ACCRUED EXPENSES 9,936 6,147
---------------- -------------
307,329 400,279
---------------- -------------
PARTNERS' CAPITAL:
GENERAL PARTNER, 220 UNIT EQUIVALENTS
OUTSTANDING AT JANUARY 31, 1995 AND
OCTOBER 31, 1994, RESPECTIVELY 179,983 181,861
LIMITED PARTNERS, 20,080 AND 20,668 UNITS
EQUIVALENTS OUTSTANDING AT JANUARY 31, 1995
AND OCTOBER 31, 1994, RESPECTIVELY 16,427,370 17,084,696
---------------- -------------
TOTAL PARTNERS' CAPITAL 16,607,353 17,266,557
---------------- -------------
$ 16,914,682 $ 17,666,836
================ =============
NET ASSET VALUE PER OUTSTANDING UNIT OF
PARTNERSHIP INTEREST $ 818.11 $ 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 THREE MONTHS ENDED JANUARY 31, 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 588 LIMITED
PARTNERSHIP UNITS (488,783) (488,783)
NET GAIN (LOSS) IN FUND EQUITY
FROM OPERATIONS (168,543) (1,878) (170,421)
----------------- -------------- ---------------
FUND EQUITY AT JANUARY 31, 1995 $ 16,427,370 $ 179,983 $ 16,607,353
(20,080 LIMITED PARTNERSHIP UNITS) ================= ============== ===============
NET ASSET VALUE PER UNIT AT
JANUARY 31, 1995: $ 818.11
---------------
</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 THREE MONTHS ENDED JANUARY 31, 1995 AND 1994 (UNAUDITED)
<TABLE>
<CAPTION>
REVENUES: 1995 1994
------------------ -------------------
<S> <C> <C>
NET REALIZED TRADING GAINS ON CLOSED
FUTURES AND FORWARD CONTRACTS $ 614,540 $ 262,312
INCREASE (DECREASE) IN NET UNREALIZED APPRECIATION
ON OPEN FUTURES AND FORWARD CONTRACTS (354,301) (284,030)
INTEREST INCOME 194,282 139,551
---------------- -------------
454,521 117,833
---------------- -------------
EXPENSES:
BROKERAGE COMMISSIONS 318,904 356,215
MANAGEMENT FEE 174,173 198,502
PROFIT SHARE 118,865 39,701
OTHER ADMINISTRATIVE EXPENSES 13,000 20,334
---------------- -------------
624,942 614,752
---------------- -------------
NET INCOME (LOSS) $ (170,421) $ (496,919)
================ =============
NET GAIN ALLOCATED TO
GENERAL PARTNER $ (1,878) $ (7,411)
================ =============
NET GAIN ALLOCATED TO
LIMITED PARTNERS $ (168,543) $ (489,508)
================ =============
INCREASE (DECREASE) IN NET ASSET VALUE FOR A
UNIT OUTSTANDING THROUGHOUT EACH PERIOD $ (8.53) $ (22.39)
================ =============
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL
PART OF THE FINANCIAL STATEMENTS.
-4-
<PAGE> 5
THE FUTURE FUND
(An Illinois Limited Partnership)
STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED JANUARY 31, 1995 AND 1994 (UNAUDITED)
<TABLE>
<CAPTION>
1995 1994
------------------ ---------------------
<S> <C> <C>
FUNDS PROVIDED BY:
NET INCOME (LOSS) (170,421) (496,919)
DECREASE IN EQUITY IN COMMODITY FUTURES
AND FORWARD TRADING ACCOUNTS 752,154 708,681
INCREASE IN OTHER LIABILITIES 0
------------- --------
TOTAL FUNDS PROVIDED 581,733 211,762
------------- --------
FUNDS APPLIED TO:
REDEMPTION OF LIMITED PARTNERSHIP UNITS 488,783 111,750
REDEMPTION OF GENERAL PARTNERSHIP UNITS 0 0
INCREASE IN EQUITY IN COMMODITY FUTURES
TRADING ACCOUNTS
DECREASE IN OTHER LIABILITIES 92,950 100,012
------------- --------
TOTAL FUNDS APPLIED 581,733 211,762
------------- --------
CHANGE IN CASH BALANCE $ (0) 0
------------- --------
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL
PART OF THE FINANCIAL STATEMENTS.
-5-
<PAGE> 6
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 January 31, 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.
-6-
<PAGE> 7
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 three months ended January 31, 1995.
<TABLE>
<CAPTION>
January 31, 1995 October 31, 1994
<S> <C> <C>
Ending Equity (Note A) $16,607,353 $17,266,557
</TABLE>
NOTE A:
Ending equity at January 31, 1995 is lower than ending equity at October
31, 1994 due to the redemption of limited partnership units and unprofitable
trading.
<TABLE>
<CAPTION>
Three months ended Three months ended
January 31, 1995 January 31, 1994
<S> <C> <C>
Net realized trading gains
(losses) on closed futures
and forward contracts $614,540 $262,312
(Note B)
</TABLE>
Note B:
Net realized trading gains (losses) on closed futures and forward
contracts for the three months ended January 31, 1995 is higher than net
realized trading gains (losses) on closed futures and forward contracts for the
three months ended January 31, 1994 due to more profitable trading during the
period.
-7-
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