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Previous: SOUTHEASTERN MICHIGAN GAS ENTERPRISES INC, 4, 1996-09-10 |
Next: TRANS WORLD AIRLINES INC /NEW/, 424B1, 1996-09-10 |
<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 July 31, 1996
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>
JULY 31, 1996 OCTOBER 31,
ASSETS: (UNAUDITED) 1995
----------- -----------
<S> <C> <C>
CASH $ 0 $ 0
EQUITY IN FUTURES TRADING ACCOUNTS:
UNITED STATES TREASURY SECURITIES, AT
COST PLUS ACCRUED INTEREST WHICH
APPROXIMATES MARKET 0 13,884,966
NET UNREALIZED APPRECIATION ON OPEN
FUTURES CONTRACTS 723,161 224,329
AMOUNT DUE FROM (TO) BROKER 11,555,619 1,135,614
----------- -----------
12,278,780 15,244,909
----------- -----------
$ 12,278,780 $ 15,244,909
=========== ===========
LIABILITIES & PARTNERS' CAPITAL:
ACCRUED BROKERAGE COMMISSIONS $ $
PAYABLE 71,079 88,932
ACCRUED MANAGEMENT FEE 47,016 50,818
ACCRUED PROFIT SHARE 11,072 0
REDEMPTIONS PAYABLE 8,717 47,440
OTHER ACCRUED EXPENSES 6,726 5,421
----------- -----------
144,611 192,611
----------- -----------
PARTNERS' CAPITAL:
GENERAL PARTNER, 220 UNIT
EQUIVALENTS OUTSTANDING AT JULY 31, 1996 181,946 188,495
AND OCTOBER 31, 1995 RESPECTIVELY
LIMITED PARTNERS, 14,452 AND 17,348 UNITS
EQUIVALENTS OUTSTANDING AT JULY 31, 1996
AND OCTOBER 31, 1995 RESPECTIVELY 11,952,223 14,863,803
----------- -----------
TOTAL PARTNERS' CAPITAL 12,134,169 15,052,298
----------- -----------
$ 12,278,780 $ 15,244,909
=========== ===========
NET ASSET VALUE PER OUTSTANDING UNIT OF
PARTNERSHIP INTEREST $ 827.03 $ 856.80
=========== ===========
</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 NINE MONTHS ENDED JULY 31, 1996 (UNAUDITED)
<TABLE>
<CAPTION>
LIMITED GENERAL
PARTNERS PARTNERS TOTAL
------------ ------------- -------------
<S> <C> <C> <C>
FUND EQUITY AT OCTOBER 31, 1995 $ 14,863,803 $ 188,495 $ 15,052,298
(17,348 LIMITED PARTNERSHIP UNITS)
REDEMPTION OF 3,839 LIMITED
PARTNERSHIP UNITS (3,446,629) (3,446,629)
ADDITION OF 943 LIMITED PARTNERSHIP UNITS 797,000 797,000
NET GAIN IN FUND EQUITY
FROM OPERATIONS (261,951) (6,549) (268,500)
------------ ------------- -------------
FUND EQUITY AT JULY 31, 1996 $ 11,952,223 $ 181,946 $ 12,134,169
(14,452 LIMITED PARTNERSHIP UNITS) ============ ============= =============
NET ASSET VALUE PER UNIT AT
JULY 31, 1996: $ 827.03
=============
</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 NINE MONTHS ENDED JULY 31, 1996 AND 1995 (UNAUDITED)
<TABLE>
<CAPTION>
1996 1995
REVENUES: ----------- ----------
<S> <C> <C>
NET REALIZED TRADING GAINS (LOSSES) ON CLOSED
FUTURES AND FORWARD CONTRACTS $ 254,333 $ 3,152,837
INCREASE (DECREASE) IN NET UNREALIZED APPRECIATION
ON OPEN FUTURES AND FORWARD CONTRACTS 525,521 (895,955)
INTEREST INCOME 553,984 642,921
----------- -----------
1,333,838 2,899,803
----------- -----------
EXPENSES:
BROKERAGE COMMISSIONS 782,758 932,650
MANAGEMENT FEE 469,253 519,764
PROFIT SHARE 302,527 452,604
OTHER ADMINISTRATIVE EXPENSES 47,800 51,255
----------- -----------
1,602,338 1,956,273
----------- -----------
NET INCOME (LOSS) $ (268,500) $ 943,530
=========== ===========
NET GAIN ALLOCATED TO
GENERAL PARTNER $ (6,549) $ 10,005
=========== ===========
NET GAIN ALLOCATED TO
LIMITED PARTNERS $ (261,951) $ 933,525
=========== ===========
INCREASE (DECREASE) IN NET ASSET VALUE FOR
A UNIT OUTSTANDING THROUGHOUT EACH PERIOD $ (29.77) $ 45.48
=========== ===========
</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 JULY 31, 1996 AND 1995 (UNAUDITED)
<TABLE>
<CAPTION>
REVENUES: 1996 1995
------------ -----------
<S> <C> <C>
NET REALIZED TRADING GAINS (LOSSES) ON CLOSED
FUTURES AND FORWARD CONTRACTS $ (1,233,169) $ 326,730
INCREASE (DECREASE) IN NET UNREALIZED APPRECIATION
ON OPEN FUTURES AND FORWARD CONTRACTS (681,161) (291,306)
INTEREST INCOME 161,811 233,136
------------ -----------
(1,752,519) 268,560
------------ -----------
EXPENSES:
BROKERAGE COMMISSIONS 239,073 298,623
MANAGEMENT FEE 150,774 169,440
PROFIT SHARE (154,457) 40,947
OTHER ADMINISTRATIVE EXPENSES 14,500 21,455
------------ -----------
249,890 530,465
------------ -----------
NET INCOME (LOSS) $ (2,002,409) $ (261,905)
============ ===========
NET GAIN (LOSS) ALLOCATED TO
GENERAL PARTNER $ (29,705) $ (3,214)
============ ===========
NET GAIN (LOSS) ALLOCATED TO
LIMITED PARTNERS $ (1,972,704) $ (258,691)
============ ===========
INCREASE (DECREASE) IN NET ASSET VALUE FOR A
UNIT OUTSTANDING THROUGHOUT EACH PERIOD $ (135.02) $ (14.61)
============ ===========
</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 NINE MONTHS ENDED JULY 31, 1996 AND 1995 (UNAUDITED)
<TABLE>
<CAPTION>
1996 1995
---------- ----------
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
NET INCOME (LOSS) $ (268,500) $ 943,530
ADJUSTMENTS TO RECONCILE NET INCOME (LOSS) TO
NET CASH PROVIDED BY OPERATING ACTIVITIES:
(INCREASE) DECREASE IN EQUITY IN
FUTURES TRADING ACCOUNTS 2,966,129 1,511,001
INCREASE (DECREASE) IN ACCRUED EXPENSES (48,000) (82,047)
---------- ----------
NET CASH PROVIDED BY OPERATING ACTIVITIES 2,649,629 2,372,484
CASH FLOWS FROM FINANCING ACTIVITIES:
REDEMPTION OF LIMITED PARTNERSHIP UNITS 3,446,629 2,393,791
ADDITION OF LIMITED PARTNERSHIP UNITS (797,000) 0
---------- ----------
NET CHANGE IN CASH (0) (21,307)
CASH - BEGINNING OF YEAR 0 21,307
---------- ----------
CASH - END OF YEAR $ 0 $ 0
========== ==========
</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, 1995, has been prepared by
management without audit by Independent Certified Public Accountants. The
condensed Statement of Financial Condition as of July 31, 1996 has been derived
from the audited financial statements as of October 31, 1995. 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 nine months
ended July 31, 1996.
July 31, 1996 October 31, 1995
Ending Equity (Note A) $12,134,169 $15,052,298
NOTE A:
Ending equity at July 31, 1996 is slightly lower than ending equity at
October 31, 1995 due to unprofitable trading during the period.
Nine months ended Nine months ended
July 31, 1996 July 31, 1995
Net realized trading gains
(losses) on closed futures
and forward contracts
(Note B) $254,333 $3,152,837
NOTE B:
Net realized trading gains (losses) on closed futures and forward
contracts for the nine months ended July 31, 1996 is lower than net realized
trading gains (losses) on closed futures and forward contracts for the nine
months ended July 31, 1995 due to less profitable trading during the period.
Three months ended Three months ended
July 31, 1996 July 31, 1995
Net realized trading gains
(losses) on closed futures
and forward contracts $(1,233,169) $326,730
(Note C)
NOTE C:
Net realized trading gains (losses) on closed futures and forward
contracts for the three months ended July 31, 1996 is lower than net realized
trading gains (losses) on closed futures and forward contracts for the three
months ended July 31, 1995 due to less 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
Chief Financial Officer
-9-
<TABLE> <S> <C>
<ARTICLE> BD
<S> <C> <C>
<PERIOD-TYPE> 9-MOS 9-MOS
<FISCAL-YEAR-END> OCT-31-1995 OCT-31-1994
<PERIOD-START> OCT-31-1995 OCT-31-1994
<PERIOD-END> JUL-31-1996 JUL-31-1995
<CASH> 11,555,619 1,135,614
<RECEIVABLES> 723,161 224,329
<SECURITIES-RESALE> 0 0
<SECURITIES-BORROWED> 0 0
<INSTRUMENTS-OWNED> 0 13,884,966
<PP&E> 0 0
<TOTAL-ASSETS> 12,278,780 15,244,909
<SHORT-TERM> 0 0
<PAYABLES> 144,611 192,611
<REPOS-SOLD> 0 0
<SECURITIES-LOANED> 0 0
<INSTRUMENTS-SOLD> 0 0
<LONG-TERM> 0 0
<COMMON> 12,134,169 15,052,298
0 0
0 0
<OTHER-SE> 0 0
<TOTAL-LIABILITY-AND-EQUITY> 12,278,780 15,244,909
<TRADING-REVENUE> 779,854 2,256,882
<INTEREST-DIVIDENDS> 553,984 642,921
<COMMISSIONS> (782,758) (932,650)
<INVESTMENT-BANKING-REVENUES> 0 0
<FEE-REVENUE> 0 0
<INTEREST-EXPENSE> 0 0
<COMPENSATION> (819,580) (1,023,623)
<INCOME-PRETAX> (268,500) 943,530
<INCOME-PRE-EXTRAORDINARY> 0 0
<EXTRAORDINARY> 0 0
<CHANGES> 0 0
<NET-INCOME> (268,500) 943,530
<EPS-PRIMARY> 0 0
<EPS-DILUTED> 0 0
</TABLE>
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