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Previous: SOUTHEASTERN MICHIGAN GAS ENTERPRISES INC, 4, 1996-06-07 |
Next: PIER 1 IMPORTS INC/DE, DEFA14A, 1996-06-07 |
<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, 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>
APRIL 30, 1996 OCTOBER 31,
(UNAUDITED) 1995
---------------- ---------------
<S> <C> <C>
ASSETS:
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 1,406,511 224,329
AMOUNT DUE FROM (TO) BROKER 14,098,377 1,135,614
--------------- ---------------
15,504,888 15,244,909
--------------- ---------------
$ 15,504,888 $ 15,244,909
=============== ===============
LIABILITIES & PARTNERS' CAPITAL:
ACCRUED BROKERAGE COMMISSIONS
PAYABLE $ 91,163 $ 88,932
ACCRUED MANAGEMENT FEE 56,097 50,818
ACCRUED PROFIT SHARE 259,043 0
REDEMPTIONS PAYABLE 567,157 47,440
OTHER ACCRUED EXPENSES (1,332) 5,421
--------------- ---------------
972,128 192,611
--------------- ---------------
PARTNERS' CAPITAL:
GENERAL PARTNER, 220 UNIT
EQUIVALENTS OUTSTANDING AT APRIL 30, 1996 211,651 188,495
AND OCTOBER 31, 1995 RESPECTIVELY
LIMITED PARTNERS, 14,886 AND 17,348 UNITS
EQUIVALENTS OUTSTANDING AT APRIL 30, 1996
AND OCTOBER 31, 1995 RESPECTIVELY 14,321,109 14,863,803
--------------- ---------------
TOTAL PARTNERS' CAPITAL 14,532,760 15,052,298
--------------- ---------------
$ 15,504,888 $ 15,244,909
=============== ===============
NET ASSET VALUE PER OUTSTANDING UNIT OF
PARTNERSHIP INTEREST $ 962.05 $ 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 SIX MONTHS ENDED APRIL 30, 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 3,405 LIMITED
PARTNERSHIP UNITS (3,050,447) (3,050,447)
ADDITION OF 943 LIMITED PARTNERSHIP UNITS 797,000 797,000
NET GAIN IN FUND EQUITY
FROM OPERATIONS 1,710,753 23,156 1,733,909
-------------- -------------- --------------
FUND EQUITY AT APRIL 30, 1996 $ 14,321,109 $ 211,651 $ 14,532,760
(14,886 LIMITED PARTNERSHIP UNITS) ============== ============== ==============
NET ASSET VALUE PER UNIT AT
APRIL 30, 1996: $ 962.05
==============
</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, 1996 AND 1995 (UNAUDITED)
<TABLE>
<CAPTION>
1996 1995
--------------- ---------------
<S> <C> <C>
REVENUES:
NET REALIZED TRADING GAINS (LOSSES) ON CLOSED
FUTURES AND FORWARD CONTRACTS $ 1,487,502 $ 2,826,107
INCREASE (DECREASE) IN NET UNREALIZED APPRECIATION
ON OPEN FUTURES AND FORWARD CONTRACTS 1,206,682 (604,649)
INTEREST INCOME 392,173 409,785
--------------- ---------------
3,086,357 2,631,243
--------------- ---------------
EXPENSES:
BROKERAGE COMMISSIONS 543,685 634,027
MANAGEMENT FEE 318,479 350,324
PROFIT SHARE 456,984 411,657
OTHER ADMINISTRATIVE EXPENSES 33,300 29,800
--------------- ---------------
1,352,448 1,425,808
--------------- ---------------
NET INCOME (LOSS) $ 1,733,909 $ 1,205,435
=============== ===============
NET GAIN ALLOCATED TO
GENERAL PARTNER $ 23,156 $ 13,219
=============== ===============
NET GAIN ALLOCATED TO
LIMITED PARTNERS $ 1,710,753 $ 1,192,216
=============== ===============
INCREASE (DECREASE) IN NET ASSET VALUE FOR
A UNIT OUTSTANDING THROUGHOUT EACH PERIOD $ 105.25 $ 60.09
=============== ===============
</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, 1996 AND 1995 (UNAUDITED)
<TABLE>
<CAPTION>
1996 1995
--------------- ---------------
<S> <C> <C>
REVENUES:
NET REALIZED TRADING GAINS (LOSSES) ON CLOSED
FUTURES AND FORWARD CONTRACTS $ 1,118,374 $ 2,211,567
INCREASE (DECREASE) IN NET UNREALIZED APPRECIATION
ON OPEN FUTURES AND FORWARD CONTRACTS 242,373 (250,348)
INTEREST INCOME 188,180 215,503
--------------- ---------------
1,548,927 2,176,722
--------------- ---------------
EXPENSES:
BROKERAGE COMMISSIONS 267,868 315,123
MANAGEMENT FEE 158,054 176,151
PROFIT SHARE 285,550 292,792
OTHER ADMINISTRATIVE EXPENSES 24,300 16,800
--------------- ---------------
735,772 800,866
--------------- ---------------
NET INCOME (LOSS) $ 813,155 $ 1,375,856
=============== ===============
NET GAIN (LOSS) ALLOCATED TO
GENERAL PARTNER $ 11,745 $ 15,097
=============== ===============
NET GAIN (LOSS) ALLOCATED TO
LIMITED PARTNERS $ 801,410 $ 1,360,759
=============== ===============
INCREASE (DECREASE) IN NET ASSET VALUE FOR A
UNIT OUTSTANDING THROUGHOUT EACH PERIOD $ 53.38 $ 68.62
=============== ===============
</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, 1996 AND 1995 (UNAUDITED)
--------
<TABLE>
<CAPTION>
1996 1995
--------------- ---------------
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
NET INCOME (LOSS) $ 1,733,909 $ 1,205,435
ADJUSTMENTS TO RECONCILE NET INCOME (LOSS) TO
NET CASH PROVIDED BY OPERATING ACTIVITIES:
(INCREASE) DECREASE IN EQUITY IN
FUTURES TRADING ACCOUNTS (259,979) 200,328
INCREASE (DECREASE) IN ACCRUED EXPENSES 779,517 174,948
--------------- ---------------
NET CASH PROVIDED BY OPERATING ACTIVITIES 2,253,447 1,580,711
CASH FLOWS FROM FINANCING ACTIVITIES:
REDEMPTION OF LIMITED PARTNERSHIP UNITS 3,050,447 1,602,018
ADDITION OF LIMITED PARTNERSHIP UNITS (797,000) 0
--------------- ---------------
NET CHANGE IN CASH 2,253,447 (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 April 30, 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 six months ended April 30, 1996.
April 30, 1996 October 31, 1995
Ending Equity (Note A) $14,532,760 $15,052,298
NOTE A:
Ending equity at April 30, 1996 is slightly lower than ending equity at
October 31, 1995 due to redemptions offsetting profitable trading during the
period.
Six months ended Six months ended
April 30, 1996 April 30, 1995
Change in net unrealized
trading gains (losses) on
open futures and forward
contracts (Note B) $1,206,682 $(604,649)
NOTE B:
Change in net unrealized trading gains (losses) on open futures and
forward contracts for the six months ended April 30, 1996 is higher than change
in net unrealized trading gains (losses) on open futures and forward contracts
for the six months ended April 30, 1995 due to more profitable trading during
the period.
Three months ended Three months ended
April 30, 1996 April 30, 1995
Net realized trading gains
(losses) on closed futures
and forward contracts $1,118,374 $2,211,567
(Note C)
NOTE C:
Net realized trading gains (losses) on closed futures and forward
contracts for the three months ended April 30, 1996 is lower than net realized
trading gains (losses) on closed futures and forward contracts for the three
months ended April 30, 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> 6-MOS 6-MOS
<FISCAL-YEAR-END> OCT-31-1995 OCT-31-1995
<PERIOD-START> OCT-31-1995 OCT-31-1994
<PERIOD-END> APR-30-1996 APR-30-1995
<CASH> 14,044,856 1,135,614
<RECEIVABLES> 1,406,511 224,329
<SECURITIES-RESALE> 0 0
<SECURITIES-BORROWED> 0 0
<INSTRUMENTS-OWNED> 53,521 13,884,966
<PP&E> 0 0
<TOTAL-ASSETS> 15,504,888 15,244,909
<SHORT-TERM> 0 0
<PAYABLES> 972,128 192,611
<REPOS-SOLD> 0 0
<SECURITIES-LOANED> 0 0
<INSTRUMENTS-SOLD> 0 0
<LONG-TERM> 0 0
<COMMON> 14,532,760 15,052,298
0 0
0 0
<OTHER-SE> 0 0
<TOTAL-LIABILITY-AND-EQUITY> 15,504,888 15,244,909
<TRADING-REVENUE> 2,694,184 2,221,458
<INTEREST-DIVIDENDS> 392,173 409,785
<COMMISSIONS> (543,685) (634,027)
<INVESTMENT-BANKING-REVENUES> 0 0
<FEE-REVENUE> 0 0
<INTEREST-EXPENSE> 0 0
<COMPENSATION> (808,763) (791,781)
<INCOME-PRETAX> 1,733,909 1,205,435
<INCOME-PRE-EXTRAORDINARY> 0 0
<EXTRAORDINARY> 0 0
<CHANGES> 0 0
<NET-INCOME> 1,733,909 1,205,435
<EPS-PRIMARY> 0 0
<EPS-DILUTED> 0 0
</TABLE>
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