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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, 1997
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) 663-7500
(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, 1997 OCTOBER 31,
ASSETS: (UNAUDITED) 1996
--------------- ---------------
<S> <C> <C>
CASH $ 0 $ 0
--------------- ---------------
EQUITY IN FUTURES TRADING ACCOUNTS:
UNITED STATES TREASURY SECURITIES, AT
COST PLUS ACCRUED INTEREST WHICH
APPROXIMATES MARKET 40,000 44,422
NET UNREALIZED APPRECIATION ON
OPEN FUTURES CONTRACTS 878,724 2,353,208
AMOUNT DUE FROM (TO) BROKER 14,110,059 12,466,522
--------------- ---------------
15,028,783 14,864,152
--------------- ---------------
$ 15,028,783 $ 14,864,152
=============== ===============
LIABILITIES & PARTNERS' CAPITAL
ACCRUED BROKERAGE COMMISSIONS
PAYABLE $ 87,594 $ 86,669
ACCRUED MANAGEMENT FEE 43,826 55,381
ACCRUED PROFIT SHARE 55,424 288,923
REDEMPTIONS PAYABLE 102,801 70,695
OTHER ACCRUED EXPENSES 12,619 6,578
--------------- ---------------
302,264 508,246
--------------- ---------------
PARTNERS' CAPITAL:
GENERAL PARTNER, 220 UNIT EQUIVALENTS
OUTSTANDING AT JANUARY 31, 1997 AND
OCTOBER 31, 1996, RESPECTIVELY 230,823 221,393
LIMITED PARTNERS, 13,816 AND 14,046 UNITS
EQUIVALENTS OUTSTANDING AT JANUARY 31, 1997
AND OCTOBER 31, 1996, RESPECTIVELY 14,495,696 14,134,513
--------------- ---------------
TOTAL PARTNERS' CAPITAL 14,726,519 14,355,906
--------------- ---------------
$ 15,028,783 $ 14,864,152
=============== ===============
NET ASSET VALUE PER OUTSTANDING UNIT OF
PARTNERSHIP INTEREST $ 1,049.20 $ 1,006.33
=============== ===============
</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, 1997 (UNAUDITED)
<TABLE>
<CAPTION>
LIMITED GENERAL
PARTNERS PARTNERS TOTAL
-------------- -------------- --------------
<S> <C> <C> <C>
FUND EQUITY AT OCTOBER 31, 1996 $ 14,134,513 $ 221,393 $ 14,355,906
(14,046 LIMITED PARTNERSHIP UNITS)
REDEMPTION OF 230 LIMITED
PARTNERSHIP UNITS (241,719) (241,719)
NET GAIN (LOSS) IN FUND EQUITY
FROM OPERATIONS 602,902 9,430 612,332
-------------- -------------- --------------
FUND EQUITY AT JANUARY 31, 1997 $ 14,495,696 $ 230,823 $ 14,726,519
(13,816 LIMITED PARTNERSHIP UNITS) ============== ============== ==============
NET ASSET VALUE PER UNIT AT
JANUARY 31, 1997: $ 1,049.20
==============
</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, 1997 AND 1996 (UNAUDITED)
<TABLE>
<CAPTION>
REVENUES: 1997 1996
--------------- ---------------
<S> <C> <C>
NET REALIZED TRADING GAINS ON CLOSED
FUTURES AND FORWARD CONTRACTS $ 2,365,982 $ 369,128
INCREASE (DECREASE) IN NET UNREALIZED
APPRECIATION ON OPEN FUTURES AND FORWARD
CONTRACTS (1,362,400) 964,309
INTEREST INCOME 158,764 203,993
--------------- ---------------
1,162,346 1,537,430
--------------- ---------------
EXPENSES:
BROKERAGE COMMISSIONS 275,134 275,817
MANAGEMENT FEE 137,244 160,425
PROFIT SHARE 123,836 171,434
OTHER ADMINISTRATIVE EXPENSES 13,800 9,000
--------------- ---------------
550,014 616,676
--------------- ---------------
NET INCOME (LOSS) $ 612,332 $ 920,754
=============== ===============
NET GAIN ALLOCATED TO
GENERAL PARTNER $ 9,430 $ 11,411
=============== ===============
NET GAIN ALLOCATED TO
LIMITED PARTNERS $ 602,902 $ 909,343
=============== ===============
INCREASE (DECREASE) IN NET ASSET VALUE FOR A
UNIT OUTSTANDING THROUGHOUT EACH PERIOD $ 42.87 $ 51.87
=============== ===============
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL
PART OF THE FINANCIAL STATEMENTS.
-4-
<PAGE> 5
THE FUTURE FUND
(An Illinois Limited Partnership)
STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED JANUARY 31, 1997 AND 1996 (UNAUDITED)
-------
<TABLE>
<CAPTION>
1997 1996
--------------- ---------------
<S> <C> <C>
FUNDS PROVIDED BY:
NET INCOME (LOSS) 612,332 920,754
(INCREASE) DECREASE IN EQUITY IN COMMODITY
FUTURES AND FORWARD TRADING ACCOUNTS (164,631) (210,018)
INCREASE IN OTHER LIABILITIES 0
--------------- ---------------
TOTAL FUNDS PROVIDED 447,701 710,736
--------------- ---------------
FUNDS APPLIED TO:
REDEMPTION OF LIMITED PARTNERSHIP UNITS 241,719 1,728,830
ADDITION OF LIMITED PARTNERSHIP UNITS 0 (797,000)
INCREASE IN EQUITY IN COMMODITY FUTURES
TRADING ACCOUNTS
(INCREASE) DECREASE IN OTHER LIABILITIES 205,982 (221,094)
--------------- ---------------
TOTAL FUNDS APPLIED 447,701 710,736
--------------- ---------------
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, 1996, has been prepared by
management without audit by Independent Certified Public Accountants. The
condensed Statement of Financial Condition as of January 31, 1997 has been
derived from the audited financial statements as of October 31, 1996. 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, 1997.
<TABLE>
<CAPTION>
January 31, 1997 October 31, 1996
<S> <C> <C>
Ending Equity (Note A) $14,726,519 $14,355,906
</TABLE>
NOTE A:
Ending equity at January 31, 1997 is higher than ending equity at October
31, 1996 due to profitable trading during the period.
<TABLE>
<CAPTION>
Three months ended Three months ended
January 31, 1997 January 31, 1996
<S> <C> <C>
Change in net unrealized
trading gains (losses) on
open futures and forward
contracts (Note B) $(1,362,400) $964,309
</TABLE>
NOTE B:
Change in net unrealized trading gains (losses) on open futures and
forward contracts for the three months ended January 31, 1997 is lower than
change in net unrealized trading gains (losses) on open futures and forward
contracts for the three months ended January 31, 1996 due to less profitable
trading during the period.
-7-
<PAGE> 8
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
Lee E. Meyer
Chief Financial Officer
-8-
<TABLE> <S> <C>
<ARTICLE> BD
<S> <C> <C>
<PERIOD-TYPE> 3-MOS 3-MOS
<FISCAL-YEAR-END> OCT-31-1996 OCT-31-1995
<PERIOD-START> OCT-31-1996 OCT-31-1995
<PERIOD-END> JAN-31-1997 JAN-31-1996
<CASH> 14,110,059 12,466,522
<RECEIVABLES> 878,724 2,353,208
<SECURITIES-RESALE> 40,000 44,422
<SECURITIES-BORROWED> 0 0
<INSTRUMENTS-OWNED> 0 0
<PP&E> 0 0
<TOTAL-ASSETS> 15,028,783 14,864,152
<SHORT-TERM> 0 0
<PAYABLES> 302,264 508,246
<REPOS-SOLD> 0 0
<SECURITIES-LOANED> 0 0
<INSTRUMENTS-SOLD> 0 0
<LONG-TERM> 0 0
0 0
0 0
<COMMON> 14,726,519 14,355,906
<OTHER-SE> 0 0
<TOTAL-LIABILITY-AND-EQUITY> 15,028,783 14,864,152
<TRADING-REVENUE> 1,003,582 1,333,437
<INTEREST-DIVIDENDS> 158,764 203,993
<COMMISSIONS> (275,134) (275,817)
<INVESTMENT-BANKING-REVENUES> 0 0
<FEE-REVENUE> 0 0
<INTEREST-EXPENSE> 0 0
<COMPENSATION> (274,880) (340,859)
<INCOME-PRETAX> 612,332 920,754
<INCOME-PRE-EXTRAORDINARY> 0 0
<EXTRAORDINARY> 0 0
<CHANGES> 0 0
<NET-INCOME> 612,332 920,754
<EPS-PRIMARY> 0 0
<EPS-DILUTED> 0 0
</TABLE>
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