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Previous: FIRST INVESTORS CASH MANAGEMENT FUND INC, N-30D, 1998-02-25 |
Next: DK INVESTORS INC, NSAR-A, 1998-02-25 |
<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 JAN, 31 1998
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from
Commission file number 0-9202
THE FUTURE FUND
(Exact name of registrant as specified in its charter)
State of jurisdiction or incorporation (Illinois)
IRS EMPLOYER ID NO. #36-3033727
C/0 HEINOLD ASSET MANAGEMENT. INC.
ONE FINANCIAL PLACE
440 S. LASALLE ST-21 FLOOR
CHICAGO ILLINOIS 60605
PHONE NUMBER 663-7500
SAME
( Former name, former address and former fiscal year, if changed)
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 shortened 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
<PAGE> 2
PART I. FINANCIAL INFORMATION
ITEM I. FINANCIAL STATEMENTS
THE FUTURE FUND
(An Illinois Limited Partnership)
STATEMENTS OF FINANCIAL CONDITION
<TABLE>
<CAPTION>
1/31/98 10/31/97
ASSETS: (UNAUDITED) (AUDITED)
<S> <C> <C>
CASH 0 0
EQUITY IN FUTURES TRADING ACCOUNTS:
UNITED STATES TREASURY SECURITIES, AT
COST PLUS ACCRUED INTEREST WHICH
APPROXIMATES MARKET 0 0
NET UNREALIZED APPRECIATION ON
OPEN FUTURES CONTRACTS 470,860 356,939
AMOUNT DUE FROM (TO) BROKER 14,260,991 14,663,044
----------------------------------
14,731,850 15,019,983
LIABILITIES & PARTNERS' CAPITAL
ACCRUED BROKERAGE COMMISSIONS 85,937 81,156
ACCRUED MANAGEMENT FEE 48,719 43,588
ACCRUED PROFIT SHARE 38,862 200,625
REDEMPTIONS PAYABLE 131,824 32,072
OTHER ACCRUED EXPENSES (146) 7,502
----------------------------------
305,196 364,943
PARTNERS' CAPITAL:
GENERAL PARTNER, 220 UNIT EQUIVALENTS
OUTSTANDING AT JAN 31, 1998 AND
OCTOBER 31, 1997, RESPECTIVELY 236,978 14,419,530
LIMITED PARTNERS, 13,173 AND 13,470 UNITS
EQUIVALENTS OUTSTANDING AT JAN 31,1998
AND OCTOBER 31, 1997, RESPECTIVELY 14,189,677 235,510
--------------- ---------------
TOTAL PARTNERS' CAPITAL 14,426,655 14,655,040
--------------- ---------------
14,731,850 15,019,983
=============== ===============
NET ASSET VALUE PER UNIT OUTSTANDING 1,077.17 1,070.50
</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 JAN 31, 1998 (UNAUDITED)
<TABLE>
<CAPTION>
LIMITED GENERAL
PARTNERS PARTNERS TOTAL
-------------- -------------- --------------
<S> <C> <C> <C>
FUND EQUITY AT OCTOBER 31, 1997 14,419,530 235,510 14,655,040
(13,470 LIMITED PARTNERSHIP UNITS)
REDEMPTION OF 297 LIMITED PARTNERSHIP UNITS (317,370) (317,370)
NET INCOME 87,517 1,468 88,985
------------------------------------------------
FUND EQUITY AT JAN 31,1998 14,189,677 236,978 14,426,655
(13,173 LIMITED PARTNERSHIP UNITS)
NET ASSET VALUE PER UNIT AT JULY 31:1998 1,077.17
</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 JAN 31, 1998 AND 1997 (UNAUDITED)
<TABLE>
<CAPTION>
REVENUES: 1998 1997
<S> <C> <C>
NET REALIZED TRADING GAINS ON CLOSED
FUTURES AND FORWARD CONTRACTS $ 433,231 $ 2,365,982
INCREASE (DECREASE) IN NET UNREALIZED APPRECIATION
ON OPEN FUTURES AND FORWARD CONTRACTS (87,315) (1,362,400)
INTEREST INCOME 168,593 158,764
--------------- ---------------
514,510 1,162,346
EXPENSES:
BROKERAGE COMMISSIONS 254,171 275,134
MANAGEMENT FEE 140,013 137,244
PROFIT SHARE 25,141 123,836
OTHER ADMINISTRATIVE EXPENSES 6,200 13,800
--------------- ---------------
425,525 550,014
NET INCOME (LOSS) $ 88,985 $ 612,332
NET GAIN TO GENERAL PARTNER $ 1,468 $ 9,430
NET GAIN TO LIMITED PARTNER $ 87,517 $ 602,902
CHANGE IN NET ASSET VALUE (ENTIRE YEAR) $ 6.67 $ 42.87
</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 JAN 31, 1998 AND 1997 (UNAUDITED)
<TABLE>
<CAPTION>
1998 1997
<S> <C> <C>
FUNDS PROVIDED BY:
NET INCOME (LOSS) 88,986 612,332
(INCREASE) DECREASE IN EQUITY IN COMMODITY
FUTURES AND FORWARD TRADING ACCOUNTS 288,132 (164,631)
INCREASE IN OTHER LIABILITIES 0 0
-----------------------
TOTAL FUNDS PROVIDED 377,118 447,701
FUNDS APPLIED TO:
REDEMPTION OF LIMITED PARTNERSHIP UNITS 317,370 241,719
DECREASE IN OTHER LIABILITIES 59,748 205,982
-----------------------
TOTAL FUNDS APPLIED 377,118 447,701
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
The financial information included herein, other than
the condensed Statement of Financial Condition as of
October 31,1997, has been prepared by management without
audit by Independent Certified Public Accountants. The
condensed Statement of Financial Condition as of
January 31,1998 has been derived from the audited financial
as of October 31, 1997. The interim financial statements
do not include all the disclosures contained in the annual
financial statement. The information furnished includes
all adjustments which are in the opinion of management,
necessary for a fair statements 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 Form 10-Q Financial Statements, Continued
Item 2, Management's discussion and analysis of Financial Condition,
and operating results for the three months ended Jan 31, 1998
<TABLE>
<CAPTION>
31-Jan-98 31-Oct-97
<S> <C> <C>
Ending Equity (Note A) 14,426,655 14,655,040
</TABLE>
NOTE A:
Ending equity at Jan 31,1998 is lower than ending equity at October
31, 1997 due to redemption of limited parthership units during the period.
NOTE B:
<TABLE>
<CAPTION>
Three months Three months
ended 1/31/98 ended 1/31/97
<S> <C> <C>
Increase decrease in (87,315) (1,362,400)
open trade equity
</TABLE>
Increase (decrease) in net unrealized appreciation on open futures and forward
contracts for the three months ended 1/31/98 is more than net unrealized
appreciation on open futures contracts for the three months ended 1/31/97 due to
more profitable trading during the period.
-7-
<TABLE> <S> <C>
<ARTICLE> BD
<S> <C> <C>
<PERIOD-TYPE> 3-MOS 3-MOS
<FISCAL-YEAR-END> OCT-31-1997 OCT-31-1996
<PERIOD-START> OCT-31-1996 OCT-31-1995
<PERIOD-END> JAN-31-1998 JAN-31-1997
<CASH> 14,260,991 14,663,044
<RECEIVABLES> 470,860 356,939
<SECURITIES-RESALE> 0 0
<SECURITIES-BORROWED> 0 0
<INSTRUMENTS-OWNED> 0 0
<PP&E> 0 0
<TOTAL-ASSETS> 14,731,850 15,019,983
<SHORT-TERM> 0 0
<PAYABLES> 305,196 364,943
<REPOS-SOLD> 0 0
<SECURITIES-LOANED> 0 0
<INSTRUMENTS-SOLD> 0 0
<LONG-TERM> 0 0
0 0
0 0
<COMMON> 14,426,655 14,655,040
<OTHER-SE> 0 0
<TOTAL-LIABILITY-AND-EQUITY> 14,731,850 15,019,983
<TRADING-REVENUE> 345,917 1,003,582
<INTEREST-DIVIDENDS> 168,593 158,764
<COMMISSIONS> (254,171) (275,134)
<INVESTMENT-BANKING-REVENUES> 0 0
<FEE-REVENUE> 0 0
<INTEREST-EXPENSE> 0 0
<COMPENSATION> (171,354) (274,880)
<INCOME-PRETAX> 88,985 612,332
<INCOME-PRE-EXTRAORDINARY> 0 0
<EXTRAORDINARY> 0 0
<CHANGES> 0 0
<NET-INCOME> 88,985 612,332
<EPS-PRIMARY> 0 0
<EPS-DILUTED> 0 0
</TABLE>
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