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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 APRIL 30, 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>
4/30/98 10/31/97
(UNAUDITED) (AUDITED)
----------- ------------
<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 0
NET UNREALIZED APPRECIATION ON
OPEN FUTURES CONTRACTS 77,720 356,939
AMOUNT DUE FROM (TO) BROKER 12,889,781 14,663,044
----------- ------------
12,967,500 15,019,983
LIABILITIES & PARTNERS' CAPITAL
ACCRUED BROKERAGE COMMISSIONS 75,685 81,156
ACCRUED MANAGEMENT FEE 42,814 43,588
ACCRUED PROFIT SHARE 2,412 200,625
REDEMPTIONS PAYABLE 86,198 32,072
OTHER ACCRUED EXPENSES (7,022) 7,502
----------- ------------
200,086 364,943
PARTNERS' CAPITAL:
GENERAL PARTNER, 220 UNIT EQUIVALENTS
OUTSTANDING AT APRIL 30, 1998 AND
OCTOBER 31, 1997, RESPECTIVELY 219,283 14,419,530
LIMITED PARTNERS, 12,589 AND 13,470 UNITS
EQUIVALENTS OUTSTANDING AT APRIL 30, 1998
AND OCTOBER 31, 1997, RESPECTIVELY 12,548,131 235,510
----------- ------------
TOTAL PARTNERS' CAPITAL 12,767,414 14,655,040
----------- ------------
12,967,500 15,019,983
=========== ============
NET ASSET VALUE PER UNIT OUTSTANDING 996.74 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 OPERATIONS
FOR THE THREE MONTHS ENDED APRIL 30, 1998 AND 1997 (UNAUDITED)
<TABLE>
<CAPTION>
1998 1997
--------- ----------
<S> <C> <C>
REVENUES:
NET REALIZED TRADING GAINS ON CLOSED
FUTURES AND FORWARD CONTRACTS $ (423,111) $1,300,139
INCREASE (DECREASE) IN NET UNREALIZED APPRECIATION
ON OPEN FUTURES AND FORWARD CONTRACTS (394,010) (194,367)
INTEREST INCOME 170,416 172,063
--------- ----------
(646,705) 1,277,835
EXPENSES:
BROKERAGE COMMISSIONS 242,118 277,051
MANAGEMENT FEE 136,272 131,951
PROFIT SHARE 7,158 195,974
OTHER ADMINISTRATIVE EXPENSES 16,791 22,000
--------- ----------
402,340 626,976
NET INCOME (LOSS) $(1,049,044) $ 650,859
NET GAIN TO GENERAL PARTNER $ (17,695) $ 10,184
NET GAIN TO LIMITED PARTNER $(1,031,349) $ 640,976
CHANGE IN NET ASSET VALUE $ (80.43) $ 46.29
</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, 1998 AND 1997 (UNAUDITED)
<TABLE>
<CAPTION>
1998 1997
--------- -----------
<S> <C> <C>
REVENUES:
NET REALIZED TRADING GAINS ON CLOSED
FUTURES AND FORWARD CONTRACTS $ 10,120 $ 3,666,121
INCREASE (DECREASE) IN NET UNREALIZED APPRECIATION
ON OPEN FUTURES AND FORWARD CONTRACTS (481,325) (1,556,767)
INTEREST INCOME 339,009 330,827
--------- -----------
(132,195) 2,440,181
EXPENSES:
BROKERAGE COMMISSIONS 496,289 552,185
MANAGEMENT FEE 276,285 269,195
PROFIT SHARE 32,299 319,810
OTHER ADMINISTRATIVE EXPENSES 22,991 35,800
--------- -----------
827,864 1,176,990
NET INCOME (LOSS) $(960,059) $ 1,263,191
NET GAIN TO GENERAL PARTNER $ (16,227) $ 19,614
NET GAIN TO LIMITED PARTNER $(943,832) $ 1,243,578
CHANGE IN NET ASSET VALUE (ENTIRE YEAR) $ (73.76) $ 89.16
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL
PART OF THE FINANCIAL STATEMENTS.
-4-
<PAGE> 5
THE FUTURE FUND
(An Illinois Limited Partnership)
STATEMENTS OF PARTNERS' CAPITAL
FOR THE SIX MONTHS ENDED APRIL 30, 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 881 LIMITED PARTNERSHIP UNITS (927,567) (927,567)
NET INCOME (943,832) (16,227) (960,059)
------------ --------- -----------
FUND EQUITY AT APRIL 30, 1998 $12,548,131 $219,283 $12,767,414
(12,589 LIMITED PARTNERSHIP UNITS)
NET ASSET VALUE PER UNIT AT APRIL 30, 1998 $ 996.74
</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, 1998 AND 1997 (UNAUDITED)
<TABLE>
<CAPTION>
1998 1997
---------- ----------
<S> <C> <C>
FUNDS PROVIDED BY:
NET INCOME (LOSS) $ (960,058) $1,263,192
(INCREASE) DECREASE IN EQUITY IN COMMODITY
FUTURES AND FORWARD TRADING ACCOUNTS 2,052,482 (719,069)
INCREASE IN OTHER LIABILITIES 0 0
---------- ----------
TOTAL FUNDS PROVIDED 1,092,424 544,123
FUNDS APPLIED TO:
REDEMPTION OF LIMITED PARTNERSHIP UNITS 927,567 340,884
DECREASE IN OTHER LIABILITIES 164,857 203,239
---------- ----------
TOTAL FUNDS APPLIED 1,092,424 544,123
CHANGE IN CASH BALANCE 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
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 April 30, 1998 has been derived from the
audited financial as of April 30, 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 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.
7
<PAGE> 8
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 January 31, 1998
30-Apr-98 31-Oct-97
Ending Equity (Note A) 12,767,414 14,655,040
NOTE A:
Ending equity at April 30, 1998 is lower than ending equity at October
31, 1997 due to redemption of limited partnership units during the period.
NOTE B:
Three months Three months
ended 4/30/98 ended 4/30/97
------------- -------------
Increase decrease in (394,010) (194,367)
open trade equity
Increase (decrease) in net unrealized appreciation on open futures and forward
contracts for the three months ended 4/30/98 is less than net unrealized
appreciation on open futures contracts for the three months ended 4/30/97 due to
less profitable trading during the period.
NOTE C:
Six months Six months
ended 4/30/98 ended 4/30/97
------------- -------------
Increase decrease in (481,325) (1,556,767)
open trade equity
Increase (decrease) in net unrealized appreciation on open futures and forward
contracts for the six months ended 4/30/98 is less than net unrealized
appreciation on open futures contracts for the six months ended 4/30/97 due to
less profit taking during the period.
8
<TABLE> <S> <C>
<ARTICLE> BD
<S> <C> <C>
<PERIOD-TYPE> 6-MOS 6-MOS
<FISCAL-YEAR-END> OCT-31-1997 OCT-31-1996
<PERIOD-START> OCT-31-1996 OCT-31-1995
<PERIOD-END> APR-30-1998 APR-30-1997
<CASH> 12,889,781 14,663,044
<RECEIVABLES> 77,720 356,939
<SECURITIES-RESALE> 0 0
<SECURITIES-BORROWED> 0 0
<INSTRUMENTS-OWNED> 0 0
<PP&E> 0 0
<TOTAL-ASSETS> 12,967,500 15,019,983
<SHORT-TERM> 0 0
<PAYABLES> 200,086 364,943
<REPOS-SOLD> 0 0
<SECURITIES-LOANED> 0 0
<INSTRUMENTS-SOLD> 0 0
<LONG-TERM> 0 0
0 0
0 0
<COMMON> 12,767,414 14,655,040
<OTHER-SE> 0 0
<TOTAL-LIABILITY-AND-EQUITY> 12,967,500 15,019,983
<TRADING-REVENUE> (471,205) 2,109,354
<INTEREST-DIVIDENDS> 339,009 330,827
<COMMISSIONS> (496,289) (552,185)
<INVESTMENT-BANKING-REVENUES> 0 0
<FEE-REVENUE> 0 0
<INTEREST-EXPENSE> 0 0
<COMPENSATION> (331,575) (624,805)
<INCOME-PRETAX> (960,060) 1,263,191
<INCOME-PRE-EXTRAORDINARY> 0 0
<EXTRAORDINARY> 0 0
<CHANGES> 0 0
<NET-INCOME> (960,060) 1,263,191
<EPS-PRIMARY> 0 0
<EPS-DILUTED> 0 0
</TABLE>
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