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Previous: ANGELES PARTNERS VIII, 10QSB, EX-27, 2000-08-22 |
Next: FUTURE FUND, 10-Q, EX-27, 2000-08-22 |
<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 2000
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
1
<PAGE> 2
PART I. FINANCIAL INFORMATION
ITEM I. FINANCIAL STATEMENTS
THE FUTURE FUND
(An Illinois Limited Partnership)
STATEMENTS OF FINANCIAL CONDITION
<TABLE>
<CAPTION>
7/31/00 10/31/99
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 161,398 (197,043)
AMOUNT DUE FROM (TO) BROKER 9,236,126 11,280,078
---------------------------------------------------
9,397,524 11,083,035
LIABILITIES & PARTNERS' CAPITAL
ACCRUED BROKERAGE COMMISSIONS 54,819 $ 64,355
ACCRUED MANAGEMENT FEE 30,801 36,341
ACCRUED PROFIT SHARE 0 0
REDEMPTIONS PAYABLE 261,276 15,514
OTHER ACCRUED EXPENSES 0 50,685
---------------------------------------------------
346,896 166,896
PARTNERS' CAPITAL:
GENERAL PARTNER, 220 UNIT EQUIVALENTS
OUTSTANDING AT JULY 31, 2000 AND
OCTOBER 31, 1999, RESPECTIVELY 203,306 221,773
LIMITED PARTNERS, 9,574 AND 10,609 UNITS
EQUIVALENTS OUTSTANDING AT JULY 31,2000
AND OCTOBER 31, 1999, RESPECTIVELY 8,847,322 10,694,366
---------------------------------------------------
TOTAL PARTNERS' CAPITAL 9,050,628 10,916,139
---------------------------------------------------
9,397,524 $ 11,083,035
===================================================
NET ASSET VALUE PER UNIT OUTSTANDING 924.12 $ 1,008.06
</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, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
LIMITED GENERAL
PARTNERS PARTNERS TOTAL
--------------------- --------------------- --------------------
<S> <C> <C> <C>
FUND EQUITY AT OCTOBER 31, 1999 $ 10,694,366 $ 221,773 $ 10,916,139
(10,609 LIMITED PARTNERSHIP UNITS)
REDEMPTION OF 1,035 LIMITED PARTNERSHIP UNITS (1,012,311) (1,012,311)
NET INCOME (834,734) (18,467) (853,201)
---------------------------------------------------------------------------
FUND EQUITY AT JULY 31,2000 $ 8,847,322 $ 203,306 $ 9,050,628
(9,574 LIMITED PARTNERSHIP UNITS)
NET ASSET VALUE PER UNIT AT JULYL 31,2000 $ 924.12
</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, 2000 AND 1999 (UNAUDITED)
<TABLE>
<CAPTION>
REVENUES: 2000 1999
<S> <C> <C>
NET REALIZED TRADING GAINS ON CLOSED
FUTURES AND FORWARD CONTRACTS (735,569) $ 1,055,573
INCREASE (DECREASE) IN NET UNREALIZED APPRECIATION
ON OPEN FUTURES AND FORWARD CONTRACTS 423,322 (601,895)
INTEREST INCOME 354,888 322,587
----------------------- -----------------------
42,641 776,265
EXPENSES:
BROKERAGE COMMISSIONS 559,816 690,489
MANAGEMENT FEE 314,826 388,891
PROFIT SHARE 0 21,155
OTHER ADMINISTRATIVE EXPENSES 21,200 37,800
----------------------- -----------------------
895,842 1,138,335
NET INCOME (LOSS) (853,201) $ (362,070)
NET GAIN TO GENERAL PARTNER (18,467) $ (6,728)
NET GAIN TO LIMITED PARTNER (834,734) $ (355,342)
CHANGE IN NET ASSET VALUE (ENTIRE YEAR) (83.94) $ (30.58)
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL
PART OF THE FINANCIAL STATEMENTS.
-4A-
<PAGE> 5
THE FUTURE FUND
(An Illinois Limited Partnership)
STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED JULY 31, 2000 AND 1999 (UNAUDITED)
<TABLE>
<CAPTION>
REVENUES: 2000 1999
<S> <C> <C>
NET REALIZED TRADING GAINS ON CLOSED
FUTURES AND FORWARD CONTRACTS (316,827) $ 460,038
INCREASE (DECREASE) IN NET UNREALIZED APPRECIATION
ON OPEN FUTURES AND FORWARD CONTRACTS (94,272) (472,548)
INTEREST INCOME 123,089 98,611
----------------------- -----------------------
(288,009) 86,101
EXPENSES:
BROKERAGE COMMISSIONS 173,351 221,263
MANAGEMENT FEE 97,291 124,782
PROFIT SHARE 0 5,136
OTHER ADMINISTRATIVE EXPENSES 5,400 11,400
----------------------- -----------------------
276,042 362,581
NET INCOME (LOSS) (564,051) $ (276,480)
NET GAIN TO GENERAL PARTNER (12,206) $ (5,404)
NET GAIN TO LIMITED PARTNER (551,846) $ (271,076)
CHANGE IN NET ASSET VALUE (55.48) $ (24.56)
</TABLE>
-4B-
<PAGE> 6
THE FUTURE FUND
(An Illinois Limited Partnership)
TOTAL FUNDS APPLIED
STATEMENTS OF CASH FLOWS
FOR THE NINE MONTHS ENDED JULY 31, 2000 AND 1999 (UNAUDITED)
<TABLE>
<CAPTION>
2000 1999
<S> <C> <C>
FUNDS PROVIDED BY:
NET INCOME (LOSS) (853,201) (362,069)
(INCREASE) DECREASE IN EQUITY IN COMMODITY
FUTURES AND FORWARD TRADING ACCOUNTS 1,685,511 1,533,971
INCREASE IN OTHER LIABILITIES 180,000 0
------------------------------------
TOTAL FUNDS PROVIDED 1,012,311 1,171,902
FUNDS APPLIED TO:
REDEMPTION OF LIMITED PARTNERSHIP UNITS 1,012,311 1,074,191
DECREASE IN OTHER LIABILITIES 97,711
------------------------------------
TOTAL FUNDS APPLIED 1,012,311 1,171,902
CHANGE IN CASH BALANCE 0 0
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL
PART OF THE FINANCIAL STATEMENTS
-5-
<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 31,1999, has been prepared by management without
audit by Independent Certified Public Accountants. The
condensed Statement of Financial Condition as of
July 31,2000 has been derived from the audited financial
as of October 31, 1999. 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> 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 nine months ended July 31, 2000
<TABLE>
<CAPTION>
31-Jul-00 31-Oct-99
<S> <C> <C>
Ending Equity(Note A) 9,050,628 10,916,139
</TABLE>
NOTE A:
Ending equity at July 31,2000 is lower than ending equity at October 31, 1999
due to unprofitable trading and redemption of limited partnership units.
NOTE B:
<TABLE>
<CAPTION>
Three months Three months
ended 4/30/2000 ended 4/30/1999
<S> <C> <C>
INCREASE (DECREASE) IN NET UNREALIZED APPRECIATION (94,272) (472,548)
ON OPEN FUTURES AND FORWARD CONTRACTS
</TABLE>
Increase (decrease) in net unrealized appreciation on open futures and forward
contracts for the three months ended 4/30/2000 is less than net unrealized
appreciation on open futures contracts for the three months ended 4/30/99 due to
less profit taking trading during the period.
NOTE C:
<TABLE>
<CAPTION>
Nine months Nine months
ended 7/31/2000 ended 7/31/1999
<S> <C> <C>
INCREASE (DECREASE) IN NET UNREALIZED APPRECIATION (853,201) (362,070)
ON OPEN FUTURES AND FORWARD CONTRACTS
</TABLE>
Increase (decrease) in net unrealized appreciation on open futures and forward
contracts for the nine months ended 7/31/2000 is less than net unrealized
appreciation on open futures contracts for the nine months ended 7/31/1999 due
to less profitable trading during the period.
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