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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 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/O HEINOLD ASSET MANAGEMENT, INC.
ONE FINANCIAL PLACE
440 S. LASALLE ST-21ST 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
04/30/2000 10/31/1999
----------- ----------
ASSETS: (UNAUDITED) (AUDITED)
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 232,306 (197,043)
AMOUNT DUE FROM (TO) BROKER 10,173,761 11,280,078
---------- -----------
10,406,066 11,083,035
LIABILITIES & PARTNERS' CAPITAL
ACCRUED BROKERAGE COMMISSIONS 60,348 $ 64,355
ACCRUED MANAGEMENT FEE 33,992 36,341
ACCRUED PROFIT SHARE 0 0
REDEMPTIONS PAYABLE 39,546 15,514
OTHER ACCRUED EXPENSES 45,640 50,685
---------- -----------
179,526 166,896
PARTNERS' CAPITAL:
GENERAL PARTNER, 220 UNIT EQUIVALENTS
OUTSTANDING AT APRIL 30, 2000 AND
OCTOBER 31, 1999, RESPECTIVELY 215,512 221,773
LIMITED PARTNERS, 10,220 AND 10,609 UNITS
EQUIVALENTS OUTSTANDING AT APRIL 30,2000
AND OCTOBER 31, 1999, RESPECTIVELY 10,011,028 10,694,366
---------- -----------
TOTAL PARTNERS' CAPITAL 10,226,540 10,916,139
---------- -----------
10,406,066 $11,083,035
========== ===========
NET ASSET VALUE PER UNIT OUTSTANDING 979.60 $ 1,008.06
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, 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 389 LIMITED PARTNERSHIP UNITS (400,450) (400,450)
NET INCOME (282,888) (6,261) (289,150)
----------- --------- -----------
FUND EQUITY AT APRIL 30,2000 $10,011,028 $ 215,512 $10,226,540
(10,220 LIMITED PARTNERSHIP UNITS)
NET ASSET VALUE PER UNIT AT APRIL 30:2000 $ 979.60
</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, 2000 AND 1999 (UNAUDITED)
REVENUES: 2000 1999
---------- ----------
NET REALIZED TRADING GAINS ON CLOSED
FUTURES AND FORWARD CONTRACTS (418,742) $ 595,535
INCREASE (DECREASE) IN NET UNREALIZED APPRECIATION
ON OPEN FUTURES AND FORWARD CONTRACTS 517,593 (129,347)
INTEREST INCOME 231,799 223,975
--------- ---------
330,650 690,163
EXPENSES:
BROKERAGE COMMISSIONS 386,465 469,226
MANAGEMENT FEE 217,535 264,109
PROFIT SHARE 0 16,019
OTHER ADMINISTRATIVE EXPENSES 15,800 26,400
--------- ---------
619,800 775,753
NET INCOME (LOSS) (289,150) $ (85,590)
NET GAIN TO GENERAL PARTNER (6,261) $ (1,324)
NET GAIN TO LIMITED PARTNER (282,888) $ (84,266)
CHANGE IN NET ASSET VALUE (ENTIRE YEAR) (28.46) $ (6.02)
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 APRIL 30, 2000 AND 1999 (UNAUDITED)
REVENUES: 2000 1999
--------- --------
NET REALIZED TRADING GAINS ON CLOSED
FUTURES AND FORWARD CONTRACTS (404,763) $362,946
INCREASE (DECREASE) IN NET UNREALIZED APPRECIATION
ON OPEN FUTURES AND FORWARD CONTRACTS (152,028) 316,700
INTEREST INCOME 122,083 99,112
-------- --------
(434,707) 778,758
EXPENSES:
BROKERAGE COMMISSIONS 188,277 230,169
MANAGEMENT FEE 105,913 129,772
PROFIT SHARE 0 982
OTHER ADMINISTRATIVE EXPENSES 6,400 11,400
-------- --------
300,589 372,323
NET INCOME (LOSS) (735,297) $406,435
NET GAIN TO GENERAL PARTNER (15,360) $ 7,832
NET GAIN TO LIMITED PARTNER (719,936) $398,603
CHANGE IN NET ASSET VALUE (69.82) $ 35.60
-4B-
<PAGE> 6
THE FUTURE FUND
(An Illinois Limited Partnership)
STATEMENTS OF CASH FLOWS
FOR THE SIX MONTHS ENDED APRIL 30, 2000 AND 1999 (UNAUDITED)
1999 1999
--------- ----------
FUNDS PROVIDED BY:
NET INCOME (LOSS) (289,150) (85,589)
(INCREASE) DECREASE IN EQUITY IN COMMODITY
FUTURES AND FORWARD TRADING ACCOUNTS 676,969 1,028,567
INCREASE IN OTHER LIABILITIES 12,631 0
-------- ---------
TOTAL FUNDS PROVIDED 400,450 942,978
FUNDS APPLIED TO:
REDEMPTION OF LIMITED PARTNERSHIP UNITS 400,450 828,466
DECREASE IN OTHER LIABILITIES 114,512
-------- ---------
TOTAL FUNDS APPLIED 400,450 942,978
CHANGE IN CASH BALANCE 0 0
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, Continued
Item 2, Management's discussion and analysis of Financial Condition, and
operating results for the six months ended April 30, 2000
30-Apr-00 31-Oct-99
Ending Equity(Note A) 10,226,540 10,916,139
NOTE A:
Ending equity at April 30,2000 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 (152,028) 316,700
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 profitable trading during the period.
7
<TABLE> <S> <C>
<ARTICLE> BD
<S> <C> <C>
<PERIOD-TYPE> 6-MOS 6-MOS
<FISCAL-YEAR-END> OCT-31-1999 OCT-31-1998
<PERIOD-START> OCT-31-1999 OCT-31-1998
<PERIOD-END> APR-30-2000 APR-30-1998
<CASH> 10,173,761 11,280,078
<RECEIVABLES> 232,306 (197,043)
<SECURITIES-RESALE> 0 0
<SECURITIES-BORROWED> 0 0
<INSTRUMENTS-OWNED> 0 0
<PP&E> 0 0
<TOTAL-ASSETS> 10,406,066 11,083,035
<SHORT-TERM> 0 0
<PAYABLES> 179,526 166,896
<REPOS-SOLD> 0 0
<SECURITIES-LOANED> 0 0
<INSTRUMENTS-SOLD> 0 0
<LONG-TERM> 0 0
0 0
0 0
<COMMON> 10,226,540 10,916,140
<OTHER-SE> 0 0
<TOTAL-LIABILITY-AND-EQUITY> 10,406,066 11,083,035
<TRADING-REVENUE> 98,851 466,188
<INTEREST-DIVIDENDS> 231,799 223,975
<COMMISSIONS> (386,465) (469,226)
<INVESTMENT-BANKING-REVENUES> 0 0
<FEE-REVENUE> 0 0
<INTEREST-EXPENSE> 0 0
<COMPENSATION> (233,335) (306,528)
<INCOME-PRETAX> (289,150) (85,590)
<INCOME-PRE-EXTRAORDINARY> 0 0
<EXTRAORDINARY> 0 0
<CHANGES> 0 0
<NET-INCOME> (289,150) (85,590)
<EPS-BASIC> 0 0
<EPS-DILUTED> 0 0
</TABLE>
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