<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 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 r and (2) has been subject to such filing requirements for
the past 90 days.
YES X
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PART I. FINANCIAL INFORMATION
ITEM I. FINANCIAL STATEMENTS
THE FUTURE FUND
(An Illinois Limited Partnership)
STATEMENTS OF FINANCIAL CONDITION
<TABLE>
<CAPTION>
1/31/00 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 472,194 (197,043)
AMOUNT DUE FROM (TO) BROKER 10,850,955 11,280,078
----------- -----------
11,323,149 11,083,035
LIABILITIES & PARTNERS' CAPITAL
ACCRUED BROKERAGE COMMISSIONS $ 65,835 $ 64,355
ACCRUED MANAGEMENT FEE 37,144 36,341
ACCRUED PROFIT SHARE 0 0
REDEMPTIONS PAYABLE 42,103 15,514
OTHER ACCRUED EXPENSES 37,182 50,685
----------- -----------
182,264 166,896
PARTNERS' CAPITAL:
GENERAL PARTNER, 220 UNIT EQUIVALENTS
OUTSTANDING AT JAN 31, 2000 AND
OCTOBER 31, 1999, RESPECTIVELY 230,872 221,773
LIMITED PARTNERS, 10,396 AND 10,609 UNITS
EQUIVALENTS OUTSTANDING AT JAN 31,2000
AND OCTOBER 31, 1999, RESPECTIVELY 10,910,013 10,694,366
----------- -----------
TOTAL PARTNERS' CAPITAL 11,140,885 10,916,139
----------- -----------
$11,323,149 $11,083,035
=========== ===========
NET ASSET VALUE PER UNIT OUTSTANDING $ 1,049.42 $ 1,008.06
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL
PART OF THE FINANCIAL STATEMENTS.
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THE FUTURE FUND
(An Illinois Limited Partnership)
STATEMENTS OF PARTNERS' CAPITAL
FOR THE THREE MONTHS ENDED JAN 31, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
LIMITED GENERAL
PARTNERS PARTNERS TOTAL
-------- -------- -----
<S> <C> <C> <C>
FUND EQUITY AT OCTOBER 31, 1998 $ 10,694,366 $ 221,773 $ 10,916,139
(10,609 LIMITED PARTNERSHIP UNITS)
REDEMPTION OF 213 LIMITED PARTNERSHIP UNITS (221,401) (221,401)
NET INCOME 437,048 9,099 446,147
------------ ----------- ------------
FUND EQUITY AT JAN 31,1999 $ 10,910,013 $ 230,872 $ 11,140,885
(10,396 LIMITED PARTNERSHIP UNITS)
NET ASSET VALUE PER UNIT AT JAN 31:2000 $ 1,049.42
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL
PART OF THE FINANCIAL STATEMENTS.
-3-
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THE FUTURE FUND
(An Illinois Limited Partnership)
STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED JAN 31, 2000 AND 1999 (UNAUDITED)
<TABLE>
<CAPTION>
REVENUES: 1999 1999
<S> <C> <C>
NET REALIZED TRADING GAINS ON CLOSED
FUTURES AND FORWARD CONTRACTS $ (13,979) $ 232,590
INCREASE (DECREASE) IN NET UNREALIZED APPRECIATION
ON OPEN FUTURES AND FORWARD CONTRACTS 669,621 (446,048)
INTEREST INCOME 109,715 124,863
------------- ------------
765,357 (88,594)
EXPENSES:
BROKERAGE COMMISSIONS 198,188 239,056
MANAGEMENT FEE 111,622 134,337
PROFIT SHARE 0 15,036
OTHER ADMINISTRATIVE EXPENSES 9,400 15,000
------------- ------------
319,210 403,430
NET INCOME (LOSS) $ 446,147 $ (492,024)
NET GAIN TO GENERAL PARTNER $ 9,099 $ (9,156)
NET GAIN TO LIMITED PARTNER $ 437,048 $ (482,869)
CHANGE IN NET ASSET VALUE (ENTIRE YEAR) $ 41.36 $ (41.62)
</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, 2000 AND 1999 (UNAUDITED)
<TABLE>
<CAPTION>
1999 1998
<S> <C> <C>
FUNDS PROVIDED BY:
NET INCOME (LOSS) 446,147 (492,024)
(INCREASE) DECREASE IN EQUITY IN COMMODITY
FUTURES AND FORWARD TRADING ACCOUNTS (240,114) 0
INCREASE IN OTHER LIABILITIES 15,368 894,600
--------- --------
TOTAL FUNDS PROVIDED 221,401 402,576
FUNDS APPLIED TO:
REDEMPTION OF LIMITED PARTNERSHIP UNITS 221,401 383,417
DECREASE IN OTHER LIABILITIES 19,159
--------- --------
TOTAL FUNDS APPLIED 221,401 402,576
CHANGE IN CASH BALANCE (0) 0
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL
PART OF THE FINANCIAL STATEMENTS
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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 January 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> 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, 2000
<TABLE>
31-Jan-00 31-Oct-99
<S> <C> <C>
Ending Equity (Note A) 11,140,885 10,916,139
</TABLE>
NOTE A:
Ending equity at Jan 31,2000 is higher than ending equity at October 31, 1999
due to profitable trading during the period.
NOTE B:
<TABLE>
<CAPTION>
Three months Three months
ended 1/31/2000 ended 1/31/99
<S> <C> <C>
Increase decrease in 669,621 (446,048)
open trade equity
</TABLE>
Increase (decrease) in net unrealized appreciation on open futures and forward
contracts for the three months ended 1/31/2000 is greater than net unrealized
appreciation on open futures contracts for the three months ended 1/31/99 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-31-1999 OCT-31-1998
<PERIOD-START> OCT-31-1999 OCT-31-1998
<PERIOD-END> JAN-31-2000 JAN-31-1999
<CASH> 10,850,955 11,280,078
<RECEIVABLES> 472,194 (197,043)
<SECURITIES-RESALE> 0 0
<SECURITIES-BORROWED> 0 0
<INSTRUMENTS-OWNED> 0 0
<PP&E> 0 0
<TOTAL-ASSETS> 11,323,149 11,083,035
<SHORT-TERM> 0 0
<PAYABLES> 182,264 166,896
<REPOS-SOLD> 0 0
<SECURITIES-LOANED> 0 0
<INSTRUMENTS-SOLD> 0 0
<LONG-TERM> 0 0
0 0
0 0
<COMMON> 11,140,885 10,916,140
<OTHER-SE> 0 0
<TOTAL-LIABILITY-AND-EQUITY> 11,323,149 11,083,035
<TRADING-REVENUE> 655,642 (213,458)
<INTEREST-DIVIDENDS> 109,715 124,863
<COMMISSIONS> (198,188) (239,056)
<INVESTMENT-BANKING-REVENUES> 0 0
<FEE-REVENUE> 0 0
<INTEREST-EXPENSE> 0 0
<COMPENSATION> (121,022) (164,374)
<INCOME-PRETAX> 446,147 (492,024)
<INCOME-PRE-EXTRAORDINARY> 0 0
<EXTRAORDINARY> 0 0
<CHANGES> 0 0
<NET-INCOME> 446,147 (492,024)
<EPS-BASIC> 0 0
<EPS-DILUTED> 0 0
</TABLE>