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Previous: VIRAGEN INC, S-8, 1995-06-09 |
Next: PRUDENTIAL GOVERNMENT SECURITIES TRUST, DEFS14A, 1995-06-09 |
<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, 1995
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from _______________to_______________
Commission file number 0-10604
THE FUTURE FUND II
(Exact name of registrant as specified in its charter)
Illinois # 36-3148138
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
c/o Heinold Asset Management, Inc.
One Financial Place
440 S. LaSalle - 20th Floor
Chicago, Illinois
(Address of principal executive offices)
60605
(Zip Code)
(312) 663-7900
(Registrant's telephone number, including area code)
Same
(Former name, former address and former fiscal year, if changed since last
report)
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 shorter 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 No
-1-
<PAGE> 2
PART I. FINANCIAL INFORMATION
ITEM I. FINANCIAL STATEMENTS
THE FUTURE FUND II
(An Illinois Limited Partnership)
STATEMENTS OF FINANCIAL CONDITION
<TABLE>
<CAPTION>
APRIL 30, 1995 OCTOBER 31,
ASSETS: (UNAUDITED) 1994
---------------- --------------
<S> <C> <C>
CASH $ 0 $ 5,630
EQUITY IN FUTURES TRADING ACCOUNTS:
UNITED STATES TREASURY SECURITIES, AT
COST PLUS ACCRUED INTEREST WHICH
APPROXIMATES MARKET 3,493,370 4,134,508
NET UNREALIZED TRADING GAINS (LOSSES) ON
OPEN FUTURES CONTRACTS 155,901 90,754
AMOUNT DUE FROM (TO) BROKER 71,443 146,441
--------------- -------------
3,720,714 4,371,703
--------------- -------------
$ 3,720,714 $ 4,377,333
=============== =============
LIABILITIES & PARTNERS' CAPITAL:
ACCRUED BROKERAGE COMMISSIONS PAYABLE $ 21,110 $ 34,079
MANAGEMENT FEE 6,125 0
ACCRUED PROFIT SHARE 4,615 0
OTHER ACCRUED EXPENSES 4,629 10,897
REDEMPTION PAYABLE 92,958 86,886
--------------- -------------
TOTAL LIABILITIES 129,437 131,862
--------------- -------------
PARTNERS' CAPITAL:
GENERAL PARTNER, 29 UNIT
EQUIVALENTS OUTSTANDING AT APRIL 30, 1995 44,930 49,406
AND OCTOBER 31, 1994, RESPECTIVELY
LIMITED PARTNERS, 2,289 AND 2,463 UNITS
OUTSTANDING AT APRIL 30, 1995
AND OCTOBER 31, 1994, RESPECTIVELY 3,546,347 4,196,065
--------------- -------------
TOTAL PARTNERS' CAPITAL 3,591,277 4,245,471
--------------- -------------
$ 3,720,714 $ 4,377,333
================ =============
NET ASSET VALUE PER OUTSTANDING UNIT OF
PARTNERSHIP INTEREST $ 1,549.30 $ 1,703.64
=============== =============
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL
PART OF THE FINANCIAL STATEMENTS.
-2-
<PAGE> 3
THE FUTURE FUND II
(An Illinois Limited Partnership)
STATEMENTS OF PARTNERS' CAPITAL
FOR THE SIX MONTHS ENDED APRIL 30, 1995 (UNAUDITED)
<TABLE>
<CAPTION>
LIMITED GENERAL
PARTNERS PARTNERS TOTAL
-------------- -------------- --------------
<S> <C> <C> <C>
FUND EQUITY AT OCTOBER 31, 1994 $ 4,196,065 $ 49,406 $ 4,245,471
(2,463 LIMITED PARTNERSHIP UNITS)
REDEMPTION OF 174 LIMITED
PARTNERSHIP UNITS (282,027) (282,027)
NET (LOSS) IN FUND EQUITY
FROM OPERATIONS (367,691) (4,476) (372,167)
------------ ------------- -------------
FUND EQUITY AT APRIL 30, 1995 $ 3,546,347 $ 44,930 $ 3,591,277
(2,289 LIMITED PARTNERSHIP UNITS) ============ ============= =============
NET ASSET VALUE PER UNIT AT
APRIL 30, 1995: $ 1,549.30
=============
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL
PART OF THE FINANCIAL STATEMENTS.
-3-
<PAGE> 4
THE FUTURE FUND II
(An Illinois Limited Partnership)
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED APRIL 30, 1995 AND 1994 (UNAUDITED)
<TABLE>
<CAPTION>
REVENUES: 1995 1994
---------------- --------------
<S> <C> <C>
NET REALIZED TRADING GAINS (LOSSES) ON CLOSED
FUTURES CONTRACTS $ (362,150) $ (769,505)
INCREASE (DECREASE) IN NET UNREALIZED
APPRECIATION ON OPEN FUTURES CONTRACTS 65,147 (81,805)
INTEREST INCOME 106,929 78,138
--------------- -------------
(190,074) (773,172)
--------------- -------------
EXPENSES:
BROKERAGE COMMISSIONS 141,512 255,129
MANAGEMENT FEES 30,435 0
PROFIT SHARE 4,802 0
OTHER ADMINISTRATIVE EXPENSES 5,344 12,936
--------------- -------------
182,093 268,065
--------------- -------------
NET INCOME (LOSS) $ (372,167) $ (1,041,237)
=============== =============
NET GAIN (LOSS) ALLOCATED TO
GENERAL PARTNER $ (4,476) $ (14,981)
=============== =============
NET GAIN (LOSS) ALLOCATED TO
LIMITED PARTNERS $ (367,691) $ (1,026,256)
=============== =============
INCREASE (DECREASE) IN NET ASSET VALUE FOR A
UNIT OUTSTANDING THROUGHOUT EACH PERIOD $ (154.34) $ (374.51)
=============== =============
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL
PART OF THE FINANCIAL STATEMENTS.
-4-
<PAGE> 5
THE FUTURE FUND II
(An Illinois Limited Partnership)
STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED APRIL 30, 1995 AND 1994 (UNAUDITED)
<TABLE>
<CAPTION>
REVENUES: 1995 1994
--------------- ---------------
<S> <C> <C>
NET REALIZED TRADING GAINS (LOSSES) ON CLOSED
FUTURES CONTRACTS $ (233,633) $ (403,080)
INCREASE (DECREASE) IN NET UNREALIZED
APPRECIATION ON OPEN FUTURES CONTRACTS 39,619 (118,521)
INTEREST INCOME 60,305 35,378
--------------- ---------------
(133,709) (486,223)
--------------- ---------------
EXPENSES:
BROKERAGE COMMISSIONS 59,590 118,080
MANAGEMENT FEES 17,055 0
PROFIT SHARE 4,802 0
OTHER ADMINISTRATIVE EXPENSES 3,744 5,800
--------------- ---------------
85,191 123,880
--------------- ---------------
NET INCOME (LOSS) $ (218,900) $ (610,103)
=============== ===============
NET GAIN (LOSS) ALLOCATED TO
GENERAL PARTNER $ (2,669) $ (8,867)
=============== ===============
NET GAIN (LOSS) ALLOCATED TO
LIMITED PARTNERS $ (216,231) $ (601,236)
=============== ===============
INCREASE (DECREASE) IN NET ASSET VALUE FOR A
UNIT OUTSTANDING THROUGHOUT EACH PERIOD $ (92.05) $ (221.67)
=============== ===============
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL
PART OF THE FINANCIAL STATEMENTS.
-5-
<PAGE> 6
THE FUTURE FUND II
(An Illinois Limited Partnership)
STATEMENTS OF CASH FLOWS
FOR THE SIX MONTHS ENDED APRIL 30, 1995 AND 1994 (UNAUDITED)
<TABLE>
<CAPTION>
1995 1994
CASH FLOWS FROM OPERATING ACTIVITIES: --------------- ---------------
<S> <C> <C>
NET INCOME (LOSS) $ (372,167) (1,041,237)
ADJUSTMENTS TO RECONCILE NET INCOME (LOSS)
TO NET CASH PROVIDED BY OPERATING ACTIVITIES:
(INCREASE) DECREASE IN EQUITY IN FUTURES
TRADING ACCOUNT 650,989 1,322,706
INCREASE (DECREASE) IN ACCRUED EXPENSES (2,425) (39,806)
-------------- --------------
NET CASH PROVIDED BY OPERATING ACTIVITIES 276,397 241,663
REDEMPTION OF LIMITED PARTNERSHIP UNITS 282,027 241,663
-------------- --------------
NET CHANGE IN CASH (5,630) 0
CASH - BEGINNING OF YEAR 5,630 5,630
-------------- --------------
CASH - END OF YEAR $ 0 5,630
============== ==============
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL
PART OF THE FINANCIAL STATEMENTS
-6-
<PAGE> 7
THE FUTURE FUND II
(An Illinois Limited Partnership)
NOTES TO FORM 10-Q FINANCIAL STATEMENTS
1. The financial information included herein, other than the condensed
Statement of Financial Condition as of October 31, 1994, has been prepared by
management without audit by Independent Certified Public Accountants. The
condensed Statement of Financial Condition as of April 30, 1995 has been
derived from the audited financial statements as of October 31, 1994. The
interim financial statements do not include all the disclosures contained in
the annual financial statements. The information furnished includes all
adjustments which are, in the opinion of management, necessary for a fair
statement 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 II
(An Illinois Limited Partnership)
NOTES TO FINANCIAL STATEMENTS, Continued
ITEM 2, Management's Discussion and Analysis of Financial
Condition and Operating Results for the six months
ended April 30, 1995.
<TABLE>
<CAPTION>
April 30, 1995 October 31, 1994
<S> <C> <C>
Ending Equity (Note A) $3,591,277 $4,245,471
</TABLE>
NOTE A:
Ending equity at April 30, 1995 is lower than ending equity at October 31,
1994 due to the redemption of limited partnership units and unprofitable
trading during the period.
<TABLE>
<CAPTION>
Six months ended Six months ended
April 30, 1995 April 30, 1994
<S> <C> <C>
Net unrealized trading
gains (losses) on
open futures contracts $65,147 $(81,805)
(Note B)
</TABLE>
Note B:
Net unrealized trading gains (losses) on open futures contracts for the
six months ended April 30, 1995 is higher than net unrealized trading gains
(losses) on open futures contracts for the six months ended April 30, 1994 due
to more profitable trading during the period.
<TABLE>
<CAPTION>
Three months ended Three months ended
April 30, 1995 April 30, 1994
<S> <C> <C>
Net unrealized trading
gains (losses) on
open futures contracts
(Note C) $39,619 $(118,521)
</TABLE>
Note C:
Net unrealized trading gains (losses) on open futures contracts for the
three months ended April 30, 1995 is higher than net unrealized trading gains
(losses) on open futures contracts for the three months ended April 30, 1994
due to more profitable trading during the period.
-8-
<PAGE> 9
EXHIBITS
None
PART II
None
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
THE FUTURE FUND II
(Registrant)
By Heinold Asset Management, Inc.
(General Partner)
By
Robert Ledvora
Executive Vice President
and Chief Financial Officer
-9-
<TABLE> <S> <C>
<ARTICLE> BD
<CURRENCY> U.S. DOLLARS
<S> <C> <C>
<PERIOD-TYPE> 6-MOS 6-MOS
<FISCAL-YEAR-END> OCT-31-1994 OCT-31-1993
<PERIOD-START> OCT-31-1994 OCT-31-1993
<PERIOD-END> APR-30-1995 APR-30-1994
<EXCHANGE-RATE> 1 1
<CASH> 1,941,332 1,090,096
<RECEIVABLES> 480,266 1,084,916
<SECURITIES-RESALE> 0 0
<SECURITIES-BORROWED> 0 0
<INSTRUMENTS-OWNED> 15,023,603 15,491,824
<PP&E> 0 0
<TOTAL-ASSETS> 17,445,201 17,666,836
<SHORT-TERM> 0 0
<PAYABLES> 575,227 400,279
<REPOS-SOLD> 0 0
<SECURITIES-LOANED> 0 0
<INSTRUMENTS-SOLD> 0 0
<LONG-TERM> 0 0
<COMMON> 16,869,974 17,266,557
0 0
0 0
<OTHER-SE> 0 0
<TOTAL-LIABILITY-AND-EQUITY> 17,445,201 17,666,836
<TRADING-REVENUE> 2,221,458 (857,855)
<INTEREST-DIVIDENDS> 409,785 269,483
<COMMISSIONS> (634,027) (678,723)
<INVESTMENT-BANKING-REVENUES> 0 0
<FEE-REVENUE> 0 0
<INTEREST-EXPENSE> 0 0
<COMPENSATION> (791,781) (477,526)
<INCOME-PRETAX> 1,205,435 (1,744,621)
<INCOME-PRE-EXTRAORDINARY> 0 0
<EXTRAORDINARY> 0 0
<CHANGES> 0 0
<NET-INCOME> 1,205,435 (1,744,621)
<EPS-PRIMARY> 0 0
<EPS-DILUTED> 0 0
</TABLE>
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