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Previous: HAWAIIAN ELECTRIC INDUSTRIES INC, DEF 14A, 1996-03-07 |
Next: GOVERNMENT INCOME SECURITIES INC, PRE 14A, 1996-03-07 |
<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 January 31, 1996
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>
<S> <C> <C>
JANUARY 31, 1996 OCTOBER 31,
ASSETS: (UNAUDITED) 1995
--------------- ---------------
CASH $ 0 $ 0
--------------- ---------------
EQUITY IN FUTURES TRADING ACCOUNTS:
UNITED STATES TREASURY SECURITIES, AT
COST PLUS ACCRUED INTEREST WHICH
APPROXIMATES MARKET 2,848,970 2,900,726
NET UNREALIZED APPRECIATION ON OPEN FUTURES
CONTRACTS 430,226 (70,634)
AMOUNT DUE FROM (TO) BROKER 11,069 272,798
--------------- ---------------
3,290,265 3,102,890
--------------- ---------------
$ 3,290,265 $ 3,102,890
=============== ===============
LIABILITIES & PARTNERS' CAPITAL
ACCRUED BROKERAGE COMMISSIONS
PAYABLE $ 19,183 $ 16,458
ACCRUED PROFIT SHARE 8,667 0
MANAGEMENT FEE 5,692 2,756
OTHER ACCRUED EXPENSES 1,711 2,217
REDEMPTION PAYABLE 30,466 23,964
--------------- ---------------
TOTAL LIABILITIES 65,719 45,395
--------------- ---------------
PARTNERS' CAPITAL:
GENERAL PARTNER, 29 UNIT EQUIVALENTS
OUTSTANDING AT JANUARY 31, 1996 AND
OCTOBER 31, 1995, RESPECTIVELY 46,500 40,879
LIMITED PARTNERS, 1,982 AND 2,140 UNITS
OUTSTANDING AT JANUARY 31, 1996
AND OCTOBER 31, 1995, RESPECTIVELY 3,178,046 3,016,616
--------------- ---------------
TOTAL PARTNERS' CAPITAL 3,224,546 3,057,495
--------------- ---------------
$ 3,290,265 $ 3,102,890
=============== ===============
NET ASSET VALUE PER OUTSTANDING UNIT OF
PARTNERSHIP INTEREST $ 1,603.45 $ 1,409.63
=============== ===============
</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 THREE MONTHS ENDED JANUARY 31, 1996 (UNAUDITED)
<TABLE>
<CAPTION>
LIMITED GENERAL
PARTNERS PARTNERS TOTAL
-------------- -------------- --------------
<S> <C> <C> <C>
FUND EQUITY AT OCTOBER 31, 1995 $ 3,016,616 $ 40,879 $ 3,057,495
(2,140 LIMITED PARTNERSHIP UNITS)
REDEMPTION OF 158 LIMITED
PARTNERSHIP UNITS (237,121) (237,121)
NET GAIN (LOSS) IN FUND EQUITY
FROM OPERATIONS 398,551 5,621 404,172
-------------- -------------- --------------
FUND EQUITY AT JANUARY 31, 1996 $ 3,178,046 $ 46,500 $ 3,224,546
(1,982 LIMITED PARTNERSHIP UNITS) ============== ============== ==============
NET ASSET VALUE PER UNIT AT
JANUARY 31, 1996: $ 1,603.45
--------------
</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 THREE MONTHS ENDED JANUARY 31, 1996 AND 1995 (UNAUDITED)
<TABLE>
<CAPTION>
REVENUES: 1996 1995
------------- -------------
<S> <C> <C>
NET REALIZED TRADING GAINS (LOSSES) ON CLOSED
FUTURES CONTRACTS $ 41,607 $(128,517)
INCREASE (DECREASE) IN NET UNREALIZED APPRECIATION
ON OPEN FUTURES CONTRACTS 423,287 25,528
INTEREST INCOME 25,920 46,624
-------- ---------
490,814 (56,365)
EXPENSES:
BROKERAGE COMMISSIONS 56,679 81,922
MANAGEMENT FEES 16,288 13,380
PROFIT SHARE 10,675 0
OTHER ADMINISTRATIVE EXPENSES 3,000 1,600
-------- ---------
86,642 96,902
-------- ---------
NET INCOME (LOSS) $404,172 $(153,267)
======== =========
NET GAIN (LOSS) ALLOCATED TO
GENERAL PARTNER $ 5,621 $ (1,807)
======== =========
NET GAIN (LOSS) ALLOCATED TO
LIMITED PARTNERS $398,551 $(151,460)
======== =========
INCREASE (DECREASE) IN NET ASSET VALUE FOR A
UNIT OUTSTANDING THROUGHOUT EACH PERIOD $ 193.82 $ (62.29)
======== =========
</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 CASH FLOWS
FOR THE THREE MONTHS ENDED JANUARY 31, 1996 AND 1995 (UNAUDITED)
-------
<TABLE>
<CAPTION>
1996 1995
----------- ----------
<C> <S> <S>
FUNDS PROVIDED BY:
NET INCOME (LOSS) 404,172 (153,267)
-------- ---------
TOTAL FUNDS PROVIDED 404,172 (153,267)
-------- ---------
FUNDS APPLIED TO:
REDEMPTION OF LIMITED PARTNERSHIP UNITS 237,121 159,530
REDEMPTION OF GENERAL PARTNERSHIP UNITS 0 0
INCREASE IN EQUITY IN COMMODITY FUTURES
TRADING ACCOUNTS 187,375 (358,782)
(INCREASE) DECREASE IN OTHER LIABILITIES (20,324) 51,615
-------- ---------
TOTAL FUNDS APPLIED 404,172 (147,637)
-------- ---------
CHANGE IN CASH BALANCE $ 0 (5,630)
-------- ---------
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL
PART OF THE FINANCIAL STATEMENTS.
-5-
<PAGE> 6
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, 1995, has been prepared by
management without audit by Independent Certified Public Accountants. The
condensed Statement of Financial Condition as of January 31, 1996 has been
derived from the audited financial statements as of October 31, 1995. 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.
-6-
<PAGE> 7
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 three months
ended January 31, 1996.
<TABLE>
<CAPTION>
January 31, 1996 October 31, 1995
<S> <C> <C>
Ending Equity (Note A) $3,224,546 $3,057,495
</TABLE>
NOTE A:
Ending equity at January 31, 1996 is higher than ending equity at October
31, 1995 due to profitable trading.
<TABLE>
<CAPTION>
Three months ended Three months ended
January 31, 1996 January 31, 1995
<S> <C> <C>
Net realized trading
gains (losses) on closed
futures contracts
(Note B) $41,607 $(128,517)
</TABLE>
NOTE B:
Net realized trading gains (losses) on closed futures contracts for the
three months ended January 31, 1996 is higher than net realized trading gains
(losses) on closed futures contracts for the three months ended January 31,
1995 due to more profitable trading during the period.
-7-
<PAGE> 8
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
-8-
<TABLE> <S> <C>
<ARTICLE> BD
<S> <C> <C>
<PERIOD-TYPE> 3-MOS 3-MOS
<FISCAL-YEAR-END> OCT-31-1995 OCT-31-1994
<PERIOD-START> OCT-31-1995 OCT-31-1994
<PERIOD-END> JAN-31-1996 JAN-31-1995
<CASH> 11,069 272,798
<RECEIVABLES> 430,226 (70,634)
<SECURITIES-RESALE> 2,848,970 2,900,726
<SECURITIES-BORROWED> 0 0
<INSTRUMENTS-OWNED> 0 0
<PP&E> 0 0
<TOTAL-ASSETS> 3,290,265 3,102,890
<SHORT-TERM> 0 0
<PAYABLES> 65,719 45,395
<REPOS-SOLD> 0 0
<SECURITIES-LOANED> 0 0
<INSTRUMENTS-SOLD> 0 0
<LONG-TERM> 0 0
<COMMON> 3,224,546 3,057,495
0 0
0 0
<OTHER-SE> 0 0
<TOTAL-LIABILITY-AND-EQUITY> 3,290,265 3,102,890
<TRADING-REVENUE> 464,894 (102,989)
<INTEREST-DIVIDENDS> 25,920 46,624
<COMMISSIONS> (56,679) (81,922)
<INVESTMENT-BANKING-REVENUES> 0 0
<FEE-REVENUE> 0 0
<INTEREST-EXPENSE> 0 0
<COMPENSATION> (29,963) (14,980)
<INCOME-PRETAX> 404,172 (153,267)
<INCOME-PRE-EXTRAORDINARY> 0 0
<EXTRAORDINARY> 0 0
<CHANGES> 0 0
<NET-INCOME> 404,172 (153,267)
<EPS-PRIMARY> 0 0
<EPS-DILUTED> 0 0
</TABLE>
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