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Previous: FLEMING COMPANIES INC /OK/, 10-K/A, 1996-06-07 |
Next: PRICE COMMUNICATIONS CORP, SC 13D/A, 1996-06-07 |
<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 April 30, 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>
<CAPTION>
APRIL 30, 1996 OCTOBER 31,
(UNAUDITED) 1995
--------------- ---------------
<S> <C> <C>
ASSETS:
CASH $ 0 $ 0
EQUITY IN FUTURES TRADING ACCOUNTS: --------------- ---------------
UNITED STATES TREASURY SECURITIES, AT
COST PLUS ACCRUED INTEREST WHICH
APPROXIMATES MARKET 0 2,900,726
NET UNREALIZED TRADING GAINS (LOSSES) ON
OPEN FUTURES CONTRACTS 193,385 (70,634)
AMOUNT DUE FROM (TO) BROKER 2,839,936 272,798
--------------- ---------------
3,033,321 3,102,890
--------------- ---------------
$ 3,033,321 $ 3,102,890
=============== ===============
LIABILITIES & PARTNERS' CAPITAL:
ACCRUED BROKERAGE COMMISSIONS PAYABLE $ 17,694 $ 16,458
MANAGEMENT FEE 5,046 2,756
ACCRUED PROFIT SHARE 8,737 0
OTHER ACCRUED EXPENSES 36 2,217
REDEMPTION PAYABLE 46,684 23,964
--------------- ---------------
TOTAL LIABILITIES 78,197 45,395
--------------- ---------------
PARTNERS' CAPITAL:
GENERAL PARTNER, 29 UNIT
EQUIVALENTS OUTSTANDING AT APRIL 30, 1996 45,128 40,879
AND OCTOBER 31, 1995, RESPECTIVELY
LIMITED PARTNERS, 1,870 AND 2,140 UNITS
OUTSTANDING AT APRIL 30, 1996
AND OCTOBER 31, 1995, RESPECTIVELY 2,909,996 3,016,616
--------------- ---------------
TOTAL PARTNERS' CAPITAL 2,955,124 3,057,495
--------------- ---------------
$ 3,033,321 $ 3,102,890
=============== ===============
NET ASSET VALUE PER OUTSTANDING UNIT OF
PARTNERSHIP INTEREST $ 1,556.15 $ 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 SIX MONTHS ENDED APRIL 30, 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 270 LIMITED
PARTNERSHIP UNITS (398,317) (398,317)
NET (LOSS) IN FUND EQUITY
FROM OPERATIONS 291,697 4,249 295,946
-------------- -------------- --------------
FUND EQUITY AT APRIL 30, 1996 $ 2,909,996 $ 45,128 $ 2,955,124
(1,870 LIMITED PARTNERSHIP UNITS) ============== ============== ==============
NET ASSET VALUE PER UNIT AT
APRIL 30, 1996: $ 1,556.15
==============
</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, 1996 AND 1995 (UNAUDITED)
<TABLE>
<CAPTION>
1996 1995
--------------- ---------------
<S> <C> <C>
REVENUES:
NET REALIZED TRADING GAINS (LOSSES) ON CLOSED
FUTURES CONTRACTS $ 221,885 $ (362,150)
INCREASE (DECREASE) IN NET UNREALIZED
APPRECIATION ON OPEN FUTURES CONTRACTS 177,930 65,147
INTEREST INCOME 60,696 106,929
--------------- ---------------
460,511 (190,074)
--------------- ---------------
EXPENSES:
BROKERAGE COMMISSIONS 106,954 141,512
MANAGEMENT FEES 31,216 30,435
PROFIT SHARE 10,745 4,802
OTHER ADMINISTRATIVE EXPENSES 15,650 5,344
--------------- ---------------
164,565 182,093
--------------- ---------------
NET INCOME (LOSS) $ 295,946 $ (372,167)
=============== ===============
NET GAIN (LOSS) ALLOCATED TO
GENERAL PARTNER $ 4,249 $ (4,476)
=============== ===============
NET GAIN (LOSS) ALLOCATED TO
LIMITED PARTNERS $ 291,697 $ (367,691)
=============== ===============
INCREASE (DECREASE) IN NET ASSET VALUE FOR A
UNIT OUTSTANDING THROUGHOUT EACH PERIOD $ 146.52 $ (154.34)
=============== ===============
</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, 1996 AND 1995 (UNAUDITED)
<TABLE>
<CAPTION>
1996 1995
--------------- ---------------
<S> <C> <C>
REVENUES:
NET REALIZED TRADING GAINS (LOSSES) ON CLOSED
FUTURES CONTRACTS $ 180,278 $ (233,633)
INCREASE (DECREASE) IN NET UNREALIZED
APPRECIATION ON OPEN FUTURES CONTRACTS (245,357) 39,619
INTEREST INCOME 34,776 60,305
--------------- ---------------
(30,303) (133,709)
--------------- ---------------
EXPENSES:
BROKERAGE COMMISSIONS 50,275 59,590
MANAGEMENT FEES 14,928 17,055
PROFIT SHARE 70 4,802
OTHER ADMINISTRATIVE EXPENSES 12,650 3,744
--------------- ---------------
77,923 85,191
--------------- ---------------
NET INCOME (LOSS) $ (108,226) $ (218,900)
=============== ===============
NET GAIN (LOSS) ALLOCATED TO
GENERAL PARTNER $ (1,372) $ (2,669)
=============== ===============
NET GAIN (LOSS) ALLOCATED TO
LIMITED PARTNERS $ (106,854) $ (216,231)
=============== ===============
INCREASE (DECREASE) IN NET ASSET VALUE FOR A
UNIT OUTSTANDING THROUGHOUT EACH PERIOD $ (47.30) $ (92.05)
=============== ===============
</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, 1996 AND 1995 (UNAUDITED)
<TABLE>
<CAPTION>
1996 1995
--------------- ---------------
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
NET INCOME (LOSS) $ 295,946 $ (372,167)
ADJUSTMENTS TO RECONCILE NET INCOME (LOSS)
TO NET CASH PROVIDED BY OPERATING ACTIVITIES:
(INCREASE) DECREASE IN EQUITY IN FUTURES
TRADING ACCOUNT 69,569 650,989
INCREASE (DECREASE) IN ACCRUED EXPENSES 32,802 (2,425)
--------------- ---------------
NET CASH PROVIDED BY OPERATING ACTIVITIES 398,317 276,397
REDEMPTION OF LIMITED PARTNERSHIP UNITS 398,317 282,027
--------------- ---------------
NET CHANGE IN CASH 0 (5,630)
CASH - BEGINNING OF YEAR 0 5,630
--------------- ---------------
CASH - END OF YEAR $ 0 $ 0
=============== ===============
</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, 1995, has been prepared by
management without audit by Independent Certified Public Accountants. The
condensed Statement of Financial Condition as of April 30, 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.
-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, 1996.
April 30, 1996 October 31, 1995
Ending Equity (Note A) $2,955,124 $3,057,495
NOTE A:
Ending equity at April 30, 1996 is lower than ending equity at October 31,
1995 due to the redemption of limited partnership units.
Six months ended Six months ended
April 30, 1996 April 30, 1995
Net realized trading
gains (losses) on closed
futures contracts $221,885 $(362,150)
(Note B)
Net realized trading gains (losses) on closed futures contracts for
the six months ended April 30, 1996 is higher than net realized trading gains
(losses) on closed futures contracts for the six months ended April 30, 1995
due to more profitable trading during the period.
Three months ended Three months ended
April 30, 1996 April 30, 1995
Net realized trading
gains (losses) on closed
futures contracts
(Note B) $180,278 $(233,633)
NOTE B:
Net realized trading gains (losses) on closed futures contracts for the
three months ended April 30, 1996 is higher than net realized trading gains
(losses) on closed futures contracts for the three months ended April 30, 1995
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
Chief Financial Officer
-9-
<TABLE> <S> <C>
<ARTICLE> BD
<S> <C> <C>
<PERIOD-TYPE> 6-MOS 6-MOS
<FISCAL-YEAR-END> OCT-31-1995 OCT-31-1994
<PERIOD-START> OCT-31-1995 OCT-31-1994
<PERIOD-END> APR-30-1996 APR-30-1995
<CASH> 2,830,119 272,798
<RECEIVABLES> 193,385 (70,634)
<SECURITIES-RESALE> 0 0
<SECURITIES-BORROWED> 0 0
<INSTRUMENTS-OWNED> 9,817 2,900,726
<PP&E> 0 0
<TOTAL-ASSETS> 3,033,321 3,102,890
<SHORT-TERM> 0 0
<PAYABLES> 78,197 45,395
<REPOS-SOLD> 0 0
<SECURITIES-LOANED> 0 0
<INSTRUMENTS-SOLD> 0 0
<LONG-TERM> 0 0
<COMMON> 2,955,124 3,057,495
0 0
0 0
<OTHER-SE> 0 0
<TOTAL-LIABILITY-AND-EQUITY> 3,033,321 3,102,890
<TRADING-REVENUE> 399,815 (297,003)
<INTEREST-DIVIDENDS> 60,696 106,929
<COMMISSIONS> (106,954) (141,512)
<INVESTMENT-BANKING-REVENUES> 0 0
<FEE-REVENUE> 0 0
<INTEREST-EXPENSE> 0 0
<COMPENSATION> (57,611) (40,581)
<INCOME-PRETAX> 295,946 (372,167)
<INCOME-PRE-EXTRAORDINARY> 0 0
<EXTRAORDINARY> 0 0
<CHANGES> 0 0
<NET-INCOME> 295,946 (372,167)
<EPS-PRIMARY> 0 0
<EPS-DILUTED> 0 0
</TABLE>
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