<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 June 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 33-3514
THE FUTURES DIMENSION FUND
(Exact name of registrant as specified in its charter)
Illinois # 36-3428400
(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
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<PAGE> 2
PART I. FINANCIAL INFORMATION
ITEM I. FINANCIAL STATEMENTS
THE FUTURES DIMENSION FUND
(An Illinois Limited Partnership)
STATEMENTS OF FINANCIAL CONDITION
<TABLE>
<CAPTION>
JUNE 30, 1995 DECEMBER 31,
ASSETS: (UNAUDITED) 1994
--------------- ---------------
<S> <C> <C>
CASH $ 0 $ 23,013
EQUITY IN FUTURES AND FORWARD -------------- --------------
TRADING ACCOUNTS:
UNITED STATES TREASURY SECURITIES, AT
COST PLUS ACCRUED INTEREST WHICH
APPROXIMATES MARKET 0 0
NET UNREALIZED APPRECIATION ON
OPEN FUTURES AND FORWARD CONTRACTS 147,252 719,050
AMOUNT DUE FROM (TO) BROKER 6,281,956 6,627,591
-------------- --------------
6,429,208 7,346,641
-------------- --------------
TOTAL ASSETS $ 6,429,208 $ 7,369,654
============== ==============
LIABILITIES & PARTNERS' CAPITAL:
ACCRUED BROKERAGE COMMISSIONS
PAYABLE $ 53,456 $ 62,450
REDEMPTION PAYABLE 66,552 45,058
ACCRUED MANAGEMENT FEE 10,602 11,165
ACCRUED INCENTIVE FEE 18,187 22,959
OTHER ACCRUED EXPENSES 2,784 6,078
-------------- --------------
TOTAL LIABILITIES 151,581 147,710
-------------- --------------
PARTNERS' CAPITAL:
GENERAL PARTNER, 611 UNIT EQUIVALENTS
OUTSTANDING AT JUNE 30, 1995 AND
DECEMBER 31, 1994, RESPECTIVELY 101,660 110,121
LIMITED PARTNERS, 37,119 AND 39,459 UNITS
OUTSTANDING AT JUNE 30, 1995 AND
DECEMBER 31, 1994 RESPECTIVELY 6,175,967 7,111,823
-------------- --------------
TOTAL PARTNERS' CAPITAL 6,277,627 7,221,944
-------------- --------------
$ 6,429,208 $ 7,369,654
============== ==============
NET ASSET VALUE PER OUTSTANDING UNIT OF
PARTNERSHIP INTEREST $ 166.38 $ 180.23
============== ==============
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL
PART OF THE FINANCIAL STATEMENTS.
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<PAGE> 3
THE FUTURES DIMENSION FUND
(An Illinois Limited Partnership)
STATEMENTS OF PARTNERS' CAPITAL
FOR THE SIX MONTHS ENDED JUNE 30, 1995 (UNAUDITED)
<TABLE>
<CAPTION>
LIMITED GENERAL
PARTNERS PARTNERS TOTAL
-------------- -------------- --------------
<S> <C> <C> <C>
FUND EQUITY AT DECEMBER 31, 1994 $ 7,111,823 $ 110,121 $ 7,221,944
(39,459 LIMITED PARTNERSHIP UNITS)
REDEMPTION OF 2,340 LIMITED
PARTNERSHIP UNITS (411,003) (411,003)
NET GAIN (LOSS) IN FUND EQUITY
FROM OPERATIONS (524,853) (8,461) (533,314)
------------- ------------- -------------
FUND EQUITY AT JUNE 30, 1995
(37,119 LIMITED PARTNERSHIP UNITS) $ 6,175,967 $ 101,660 $ 6,277,627
============= ============= =============
NET ASSET VALUE PER UNIT AT
JUNE 30, 1995: $ 166.38
=============
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL
PART OF THE FINANCIAL STATEMENTS.
-3-
<PAGE> 4
THE FUTURES DIMENSION FUND
(An Illinois Limited Partnership)
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 1995 AND 1994 (UNAUDITED)
<TABLE>
<CAPTION>
REVENUES: 1995 1994
--------------- ---------------
<S> <C> <C>
NET REALIZED TRADING GAINS ON CLOSED
FUTURES AND FORWARD CONTRACTS $ 365,080 $ 714,877
INCREASE (DECREASE) IN NET UNREALIZED APPRECIATION
ON OPEN FUTURES AND FORWARD CONTRACTS (571,798) (237,592)
INTEREST INCOME 166,972 131,577
-------------- --------------
(39,746) 608,862
-------------- --------------
EXPENSES:
BROKERAGE COMMISSIONS 330,178 374,344
MANAGEMENT FEE 63,989 121,161
INCENTIVE FEE 74,601 261,168
OTHER ADMINISTRATIVE EXPENSES 24,800 16,104
-------------- --------------
493,568 772,777
-------------- --------------
NET INCOME (LOSS) $ (533,314) $ (163,915)
============== ==============
NET GAIN (LOSS) ALLOCATED TO
GENERAL PARTNER $ (8,461) $ (2,744)
============== ==============
NET GAIN (LOSS) ALLOCATED TO
LIMITED PARTNERS $ (524,853) $ (161,171)
============== ==============
INCREASE (DECREASE) IN NET ASSET VALUE FOR A
UNIT OUTSTANDING THROUGHOUT EACH PERIOD $ (13.85) $ (2.47)
============== ==============
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL
PART OF THE FINANCIAL STATEMENTS.
-4-
<PAGE> 5
THE FUTURES DIMENSION FUND
(An Illinois Limited Partnership)
STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED JUNE 30, 1995 AND 1994 (UNAUDITED)
<TABLE>
<CAPTION>
REVENUES: 1995 1994
--------------- ---------------
<S> <C> <C>
NET REALIZED TRADING GAINS (LOSSES) ON CLOSED
FUTURES AND FORWARD CONTRACTS $ (153,638) $ 456,958
INCREASE (DECREASE) IN NET UNREALIZED APPRECIATION
ON OPEN FUTURES AND FORWARD CONTRACTS (272,934) 766,140
INTEREST INCOME 81,797 76,397
--------------- ---------------
(344,775) 1,299,495
--------------- ---------------
EXPENSES:
BROKERAGE COMMISSIONS 168,266 198,351
MANAGEMENT FEE 33,396 36,031
INCENTIVE FEE 18,187 253,474
OTHER ADMINISTRATIVE EXPENSES 14,400 7,200
--------------- ---------------
234,249 495,056
--------------- ---------------
NET INCOME (LOSS) $ (579,024) $ 804,439
=============== ===============
NET GAIN (LOSS) ALLOCATED TO
GENERAL PARTNER $ (9,182) $ 20,710
=============== ===============
NET GAIN (LOSS) ALLOCATED TO
LIMITED PARTNERS $ (569,842) $ 783,729
=============== ===============
INCREASE (DECREASE) IN NET ASSET VALUE FOR A
UNIT OUTSTANDING THROUGHOUT EACH PERIOD $ (15.03) $ 18.64
=============== ===============
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL
PART OF THE FINANCIAL STATEMENTS.
-5-
<PAGE> 6
THE FUTURES DIMENSION FUND
(An Illinois Limited Partnership)
STATEMENTS OF CASH FLOWS
FOR THE SIX MONTHS ENDED JUNE 30, 1995 AND 1994 (UNAUDITED)
<TABLE>
<CAPTION>
1995 1994
--------------- ---------------
<S> <C> <C>
FUNDS PROVIDED BY:
NET INCOME (LOSS) $ (533,314) $ (163,915)
DECREASE IN EQUITY IN COMMODITY FUTURES
AND FORWARD TRADING ACCOUNTS 917,433 718,620
-------------- --------------
TOTAL FUNDS PROVIDED 384,119 554,705
-------------- --------------
FUNDS APPLIED TO:
REDEMPTION OF LIMITED PARTNERSHIP UNITS 411,003 549,080
(INCREASE) IN OTHER LIABILITIES (3,871) 5,625
INCREASE IN EQUITY IN COMMODITY FUTURES
AND FORWARD TRADING ACCOUNTS 0 0
-------------- --------------
TOTAL FUNDS APPLIED 407,132 554,705
-------------- --------------
CHANGE IN CASH BALANCE $ (23,013) $ 0
-------------- --------------
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL
PART OF THE FINANCIAL STATEMENTS.
-6-
<PAGE> 7
FUTURES DIMENSION FUND
(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 December 31, 1994, has been prepared by
management without audit by Independent Certified Public Accountants. The
condensed Statement of Financial Condition as of June 30, 1995 has been derived
from the audited financial statements as of December 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.
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<PAGE> 8
FUTURES DIMENSION FUND
(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 June 30, 1995.
June 30, 1995 December 31, 1994
Ending Equity (Note A) $6,277,627 $7,221,944
NOTE A:
Ending equity at June 30, 1995 is lower than ending equity at December 31,
1994 due to the redemption of limited partnership units and unprofitable
trading.
Six months ended Six months ended
June 30, 1995 June 30, 1994
Net realized trading
gains (losses) on closed
futures and forward
contracts (Note B) $365,080 $714,877
NOTE B:
Net realized trading gains (losses) on closed futures and forward
contracts for the six months ended June 30, 1995 is lower than net realized
trading gains (losses) on closed futures and forward contracts for the six
months ended June 30, 1994 due to less profitable trading during the period.
Three months ended Three months ended
June 30, 1995 June 30, 1994
Change in net unrealized
trading gains (losses)
on open futures and forward
contracts (Note C) $(272,934) $766,140
Change in net unrealized trading gains (losses) on open futures and forward
contracts for the three months ended June 30, 1995 is lower than change in net
unrealized trading gains (losses) on open futures and forward contracts for
the three months ended June 30, 1994 due to less 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 FUTURES DIMENSION FUND
(Registrant)
By Heinold Asset Management, Inc.
(General Partner)
By
Robert Ledvora
Executive Vice President
and Chief Financial Officer
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<TABLE> <S> <C>
<ARTICLE> BD
<MULTIPLIER> 1
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-START> DEC-31-1994
<PERIOD-END> JUN-30-1995
<EXCHANGE-RATE> 1
<CASH> 6,281,956
<RECEIVABLES> 147,252
<SECURITIES-RESALE> 0
<SECURITIES-BORROWED> 0
<INSTRUMENTS-OWNED> 0
<PP&E> 0
<TOTAL-ASSETS> 6,429,208
<SHORT-TERM> 0
<PAYABLES> 151,581
<REPOS-SOLD> 0
<SECURITIES-LOANED> 0
<INSTRUMENTS-SOLD> 0
<LONG-TERM> 0
<COMMON> 6,277,627
0
0
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 6,429,208
<TRADING-REVENUE> (206,718)
<INTEREST-DIVIDENDS> 166,972
<COMMISSIONS> (330,178)
<INVESTMENT-BANKING-REVENUES> 0
<FEE-REVENUE> 0
<INTEREST-EXPENSE> 0
<COMPENSATION> (163,390)
<INCOME-PRETAX> (533,314)
<INCOME-PRE-EXTRAORDINARY> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (533,314)
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
