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<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 September 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
-1-
<PAGE> 2
PART I. FINANCIAL INFORMATION
ITEM I. FINANCIAL STATEMENTS
THE FUTURES DIMENSION FUND
(An Illinois Limited Partnership)
STATEMENTS OF FINANCIAL CONDITION
<TABLE>
<CAPTION>
SEPTEMBER 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 (24,915) 719,050
AMOUNT DUE FROM (TO) BROKER 5,879,003 6,627,591
------------ ------------
5,854,088 7,346,641
------------ ------------
$ 5,854,088 $ 7,369,654
============ ============
LIABILITIES & PARTNERS' CAPITAL
ACCRUED BROKERAGE COMMISSIONS
PAYABLE $ 39,512 $ 62,450
REDEMPTION PAYABLE 71,793 45,058
ACCRUED MANAGEMENT FEE 6,941 11,165
ACCRUED INCENTIVE FEE 6,719 22,959
OTHER ACCRUED EXPENSES 3,242 6,078
------------ ------------
TOTAL LIABILITIES 128,207 147,710
------------ ------------
PARTNERS' CAPITAL:
GENERAL PARTNER, 611 UNIT EQUIVALENTS
OUTSTANDING AT SEPTEMBER 30, 1995 AND
DECEMBER 31, 1994, RESPECTIVELY 97,479 110,121
LIMITED PARTNER, 35,279 AND 39,459 UNITS
OUTSTANDING AT SEPTEMBER 30, 1995 AND
DECEMBER 31, 1994, RESPECTIVELY 5,628,402 7,111,823
------------ ------------
TOTAL PARTNERS' CAPITAL 5,725,881 7,221,944
------------ ------------
$ 5,854,088 $ 7,369,654
============ ============
NET ASSET VALUE PER OUTSTANDING UNIT OF
PARTNERSHIP INTEREST $ 159.54 $ 180.23
============ ============
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL
PART OF THE FINANCIAL STATEMENTS.
-2-
<PAGE> 3
THE FUTURES DIMENSION FUND
(An Illinois Limited Partnership)
STATEMENTS OF PARTNERS' CAPITAL
FOR THE NINE MONTHS ENDED SEPTEMBER 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 4,180 LIMITED
PARTNERSHIP UNITS (710,037) (710,037)
NET GAIN (LOSS) IN FUND EQUITY
FROM OPERATIONS (773,384) (12,642) (786,026)
-------------- -------------- -------------
FUND EQUITY AT SEPTEMBER 30, 1995 $ 5,628,402 $ 97,479 $ 5,725,881
(35,279 LIMITED PARTNERSHIP UNITS) ============== ============== =============
NET ASSET VALUE PER UNIT AT
SEPTEMBER 30, 1995: $ 159.54
=============
</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 NINE MONTHS ENDED SEPTEMBER 30, 1995 AND 1994 (UNAUDITED)
<TABLE>
<CAPTION>
REVENUES: 1995 1994
----------------- ------------------
<S> <C> <C>
NET REALIZED TRADING GAINS (LOSSES) ON CLOSED
FUTURES AND FORWARD CONTRACTS $ 384,280 $ 992,498
INCREASE (DECREASE) IN NET UNREALIZED APPRECIATION
ON OPEN FUTURES AND FORWARD CONTRACTS (743,966) (1,226,517)
INTEREST INCOME 244,329 217,428
------------- ------------
(115,357) (16,591)
------------- ------------
EXPENSES:
BROKERAGE COMMISSIONS 472,809 558,346
MANAGEMENT FEE 85,236 156,913
INCENTIVE FEE 81,324 264,335
OTHER ADMINISTRATIVE EXPENSES 31,300 21,018
------------- ------------
670,669 1,000,612
------------- ------------
NET INCOME (LOSS) $ (786,026) $ (1,017,203)
============= ============
NET GAIN (LOSS) ALLOCATED TO
GENERAL PARTNER $ (12,642) $ (25,397)
============= ============
NET GAIN (LOSS) ALLOCATED TO
LIMITED PARTNERS $ (773,384) $ (991,806)
============= ============
INCREASE (DECREASE) IN NET ASSET VALUE FOR A
UNIT OUTSTANDING THROUGHOUT EACH PERIOD $ (20.69) $ (22.86)
============= ============
</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 SEPTEMBER 30, 1995 AND 1994 (UNAUDITED)
<TABLE>
<CAPTION>
REVENUES: 1995 1994
--------------------- ---------------------
<S> <C> <C>
NET REALIZED TRADING GAINS (LOSSES) ON CLOSED $ $
FUTURES AND FORWARD CONTRACTS 19,200 277,621
INCREASE (DECREASE) IN NET UNREALIZED APPRECIATION
ON OPEN FUTURES AND FORWARD CONTRACTS (172,168) (988,925)
INTEREST INCOME 77,357 85,851
------------- -------------
(75,611) (625,453)
------------- -------------
EXPENSES:
BROKERAGE COMMISSIONS 142,631 184,002
MANAGEMENT FEE 21,247 35,752
INCENTIVE FEE 6,723 3,167
OTHER ADMINISTRATIVE EXPENSES 6,500 4,914
------------- -------------
177,101 227,835
------------- -------------
NET INCOME (LOSS) $ (252,712) $ (853,288)
============= =============
NET GAIN (LOSS) ALLOCATED TO
GENERAL PARTNER $ (4,181) $ (22,653)
============= =============
NET GAIN (LOSS) ALLOCATED TO
LIMITED PARTNERS $ (248,531) $ (830,635)
============= =============
INCREASE (DECREASE) IN NET ASSET VALUE FOR A
UNIT OUTSTANDING THROUGHOUT EACH PERIOD $ (6.84) $ (20.39)
============= =============
</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 NINE MONTHS ENDED SEPTEMBER 30, 1995 AND 1994 (UNAUDITED)
<TABLE>
<CAPTION>
1995 1994
----------------- --------------------
<S> <C> <C>
FUNDS PROVIDED BY:
NET INCOME (LOSS) $ (786,026) $ (1,017,203)
DECREASE IN EQUITY IN COMMODITY FUTURES
AND FORWARD TRADING ACCOUNTS 1,492,553 2,099,543
------------ -------------
TOTAL FUNDS PROVIDED 706,527 1,082,340
------------ -------------
FUNDS APPLIED TO:
REDEMPTION OF LIMITED PARTNERSHIP UNITS 710,037 823,979
REDEMPTION OF GENERAL PARTNERSHIP UNITS 0 83,490
DECREASE IN OTHER LIABILITIES 19,503 174,871
------------- -------------
729,540 1,082,340
TOTAL FUNDS APPLIED ------------- -------------
CHANGE IN CASH BALANCE $ (23,013) $ 0
============= =============
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL
PART OF THE FINANCIAL STATEMENTS NTS.
-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 September 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.
-7-
<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 nine months
ended September 30, 1995.
September 30, 1995 December 31, 1994
Ending Equity (Note A) $5,725,881 $7,221,944
NOTE A:
Ending equity at September 30, 1995 is lower than ending equity at
December 31, 1994 due to the redemption of limited partnership units and
unprofitable trading.
Nine months ended Nine months ended
September 30, 1995 September 30, 1994
Change in net unrealized
trading gains (losses) on
open futures and forward
contracts (Note B) $(743,966) $(1,226,517)
NOTE B:
Change in net unrealized trading gains (losses) on open futures and
forward contracts for the nine months ended September 30, 1995 is higher than
change in net unrealized trading gains (losses) on open futures and forward
contracts for the nine months ended September 30, 1994 due to more profitable
trading during the period.
Three months ended Three months ended
September 30, 1995 September 30, 1994
Change in net unrealized
trading gains (losses) on
open futures and forward
contracts (Note C) $(172,168) $(988,925)
Change in net unrealized trading gains (losses) on open futures and
forward contracts for the three months ended September 30, 1995 is higher than
change in net unrealized trading gains (losses) on open futures and forward
contracts for the three months ended September 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 FUTURES DIMENSION FUND
(Registrant)
By Heinold Asset Management, Inc.
(General Partner)
By
Robert Ledvora
Executive Vice President
and Chief Financial Officer
-9-
<TABLE> <S> <C>
<ARTICLE> BD
<MULTIPLIER> 1,000
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-START> DEC-31-1994
<PERIOD-END> SEP-30-1995
<EXCHANGE-RATE> 1
<CASH> 5,879,003
<RECEIVABLES> (24,915)
<SECURITIES-RESALE> 0
<SECURITIES-BORROWED> 0
<INSTRUMENTS-OWNED> 0
<PP&E> 0
<TOTAL-ASSETS> 5,854,088
<SHORT-TERM> 0
<PAYABLES> 128,207
<REPOS-SOLD> 0
<SECURITIES-LOANED> 0
<INSTRUMENTS-SOLD> 0
<LONG-TERM> 0
<COMMON> 5,725,881
0
0
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 5,854,088
<TRADING-REVENUE> (359,686)
<INTEREST-DIVIDENDS> 244,329
<COMMISSIONS> (472,809)
<INVESTMENT-BANKING-REVENUES> 0
<FEE-REVENUE> 0
<INTEREST-EXPENSE> 0
<COMPENSATION> (197,860)
<INCOME-PRETAX> (786,026)
<INCOME-PRE-EXTRAORDINARY> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (786,026)
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
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