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Previous: ANGELES OPPORTUNITY PROPERTIES LTD, 10QSB, 1996-08-08 |
Next: SOUTHERN NEW ENGLAND TELECOMMUNICATIONS CORP, 10-Q, 1996-08-08 |
<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, 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 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>
JUNE 30, 1996 DECEMBER 31,
ASSETS: (UNAUDITED) 1995
------------- ------------
<S> <C> <C>
CASH $ 0 $ 0
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 90,823 367,101
AMOUNT DUE FROM (TO) BROKER 4,651,528 5,370,843
---------- -----------
4,742,351 5,737,944
---------- -----------
TOTAL ASSETS $ 4,742,351 $ 5,737,944
========== ===========
LIABILITIES & PARTNERS' CAPITAL:
ACCRUED BROKERAGE COMMISSIONS
PAYABLE $ 39,499 $ 47,784
REDEMPTION PAYABLE 84,737 73,481
ACCRUED MANAGEMENT FEE 7,767 12,091
ACCRUED INCENTIVE FEE 0 2,169
OTHER ACCRUED EXPENSES 2,510 3,892
---------- -----------
TOTAL LIABILITIES 134,513 139,417
---------- -----------
PARTNERS' CAPITAL:
GENERAL PARTNER, 611 UNIT EQUIVALENTS
OUTSTANDING AT JUNE 30, 1996 AND
DECEMBER 31, 1995, RESPECTIVELY 95,879 99,770
LIMITED PARTNERS, 28,753 AND 33,674 UNITS
OUTSTANDING AT JUNE 30, 1996 AND
DECEMBER 31, 1995 RESPECTIVELY 4,511,959 5,498,757
---------- -----------
TOTAL PARTNERS' CAPITAL 4,607,838 5,598,527
---------- -----------
$ 4,742,351 $ 5,737,944
========== ===========
NET ASSET VALUE PER OUTSTANDING UNIT OF
PARTNERSHIP INTEREST $ 156.92 $ 163.29
========== ===========
</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 SIX MONTHS ENDED JUNE 30, 1996 (UNAUDITED)
<TABLE>
<CAPTION>
LIMITED GENERAL
PARTNERS PARTNERS TOTAL
--------------- ------------ ---------------
<S> <C> <C> <C>
FUND EQUITY AT DECEMBER 31, 1995 $ 5,498,757 $ 99,770 $ 5,598,527
(33,674 LIMITED PARTNERSHIP UNITS)
REDEMPTION OF 4,921 LIMITED
PARTNERSHIP UNITS (782,163) (782,163)
NET GAIN (LOSS) IN FUND EQUITY
FROM OPERATIONS (204,635) (3,891) (208,526)
--------------- ------------ ---------------
FUND EQUITY AT JUNE 30, 1996
(28,753 LIMITED PARTNERSHIP UNITS) $ 4,511,959 $ 95,879 $ 4,607,838
=============== ============ ===============
NET ASSET VALUE PER UNIT AT
JUNE 30, 1996: $ 156.92
===============
</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, 1996 AND 1995 (UNAUDITED)
REVENUES: 1996 1995
-------- -------------
NET REALIZED TRADING GAINS ON CLOSED
FUTURES AND FORWARD CONTRACTS $ 300,315 $ 365,080
INCREASE (DECREASE) IN NET UNREALIZED APPRECIATION
ON OPEN FUTURES AND FORWARD CONTRACTS (301,136) (571,798)
INTEREST INCOME 117,162 166,972
-------- -------------
116,341 (39,746)
-------- -------------
EXPENSES:
BROKERAGE COMMISSIONS 258,003 330,178
MANAGEMENT FEE 51,764 63,989
INCENTIVE FEE 0 74,601
OTHER ADMINISTRATIVE EXPENSES 15,100 24,800
-------- -------------
324,867 493,568
-------- -------------
NET INCOME (LOSS) $ (208,526) $ (533,314)
======== =============
NET GAIN (LOSS) ALLOCATED TO
GENERAL PARTNER $ (3,891) $ (8,461)
======== =============
NET GAIN (LOSS) ALLOCATED TO
LIMITED PARTNERS (204,635) $ (524,853)
======== =============
INCREASE (DECREASE) IN NET ASSET VALUE FOR A
UNIT OUTSTANDING THROUGHOUT EACH PERIOD $ (6.37) $ (13.85)
======== =============
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, 1996 AND 1995 (UNAUDITED)
<TABLE>
<CAPTION>
REVENUES: 1996 1995
-------- ----------
<S> <C> <C>
NET REALIZED TRADING GAINS (LOSSES) ON CLOSED
FUTURES AND FORWARD CONTRACTS $ 108,275 $ (153,638)
INCREASE (DECREASE) IN NET UNREALIZED APPRECIATION
ON OPEN FUTURES AND FORWARD CONTRACTS 90,823 (272,934)
INTEREST INCOME 48,221 81,797
-------- ----------
247,319 (344,775)
-------- ----------
EXPENSES:
BROKERAGE COMMISSIONS 124,449 168,266
MANAGEMENT FEE 24,700 33,396
INCENTIVE FEE 0 18,187
OTHER ADMINISTRATIVE EXPENSES 8,800 14,400
-------- ----------
157,949 234,249
-------- ----------
NET INCOME (LOSS) $ 89,370 $ (579,024)
======== ==========
NET GAIN (LOSS) ALLOCATED TO
GENERAL PARTNER $ 1,576 $ (9,182)
======== ==========
NET GAIN (LOSS) ALLOCATED TO
LIMITED PARTNERS $ 87,794 $ (569,842)
======== ==========
INCREASE (DECREASE) IN NET ASSET VALUE FOR A
UNIT OUTSTANDING THROUGHOUT EACH PERIOD $ 2.58 $ (15.03)
======== ==========
</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, 1996 AND 1995 (UNAUDITED)
<TABLE>
<CAPTION>
1996 1995
--------- ----------
<S> <C> <C>
FUNDS PROVIDED BY:
NET INCOME (LOSS) $ (208,526) $ (533,314)
DECREASE IN EQUITY IN COMMODITY FUTURES
AND FORWARD TRADING ACCOUNTS 995,593 917,433
--------- ----------
TOTAL FUNDS PROVIDED 787,067 384,119
--------- ----------
FUNDS APPLIED TO:
REDEMPTION OF LIMITED PARTNERSHIP UNITS 782,163 411,003
(INCREASE) IN OTHER LIABILITIES 4,904 (3,871)
INCREASE IN EQUITY IN COMMODITY FUTURES
AND FORWARD TRADING ACCOUNTS 0 0
--------- ----------
TOTAL FUNDS APPLIED 787,067 407,132
--------- ----------
CHANGE IN CASH BALANCE $ 0 $ (23,013)
--------- ----------
</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, 1995, has been prepared by
management without audit by Independent Certified Public Accountants. The
condensed Statement of Financial Condition as of June 30, 1996 has been derived
from the audited financial statements as of December 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
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, 1996.
<TABLE>
<CAPTION>
June 30, 1996 December 31, 1995
<S> <C> <C>
Ending Equity (Note A) $4,607,838 $5,598,527
</TABLE>
NOTE A:
Ending equity at June 30, 1996 is lower than ending equity at December 31,
1995 due to the redemption of limited partnership units and unprofitable
trading.
<TABLE>
<CAPTION>
Six months ended Six months ended
June 30, 1996 June 30, 1995
<S> <C> <C>
Change in net unrealized
trading gains (losses)
on open futures and
forward contracts (Note B) $(301,136) $(571,798)
</TABLE>
NOTE B:
Change in net unrealized trading gains (losses) on open futures and
forward contracts for the six months ended June 30, 1996 is higher than change
in net unrealized trading gains (losses) on open futures and forward contracts
for the six months ended June 30, 1995 due to more profitable trading during
the period.
<TABLE>
<CAPTION>
Three months ended Three months ended
June 30, 1996 June 30, 1995
<S> <C> <C>
Change in net unrealized
trading gain (losses)
on open futures and forward
contracts (Note C) $90,823 $(272,934)
</TABLE>
Change in net unrealized trading gains (losses) on open futures and
forward contracts for the three months ended June 30, 1996 is higher than
change in net unrealized trading gains (losses) on open futures and forward
contracts for the three months ended June 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 FUTURES DIMENSION FUND
(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> DEC-31-1995 DEC-31-1994
<PERIOD-START> DEC-31-1995 DEC-31-1994
<PERIOD-END> JUN-30-1996 JUN-30-1995
<CASH> 4,651,528 5,370,843
<RECEIVABLES> 90,823 367,101
<SECURITIES-RESALE> 0 0
<SECURITIES-BORROWED> 0 0
<INSTRUMENTS-OWNED> 0 0
<PP&E> 0 0
<TOTAL-ASSETS> 4,742,351 5,737,944
<SHORT-TERM> 0 0
<PAYABLES> 134,513 139,417
<REPOS-SOLD> 0 0
<SECURITIES-LOANED> 0 0
<INSTRUMENTS-SOLD> 0 0
<LONG-TERM> 0 0
<COMMON> 4,607,838 5,598,527
0 0
0 0
<OTHER-SE> 0 0
<TOTAL-LIABILITY-AND-EQUITY> 4,742,351 5,737,944
<TRADING-REVENUE> (821) (206,718)
<INTEREST-DIVIDENDS> 117,162 166,972
<COMMISSIONS> (258,003) (330,178)
<INVESTMENT-BANKING-REVENUES> 0 0
<FEE-REVENUE> 0 0
<INTEREST-EXPENSE> 0 0
<COMPENSATION> (66,864) (163,390)
<INCOME-PRETAX> (208,526) (533,314)
<INCOME-PRE-EXTRAORDINARY> 0 0
<EXTRAORDINARY> 0 0
<CHANGES> 0 0
<NET-INCOME> (208,526) (533,314)
<EPS-PRIMARY> 0 0
<EPS-DILUTED> 0 0
</TABLE>
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