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Previous: MORGAN STANLEY GROUP INC /DE/, 424B3, 1996-04-30 |
Next: LB SERIES FUND INC/, 485BPOS, 1996-04-30 |
<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 March 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 33-3514
THE FUTURES DIMENSION FUND
(Exact name of registrant as specified in its charter)
<TABLE>
<S> <C> <C> <C>
Illinois # 36-3428400 (State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
</TABLE>
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>
MARCH 31, 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 (10,981) 367,101
AMOUNT DUE FROM (TO) BROKER 5,097,041 5,370,843
-------------------- ---------------
5,086,060 5,737,944
-------------------- ---------------
TOTAL ASSETS $ 5,086,060 $ 5,737,944
==================== ===============
LIABILITIES & PARTNERS' CAPITAL:
ACCRUED BROKERAGE COMMISSIONS PAYABLE $ 41,297 $ 47,784
REDEMPTION PAYABLE 230,738 73,481
ACCRUED MANAGEMENT FEE 8,744 12,091
ACCRUED INCENTIVE FEE 0 2,169
OTHER ACCRUED EXPENSES 4,633 3,892
-------------------- ---------------
TOTAL LIABILITIES 285,412 139,417
-------------------- ---------------
PARTNERS' CAPITAL:
GENERAL PARTNER, 611 UNIT EQUIVALENTS
OUTSTANDING AT MARCH 31, 1996 AND
DECEMBER 31, 1995 RESPECTIVELY 94,303 99,770
LIMITED PARTNERS, 30,493 AND 33,674 UNITS
OUTSTANDING AT MARCH 31, 1996 AND
DECEMBER 31, 1995 RESPECTIVELY 4,706,345 5,498,757
-------------------- ---------------
TOTAL PARTNERS' CAPITAL 4,800,648 5,598,527
-------------------- ---------------
$ 5,086,060 $ 5,737,944
==================== ===============
NET ASSET VALUE PER OUTSTANDING UNIT OF
PARTNERSHIP INTEREST $ 154.34 $ 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 THREE MONTHS ENDED MARCH 31, 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 3,181 LIMITED
PARTNERSHIP UNITS (499,983) (499,983)
NET GAIN IN FUND EQUITY
FROM OPERATIONS (292,429) (5,467) (297,896)
---------------- ----------------- ----------------
FUND EQUITY AT MARCH 31, 1996 $ 4,706,345 $ 94,303 $ 4,800,648
(30,493 LIMITED PARTNERSHIP UNITS) ================ ================= ================
NET ASSET VALUE PER UNIT AT
MARCH 31, 1996: $ 154.34
================
</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 THREE MONTHS ENDED MARCH 31, 1996 AND 1995 (UNAUDITED)
<TABLE>
<CAPTION>
REVENUES: 1996 1995
-------------------- ---------------
<S> <C> <C>
NET REALIZED TRADING GAINS (LOSSES) ON CLOSED
FUTURES AND FORWARD CONTRACTS $ 192,040 $ 518,718
INCREASE (DECREASE) IN NET UNREALIZED APPRECIATION
ON OPEN FUTURES AND FORWARD CONTRACTS (391,959) (298,864)
INTEREST INCOME 68,941 85,175
-------------------- ---------------
(130,978) 305,029
-------------------- ---------------
EXPENSES:
BROKERAGE COMMISSIONS 133,554 161,912
MANAGEMENT FEE 27,064 30,593
INCENTIVE FEE 0 56,414
OTHER ADMINISTRATIVE EXPENSES 6,300 10,400
-------------------- ---------------
166,918 259,319
-------------------- ---------------
NET INCOME (LOSS) $ (297,896) $ 45,710
==================== ===============
NET INCOME (LOSS) ALLOCATED TO
GENERAL PARTNER $ (5,467) $ 721
==================== ===============
NET INCOME (LOSS) ALLOCATED TO
LIMITED PARTNER $ (292,429) $ 44,989
==================== ===============
INCREASE (DECREASE) IN NET ASSET VALUE FOR A
UNIT OUTSTANDING THROUGHOUT EACH PERIOD $ (8.95) $ 1.18
==================== ===============
</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 CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31, 1996 AND 1995 (UNAUDITED)
<TABLE>
<CAPTION>
1996 1995
------------------- --------------------
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
NET INCOME (LOSS) $ (297,896) $ 45,710
ADJUSTMENTS TO RECONCILE NET INCOME (LOSS)
TO NET CASH FLOWS FROM OPERATING
ACTIVITIES:
DECREASE (INCREASE) IN EQUITY IN
FUTURES AND FORWARD TRADING ACCOUNTS 651,884 147,628
(DECREASE) INCREASE IN ACCRUED EXPENSES 145,995 (20,078)
------------------- --------------------
NET CASH FLOWS FROM OPERATING ACTIVITIES 499,983 173,260
CASH FLOWS FROM FINANCING ACTIVITIES:
REDEMPTION OF LIMITED AND GENERAL PARTNERSHIP
UNITS AND UNIT EQUIVALENTS (499,983) (196,273)
------------------- --------------------
NET CHANGE IN CASH 0 (23,013)
CASH - BEGINNING OF YEAR 0 23,013
------------------- --------------------
CASH - END OF YEAR $ 0 $ 0
=================== ====================
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL
PART OF THE FINANCIAL STATEMENTS.
-5-
<PAGE> 6
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 March 31, 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.
-6-
<PAGE> 7
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 three months ended March 31, 1996.
<TABLE>
<CAPTION>
March 31, 1996 December 31, 1995
<S> <C> <C>
Ending Equity (Note A) $4,800,648 $5,598,527
</TABLE>
NOTE A:
Ending equity at March 31, 1996 is lower than ending equity at December
31, 1995 due to the redemption of limited partnership units and unprofitable
trading.
<TABLE>
<CAPTION>
Three months ended Three months ended
March 31, 1996 March 31, 1995
<S> <C> <C>
Net realized trading
gains (losses) on closed
futures and forward
contracts (Note B) $192,040 $518,718
</TABLE>
NOTE B:
Net realized trading gains (losses) on closed futures and forward
contracts for the three months ended March 31, 1996 is lower than net realized
trading gains (losses) on closed futures and forward contracts for the three
months ended March 31, 1995 due to less 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 FUTURES DIMENSION FUND
(Registrant)
By Heinold Asset Management, Inc.
(General Partner)
By
Robert Ledvora
Chief Financial Officer
-8-
<TABLE> <S> <C>
<ARTICLE> BD
<S> <C> <C>
<PERIOD-TYPE> 3-MOS 3-MOS
<FISCAL-YEAR-END> DEC-31-1995 DEC-31-1994
<PERIOD-START> DEC-31-1995 DEC-31-1994
<PERIOD-END> MAR-31-1996 MAR-31-1995
<CASH> 5,097,041 5,370,843
<RECEIVABLES> (10,981) 367,101
<SECURITIES-RESALE> 0 0
<SECURITIES-BORROWED> 0 0
<INSTRUMENTS-OWNED> 0 0
<PP&E> 0 0
<TOTAL-ASSETS> 5,086,060 5,737,944
<SHORT-TERM> 0 0
<PAYABLES> 285,412 139,417
<REPOS-SOLD> 0 0
<SECURITIES-LOANED> 0 0
<INSTRUMENTS-SOLD> 0 0
<LONG-TERM> 0 0
4,800,648 5,598,527
0 0
<COMMON> 0 0
<OTHER-SE> 0 0
<TOTAL-LIABILITY-AND-EQUITY> 5,086,060 5,737,944
<TRADING-REVENUE> (199,919) 219,854
<INTEREST-DIVIDENDS> 68,941 85,175
<COMMISSIONS> (133,554) (161,912)
<INVESTMENT-BANKING-REVENUES> 0 0
<FEE-REVENUE> 0 0
<INTEREST-EXPENSE> 0 0
<COMPENSATION> (33,364) (97,407)
<INCOME-PRETAX> (297,896) 45,710
<INCOME-PRE-EXTRAORDINARY> 0 0
<EXTRAORDINARY> 0 0
<CHANGES> 0 0
<NET-INCOME> (297,896) 45,710
<EPS-PRIMARY> 0 0
<EPS-DILUTED> 0 0
</TABLE>
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