SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT UNDER SECTION 13 OR 15 (d)
of the SECURITIES EXCHANGE ACT OF 1934
For the Quarter ended Commission File No. 033-24015
March 31, 1996
LIND-WALDOCK COMMODITY PARTNERS, LIMITED PARTNERSHIP
(Exact name of registrant as specified in its charter)
Illinois 36-3591173
(State of other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification #)
1030 West Van Buren, Chicago, IL 60607
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (312)413-6000
Not Applicable
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) had been subject to such filing requirements
for the past 90 days.
Yes __X__ No ______
Page 1 of 10
Part I. Financial Information
Item 1. Financial Statements
Following are Financial Statements for the fiscal quarter ended
March 31, 1996, and the additional time frames as noted:
Unaudited Audited
Fiscal Quarter Year Ended
Ended 03/31/96 12/31/95
Statement of
Financial Condition X X
Statement of
Operations X X
Statement of
Partners' Capital X X
Notes to Financial
Statements X X
Page 2 of 10
LIND-WALDOCK COMMODITY PARTNER, LIMITED PARTNERSHIP
STATEMENT OF FINANCIAL CONDITION
FOR THE QUARTER ENDED MARCH 31, 1996 & YEAR ENDED DECEMBER 31, 1995
ASSETS UNAUDITED AUDITED
3/31/96 12/31/95
--------- --------
Cash $1,814 $1,814
Equity in commodity
future trading account:
Cash balance 808,803 863,618
Unrealized gain/ (loss)
on open futures contracts 48,851 62,773
Interest Receivable 2,547 2,872
----------- ----------
Total Assets $862,014 $931,077
=========== ==========
LIABILITIES AND PARTNER' CAPITAL
Liabilities:
Accrued commissions on open
futures contracts $1,860 $1,735
Accrued management fee 8,286 8,966
Accrued operating expenses 29,695 30,833
Withdrawal Payable 0 11,777
------- -------
Total liabilities $39,841 $53,311
Partner' Capital:
Limited partners' 767,981 818,882
General Partner 54,192 58,884
-------- --------
Total Partner'
Capital 822,173 877,766
-------- --------
Total Liabilities
and Partners' Capital $862,014 $931,077
========= =========
The accompanying notes are an integral part of this financial
statement.
Page 3 of 10
LIND-WALDOCK COMMODITY PARTNERS, LIMITED PARTNERSHIP
STATEMENTS OF OPERATIONS
FOR THE QUARTER ENDED MARCH 31,1996 & YEAR ENDED DECEMBER 31,1995
UNAUDITED AUDITED
1/1/96 1/1/95
Through Through
3/31/96 12/31/95
-------- --------
REVENUES
Gain (loss) on trading of commodity
futures contracts:
Realized gain on
closed positions ($7,041) $366,265
Change in net unrealized gain
(loss) on open positions (13,922) (77,664)
Interest income from clearing broker 7,683 34,219
---------- ---------
Net revenue (loss) from trading (13,280) 322,820
---------- ---------
EXPENSES
Commissions and exchange fees 6,370 16,261
General partner management fee 0 0
Other advisor management fees 8,286 33,309
Operating expenses 4,000 18,000
--------- --------
Total expenses 18,656 67,570
---------- ---------
Net income (loss) ($31,936) $255,250
========== ========
NET INCOME (LOSS) PER UNIT ($4.90) $36.07
========== ========
The accompanying notes are an integral part of this financial
statement.
Page 4 of 10
LIND-WALDOCK COMMODITY PARTNER, LIMITED PARTNERSHIP
STATEMENT OF CHANGES IN PARTNERS' CAPITAL
FOR THE QUARTER ENDED
MARCH 31, 1996
UNAUDITED
Limited General
Partners' Partner Total
----------- -------- ---------
Partners' Capital at
DECEMBER 31, 1995 $818,882 $58,884 $877,766
Net Profit (loss) (27,244) (4,692) ($31,936)
Withdrawals (23,657) (23,657)
----------- --------- ---------
Partners' Capital at
MARCH 31, 1996 767,981 54,192 822,173
=========== ========= =========
Units outstanding at
DECEMBER 31, 1995 6,257.99 450.00 6,707.99
Net Withdrawals (189.00) 0.00 (189.00)
---------- -------- ----------
Units outstanding at
MARCH 31, 1996 6,068.99 450.00 6,518.99
========= ====== ========
Net Asset Value per
Partnership Unit at
MARCH 31, 1996 $126.12
=======
The accomanying notes are an integral part of this financial
statement.
Page 5 of 10
LIND-WALDOCK COMMODITY PARTNERS, LIMITED PARTNERSHIP
NOTES TO FINANCIAL STATEMENTS
March 31, 1996
UNAUDITED
In the opinion of management, all adjustments, which include
only normal recurring adjustments, necessary to present fairly the
financial condition, results of operations and cash flows as of
March 31, 1996, and for all periods presented have been made.
NOTE 1 - ORGANIZATION AND NATURE OF BUSINESS
Lind-Waldock Commodity Partners, Limited Partnership (the
"Fund"), is a limited partnership organized in 1988 under
the Illinois Revised Uniform Limited Partnership Act.
The Fund was formed to engage in the speculative trading
of commodity interests including futures contracts,
forward contracts, physical commodities, and related
options on exchanges and markets located in the United
States and abroad, pursuant to the trading instructions
of independent trading advisors. The Fund commenced
trading on March 21, 1989.
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
A summary of the significant accounting policies which
have been followed by the Fund in preparing the
accompanying financial statements is set forth below.
Income Recognition
Commodity futures contracts are recorded on the trade
date. Net trading gains and losses on commodity futures
contracts represent the difference between the market
value of contracts held at the beginning of the year or
the original contract amount if such contacts were
acquired during the year and market value of contracts
held at the end of the year or selling price if such
contacts were sold during the year. Market value of
commodity futures contracts is based upon exchange
settlement prices.
Commissions and Fees
Brokerage commissions and fees are recognized on a round
turn basis on trade date.
Page 6 of 10
Income Taxes
No provision has been made for Federal income taxes as
the Fund's income or loss is taxable to the individual
partners.
NOTE 3 - THE LIMITED PARTNERSHIP AGREEMENT AND RELATED
PARTY TRANSACTIONS
The General Partner is responsible for the management of
the partnership. Under terms of the Limited Partnership
Agreement, the General Partner is required to contribute
and maintain an investment in the Fund at least equal to
the greater of (i) 3% of the aggregate capital
contributions to the Fund or $100,000, whichever is less,
or (ii) 1% of the aggregate capital contributions to the
Fund. Units purchased by the General Partner, its
affiliates, and the principals thereof, in the aggregate,
are available to satisfy the above minimum investment
requirement.
The Fund's clearing broker is owned by the same
individuals who own the General Partner. The Fund pays
the clearing broker brokerage commissions not exceeding
$25 per round turn trade plus certain transaction fees.
The Fund pays the General Partner a quarterly management
fee of 1/4 of 1% (1% per annum) of the Fund's net asset
value, as defined. The fund also pays the fund's trading
advisors a quarterly management fee of 1 percent (4
percent annually) of net assets, as defined, and a
quarterly incentive fee of 15 percent of new trading
profits, as defined.
The Fund has waived the General Partner management fee
until further notice.
Page 7 of 10
The Fund earns interest on 70% of the Fund's average net
asset value held by the clearing broker at a rate equal
to the average 90-day Treasury bill rate for Treasury
bills issued during that month.
Operating expenses include but are not limited to
periodic legal, accounting, auditing, printing, state
income tax and other expenses.
NOTE 4 - FUTURES CONTRACTS WITH OFF-BALANCE-SHEET RISK
The Fund's trading activities involve futures contracts
having, in the normal course of business, elements of
market risk in excess of the amounts recognized in the
statement of financial condition. Such transactions may
expose the Fund to significant off-balance-sheet risk in
the event that adverse market variations on open
commodity futures contract positions result in
significant losses. Although contract amounts may be
indicative of the level of transactions, they do not
represent exposure to loss. Futures contracts typically
are settled in the market prior to delivery by entering
into offsetting positions rather than through delivery of
the underlying commodity or cash. Thus, market values,
rather than contract amounts, represent the approximate
future cash receipts and requirements.
The exchange upon which futures contracts are traded acts
as the counterparty and, accordingly, bears the risk of
performance. A substantial portion of the Fund's open
futures contracts were transacted with the Chicago Board
of Trade and the Chicago Mercantile Exchange.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITIONS AND RESULTS OF OPERATION
FISCAL QUARTER ENDED MARCH 31, 1996
The Fund showed a gain of $36.07 per unit for the year ended
December 31, 1995, and a loss of $4.90 per unit for the quarter
ended March 31, 1996.
Page 8 of 10<PAGE>
The Partnership's capital consists of the capital
contributions of the partners' as increased or decreased by gains
or losses on commodity interest trading, expenses, interest income,
subscriptions for and redemptions of Units and distributions of
profits, if any. Commodity trading is highly leveraged and
speculative. Therefore, gains and losses on such trading are not
predictable with any level of reliability. Much of the market
movement in commodities is based upon fundamental and technical
factors which the trading advisors used by the Partnership may not
be able to identify and which factors are not subject to the
control of the Partnership. Partnership expenses consist of, among
other things, brokerage commissions and incentive and management
fees. The level of these expenses is directly related to the
volume of trading by the trading advisors, controllable by the
Partnership under only very limited circumstances, and by the
ability of the trading advisors to identify and take advantage of
price movements in the commodity markets. Certain fees are also
related to the level of net assets maintained by the Partnership
and available for trading. In addition, the Partnership's interest
rates over which the Partnership has no control. No forecast can
be made as to the level of redemptions in any given period.
PART II. OTHER INFORMATION
Item 1. Legal Proceedings
None
Item 2. Changes in Securities
None
Item 3. Defaults in Senior Securities
None
Item 4. Submission of Matters to a Vote of Security Holders
None
Item 5. Other Information
None
Item 6. Exhibits and Reports on Form 8-K
a) Exhibits
None
b) Reports on Form 8-K
None
Page 9 of 10
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 and thereunto duly authorized.
LIND-WALDOCK COMMODITY PARTNERS,
LIMITED PARTNERSHIP
By: Lind-Waldock Financial
Partners, Inc.
Date: May 15, 1996 Elliot M. Bercovitz,
Director and President
(Principal Executive
Officer of the
General Partner)
Page 10 of 10
/home/acct/sec/tja/10q
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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