SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
--------------
FORM 10-Q
(Mark One)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 1998
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 ____333-61217______
Atlas Futures Fund, Limited Partnership
---------------------------------------
(Exact Name of Registrant as Specified in Its Charter)
Delaware 51-0380494
- ------- ----------
(State or Other Jurisdiction of (I.R.S. Employer
Incorporation or Organization) Identification No.)
5916 N. 300 West, Fremont, IN 46737
- ---------------------------------------- -----
(Address of Principal Executive Offices) (Zip Code)
Registrant's Telephone Number, Including Area Code (219) 833-1505
- ------------------------------------------------------------------------
Former Name, Address and Fiscal Year, if Changed, Since Last Report
No such changes occurred
Indicate by check [X] 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 [ ]
<PAGE>
Part 1 - FINANCIAL INFORMATION
Item 1. Financial Statements.
The unaudited financial statements for the Registrant for the third quarter
ended September 30, 1998 are attached hereto and made a part hereof.
Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations.
The Registrant has filed for public registration on Form S-1 of 7,000 Units
of Limited Partnership Interests (the "Units"). The Partnership intends to
assign the proceeds from the sale of Units to professional managers
("Commodity Trading Advisors" as that term is defined by the Commodity
Exchange Act) to engage in the business of trading commodities. No sales
of Units have been made. All expenses have been paid from (i) the proceeds
of subscription to Units by the General Partner and its principal and the
sole limited partner, and (ii) the advance of expenses by the General
Partner. The General Partner will be reimbursed for the expenses advanced.
Sales of Units will commence at the price of $1,000 per Unit upon the
effective date of its Registration Statement. The price was determined by
the General Partner and has no relationship to the market value of the
Units. All proceeds from the sale of Units will be deposited into escrow
and no operations will commence until the face amount of $700,000 in Units
is sold. After break of escrow and the commencement of operations, Units
will continue to be sold at the month end market value after the addition
of profits and deduction of losses and expenses, until a total of
$7,000,000 in Units are sold or the offering terminates. For complete
details, see the Registration Statement on file with the Securities and
Exchange Commission.
Part II - OTHER INFORMATION
Item 1. Legal Proceedings
None
Item 2. Changes in Securities
None
Item 3. Defaults Upon Senior Securities
None
Item 4. Submission of Matters to a Vote of Security Holders
None
Item 5. Other Information
The Partnership tax return is in progress and is expected to be filed within
the time permitted by the current extension.
1
<PAGE>
Item 6. Exhibits and Reports on Form 8-K
(a) None
(b) No reports on Form 8-K
SIGNATURES
Pursuant to the requirements of Section 13 or 15 (d) of the Securities
Exchange Act of 1934, the Registrant has duly caused this Form 10-Q for the
period ended September 30, 1998, to be signed on its behalf by the undersigned,
thereunto duly authorized.
Registrant: Atlas Futures Fund, Limited Partnership
By Ashley Capital Management, Incorporated
Its General Partner
By: /s/ Shira Del Pacult
Ms. Shira Del Pacult
Sole Director, Sole Shareholder,
President and Treasurer
Date: November 11, 1998
2
<PAGE>
Atlas Futures Fund, Ltd. Partnership
(A Delaware Limited Partnership)
Balance Sheet
as of September 30, 1998
ASSETS
9/30/98
CURRENT ASSETS:
CASH $ 1,359.34
ORGANIZATIONAL COSTS $ 52,000.00
TOTAL ASSETS $ 53,359.34
LIABILITIES AND CAPITAL
CURRENT LIABILITIES:
DUE TO ASHLEY CAPITAL
MANAGEMENT, INC. $ 52,000.00
TOTAL CURRENT LIABILITIES $ 52,000.00
CAPITAL
GENERAL PARTNER CAPITAL $ 1,000.00
LIMITED PARTNER CAPITAL $ 1,000.00
NET INCOME (LOSS) ($ 640.66)
TOTAL CAPITAL $ 1,359.34
TOTAL LIABILITIES AND CAPITAL $ 53,359.34
F-1
<PAGE>
Atlas Futures Fund, Ltd. Partnership
(A Delaware Limited Partnership)
Income Statement
as of September 30, 1998
9/30/98
INCOME NONE
EXPENSES
SHIPPING $ 249.75
BANK FEES $ 102.91
LEGAL $ 288.00
TOTAL EXPENSES $ 640.66
NET INCOME (LOSS) ($ 640.66)
F-2
<PAGE>
ASHLEY CAPITAL MANAGEMENT, INC.
Balance Sheet
AS OF SEPTEMBER 30, 1998
September 1998 Total
YTD Actual YTD Actual
ASSETS
Current Assets
CASH-STAR FINANCIAL BANK 3,931.50
DUE FROM ATLAS FUTURES FUND 52,000.00
G.P. INTEREST IN ATLAS FUTURES 1,000.00
-----------
Total Current Assets $ 56,931.50
Fixed Assets
-----------
Total Fixed Assets $ 0.00
Other Assets
-----------
Total Other Assets $ 0.00
-----------
Total Assets $ 56,931.50
===========
LIABILITIES AND CAPITAL
Current Liabilities
ACCTS PAYABLE (ORGANIZ. COSTS) $ 52,000.00
-----------
Total Current Liabilities $ 52,000.00
Total Liabilities $ 52,000.00
Capital
COMMON STOCK $ 1,000.00
SHAREHOLDERS SUBORDINATED LOAN 4,000.00
Net Income (Loss) (68.50)
-----------
Total Capital $ 4,931.50
-----------
Total Liabilities and Capital $ 56,931.50
===========
F-3
<PAGE>
ASHLEY CAPITAL MANAGEMENT, INC.
Income Statement
AS OF SEPTEMBER 30, 1998
September 1998 September 1998
PTD Actual YTD Actual
Sales
------------ ------------
Total Sales $ .00 $ .00
Operating Expenses
BANK CHARGES 18.41 68.50
- ------------ ------------
Total Operating Expenses $ 18.41 $ 68.50
------------ ------------
Net Income (Loss) $ (18.41) $ (68.50)
F-4
<PAGE>
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> SEP-30-1998
<CASH> 1,359
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 53,359
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 53,359
<CURRENT-LIABILITIES> 52,000
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 53,359
<SALES> 0
<TOTAL-REVENUES> 0
<CGS> 0
<TOTAL-COSTS> 641
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 0
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (641)
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
