<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 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 March 31, 2000
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: 0-19805
PRUDENTIAL-BACHE OPTIMAX FUTURES FUND, L.P.
- --------------------------------------------------------------------------------
(Exact name of Registrant as specified in its charter)
Delaware 13-3577395
- --------------------------------------------------------------------------------
(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
One New York Plaza, 13th Floor, New York, New York 10292
- --------------------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (212) 778-7866
N/A
- --------------------------------------------------------------------------------
Former name, former address and former fiscal year, if changed since last report
Indicate by check CK 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 _CK_ No __
<PAGE>
Part I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
PRUDENTIAL-BACHE OPTIMAX FUTURES FUND, L.P.
(a limited partnership)
STATEMENTS OF FINANCIAL CONDITION
(Unaudited)
<TABLE>
<CAPTION>
March 31, December 31,
2000 1999
<S> <C> <C>
- ----------------------------------------------------------------------------------------------------
ASSETS
Cash $ 2,932,587 $ 2,984,501
U.S. Treasury bills, at amortized cost 8,853,545 10,363,288
Net unrealized gain (loss) on open futures contracts (110,494) 910,586
----------- ------------
Total assets $11,675,638 $14,258,375
----------- ------------
----------- ------------
LIABILITIES AND PARTNERS' CAPITAL
Liabilities
Redemptions payable $ 490,937 $ 435,781
Net unrealized loss on open forward contracts 136,316 212,717
Accrued expenses 72,797 94,341
Management fees payable 19,109 23,250
Other transaction fees payable 968 778
----------- ------------
Total liabilities 720,127 766,867
----------- ------------
Commitments
Partners' capital
Limited partners (69,969.336 and 73,104.467 units outstanding) 10,845,919 13,356,495
General partner (707 and 739 units outstanding) 109,592 135,013
----------- ------------
Total partners' capital 10,955,511 13,491,508
----------- ------------
Total liabilities and partners' capital $11,675,638 $14,258,375
----------- ------------
----------- ------------
Net asset value per limited and general partnership unit ('Units') $ 155.01 $ 182.70
----------- ------------
----------- ------------
- ----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these statements.
</TABLE>
2
<PAGE>
PRUDENTIAL-BACHE OPTIMAX FUTURES FUND, L.P.
(a limited partnership)
STATEMENTS OF OPERATIONS
(Unaudited)
<TABLE>
<CAPTION>
Three months ended
March 31,
-------------------------
<S> <C> <C>
2000 1999
- ----------------------------------------------------------------------------------------------------
REVENUES
Net realized gain (loss) on commodity transactions $ (864,379) $ 693,956
Change in net unrealized gain/loss on open commodity positions (944,679) (209,147)
Interest from U.S. Treasury bills 127,729 132,561
----------- ---------
(1,681,329) 617,370
----------- ---------
EXPENSES
Commissions 259,213 327,000
Other transaction fees 6,765 9,620
Management fees 61,497 82,155
Incentive fees -- 16,265
General and administrative 36,256 37,525
----------- ---------
363,731 472,565
----------- ---------
Net income (loss) $(2,045,060) $ 144,805
----------- ---------
----------- ---------
ALLOCATION OF NET INCOME (LOSS)
Limited partners $(2,024,599) $ 143,356
----------- ---------
----------- ---------
General partner $ (20,461) $ 1,449
----------- ---------
----------- ---------
NET INCOME (LOSS) PER WEIGHTED AVERAGE LIMITED
AND GENERAL PARTNERSHIP UNIT
Net income (loss) per weighted average limited
and general partnership unit $ (27.69) $ 1.75
----------- ---------
----------- ---------
Weighted average number of limited and
general partnership units outstanding 73,843 82,745
----------- ---------
----------- ---------
- ----------------------------------------------------------------------------------------------------
</TABLE>
STATEMENT OF CHANGES IN PARTNERS' CAPITAL
(Unaudited)
<TABLE>
<CAPTION>
LIMITED GENERAL
UNITS PARTNERS PARTNER TOTAL
<S> <C> <C> <C> <C>
- ----------------------------------------------------------------------------------------------------
Partners' capital--December 31, 1999 73,843.467 $13,356,495 $135,013 $13,491,508
Net loss -- (2,024,599) (20,461) (2,045,060)
Redemptions (3,167.131) (485,977) (4,960) (490,937)
---------- ----------- -------- -----------
Partners' capital--March 31, 2000 70,676.336 $10,845,919 $109,592 $10,955,511
---------- ----------- -------- -----------
---------- ----------- -------- -----------
- ----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these statements.
</TABLE>
3
<PAGE>
PRUDENTIAL-BACHE OPTIMAX FUTURES FUND, L.P.
(a limited partnership)
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 2000
(Unaudited)
A. General
These financial statements have been prepared without audit. In the opinion
of Seaport Futures Management, Inc. (the 'General Partner'), the financial
statements contain all adjustments (consisting of only normal recurring
adjustments) necessary to present fairly the financial position of
Prudential-Bache OptiMax Futures Fund, L.P. (the 'Partnership') as of March 31,
2000 and the results of its operations for the three months ended March 31, 2000
and 1999. However, the operating results for the interim periods may not be
indicative of the results expected for the full year.
Certain information and footnote disclosures normally included in annual
financial statements prepared in accordance with generally accepted accounting
principles have been omitted. It is suggested that these financial statements be
read in conjunction with the financial statements and notes thereto included in
the Partnership's Annual Report on Form 10-K filed with the Securities and
Exchange Commission for the year ended December 31, 1999 (the 'Annual Report').
In accordance with the Agreement of Limited Partnership, if the Partnership's
net asset value declines below $10 million as of the end of any business day,
the Partnership will dissolve.
B. Related Parties
The General Partner and its affiliates perform services for the Partnership
which include, but are not limited to: brokerage services; accounting and
financial management; registrar, transfer and assignment functions; investor
communications; printing services and other administrative services.
The costs incurred for these services for the three months ended March 31,
2000 and 1999 were:
<TABLE>
<CAPTION>
2000 1999
<S> <C> <C>
- ---------------------------------------------------------
Commissions $ 259,213 $327,000
General and administrative 15,486 17,503
------------- --------
$ 274,699 $344,503
------------- --------
------------- --------
</TABLE>
Expenses payable to the General Partner and its affiliates (which are
included in accrued expenses) were $30,121 and $40,493 as of March 31, 2000 and
December 31, 1999, respectively.
The Partnership's assets are maintained either in trading or cash accounts
with Prudential Securities Incorporated ('PSI'), the Partnership's commodity
broker, or for margin purposes, with the various exchanges on which the
Partnership is permitted to trade.
The Partnership, acting through its trading managers, executes
over-the-counter, spot, forward and/or option foreign exchange transactions with
PSI. PSI then engages in back-to-back trading with an affiliate,
Prudential-Bache Global Markets Inc. ('PBGM'). PBGM attempts to earn a profit on
such transactions. PBGM keeps its prices on foreign currency competitive with
other interbank currency trading desks. All over-the-counter currency
transactions are conducted between PSI and the Partnership pursuant to a line of
credit. PSI may require that collateral be posted against the marked-to-market
positions of the Partnership.
C. Derivative Instruments and Associated Risks
The Partnership is exposed to various types of risk associated with the
derivative instruments and related markets in which it invests. These risks
include, but are not limited to, risk of loss from fluctuations in the value of
derivative instruments held (market risk) and the inability of counterparties to
perform under the terms of the Partnership's investment activities (credit
risk).
Market Risk
Trading in futures and forward (including foreign exchange transactions)
contracts involves entering into contractual commitments to purchase or sell a
particular commodity at a specified date and price. The
4
<PAGE>
gross or face amount of the contracts, which is typically many times that of the
Partnership's net assets being traded, significantly exceeds the Partnership's
future cash requirements since the Partnership intends to close out its open
positions prior to settlement. As a result, the Partnership is generally subject
only to the risk of loss arising from the change in the value of the contracts.
As such, the Partnership considers the 'fair value' of its derivative
instruments to be the net unrealized gain or loss on the contracts. The market
risk associated with the Partnership's commitments to purchase commodities is
limited to the gross or face amount of the contracts held. However, when the
Partnership enters into a contractual commitment to sell commodities, it must
make delivery of the underlying commodity at the contract price and then
repurchase the contract at prevailing market prices. Since the repurchase price
to which a commodity can rise is unlimited, entering into commitments to sell
commodities exposes the Partnership to unlimited risk.
Market risk is influenced by a wide variety of factors including government
programs and policies, political and economic events, the level and volatility
of interest rates, foreign currency exchange rates, the diversification effects
among the derivative instruments the Partnership holds and the liquidity and
inherent volatility of the markets in which the Partnership trades.
Credit Risk
When entering into futures or forward contracts, the Partnership is exposed
to credit risk that the counterparty to the contract will not meet its
obligations. The counterparty for futures contracts traded in the United States
and on most foreign futures exchanges is the clearinghouse associated with such
exchanges. In general, clearinghouses are backed by the corporate members of the
clearinghouse who are required to share any financial burden resulting from the
non-performance by one of its members and, as such, should significantly reduce
this credit risk. In cases where the clearinghouse is not backed by the clearing
members (i.e., some foreign exchanges), it is normally backed by a consortium of
banks or other financial institutions. On the other hand, the sole counterparty
to the Partnership's forward transactions is PSI, the Partnership's commodity
broker. The Partnership has entered into a master netting agreement with PSI
and, as a result, presents unrealized gains and losses on open forward positions
as a net amount in the statements of financial condition. The amount at risk
associated with counterparty non-performance of all of the Partnership's
contracts is the net unrealized gain included in the statements of financial
condition. There can be no assurance that any counterparty, clearing member or
clearinghouse will meet its obligations to the Partnership.
The General Partner attempts to minimize both credit and market risks by
requiring the Partnership and its trading managers to abide by various trading
limitations and policies. The General Partner monitors compliance with these
trading limitations and policies which include, but are not limited to,
executing and clearing all trades with creditworthy counterparties (currently,
PSI is the sole counterparty or broker); limiting the amount of margin or
premium required for any one commodity or all commodities combined; and
generally limiting transactions to contracts which are traded in sufficient
volume to permit the taking and liquidating of positions. Additionally, pursuant
to the Advisory Agreements among the Partnership, the General Partner and each
trading manager, a trading manager will automatically be terminated if the net
asset value allocated to that trading manager declines by 33 1/3% since the
first day of any calendar year or since the initial allocation of assets to that
trading manager. Furthermore, the Agreement of Limited Partnership provides that
the Partnership will liquidate its positions, and eventually dissolve, if the
Partnership experiences a decline in the net asset value of 50% since the
commencement of trading activities. In each case, the decline in net asset value
is after giving effect for distributions and redemptions. The General Partner
may impose additional restrictions (through modifications of such trading
limitations and policies) upon the trading activities of the trading managers as
it, in good faith, deems to be in the best interests of the Partnership.
PSI, when acting as the Partnership's futures commission merchant in
accepting orders for the purchase or sale of domestic futures contracts, is
required by Commodity Futures Trading Commission ('CFTC') regulations to
separately account for and segregate as belonging to the Partnership all assets
of the Partnership relating to domestic futures trading and is not to commingle
such assets with other assets of PSI. At March 31, 2000, such segregated assets
totalled $7,011,616. Part 30.7 of the CFTC regulations also requires PSI to
secure assets of the Partnership related to foreign futures trading which
totalled $4,664,022 at March 31, 2000. There are no segregation requirements for
assets related to forward trading.
As of March 31, 2000, the Partnership's open futures and forward contracts
mature within one year.
5
<PAGE>
At March 31, 2000 and December 31, 1999, the fair value of open futures and
forward contracts were:
<TABLE>
<CAPTION>
2000 1999
------------------------ --------------------------
Assets Liabilities Assets Liabilities
-------- ----------- ---------- -----------
<S> <C> <C> <C> <C>
Futures Contracts:
Domestic exchanges
Interest rates $ 84,259 $ -- $ 207,534 $ --
Stock indices -- 323 87,680 --
Currencies 29,305 206,398 23,261 3,150
Commodities 58,669 2,554 12,827 24,975
Foreign exchanges
Interest rates 38,037 38,491 31,830 10,611
Stock indices 3,368 15,698 419,307 --
Commodities 71,107 131,775 185,986 19,103
Forward Contracts:
Currencies 28,616 164,932 69,218 281,935
-------- ----------- ---------- -----------
$313,361 $ 560,171 $1,037,643 $ 339,774
-------- ----------- ---------- -----------
-------- ----------- ---------- -----------
</TABLE>
6
<PAGE>
PRUDENTIAL-BACHE OPTIMAX FUTURES FUND, L.P.
(a limited partnership)
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
Liquidity and Capital Resources
The Partnership commenced operations on February 15, 1991 with gross proceeds
of $70,309,500. After accounting for organizational and offering expenses, the
Partnership's net proceeds were $68,609,503.
As of March 31, 2000, a significant portion of the Partnership's net assets
was held in U.S. Treasury bills (which represented approximately 77% of the net
asset value prior to redemptions payable) and cash, which are used as margin for
the Partnership's trading in commodities. Inasmuch as the sole business of the
Partnership is to trade in commodities, the Partnership continues to own such
liquid assets to be used as margin. The percentage that U.S. Treasury bills
bears to the net asset value varies each day, and from month to month, as the
market value of commodity interests change. The balance of the total net assets
is held in cash. All interest earned on the Partnership's interest-bearing funds
is paid to the Partnership.
The commodities contracts are subject to periods of illiquidity because of
market conditions, regulatory considerations and other reasons. For example,
commodity exchanges limit fluctuations in commodity futures contract prices
during a single day by regulations referred to as 'daily limits.' During a
single day, no trades may be executed at prices beyond the daily limit. Once the
price of a futures contract for a particular commodity has increased or
decreased by an amount equal to the daily limit, positions in the commodity can
neither be taken nor liquidated unless traders are willing to effect trades at
or within the limit. Commodity futures prices have occasionally moved the daily
limit for several consecutive days with little or no trading. Such market
conditions could prevent the Partnership from promptly liquidating its commodity
futures positions.
Since the Partnership's business is to trade futures, forward and options
contracts, its capital is at risk due to changes in the value of these contracts
(market risk) or the inability of counterparties to perform under the terms of
the contracts (credit risk). The Partnership's exposure to market risk is
influenced by a number of factors including the volatility of interest rates and
foreign currency exchange rates, the liquidity of the markets in which the
contracts are traded and the relationships among the contracts held. The
inherent uncertainty of the Partnership's speculative trading as well as the
development of drastic market occurrences could result in monthly losses
considerably beyond the Partnership's experience to date and could ultimately
lead to a loss of all or substantially all of investors' capital. The General
Partner attempts to minimize these risks by requiring the Partnership and its
trading managers to abide by various trading limitations and policies which
include limiting margin amounts, trading only in liquid markets and utilizing
stop loss provisions. See Note C to the financial statements for a further
discussion on the credit and market risks associated with the Partnership's
futures and forward contracts.
The Partnership does not have, nor does it expect to have, any capital
assets.
Redemptions by limited partners and the General Partner recorded for the
three months ended March 31, 2000 were $485,977 and $4,960, respectively.
Redemptions by limited partners and the General Partner from commencement of
operations, February 15, 1991, through March 31, 2000 totalled $76,025,395 and
$821,482, respectively. Future redemptions will impact the amount of funds
available for investment in commodity contracts in subsequent periods.
In accordance with the Agreement of Limited Partnership, if the Partnership's
net asset value declines below $10 million as of the end of any business day,
the Partnership will dissolve.
Results of Operations
The net asset value per Unit as of March 31, 2000 was $155.01, a decrease of
15.16% from the December 31, 1999 value of $182.70.
The Partnership's gross trading gains/(losses) were ($1,809,058) during the
three months ended March 31, 2000 compared to $484,809 for the corresponding
period in the prior year. Due to the nature of the Partnership's trading
activities, a period to period comparison of its trading results is not
meaningful. However, a detailed discussion of the Partnership's current quarter
trading results is presented below.
7
<PAGE>
Quarterly Market Overview
While the Y2K scare passed without incident, the new year brought renewed
volatility to the world's financial markets. As stock indexes reached new highs,
stock valuations appeared driven more by investor interest than each company's
fundamental earnings. March marked a reversal of the differences between 'old'
economy and 'new' economy stocks as the technology laden indexes slumped and
many traditional indexes recovered lost ground.
The U.S. Federal Reserve, European Central Bank, Bank of England, Reserve
Bank of Australia, and Bank of Canada increased interest rates in early
February. The rate increases shared motivation of strong economic growth and
concerns about inflation. Despite rate hikes and news of robust worldwide
economic growth, global bond markets continued to rally partially due to
investors seeking refuge from volatile equity markets.
In the currency markets, the U.S. dollar advanced sharply in early 2000. The
dollar's advance had been driven by strong growth and soaring asset prices,
resulting in record levels of foreign capital coming into the United States.
Since its inception a year ago, the euro has declined more than 17% against the
U.S. dollar, 21% against the Japanese yen and 11% against the British pound. The
euro touched an all time low at .9500 against the U.S. dollar in March. The
currency's weakness has raised political problems for the European Central Bank
and contributed to the recent decision to hike interest rates without any clear
inflation threat. The Swiss franc had spent most of the last few months drifting
lower against the U.S. dollar, tracking the euro's trend. The Japanese yen
rallied sharply, gaining on the U.S. dollar and most other currencies in the
final months of Japan's fiscal year (which ended March 31st). This is attributed
to positive sentiment regarding Japan's economic recovery. Additionally,
uncertainty regarding the direction of U.S. equities prompted many market
participants to convert assets into yen.
Energy prices continued their climb throughout January and February and into
the first week of March. Crude oil futures prices rose above $33 a barrel, the
highest level for a front-month (the most liquid) contract since the Gulf War in
1991. The energy sector reached a high early in March just prior to OPEC's
agreement to increase production sufficiently to stabilize prices. Political
pressure by the United States, along with a desire among OPEC members to
maintain a crude oil price in the range of $22-$28 per barrel, prompted the
cartel to announce a production increase. The May contract closed below $27 a
barrel at quarter end.
Quarterly Partnership Performance
The following is a summary of performance for the major sectors in which the
Partnership traded:
Currencies (-): The Japanese yen gained on the U.S. dollar and most other
currencies during the first quarter. Short yen positions and Japanese
yen/British pound cross-rate positions resulted in losses.
Energies (+): The energy markets contributed favorably to quarterly
performance. Crude oil's steady price rise reversed in March after OPEC agreed
to increase production. Short crude oil positions produced gains.
Stock Indices (-): Extreme volatility in the world's financial markets led to
a lack of trending opportunities resulting in losses in S&P 500 and Nikkei
(Japan) stock index positions.
Metals (-): Losses in the metal sector resulted from short zinc positions as
that market rallied in early March. A downturn in gold prices during the second
half of the quarter led to losses for long positions. Increased demand resulted
in losses for short copper positions.
Interest income is earned on the Partnership's investment in U.S. Treasury
bills and therefore varies monthly based on interest rates as well as the effect
of trading performance and redemptions on the level of funds available for
investment in U.S. Treasury bills. Interest income from U.S. Treasury bills
decreased by approximately $5,000 for the three months ended March 31, 2000 as
compared to the same period in 1999. This decrease is due primarily to the
effect of fewer funds available for investments in U.S. Treasury bills resulting
from weak trading performance during 1999 and the first quarter of 2000 and
redemptions offset, in part, by higher interest rates during 2000.
Commissions are calculated on the net asset value on the first day of each
month and, therefore, vary due to trading performance and redemptions.
Commissions decreased by approximately $68,000 for the three months ended March
31, 2000 as compared to the same period in 1999 due to the effect of weak
trading performance during 1999 and the first quarter of 2000 and redemptions on
the monthly net asset values.
8
<PAGE>
Other transaction fees consist of National Futures Association, exchange and
clearing fees which are based on the number of trades the trading managers
execute, as well as the exchange, clearing firm or bank on, or through, which
the contract is traded. Other transaction fees decreased by approximately $3,000
for the three months ended March 31, 2000 as compared to the same period in 1999
due to decreased trading volume.
All trading decisions for the Partnership are currently being made by Eagle
Trading Systems, Inc., Robert M. Tamiso ('Tamiso') and Hyman Beck & Company,
Inc. Management fees are calculated on the portion of the net asset value
allocated to each trading manager at the end of each month, and, therefore, are
affected by trading performance and redemptions. Management fees decreased by
$21,000 for the three months ended March 31, 2000 as compared to the same period
in 1999 for the same reasons commissions decreased as discussed above.
Incentive fees are based on the New High Net Trading Profits generated by
each trading manager, as defined in the Advisory Agreements among the
Partnership, the General Partner and each trading manager. Accordingly,
incentive fees of approximately $16,000 were earned during the three months
ended March 31, 1999 by Tamiso. No incentive fees were earned during the three
months ended March 31, 2000.
General and administrative expenses were comparable for the three months
ended March 31, 2000 as compared to the same period in 1999. These expenses
include reimbursements of costs incurred by the General Partner on behalf of the
Partnership, in addition to accounting, audit, tax and legal fees as well as
printing and postage costs related to reports sent to limited partners.
Year 2000 Risk
A discussion of Year 2000 risk and its effect on the operations of the
Partnership is included in the Partnership's Annual Report.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Information regarding quantitative and qualitative disclosures about market
risk is not required pursuant to Item 305(e) of Regulation S-K.
9
<PAGE>
PART II. OTHER INFORMATION
Item 1. Legal Proceedings--There are no material legal proceedings pending by or
against the Registrant or the General Partner.
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--None
Item 6. Exhibits and Reports on Form 8-K:
(a) Exhibits
<TABLE>
<S> <C>
3.1 Agreement of Limited Partnership of the Partnership, dated as of July 12, 1990
and as amended as of October 3, 1990 (incorporated by reference to Exhibit A to the
4.1 Registrant's Registration Statement on Form S-1, File No. 33-36216)
4.2 Subscription Agreement (incorporated by reference to Exhibit E to the
Registrant's Registration Statement on Form S-1, File No. 33-36216)
4.3 Request for Redemption (incorporated by reference to Exhibit B to the
Registrant's Registration Statement on Form S-1, File No. 33-36216)
4.4 Request for Exchange (incorporated by reference to Exhibit B to the
Registrant's Registration Statement on Form S-1, File No. 33-36216)
27.1 Financial Data Schedule (filed herewith)
</TABLE>
(b) Reports on Form 8-K--None
10
<PAGE>
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.
PRUDENTIAL-BACHE OPTIMAX FUTURES FUND, L.P.
By: Seaport Futures Management, Inc.
A Delaware corporation, General Partner
By: /s/ Steven Carlino Date: May 12, 2000
----------------------------------------
Steven Carlino
Vice President and Treasurer
11
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<LEGEND>
The Schedule contains summary financial
information extracted from the financial
statements for Prudential-Bache OptiMax Futures
Fund, LP and is qualified in its entirety by
reference to such financial statements
</LEGEND>
<RESTATED>
<CIK> 0000866533
<NAME> Prudential-Bache OptiMax Futures Fund, LP
<MULTIPLIER> 1
<FISCAL-YEAR-END> Dec-31-2000
<PERIOD-START> Jan-1-2000
<PERIOD-END> Mar-31-2000
<PERIOD-TYPE> 3-Mos
<CASH> 2,932,587
<SECURITIES> 8,743,051
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 11,675,638
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 11,675,638
<CURRENT-LIABILITIES> 720,127
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 10,955,511
<TOTAL-LIABILITY-AND-EQUITY> 11,675,638
<SALES> 0
<TOTAL-REVENUES> (1,681,329)
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 363,731
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 0
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (2,045,060)
<EPS-BASIC> (27.69)
<EPS-DILUTED> 0
</TABLE>
