<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, 1997
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: 0-26002
PRUDENTIAL SECURITIES AGGRESSIVE GROWTH FUND L.P.
- --------------------------------------------------------------------------------
(Exact name of Registrant as specified in its charter)
Delaware 13-3702808
- --------------------------------------------------------------------------------
(State or other jurisdiction
of incorporation or organization) (I.R.S. Employer Identification No.)
One New York Plaza, 14th 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 SECURITIES AGGRESSIVE GROWTH FUND L.P.
(a limited partnership)
STATEMENTS OF FINANCIAL CONDITION
(Unaudited)
<TABLE>
<CAPTION>
March 31, December 31,
1997 1996
<S> <C> <C>
- ----------------------------------------------------------------------------------------------------
ASSETS
Equity in commodity trading accounts:
Cash $ 1,969,076 $2,303,638
U.S. Treasury bills, at amortized cost 6,597,150 7,205,981
Net unrealized gain (loss) on open commodity positions (9,610) 239,559
----------- ------------
Net equity 8,556,616 9,749,178
Organizational costs, net 4,020 5,157
----------- ------------
Total assets $ 8,560,636 $9,754,335
----------- ------------
----------- ------------
LIABILITIES AND PARTNERS' CAPITAL
Liabilities
Redemptions payable $ 583,591 $ 650,836
Accrued expenses 96,462 77,089
Options, net, at market 38,151 28,167
Management fees payable 14,044 16,082
----------- ------------
Total liabilities 732,248 772,174
----------- ------------
Commitments
Partners' capital
Limited partners (85,250.529 and 91,609.501 units outstanding) 7,750,022 8,892,274
General partner (862 and 926 units outstanding) 78,366 89,887
----------- ------------
Total partners' capital 7,828,388 8,982,161
----------- ------------
Total liabilities and partners' capital $ 8,560,636 $9,754,335
----------- ------------
----------- ------------
Net asset value per limited and general partnership unit ('Units') $ 90.91 $ 97.07
----------- ------------
----------- ------------
- ----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these statements
</TABLE>
2
<PAGE>
PRUDENTIAL SECURITIES AGGRESSIVE GROWTH FUND L.P.
(a limited partnership)
STATEMENTS OF OPERATIONS
(Unaudited)
<TABLE>
<CAPTION>
Three Months Ended
March 31,
----------------------------
1997 1996
<S> <C> <C>
- --------------------------------------------------------------------------------------------------
REVENUES
Net realized loss on commodity transactions $ (213,580) $ (91,675)
Change in net unrealized gain/loss on open commodity positions (176,394) (576,182)
Interest from U.S. Treasury bills 85,474 126,504
Other interest income 14,793 24,971
----------- ------------
(289,707) (516,382)
----------- ------------
EXPENSES
Commissions 176,027 239,753
Other transaction fees 17,056 25,444
Management fees 43,128 58,553
General and administrative 43,127 48,424
Amortization of organizational costs 816 1,188
----------- ------------
280,154 373,362
----------- ------------
Net loss $ (569,861) $ (889,744)
----------- ------------
----------- ------------
ALLOCATION OF NET LOSS
Limited partners $ (564,158) $ (875,149)
----------- ------------
----------- ------------
General partner $ (5,703) $ (14,595)
----------- ------------
----------- ------------
NET LOSS PER WEIGHTED AVERAGE LIMITED AND GENERAL PARTNERSHIP UNIT
Net loss per weighted average limited and general partnership unit $ (6.16) $ (6.73)
----------- ------------
----------- ------------
Weighted average number of limited and general partnership units
outstanding 92,535.501 132,262.992
----------- ------------
----------- ------------
- --------------------------------------------------------------------------------------------------
</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, 1996 92,535.501 $8,892,274 $89,887 $8,982,161
Net loss -- (564,158) (5,703 ) (569,861)
Redemptions (6,422.972) (578,094) (5,818 ) (583,912)
---------- ---------- ------- ----------
Partners' capital--March 31, 1997 86,112.529 $7,750,022 $78,366 $7,828,388
---------- ---------- ------- ----------
---------- ---------- ------- ----------
- -----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of this statement
</TABLE>
3
<PAGE>
PRUDENTIAL SECURITIES AGGRESSIVE GROWTH FUND L.P.
(a limited partnership)
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 1997
(Unaudited)
A. General
These financial statements have been prepared without audit. In the opinion
of management, the financial statements contain all adjustments (consisting of
only normal recurring adjustments) necessary to present fairly the financial
position of Prudential Securities Aggressive Growth Fund L.P. (the
'Partnership') as of March 31, 1997 and the results of its operations for three
months ended March 31, 1997 and 1996. However, the operating results for the
interim periods may not be indicative of the results expected for a 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, 1996 (the 'Annual Report').
B. Related Parties
Prudential Securities Futures Management Inc. (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 and other
administrative services. The costs incurred for these services were:
<TABLE>
<CAPTION>
Three Months Ended
March 31,
----------------------
1997 1996
--------- ---------
<S> <C> <C>
Commissions $ 176,027 $ 239,753
General and
administrative 24,010 24,699
--------- ---------
$ 200,037 $ 264,452
--------- ---------
--------- ---------
</TABLE>
Expenses payable to the General Partner and its affiliates as of March 31,
1997 and December 31, 1996 were $42,620 and $21,231, respectively.
The General Partner is a wholly-owned subsidiary of Prudential Securities
Incorporated ('PSI'). The Partnership maintains its trading and cash accounts at
PSI, the Partnership's commodity broker. Approximately 75% of the Partnership's
assets are invested in interest-earning U.S. Treasury obligations (primarily
U.S. Treasury bills), a significant portion of which is utilized for margin
purposes for the Partnership's trading activities. As described in the Annual
Report, all commissions for brokerage services are paid to PSI.
In connection with the Partnership's interbank transactions, PSI engages in
foreign currency forward transactions with the Partnership and an affiliate of
PSI who, as principal, attempts to earn a profit on the bid-ask spreads (which
must be competitive) on any foreign currency forward transactions entered into
between the Partnership and PSI, on the one hand, and PSI and such affiliate on
the other. In connection with its trading of foreign currencies in the interbank
market, PSI may arrange bank lines of credit at major international banks. To
the extent such lines of credit are arranged, PSI does not charge the
Partnership for maintaining such lines of credit, but requires margin deposits
with respect to forward contract transactions.
As of March 31, 1997, a non-U.S. affiliate of the General Partner owns
249.772 limited partnership units of the Partnership.
4
<PAGE>
C. Credit and Market Risk
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).
Futures, forward and options contracts involve varying degrees of off-balance
sheet risk; and changes in the level of volatility of interest rates, foreign
currency exchange rates or the market values of the contracts (or commodities
underlying the contracts) frequently result in changes in the Partnership's
unrealized gain (loss) on open commodity positions reflected in the statements
of financial condition. The Partnership's exposure to market risk is influenced
by a number of factors including the relationships among the contracts held by
the Partnership as well as the liquidity of the markets in which the contracts
are traded.
Futures and options contracts are traded on organized exchanges and are thus
distinguished from forward contracts which are entered into privately by the
parties. The credit risks associated with futures and options contracts are
typically perceived to be less than those associated with forward contracts,
because exchanges typically provide clearinghouse arrangements in which the
collective credit (subject to certain limitations) of the members of the
exchanges is pledged to support the financial integrity of the exchange. On the
other hand, the Partnership must rely solely on the credit of its broker (PSI)
with respect to forward transactions. To the extent that the Partnership engages
in forward transactions, it will present its unrealized gains and losses on open
forward positions as a net amount in its statements of financial condition
because it has a master netting agreement with PSI.
The General Partner attempts to minimize both credit and market risks by
requiring the Partnership's 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. 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 and options
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 and
options trading and is not to commingle such assets with other assets of PSI. At
March 31, 1997 and December 31, 1996, such segregated assets totalled $6,478,758
and $6,681,753, respectively. Part 30.7 of the CFTC regulations also requires
PSI to secure assets of the Partnership related to foreign futures and options
trading which totalled $2,039,707 and $3,039,258 at March 31, 1997 and December
31, 1996, respectively. There are no segregation requirements for assets related
to forward trading.
As of March 31, 1997, the Partnership's open futures and options contracts
mature within one year. As of December 31, 1996, the Partnership's open futures
contracts mature within nine months.
At March 31, 1997 and December 31, 1996, gross contract amounts of open
futures and options contracts were:
<TABLE>
<CAPTION>
March 31, 1997 December 31, 1996
------------------ -----------------
<S> <C> <C>
Financial Futures and Options Contracts:
Commitments to purchase $ 1,211,587 $ 164,104,016
Commitments to sell $ 71,098,939 $ 27,390,279
Currency Futures and Options Contracts:
Commitments to purchase $ 2,906,433 $ 6,277,845
Commitments to sell $ 1,381,840 $ 2,997,574
Other Futures Contracts:
Commitments to purchase $ -- $ 87,850
</TABLE>
5
<PAGE>
The gross contract amounts represent the Partnership's potential involvement
in a particular class of financial instrument (if it were to take or make
delivery on an underlying futures or options contract). The gross contract
amounts significantly exceed the future cash requirements as the Partnership
intends to close out open positions prior to settlement and thus 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 futures,
forward and options contracts to be the net unrealized gain or loss on the
contracts (plus premiums on options). Thus, the amount at risk associated with
counterparty nonperformance of all contracts is the net unrealized gain included
in the statements of financial condition. The market risk associated with the
Partnership's commitments to purchase commodities is limited to the gross
contract amounts involved, while the market risk associated with its commitments
to sell is unlimited since the Partnership's potential involvement is to make
delivery of an underlying commodity at the contract price; therefore, it must
repurchase the contract at prevailing market prices.
At March 31, 1997 and December 31, 1996, the fair value of open futures and
options contracts was:
<TABLE>
<CAPTION>
March 31, 1997 December 31, 1996
------------------------ ------------------------
Fair Value Fair Value
------------------------ ------------------------
Assets Liabilities Assets Liabilities
-------- ----------- -------- -----------
<S> <C> <C> <C> <C>
Futures Contracts:
Domestic exchanges
Financial $ 14,063 $ -- $ -- $ 1,350
Currencies 24,532 21,366 150,473 5,008
Other -- -- -- 5,010
Foreign exchanges
Financial 54,111 80,950 236,276 135,822
Options Contracts:
Domestic exchanges
Financial -- 29,912 -- 12,450
Currencies -- 27,144 -- --
Foreign exchanges
Financial 23,483 4,578 -- 15,717
-------- ----------- -------- -----------
$116,189 $ 163,950 $386,749 $ 175,357
-------- ----------- -------- -----------
-------- ----------- -------- -----------
</TABLE>
6
<PAGE>
The following table presents the average fair value of futures and options
contracts during the three months ended March 31, 1997 and 1996, respectively.
<TABLE>
<CAPTION>
For the three For the three
months ended months ended
March 31, 1997 March 31, 1996
------------------------ ------------------------
Average Fair Value Average Fair Value
------------------------ ------------------------
Assets Liabilities Assets Liabilities
-------- ----------- -------- -----------
<S> <C> <C> <C> <C>
Futures Contracts:
Domestic exchanges
Financial $ 9,078 $ 1,041 $ 26,552 $ 750
Currencies 164,485 7,681 34,000 9,294
Other -- 1,253 -- --
Foreign exchanges
Financial 149,850 71,294 373,377 29,765
Options Contracts:
Domestic exchanges
Financial -- 16,374 -- --
Currencies -- 6,786 -- --
Foreign exchanges
Financial 5,871 8,025 -- --
-------- ----------- -------- -----------
$329,284 $ 112,454 $433,929 $39,809
-------- ----------- -------- -----------
-------- ----------- -------- -----------
</TABLE>
The following table presents the net realized gains (losses) and the change
in net unrealized gains/losses of futures and options contracts during the three
months ended March 31, 1997 and 1996, respectively.
<TABLE>
<CAPTION>
For the three months ended For the three months ended
March 31, 1997 March 31, 1996
----------------------------------------------- -----------------------------------------------
Change in Net Change in Net
Net Realized Unrealized Net Realized Unrealized
Gains (Losses) Gains/Losses Total Gains (Losses) Gains/Losses Total
-------------- -------------- --------- -------------- -------------- ---------
<S> <C> <C> <C> <C> <C> <C>
Futures Contracts:
Domestic exchanges
Financial $ (6,421) $ 15,413 $ 8,992 $ 47,569 $ (24,682) $ 22,887
Currencies 96,138 (142,299) (46,161) 13,105 (11,188) 1,917
Other -- 5,010 5,010 -- -- --
Foreign exchanges
Financial (313,287) (127,293) (440,580) (152,349) (540,312) (692,661)
Options Contracts:
Domestic exchanges
Financial 20 10,125 10,145 -- -- --
Currencies 2,094 442 2,536 -- -- --
Foreign exchanges
Financial 7,876 62,208 70,084 -- -- --
-------------- -------------- --------- -------------- -------------- ---------
$ (213,580) $ (176,394) $(389,974) $ (91,675) $ (576,182) $(667,857)
-------------- -------------- --------- -------------- -------------- ---------
-------------- -------------- --------- -------------- -------------- ---------
</TABLE>
7
<PAGE>
PRUDENTIAL SECURITIES AGGRESSIVE GROWTH 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 trading operations on August 2, 1993 with net
proceeds of $10,180,534. The Partnership continued to offer Units on a monthly
basis until the continuous offering was terminated on January 31, 1995.
Additional contributions raised through the continuous offering resulted in
additional net proceeds to the Partnership of $9,988,243.
At March 31, 1997, 100% of the Partnership's total net assets were allocated
to commodities trading. A significant portion of the net asset value was held in
U.S. Treasury bills (which represented approximately 78% 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 commodity contracts are subject to periods of illiquidity because of
market conditions, regulatory considerations and other reasons. For example,
commodity exchanges limit fluctuations in certain 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 daily 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 General Partner attempts to minimize these
risks by requiring the Partnership's trading managers to abide by various
trading limitations and policies. See Note C to the financial statements for a
further discussion on the credit and market risks associated with the
Partnership's futures, forward and options contracts.
Redemptions by limited partners and the General Partner for the three months
ended March 31, 1997 were $578,094 and $5,818, respectively. Redemptions
recorded for the period from August 2, 1993 (commencement of operations) through
March 31, 1997 were $10,806,830 for limited partners and $109,321 for the
General Partner. Future redemptions will impact the amount of funds available
for investments in commodity contracts in subsequent periods.
The Partnership does not have, nor does it expect to have, any capital
assets.
Results of Operations
The net asset value per Unit as of March 31, 1997 was $90.91, a decrease of
6.35% from the December 31, 1996 net asset value per Unit of $97.07.
January's negative performance was the result of losses in the financial
sector which outpaced profits in the stock index and currency sector. In the
financial sector, U.S., German, British, Italian, Spanish, Canadian and
Australian bond positions resulted in losses for the Partnership. The bull
market in global bond prices halted in January in reaction to increased U.S.
interest rates. During the first week of January, U.S. long-term interest rates
approached 7.0%, negatively impacting the Partnership's long bond positions.
However, the Japanese bond market continued to move independently of the higher
U.S. interest rates and rose mostly in reaction to falling Japanese stock
prices. In the stock index sector, positions in the S&P 500, DTB, FTSE and CAC
40 were profitable. In the currency sector, the U.S. dollar continued to
strengthen against the Japanese yen, German mark and Swiss franc. Australian
dollar, German mark, Japanese yen and Swiss franc positions posted gains.
February's relatively flat performance was the result of profits in the
currency and stock index sectors offsetting losses in the financial sector. In
the currency sector, German mark, Swiss franc and several cross-rate positions
proved profitable. Despite the best efforts of G-7 nations to talk the U.S.
dollar down
8
<PAGE>
from its lofty peaks, defiant market players pushed the greenback to new highs
against the German mark, Japanese yen and Swiss franc. In the stock index
sector, positions in the DTB, CAC 40 and Nikkei posted gains. In particular, the
Nikkei staged a rebound after months of steady decline. In the financial sector,
long Australian, British and Italian bond positions and a short Japanese bond
position produced losses. As the deadline for meeting the European Union (EU)
requirements nears, countries likely to meet the requirements, such as Germany
and France, continued to have strong bond markets. Italian and Spanish bond
prices sold off late in the month as the bond market anticipated that these two
countries may not meet the EU economic requirements by year end. Long positions
in German and French bonds benefited from this scenario while long Italian bond
positions resulted in losses. A rise in U.S. bond rates from 6.6% to 6.8% hurt
long positions in Australian bonds. Japanese bond prices fell as the Japanese
stock market rallied from recent low price levels. A short trade in Japanese
government bonds proved to be unprofitable.
March's negative performance resulted from losses in the financial and
currency sectors. Profits were gained in the stock index sector. In the
financial sector, long British, French, German and Spanish bond positions and
short Australian and Japanese bond positions posted losses. In anticipation of a
tightening of interest rates by the U.S. Federal Reserve Bank (the Fed),
European, Australian and Canadian bond prices reversed their bull market trends.
On March 25th the Fed raised the federal funds rate by 25 basis points. This
event reversed the bullish psychology in the global bond markets. Japanese
interest rates continued to react to the weak Japanese stock market which caused
greater volatility in the Japanese bond market on days when Japanese stock
prices made significant moves. In the currency sector, Australian dollar, Swiss
franc and German mark cross-rate positions resulted in losses. In the stock
index sector, S&P 500 positions were profitable for the Partnership as U.S.
stock markets tumbled in anticipation of further interest rate increases.
Positions in the DAX, the German stock market, were also profitable.
Interest income on U.S. Treasury bills decreased by approximately $41,000 for
the three months ended March 31, 1997 compared to the corresponding period in
1996. These decreases were primarily the result of 1996 redemptions which
reduced the Partnership's net assets and therefore, its investments in U.S.
Treasury bills. Additionally, other interest income, which consists of interest
earned on equity balances held at PSI, decreased by $10,000.
Commissions are calculated on the Partnership's net asset value as of the
first day of each month and, therefore, vary according to trading performance
and redemptions. Commissions decreased by approximately $64,000 for the three
months ended March 31, 1997 compared to the corresponding period in 1996
primarily as a result of 1996 redemptions and first quarter 1997 trading losses
which reduced the monthly net asset values.
Other transaction fees consist of National Futures Association, exchange and
clearing fees which are based on the number of trades the trading managers
execute. Other transaction fees decreased by approximately $8,000 for the three
months ended March 31, 1997 compared to the corresponding period in 1996
primarily due to a decrease in trading volume.
All trading decisions are currently being made by Sjo, Inc. and Welton
Investment Systems Corporation (the 'Trading Managers'). Management fees are
calculated on the portion of the Partnership's 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 approximately $15,000 for
the three months ended March 31, 1997 compared to the corresponding period in
1996 primarily as a result of 1996 redemptions and first quarter 1997 trading
losses which reduced the monthly net asset values.
Incentive fees are based on the New High Net Trading Profits generated by
each Trading Manager as defined in the Advisory Agreement between the
Partnership, the General Partner and each Trading Manager. No incentive fees
were earned during the three months ended March 31, 1997 or 1996.
General and administrative expenses decreased by approximately $5,000 for the
three months ended March 31, 1997 as compared to the same period in 1996. 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.
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. (a) Exhibits--
3.1-- Agreement of Limited Partnership of the Registrant, dated as
of March 19, 1993 as amended and restated as of May 6, 1993
(Incorporated by reference to Exhibit A to Registrant's
Amendment No. 1 to Registration Statement on Form S-1, File
No. 33-59828 dated May 7, 1993)
27.1--Financial Data Schedule (filed herewith)
(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 hereunto duly authorized.
PRUDENTIAL SECURITIES AGGRESSIVE GROWTH FUND L.P.
By: Prudential Securities Futures Management
Inc.A Delaware corporation, General Partner
By: /s/ Steven Carlino Date: May 14, 1997
----------------------------------------
Steven Carlino
Vice President and
Chief Accounting Officer for the
Registrant
11
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<LEGEND>
The Schedule contains summary financial
information extracted from the financial
statements for Prudential Securities Aggressive
Growth Fund, L.P. and is qualified in its
entirety by reference to such financial statements
</LEGEND>
<RESTATED>
<CIK> 0000899174
<NAME> Prudential Securities Aggressive Growth Fund, L.P.
<MULTIPLIER> 1
<FISCAL-YEAR-END> Dec-31-1997
<PERIOD-START> Jan-1-1997
<PERIOD-END> Mar-31-1997
<PERIOD-TYPE> 3-Mos
<CASH> 1,969,076
<SECURITIES> 6,587,540
<RECEIVABLES> 4,020
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 8,560,636
<CURRENT-LIABILITIES> 732,248
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 7,828,388
<TOTAL-LIABILITY-AND-EQUITY> 8,560,636
<SALES> 0
<TOTAL-REVENUES> (289,707)
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 280,154
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 0
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (569,861)
<EPS-PRIMARY> (6.16)
<EPS-DILUTED> 0
</TABLE>
