-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, UnW9iDGKpQQTA9l4yUr1SLnIYEY40s+HuA22Runel9PUdwWxd8XX717wE1GJuBXB 0T3rhqAqpVwqXHa6K19t0A== 0000898733-97-000560.txt : 19970520 0000898733-97-000560.hdr.sgml : 19970520 ACCESSION NUMBER: 0000898733-97-000560 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19970331 FILED AS OF DATE: 19970515 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: PRUDENTIAL BACHE CAPITAL RETURN FUTURES FUND 3 L P CENTRAL INDEX KEY: 0000857850 STANDARD INDUSTRIAL CLASSIFICATION: PATENT OWNERS & LESSORS [6794] IRS NUMBER: 133544867 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-19070 FILM NUMBER: 97606410 BUSINESS ADDRESS: STREET 1: FINANCIAL SQ STREET 2: 6TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10005 BUSINESS PHONE: 2128047866 MAIL ADDRESS: STREET 1: ONE NEW YORK PLAZA STREET 2: 13TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10292 10-Q 1 P-B CAPITAL RETURN FUTURES FUND 3, L.P. 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: 0-19070 PRUDENTIAL-BACHE CAPITAL RETURN FUTURES FUND 3, L.P. - -------------------------------------------------------------------------------- (Exact name of Registrant as specified in its charter) Delaware 13-3544867 - -------------------------------------------------------------------------------- (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 __ Part I. FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS PRUDENTIAL-BACHE CAPITAL RETURN FUTURES FUND 3, L.P. (a limited partnership) STATEMENTS OF FINANCIAL CONDITION (Unaudited)
March 31, December 31, 1997 1996 - --------------------------------------------------------------------------------------------------- ASSETS Equity in commodity trading accounts: Cash and cash equivalents $19,594,360 $22,358,921 Net unrealized gain on open commodity positions 1,791,895 341,870 Options, at market 47,559 -- ----------- ------------ Total assets $21,433,814 $22,700,791 ----------- ------------ ----------- ------------ LIABILITIES AND PARTNERS' CAPITAL Liabilities Redemptions payable $ 422,028 $ 991,115 Incentive fees payable 226,785 256,496 Accrued expenses 69,728 62,974 Management fees payable 51,709 54,531 Due to affiliates 45,502 77,638 ----------- ------------ Total liabilities 815,752 1,442,754 ----------- ------------ Commitments Partners' capital Limited partners (112,739 and 115,048 units outstanding) 20,411,483 21,045,294 General partner (1,141 and 1,163 units outstanding) 206,579 212,743 ----------- ------------ Total partners' capital 20,618,062 21,258,037 ----------- ------------ Total liabilities and partners' capital $21,433,814 $22,700,791 ----------- ------------ ----------- ------------ Net asset value per limited and general partnership unit ('Units') $ 181.05 $ 182.93 ----------- ------------ ----------- ------------ - --------------------------------------------------------------------------------------------------- The accompanying notes are an integral part of these statements
2 PRUDENTIAL-BACHE CAPITAL RETURN FUTURES FUND 3, L.P. (a limited partnership) STATEMENTS OF OPERATIONS (Unaudited)
Three months ended March 31, ----------------------- 1997 1996 - --------------------------------------------------------------------------------------------------- REVENUES Net realized gain (loss) on commodity transactions $ (973,338) $ 487,572 Change in net unrealized gain on open commodity positions 1,444,749 (527,954) Interest from U.S. Treasury bills 187,985 199,285 ---------- --------- 659,396 158,903 ---------- --------- EXPENSES Commissions 389,496 396,483 Other transaction fees 63,813 56,984 Management fees 151,444 152,322 Incentive fees 226,785 67,355 General and administrative 45,805 48,947 ---------- --------- 877,343 722,091 ---------- --------- Net loss $ (217,947) $(563,188) ---------- --------- ---------- --------- ALLOCATION OF NET LOSS Limited partners $ (215,766) $(548,483) ---------- --------- ---------- --------- General partner $ (2,181) $ (14,705) ---------- --------- ---------- --------- NET LOSS PER WEIGHTED AVERAGE LIMITED AND GENERAL PARTNERSHIP UNIT Net loss per weighted average limited and general partnership unit $ (1.88) $ (4.18) ---------- --------- ---------- --------- Weighted average number of limited and general partnership units outstanding 116,211 134,867 ---------- --------- ---------- --------- - ---------------------------------------------------------------------------------------------------
STATEMENT OF CHANGES IN PARTNERS' CAPITAL (Unaudited)
LIMITED GENERAL UNITS PARTNERS PARTNER TOTAL - ---------------------------------------------------------------------------------------------------- Partners' capital--December 31, 1996 116,211 $21,045,294 $212,743 $21,258,037 Net loss -- (215,766) (2,181) (217,947) Redemptions (2,331) (418,045) (3,983) (422,028) ------- ----------- -------- ----------- Partners' capital--March 31, 1997 113,880 $20,411,483 $206,579 $20,618,062 ------- ----------- -------- ----------- ------- ----------- -------- ----------- - ---------------------------------------------------------------------------------------------------- The accompanying notes are an integral part of these statements
3 PRUDENTIAL-BACHE CAPITAL RETURN FUTURES FUND 3, 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-Bache Capital Return Futures Fund 3, L.P. (the 'Partnership') as of March 31, 1997 and the results of its operations for the 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 Seaport 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 for the three months ended March 31, 1997 and 1996 were:
1997 1996 ----------------------------------------------------------------------------------- Commissions $389,496 $396,483 General and administrative 25,672 27,881 -------- -------- $415,168 $424,364 -------- -------- -------- --------
The Partnership maintains its trading and cash accounts with Prudential Securities Incorporated ('PSI'), the Partnership's commodity broker and an affiliate of the General Partner. Approximately 75% of the Partnership's trading assets is invested in interest-bearing U.S. Government obligations (primarily U.S. Treasury bills), a significant portion of which is utilized for margin purposes for the Partnership's commodity 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. 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. 4 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. 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 $18,641,844 and $20,318,217, 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 $2,791,970 and $2,382,574 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 and December 31, 1996, the Partnership's open futures, forward and options contracts mature within one year. At March 31, 1997 and December 31, 1996, gross contract amounts of open futures and options contracts are:
March 31, December 31, 1997 1996 ------------ ------------ Financial Futures Contracts: Commitments to purchase $ -- $229,278,898 Commitments to sell $403,723,040 $ 41,744,989 Other Futures and Options Contracts: Commitments to purchase $ 20,927,169 $ 6,484 Commitments to sell $ 1,483,658 $ 227,403
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, forward 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. 5 At March 31, 1997 and December 31, 1996, the fair value of futures and options contracts was:
March 31, 1997 December 31, 1996 -------------------------------- ------------------------ Fair Value Fair Value -------------------------------- ------------------------ Assets Liabilities Assets Liabilities -------------- -------------- -------- ------------ Futures Contracts: Domestic exchanges Financial $ 670,900 $ -- $ -- $ -- Other 498,259 115,359 -- -- Foreign exchanges Financial 365,370 200,710 333,578 212,627 Other 590,631 17,196 227,403 6,484 Options Contracts: Domestic exchanges Other 47,500 -- -- -- Foreign exchanges Other 59 -- -- -- -------------- -------------- -------- ------------ $2,172,719 $333,265 $560,981 $219,111 -------------- -------------- -------- ------------ -------------- -------------- -------- ------------
The following table presents the average fair value of futures, forward and options contracts during the three months ended March 31, 1997 and 1996, respectively.
Three months ended Three months ended March 31, 1997 March 31, 1996 -------------------------------- -------------------------- Average Fair Value Average Fair Value -------------------------------- -------------------------- Assets Liabilities Assets Liabilities -------------- -------------- ---------- ------------ Futures Contracts: Domestic exchanges Financial $ 167,725 $ -- $ 69,146 $ 44,115 Currencies 12,591 550 79,150 -- Other 228,526 87,923 768,572 156,737 Foreign exchanges Financial 256,671 167,678 68,042 16,632 Other 421,325 31,620 124,917 112,928 Forward Contracts: Other -- -- 5,292 10,553 Options Contracts: Domestic exchanges Other 11,875 -- 33,216 -- Foreign Exchanges Other 691 -- -- -- -------------- -------------- ---------- ------------ $1,099,404 $287,771 $1,148,335 $340,965 -------------- -------------- ---------- ------------ -------------- -------------- ---------- ------------
6 The following table presents the net realized gains (losses) and the change in net unrealized gains/losses of futures, forward and options contracts during the three months ended March 31, 1997 and 1996, respectively:
Three months ended March 31, 1997 Three months ended March 31, 1996 ----------------------------------------------- ------------------------------------------------ Change in Change in Net Realized Net Unrealized Net Realized Net Unrealized Gains (Losses) Gains/Losses Total Gains (Losses) Gains/Losses Total -------------- -------------- --------- --------------- -------------- --------- Futures Contracts: Domestic exchanges Financial $ (680,718) $ 670,900 $ (9,818) $ 221,536 $ (36,031) $ 185,505 Currencies (146,417) -- (146,417) (108,315) 14,988 (93,327) Other 304,625 382,900 687,525 757,605 120,589 878,194 Foreign exchanges Financial (856,199) 43,709 (812,490) (226,616) (619,968) (846,584) Other 224,899 352,516 577,415 (56,070) 11,689 (44,381) Forward Contracts: Other -- -- -- 24,002 (15,784) 8,218 Options Contracts: Domestic exchanges Currencies 183,984 -- 183,984 -- -- -- Other 50 3,250 3,300 (104,882) (3,437) (108,319) Foreign exchanges Other (3,562) (8,526) (12,088) (19,688) -- (19,688) -------------- -------------- --------- --------------- -------------- --------- $ (973,338) $1,444,749 $ 471,411 $ 487,572 $ (527,954) $ (40,382) -------------- -------------- --------- --------------- -------------- --------- -------------- -------------- --------- --------------- -------------- ---------
7 PRUDENTIAL-BACHE CAPITAL RETURN FUTURES FUND 3, 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 May 30, 1990 with gross proceeds of $65,520,000. After accounting for organizational and offering costs, the Partnership's net proceeds were $64,222,750. At the inception of the Partnership, sixty percent of the net proceeds was allocated to trading activity and forty percent was placed in reserve and invested in investment grade interest-bearing obligations ('Reserve Assets'). On June 30, 1995, the Reserve Assets matured and the resulting proceeds were allocated to commodities trading. As of March 31, 1997, 100% of the Partnership's 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 73% 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 total net assets 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 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. 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, 1997 were $418,045 and $3,983, respectively, and from commencement of operations, May 30, 1990, through March 31, 1997 totalled $60,403,668 and $716,172, respectively. Future redemptions will impact the amount of funds available for investment in commodity contracts in subsequent periods. Results of Operations The net asset value per Unit as of March 31, 1997 was $181.05, a decrease of 1.03% from the December 31, 1996 net asset value per Unit of $182.93. The Partnership's negative performance during the month of January resulted from losses in the financial, stock index, currency and energy sectors which outpaced gains in the grain and metal sectors. In the financial sector, losses were experienced in U.S., Australian, British, Canadian, French, German, Italian and Spanish bond positions. The bull market in global bonds came to a halt in January in reaction to increased U.S. interest rates. Early in the month, U.S. interest rate markets fell as concerns that stronger U.S. growth might prompt the Federal Reserve to raise interest rates. The markets subsequently rose on robust fourth quarter economic results, while prices and wages remained well contained. The Japanese bond market continued to move independently of higher U.S. interest rates and rose mostly as a reaction to falling Japanese stock prices. In the stock index sector, positions in the S&P 500 were unprofitable as were light crude positions in the energy sector. In the currency sector, German mark and Japanese yen positions 8 incurred losses. In the grain sector, soybean and bean meal positions profited following the release of a January 10th report on the short supply of soybeans. In the metal sector, gold prices fell, partially due to market concerns about central banks selling off a portion of their gold reserves. Positions in gold, aluminum and silver were profitable. The Partnership's positive performance in the month of February resulted from profits in the metal, grain and financial sectors. Losses were incurred in the stock index, currency and energy sectors. In the metal sector, positions in copper, aluminum, nickel and zinc posted gains. Base metal prices rose during the month on expectations of rising demand from developing and industrialized countries. Copper prices also soared on news of decreased London stockpiles. In the grain sector, corn, wheat, soybean and soybean by-products positions were profitable. Prices rose as the markets focused attention on historically low supplies in the major grain producing regions of the world coupled with signs of stronger demand. In the financial sector, U.S., German, Italian, French and Spanish bond positions were profitable. In the second half of the month, prices fell as they reflected concerns about possible delays to European economic and monetary union. The Partnership's positive performance during March resulted from profits in the grain, stock index and financial sectors. Losses were incurred in the metal, currency, energy and soft sectors. In the grain sector, positions in soybeans, soybean meal, corn and wheat posted gains. The price of soybean futures moved higher on reports from the U.S. Department of Agriculture which showed continued high levels of export sales. In other grain markets, wheat futures rose on strong export demand, particularly from Asia, and weather concerns for wheat-planting regions. In the stock index sector, short S&P positions profited as U.S. stock markets tumbled in anticipation of further interest rate increases. Hong Kong Hang Seng positions also provided gains for the Partnership. In the financial sector, U.S., Italian, Eurodollar and Eurolira positions were profitable. Positions in U.S. bonds gained after the U.S. Federal Reserve raised its key short-term interest rate by a quarter of a percentage point, the first increase in more than two years. The rise in the targeted federal funds rate to 5.5% was intended to 'cool off' the U.S. economy and stem potential inflationary pressures. Upon the announcement, the U.S. bond market initially moved higher, but prices fell as worries set in that the raise in rates could be the first in a series. In the metal sector, positions in silver, gold and aluminum were unprofitable. Precious metals markets were volatile, reflecting turmoil in world equity markets. Interest income from U.S. Treasury bills decreased by $11,300 for the three months ended March 31, 1997 as compared to the same period in 1996 due to the effect of redemptions on funds available for investment in U.S. Treasury bills. Commissions are calculated on the net asset value on the first day of each month and, therefore, vary based on monthly trading performance and redemptions. Commissions decreased by $6,987 for the three months ended March 31, 1997 as compared to the same period in 1996 primarily due to the effect of redemptions on the monthly net asset values. Other transaction fees consist of National Futures Association, exchange, floor brokerage and clearing fees which are based on the number of trades the trading managers execute. Other transaction fees increased by $6,829 for the three months ended March 31, 1997 as compared to the same period in 1996 primarily due to increased trading volume. All trading decisions are currently being made by Sjo, Inc. and Willowbridge Associates Inc. (the 'Trading Managers'). Management fees are calculated on the net asset value allocated to each Trading Manager as of the end of each month and, therefore, are affected by trading performance and redemptions. Management fees were relatively unchanged for the three months ended March 31, 1997 as compared to the same period in 1996. Incentive fees are based on New High Net Trading Profits generated by each Trading Manager, as defined in the Advisory Agreements between the Partnership, the General Partner and each Trading Manager. Despite overall net trading losses for the Partnership, Willowbridge Associates Inc. generated profits during the three months ended March 31, 1997 and 1996, earning incentive fees of $226,785 and $67,355, respectively. General and administrative expenses decreased by $3,142 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 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 4.1 Agreement of Limited Partnership of the Registrant, dated as of November 27, 1989 as amended and restated as of January 30, 1990 (incorporated by reference to Exhibits 3.1 and 4.1 to the Registrant's Quarterly Report on Form 10-Q for the period ended June 30, 1990) 4.2 Subscription Agreement (incorporated by reference to Exhibit 4.2 to the Registrant's Registration Statement on Form S-1, File No. 33-32355) 4.3 Request for Redemption (incorporated by reference to Exhibit 4.3 to the Registrant's Registration Statement on Form S-1, File No. 33-32355) 27.1 Financial Data Schedule (filed herewith) (b) Reports on Form 8-K--None 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 thereunto duly authorized. Prudential-Bache Capital Return Futures Fund 3, L.P. By: Seaport Futures Management, Inc. A Delaware corporation, General Partner By: /s/ Steven Carlino Date: May 15, 1997 ---------------------------------------- Steven Carlino Vice President Chief Accounting Officer for the Registrant 11 EX-27 2 ART. 5 FDS FOR 1ST QUARTER 10-Q
5 The Schedule contains summary financial information extracted from the financial statements for P-B Capital Return Futures Fund 3, L.P. and is qualified in its entirety by reference to such financial statements 0000857850 P-B Capital Return Futures Fund 3, L.P. 1 Dec-31-1997 Jan-1-1997 Mar-31-1997 3-MOS 19,594,360 1,839,454 0 0 0 21,433,814 0 0 21,433,814 815,752 0 0 0 0 20,618,062 21,433,814 0 659,396 0 0 877,343 0 0 0 0 0 0 0 0 (217,947) (1.88) 0
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