SECURITIES AND EXCHANGE COMMISSION

                            WASHINGTON, D.C.  20549

                                   FORM 10-K

                 Annual Report Pursuant to Section 13 or 15(d)
                    of the Securities Exchange Act of 1934

                   For the Fiscal Year Ended:  June 30, 2000

                       Commission File Number:  2-73692

                      The Balanced Opportunity Fund L. P.
            (Exact name of registrant as specified in its charter)

Illinois                                                    36-3655854
(State or other jurisdiction of                              (I.R.S. Employer
incorporation or organization)                             Identification No.)

c/o Rosenthal Collins Futures Management, Inc.
216 W. Jackson Blvd. Suite 300
Chicago, IL  60606
(Address of principal executive offices)

Registrant's telephone number, including area code:  (312) 460-9200

Indicate by check mark whether the registrant (1) filed all reports required to
be file 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


The registrant is a limited  partnership and, accordingly, has no voting  stock
held by non-affiliates or otherwise.

The prospectus included in the partnership's registration statement, Form S-18,
No. 2-73692 is incorporated by reference into Part IV of this Form 10-K.









Page 1 of 6 pages

An Index to Exhibits required by Item 14 is found at page 6







PART I

ITEM 1.  Business

     (a)  General Development of Business

     The Balanced  Opportunity  Fund, L.P.  (the  "Partnership") is  a  limited
partnership  organized  in  July,  1989,  pursuant  to  a  Limited  Partnership
Agreement and  under  the  Uniform Limited  Partnership  Act  of the  State  of
Illinois and  funded through  an offering of  limited partnership  units.   The
Partnership commenced  trading on  March 23,  1990.   The Partnership  conducts
speculative trading of commodity interests.

     Upon  commencement  of  trading,  approximately  eighty  percent  of   the
Partnership's assets  was  invested in  zero  coupon United  States  Government
Treasury securities (_notes_) so as to yield (I) $1,000  per unit,  plus (II) a
five percent compound annual  yield approximately six and one-half years  after
the commencement of trading (the _Guaranteed Yield Pool_).  Persons who  redeem
units prior  to the  approximate six  and  one-half year  period have  no  such
assured return.  The Guaranteed Yield Pool zero coupon note matured in February
1997 and in accordance with the Fund's limited partnership agreement a  special
redemption at the Fund's net asset  value was offered to investors on  February
28, 1997.  A new zero  coupon was purchased after the special redemption  offer
expired.   As of  June 30,  2000  and 1999,  the maturity  value  of the  notes
amounted to  1,800,000 and  $2,400,000 respectively.    The  remainders of  the
Partnership's assets  were  invested  in    speculative  trading  of  commodity
interests.

     The  Balance  Opportunity  Fund  Limited  Partnership  will  terminate  on
December 31, 2009.

     Rosenthal Collins Futures Management, Inc., an Delaware corporation wholly
owned  by  Rosenthal  Collins  Group  L.P.,  is  the  General  Partner  of  the
Partnership.   In May  of 1998  Rosenthal  Collins Group,  an Illinois  Limited
Partnership, ("the broker"), was enlisted to act as the commodity clearing firm
for the Partnership  and it  performs various administrative  services for  the
fund.  Services performed  for the Partnership by  the commodity broker or  the
General Partner under  the terms  of the Customer  and the Limited  Partnership
Agreements, include the following:


     1.  Executes all trades on behalf of the Partnership based on instructions
of the Partnership's Trading Manager.

     2.   Maintains the Partnership books  and records, which limited  partners
or their duly  authorized representatives, may  inspect during normal  business
hours for  any proper  purpose upon reasonable  written notice  to the  General
Partner.

     3.  Furnishes each limited partner with a monthly statement describing the
performance of  the Partnership, which  sets forth  aggregate management  fees,
incentive fees, brokerage commissions and other expenses incurred or accrued by
the Partnership during the month.







     4.  Forwards  annual certified financial  statements (including a  balance
sheet and a statement of income and expenses) to each limited partner.

     5.  Provides  to each  limited partner tax  information necessary for  the
preparation of his annual federal income tax return and such other  information
as the CFTC may by regulation require.

     6.  Performs secretarial and other clerical responsibilities and furnishes
office space, equipment  and supplies as may  be necessary for supervising  the
affairs of the Partnership.

     7.  Administer the redemption of Units.

     Under the terms of the Customer Agreement, the Partnership pays  brokerage
commissions to the  commodity broker  of $50 per  round turn  per contract  for
futures contracts.

          The Partnership pays the  General Partner, Rosenthal Collins  Futures
Management, Inc.,  an annual  brokerage fee  equal to  an annual  rate of  four
percent of the average month-end net assets as a whole, as defined,  during the
year.

     RXR serves as  the Trading  Manager and is  responsible for selecting  all
commodity transactions.  RXR  is not affiliated with Rosenthal Collins  Futures
Management or with Rosenthal Collins Group.  For their services, RXR receives a
consulting fee equal  to an  annual one percent  of the  month end net  assets,
before commissions  and charges,  of the  Fund as  a whole.   The  Fund pays  a
quarterly incentive  fee  based  on  new  appreciation  on  Partnership  assets
attributable to the Trading Manager, which includes the Partnership's  interest
income.  Such quarterly  incentive fee will equal  15% of trading profits.   If
the fund should incur net losses subsequent to any such payment to  the Trading
Manager, the Trading  Manager shall  be entitled to  retain amounts  previously
paid by the  Fund; However, no  subsequent fee will  be paid until the  Trading
Manager's allocation of equity has experienced new appreciation.


Regulation

     Under the  Commodity  Exchange  Act,  as amended  (the  "Act"),  commodity
exchanges and  futures and  options trading are  subject to  regulation by  the
Commodity Futures Trading Commission (the "CFTC").  The Act requires "Commodity
Pool Operators," such as the General Partner and "Commodity Trading  Advisors,"
such as  the Trading  Managers, to  be registered  and to  comply with  various
reporting and record  keeping requirements.  The  CFTC may suspend a  Commodity
Pool Operator's or Trading Advisor's registration if it finds that its  trading
practices tend  to  disrupt  orderly  market  conditions or  in  certain  other
situations.

     In the event that the registration  of the General Partner as a  Commodity
Pool Operator  or any  Trading Manager's  registration as  a Commodity  Trading
Advisor were  terminated or  suspended,  the General  Partner and  the  Trading
Manager, respectively, would  be unable to continue  to manage the business  of
the Partnership.    Should the  General  Partners' registration  be  suspended,
termination of  the  Partnership  might result.    The  Act also  requires  the
commodity Broker to be registered as a "Futures Commission Merchant."







     In addition  to  such  registration  requirements, the  CFTC  and  certain
commodity exchanges  have established  limits on the  maximum net  long or  net
short position which any person may hold or control in particular  commodities.
 The CFTC  has adopted  a rule requiring  all domestic  commodity exchanges  to
submit for  approval  speculative position  limits  for all  futures  contracts
traded on such exchanges.  Most  exchanges also limit the changes in  commodity
futures contract prices that may occur during a single trading day.

     The partnership may  trade on foreign  commodity exchanges, which are  not
subject to regulation by any United States government agency.

     (b) Financial Information about Industry Segments

     The Partnership operates in  one business segment, speculative trading  of
commodity futures and  related contracts.  The  Partnership does not engage  in
sales of goods or services.

     (c) Narrative Description of Business

     See Items 1 (a) and (b) above.
     (i) through (xii) - not applicable
     (xiii) - the Partnership has no employees

     (d) Financial information about foreign and domestic operations and export
sales

     The Partnership  does not  engage in  sales  of goods  or services.    See
"Paragraph 1(b) Financial information about industry segments.



     PART II

Item 2.  Properties

     The Partnership does not own any properties.

Item 3.  Legal Proceedings

     The General Partner is not aware of any pending legal proceedings to which
the Partnership or the General Partner is a party.

Item 4.  Submission of Matters to a Vote of Security Holders.

     None.

Item 5.  Market for Registrant's Common Equity and Related Stockholders Matters

     (a) Market Information

     There is no trading market for  the Units, and none is likely to  develop.
Units are transferable only after written notice has been given to the  General
Partner.







     Units may be redeemed  upon ten days notice  at their Net Asset Value  (as
defined in the  Limited Partnership Agreement)  as of the  end of any  calendar
quarter,  less  any  early  redemption  penalty  as  provided  in  the  Limited
Partnership Agreement.

     (b) Holders

     As of June 30, 2000, there  were 98 holders of the Limited Partner  Units.
934 units were  outstanding on this date,  including 111.1143 units of  General
Partnership interest.

     (c)  Dividends

     There were no dividends or distributions made in respect of the Units  and
any future distributions  will only be  made at the  discretion of the  General
Partner.

Item 6.  Selected Financial Data

     The following page contains  a summary of selected consolidated  financial
data for the Partnership for the fiscal years ended June 30, 2000,  1999, 1999,
1997 and 1996.








The Balanced Opportunity Fund Limited Partnership
  Selected Financial Data

                            June 30   June 30    June 30   June 30    June 30
                           2000      1999       1998      1997       1996

 Income:

 Trading profit (loss)
  Realized                 $(60,000) $118,000   $440,000  $335,000   $(42,000)

  Changes in Unrealized    21,000      8,000    (102,000) 100,000    (84,000)
  Foreign currency
   gain (loss)             (3,000)     1,000    (4,000)              (15,000)
    Gain (loss)

      from trading          (42,000) 127,000    334,000   435,000     (141,000)

 Guaranteed Yield Pool:

  Interest income          34,000    73,000     166,000   534,000    568,000
  Unrealized Market Value
   gain (loss)             59,000    (3,000)    139,000   54,000     (168,000)
  Realized gain (loss)     11,000    54,000     19,000     (322,000)          -

     Guaranteed
      yield pool revenue   104,000   124,000    324,000   266,000    400,000

 Interest Income           17,000    23,000     34,000    45,000     35,000

     Total income            79,000  274,000    692,000   746,000    294,000

 Expenses:
  Brokerage commissions
   and fees                86,000    115,000    135,000   205,000    261,000
  Consulting fees          20,000      28,000   30,000    49,000     61,000
  Administrative expenses  61,000      78,000   96,000    54,000     64,000

     Total Expenses        167,000   221,000    261,000   308,000    386,000


 Net Income (Loss)         $(88,000) $ 53,000   $431,000  $438,000   $ (92,000)




 Total Assets              $1,871,000$2,572,000 $2,934,000$3,605,000 $5,557,000




 Total Liabilities         $98,000   $310,000   $140,000  $ 44,000   $ 78,000

 Partners' Capital






  Limited Partners
    Units                  823.0000  1,032.0000 1,432.99631,967.4520 3,392.4502
    Value                  $1,562,000$2,042,000 $2,578,000$3,371,000 $5,305,000

  General Partner
    (111.11 Units)         211,000   220,000    216,000   190,000    174,000

 Total Partners' Capital   $1,773,000$2,262,000 $2,794,000$3,561,000 $5,479,000


 Total Liabilities
  & Partners' Capital      $1,871,000$2,572,000 $2,934,000$3,605,000 $5,557,000




 Net Asset Value per Unit
 Limited Partners          $1,898.34 $1,978.49  $1,950.29 $1,712.76  $1,563.75
 General Partners          $1,896.51 $1,978.49  $1,943.94 $1,709.95  $1,565.96

 Net income (loss)
  allocated to:
                           $(79,000) $ 49,000   $405,000  $422,000   $(89,000)
 Limited Partners
 General Partners          (9,000)   4,000      26,000    16,000     (3,000)









Item 7.    Management's  Discussion and  Analysis  of Financial  Condition  and
Results of Operation

Liquidity

     Reference is  made to  "Item 6.   Selected  Financial Data"  and "Item  8.
Financial Statements  and  Supplementary  Data."    The  information  contained
therein is essential to, and should  be read in conjunction with the  following
analysis.

     Most United  States commodity  exchanges limit  fluctuations in  commodity
futures and options contract prices during a single day by regulations referred
to as "daily  price fluctuation  limits "or" daily  limits."   During a  single
trading day, no trades may be executed at prices beyond the daily  limit.  Once
the price  of a  futures contract  has reached the  daily limit  for that  day,
positions in that contract can neither be taken nor liquidated.

     Commodity futures  and options prices  have occasionally  moved the  daily
limit for  several  consecutive  days  with  little or  no  trading.    Similar
occurrences could prevent the Partnership from promptly liquidating unfavorable
positions and subject the Partnership to substantial losses which could  exceed
the margin initially committed to such trades.  In addition, even if  commodity
futures and option prices have not  moved the daily limit, the Partnership  may
not be able to execute futures trades at favorable prices if little  trading in
such contracts is  taking place.   Other than  these limitations on  liquidity,
which are inherent in  the Partnership's commodity futures and options  trading
operations, the  Partnership's assets  are highly  liquid and  are expected  to
remain so.

Capital Resources

     The Partnership does  not intend to  raise any additional capital  through
borrowing.  Due to  the nature of the  Partnership's business, it will make  no
significant capital expenditures, and substantially all its assets are and will
be  represented  by  cash,  deposits  with  futures  commission  merchants  and
commodity futures  investments.    Inflation is  not  a  direct factor  in  the
Partnership's profitability although it can influence the attitudes of  current
investors or potential investors.

Market and Credit Risk

     The Partnership engages  in the  speculative trading of  U.S. and  foreign
futures contracts, options  on U.S. and  foreign future contracts, and  forward
contracts  (collectively,  derivatives).     These  derivatives  include   both
financial and  nonfinancial contracts  held as  part of  a diversified  trading
strategy.  The  Partnership is exposed  to both market  risk, the risk  arising
from changes in the market value of the contracts; and credit risk, the risk of
failure by another party to perform according to the terms of a contract.

     For derivatives,  risks arise  from changes  in  the market  value of  the
contracts.  Theoretically, the Partnership is exposed to a market risk equal to
the value of futures and forward contracts purchased an unlimited liability  on
such contracts  sold  short.   As  both  a buyer  and  seller of  options,  the
Partnership pays or receives a premium at the outset and then bears the risk of
unfavorable changes  in  the  price  of  the contract  underlying  the  option.







Written options expose the Partnership to potentially unlimited liability;  for
purchased options, the risk of loss is limited to the premiums paid.

     It is  believed that  credit risk  is  minimal as  no borrowing  has  been
conducted in the name of the Partnership.   The portion of   Partnership assets
held in zero coupon bonds  (75%-80%) is subject to interest rate  fluctuations,
but regarded as a relatively  low-risk investment.  Between twenty and  twenty-
five percent of  assets are  used for speculative  purposes on exchange  traded
futures contracts.   The commodity trading  advisor engaged by the  partnership
typically utilizes between 15%  to 20% leverage as  part of risk management  in
it's trading strategy.

     The General  Partner has established  procedures to  actively monitor  and
minimize market  and credit  risks.  The  General Partner  reviews the  trading
advisor's market activity on a daily basis and is appraised of general  futures
market activity on  an ongoing basis.   The Limited  Partners bear the risk  of
loss only to  the extent of  the market value  of their respective  investments
and, in certain specific circumstances, distributions and redemptions received.

Results of Operations

     Trading operations posted a loss of ($42,000) for the year ended June  30,
2000 as compared to a net  gain of $127,000 in 1999 and a net gain of  $334,000
in 1998.  The majority of  profits were made in long positions in stock  market
indexes as well as long-term bond instrument, both foreign and domestic.

     The guaranteed yield  pool experienced  an unrealized gain  of $59,000  in
fiscal 2000,  compared to  a ($3,000)  unrealized loss in  1999 and  a gain  of
$139,000 in 1998.  Notes were sold in July, 1999 and April, 2000 resulting in a
realized gain of $11,000 for fiscal year 2000.

     Fund units are  redeemed on  a quarterly basis.   During  the fiscal  year
ending June  30,  2000,  209.00 units  with  a  total value  of  $401,000  were
redeemed.   During fiscal year 1999 redeemed units equaled 290 with  a value of
$585,000.  There were 646 units redeemed in 1998 for a total of $1,198,000.

Item 8.  Financial Statements and Supplementary Data

     Financial statements meeting the requirements of Regulation S-X are listed
on page F-1 of this report.

     The  supplementary  financial  information,  specified  by  Item  302   of
Regulation S-K, is not applicable.

Item 9.  Disagreements on Accounting and Financial Disclosure

     None.


     PART III

Item 10.  Directors and Executive Officers of the Registrant

     The Partnership has no  directors or executive officers.  The  Partnership
is managed by its General Partner.  The Trading Manager makes trading decisions







for the  Partnership.    The  General  Partner  is  Rosenthal  Collins  Futures
Management, Inc., which is owned by Rosenthal Collins Group, L.P.  The  address
of the General Partner  is 216 W. Jackson  Blvd.  Suite 300, Chicago,  Illinois
60606.

Item 11.  Executive Compensation

     The Partnership has no directors or  officers.  The Fund is managed by the
General Partner as described in "Item 1.  Business" herein.

     During the past year, RXR acted as the Partnership's sole Trading Manager,
pursuant to the Management Contracts described in "Item 1.  Business."  For the
years ended June  30, 2000  and 1999, respectively.  RXR was  paid $20,000  and
$28,000, respectively, in consulting fees.   For the years ended June 30,  2000
and 1999, Rosenthal Collins Futures Management, Inc. has been paid $50,000  and
$70,000, respectively, in brokerage fees, and Rosenthal Collins Group has  been
paid $36,000 and $45,000, respectively, in brokerage clearing commission.

Item 12.  Security Ownership of Certain Beneficial Owners and Management

     (a) Security Ownership of Certain Beneficial Owners

     The Trading Manager, RXR, owns no  units in the Partnership.  On June  30,
2000 Rosenthal  Collins Futures Management,  Inc., the  General Partner,  owned
11.4% of the Fund while Larsen Equipment & Furniture,, a Limited Partner  owned
5.1% and Dr. Mary Breme, a Limited Partner, owned 5.1%.

     (b)  Security Ownership of Management

     Under the terms  of the Limited  Partnership agreement, the  Partnership's
affairs are  managed  by  the  General  Partner and  the  Trading  Manager  has
discretionary authority over  the Partnership's commodity  investments.  As  of
June 30,  2000 the  General Partner's  interest  in the  Partnership was  worth
$211,000.

     (c) Changes in Control

     The Fund's General Partner is Rosenthal Collins Futures Management,  Inc.,
a Delaware corporation.  The  General Partner was a wholly-owned subsidiary  of
Rodman & Renshaw Capital Group, Inc.  until April 24, 1998 when it was sold  to
Rosenthal Collins  Group, L.P.,  an Illinois  Limited  Partnership.   Rosenthal
Collins Group, L.P. is a registered Futures Commission Merchant and has  served
as the clearing broker for The Balanced Opportunity Fund, L.P. since April  24,
1998.  Prior to that date, Rand Financial Services was the clearing  broker for
the Fund.  In March of  1999, Rodman & Renshaw Futures Management Inc.  changed
its business name to Rosenthal Collins Futures Management, Inc..

     J. Robert Collins is a General  Partner of Rosenthal Collins Group and  is
the President  of  Rosenthal  Collins  Futures Management,  Inc.,  the  General
Partner of the Balanced Opportunity Fund, L.P.


Item 13.  Certain Relationships and Related Transactions








     Refer to Item 12, section (c)

     The General  Partner, Rosenthal  Collins Futures  Management,  Inc., is  a
Corporation wholly owned by Rosenthal Collins Group.

     All charges  are  described in  Item  1. Business,  and amounts  paid  are
described in Item 11. Executive Compensation.




     PART IV

Item 14.  Exhibits, Financial Statement Schedules and Reports on Form 8-K

     (a)  (1)  Financial Statements

          See Index to Financial Statements on page F-1.

     (a)  (2)  Financial Statements Schedules

           Schedules are omitted for the  reason that they are not required  or
are not  applicable or  that equivalent information  has been  included in  the
financial statements or the notes thereto.

     (a)  (3)  Exhibits

           (3)  Articles of Incorporation and By-laws

          a.   Limited Partnership  Agreement (attached  to  the Prospectus  as
Exhibit B)

          b.  Subscription Requirements (attached to the Prospectus as  Exhibit
B)

          c.  Power of Attorney (attached to the Prospectus as Exhibit B)

          d.  Request for Redemption (attached to the Prospectus as Exhibit D)

          (10)  Material Contracts

          a.  Brokerage Agreement between the Partnership and Rosenthal Collins
Group, L.P.

          b.  Advisory contract between Registrant and RXR.











INDEX OF EXHIBITS

(The following exhibits have been previously filed)

Exhibit             Description
Number

3.1       Limited Partnership Agreement (attached to the Prospectus as  Exhibit
          A).

3.2       Subscription Requirements (attached to the Prospectus as Exhibit  B).


3.3       Power of Attorney (attached to the Prospectus as Exhibit C).

3.4       Request for Redemption (attached to the Prospectus as Exhibit D).

10.01     Customer Agreement between Registrant and Rosenthal Collins Group

10.02     Advisory contract between Registrant and RXR

















SIGNATURES

     Pursuant to the  requirements of Section  13 or 15  (d) 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,  in the City  of
Chicago and State of Illinois on the ________ day of _______________, 2000.


THE BALANCED OPPORTUNITY FUND, L.P.               STATE OF ILLINOIS
                                                    COUNTY OF COOK
By       ROSENTHAL        COLLINS        FUTURES        MANAGEMENT,        INC.



                                             SUBSCRIBED and SWORN to before me
                                              this _____ day of _________ 2000


________________________________
           By J. Robert Collins
           President




     Pursuant to the requirements of the Securities Exchange Act of 1934,  this
report has been signed below by the following persons on behalf of the General

Partner of the Registrant in the capacities and on the date indicated.


By ROSENTHAL COLLINS FUTURES MANAGEMENT, INC.          STATE OF ILLINOIS
 General Partner of the Registrant                     COUNTY OF COOK

                                        SUBSCRIBED and SWORN to before me
                                          this ____ day of ___________2000


______________________________
       By J. Robert Collins
         President








(the above  signatories  being the  principal  executive officer  of  Rosenthal
Collins Futures Management, Inc.)










The Balanced Opportunity Fund, L.P.
(An Illinois Limited Partnership)

INDEX TO FINANCIAL STATEMENTS






                                                                      Pages

Independent Auditor's Report                                            F-2

Financial Statements:
     Consolidated statements of financial condition,                    F-3
       June 30, 2000 and 1999

     Consolidated statements of income and expenses for the             F-4
       fiscal years ended June 30, 2000, 1999, and 1998

     Consolidated statements of changes in partners' capital for        F-5
       the years ended June 30, 2000, 1999, and 1998

     Notes to financial statements                                  F-6/F-8



Schedules are omitted because  they are inapplicable or equivalent  information
has been included elsewhere herein.













INDEPENDENT AUDITOR'S REPORT


To the Partners of The Balanced Opportunity
  Fund Limited Partnership
Chicago, Illinois


We have audited the accompanying consolidated statements of financial condition
of The Balanced Opportunity  Fund Limited Partnership as  of June 30, 2000  and
1999, and  the related  consolidated statements  of operations  and changes  in
partners' capital for  each of the  three years ended  June 30, 2000, 1999  and
1998.  These  consolidated financial statements  are the responsibility of  the
Partnership's management.  Our responsibility is to express an opinion on these
consolidated financial statements based on our audit.

We  conducted  our  audits  in  accordance  with  generally  accepted  auditing
standards.  Those  standards require  that we plan  and perform  the audits  to
obtain reasonable assurance about whether the financial statements are free  of
material misstatement.  An audit includes examining, on a test basis,  evidence
supporting the amounts and disclosures  in the financial statements.  An  audit
also  includes  assessing  the  accounting  principles  used  and   significant
estimates made  by management,  as  well as  evaluating the  overall  financial
statement presentation.  We believe that our audits provide a reasonable  basis
for our opinion.

In our opinion, the 2000 and 1999 consolidated financial statements referred to
above present  fairly, in  all material  respects,  the consolidated  financial
position of The  Balanced Opportunity Fund Limited  Partnership as of June  30,
2000 and 1999,  and the results  of their operations  and changes in  partners'
capital for each  of the  three years ended  June 30, 2000,  1999 and 1998,  in
conformity with generally accepted accounting principles.


Chicago, Illinois
July 31, 2000







BALANCED OPPORTUNITY FUND
LIMITED PARTNERSHIP

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
June 30, 2000 and 1999

ASSETS                                                 2000        1999


Equity in commodity futures trading accounts:
  Cash                                                 $  264,000  $ 573,000
  Net unrealized gain on open contracts                30,000         9,000


          Total equity in commodity futures
            trading accounts                             294,000    582,000

Guaranteed yield pool - at market                      1,576,000   1,988,000

Other receivables                                      1,000          2,000



                                                       $1,871,000  $2,572,000




LIABILITIES AND PARTNERS' CAPITAL

Liabilities
  Accrued administrative expenses                         $  21,000 $  34,000
  Accrued brokerage commissions and fees                   5,000   7,000
  Accrued management fees                                  1,000   2,000
  Redemptions payable                                  71,000         267,000


          Total liabilities                            98,000         310,000


Partners' Capital
  Limited partners (units outstanding:
    2000 - 823; 1999 - 1,032)                          1,562,000   2,042,000
  General partner (units outstanding:
    2000 and 1999 - 111)                               211,000        220,000

                                                       1,773,000   2,262,000


                                                       $1,871,000  $2,572,000











The accompanying notes are  an integral part of  these consolidated
financial statements.










BALANCED OPPORTUNITY FUND
LIMITED PARTNERSHIP

CONSOLIDATED STATEMENTS OF OPERATIONS
Years Ended June 30, 2000,1999 and 1998

                                           2000        1999       1998


Income:
  Trading profit (loss):
    Realized                               $(60,000)   $118,000   $440,000
    Changes in unrealized                  21,000      8,000      (102,000)
  Foreign currency gain (loss)             (3,000)     1,000      (4,000)


          Gain (loss) from trading         (42,000)    127,000    334,000


Guaranteed yield pool:
  Interest income                          34,000      73,000     166,000
  Unrealized market value gain (loss)      59,000      (3,000)    139,000
  Realized gain                            11,000      54,000     19,000

          Guaranteed yield pool revenue    104,000     124,000    324,000


Interest income                            17,000      23,000     34,000


          Total income                     79,000      274,000    692,000


Expenses:
  Brokerage commissions and fees           86,000      115,000    135,000
  Consulting fees                          20,000      28,000     30,000
  Administrative expenses                  61,000      78,000     96,000

                                           167,000     221,000    261,000


          Net income (loss)                $(88,000)   $53,000    $431,000




Net income (loss) allocated to:
  Limited Partners                         $(79,000)   $49,000    $405,000










  General Partner                          $(9,000)    $4,000     $26,000




Net income (loss) per Limited Partner
  unit outstanding throughout each period  $(96)       $28        $237




Net income (loss) per General Partner
  unit outstanding throughout each period  $(81)       $35        $240





The accompanying notes are an integral  part of these consolidated
financial statements.







BALANCED OPPORTUNITY FUND
LIMITED PARTNERSHIP

CONSOLIDATED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL
Years Ended June 30, 2000, 1999 and 1998


                                    Total
                                    Number of Limited    General
                                    Units     Partners   Partner    Total


Balance, June 30, 1997              2,079     $3,371,000 $  190,000 $3,561,000

  Redemption of units of Limited
    Partnership interest            (646)     (1,198,000)        -  (1,198,000)
  Net income                                - 405,000    26,000     431,000


Balance, June 30, 1998              1,433     2,578,000  216,000    2,794,000

  Redemption of units of Limited
    Partnership interest            (290)     (585,000)          -  (585,000)
  Net income                                - 49,000     4,000      53,000


Balance, June 30, 1999              1,143     2,042,000  220,000    2,262,000

  Redemption of units of Limited
    Partnership interest            (209)     (401,000)         -   (401,000)
  Net income                               -  (79,000)   (9,000)    (88,000)


Balance, June 30, 2000              934       $1,562,000 $  211,000 $1,773,000




                                                         June 30,
                                                         2000        1999


Net asset value per unit, Limited Partner                $1,897.93   $1,978.68




Net asset value per unit, General Partner                $1,900.90   $1,981.98




The accompanying notes are an integral part of these consolidated financial
statements.













Note 1.  Organization of the Partnership and Significant Accounting Policies

General Description of the Partnership:  The Balanced Opportunity Fund, Limited
Partnership (The Fund or the Partnership) was organized under the Illinois
Revised Uniform Limited Partnership Act in July 1989 to engage in the
speculative trading of commodity futures, forward contracts, and other
commodity interests.  It is subject to the regulations of the Commodity Futures
Trading Commission (CFTC), an agency of the U.S. Government that regulates most
aspects of the commodity futures industry, the rules of the National Futures
Association (NFA), an industry self-regulatory organization, and the
requirements of commodity exchanges where the Partnership executes
transactions.  Additionally, the Partnership is subject to the requirements of
futures commission merchants (FCMs) through which the Partnership trades.

50,000 units of Limited Partnership interest were available during the initial
offering period.  The Partnership is closed and not presently selling
additional units.

The General Partner and each Limited Partner share in the profits and losses of
the partnership in proportion to their respective interest in the partnership.
 A Limited Partner's loss is limited to the amount of his or her investment.

Approximately 80 percent of the Fund's assets at the commencement of trading
was invested in zero coupon United States Government Treasury Securities
(Stripped Notes) so as to yield (i) $1,000 per unit, plus (ii) a five percent
compound annual yield approximately six and one-half years after the
commencement of trading (the Guaranteed Yield Pool).  Due to the interest rate
sensitivity of the market value of the Stripped Notes, persons who redeem prior
to the dissolution date have no such assured return.  The Guaranteed Yield Pool
note matured in February 1997 and in accordance with the Fund's limited
partnership agreement, a special redemption at the Fund's net asset market
value was offered to investors on February 28, 1997.  A new Stripped Note was
purchased after the special redemption offer expired.  As of June 30, 2000,
1999 and 1998, the maturity value of the Stripped Notes amounted to $1,800,000
and $2,400,000, respectively.  The Stripped Note held as of June 30, 2000, had
a maturity date of November 15, 2002.  The remainder of the Fund's assets were
invested in the Trading Company in which the Fund is the sole limited partner
and possessor of substantially all the beneficial interest.

The two-tier structure of the Fund and the Trading Company insulates the
Guaranteed Yield Pool against any liability for losses which might be incurred
by the Trading Company.  Consequently, the Fund controls all of the substantive
activities of the Trading Company and, as such, has consolidated its results
for financial reporting purposes.





Note 1.   Organization of the  Partnership and Significant Accounting  Policies
(continued)

The Fund has elected not to provide statements of cash flows as permitted by
Statement of Financial Accounting Standards No. 102, Statements of Cash Flows -







Exemption of Certain Enterprises and Classification of Cash Flows from Certain
Securities Acquired for Resale.

Significant accounting policies are as follows:

Principles of consolidation:  All material intercompany accounts and
transactions are eliminated in consolidation.  The consolidated financial
statements include the Trading Company and the Guaranteed Yield Pool
(collectively, the Fund or the Partnership).

Accounting estimates:  The preparation of financial statements in conformity
with generally accepted accounting principles requires management to make
estimates and assumptions in determining the reported amounts of assets and
liabilities and disclosure of contingent assets and liabilities at the date of
the financial statements and reported amounts of revenues and expenses during
the reporting period.  Actual results could differ from those estimates.

Revenue recognition:  Futures contracts are recorded on trade date and gains or
losses are realized when contracts are liquidated.  Unrealized gains or losses
on open contracts (the difference between contract purchase price and market
price) at the date of the statement of financial condition are included in
equity in commodity trading accounts.  Any change in net unrealized gain or
loss from the preceding period is reported in the statement of operations.
Market value of futures contracts is based upon exchange settlement prices. In
June 1998, Statement of Financial Accounting Standards No. 133, Accounting for
Derivative Instruments and Hedging Activities, (SFAS No. 133) was issued.  The
Company adopted SFAS 133 during 1998.  Since the Partnership uses derivatives
as a trading activity and accounts for such changes in value in the statement
of operations, the adoption of this statement had no material effect on the
Partnership.

Foreign exchange gains and losses:  The Partnership trades in foreign
denominated contracts.  Realized foreign currency gains result from closed
foreign currency contracts and other foreign currency denominated contracts.
The Partnership does not separately report the effect of changes in foreign
currency rates from changes in other market prices on open contracts.  Such
changes are included in net unrealized trading profit.

Transaction fees and costs:  Transaction fees and costs are accrued at
approximately $50 per contract on a round-turn basis adjusted to equal 4
percent of the average annual net assets of the Partnership.  Also, the
Partnership incurs ongoing legal, accounting, and administrative costs.

Note 1.   Organization  of  Partnership  and  Significant  Accounting  Policies
(continued)

Income taxes:  No provision for federal income taxes has been made in these
financial statements as each partner is individually responsible for reporting
income or loss based on their respective share of the Partnership's income and
expenses as reported for income tax purposes.  The Partnership is required to
pay an Illinois replacement tax of 1.5% of net income related to those limited
partners who are not otherwise subject to the tax.

Dissolution of Partnership:   The  Partnership will terminate  on December  31,
2009.







Right of setoff of certain amounts:  Pursuant to the Trading Company's
agreement with its FCM, all balances placed on deposit with such broker,
whether used for trading purposes or not, are available to be used for margin
purposes on any exchange and for any contract in which the Trading Company
trades.  The Trading Company has similar agreements with a financial
institution for its over-the-counter contracts.  As a result, the consolidated
financial statements only present the net asset or liability relating to such
trading activities.

Note 2.   General Partner

The Fund's General Partner is Rosenthal Collins Futures Management, Inc., a
Delaware corporation.  The General Partner was a wholly-owned subsidiary of
Rodman & Renshaw Capital Group, L.P., and Illinois Limited Partnership.
Rosenthal Collins Group, L.P. is a registered Futures Commission Merchant and
has served as the clearing broker for The Balanced Opportunity Fund, L.P. since
April 24, 1998.  Prior to that date, Rand Financial Services was the clearing
broker for the Fund.  In March of 1999, Rodman & Renshaw Futures Management,
Inc. changed its business name to Rosenthal Collins Futures Management, Inc.
The General Partner conducts and manages the business of the Partnership and
was required by the Limited Partnership Agreement to make an initial investment
in the Partnership equal to the lesser of $100,000 or 3% of the total
contributions to the Partnership, but in no event less than 1% of such
contributions.

Note 3.   Related Party Transactions

The Partnership pays Rosenthal Collins Group, L.P. 0.333 of 1% (a 4% annual
rate) of the Partnership's month-end assets for brokerage and other services.
Furthermore, the Partnership pays all "give-up" fees, as defined.  For the
years ended June 30, 2000, 1999 and 1998, brokerage commission expenses totaled
$86,000, $115,000 and $135,000, respectively.  As of June 30, 2000 and 1999,
brokerage commissions payable to the General Partner were $5,000 and $7,000,
respectively. See also Note 4 for transactions with the trading manager.








Note 4.   Trading Manager

RXR serves  as the  trading manager  for  the assets  of the  Trading  Company.
Compensation to RXR for their services is as follows:

Consulting fee:  The Trading Company pays a consulting fee at a one percent
annual rate based upon the average month-end net assets of the Partnership
before reduction for any brokerage commissions or other charges as of such
month-end.  Management fee expense was $20,000, $28,000 and $30,000 for the
years ended June 30, 2000, 1999 and 1998, respectively.  As of June 30, 2000
and 1999, accrued management fees were $1,000 and $2,000, respectively.

Incentive fee:  The Trading Company pays an incentive fee to RXR equal to 15
percent of any new trading profit (which includes interest income) achieved by
the Trading Company in each calendar quarter.  Such incentive fee is accrued in
each month in which "New Appreciation" occurs.  In those months in which New
Appreciation is negative, previous accruals, if any, during the incentive
period will be reduced.  In those instances in which a limited partner redeems
an investment, the incentive fee is to be paid to RXR through the calendar year
quarter.  No incentive fees have been paid during the three years ended June
30, 2000.

Note 5.   Distributions and Redemptions

A Limited Partner may request and  receive redemption of units owned as of  any
calendar quarter-end upon ten days' written notice to the General Partner.

The General Partner does not presently intend to make regular distributions of
either profits or capital to Limited Partners, although it may, if doing so,
not reduce the Partnership's asset base to a level which would impair the
Partnership's objective.  In the event that the Partnership recognizes
substantial profits, the General Partner may reconsider, but there can be no
assurance whatsoever that any distributions will be made.  Accordingly, the
Limited Partners may incur current income tax liabilities in excess of any
distributions received by them from the Partnership.

Note 6.   Deposits With Brokers

The Partnership deposits cash and U.S. Government securities with FCMs subject
to CFTC regulations and various exchange and broker requirements.  Margin
requirements are satisfied by the deposit of cash and securities with such
FCMs.  The Partnership earns interest income on its cash deposited with the
FCMs.






Note 7.   Trading Activities and Related Risks

The Partnership engages in the speculative trading of U.S. and foreign futures
contracts, options on U.S. and foreign futures contracts, and forward contracts
(collectively, derivatives).  Trading gains (losses) from derivatives for the
years ended June 30, 2000, 1999 and 1998, are reflected in the statements of
operations.  Such trading results reflect the net gain (loss) arising from the
Partnership's speculative trading of futures contracts, options on futures
contracts, and forward contracts.  These derivatives include both financial and
nonfinancial contracts held as part of a diversified trading strategy.  The
Partnership is exposed to both market risk, the risk arising from changes in
the market value of the contracts; and credit risk, the risk of failure by
another party to perform according to the terms of a contract.

The purchase and sale of futures and options on futures contracts requires
margin deposits with FCMs.  Additional deposits may be necessary for any loss
on contract value.  The Commodity Exchange Act (CEAct) requires an FCM to
segregate all customer transactions and assets from the FCM's proprietary
activities.  A customer's cash and other property (for example, U.S. Treasury
bills) deposited with an FCM are considered commingled with all other customer
funds subject to the FCM's segregation requirements.  In the event of an FCM's
insolvency, recovery may be limited to a pro rata share of segregated funds
available.  It is possible that the recovered amount could be less than the
total of cash and other property deposited.

For derivatives, risks arise from changes in the market value of the contracts.
 Theoretically, the Partnership is exposed to a market risk equal to the value
of futures and forward contracts purchased and unlimited liability on such
contracts sold short.  As both a buyer and seller of options, the Partnership
pays or receives a premium at the outset and then bears the risk of unfavorable
changes in the price of the contract underlying the option.  Written options
expose the Partnership to potentially unlimited liability; for purchased
options the risk of loss is limited to the premiums paid.

The General Partner has established procedures to actively monitor and minimize
market and credit risks.  The Limited Partners bear the risk of loss only to
the extent of the market value of their respective investments and, in certain
specific circumstances, distributions and redemptions received.








  Note 8.   Fair Value of Financial Instruments

  The Partnership believes that the carrying value of its financial
  instruments is a reasonable estimate of fair value.  Equity in commodity
  futures trading accounts and the United States Treasury securities are
  recorded at market using market quotations from the Partnership's FCM.  The
  fair value of all other financial instruments reflected in the statement of
  financial condition (primarily receivable from commodity broker and accrued
  expenses) approximate the recorded value due to their short-term nature. The
  General Partner reviews the trading advisor's market activity on a daily
  basis and is appraised of general futures market activity on an ongoing
  basis.