UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON D.C. 20549

                                 FORM 10-Q

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

                 For the Quarterly period ended March 31, 2002

                        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.)


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

Indicate by check mark whether the registrant (1) filed all reports required to
be filed by Section 13 or  15(d) of the Securities Exchange Act of 1934  during
the preceding 12  months (or for  such shorter period  that the registrant  was
required to  file  such reports),  and  (2) has  been  subject to  such  filing
requirements for the past 90 days.

                         Yes__X__                 No_____





















                                  Page 1 of 9



                                       1





                      The Balanced Opportunity Fund L.P.

                                     Index



                                                                       Page

Part I - Financial Information

Item 1.   Financial Statements

          Statements of Financial Condition
          as of March 31, 2002 and June 30, 2001                          3

          Statements of Operations for the three
          and nine month period ended March 31, 2002
          and 2001                                                        4

          Note to Financial Statements - March 31, 2002                   5

Item 2.  Management's Discussion and Analysis of Financial
          Condition and Results of Operations                             6

Part II - Other Information                                               7

Item 3.  Exhibits and Reports on Form 8-K                                 7

Signatures                                                                8





Part I. Financial Information
 Item 1. Financial Statements


                         The Balanced Opportunity Fund
                       Statement of Financial Condition
                                 (Unaudited)

                                                        March 31,   June 30,
Assets                                                     2002       2001

Equity in futures and forward trading account:
  Cash                                                 $  103,461 $  150,979
  Net unrealized gain (loss) on open contracts              7,153    (11,530)

          Total equity in futures and forward
               trading account                            110,614     139,449

Guaranteed yield pool, at market                        1,187,250   1,271,109

Other receivable                                              146         402


          Total Assets                                 $1,298,010  $1,410,960




Liabilities and Partners' Capital

Liabilities:
  Accrued administrative expenses                       $   7,837 $    17,883
  Accrued brokerage commission and fees                     2,621       2,892
  Accrued management fees                                   1,077       1,174
  Redemption payable                                            -       3,842

                                                           11,535      25,791

Partners' Capital
  Limited Partners (units outstanding: 557: 610)        1,072,521   1,171,733
  General Partner (units outstanding : 111.1141)          213,954     213,436

                                                        1,286,475   1,385,169


 Total Liabilities and Partners' Capital               $1,298,010  $1,410,960




 Net Asset Value per Unit, Limited Partners            $ 1,925.53  $ 1,920.87







 Net Asset Value per Unit, General Partner             $ 1,925.53  $ 1,920.87




              See note to the unaudited financial statements





The Balanced Opportunity Fund L.P.
Statement of Operations
(unaudited)

                                     Three Months Ended    Nine Months Ended
                                          March 31              March 31
                                      2002       2001       2002       2001

Investment income
 Interest on guaranteed yield pool $   18,682 $   21,302 $   60,591 $   69,199
 Unrealized market value gain
   (loss) on guaranteed yield pool    (10,504     22,365      7,785     40,026
 Interest income                          295      1,780      1,509      8,062

      Total income                      8,473     45,447     69,885    117,287

Expenses
  Brokerage commissions                13,334     15,224     41,989     49,533
  Management fees                       3,251      3,690     10,221     12,040
  Other administrative expenses        18,000     18,000     54,000     54,000

       Total expenses                  34,585     36,914    106,210    115,573


Net investment income (loss)         (26,112)      8,533   (36,325)      1,714


Realized and unrealized gain (loss) from
  investments and foreign currency:
  Net realized gain (loss) from
   futures trading                      3,246     44,241     25,120     79,199
  Net realized gain (loss) from

   foreign currency transactions         (92) (331)         (1,994)    (1,450)

                                        3,154     43,910     23,126     77,749


Net increase (decrease) in
unrealized
appreciation (depreciation) on:

    Open futures positions            (9,866) (67,837)       18,683    (9,791)
    Open option positions                  -      17,950          -     17,950


                                      (9,866) (49,887)       18,683      8,159

Net realized and unrealized

 gain (loss) from investments
 and foreign currency                 (6,712)    (5,977)     41,809     85,908


Net increase in net assets




 resulting from operations         $ (32,824) $   2,556  $    5,484 $   87,622




Net Income Allocated To:
     Limited Partners              $ (27,365) $    2,169 $    4,966 $   74,347



     General Partners              $  (5,459) $      387 $      518 $   13,275




Net Income per unit
outstanding for entire period
     Limited Partners              $  (49.13) $     3.46 $     4.66 $   108.85



     General Partners              $  (49.13) $     3.48 $     4.66 $   110.68




See note to the unaudited financial statements







                      The Balanced Opportunity Fund L.P.

                     Note to Unaudited Financial Statements
                                 March 31, 2002


Note - Basis of Presentation

     The unaudited financial statements of The Balanced Opportunity Fund L.P.
(the Partnership) have been prepared in accordance with generally accepted
accounting principles for interim financial information and with the
instructions to Form 10-Q and Rule 10-01 of Regulation S-X.  Accordingly, they
do not include all of the information and footnotes required by generally
accepted accounting principles for complete financial statements.  In the
opinion of management, all adjustments consisting only of normal reoccurring
adjustments, necessary for a fair presentation of the financial condition and
results of operations of the Partnership for the periods presented have been
included.  For further information, refer to the financial statements and
footnotes thereto included in the Partnership's annual report on Form 10-K for
the year ended June 30, 2001.  Due to the nature of commodity trading, the
results of operations for the interim period presented should not be considered
indicative of the results that may be expected for the entire year.

The presentation of the statement of operations has been reformatted to comply
with Statement of Position 01-1, Amendment to Scope of Statement of Position
95-2, Financial Reporting by Nonpublic Investment Partnerships, to include
Commodity Pools.

The following financial highlights reflect activity related to the limited
partner class only.  Total return is based on the change in value during the
period of a theoretical investment made at the beginning of the calendar
quarter of the nine month period ended March 31, 2002.  An individual limited
partner's return may vary from this return based on several factors.

Per unit Operating Performance (For a limited partnership
unit outstanding throughout the period from July 1, 2001
to March 31, 2002):

Net asset value, July 1, 2001                                 $1,920.87


Income from investment operations:
 Net investment income                                           (54.45)
 Net realized and unrealized gain (loss) on investment
  and foreign currency transactions                               59.11

 Total from investment operations                                  4.66


Net asset value, March 31, 2002                               $1,925.53




Total Return                                                       0.40%

Supplemental Data:
Net assets applicable to Limited Partners, March 31, 2002    $1,072,521





Ratio to average net assets:
 Expenses (1)                                                        7.60%
 Net investment income (loss) (1)                                   (2.58)%

(1) Annualized







Item 2.  Management's Discussion and Analysis of
       Financial Condition and Results of Operations


Capital Resources

     The purpose of the Partnership is to trade commodity interests; as such,
the Partnership does not have, nor does it expect to make, any capital
expenditures or have any capital assets that are not operating capital or
assets.  The Partnership's use of assets is solely to provide necessary margin
or premiums for, and to pay any losses incurred in connection with, its trading
activity.  The Net Asset Values are calculated and equity reports are reviewed
by the General Partner on a daily basis to monitor the trading advisors'
activity to maximize the market and credit risks of the Fund.  The General
Partner also monitors the trading advisors' compliance with investment
objectives as set forth in the prospectus.  Redemption of additional units in
the future will impact the amount of funds available for trading commodity
interest.  The amount of funds available was reduced by $63,189 from
redemptions of units during the quarter ended March 31, 2002.


Liquidity

     Most United States commodity exchanges limit fluctuations in commodity
futures 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 a price 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 prices
have occasionally reached the daily limit for several consecutive days with
little or no trading.  Similar occurrences could prevent the Partnership from
promptly liquidation 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 prices have not reached 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
trading of commodity interests, the Partnership's assets are highly liquid and
are expected to remain so.  The counterparty for all exchange traded and over-
the counter contracts was Rosenthal Collins Group LP.  A portion of the Fund's
assets have been invested in certain United States treasury obligations.  This
investment is designed to provide ultimate repayment of the investors' initial
contributions.  These securities are not used for trading purposes.







Results of Operations

     Given the volatility of the markets in which the Partnership trades, its
quarterly results can fluctuate significantly and are not indicative of the
expected results for the fiscal year.
     In the nine month period ending March 31, 2002, the Fund experienced net
realized and unrealized gains (losses) from investments and foreign currency of
$41,809 compared to net realized and unrealized gains (losses) from investments
and foreign currency of $85,908 for the same period in 2001.  In the nine month
period ending March 31, 2002, the total net investment income (loss) was
$(36,325) compared to $1,714 for the same periods in 2001.
     At March 31, 2002 there was no material credit risk exposure exceeding 10%
of total assets for either exchange traded or over-the-counter contracts.
     The decline in brokerage commissions is due to less dollar volume in
trading.  Management fees, which are based on the net assets of the Fund,
declined as a result of redemptions, which lowered net assets of the Fund.

Part II - Other Information

Item 1. Legal Proceedings
        None

Item 2. Change in Securities and Use of Proceeds
        None

Item 3. Defaults Upon Senior Securities
        None

Item 4. Submission of Matters of a Vote of Securities Holders
        None

Item 5. Other information
        None

Item 6. Exhibits and Reports on Form 8-K
        No reports were filed on Form 8-K during the nine months ended
        March 31, 2002.





















                                   Signatures



     Pursuant to the requirements of  Section 13 or 15(d) of the Securities
Exchange Act of 1934 and to the extent possible due to the acquisition of the
registrant by the undersigned on April 24, 1999; the registrant has duly caused
this report to be signed on its behalf by the undersigned thereunto duly
authorized.



                      The Balanced Opportunity Fund L.P.
                                 (Registrant)





By:  Rosenthal Collins Futures Management, Inc., General Partner



By:  ______________________________________
        J. Robert Collins, President


Date:  April 20, 2002