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 December 31, 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.)


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 8




                       The Balanced Opportunity Fund L.P.

                                     Index





                                                                       Page

Part I - Financial Information

Item 1.  Financial Statements

         Statements of Financial Condition as of
           December 31, 2000 and June 30, 2000                            3

         Statements of Operations for the three
         and six month period ended December 31, 2000
         and 1999                                                         4

         Note to Financial Statements - December 31, 2000                 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                                                                9



























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Part I. Financial Information
Item 1. Financial Statements


                    The Balanced Opportunity Fund
                   Statement of Financial Condition
                             (Unaudited)

                                                      December 31 June 30
 Assets                                                  2000     2000

 Equity in futures and forward trading accounts:
     Cash                                            $   199,075  $   264,432
     Net unrealized gain/(loss) on open contracts         87,574       29,528

         Total equity in futures and forward
            trading account                              286,649      293,960

 Guaranteed yield pool, at market                      1,369,219    1,576,125

 Other receivable                                          1,079        1,220


 Total Assets                                        $ 1,656,946  $ 1,871,304




 Liabilities and Partners' Capital

 Liabilities:
     Accrued administrative expenses                 $    20,265  $    21,355
     Accrued brokerage commission and fees                 4,773        4,805
     Accrued management fees                               2,647        1,521
     Redemption payable                                    -           72,067

                                                          27,685       99,749
 Partners' Capital
     Limited Partners (units outstanding : December
31, 2000 -
         -
       702; June 30, 2000 - 987)                       1,406,618    1,560,826
     General Partner (units outstanding : 111.1143)      222,643      210,729

                                                       1,629,261    1,771,555


 Total Liabilities and Partners' Capital             $ 1,656,946  $ 1,871,304




 Net Asset Value per Unit -
                          - Limited Partners         $  2,003.73  $  1,897.93





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 Net Asset Value per Unit -
                          - General Partners         $  2,003.73  $  1,900.90




See Note to the unaudited financial statements




















































                                       4





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

                                     Three Months Ended  Six Months Ended
                                     December 31,        December 31,
                                      2000      1999      2000      1999
 Income

 Trading profit/(loss):
   Realized                          $(12,685) $(27,464) $ 34,958  $(33,580)
   Change in unrealized               108,146    15,709    58,046     4,038
 Foreign currency gain/(loss)            (455)   (2,373)   (1,119)   (1,002)

       Total trading profit and
       foreign currency gain/(loss)    95,006   (14,128)   91,885   (30,544)

 Guaranteed yield pool:
   Accrued Interest                    21,970    29,464    47,897    58,439
       Unrealized market value gain
       (loss)                          19,567   (24,747)   17,661   (29,041)

       Total guaranteed yield pool
       revenue                         41,537     4,717    65,558    29,398

 Interest Income                        3,043     4,202     6,282     9,250


 Total Income                         139,586    (5,209)  163,726     8,104

 Expenses

 Brokerage commissions               $ 16,235  $ 21,902  $ 34,310  $ 45,009
 Management fees                        3,930     5,357     8,350    10,930
 Other administrative expenses         18,000    15,000    36,000    31,500

                                       38,165    42,259    78,660    87,439


 Net Income/(Loss)                   $101,421  $(47,468) $ 85,066  $(79,335)




 Net Income/(Loss) Allocated To:
   Limited Partners                  $ 87,561  $(42,730) $ 73,152  $(71,499)



   General Partners                  $ 13,860  $ (4,738) $ 11,914  $ (7,836)




Net Income/(Loss) per unit
outstanding for entire period:

                                       5




   Limited Partners                  $ 124.73  $ (42.64) $ 103.80  $ (71.36)



   General Partners                  $ 124.74  $ (42.64) $ 107.23  $ (70.52)




See Note to the unaudited financial statements
















































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                       The Balanced Opportunity Fund L.P.

                          Note to Financial Statements
                               December 31, 2000
                                  (Unaudited)

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, the accompanying financial statements include all
adjustments, consisting only of normal recurring 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,
2000. Due to the nature of commodity trading, the results of operations for the
interim periods presented should not be considered indicative of the results
that may be expected for the entire year.


































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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 $318,000 from
redemptions of units during the quarter ended December 31, 2000.


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.















                                       8







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 three and six month periods ending December 31, 2000, the Fund
experienced trading gain of  $95,006 and $91,885 compared to trading loss of
$14,128 and $30,544 for the same periods in 1999, respectively.  In the three
and six month periods ending December 31, 2000, the total guaranteed yield pool
revenue was $41,537 and $65,558 compared to $4,717 and $29,398 for the same
periods in 1999, respectively.
     At December 31, 2000 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 Asset Value, decreased
due to redemptions, which resulted in lower 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

     Not Applicable

Item 4.  Submission of Matters to 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 three months ended December
31, 2000.











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                                   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, 1998; 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:  February 14, 2001


















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