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, 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 9


<PAGE>


                               The Balanced Opportunity Fund L.P.

                                            Index


                                                                        Page
Part I - Financial Information

Item 1.   Financial Statements

      Statements of Financial Condition
      as of March 31, 2000  (unaudited)and June 30, 1999                  3

      Statements of Operations (unaudited) for the three
      month and nine month periods ended March 31, 2000
      and 1999                                                            4

      Note to Unaudited Financial Statements - March 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                                                                8
<PAGE>

                           The Balanced Opportunity Fund L.P.
                            Statement of Financial Condition


                                                     (Unaudited)
                                                       March 31,   June 30,
                                                        2000         1999

Equity in futures and forward trading accounts:
  Cash                                                $ 269,247   $ 573,000
  Net unrealized gain on open contracts                  52,354       9,000
                                                      ---------    --------
           Total equity in futures and
             forward trading account                    321,601     582,000

Guaranteed yield pool, at market                      1,824,812   1,988,000

Other receivable                                          1,363       2,000
                                                      ---------   ---------
Total Assets                                         $2,147,776  $2,572,000
                                                      =========   =========

Liabilities and Partners' Capital

Liabilities:
  Accrued administrative expenses                     $  19,183    $ 34,000
  Accrued brokerage commission and fees                   5,359       7,000
  Accrued management fees                                 5,229       2,000
  Redemption payable                                         -      267,000
                                                      ---------    ---------
                                                         29,771     310,000

Partners' Capital
  Limited Partners (units outstanding: 2000 - 987;
     1999 - 1,032)                                    1,903,692   2,042,000
  General Partner (units outstanding: 111.1141)         214,313     220,000
                                                      ---------   ---------
                                                      2,118,005   2,262,000
                                                      ---------   ---------
Total Liabilities and Partners' Capital              $2,147,776  $2,572,000
                                                      =========   =========

Net Asset Value per Unit                              $1,928.77   $1,978.49
                                                      =========   =========
See Note to Unaudited Financial Statements
<PAGE>

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

                              Three Months Ended         Nine Months Ended
                                  March 31,                  March 31
                              2000          1999        2000           1999
Revenues

Trading profit/(loss):
  Realized                   $ (2,356)     $ 23,334     $(35,936)     $100,648
  Change in unrealized         39,587       (41,086)      43,625        16,383
Foreign currency gain/(loss)      231          (935)        (771)          626
                             --------       --------     -------      --------
     Total trading profit (loss)
       and foreign currency
       gain (loss)             37,462       (18,687)       6,918       117,657

Guaranteed yield pool:
  Accrued interest             29,633        34,244       88,072       105,957
  Unrealized market value
    gain (loss)                (6,445)      (52,910)     (35,486)       21,265
                             --------       --------     -------      --------
     Total guaranteed yield
       pool revenue            23,188       (18,666)      52,586       127,222

Interest Income                 3,854         6,198       13,104        16,553
                             --------       --------     -------      --------
Total revenues                 64,504       (31,155)      72,608       261,432

Expenses

Brokerage commissions        $ 21,440      $ 29,529     $ 66,449      $ 87,869
Management fees                 5,229         7,173       16,159        21,490
Other administrative expenses  15,000        19,500       46,500        58,500
                             --------       --------     -------      --------
                               41,669        56,202      129,108       167,859
                             --------       --------     -------      --------
Net Income/(Loss)            $ 22,835      $(87,357)    $(56,500)     $ 93,573
                             ========       ========     =======      ========
Net Income/(Loss) Allocated To:
  Limited Partners           $ 20,524      $(80,485)    $(50,975)      $86,401
                             ========       ========     =======      ========
  General Partners           $  2,311      $ (6,872)    $ (5,525)      $ 7,172
                             ========       ========     =======      ========
Net Income/(Loss) per unit
  outstanding for entire
  period                     $  20.80      $ (61.85)    $ (49.72)      $ 64.55
                             ========      ========      ========     ========

See Note to Unaudited Financial Statements


<PAGE>
                                   The Balanced Opportunity Fund L.P.

                                Note to Unaudited Financial Statements
                                           March 31, 2000


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 of a normal recurring nature considered
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, 1999.


<PAGE>


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 $87,333 from
redemptions of units during the quarter ended March 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.

<PAGE>

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 month and nine month period ending March 31, 2000, the Fund
Experienced trading profits of $37,462 and $6,918 compared to ($18,687) and
$117,657 for the same periods in the fiscal year ended 1999. In the three month
and nine month period ending March 31, 2000, the total guaranteed yield pool
revenue was $23,188 and $52,586 compared to $(18,666) and $127,222 for the same
periods in 1999. At March 31, 2000 there was no material credit risk exposure
exceeding 10% of total assets for either exchange traded or over-the-counter
contracts.

     Brokerage commissions decreased due to less dollar volume in trading.
Advisory fees, which are based on the net assets of the Fund, declined as a
direct result of redemptions.


Part II - Other Information


Item 3.  Exhibits and Reports on Form 8-K

     No reports were filed on Form 8-K during the three months ended March 31,
2000.


<PAGE>




                                          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:  April 15, 2000