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

                                   FORM 10-Q

[X]      Quarterly report pursuant to Section 13 of 15(d) of the Securities
Exchange Act of 1934

For the Quarterly period ended September 30, 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 2-73692


                The Balanced Opportunity Fund Limited Partnership       
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             (Exact name of registrant as specified in its charter)

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



   c/o Rodman & Renshaw Futures Management, Inc.
   233 South Wacker Drive, Suite 4500
   Chicago, Illinois                                      60606                
--------------------------------------------------------------------------------
      (Address of principal                            (Zip Code)
         executive offices)


                                (312)  526-2000                         
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              (Registrant's telephone number, including area code)

Indicate by checkmark 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 [x]  NO [ ]



                         Total Pages In This Report - 9
<PAGE>   2
              The Balanced Opportunity Fund Limited Partnership

                                      
                                     INDEX

                                                                        Page
                                                                        ----
PART I - FINANCIAL INFORMATION


Item 1.  Financial Statements -

  Consolidated Statements of Financial Condition as of
  September 30, 1997 (unaudited) and June 30, 1997                         3
                                                                           
  Consolidated Statements of Operations (unaudited) for the                
  three-month periods ended September 30, 1997 and 1996                    4
                                                                           
  Consolidated Statements of Changes in Partners' Capital for the          
  three-month period ended September 30, 1997 (unaudited) and the          
  year ended June 30, 1997                                                 5
                                                                           
  Note to Unaudited Consolidated Financial Statements --                   
  September 30, 1997                                                       6
                                                                           
Item 2.  Management's Discussion and Analysis of Financial                 
         Condition and Results of Operations                               7
                                                                           
                                                                           
Part II - OTHER INFORMATION                                                8
                                                                           
Item 6.  Exhibits and Reports on Form 8-K                                  8
                                                                           
                                                                           
SIGNATURES                                                                 9





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<PAGE>   3
PART I.  FINANCIAL INFORMATION
ITEM 1.  FINANCIAL STATEMENTS

               THE BALANCED OPPORTUNITY FUND LIMITED PARTNERSHIP
                 CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION


<TABLE>
<CAPTION>
                                                              SEPTEMBER 30,
                                                                  1997                JUNE 30,
                                                               (UNAUDITED)              1997  
                                                              --------------         ---------
ASSETS
<S>                                                             <C>                  <C>
Equity in commodity futures trading accounts:
   Cash                                                         $  826,000           $  714,000
   Net unrealized gain/(loss) on open contracts                      3,000              103,000
                                                                ----------           ----------


          Total equity in commodity futures
          trading accounts                                         829,000              817,000

Guaranteed yield pool, at market                                 2,880,000            2,783,000

Cash at Bank                                                         4,000

Illinois replacement tax receivable                                                       1,000

Other receivables                                                    2,000                4,000
                                                                ----------           ----------


          Total assets                                          $3,715,000           $3,605,000
                                                                ==========           ==========


LIABILITIES AND PARTNERS' CAPITAL

Liabilities:
   Accrued administrative expenses                              $   18,000           $   20,000
   Accrued commissions and fees                                     46,000               24,000
                                                                ----------           ----------

          Total liabilities                                         64,000               44,000
                                                                ----------           ----------


Partners' capital
   Limited partners (units outstanding: 1,887.8520
                   and 1,967.8520)                               3,448,000            3,371,000
   General partner (units outstanding:  111.1143)                  203,000              190,000
                                                                ----------           ----------

          Total partners' capital                                3,651,000            3,561,000
                                                                ----------           ----------


TOTAL LIABILITIES AND PARTNERS' CAPITAL                         $3,715,000           $3,605,000
                                                                ==========           ==========


NET ASSET VALUE PER UNIT                                        $ 1,826.35           $ 1,712.76
                                                                ==========           ==========

</TABLE>


          See note to the unaudited consolidated financial statements.





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               THE BALANCED OPPORTUNITY FUND LIMITED PARTNERSHIP
                     CONSOLIDATED STATEMENTS OF OPERATIONS
                                  (UNAUDITED)


<TABLE>
<CAPTION>
                                                                     THREE MONTHS ENDED
                                                                         SEPTEMBER 30,
                                                                  1997                  1996
                                                                  ----                  ----
<S>                                                             <C>                  <C>
REVENUES:
   Trading profit/(loss):
      Realized                                                  $292,000             $ (14,000)
      Change in unrealized                                      (100,000)               91,000
   Foreign currency gain/(loss)                                   (2,000)                1,000
                                                                ---------            ---------

          Total trading profit and
             foreign currency gain                               190,000                78,000

   Guaranteed yield pool:
      Accrued interest                                            46,000               196,000
      Unrealized market value gain/(loss)                         53,000              (121,000)
                                                                ---------            ----------

          Total guaranteed yield pool
             revenue                                              99,000                75,000

   Interest on equity                                              9,000                 3,000
                                                                --------             ---------

               TOTAL REVENUES                                    298,000               156,000
                                                                --------             ---------

EXPENSES:

   Brokerage commissions                                          37,000                60,000
   Advisory fees                                                   9,000                14,000
   Administrative expenses                                        25,000                15,000
                                                                --------             ---------
          TOTAL EXPENSES                                          71,000                89,000
                                                                --------             ---------

NET INCOME/(LOSS)                                               $227,000             $  67,000
                                                                ========             =========

NET INCOME/(LOSS) ALLOCATED TO:
          Limited partners                                      $214,000             $  65,000
                                                                ========             =========
          General partner                                       $ 13,000             $   2,000
                                                                ========             =========

NET INCOME/(LOSS) PER UNIT
   OUTSTANDING FOR ENTIRE PERIOD                                $ 113.59             $   19.35
                                                                ========             =========
</TABLE>

          See note to the unaudited consolidated financial statements.





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               THE BALANCED OPPORTUNITY FUND LIMITED PARTNERSHIP
             CONSOLIDATED STATEMENT OF CHANGES IN PARTNERS' CAPITAL





<TABLE>
<CAPTION>
                             TOTAL UNITS
                             OF PARTNERSHIP    LIMITED           GENERAL
                             INTEREST          PARTNERS          PARTNER        TOTAL      
                             --------------    -----------       --------       -----------

<S>                           <C>               <C>              <C>             <C>
PARTNERS' CAPITAL
     June 30, 1996             3,503.5645       $ 5,305,000      $    174,000    $ 5,479,000


Redemptions                   (1,424.5982)       (2,356,000)                      (2,356,000)


Net income/(loss)                                   422,000            16,000        438,000
                              -----------       -----------      ------------    -----------


PARTNERS' CAPITAL
     June 30, 1997             2,078.9663       $ 3,371,000      $    190,000    $ 3,561,000
                              ===========       ===========      ============    ===========


Redemptions                      (80.0000)         (137,000)                        (137,000)


Net income                                          214,000            13,000        227,000
                              -----------       -----------      ------------    -----------


PARTNERS' CAPITAL
     September 30, 1997
     (unaudited)               1,998.9663       $ 3,448,000      $    203,000    $ 3,651,000
                              ===========       ===========      ============    ===========

</TABLE>



          See note to the unaudited consolidated financial statements.





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THE BALANCED OPPORTUNITY FUND LIMITED PARTNERSHIP
NOTE TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
SEPTEMBER 30, 1997



NOTE A - BASIS OF PRESENTATION

The unaudited consolidated financial statements of The Balanced Opportunity
Fund Limited Partnership (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 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 consolidated financial statements and footnotes
thereto included in the Partnership's annual report on Form 10-K for the year
ended June 30, 1997.





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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 manager's activity to
minimize the market and credit risks of the Fund.  The General Partner also
monitors the trading manager's 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 interests.
Redemptions of units during the quarter ended September 30, 1997 reduced the
amount of funds available by $137,000.

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
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 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 contracts
through March 24, 1997 was ED&F Man International, Inc. and Rand Financial
Services, Inc. after that date.  For over-the-counter contracts, the
counterparty was ED&F Man Capital Inc.  through March 24, 1997 and Rand
Financial Services, Inc. thereafter.  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.





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Results of Operations

Given the volatility of the markets in which the Partnership trades, its
quarterly results could fluctuate significantly and are not indicative of the
expected results for the fiscal year.

The Fund experienced trading profits of $190,000 for the quarter ended
September 30, 1997 versus a gain of $78,000 during the same period in 1996.
The Fund commenced 1997's third quarter in strong fashion by posting the
portfolio's highest monthly return in July, 1997 since the Fund's inception.
These gains were, in part, due to the profitability of the U.S. equity and
fixed income sectors as a result of continued strength in the economy.  In
addition, a strong U.S.  dollar vs. most of the world's major foreign
currencies added to the Fund's performance.  The Fund relinquished some of its
earlier gains towards the middle of the quarter mainly due to an abrupt
reversal of the U.S. equity and bond markets.  Finally, with  moderate growth
and controlled inflation as its backdrop, the Fund rallied again with the U.S.
capital markets, capping off a relatively strong third quarter.

Total guaranteed yield pool revenue was $99,000 and $75,000 for the quarters
ended September 30, 1997 and 1996, respectively.

At September 30, 1997 there were no material credit risk exposure exceeding 10%
total assets for either exchange-traded or over-the-counter contracts.


Brokerage commissions and advisory fees, which are based on the net assets of
the Fund, declined as a direct result of redemptions.


PART II.   OTHER INFORMATION

ITEM 6.    REPORTS ON FORM 8-K

No reports were filed on Form 8-K during the three months ended September 30,
1997.





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                                   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.


              The Balanced Opportunity Fund Limited Partnership
              -------------------------------------------------
                                 (Registrant)

BY:   Rodman & Renshaw Futures Management, Inc., General Partner




BY:    
       -----------------------------------
       F. L. Kirby
       President and a Director

Date:  November 10, 1997




BY:    
       -----------------------------------
       Thomas G. Pinou
       Treasurer and a Director

Date:  November 10, 1997





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