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 September 30, 2001

                        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_____




















































































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The Balanced Opportunity Fund L.P.


Index




                                                                       Page

Part I - Financial Information

Item 1.   Financial Statements

  Statements of Financial Condition
  as of September 30, 2001 and June 30, 2001                              3

  Statements of Operations for the three
  month period ended September 30, 2001 and 2000                          4

  Note to unaudited Financial Statements - September 30, 2001             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




























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Part I. Financial Information
 Item 1. Financial Statements


The Balanced Opportunity Fund
Statement of Financial Condition


                                                  September 30June 30
                                                   2001        2001
 Assets

 Equity in futures and forward trading accounts:
   Cash                                            $  41,534   $ 150,979
   Net unrealized gain/(loss) on open contracts       74,812     (11,530)

       Total equity in futures and forward
         trading account                             116,346     139,449

 Guaranteed yield pool, at market                  1,314,563   1,271,109

 Other receivable                                        235         402


 Total Assets                                      $1,431,144  $1,410,960




 Liabilities and Partners' Capital

 Liabilities:
   Accrued administrative expenses                 $   17,103  $   17,883
   Accrued brokerage commission and fees                4,205       2,892
   Accrued management fees                              2,328       1,174
   Redemption Payable                                      -        3,842

                                                       23,636      25,791

 Partners' Capital
   Limited Partners (units outstanding: 610)        1,190,630   1,171,733
   General Partner (units outstanding: 111.1141)      216,878     213,436

                                                    1,407,508   1,385,169


 Total Liabilities and Partners' Capital           $1,431,144  $1,410,960




 Net Asset Value per Unit - Limited Partners       $1,951.85   $1,920.84





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 Net Asset Value per Unit - General  Partners      $1,951.85   $1,921.31





See note to the audited financial statements



















































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The Balanced Opportunity Fund L.P.
Statement of Operations




                                                    Three Months Ended
                                                    September 30
                                                     2001         1999
 Revenues

 Trading profit/(loss):
   Realized                                          $ (72,227)   $47,643
   Change in unrealized                              86,342       (50,100)
 Foreign currency gain/(loss)                          (280)         (664)

    Total trading profit and
    foreign currency gain/(loss)                     13,835        (3,121)

 Guaranteed yield pool:
   Accrued Interest                                  $ 20,779      25,927
   Unrealized market value gain (loss)                 22,855      (1,906)

          Total guaranteed yield pool revenue          43,634      24,021


 Interest Income                                          842       3,240


 Total Revenues                                        58,311      24,140

 Expenses

 Brokerage commissions                               $ 14,481     $18,076
 Management fees                                        3,491       4,420
 Other administrative expenses                         18,000      18,000

                                                       35,972      40,496


 Net Income/(Loss)                                   $ 22,339     $(16,356)




 Net Income/(Loss) Allocated To:
     Limited Partners                                $ 18,897     $ (14,411)



     General Partners                                $  3,442     $  (1,945)




 Net Income/(Loss) per unit
 outstanding for entire period:
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     Limited Partners                                $  31.01     $  22.91



     General Partners                                $  30.54     $  20.21





See note to the audited financial statements



The Balanced Opportunity Fund L.P.

Note to Unaudited Financial Statements
September 30, 2001


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.






















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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.   There  were  no  redemptions  of units  during  the  quarter  ended
September 30, 2001.


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.















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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 months period ending September 30, 2001, the Fund experienced
trading gains of  $13,835 compared to trading losses  of $3,121 for the same
period in 2000.  In the three month period September 30, 2001, the total
guaranteed yield pool revenue was $43,634 compared to $24,021 for the same
period in 2000.  At September 30, 2001, 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 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  September
30,   2001.









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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, 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:  October 10, 2001






















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