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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549



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FORM 10-Q



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|x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|- | ---------------------------------------------------------------------------------------



For the quarterly period ended September 30, 2005



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: 333-115353



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The Beacon Financial Futures Fund, L.P.

(Exact name of registrant as specified in charter)



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|                                                                                              |  |                                     
|--------------------------------------------------------------------------------------------- |  | ------------------------------------
|Delaware                                                                                      |  | 20-0963234                          
|(State of Organization)                                                                       |  | (IRS Employer Identification Number)
|                                                                                              | 
|c/o Beacon Management Corporation (USA) 116 Village Boulevard Suite 210 Princeton, New Jersey |  | 08540                               
|(Address of principal executive offices)                                                      |  | (Zip Code)                          



(609) 514-1801

(Registrants telephone number, including area code)



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Indicate by
check mark 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, and (2) has been subject to such filing requirements for
the past 90 days.    Yes  x    No ̈



Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule
12b-2 of the Exchange Act).    Yes ̈No  x



Indicate by check mark whether the registrant is a shell company (as defined
in Rule 12b-2 of the Exchange Act.):    Yes ̈No  x



Total number of Pages: 16 plus
exhibits



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##### Table of Contents

PART I - FINANCIAL INFORMATION



ITEM 1. FINANCIAL
STATEMENTS



|                                                                                                                                                                                                      |  |     
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ----
|The following financial statements of The Beacon Financial Futures Fund, L.P. are included in Item 1:                                                                                                 |  |     
|                                                                                                                                                                                                      | 
|                                                                                                                                                                                                      |  | Page
|Financial Statements                                                                                                                                                                                  |  |     
|                                                                                                                                                                                                      | 
|Statements of Financial Condition as of September 30, 2005 (Unaudited) and December 31, 2004                                                                                                          |  | 3   
|                                                                                                                                                                                                      | 
|Schedule of Investments as of September 30, 2005 (Unaudited)                                                                                                                                          |  | 4   
|                                                                                                                                                                                                      | 
|Statements of Operations for the Three Months Ended September 30, 2005 and 2004 and the Nine Months Ended September 30, 2005 and the Period from April 6, 2004 through September 30, 2004
(Unaudited) |  | 5   
|                                                                                                                                                                                                      | 
|Statements of Changes in Partners Capital for the Nine Months Ended September 30, 2005 and the Period from April 6, 2004 through September 30, 2004 (Unaudited)                                      |  | 6   
|                                                                                                                                                                                                      | 
|Net Asset Value Per General and Limited Partner Unit (Unaudited)                                                                                                                                      |  | 6   
|                                                                                                                                                                                                      | 
|Financial Highlights for the Three Months Ended September 30, 2005 and 2004 (Unaudited)                                                                                                               |  | 7   
|                                                                                                                                                                                                      | 
|Notes to the Financial Statements (Unaudited)                                                                                                                                                         |  | 8-11



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##### Table of Contents

The Beacon Financial Futures Fund, L.P.

Statements of Financial Condition

September 30, 2005 (Unaudited) and December 31, 2004



|                                              |  |                    |           |                   |   |      
|--------------------------------------------- |  | ------------------ | --------- | ----------------- | - | -----
|                                              |  | September 30, 2005 |           | December 31, 2004
|ASSETS                                        |  |                    |           |                   |   |      
|Equity in Brokerage Accounts                  |  |                    |           |                   |   |      
|Cash                                          |  | $                  | 1,346,654 |                   | $ |     
|Net Unrealized Gain on Open Futures Contracts |  |                    | 31,833    |                   |   |     
|                                              |  |                    |           |                   |   |      
|Total Equity in Brokerage Accounts            |  |                    | 1,378,487 |                   |   |     
|                                              |  |                   
|Other Cash                                    |  |                    | 101,218   |                   |   | 2,311
|Accounts Receivable                           |  |                    | 16,567    |                   |   |     
|Other Assets                                  |  |                    | 6,085     |                   |   |     
|                                              |  |                    |           |                   |   |      
|TOTAL ASSETS                                  |  | $                  | 1,502,357 |                   | $ | 2,311
|                                              |  |                    |           |                   |   |      
|LIABILITIES & PARTNERS CAPITAL               |  |                    |           |                   |   |      
|Liabilities                                   |  |                    |           |                   |   |      
|Accrued Commissions                           |  | $                  | 172       |                   | $ |     
|Fixed Asset Fee Payable                       |  |                    | 5,161     |                   |   |     
|Accrued Expenses                              |  |                    | 17,077    |                   |   |     
|Redemptions Payable                           |  |                    | 488,802   |                   |   |     
|Payable to General Partner                    |  |                    |          |                   |   | 1,311
|                                              |  |                    |           |                   |   |      
|Total Liabilities                             |  |                    | 511,212   |                   |   | 1,311
|                                              |  |                    |           |                   |   |      
|Partners Capital                             |  |                    |           |                   |   |      
|General Partners Capital                     |  |                    | 474,138   |                   |   | 1,000
|Limited Partners Capital                     |  |                    | 517,007   |                   |   |     
|                                              |  |                    |           |                   |   |      
|Total Partners Capital                       |  |                    | 991,145   |                   |   | 1,000
|                                              |  |                    |           |                   |   |      
|TOTAL LIABILITIES & PARTNERS CAPITAL         |  | $                  | 1,502,357 |                   | $ | 2,311
|                                              |  |                    |           |                   |   |      



See accompanying notes.



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The Beacon Financial Futures Fund, L.P.

Schedule of Investments

September 30, 2005 (Unaudited)



|                                              |  |       |        |                        |      |  
|--------------------------------------------- |  | ----- | ------ | ---------------------- | ---- | -
|Description                                   |  | Value |        | % of Partners Capital |     
|Futures Contracts  Domestic                  |  |       |        |                        |      |  
|Currencies                                    |  | $     | 8,911  |                        | 0.90 | %
|Interest Rate Instruments                     |  |       | 22,922 |                        | 2.31 | %
|                                              |  |       |        |                        |      |  
|Net Unrealized Gain on Open Futures Contracts |  | $     | 31,833 |                        | 3.21 | %
|                                              |  |       |        |                        |      |  



See accompanying notes.



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The Beacon Financial Futures Fund, L.P.

Statements of Operations

For the Three Months Ended September 30, 2005 and 2004 and the Nine Months Ended September 30, 2005

and the Period from April 6, 2004 through September 30, 2004 (Unaudited)



|                                                                                                                        |  |                                 |         |                                      |      |   |                                                     |  |   |         |   |  |   |  
|----------------------------------------------------------------------------------------------------------------------- |  | ------------------------------- | ------- | ------------------------------------ | ---- | - | --------------------------------------------------- |  | - | ------- | - |  | - | -
|                                                                                                                        |  | Three Months EndedSeptember 30, |         | Nine Months Ended September 30, 2005 |      |   | Period from April 6, 2004 throughSeptember 30, 2004
|                                                                                                                        |  | 2005                            |         |                                      | 2004 |   |                                                    
|Income                                                                                                                  |  |                                 |         |                                      |      |   |                                                     |  |   |         |   |  |   |  
|Trading Gains and Losses                                                                                                |  |                                 |         |                                      |      |   |                                                     |  |   |         |   |  |   |  
|Change in Unrealized                                                                                                    |  | $                               | 19,996  |                                      |      | $ |                                                    |  | $ | 31,833  |   |  | $ | 
|Realized                                                                                                                |  |                                 | (7,453  | )                                    |      |   |                                                    |  |   | (30,347 | ) |  |   | 
|Brokerage Commissions                                                                                                   |  |                                 | (1,133  | )                                    |      |   |                                                    |  |   | (1,977  | ) |  |   | 
|                                                                                                                        |  |                                 |         |                                      |      |   |                                                     |  |   |         |   |  |   |  
|Total Trading Gains and Losses                                                                                          |  |                                 | 11,410  |                                      |      |   |                                                    |  |   | (491    | ) |  |   | 
|                                                                                                                        |  |                                 |         |                                      |      |   |                                                     |  |   |         |   |  |   |  
|Investment Income                                                                                                       |  |                                 |         |                                      |      |   |                                                     |  |   |         |   |  |   |  
|Interest Income                                                                                                         |  |                                 | 8,424   |                                      |      |   |                                                    |  |   | 15,753  |   |  |   | 
|                                                                                                                        |  |                                 |         |                                      |      |   |                                                     |  |   |         |   |  |   |  
|Expenses                                                                                                                |  |                                 |         |                                      |      |   |                                                     |  |   |         |   |  |   |  
|                                                                                                                        |  |                                 |         |                                     
|Fixed Asset Fee                                                                                                         |  |                                 | 15,548  |                                      |      |   |                                                    |  |   | 25,998  |   |  |   | 
|Professional Fees                                                                                                       |  |                                 | 12,926  |                                      |      |   |                                                    |  |   | 21,075  |   |  |   | 
|Operating Expenses                                                                                                      |  |                                 | 2,709   |                                      |      |   |                                                    |  |   | 4,162   |   |  |   | 
|Offering Expenses                                                                                                       |  |                                 | 375     |                                      |      |   |                                                     |  |   | 375     |   |  |   |  
|                                                                                                                        |  |                                 |         |                                      |      |   |                                                     |  |   |         |   |  |   |  
|Total expenses before reimbursement of expenses                                                                         |  |                                 | 31,558  |                                      |      |   |                                                    |  |   | 51,610  |   |  |   | 
|Less: reimbursement of expenses                                                                                         |  |                                 | (6,900  | )                                    |      |   |                                                    |  |   | (13,800 | ) |  |   | 
|                                                                                                                        |  |                                 |         |                                      |      |   |                                                     |  |   |         |   |  |   |  
|Net Expenses                                                                                                            |  |                                 | 24,658  |                                      |      |   |                                                    |  |   | 37,810  |   |  |   | 
|                                                                                                                        |  |                                 |         |                                      |      |   |                                                     |  |   |         |   |  |   |  
|Net Investment Loss                                                                                                     |  |                                 | (16,234 | )                                    |      |   |                                                    |  |   | (22,057 | ) |  |   | 
|                                                                                                                        |  |                                 |         |                                      |      |   |                                                     |  |   |         |   |  |   |  
|Net Loss                                                                                                                |  | $                               | (4,824  | )                                    |      | $ |                                                    |  | $ | (22,548 | ) |  | $ | 
|                                                                                                                        |  |                                 |         |                                      |      |   |                                                     |  |   |         |   |  |   |  
|Net loss per General and Limited Partner Unit (Based on weighted average number of units outstanding during the period) |  | $                               | (4.67   | )                                    |      | $ |                                                    |  | $ | (22.40  | ) |  | $ | 
|                                                                                                                        |  |                                 |         |                                      |      |   |                                                     |  |   |         |   |  |   |  
|Decrease in Net Asset Value per General Partner and Limited Partner Unit                                                |  | $                               | (4.67   | )                                    |      | $ |                                                    |  | $ | (22.40  | ) |  | $ | 
|                                                                                                                        |  |                                 |         |                                      |      |   |                                                     |  |   |         |   |  |   |  



See accompanying notes.

|
|



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The Beacon Financial Futures Fund, L.P.

Statements of Changes in Partners Capital

For the Nine Months Ended September 30, 2005 and the Period from April 6, 2004 through September 30, 2004 (Unaudited)



|                                                      |  |                   |  |        |         |   |       |        |        |   |         |  |          |  |   |           |  
|----------------------------------------------------- |  | ----------------- |  | ------ | ------- | - | ----- | ------ | ------ | - | ------- |  | -------- |  | - | --------- | -
|                                                      |  | Partners Capital | 
|                                                      |  | General           |  |        | Limited |   | Total |       
|                                                      |  | Units             |  | Amount |         |   | Units |        | Amount |   | Units   |  | Amount   | 
|Nine Months Ended September 30, 2005                  |  |                   |  |        |         |   |       |        |        |   |         |  |          |  |   |           |  
|Balances at Dec 31, 2004                              |  | 1.00              |  | $      | 1,000   |   |       |       |        | $ |        |  | 1.00     |  | $ | 1,000     |  
|Net Loss for the Nine Months Ended September 30, 2005 |  |                   |  |        | (22,555 | ) |       |        |        |   | 7       |  |          |  |   | (22,548   | )
|Additions                                             |  | 999.00            |  |        | 999,000 |   |       | 528.85 |        |   | 517,000 |  | 1,527.85 |  |   | 1,516,000 |  
|Redemptions                                           |  | 515.00            |  |        | 503,307 |   |       |       |        |   |        |  | 515.00   |  |   | 503,307   |  
|                                                      |  |                   |  |        |         |   |       |        |        |   |         |  |          |  |   |           |  
|Balances at September 30, 2005                        |  | 485.00            |  | $      | 474,138 |   |       | 528.85 |        | $ | 517,007 |  | 1,013.85 |  | $ | 991,145   |  
|                                                      |  |                   |  |        |         |   |       |        |        |   |         |  |          |  |   |           |  
|Period Ended September 30, 2004                       |  |                   |  |        |         |   |       |        |        |   |         |  |          |  |   |           |  
|Balances at April 6, 2004                             |  |                  |  | $      |        |   |       |       |        | $ |        |  |         |  | $ |          |  
|Net Income for the Period Ended September 30, 2004    |  |                   |  |        |        |   |       |        |        |   |        |  |          |  |   |          |  
|Additions                                             |  | 1.00              |  |        | 1,000   |   |       |       |        |   |        |  | 1.00     |  |   | 1,000     |  
|Redemptions                                           |  |                  |  |        |        |   |       |       |        |   |        |  |         |  |   |          |  
|                                                      |  |                   |  |        |         |   |       |        |        |   |         |  |          |  |   |           |  
|Balances at September 30, 2004                        |  | 1.00              |  | $      | 1,000   |   |       | 0.00   |        | $ |        |  | 1.00     |  | $ | 1,000     |  
|                                                      |  |                   |  |        |         |   |       |        |        |   |         |  |          |  |   |           |  



The Beacon Financial Futures Fund, L.P.

Net Asset Value Per General and Limited Partner Unit



|                   |  |                  |          |                   |   |                  |  |    
|------------------ |  | ---------------- | -------- | ----------------- | - | ---------------- |  | ---
|September 30, 2005 |  | December 31,2004 |          | September 30,2004 |   | December 31,2003
|$    977.60        |  | $                | 1,000.00 |                   | $ | 1,000.00         |  | n/a



See accompanying notes.



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The Beacon Financial Futures Fund, L.P.

Financial Highlights

For the Three Months Ended September 30, 2005 and 2004 (Unaudited)



|                                                            |  |                    |          |   |                   |   |         
|----------------------------------------------------------- |  | ------------------ | -------- | - | ----------------- | - | --------
|                                                            |  | Three Months Ended
|                                                            |  | September 30,2005  |          |   | September 30,2004
|Per Unit Performance                                        |  |                    |          |   |                   |   |         
|Number of units outstanding during the period               |  |                    | 1,010.18 |   |                   |   |         
|                                                            |  |                    |          |   |                   |   |         
|Net Asset Value per unit at the beginning of the period     |  | $                  | 982.27   |   |                   | $ | 1,000.00
|                                                            |  |                   
|Income                                                      |  |                    |          |   |                   |   |         
|Trading Gains and Losses                                    |  |                    | 11.48    |   |                   |   |        
|Investment Income                                           |  |                    |          |   |                   |   |         
|Interest Income                                             |  |                    | 8.37     |   |                   |   |        
|                                                            |  |                   
|Expenses                                                    |  |                    |          |   |                   |   |         
|Fixed Asset Fee                                             |  |                    | (15.43   | ) |                   |   |        
|Other Expenses                                              |  |                    | (9.09    | ) |                   |   |        
|                                                            |  |                    |          |   |                   |   |         
|Total Expenses                                              |  |                    | (24.52   | ) |                   |   |        
|                                                            |  |                    |          |   |                   |   |         
|Net Investment Loss                                         |  |                    | (16.15   | ) |                   |   |        
|                                                            |  |                    |          |   |                   |   |         
|Net Loss per Unit                                           |  |                    | (4.67    | ) |                   |   |        
|                                                            |  |                    |          |   |                   |   |         
|Net Asset Value per unit at the end of the period           |  | $                  | 977.60   |   |                   | $ | 1,000.00
|                                                            |  |                    |          |   |                   |   |         
|Net investment loss as a percentage of Partners Capital(1) |  |                    | -6.64    | % |                   |   |         
|                                                            |  |                   
|Expenses as a percentage of Partners Capital(1)            |  |                    | -10.06   | % |                   |   |         
|                                                            |  |                   
|Total return(2)                                             |  |                    | -0.48    | % |                   |   |         



This information
has been derived from information presented in the preceding financial statements. The above ratios were calculated for the partners taken as a whole. The computation of such ratios was not based on the amount of expenses assessed and income
allocated to an individual partners capital account, which may vary from these ratios based on the timing of capital transactions and different fee arrangements (see Note 2).



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|(1) | Annualized, including certain one time expenses
incurred during the initial operating period for the fund.
|--- | ----------------------------------------------------------------------------------------------------------

|(2) | Not annualized.
|--- | ---------------



See accompanying notes.



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The Beacon Financial Futures Fund, L.P.



Notes to the Financial Statements (Unaudited)



Note 1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES



A. General Description of the Partnership



The Beacon Financial Futures Fund, L.P. (the Partnership) is a Delaware limited partnership, which operates as a commodity
investment pool. The Partnership was organized on April 6, 2004 to engage in the speculative trading of a diversified portfolio of commodity interests including futures contracts, options on futures contracts and forward contracts. The
Partnerships limited partnership agreement provides, among other things, that the Partnership shall dissolve no later than December 31, 2052.



Beacon Management Corporation (USA), the General Partner of the Partnership (the General Partner), is registered as a commodity pool operator and commodity
trading advisor with the National Futures Association (the NFA), an industry self regulatory organization. UBS Financial Services currently serves as the Partnerships sole clearing broker. The Partnership may also use Man Financial
as an additional clearing broker.



The Partnership was initially capitalized by
the General Partner on April 12, 2004 through the contribution of $1,000 in exchange for one unit of partnership interest. On March 30, 2005, the General Partner made an additional contribution of $999,000 in exchange for 999 units of
partnership interest. The Partnership commenced operations on May 16, 2005. The General Partner and limited partners share in the profits and losses of the Partnership in proportion to their respective ownership interests.



During the period from April 6, 2004 to June 30, 2005, the General Partner
deposited funds with the Partnership for the Partnerships SEC and NASD registration fees. At December 31, 2004, $1,311, was due from the Partnership to the General Partner, representing the difference between funds deposited and fees paid
by the Partnership.



B. Regulation



As a commodity investment pool, the Partnership is subject to the regulations of the
Commodity Futures Trading Commission, an agency of the United States (U.S.) government, which regulates most aspects of the commodity futures industry; rules of the NFA; and the requirements of commodity exchanges and Futures Commission Merchants
(brokers) through which the Partnership trades. As a registrant with the Securities and Exchange Commission, the Partnership is subject to the regulatory requirements under the Securities Act of 1933 and the Securities Exchange Act of 1934.



C. Method of Reporting



The Partnerships financial statements are presented in accordance with accounting
principles generally accepted in the United States of America, which require the use of certain estimates and assumptions made by the Partnerships management. Actual results could differ from the estimates. Gains or losses are realized when
contracts are liquidated. The specific contracts liquidated are determined by the clearing broker (in most cases on a First In First Out basis). Net unrealized gains or losses on open contracts (the difference between contract trade price and quoted
market price) are reflected in the statement of financial condition. Any change in net unrealized gain or loss from the preceding period is reported in the statement of operations. The majority of the Partnerships positions are exchange-traded
futures contracts, which are valued daily at settlement prices published by the exchanges. Any spot and forward foreign currency contracts held by the Partnership are valued at published daily settlement prices or at dealers quotes. Brokerage
commissions include other trading fees and are charged to expense when contracts are opened.



For purposes of both financial reporting and calculation of redemption value, the net asset value of a unit is an amount equal to the Partnerships net assets allocated to capital accounts represented
by units, divided by the number of units outstanding. Net assets means the total assets of the Partnership, including all cash and cash equivalents, accrued interest and amortization of original issue discount, and the market value of
all open futures contracts, forward contracts, options on futures contracts and other assets of the Partnership, less the total liabilities of the Partnership, including, but not limited to, brokerage, incentive allocations, management fees,
interest payable and extraordinary expenses, as determined in accordance with generally accepted accounting principles consistently applied under the accrual basis of accounting.



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D. Income Taxes



The Partnership prepares calendar year U.S. and applicable state information tax returns and reports to the partners their allocable shares
of the Partnerships income, expenses and trading gains or losses. Accordingly, the Partnership is not subject to federal income taxes because its income and losses are includable in the tax returns of its partners.



E. Organizational and Offering Costs



Initial organizational and offering costs, estimated by the General Partner to be
approximately $350,000, were absorbed by the Selling Group Manager (Uhlmann Price Securities, LLC) and the General Partner. The Selling Group Manager and the General Partner will not be reimbursed by the Partnership for such costs.



The Partnership pays all of its continuing offering expenses including, but
not limited to, legal, printing costs, filing fees, marketing costs and other related expenses, not to exceed 15% of the aggregate subscriptions. The General Partner will bear any fees in excess of this limitation.



Note 2. GENERAL PARTNER AND COMMODITY TRADING ADVISOR



The General Partner of the Partnership is Beacon Management Corporation
(USA), which conducts and manages the business of the Partnership. The General Partner is also the commodity trading advisor of the Partnership. The General Partner made an investment in the Partnership equal to, and will maintain its interest in,
the capital of the Partnership at no less than the greater of: (a) 1% of the total investments in the Partnership by all Partners and (b) $25,000. These contributions by the General Partner need not exceed the amount described above and
are evidenced by units of General Partnership Interest (Unit(s) of General Partnership Interest).



The General Partner is paid a monthly fixed asset fee from Partnership interests of 1/12 of 6.3% (6.3% annualized) of the Partnerships monthly net asset value. From the 6.3% fee, the General Partner pays all
introducing, initial and ongoing service fees, management fees, trading advisory fees, and any other transaction costs except for brokerage fees, NFA, exchange and clearing fees and retains any balance of the fixed asset fee remaining after making
these payments. The General Partner pays an ongoing service fee out of the fixed asset fee it receives for each unit sold equal to 3.0% (annually) of the net asset value of a unit. The service fee is paid to Uhlmann Price Securities, LLC
(Uhlmann), as Selling Group Manager for the units. The service fee includes a reallowance that may be designated by Uhlmann to any selling agent it appoints. The ongoing service fee is based on the net asset value of a unit as of the
last day of each month beginning on the thirteenth month following sale of that unit at the rate of 1/12 of 3.0% (3.0% annualized) per month.



The Partnership pays separately brokerage fees, NFA, exchange and clearing fees which have been estimated at 0.50% annually of the net asset value.



The Partnership makes an incentive allocation equal to 20% of trading profits to the capital
account of the General Partner each quarter. Trading profits includes net new profits (realized and unrealized), excluding interest income, decreased by monthly brokerage fees and other operating expenses, with these items determined from the end of
the last period for which an incentive allocation was earned. Extraordinary expenses of the Partnership, if any, are not deducted in determining trading profits. If the Partnership makes an incentive allocation and the Partnership fails to earn new
trading profits for any subsequent period, the General Partners capital account will retain the incentive allocation previously made. However, the Partnership will not make any subsequent incentive allocation until these losses have been
recovered and the Partnership has earned new trading profits.



Note 3. DEPOSITS WITH BROKERS



The Partnership
deposits funds with brokers subject to Commodity Futures Trading Commission regulations and various exchange and broker requirements. Margin requirements are satisfied by the deposit of cash with such brokers. The Partnership earns interest income
on its cash deposited with the brokers.



Note
4. OPERATING EXPENSES



The Partnership pays all of its own direct legal,
accounting, administrative, filing, reporting and data processing expenses. The General Partner has estimated that operating expenses range between 0.18% and 0.60% of net assets on an annual basis depending on the size of the Partnership. The
Partnership will not pay more than 0.50% of net assets in annual audit fees provided the Partnership has not issued more than $5 million in subscriptions. Any excess audit fees are reimbursed by the General Partner. As of September 30, 2005,
accounts receivable includes $13,800 that is due from the General Partner.



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Note 5. SUBSCRIPTIONS, DISTRIBUTIONS AND REDEMPTIONS



Investments in the Partnership are made by subscription agreement, subject to acceptance by
the General Partner. In general, units may be purchased at the net asset value, as of the last day of each month or on any other date as determined by the General Partner. The Partnership is not required to make distributions, but may do so at the
sole discretion of the General Partner. A Limited Partner may request and receive redemption of capital as of the end of any month, subject to restrictions in the Limited Partnership Agreement. Limited Partners withdrawing before the beginning of
the seventh month of their investment will be charged a redemption fee of 4% of the net asset value at which they are redeemed. Limited Partners withdrawing between the start of the seventh and end of the 11th month of their investment will be
charged a redemption fee of 3% of the net asset value at which they are redeemed. No redemption fee is charged on units redeemed after 11 full months from the effective date of purchase. The foregoing charges are paid to the General Partner. Unpaid
withdrawals are considered redemptions payable.



Note 6. TRADING ACTIVITIES AND RELATED RISKS



The Partnership engages
in the speculative trading of U.S. futures contracts (derivatives). The Partnership is exposed to both market risk, the risk arising from changes in the market value of the contracts, and credit risk, the risk of failure by another party
to perform according to the terms of a contract. Purchase and sale of futures contracts requires margin deposits with the brokers. Additional deposits may be necessary for any loss on contract value. The Commodity Exchange Act requires a broker to
segregate all customer transactions and assets from such brokers proprietary activities. A customers cash and other property (for example, U.S. Treasury bills) deposited with a broker are considered commingled with all other customer
funds subject to the brokers segregation requirements. In the event of a brokers insolvency, recovery may be limited to a pro rata share of segregated funds available. It is possible that the recovered amount could be less than total
cash and other property deposited.



Market risks arise from changes in the
market value of the contracts. Theoretically, the Partnership is exposed to a market risk equal to the notional contract value of futures purchased and unlimited liability on such contracts sold short. The General Partner attempts to control this
risk by employing various techniques including diversification, adjustment of portfolio leverage and adjustment of individual market positions based upon its analysis of market conditions.



Credit risk arises primarily from the potential inability of counterparties to perform in
accordance with the terms of a contract. The Partnerships exposure to credit risk associated with counterparty nonperformance is limited to the current cost to replace all futures contracts in which the Partnership has a gain. Exchange-traded
financial instruments generally do not give rise to significant counterparty exposure due to the cash settlement procedures for daily market movements and the margin requirements of individual exchanges.



The net unrealized gain on open futures contracts is
comprised of the following:



|                        |  |                                                       |       
|----------------------- |  | ----------------------------------------------------- | ------
|                        |  | Futures Contracts (exchange traded)September 30, 2005
|Gross unrealized gains  |  | $                                                     | 31,833
|Gross unrealized losses |  |                                                       | 0     
|                        |  |                                                       |       
|Net unrealized gain     |  | $                                                     | 31,833
|                        |  |                                                       |       



Open contracts generally mature within
three months; as of September 30, 2005, the latest maturity date for open futures contracts is December 2005. However, the Partnership intends to close all contracts prior to maturity.



The Partnership currently clears all of its trades through one clearing broker. In addition,
the Partnership has assets on deposit with the broker in connection with its cash management activities. In the event of the brokers insolvency, recovery of Partnership assets on deposit may be limited to account insurance or other protection
afforded such deposits. This risk of default depends on the creditworthiness of the broker.



The General Partner has established procedures to actively monitor market risk and minimize credit risk, although there can be no assurance that it will, in fact, succeed in doing so. The Limited Partners bear the
risk of loss only to the extent of the market value of their respective investments and, in certain specific circumstances, distributions and redemptions received.



The amount of required margin and good faith deposits with the broker usually range from 9% to 17% of Net Asset Value. As of
September 30, 2005, the Partnership maintained broker cash balances of $957,852 (which is net of redemptions payable of $388,802) to satisfy such requirements, which equals 97% of Net Asset Value.



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Note 7. GUARANTEES



In the normal course of business, the Partnership may enter into contracts and agreements that contain a variety of representations and
warranties and which provide general indemnifications. The Partnerships maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Partnership that have not yet occurred. The
Partnership expects the risk of any future obligation under these indemnifications to be remote.



Note 8. INTERIM FINANCIAL STATEMENTS



The financial statements included herein were prepared by us without audit according to the rules and regulations of the Securities and Exchange Commission. Certain
information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America may be omitted pursuant to such rules and regulations. The financial
statements reflect, in the opinion of management, all adjustments necessary and adequate disclosures to present fairly the financial position and results of operations as of and for the periods indicated. The results of operations for the three
months and nine months ended September 30, 2005 and 2004 are not necessarily indicative of the results to be expected for the full year or for any other period.



These financial statements should be read in conjunction with the audited financial statements and the notes thereto included in the Form
S-1 Registration Statement as filed with the Securities and Exchange Commission.



ITEM 2. MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS



INTRODUCTION



On May 13, 2005 the General Partner purchased 999 units bringing its total investment up to 1,000 units and enabling the Partnership to commence trading operations
on May 16, 2005. From May 16, 2005 through September 30, 2005, the Partnership sold 528.85 units of limited partnership interest. The continuing offering has commenced and will be ongoing. The General Partner withdrew 15 and 500 units
on August 30, 2005 and September 30, 2005, respectively.



CAPITAL RESOURCES



The Partnership will raise
additional capital only through the sale of units offered pursuant to the continuing offering and does not intend to raise any capital through borrowing. Due to the nature of the Partnerships business, it will make no capital expenditures and
will have no capital assets that are not for operating capital.



LIQUIDITY



Most United States commodity
exchanges limit fluctuations in futures contracts 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 prices
beyond the daily limit. This may affect the Partnerships ability to initiate new positions or close existing ones or may prevent it from having orders executed. Futures prices have occasionally moved 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
general, the Partnership will be required to have 9% - 17% of its assets committed to margin on deposit with the broker. In addition, even if futures prices have not moved 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.



Trading
in forward contracts introduces a possible further impact on liquidity. Because such contracts are executed off exchange between private parties, the time required to offset or unwind these positions may be greater than that
for regulated instruments. This potential delay could be exacerbated to the extent a counterparty is not a United States person.



Other than these limitations on liquidity, which are inherent in the Partnerships futures trading operations, the Partnerships assets are expected to be
highly liquid.



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RESULTS OF OPERATIONS

For the Three Months Ended September 30, 2005



|               |  |              |  
|-------------- |  | ------------ | -
|Sector         |  | %Gain (loss) |  
|Currencies     |  | 1.57         | %
|Interest Rates |  | -0.39        | %
|Total          |  | 1.18         | %



The Partnership commenced trading
operations on May 16, 2005. Longer term interest rate products performed well during May, with treasury bonds being a notable winner. The gains were offset by losses in the Eurodollar. The currency sector incurred a net loss with profits in the
Japanese yen offset by losses in the Canadian dollar.



Market activity was
mixed in June, as some markets exhibited relatively smooth trends, while others were marked by reversals and volatility. The Swiss franc, euro, British pound, and Japanese yen had positive returns for June. These gains were overshadowed by losses in
the Canadian dollar and Australian dollar. The interest rate sector was negative on the month, led by the Eurodollar contract. The 10-year T-note was slightly positive on the month, while the Treasury bond and 5-year T-note posted modest losses.



The Fund posted a loss for July. The currency sector posted a gain as the
Japanese yen, Swiss franc, and British pound all moved lower in value relative to the dollar, extending their long-term trends. The Australian dollar reversed direction early in the month, resulting in a modest loss. The Canadian dollar was more
volatile, also resulting in a small loss. The interest rate sector was marked by uneven performance. Eurodollars continued their downward trend as prices moved steadily lower in July, reflecting rising interest rates in the United States, yielding
solid profits. These gains were countered by losses in the longer term interest rate contracts which were marked by trend reversals, as prices fell in July, putting an end to 3 months of upward price movement.



The Fund posted a loss for August. The currency sector posted a small net gain led by the
Canadian dollar, which continued a trend toward higher prices. Those gains were partially offset by losses in the remaining currencies, all of which rose briefly at the beginning of the month and then declined in response to a stronger dollar. The
interest rate sector incurred a net loss for the month. The Eurodollar market was the largest contributor to this loss, as the market exhibited substantial volatility. Coming off a trend toward lower prices, Eurodollar prices reversed at the start
of the month, and spiked higher. This price increase reflected the markets expectation that the Federal Reserve would lower short-term interest rates in the near-term. The remaining interest rate contracts incurred similar but smaller losses
as longer-term rates moved in tandem with short-term rates.



The Fund posted a
gain for September. The currency sector posted a gain led by the Canadian dollar which traded to a high price relative to the U.S. dollar reflecting the value of its natural resources coupled with the strength of its economy. The other major foreign
currencies traded lower relative to the U.S. dollar. The interest rate sector also posted a gain for the month led by the Eurodollar market, as the trend toward higher U.S. interest rates resumed. The price decline reflected the markets
expectation that the Federal Reserve would continue to raise short-term interest rates during the final months of the year. The remaining interest rate contracts generally traded to lower prices and higher yields in sympathy with the short-term
rates.



OFF-BALANCE SHEET RISK



The term off-balance sheet risk refers to an unrecorded potential liability
that, even though it does not appear on the balance sheet, may result in future obligation or loss. The Partnership intends to trade in futures and forward contracts and may therefore become a party to financial instruments with elements of
off-balance sheet market and credit risk. In entering into these contracts, there exists a market risk that such contracts may be significantly influenced by conditions, such as interest rate volatility, resulting in such contracts being less
valuable. If the markets should move against all of the futures interests positions of the Partnership at the same time, and if the General Partner was unable to offset such positions, the Partnership could experience substantial losses. The General
Partner will access daily positions and profit and loss summaries for the Partnership and will employ various measures to monitor draw-downs, market diversification and leverage.



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In addition to market risk, in entering into futures and forward contracts there is a credit risk that a counterparty
will not be able to meet its obligations to the Partnership. The counterparty for futures contracts traded in the United States and on most foreign exchanges is the clearinghouse associated with such exchange. In general, clearinghouses are backed
by the corporate members of the clearinghouse who are required to share any financial burden resulting from the non-performance by one of their members and, as such, should significantly reduce this credit risk. In cases where the clearinghouse is
not backed by the clearing members, like some foreign exchanges, it is normally backed by a consortium of banks or other financial institutions.



CRITICAL ACCOUNTING POLICIES  VALUATION OF THE PARTNERSHIPS POSITIONS



The General Partner believes that the accounting policies that will be most critical to the
Partnerships financial condition and results of operations relate to the valuation of the Partnerships positions. The majority of the Partnerships positions will be exchange-traded futures contracts, which will be valued daily at
settlement prices published by the exchanges. Any spot and forward foreign currency contracts held by the Partnership will also be valued at published daily settlement prices or at dealers quotes. Thus, the General Partner expects that under
normal circumstances substantially all of the Partnerships assets will be valued on a daily basis using objective measures.



ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK



INTRODUCTION



Past Results Not Necessarily Indicative of Future Performance



The Partnership is a speculative commodity pool. The market sensitive instruments held by it are acquired for speculative trading purposes,
and all or a substantial amount of the Partnerships assets are subject to the risk of trading loss. Unlike an operating company, the risk of market sensitive instruments is integral, not incidental, to the Partnerships main line of
business.



Market movements can produce frequent changes in the fair market
value of the Partnerships open positions and, consequently, in its earnings and cash flow. The Partnerships market risk is influenced by a wide variety of factors, including the level and volatility of exchange rates, interest rates,
equity price levels, the market value of financial instruments and contracts, the diversification effects among the Partnerships open positions and the liquidity of the markets in which it trades.



The Partnership may rapidly acquire and liquidate both long and short positions in a wide
range of different markets. Consequently, it is not possible to predict how a particular future market scenario will affect performance, and the Partnerships past performance is not necessarily indicative of its future results.



Value at Risk is a measure of the maximum amount which the Partnership could reasonably be
expected to lose in a given market sector. However, the inherent uncertainty of the Partnerships speculative trading and the recurrence in the markets traded by the Partnership of market movements far exceeding expectations could result in
actual trading or non-trading losses far beyond the indicated Value at Risk or the Partnerships experience to date (i.e., risk of ruin). In light of this, as well as the risks and uncertainties intrinsic to all future projections,
the inclusion of the quantification included in this section should not be considered to constitute any assurance or representation that the Partnerships losses in any market sector will be limited to Value at Risk or by the Partnerships
attempts to manage its market risk.



Standard
of Materiality



Materiality as used in this section, Quantitative and
Qualitative Disclosures about Market Risk, is based on an assessment of reasonably possible market movements and the potential losses caused by such movements, taking into account the leverage, and multiplier features of the Partnerships
market sensitive instruments.



QUANTIFYING THE
PARTNERSHIPS TRADING CAPITAL AT RISK



Quantitative Forward-Looking Statements



The following quantitative
disclosures regarding the Partnerships market risk exposures contain forward-looking statements within the meaning of the safe harbor from civil liability provided for such statements by the Private Securities Litigation Reform Act
of 1995 (set forth in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934). All quantitative disclosures in this section are deemed to be forward-looking statements for purposes of the safe
harbor, except for statements of historical fact (such as the dollar amount of maintenance margin required for market risk sensitive instruments held at the end of the reporting period).



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The Partnerships risk exposure in the various market sectors traded by the Partnership is quantified below in terms
of Value at Risk (VaR). The Partnership estimates VaR using a model based on historical simulation (with a confidence level of 97.5%) which involves constructing a distribution of hypothetical daily changes in the value of the trading portfolio. The
VaR model takes into account linear exposures to risks, including equity and commodity prices, interest rates, and correlation among these variables. The hypothetical changes in portfolio value are based on daily percentage changes observed in key
market indices or other market factors to which the portfolio is sensitive. The one day 97.5 confidence level of the Partnerships VaR corresponds to the negative change in portfolio value that, based on observed market risk factors, would have
been exceeded once in 40 trading days or one day in 40. VaR typically does not represent the worst case outcome.



The Partnership uses approximately one year of daily market data and revalues its portfolio for each of the historical market moves that occurred over the period. This
generates a probability distribution of daily simulated profit and loss outcomes. The VaR is the 2.5 percentile of this distribution.



The VaR for a sector represents the one day downside risk for the aggregate exposures associated with this sector. The aggregate VaR represents the VaR of the
Partnerships open positions across all market sectors, and is less than the sum of the VaRs for all such market sectors due to the diversification benefit across asset classes.



The Partnerships VaR computations are based on the risk representation of the underlying benchmark for each instrument or contract and
does not distinguish between exchange and non-exchange dealer-based instruments. It is also not based on exchange and/or dealer based maintenance margin requirements.



VaR models, including the Partnerships, are continually evolving as trading portfolios become more diverse and modeling techniques and
systems capabilities improve. Please note that the VaR model is used to numerically quantify market risk for historic reporting purposes only and is not utilized by the Partnership in its daily risk management activities. Please further note that
VaR as described above may not be comparable to similarly titled measures used by other entities.



Due to the Partnerships mark-to-market accounting, any loss in the fair value of the Partnerships open positions is directly reflected in the Partnerships earnings (realized or unrealized).



THE PARTNERSHIPS TRADING CAPITAL AT RISK IN DIFFERENT
MARKET SECTORS

Value at Risk and Trading Gains/Losses by Sector

For the Three Months Ended September 30, 2005



|                 |  |                    |   |  |                |   
|---------------- |  | ------------------ | - |  | -------------- | --
|                 |  | September 30, 2005 |  
|Sector           |  | Value At Risk      |   |  | Rate of Return |   
|Currencies       |  | -0.35              | % |  | 1.57           | % 
|Interest Rates   |  | -0.43              | % |  | -0.39          | % 
|Entire Portfolio |  | -0.44              | % |  | 1.18           | %1

---

|1 | Of the return for the three months ended September 30, 2005, approximately 1.18% was due to
trading gains net of commissions and approximately 0.86% due to interest income and approximately (2.51%) due to fees and operating costs borne by the Partnership giving a net return of (0.48%).
|- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



MATERIAL LIMITATIONS ON CAPITAL AT RISK AS AN ASSESSMENT OF
MARKET RISK



The face value of the market sector instruments held by the
Partnership may typically be many times the risk determined by the VaR calculation. The magnitude of the Partnerships open positions could create a risk of ruin not typically found in most other investment vehicles. Because of the
size of its positions, certain market conditions  unusual, but historically recurring from time to time  could cause the Partnership to incur severe losses over a short period of time. The Value at Risk tables  as well as the past
performance of the Partnership  give no indication of this risk of ruin.



The highly dynamic nature of the Partnerships portfolio limits the usability of an analysis method (such as VaR), which relies upon the Partnerships positions as of a single point in time.



Historical price behavior (which is relied upon by the VaR calculation) may not be an
accurate predictor of the future price behavior of the markets in the Partnerships portfolio.



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NON-TRADING RISK



The Partnership may experience non-trading market risk on any foreign cash balances not needed for margin. However, these balances (as well
as the market risk they represent) are expected to be immaterial. The Partnership also may have non-trading market risk as a result of investing in U.S. Treasury Bills. The market risk represented by these investments is expected to be immaterial.



QUALITATIVE DISCLOSURES REGARDING PRIMARY
TRADING RISK EXPOSURES



The following qualitative disclosures regarding the
Partnerships market risk exposures  except for (i) those disclosures that are statements of historical fact and (ii) the descriptions of how the Partnership manages its primary market risk exposures  constitute
forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act. The Partnerships primary market risk exposures as well as the strategies used and to be used by the
General Partner for managing such exposures are subject to numerous uncertainties, contingencies and risks, any one of which could cause the actual results of the Partnerships risk controls to differ materially from the objectives of such
strategies. Government interventions, defaults and expropriations, illiquid markets, the emergence of dominant fundamental factors, political upheavals, changes in historical price relationships, an influx of new market participants, increased
regulation and many other factors could result in material losses as well as in material changes to the risk exposures and the risk management strategies of the Partnership. There can be no assurance that the Partnerships market exposure
and/or risk management strategies will not change materially or that any such strategies will be effective in either the short- or long-term. Investors must be prepared to lose all or substantially all of their investment in the Partnership.



The primary risk exposures of the Partnership as of September 30, 2005
were exchange rate and interest rate risk. The factors that can influence these rates can be domestic or foreign (primarily the G-7 countries) and include (but are not limited to) changes in government fiscal policy, changes in the balance of trade,
changes in inflation rates and improvement or degradation of the overall economy.



QUALITATIVE DISCLOSURES REGARDING NON-TRADING RISK EXPOSURE



General



The Partnership is unaware of any (i) anticipated known demands, commitments or capital expenditures; (ii) material trends, favorable or unfavorable, in its
capital resources; or (iii) trends or uncertainties that will have a material effect on operations. From time to time, certain regulatory agencies have proposed increased margin requirements on futures contracts. Because the Partnership
generally will use a small percentage of assets as margin, the Partnership does not believe that any increase in margin requirements, as proposed, will have a material effect on the Partnerships operations.



QUALITATIVE DISCLOSURES REGARDING MEANS OF MANAGING RISK
EXPOSURE



The means by which the Partnership attempts to manage the risk of
the Partnerships open positions is essentially the same in all market categories traded. The General Partner applies risk management policies to trading which generally are designed to limit the total exposure that may be taken per risk
unit of assets under management. In addition, the General Partner follows diversification guidelines (often formulated in terms of the balanced volatility between markets and correlated groups), as well as adopting non-binding
stop-loss points for each of the markets in which the Partnership trades.



ITEM 4. CONTROLS AND PROCEDURES



Beacon Management
Corporation, the General Partner of the Partnership, with the participation of the General Partners chief executive officer and chief financial officer, has evaluated the effectiveness of the design and operation of its disclosure controls and
procedures (as defined in the SEC Act of 1934 Rules 13a-15(e) or 15d-15(e)) with respect to the Partnership as of the end of the period covered by this quarterly report. Based on their evaluation, the CEO and CFO have concluded that these disclosure
controls and procedures are effective. There were no changes in the General Partners internal control over financial reporting applicable to the Partnership identified in connection with the evaluation required by paragraph (d) of the
Exchange Act Rules 13a-15 or 15d-15 that occurred during the last fiscal quarter that have materially affected, or is reasonably likely to materially affect, internal control over financial reporting applicable to the Partnership.



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PART II-OTHER INFORMATION



Item 1. Legal Proceedings.



None



Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.



None



Item 3. Defaults upon Senior Securities.



Not applicable.



Item 4. Submissions of Matters to a Vote of Security Holders.



None



Item 5. Other Information



Karen L. Zaramba is no longer with Beacon Management Corporation effective September 15, 2005.



Item 6. Exhibits.



See attached exhibit list.



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 on November 14, 2005.



THE BEACON FINANCIAL FUTURES FUND, L.P.(Registrant)By:

Beacon Management Corporation (USA)General PartnerBy:

/s/ Mark S. StrattonMark S. StrattonPresident




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EXHIBIT INDEX



|               |  |                                                                                                   
|-------------- |  | --------------------------------------------------------------------------------------------------
|Exhibit Number |  | Description of Document                                                                           
|31.01          |  | Certification by Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|               | 
|32.01          |  | Certification by Chief Executive Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002



17